VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
July 31, 2022 (unaudited)
| Par (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.7% | ||||||||
| Alabama: 1.3% | ||||||||
| Alabama Federal Aid Highway Finance Authority, Series A (RB) | ||||||||
| 5.00%, 09/01/26 (c) | $ | 340 | $ | 381,290 | ||||
| 5.00%, 09/01/26 (c) | 10 | 11,214 | ||||||
| 5.00%, 09/01/27 | 150 | 172,799 | ||||||
| Alabama Public School and College Authority, Series A (RB) | ||||||||
| 4.00%, 11/01/30 (c) | 2,000 | 2,130,192 | ||||||
| 5.00%, 11/01/30 (c) | 1,750 | 2,060,068 | ||||||
| 5.00%, 11/01/30 (c) | 525 | 626,835 | ||||||
| 5.00%, 11/01/30 (c) | 1,500 | 1,780,355 | ||||||
| 5.00%, 11/01/30 (c) | 2,015 | 2,363,697 | ||||||
| Auburn University, Series A (RB) | ||||||||
| 5.00%, 06/01/26 (c) | 25 | 27,607 | ||||||
| 5.00%, 06/01/26 (c) | 10 | 11,020 | ||||||
| Black Belt Energy Gas District, Series A (RB) | ||||||||
| 4.00%, 12/01/31 (c) (p) | 5,000 | 5,143,095 | ||||||
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c) | 860 | 862,864 | ||||||
| County of Jefferson (RB) | ||||||||
| 4.00%, 03/15/27 (c) | 1,750 | 1,797,207 | ||||||
| 5.00%, 03/15/27 (c) | 800 | 896,293 | ||||||
| 5.00%, 03/15/27 (c) | 100 | 110,403 | ||||||
| 5.00%, 03/15/27 (c) | 525 | 589,156 | ||||||
Southeast Energy Authority A Cooperative District, Project No. 1, Series A-1 (RB) 4.00%, 10/01/28 (c) (p) | 1,000 | 1,018,844 | ||||||
Southeast Energy Authority A Cooperative District, Project No. 4, Series B-1 (RB) 5.00%, 08/01/28 (c) (p) | 2,000 | 2,143,222 | ||||||
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c) | 150 | 162,473 | ||||||
| University of Alabama, Board of Trustee, Series A (RB) | ||||||||
| 3.00%, 07/01/29 (c) | 415 | 394,051 | ||||||
| 4.00%, 07/01/29 (c) | 820 | 868,758 | ||||||
| 23,551,443 | ||||||||
| Alaska: 0.2% | ||||||||
| Alaska Housing Finance Corp., Series A (RB) | ||||||||
| 4.00%, 06/01/27 (c) | 125 | 133,222 | ||||||
| 4.00%, 06/01/27 (c) | 900 | 956,482 | ||||||
| 5.00%, 06/01/27 (c) | 590 | 657,565 | ||||||
Alaska Housing Finance Corp., Series B (RB) 2.15%, 12/01/30 (c) | 1,040 | 874,420 | ||||||
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c) | 305 | 327,965 | ||||||
| Par (000’s | ) | Value | ||||||
| Alaska (continued) | ||||||||
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c) | $ | 635 | $ | 678,331 | ||||
| State of Alaska, Series B (GO) | ||||||||
5.00%, 08/01/25 (c) | 250 | 272,349 | ||||||
| 5.00%, 08/01/25 (c) | 205 | 222,702 | ||||||
| 4,123,036 | ||||||||
| Arizona: 1.1% | ||||||||
| Arizona Transportation Board, Highway (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 835 | 923,730 | ||||||
| 5.00%, 07/01/26 (c) | 1,050 | 1,158,667 | ||||||
City of Mesa, Utility System (RB) 5.00%, 07/01/26 (c) | 270 | 299,764 | ||||||
| City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 860 | 956,860 | ||||||
| 5.00%, 07/01/26 (c) | 150 | 164,991 | ||||||
| 5.00%, 07/01/26 (c) | 120 | 132,942 | ||||||
| 5.00%, 07/01/26 (c) | 620 | 689,088 | ||||||
| City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System, Series A (RB)
5.00%, 07/01/31 (c) | 800 | 952,856 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,164,589 | ||||||
| City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) | ||||||||
| 5.00%, 07/01/29 (c) | 1,000 | 1,131,627 | ||||||
| 5.00%, 07/01/29 (c) | 1,275 | 1,429,241 | ||||||
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 250 | 279,205 | ||||||
| 5.00%, 07/01/27 (c) | 100 | 110,973 | ||||||
| 5.00%, 07/01/27 (c) | 250 | 275,491 | ||||||
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 120 | 134,534 | ||||||
| 5.00%, 07/01/27 (c) | 550 | 605,474 | ||||||
Maricopa County High School District No. 210 (GO) 5.00%, 07/01/27 (c) | 250 | 280,277 | ||||||
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
| 3.12%, 01/01/27 (c) | 20 | 20,009 | ||||||
| 5.00%, 01/01/27 (c) | 605 | 647,118 | ||||||
| 5.00%, 01/01/29 | 710 | 822,375 | ||||||
| 1 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
| Maricopa County Special Health Care District, Series C (GO) | ||||||||
| 5.00%, 07/01/25 | $ | 190 | $ | 207,067 | ||||
| 5.00%, 07/01/26 | 240 | 267,606 | ||||||
| 5.00%, 07/01/27 | 295 | 335,717 | ||||||
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 12/01/31 (c) | 1,150 | 958,325 | ||||||
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 12/01/31 (c) | 1,500 | 1,249,990 | ||||||
Maricopa County, Industrial Development Authority, Honor Health, Series A (RB) 5.00%, 09/01/28 (c) | 550 | 613,793 | ||||||
| Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 250 | 282,160 | ||||||
| 5.00%, 01/01/28 (c) | 2,380 | 2,713,856 | ||||||
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37 | 1,000 | 1,108,994 | ||||||
| 19,917,319 | ||||||||
| Arkansas: 0.1% | ||||||||
City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c) | 305 | 302,676 | ||||||
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c) | 280 | 311,679 | ||||||
City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c) | 1,000 | 1,106,008 | ||||||
Little Rock School District of Pulaski County, Series A (GO) (AGM) 2.00%, 02/01/27 (c) | 1,000 | 805,816 | ||||||
| 2,526,179 | ||||||||
| California: 16.2% | ||||||||
Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c) | 270 | 276,415 | ||||||
| Bay Area Toll Authority, Series S-7 (RB) | ||||||||
| 3.25%, 04/01/27 (c) | 1,270 | 1,244,396 | ||||||
| 4.00%, 04/01/27 (c) | 1,085 | 1,153,240 | ||||||
California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p) | 3,500 | 3,607,301 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Health Facilities Financial Authority, Series A (RB) 3.75%, 11/15/22 (c) | $ | 1,100 | $ | 1,100,327 | ||||
California Health Facilities Financial Authority, Series C (RB) 5.00%, 11/01/29 (p) | 2,000 | 2,356,633 | ||||||
California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c) | 90 | 93,973 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c) | 310 | 341,196 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c) | 400 | 385,143 | ||||||
| California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) | ||||||||
| 4.00%, 04/01/30 (c) | 500 | 509,515 | ||||||
| 4.00%, 04/01/30 (c) | 450 | 460,781 | ||||||
| 4.00%, 04/01/30 (c) | 1,060 | 1,083,218 | ||||||
California Health Facilities Financing Authority, El Camino Hospital (RB) 3.75%, 02/01/27 (c) | 175 | 182,378 | ||||||
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c) | 750 | 840,841 | ||||||
| California Health Facilities Financing Authority, Sutter Health, Series A (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 150 | 164,087 | ||||||
| 5.00%, 11/15/27 (c) | 1,575 | 1,720,071 | ||||||
| 5.00%, 11/15/27 (c) | 450 | 494,996 | ||||||
California Housing Finance Agency, Series A (RB) 3.50%, 11/20/35 | 1,227 | 1,188,330 | ||||||
| California Infrastructure and Economic Development Bank, Clean Water State (RB) | ||||||||
| 5.00%, 10/01/25 | 100 | 110,163 | ||||||
| 5.00%, 10/01/25 | 100 | 110,163 | ||||||
| 5.00%, 10/01/26 | 150 | 169,510 | ||||||
| 5.00%, 04/01/26 (c) | 55 | 60,891 | ||||||
| 5.00%, 04/01/27 (c) | 170 | 191,112 | ||||||
| 5.00%, 08/01/29 (c) | 775 | 898,780 | ||||||
| 2 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c) | $ | 840 | $ | 912,595 | ||||
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.00%, 07/01/27 (c) | 925 | 997,031 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
| 3.00%, 09/01/27 (c) | 360 | 356,851 | ||||||
| 3.00%, 09/01/27 (c) | 500 | 503,138 | ||||||
| 5.00%, 09/01/24 (c) | 270 | 287,922 | ||||||
California State Public Works Board, Department of General Services, Series F (RB) 5.00%, 05/01/25 (c) | 330 | 358,120 | ||||||
| California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 120 | 136,304 | ||||||
| 5.00%, 10/01/27 (c) | 1,835 | 2,103,143 | ||||||
| 5.00%, 10/01/27 (c) | 340 | 388,262 | ||||||
| California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
| 4.00%, 11/01/26 (c) | 425 | 448,763 | ||||||
| 5.00%, 11/01/26 (c) | 30 | 33,628 | ||||||
| 5.00%, 11/01/26 (c) | 45 | 50,289 | ||||||
| 5.00%, 11/01/26 (c) | 30 | 33,415 | ||||||
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c) | 400 | 447,004 | ||||||
California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c) | 950 | 1,103,948 | ||||||
California State Public Works Board, Various Judicial Council Project, Series A (RB) 5.00%, 03/01/23 (c) | 1,000 | 1,014,678 | ||||||
| California State University, Series A (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 35 | 38,280 | ||||||
| 5.00%, 05/01/26 (c) | 10 | 11,027 | ||||||
| 5.00%, 05/01/26 (c) | 160 | 179,140 | ||||||
| 5.00%, 05/01/27 (c) | 510 | 573,049 | ||||||
| 5.00%, 05/01/27 (c) | 225 | 251,523 | ||||||
California State, Various Purpose (GO) 4.00%, 09/01/26 (c) | 1,500 | 1,569,071 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) | ||||||||
| 3.00%, 04/01/31 (c) | $ | 1,000 | $ | 895,098 | ||||
| 4.00%, 04/01/31 (c) | 1,400 | 1,398,031 | ||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/29 (p) | 1,675 | 1,973,680 | ||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB) 5.00%, 11/01/29 (p) | 2,000 | 2,356,633 | ||||||
California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p) | 1,500 | 1,767,475 | ||||||
| California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 315 | 339,007 | ||||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,066,966 | ||||||
| 5.00%, 01/01/28 (c) | 760 | 815,296 | ||||||
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c) | 3,000 | 2,678,785 | ||||||
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) (BAM) 4.00%, 05/15/31 (c) | 1,000 | 1,039,995 | ||||||
Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c) | 140 | 145,388 | ||||||
City and County of San Francisco, 49 South Van Ness Project (CP) (AGM) 4.00%, 04/01/27 (c) | 1,000 | 1,042,517 | ||||||
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c) | 255 | 257,907 | ||||||
City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/25 (c) | 15 | 16,377 | ||||||
City of Concord, Capital Improvement Project (CP) 2.00%, 04/01/31 (c) | 1,400 | 1,109,535 | ||||||
| 3 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) | ||||||||
| 4.00%, 05/15/30 (c) | $ | 1,000 | $ | 1,042,632 | ||||
| 5.00%, 05/15/31 (c) | 500 | 580,072 | ||||||
| 5.00%, 05/15/31 (c) | 1,400 | 1,609,084 | ||||||
City of Los Angeles, Solid Waste Resources, Series A (RB) 4.00%, 02/01/28 (c) | 405 | 432,761 | ||||||
City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c) | 565 | 633,121 | ||||||
City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c) | 200 | 232,701 | ||||||
Contra Costa Transportation Authority (RB) 5.00%, 03/01/25 (c) | 20 | 21,389 | ||||||
| County of Sacramento, Airport System, Series E (RB) | ||||||||
| 5.00%, 07/01/27 | 275 | 310,894 | ||||||
| 5.00%, 07/01/28 (c) | 150 | 167,964 | ||||||
| County of Santa Clara, Series C (GO) | ||||||||
| 3.00%, 08/01/27 (c) | 245 | 244,753 | ||||||
| 5.00%, 08/01/27 (c) | 125 | 142,105 | ||||||
| 5.00%, 08/01/27 (c) | 525 | 587,743 | ||||||
Desert Community College District (GO) 5.00%, 08/01/27 (c) | 145 | 161,679 | ||||||
| East Bay Municipal Utility District, Water System, Series B (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 220 | 250,080 | ||||||
| 5.00%, 06/01/27 (c) | 145 | 166,037 | ||||||
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c) | 2,590 | 2,473,507 | ||||||
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series A (RB) 5.00%, 07/01/30 (c) | 1,070 | 1,236,122 | ||||||
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (SAW) 5.00%, 07/01/26 (c) | 140 | 154,392 | ||||||
Eastern Municipal Water District, Water and Wastewater, Series A (RB) 5.00%, 07/01/26 (c) | 100 | 110,836 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Eastern Municipal Water District, Water and Wastewater, Series B (RB) (SAW) 5.00%, 07/01/26 (c) | $ | 5 | $ | 5,577 | ||||
El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c) | 250 | 278,510 | ||||||
| Fontana Redevelopment Agency Successor Agency (TA) | ||||||||
| 5.00%, 10/01/26 | 205 | 229,909 | ||||||
| 5.00%, 10/01/27 (c) | 760 | 852,130 | ||||||
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c) | 1,500 | 1,445,901 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c) | 220 | 240,270 | ||||||
Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c) | 3,000 | 2,713,366 | ||||||
Kern High School District, Series C (GO) (AGM) 2.00%, 08/01/30 (c) | 1,600 | 1,486,030 | ||||||
| Los Angeles Community College District, Series A (GO) | ||||||||
| 5.00%, 08/01/24 (c) | 175 | 186,719 | ||||||
| 5.00%, 08/01/24 (c) | 330 | 352,098 | ||||||
| Los Angeles Community College District, Series I (GO) | ||||||||
| 4.00%, 08/01/26 (c) | 170 | 177,399 | ||||||
| 4.00%, 08/01/26 | 25 | 27,103 | ||||||
| 4.00%, 08/01/26 (c) | 135 | 145,655 | ||||||
| Los Angeles Community College District, Series J (GO) | ||||||||
| 4.00%, 08/01/27 (c) | 400 | 426,448 | ||||||
| 4.00%, 08/01/27 (c) | 750 | 795,480 | ||||||
| 5.00%, 08/01/27 (c) | 100 | 114,499 | ||||||
| Los Angeles County Metropolitan Transportation Authority (RB) | ||||||||
| 4.00%, 06/01/30 (c) | 1,000 | 1,057,136 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,177,434 | ||||||
| 5.00%, 07/01/31 (c) | 2,000 | 2,367,126 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 4.00%, 06/01/30 (c) | 1,000 | 1,078,902 | ||||||
| 4.00%, 07/01/26 (c) | 50 | 53,142 | ||||||
| 5.00%, 06/01/26 (c) | 165 | 182,552 | ||||||
| 5.00%, 06/01/26 (c) | 375 | 416,075 | ||||||
| 5.00%, 06/01/26 (c) | 115 | 128,351 | ||||||
| 5.00%, 07/01/27 (c) | 795 | 901,640 | ||||||
| 5.00%, 07/01/27 (c) | 285 | 326,704 | ||||||
| 5.00%, 07/01/31 (c) | 900 | 1,075,103 | ||||||
| 5.00%, 07/01/31 (c) | 1,060 | 1,260,395 | ||||||
| 4 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c) | $ | 450 | $ | 521,895 | ||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 155 | 170,975 | ||||||
| 5.00%, 01/01/27 (c) | 1,010 | 1,136,204 | ||||||
| 5.00%, 01/01/28 (c) | 500 | 568,375 | ||||||
| 5.00%, 01/01/28 (c) | 500 | 573,115 | ||||||
| 5.00%, 01/01/28 (c) | 115 | 133,071 | ||||||
| 5.00%, 07/01/29 | 1,000 | 1,189,701 | ||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 35 | 38,687 | ||||||
| 5.00%, 01/01/27 (c) | 1,000 | 1,123,155 | ||||||
| 5.00%, 01/01/27 (c) | 275 | 306,739 | ||||||
| 5.00%, 06/01/25 (c) | 180 | 196,603 | ||||||
| 5.00%, 07/01/23 (c) | 1,000 | 1,027,459 | ||||||
| 5.00%, 07/01/27 | 110 | 126,181 | ||||||
| 5.00%, 07/01/28 (c) | 110 | 127,480 | ||||||
| Los Angeles Department of Water and Power, Series C (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 250 | 265,710 | ||||||
| 5.00%, 07/01/24 (c) | 100 | 106,108 | ||||||
| 5.00%, 07/01/29 (c) | 1,680 | 1,937,692 | ||||||
| 5.00%, 07/01/30 (c) | 1,125 | 1,317,336 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,748,246 | ||||||
Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/28 (c) | 125 | 142,108 | ||||||
| Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO) | ||||||||
| 4.00%, 01/01/32 (c) | 1,500 | 1,577,206 | ||||||
| 5.00%, 01/01/32 (c) | 1,300 | 1,542,964 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 4.00%, 07/01/29 (c) | 1,580 | 1,730,219 | ||||||
| 5.00%, 07/01/25 (c) | 135 | 147,555 | ||||||
| 5.00%, 07/01/25 (c) | 25 | 27,232 | ||||||
| 5.00%, 07/01/25 (c) | 695 | 755,501 | ||||||
| 5.00%, 07/01/26 | 120 | 134,719 | ||||||
| 5.00%, 07/01/28 | 250 | 291,950 | ||||||
| 5.00%, 07/01/29 (c) | 1,720 | 2,032,011 | ||||||
| 5.00%, 07/01/30 | 500 | 602,337 | ||||||
| Los Angeles Unified School District, Series B (GO) | ||||||||
| 2.00%, 07/01/26 (c) | 270 | 258,894 | ||||||
| 5.00%, 07/01/26 (c) | 915 | 1,013,061 | ||||||
| Los Angeles Unified School District, Series B-1 (GO) | ||||||||
| 5.00%, 01/01/28 (c) | 585 | 667,651 | ||||||
| 5.00%, 01/01/28 (c) | 645 | 739,138 | ||||||
| 5.00%, 01/01/28 (c) | 295 | 330,621 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| Los Angeles Unified School District, Series C (GO) | ||||||||
| 3.00%, 07/01/30 (c) | $ | 1,880 | $ | 1,827,805 | ||||
| 4.00%, 07/01/30 (c) | 2,000 | 2,114,668 | ||||||
| 4.00%, 07/01/30 (c) | 360 | 386,772 | ||||||
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c) | 1,000 | 1,044,307 | ||||||
Los Angeles Unified School District, Series RYQ (GO) (BAM) 5.00%, 07/01/29 | 3,675 | 4,361,728 | ||||||
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c) | 100 | 115,901 | ||||||
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/31 (c) | 1,000 | 1,074,130 | ||||||
| Municipal Improvement Corp. of Los Angeles, Series B (RB) | ||||||||
| 5.00%, 11/01/26 (c) | 615 | 684,364 | ||||||
| 5.00%, 11/01/26 (c) | 985 | 1,099,870 | ||||||
Norman Y Mineta San Jose International Airport (RB) (BAM) 4.00%, 03/01/31 (c) | 325 | 342,188 | ||||||
| Northern California Transmission Agency Project, Series A (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 45 | 50,081 | ||||||
| 5.00%, 05/01/26 (c) | 40 | 44,320 | ||||||
| Oakland Unified School District (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 385 | 428,823 | ||||||
| 5.00%, 08/01/26 (c) | 175 | 194,282 | ||||||
| 5.00%, 08/01/26 (c) | 625 | 689,648 | ||||||
| Oakland Unified School District, Series C (GO) 5.00%, 08/01/27 (c) | 400 | 442,985 | ||||||
| Palm Springs Unified School District, Series A (GO) (AGM) | ||||||||
| 1.25%, 08/01/29 (c) | 1,265 | 1,069,215 | ||||||
| 1.25%, 08/01/29 (c) | 4,000 | 3,484,119 | ||||||
| 1.50%, 08/01/29 (c) | 2,500 | 2,093,318 | ||||||
| 1.50%, 08/01/29 (c) | 3,000 | 2,455,772 | ||||||
| 1.75%, 08/01/29 (c) | 3,000 | 2,468,038 | ||||||
Palm Springs Unified School District, Series D (GO) 3.00%, 08/01/26 (c) | 160 | 162,750 | ||||||
Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c) | 260 | 271,945 | ||||||
| Public Utilities Commission of the City and County of San Francisco Water, Series A (RB) | ||||||||
| 4.00%, 11/01/26 (c) | 100 | 107,392 | ||||||
| 5.00%, 11/01/26 (c) | 170 | 191,944 | ||||||
| 5 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 11/01/26 (c) | $ | 25 | $ | 27,663 | ||||
| 5.00%, 05/01/25 (c) | 230 | 250,404 | ||||||
| Public Utilities Commission of the City and County of San Francisco Water, Series D (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 785 | 883,397 | ||||||
| 5.00%, 11/01/27 (c) | 255 | 292,866 | ||||||
Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c) | 650 | 710,313 | ||||||
Riverside Community College District (GO) 5.00%, 08/01/25 (c) | 170 | 186,501 | ||||||
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c) | 560 | 623,558 | ||||||
Riverside Redevelopment Agency Successor Agency, Series A (TA) (AGM) 5.00%, 09/01/26 | 125 | 139,398 | ||||||
| Sacramento City Financing Authority, Master Lease Program Facilities (RB) (BAM) | ||||||||
| 5.00%, 12/01/25 (c) | 110 | 120,947 | ||||||
| 5.00%, 12/01/25 (c) | 210 | 231,372 | ||||||
Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 06/01/24 (c) | 170 | 179,908 | ||||||
| San Diego Association of Governments, South Bay Expressway, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 500 | 557,174 | ||||||
| 5.00%, 07/01/27 (c) | 705 | 780,889 | ||||||
San Diego Community College District (GO) 5.00%, 08/01/26 (c) | 65 | 73,178 | ||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | 535 | 606,854 | ||||||
| San Diego County Regional Airport Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 1,630 | 1,888,461 | ||||||
| 5.00%, 07/01/30 (c) | 1,295 | 1,461,727 | ||||||
| 5.00%, 07/01/30 (c) | 2,075 | 2,367,580 | ||||||
San Diego County Regional Transportation Commission, Series A (RB) 5.00%, 04/01/26 (c) | 105 | 115,949 | ||||||
San Diego County Water Authority, Series A (RB) 5.00%, 05/01/25 (c) | 75 | 81,396 | ||||||
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c) | 2,000 | 2,167,495 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
San Diego County, Edgemoor and RCS Refunding, Series A (CP) 5.00%, 10/15/24 (c) | $ | 150 | $ | 159,892 | ||||
San Diego Public Facilities Financing Authority (RB) 5.00%, 10/15/25 (c) | 150 | 164,426 | ||||||
San Diego Public Facilities Financing Authority, Series A (RB) 5.00%, 05/15/26 (c) | 135 | 150,646 | ||||||
San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c) | 650 | 733,158 | ||||||
San Diego Unified School District, Series R-5 (GO) 4.00%, 07/01/26 (c) | 20 | 21,286 | ||||||
| San Francisco Bay Area Rapid Transit District, Series F-1 (GO) | ||||||||
| 5.00%, 08/01/28 | 900 | 1,055,129 | ||||||
| 5.00%, 08/01/29 (c) | 110 | 129,163 | ||||||
| 5.00%, 08/01/29 (c) | 140 | 161,878 | ||||||
San Francisco Community College District (GO) 5.00%, 06/15/25 | 140 | 152,771 | ||||||
| San Francisco County Transportation Authority (RB) | ||||||||
| 3.00%, 02/01/27 (c) | 135 | 137,231 | ||||||
| 3.00%, 02/01/27 (c) | 500 | 494,589 | ||||||
| 4.00%, 02/01/27 (c) | 325 | 349,107 | ||||||
| 4.00%, 02/01/27 | 105 | 114,398 | ||||||
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c) | 2,000 | 2,119,372 | ||||||
San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c) | 165 | 183,237 | ||||||
| San Joaquin County, Administration Building Project (CP) (AGM) | ||||||||
| 5.00%, 11/15/27 (c) | 520 | 593,481 | ||||||
| 5.00%, 11/15/27 (c) | 500 | 573,048 | ||||||
San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c) | 25 | 27,427 | ||||||
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c) | 230 | 255,592 | ||||||
| San Marcos Unified School District (GO) | ||||||||
| 4.00%, 08/01/27 (c) | 400 | 426,223 | ||||||
| 5.00%, 08/01/27 (c) | 360 | 404,589 | ||||||
| 5.00%, 08/01/27 (c) | 515 | 581,113 | ||||||
| 5.00%, 08/01/27 (c) | 350 | 389,292 | ||||||
San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c) | 770 | 808,434 | ||||||
| 6 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| Santa Clara County Financing Authority, Capital Facilities, Series A (RB) | ||||||||
| 4.00%, 05/01/31 (c) | $ | 840 | $ | 900,765 | ||||
| 5.00%, 05/01/31 (c) | 3,855 | 4,578,988 | ||||||
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
| 3.00%, 05/15/25 (c) | 1,000 | 947,753 | ||||||
| 4.00%, 05/15/25 (c) | 400 | 414,077 | ||||||
| 4.00%, 05/15/25 (c) | 1,510 | 1,591,075 | ||||||
Santa Clara County, San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c) | 785 | 769,730 | ||||||
| Santa Clara Unified School District (GO) | ||||||||
| 3.00%, 07/01/26 (c) | 100 | 99,741 | ||||||
| 3.00%, 07/01/26 (c) | 1,535 | 1,511,590 | ||||||
Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c) | 25 | 27,333 | ||||||
Sequoia Union High School District (GO) 3.00%, 07/01/26 (c) | 500 | 506,619 | ||||||
Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29 | 100 | 118,192 | ||||||
| State of California (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 2,000 | 2,006,196 | ||||||
| 4.00%, 04/01/31 (c) | 2,000 | 2,170,648 | ||||||
| 5.00%, 10/01/30 | 2,000 | 2,432,750 | ||||||
| 5.00%, 11/01/28 (c) | 2,585 | 2,939,083 | ||||||
| 5.00%, 09/01/29 | 1,000 | 1,196,523 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series AW (RB) 5.00%, 12/01/26 (c) | 50 | 55,863 | ||||||
| State of California, Department of Water Resources, Central Valley Project, Series AX (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 915 | 1,041,247 | ||||||
| 5.00%, 12/01/27 (c) | 100 | 113,438 | ||||||
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c) | 365 | 420,651 | ||||||
State of California, Series CL (GO) 3.75%, 12/01/24 (c) | 10 | 9,948 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 350 | 335,840 | ||||||
| 3.12%, 04/01/29 (c) | 1,575 | 1,568,274 | ||||||
| 4.00%, 11/01/27 (c) | 100 | 107,792 | ||||||
| 4.00%, 11/01/30 (c) | 3,445 | 3,725,811 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 4.00%, 03/01/29 | $ | 2,000 | $ | 2,240,714 | ||||
| 4.00%, 03/01/30 (c) | 2,000 | 2,129,530 | ||||||
| 4.00%, 03/01/30 (c) | 9,500 | 10,152,435 | ||||||
| 4.00%, 08/01/26 (c) | 700 | 736,357 | ||||||
| 4.00%, 08/01/26 (c) | 130 | 135,884 | ||||||
| 4.00%, 09/01/26 (c) | 2,815 | 2,980,689 | ||||||
| 5.00%, 10/01/28 (c) | 300 | 352,024 | ||||||
| 5.00%, 10/01/28 | 1,675 | 1,971,762 | ||||||
| 5.00%, 10/01/29 | 1,000 | 1,198,128 | ||||||
| 5.00%, 10/01/29 (c) | 3,425 | 4,075,179 | ||||||
| 5.00%, 10/01/29 (c) | 2,340 | 2,795,705 | ||||||
| 5.00%, 10/01/29 | 4,500 | 5,391,575 | ||||||
| 5.00%, 10/01/31 | 4,000 | 4,917,916 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,149,088 | ||||||
| 5.00%, 11/01/27 (c) | 2,480 | 2,860,297 | ||||||
| 5.00%, 11/01/27 (c) | 2,645 | 3,020,783 | ||||||
| 5.00%, 11/01/27 (c) | 1,020 | 1,169,040 | ||||||
| 5.00%, 11/01/28 | 400 | 471,576 | ||||||
| 5.00%, 11/01/30 | 1,000 | 1,217,833 | ||||||
| 5.00%, 11/01/30 (c) | 1,610 | 1,905,629 | ||||||
| 5.00%, 12/01/28 | 1,000 | 1,180,701 | ||||||
| 5.00%, 12/01/30 (c) | 2,000 | 2,352,088 | ||||||
| 5.00%, 03/01/30 (c) | 1,250 | 1,465,750 | ||||||
| 5.00%, 04/01/24 (c) | 500 | 524,092 | ||||||
| 5.00%, 04/01/26 (c) | 1,075 | 1,192,156 | ||||||
| 5.00%, 04/01/29 (c) | 3,500 | 4,042,019 | ||||||
| 5.00%, 04/01/29 (c) | 150 | 176,506 | ||||||
| 5.00%, 04/01/29 | 1,735 | 2,061,611 | ||||||
| 5.00%, 04/01/30 | 2,590 | 3,127,385 | ||||||
| 5.00%, 04/01/31 | 380 | 464,126 | ||||||
| 5.00%, 04/01/32 | 4,270 | 5,284,620 | ||||||
| 5.00%, 08/01/26 (c) | 490 | 540,102 | ||||||
| 5.00%, 08/01/26 (c) | 905 | 1,005,444 | ||||||
| 5.00%, 08/01/26 (c) | 150 | 167,931 | ||||||
| 5.00%, 08/01/26 (c) | 115 | 126,614 | ||||||
| 5.00%, 08/01/26 (c) | 1,165 | 1,302,855 | ||||||
| 5.00%, 08/01/27 (c) | 3,785 | 4,343,520 | ||||||
| 5.00%, 08/01/27 (c) | 950 | 1,083,525 | ||||||
| 5.00%, 08/01/27 (c) | 2,445 | 2,795,798 | ||||||
| 5.00%, 08/01/28 (c) | 275 | 320,592 | ||||||
| 5.00%, 08/01/28 | 750 | 880,201 | ||||||
| 5.00%, 08/01/28 (c) | 2,745 | 3,118,630 | ||||||
| 5.00%, 09/01/23 (c) | 345 | 357,423 | ||||||
| 5.00%, 09/01/25 (c) | 30 | 32,967 | ||||||
| 5.00%, 09/01/26 (c) | 125 | 139,597 | ||||||
| 5.00%, 09/01/26 (c) | 150 | 168,242 | ||||||
| State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 1,500 | 1,589,856 | ||||||
| 4.00%, 05/01/31 (c) | 2,000 | 2,128,681 | ||||||
| Stockton Unified School District (GO) | ||||||||
| 5.00%, 02/01/26 (c) | 100 | 110,008 | ||||||
| 5.00%, 02/01/26 (c) | 100 | 109,206 | ||||||
| 7 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA) 5.00%, 09/01/25 (c) | $ | 335 | $ | 364,319 | ||||
| Trustees of the California State University, Series A (RB) | ||||||||
| 4.00%, 05/01/26 (c) | 250 | 269,238 | ||||||
| 5.00%, 05/01/26 (c) | 410 | 456,004 | ||||||
Tuolumne Wind Project Authority, Series A (RB) 5.00%, 01/01/27 | 125 | 141,731 | ||||||
| Turlock Irrigation District (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,149,192 | ||||||
| 5.00%, 01/01/30 (c) | 500 | 569,875 | ||||||
University of California, Series AO (RB) 5.00%, 05/15/25 (c) | 130 | 141,179 | ||||||
University of California, Series AR (RB) 5.00%, 05/15/26 (c) | 10 | 11,061 | ||||||
University of California, Series AY (RB) 5.00%, 05/15/27 (c) | 625 | 708,628 | ||||||
| University of California, Series AZ (RB) | ||||||||
| 5.00%, 05/15/28 (c) | 310 | 355,464 | ||||||
| 5.00%, 05/15/28 (c) | 275 | 317,544 | ||||||
University of California, Series BE (RB) 5.00%, 05/15/30 (c) | 1,500 | 1,750,804 | ||||||
University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,170 | 1,321,758 | ||||||
West Basin Municipal Water District, Series A (RB) 5.00%, 02/01/26 (c) | 155 | 170,403 | ||||||
West Contra Costa Unified School District, Series A (GO) 5.00%, 08/01/25 (c) | 20 | 21,641 | ||||||
| 283,652,791 | ||||||||
| Colorado: 1.8% | ||||||||
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c) | 540 | 603,410 | ||||||
| Board of Governors of Colorado State University System, Series C (RB) | ||||||||
| 5.00%, 03/01/28 (c) | 935 | 1,059,427 | ||||||
| 5.00%, 03/01/28 (c) | 510 | 584,779 | ||||||
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c) | 1,000 | 1,100,354 | ||||||
City and County of Denver, Acting By and Through its Board of Water Commissioners, Series A (RB) 5.00%, 12/15/29 | 1,700 | 2,033,184 | ||||||
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
| 5.00%, 12/15/31 (c) | $ | 1,500 | $ | 1,803,739 | ||||
City and County of Denver, Series A (RB) 5.00%, 08/01/26 (c) | 150 | 167,517 | ||||||
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^ | 200 | 131,149 | ||||||
| City of Colorado Springs, Utilities System, Series A-1 (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 120 | 137,495 | ||||||
| 5.00%, 11/15/27 (c) | 110 | 126,453 | ||||||
| 5.00%, 11/15/27 (c) | 100 | 114,579 | ||||||
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c) | 155 | 167,731 | ||||||
Colorado Higher Education, Series A (CP) 5.00%, 11/01/26 | 115 | 129,772 | ||||||
| Denver City and County School District No. 1 (GO) (SAW) | ||||||||
| 4.00%, 12/01/30 (c) | 3,000 | 3,183,445 | ||||||
| 5.00%, 12/01/30 (c) | 1,000 | 1,170,292 | ||||||
| Denver Convention Center Hotel Authority (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 570 | 611,605 | ||||||
| 5.00%, 12/01/26 (c) | 250 | 270,052 | ||||||
El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c) | 295 | 330,568 | ||||||
Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c) | 1,110 | 1,290,308 | ||||||
| Mesa County Valley School District No. 51 (GO) (SAW) | ||||||||
| 5.00%, 12/01/27 (c) | 500 | 573,575 | ||||||
| 5.00%, 12/01/27 (c) | 500 | 573,848 | ||||||
| 5.25%, 12/01/27 (c) | 200 | 228,574 | ||||||
Pueblo City Schools No. 60 (GO) (SAW) 3.00%, 12/15/29 (c) | 500 | 473,771 | ||||||
| Regional Transportation District, Fastracks Project, Series B (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 530 | 598,186 | ||||||
| 5.00%, 11/01/27 (c) | 1,995 | 2,247,464 | ||||||
| 5.00%, 11/01/28 | 1,000 | 1,171,237 | ||||||
| State of Colorado, Series A (CP) | ||||||||
| 4.00%, 12/15/31 (c) | 1,750 | 1,838,255 | ||||||
| 5.00%, 12/15/31 (c) | 2,000 | 2,359,567 | ||||||
State of Colorado, Series K (CP) 5.00%, 03/15/27 (c) | 410 | 459,015 | ||||||
State of Colorado, Series M (CP) 5.00%, 03/15/28 (c) | 190 | 216,512 | ||||||
| University of Colorado, Series A-2 (RB) | ||||||||
| 3.00%, 06/01/24 (c) | 800 | 798,318 | ||||||
| 4.00%, 06/01/28 (c) | 500 | 553,423 | ||||||
| 8 |
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
| 5.00%, 06/01/28 | $ | 155 | $ | 178,840 | ||||
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c) | 2,165 | 2,475,156 | ||||||
| Windy Gap Firming Project Water Activity Enterprise (RB) | ||||||||
| 4.00%, 07/15/31 (c) | 1,000 | 1,030,807 | ||||||
| 5.00%, 07/15/31 (c) | 1,000 | 1,170,896 | ||||||
| 31,963,303 | ||||||||
| Connecticut: 2.3% | ||||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c) | 1,290 | 1,080,856 | ||||||
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series C-1 (RB) 2.05%, 11/15/29 (c) | 260 | 218,141 | ||||||
| Connecticut Housing Finance Authority, Series A-1 (RB) | ||||||||
| 3.65%, 11/15/26 (c) | 95 | 95,950 | ||||||
| 3.88%, 11/15/26 (c) | 35 | 34,850 | ||||||
Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c) | 260 | 259,253 | ||||||
Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c) | 140 | 138,892 | ||||||
Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c) | 335 | 375,309 | ||||||
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) | 250 | 252,158 | ||||||
| Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) | ||||||||
| 4.00%, 07/01/29 (c) | 525 | 519,012 | ||||||
| 4.00%, 07/01/29 (c) | 625 | 624,635 | ||||||
| 5.00%, 07/01/29 (c) | 2,200 | 2,417,203 | ||||||
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29 | 1,000 | 1,188,282 | ||||||
Connecticut State, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 09/01/24 (c) | 1,000 | 1,059,150 | ||||||
| Par (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
South Central Connecticut Regional Water Authority, Series B (RB) 5.00%, 08/01/26 (c) | $ | 25 | $ | 27,502 | ||||
| State of Connecticut, Series A (GO) | ||||||||
| 3.00%, 01/15/31 (c) | 1,000 | 982,677 | ||||||
| 3.00%, 01/15/31 (c) | 2,200 | 2,204,420 | ||||||
| 3.00%, 01/15/31 (c) | 1,000 | 948,974 | ||||||
| 4.00%, 01/15/31 | 1,780 | 1,957,338 | ||||||
| 5.00%, 04/15/27 (c) | 680 | 763,795 | ||||||
| 5.00%, 04/15/28 (c) | 1,000 | 1,111,333 | ||||||
State of Connecticut, Series A (GO) (SBG) 5.00%, 04/15/29 | 1,000 | 1,171,884 | ||||||
State of Connecticut, Series A (RB) 5.00%, 05/01/27 (c) | 350 | 390,810 | ||||||
State of Connecticut, Series B (GO) 5.00%, 04/15/27 | 135 | 153,259 | ||||||
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29 | 1,000 | 1,030,506 | ||||||
| State of Connecticut, Series C (GO) | ||||||||
| 4.00%, 06/01/30 (c) | 850 | 880,259 | ||||||
| 4.00%, 06/15/28 (c) | 1,205 | 1,253,186 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
| 3.00%, 10/15/26 (c) | 395 | 393,623 | ||||||
| 5.00%, 09/15/28 (c) | 1,665 | 1,915,268 | ||||||
| State of Connecticut, Special Tax, Series A (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 1,500 | 1,547,049 | ||||||
| 4.00%, 09/01/26 (c) | 785 | 810,846 | ||||||
| 5.00%, 01/01/28 (c) | 190 | 213,684 | ||||||
| 5.00%, 05/01/31 | 1,650 | 1,978,245 | ||||||
| 5.00%, 05/01/31 (c) | 1,500 | 1,750,812 | ||||||
| 5.00%, 09/01/26 (c) | 200 | 217,064 | ||||||
| 5.00%, 09/01/26 (c) | 475 | 520,064 | ||||||
State of Connecticut, Special Tax, Series A (ST) 5.00%, 05/01/30 (c) | 2,500 | 2,834,198 | ||||||
| State of Connecticut, Special Tax, Series B (RB) | ||||||||
| 5.00%, 10/01/28 | 1,505 | 1,750,732 | ||||||
| 5.00%, 09/01/26 (c) | 335 | 372,395 | ||||||
| 5.00%, 09/01/26 (c) | 275 | 307,727 | ||||||
| State of Connecticut, State Revolving Fund, Series A (RB) | ||||||||
| 5.00%, 02/01/29 (c) | 275 | 314,240 | ||||||
| 5.00%, 05/01/27 (c) | 1,000 | 1,118,990 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 335 | 375,051 | ||||||
| 5.00%, 01/15/27 (c) | 745 | 825,304 | ||||||
| 5.00%, 11/01/28 (c) | 730 | 821,485 | ||||||
| 5.00%, 11/01/28 (c) | 500 | 560,026 | ||||||
| 9 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
| 5.00%, 04/15/28 (c) | $ | 1,000 | $ | 1,146,671 | ||||
| 40,913,108 | ||||||||
| Delaware: 0.4% | ||||||||
| State of Delaware (GO) | ||||||||
| 2.00%, 02/01/31 (c) | 1,000 | 837,794 | ||||||
| 2.00%, 02/01/31 (c) | 1,000 | 862,409 | ||||||
| 3.00%, 02/01/31 (c) | 1,000 | 1,022,027 | ||||||
| 3.12%, 03/01/27 (c) | 505 | 516,061 | ||||||
| 4.00%, 03/01/27 (c) | 500 | 539,415 | ||||||
State of Delaware, Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c) | 180 | 180,750 | ||||||
| State of Delaware, Series A (GO) | ||||||||
| 2.00%, 01/01/30 (c) | 650 | 549,627 | ||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,188,945 | ||||||
| 5.00%, 10/01/28 | 810 | 952,480 | ||||||
| 5.00%, 02/01/28 (c) | 500 | 574,500 | ||||||
| 7,224,008 | ||||||||
| District of Columbia: 1.8% | ||||||||
District of Columbia (RB) (SAW) 5.00%, 12/01/29 (c) | 2,250 | 2,585,098 | ||||||
District of Columbia, Georgetown University Issue (RB) 5.00%, 04/01/27 (c) | 645 | 711,686 | ||||||
| District of Columbia, Series A (GO) | ||||||||
| 5.00%, 06/01/26 (c) | 30 | 33,129 | ||||||
| 5.00%, 06/01/26 (c) | 210 | 232,716 | ||||||
| 5.00%, 06/01/26 (c) | 290 | 317,221 | ||||||
| 5.00%, 06/01/26 (c) | 250 | 274,427 | ||||||
| 5.00%, 06/01/27 (c) | 2,500 | 2,782,493 | ||||||
| 5.00%, 06/01/27 (c) | 170 | 190,613 | ||||||
| 5.00%, 06/01/27 (c) | 580 | 648,582 | ||||||
| 5.00%, 06/01/28 (c) | 750 | 845,850 | ||||||
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c) | 1,000 | 1,151,778 | ||||||
| District of Columbia, Series C (RB) | ||||||||
| 5.00%, 10/01/27 | 225 | 259,458 | ||||||
| 5.00%, 05/01/30 (c) | 1,000 | 1,164,258 | ||||||
| 5.00%, 05/01/30 | 250 | 301,253 | ||||||
| District of Columbia, Series D (GO) | ||||||||
| 4.00%, 06/01/27 (c) | 500 | 523,859 | ||||||
| 5.00%, 12/01/26 (c) | 20 | 22,287 | ||||||
| 5.00%, 12/01/26 (c) | 160 | 179,563 | ||||||
| 5.00%, 12/01/26 (c) | 125 | 141,504 | ||||||
| 5.00%, 06/01/27 (c) | 500 | 560,627 | ||||||
District of Columbia, Series E (GO) 5.00%, 12/01/26 (c) | 25 | 27,859 | ||||||
| Par (000’s | ) | Value | ||||||
| District of Columbia (continued) | ||||||||
Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28 | $ | 560 | $ | 650,734 | ||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 4.00%, 10/01/29 (c) | 250 | 251,763 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM) 4.00%, 10/01/29 (c) | 250 | 252,275 | ||||||
Washington Convention & Sports Authority (RB) 5.00%, 10/01/27 (c) | 2,545 | 2,886,784 | ||||||
| Washington Metropolitain Area Transit Authority, Series A (RB) | ||||||||
| 5.00%, 07/15/30 (c) | 1,400 | 1,619,404 | ||||||
| 5.00%, 07/15/31 (c) | 2,000 | 2,348,185 | ||||||
| Washington Metropolitan Area Transit Authority (RB) | ||||||||
| 4.00%, 07/15/31 (c) | 4,000 | 4,274,483 | ||||||
| 5.00%, 07/01/27 (c) | 175 | 198,495 | ||||||
| 5.00%, 07/01/27 | 275 | 314,340 | ||||||
Washington Metropolitan Area Transit Authority, Series A-1 (RB) 5.00%, 07/01/27 (c) | 140 | 156,765 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 300 | 334,826 | ||||||
| 5.00%, 07/01/27 (c) | 550 | 611,617 | ||||||
| 5.00%, 07/01/27 (c) | 810 | 896,910 | ||||||
| Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 880 | 974,421 | ||||||
| 5.00%, 07/01/27 | 240 | 274,333 | ||||||
| 5.00%, 07/01/27 (c) | 1,205 | 1,339,997 | ||||||
| 5.00%, 07/01/27 (c) | 650 | 727,837 | ||||||
| 5.00%, 07/01/27 (c) | 555 | 623,938 | ||||||
| 31,691,368 | ||||||||
| Florida: 3.4% | ||||||||
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c) | 490 | 535,719 | ||||||
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c) | 1,000 | 1,040,105 | ||||||
Broward County. Florida School Board, Series B (CP) 5.00%, 07/01/25 (c) | 1,005 | 1,086,343 | ||||||
| 10 |
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c) | $ | 520 | $ | 514,789 | ||||
City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c) | 175 | 195,270 | ||||||
| City of Gainesville, Utilities System, Series A (RB) | ||||||||
5.00%, 10/01/27 (c) | 1,045 | 1,160,801 | ||||||
| 5.00%, 10/01/27 (c) | 195 | 218,337 | ||||||
City of Jacksonville, Florida Transportation (RB) 5.00%, 10/01/25 (c) | 210 | 229,237 | ||||||
| City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c) | 1,095 | 1,270,890 | ||||||
City of Jacksonville, Series B (RB) 5.00%, 10/01/26 (c) | 250 | 279,739 | ||||||
City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 (c) | 560 | 616,007 | ||||||
City of Tampa, Florida Capital Improvement, Cigarette Tax, H. Lee Moffit Cancer Center Project, Series A (RB) 0.00%, 09/01/30 (c) ^ | 1,050 | 554,358 | ||||||
| County of Miami-Dade (RB) | ||||||||
| 0.00%, 10/01/26 (c) ^ | 565 | 421,021 | ||||||
| 0.00%, 10/01/26 (c) ^ | 400 | 285,425 | ||||||
| 5.00%, 10/01/26 (c) | 510 | 562,717 | ||||||
| 5.00%, 10/01/26 (c) | 2,005 | 2,174,927 | ||||||
| County of Miami-Dade, Aviation Revenue, Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 460 | 504,117 | ||||||
| 5.00%, 10/01/26 (c) | 100 | 110,391 | ||||||
| County of Miami-Dade, Building Better Communities Program, Series A (GO) | ||||||||
| 5.00%, 07/01/25 (c) | 100 | 108,419 | ||||||
| 5.00%, 07/01/26 (c) | 520 | 574,433 | ||||||
| 5.00%, 07/01/26 (c) | 100 | 111,502 | ||||||
| 5.00%, 07/01/26 (c) | 280 | 306,993 | ||||||
| 5.00%, 07/01/26 (c) | 555 | 607,635 | ||||||
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c) | 1,600 | 1,668,943 | ||||||
| County of Miami-Dade, Capital Asset Acquisition, Series B (RB) | ||||||||
3.12%, 04/01/26 (c) | 260 | 253,523 | ||||||
| 5.00%, 04/01/26 (c) | 520 | 575,064 | ||||||
County of Miami-Dade, Expressway Authority Toll System, Series A (RB) 5.00%, 07/01/26 (c) | 105 | 114,017 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| 5.00%, 07/01/26 (c) | $ | 25 | $ | 26,887 | ||||
| County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c) | 250 | 260,040 | ||||||
| County of Miami-Dade, Water and Sewer System (RB) | ||||||||
| 4.00%, 04/01/31 (c) | 1,475 | 1,528,270 | ||||||
| 5.00%, 10/01/27 (c) | 800 | 910,583 | ||||||
| 5.00%, 10/01/28 | 1,000 | 1,159,522 | ||||||
| 5.00%, 04/01/31 (c) | 3,500 | 4,152,678 | ||||||
| County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
| 3.00%, 10/01/27 (c) | 370 | 360,477 | ||||||
| 5.00%, 10/01/25 (c) | 605 | 648,103 | ||||||
| County of Orange, Water and Wastewater Utility System (RB) | ||||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,151,730 | ||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,154,351 | ||||||
| Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/27 | 125 | 143,071 | ||||||
| Florida Department of Management Services, Series A (CP) | ||||||||
| 5.00%, 11/01/27 | 175 | 200,865 | ||||||
| 5.00%, 11/01/31 (c) | 500 | 594,037 | ||||||
| 5.00%, 08/01/25 | 105 | 114,869 | ||||||
| Florida Department of Management Services, Series A (RB) 5.00%, 09/01/27 (c) | 425 | 486,100 | ||||||
| Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/31 (c) | 2,000 | 2,020,551 | ||||||
| Florida Housing Finance Corp., Series 1 (RB) | ||||||||
| 3.25%, 01/01/27 (c) | 130 | 130,034 | ||||||
| 3.60%, 01/01/27 (c) | 250 | 250,754 | ||||||
| Florida Housing Finance Corp., Series 2 (RB) | ||||||||
| 2.10%, 01/01/30 (c) | 950 | 828,663 | ||||||
| 3.20%, 07/01/25 (c) | 230 | 229,147 | ||||||
| Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) 5.00%, 10/01/26 (c) | 125 | 137,556 | ||||||
| JEA Electric System, Series B (RB) | ||||||||
| 3.38%, 10/01/22 (c) | 520 | 520,204 | ||||||
| 5.00%, 10/01/27 (c) | 885 | 989,097 | ||||||
| 5.00%, 10/01/27 (c) | 610 | 686,716 | ||||||
| 5.00%, 10/01/27 (c) | 850 | 953,128 | ||||||
| Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c) | 605 | 662,563 | ||||||
| 11 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Florida (continued) Manatee County School
District (RB) (AGM) 5.00%, 04/01/27 (c) | $ | 160 | $ | 180,541 | ||||
| Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c) | 420 | 443,636 | ||||||
| Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c) | 410 | 453,054 | ||||||
| Orange County School Board, Series D (CP) 5.00%, 08/01/25 (c) | 310 | 337,619 | ||||||
| Orange County, Tourist Development Tax (RB) | ||||||||
| 5.00%, 10/01/25 (c) | 100 | 107,372 | ||||||
| 5.00%, 10/01/26 | 190 | 212,682 | ||||||
| 5.00%, 10/01/29 | 280 | 327,734 | ||||||
| 5.00%, 10/01/30 | 490 | 580,675 | ||||||
| Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c) | 120 | 135,478 | ||||||
| Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c) | 350 | 372,143 | ||||||
| Palm Beach County School Board, Series A (CP) | ||||||||
| 5.00%, 08/01/27 | 120 | 137,110 | ||||||
| 5.00%, 08/01/30 (c) | 275 | 314,259 | ||||||
| Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c) | 695 | 797,001 | ||||||
| Palm Beach County School Board, Series D (CP) 5.00%, 08/01/25 (c) | 2,000 | 2,156,346 | ||||||
| Pasco County School Board, Series C (CP) (AGM) 5.00%, 08/01/30 (c) | 1,000 | 1,157,625 | ||||||
| Polk County School District (RB) (SAW) 5.00%, 10/01/29 (c) | 1,000 | 1,167,188 | ||||||
| Polk County, School District (RB) 5.00%, 10/01/29 (c) | 100 | 116,028 | ||||||
| Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c) | 175 | 198,656 | ||||||
| School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c) | 125 | 126,946 | ||||||
| School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 | 165 | 181,888 | ||||||
| South Miami Health Facilities Authority (RB) | ||||||||
| 5.00%, 08/15/27 (c) | 800 | 878,020 | ||||||
| 5.00%, 08/15/27 (c) | 710 | 799,419 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 4.00%, 06/01/26 (c) | $ | 500 | $ | 535,280 | ||||
| 4.00%, 06/01/27 (c) | 780 | 837,882 | ||||||
| 5.00%, 06/01/28 (c) | 145 | 167,238 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c) | 510 | 506,152 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) | ||||||||
| 5.00%, 06/01/26 (c) | 10 | 11,129 | ||||||
| 5.00%, 06/01/28 | 105 | 122,401 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) | ||||||||
| 2.38%, 06/01/26 (c) | 590 | 566,273 | ||||||
| 3.00%, 06/01/25 (c) | 2,000 | 2,021,450 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) 5.00%, 06/01/26 (c) | 135 | 150,236 | ||||||
| State of Florida, Department of Transportation Financing Corp. (RB) | ||||||||
| 3.00%, 07/01/30 (c) | 1,000 | 1,014,707 | ||||||
| 3.00%, 07/01/30 (c) | 1,000 | 977,464 | ||||||
| State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c) | 115 | 132,034 | ||||||
| State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 | 880 | 1,041,846 | ||||||
| State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series A (GO) | ||||||||
| 3.00%, 07/01/27 (c) | 555 | 570,057 | ||||||
| 5.00%, 07/01/26 (c) | 40 | 44,777 | ||||||
| State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c) | 580 | 665,722 | ||||||
| Volusia County School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c) | 280 | 297,439 | ||||||
| West Palm Beach Community Redevelopment Agency Tax (TA) (SBG) 5.00%, 03/01/29 (c) | 1,285 | 1,475,862 | ||||||
| 58,700,087 | ||||||||
| 12 |
| Par (000’s | ) | Value | ||||||
| Georgia: 2.2% | ||||||||
| Augusta, Water and Sewer (RB) 3.00%, 10/01/27 (c) | $ | 420 | $ | 428,029 | ||||
| City of Atlanta, Airport Passenger Facility Charge, Series C (RB) 5.00%, 07/01/29 (c) | 800 | 905,379 | ||||||
| City of Atlanta, Water and Wastewater (RB) | ||||||||
| 4.00%, 11/01/29 (c) | 1,450 | 1,520,444 | ||||||
| 4.00%, 11/01/29 (c) | 200 | 212,459 | ||||||
| Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c) | 250 | 273,444 | ||||||
| Cobb County Kennestone Hospital Authority, Series A (RB) 5.00%, 04/01/27 (c) | 750 | 810,379 | ||||||
| County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c) | 3,000 | 2,848,100 | ||||||
| Forsyth County School District (GO) | ||||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,148,246 | ||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,156,215 | ||||||
| Fulton County, Georgia Water and Sewerage (RB) 5.00%, 01/01/23 (c) | 1,350 | 1,366,159 | ||||||
| Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 5.00%, 02/15/27 (c) | 225 | 240,358 | ||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c) | 925 | 927,344 | ||||||
| Georgia Municipal Electric Authority Project (RB) 5.00%, 01/01/23 (c) | 1,000 | 1,009,881 | ||||||
| Georgia State Road and Tollway Authority (RB) | ||||||||
| 5.00%, 06/01/30 (c) | 2,000 | 2,353,425 | ||||||
| 5.00%, 06/01/30 (c) | 2,550 | 3,023,705 | ||||||
| Georgia State Road and Tollway Authority, Series A (RB) 4.00%, 07/15/31 (c) | 3,255 | 3,568,888 | ||||||
| Main Street Natural Gas, Inc., Gas Supply, Series A (RB) 5.00%, 05/15/38 | 1,000 | 1,096,224 | ||||||
| Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
| 5.00%, 01/01/32 (c) | 1,000 | 1,094,873 | ||||||
| 5.00%, 07/01/26 (c) | 200 | 218,588 | ||||||
| Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/29 (c) | 500 | 580,387 | ||||||
| Par (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
| Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c) | $ | 350 | $ | 369,006 | ||||
| Richmond County Hospital Authority, University Health Services, Inc. Project (RB) 3.00%, 07/01/26 (c) | 345 | 342,910 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 4.00%, 08/01/30 (c) | 935 | 1,023,279 | ||||||
| 5.00%, 02/01/26 | 125 | 138,958 | ||||||
| 5.00%, 02/01/26 (c) | 680 | 752,307 | ||||||
| 5.00%, 02/01/27 (c) | 350 | 396,779 | ||||||
| 5.00%, 02/01/27 (c) | 150 | 169,782 | ||||||
| 5.00%, 02/01/27 (c) | 1,200 | 1,348,703 | ||||||
| 5.00%, 08/01/28 | 2,815 | 3,300,207 | ||||||
| 5.00%, 08/01/29 | 2,500 | 2,978,276 | ||||||
| State of Georgia, Series C (GO) | ||||||||
| 5.00%, 07/01/27 (c) | 3,000 | 3,425,062 | ||||||
| 5.00%, 07/01/27 | 130 | 149,651 | ||||||
| 39,177,447 | ||||||||
| Hawaii: 1.2% | ||||||||
| City and County of Honolulu Wastewater System (RB) 5.00%, 07/01/29 (c) | 875 | 998,395 | ||||||
| City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c) | 1,930 | 2,295,778 | ||||||
| City and County of Honolulu, Rail Transit Project, Series B (GO) (SD CRED PROG) 5.00%, 03/01/30 | 350 | 418,024 | ||||||
| City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c) | 1,015 | 1,144,055 | ||||||
| City and County of Honolulu, Series C (GO) 4.00%, 08/01/29 (c) | 750 | 789,327 | ||||||
| City and County of Honolulu, Series C (GO) (BAM) 4.00%, 08/01/29 (c) | 120 | 126,921 | ||||||
| City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c) | 970 | 1,023,019 | ||||||
| City and County of Honolulu, Wastewater System, Series B (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 100 | 104,620 | ||||||
| 5.00%, 07/01/29 (c) | 395 | 459,203 | ||||||
| State of Hawaii (RB) 5.00%, 01/01/31 (c) | 2,250 | 2,620,456 | ||||||
| State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
| 5.00%, 07/01/25 | 175 | 189,784 | ||||||
| 6.00%, 07/01/23 (c) | 1,000 | 1,038,049 | ||||||
| 13 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Hawaii (continued) | ||||||||
| State of Hawaii, Series B (RB) 5.00%, 07/01/26 (c) | $ | 295 | $ | 327,168 | ||||
| State of Hawaii, Series ET (GO) 3.00%, 10/01/25 (c) | 1,000 | 1,022,899 | ||||||
| State of Hawaii, Series FH (GO) 5.00%, 10/01/26 (c) | 15 | 16,778 | ||||||
| State of Hawaii, Series FK (GO) | ||||||||
| 3.25%, 05/01/27 (c) | 1,000 | 1,014,656 | ||||||
| 5.00%, 05/01/27 (c) | 690 | 769,500 | ||||||
| 5.00%, 05/01/27 (c) | 130 | 145,226 | ||||||
| State of Hawaii, Series FN (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 500 | 568,127 | ||||||
| 5.00%, 10/01/27 (c) | 105 | 120,134 | ||||||
| State of Hawaii, Series FT (GO) | ||||||||
| 4.00%, 01/01/28 (c) | 295 | 317,306 | ||||||
| 5.00%, 01/01/28 (c) | 405 | 458,719 | ||||||
| 5.00%, 01/01/28 (c) | 1,150 | 1,307,094 | ||||||
| 5.00%, 01/01/28 (c) | 280 | 321,208 | ||||||
| 5.00%, 10/01/27 (c) | 1,020 | 1,154,718 | ||||||
| State of Hawaii, Series FW (GO) 5.00%, 01/01/29 | 1,180 | 1,386,738 | ||||||
| University of Hawaii, Series E (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 240 | 265,612 | ||||||
| 5.00%, 10/01/26 (c) | 285 | 316,611 | ||||||
| 20,720,125 | ||||||||
| Illinois: 4.5% | ||||||||
| Board of Trustees of the University of Illinois, Auxiliary Facilities Sytem, Series A (RB) 5.00%, 04/01/30 | 1,000 | 1,155,298 | ||||||
| Chicago Board of Education (ST) 5.75%, 04/01/27 (c) | 235 | 256,374 | ||||||
| Chicago O'Hare International Airport, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 175 | 193,424 | ||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,128,075 | ||||||
| Chicago O'Hare International Airport, Series B (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 365 | 397,829 | ||||||
| 5.00%, 01/01/27 (c) | 470 | 513,623 | ||||||
| Chicago O'Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c) | 135 | 145,130 | ||||||
| City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c) | 100 | 109,305 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 1,500 | 1,529,416 | ||||||
| 5.00%, 01/01/24 (c) | 1,250 | 1,273,907 | ||||||
| 5.00%, 01/01/30 | 2,000 | 2,175,289 | ||||||
| 5.00%, 01/01/31 (c) | 1,000 | 1,072,393 | ||||||
| City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 | 200 | 217,815 | ||||||
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| City of Chicago, Series B (GO) 4.00%, 01/01/30 | $ | 358 | $ | 363,966 | ||||
| City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c) | 750 | 806,081 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) 5.00%, 11/01/27 (c) | 1,390 | 1,502,034 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) (AGM) 5.25%, 11/01/27 (c) | 180 | 201,004 | ||||||
| City of Springfield, Electric Revenue, Senior Lien (RB) (AGM) 5.00%, 03/01/25 (c) | 15 | 15,976 | ||||||
| Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c) | 210 | 225,376 | ||||||
| Cook County, Series A (GO) | ||||||||
| 5.00%, 11/15/26 (c) | 250 | 274,462 | ||||||
| 5.00%, 11/15/26 (c) | 325 | 354,868 | ||||||
| Illinois Finance Authority, Carle Foundation, Series A (RB) 5.00%, 08/15/31 (c) | 1,000 | 1,140,372 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 4.00%, 01/01/26 (c) | 165 | 173,984 | ||||||
| 4.00%, 01/01/26 (c) | 100 | 107,032 | ||||||
| 4.00%, 01/01/31 (c) | 750 | 814,431 | ||||||
| 5.00%, 01/01/26 (c) | 685 | 750,752 | ||||||
| 5.00%, 01/01/26 | 135 | 149,133 | ||||||
| 5.00%, 01/01/27 (c) | 700 | 772,419 | ||||||
| 5.00%, 01/01/27 (c) | 140 | 156,105 | ||||||
| 5.00%, 01/01/27 (c) | 400 | 451,824 | ||||||
| 5.00%, 01/01/31 (c) | 750 | 883,619 | ||||||
| 5.00%, 07/01/29 (c) | 1,460 | 1,676,792 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c) | 1,400 | 1,614,603 | ||||||
| Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
| 4.00%, 06/01/26 (c) | 90 | 91,471 | ||||||
| 4.00%, 06/01/26 (c) | 160 | 163,214 | ||||||
| 5.00%, 06/01/26 (c) | 250 | 266,803 | ||||||
| 5.00%, 06/01/26 (c) | 130 | 141,551 | ||||||
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) | ||||||||
| 5.00%, 08/15/30 (c) | 1,000 | 1,141,323 | ||||||
| 5.00%, 08/15/30 (c) | 1,295 | 1,472,578 | ||||||
| 5.00%, 08/15/30 (c) | 1,365 | 1,568,714 | ||||||
| Illinois Finance Authority, Presence Health Network, Series C (RB) 5.00%, 02/15/27 (c) | 1,000 | 1,094,779 | ||||||
| 14 |
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| Illinois Finance Authority, Rush University Medical Center, Series A (RB) 5.00%, 05/15/25 (c) | $ | 125 | $ | 132,691 | ||||
| Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c) | 480 | 483,476 | ||||||
| Illinois Housing Development Authority, Series C (RB) 3.10%, 02/01/26 (c) | 285 | 285,269 | ||||||
| Illinois State Finance Authority, Ann & Robert H. Lurie Children's Hospital (RB) 4.00%, 08/15/27 (c) | 1,000 | 1,014,166 | ||||||
| Illinois State Finance Authority, Township High School District No. 207 (RB) 4.00%, 12/01/29 (c) | 1,055 | 1,094,413 | ||||||
| Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33 | 1,000 | 1,222,091 | ||||||
| Illinois State Municipal Electric Agency, Power Supply, Series A (RB) 4.00%, 08/01/25 (c) | 2,000 | 2,041,520 | ||||||
| Illinois State Toll Highway Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 510 | 571,926 | ||||||
| 5.00%, 01/01/29 | 175 | 204,173 | ||||||
| Illinois State Toll Highway Authority, Series B (RB) 5.00%, 01/01/26 (c) | 1,500 | 1,599,185 | ||||||
| Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/30 (c) | 2,550 | 3,010,795 | ||||||
| Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 215 | 224,232 | ||||||
| 5.00%, 01/01/24 (c) | 120 | 125,204 | ||||||
| Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 335 | 349,720 | ||||||
| 5.00%, 01/01/24 (c) | 190 | 198,349 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) | ||||||||
| 5.00%, 12/01/26 (c) | 115 | 129,826 | ||||||
| 5.00%, 12/01/26 (c) | 780 | 872,964 | ||||||
| Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
| 4.00%, 12/01/26 (c) | 1,500 | 1,531,417 | ||||||
| 4.00%, 12/01/26 (c) | 1,235 | 1,287,118 | ||||||
| 5.00%, 12/01/26 (c) | 910 | 1,021,266 | ||||||
| 5.00%, 12/01/26 (c) | 990 | 1,109,301 | ||||||
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/27 (c) | $ | 500 | $ | 564,024 | ||||
| Sales Tax Securitization Corp., Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 250 | 276,462 | ||||||
| 5.00%, 01/01/28 (c) | 570 | 626,322 | ||||||
| 5.00%, 01/01/28 (c) | 1,150 | 1,281,302 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 275,571 | ||||||
| 5.00%, 01/01/28 (c) | 585 | 654,562 | ||||||
| Sales Tax Securitization Corp., Series A (RB) (BAM) 5.00%, 01/01/30 (c) | 155 | 176,582 | ||||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/26 (c) | 685 | 695,461 | ||||||
| 4.00%, 03/01/31 (c) | 1,000 | 975,411 | ||||||
| 4.12%, 11/01/26 (c) | 360 | 369,227 | ||||||
| 5.00%, 11/01/26 (c) | 305 | 321,379 | ||||||
| 5.00%, 06/01/26 (c) | 370 | 397,302 | ||||||
| State of Illinois (GO) (AGC) 5.50%, 05/01/30 | 800 | 921,391 | ||||||
| State of Illinois (RB) | ||||||||
| 3.00%, 06/15/26 (c) | 680 | 653,318 | ||||||
| 3.00%, 06/15/26 (c) | 320 | 301,623 | ||||||
| State of Illinois Sales Tax (RB) | ||||||||
| 5.00%, 06/15/30 | 1,000 | 1,112,095 | ||||||
| 5.00%, 06/15/31 | 1,500 | 1,678,060 | ||||||
| State of Illinois Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c) | 3,000 | 2,890,299 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 5.00%, 12/01/27 (c) | 1,000 | 1,063,842 | ||||||
| 5.00%, 03/01/31 | 500 | 559,840 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,098,906 | ||||||
| 5.00%, 05/01/28 (c) | 2,250 | 2,401,472 | ||||||
| 5.25%, 12/01/27 (c) | 1,200 | 1,315,812 | ||||||
| State of Illinois, Series B (GO) 5.00%, 11/01/29 (c) | 1,000 | 1,106,940 | ||||||
| State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 4,105 | 4,463,602 | ||||||
| State of Illinois, Series D (GO) 5.00%, 11/01/27 (c) | 3,910 | 4,280,151 | ||||||
| State of Illinois, Series D (RB) 5.00%, 06/15/26 (c) | 620 | 662,876 | ||||||
| 78,176,078 | ||||||||
| Indiana: 0.8% | ||||||||
| Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c) | 15 | 16,566 | ||||||
| Duneland School Building Corp., AD Valorem Property Tax (RB) 3.00%, 01/15/32 (c) | 1,000 | 946,657 | ||||||
| Indiana Finance Authority Highway, Series C (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 160 | 180,271 | ||||||
| 5.00%, 12/01/26 (c) | 340 | 382,625 | ||||||
| 15 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Indiana (continued) | ||||||||
| 5.00%, 06/01/28 | $ | 420 | $ | 487,595 | ||||
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/31 (c) | 2,500 | 2,635,612 | ||||||
Indiana Finance Authority, Parkview Health, Series A (RB) 5.00%, 11/01/27 | 250 | 286,816 | ||||||
| Indiana Finance Authority, Series A (RB) | ||||||||
5.00%, 02/01/28 (c) | 200 | 226,873 | ||||||
| 5.00%, 02/01/29 (c) | 220 | 250,206 | ||||||
| 5.00%, 02/01/29 (c) | 175 | 199,409 | ||||||
Indiana Finance Authority, Series B (RB) 5.00%, 02/01/26 (c) | 130 | 143,816 | ||||||
| Indiana Finance Authority, Series C (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 610 | 699,526 | ||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,151,713 | ||||||
| Indiana Finance Authority, Series E (RB) | ||||||||
5.00%, 02/01/29 (c) | 1,250 | 1,421,622 | ||||||
| 5.00%, 02/01/29 (c) | 105 | 120,191 | ||||||
| 5.00%, 06/01/29 | 935 | 1,102,367 | ||||||
| 5.00%, 08/01/26 (c) | 100 | 111,433 | ||||||
| 5.00%, 08/01/26 (c) | 160 | 179,340 | ||||||
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c) | 20 | 20,023 | ||||||
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c) | 250 | 279,819 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) | ||||||||
5.00%, 02/01/29 (c) | 1,715 | 1,985,337 | ||||||
| 5.00%, 02/01/29 | 710 | 831,328 | ||||||
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c) | 160 | 169,581 | ||||||
Trustees of the Indiana State University, Series A (RB) 5.00%, 06/01/26 (c) | 185 | 206,024 | ||||||
| 14,034,750 | ||||||||
| Iowa: 0.2% | ||||||||
| Iowa Finance Authority (RB) | ||||||||
5.00%, 08/01/26 | 110 | 123,612 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,132,936 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,142,944 | ||||||
| Iowa Finance Authority, Series A (RB) | ||||||||
5.00%, 08/01/31 (c) | 1,000 | 1,182,725 | ||||||
| 5.00%, 08/01/31 (c) | 500 | 594,001 | ||||||
| Par (000’s | ) | Value | ||||||
| Iowa (continued) | ||||||||
State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/26 (c) | $ | 125 | $ | 138,522 | ||||
| 4,314,740 | ||||||||
| Kansas: 0.6% | ||||||||
| Butler County Unified School District No. 385 (GO) | ||||||||
4.00%, 09/01/27 (c) | 500 | 538,722 | ||||||
| 4.00%, 09/01/27 (c) | 300 | 321,761 | ||||||
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c) | 750 | 798,057 | ||||||
Johnson and Miami Counties Unified School District No. 230 (GO) 4.00%, 09/01/26 (c) | 210 | 218,697 | ||||||
Johnson County, Unified School District No. 233, Series A (GO) 4.00%, 09/01/31 (c) | 1,000 | 1,066,591 | ||||||
Kansas Development Finance Authority, AdventHealth Obligated Group, Series A (RB) 5.00%, 11/15/31 (p) | 3,950 | 4,622,146 | ||||||
| Seward County Unified School District No. 480, Series B (GO) 5.00%, 09/01/25 (c) | 125 | 137,005 | ||||||
| State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) | ||||||||
5.00%, 09/01/27 (c) | 775 | 873,215 | ||||||
| 5.00%, 09/01/27 (c) | 630 | 711,842 | ||||||
| 5.00%, 09/01/27 (c) | 150 | 168,749 | ||||||
State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) 5.00%, 09/01/25 (c) | 295 | 322,495 | ||||||
Wyandotte County, Unified School District No. 500, Series A (GO) 4.00%, 09/01/26 (c) | 250 | 270,281 | ||||||
| 10,049,561 | ||||||||
| Kentucky: 0.8% | ||||||||
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) | 200 | 217,637 | ||||||
Kentucky State Property & Building Commission, Project No. 115 (RB) (BAM) 5.00%, 04/01/27 (c) | 1,420 | 1,577,207 | ||||||
Kentucky State Property & Building Commission, Project No. 119 (RB) 5.00%, 05/01/28 | 100 | 113,857 | ||||||
Kentucky State Property & Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/28 (c) | 3,285 | 3,679,646 | ||||||
| 16 |
| Par (000’s | ) | Value | ||||||
| Kentucky (continued) | ||||||||
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | ||||||||
4.00%, 10/01/26 (c) | $ | 2,950 | $ | 2,966,121 | ||||
| 5.00%, 10/01/26 (c) | 290 | 313,259 | ||||||
| 5.00%, 10/01/26 (c) | 55 | 59,777 | ||||||
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series D (RB) 5.00%, 10/01/29 (c) (p) | 1,000 | 1,123,532 | ||||||
Louisville and Jefferson County, Metropolitan Sewer District, Kentucky Sewer and Drainage System, Series A (RB) 4.00%, 05/15/23 (c) | 2,000 | 2,015,167 | ||||||
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 | 20 | 22,550 | ||||||
| University of Kentucky, Series A (RB) | ||||||||
| 3.00%, 04/01/26 (c) | 770 | 744,271 | ||||||
| 4.00%, 04/01/26 (c) | 500 | 526,600 | ||||||
| 13,359,624 | ||||||||
| Louisiana: 1.0% | ||||||||
City of New Orleans, Louisiana Public Improvement, Series A (GO) 5.00%, 12/01/30 (c) | 1,000 | 1,136,238 | ||||||
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 4.00%, 12/01/28 (c) | 250 | 266,829 | ||||||
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c) | 615 | 708,331 | ||||||
| Jefferson Sales Tax District, Series B (RB) (AGM) | ||||||||
| 4.00%, 12/01/29 (c) | 500 | 528,314 | ||||||
| 5.00%, 12/01/27 (c) | 280 | 312,450 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | 3,540 | 3,512,747 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 3.25%, 10/01/27 (c) | 200 | 200,528 | ||||||
Louisiana Local Government Environmental Facilities and Community Development, Series B (RB) 2.50%, 04/01/26 (c) | 1,455 | 1,228,528 | ||||||
| Par (000’s | ) | Value | ||||||
| Louisiana (continued) | ||||||||
Louisiana Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 04/01/30 (c) | $ | 1,000 | $ | 1,103,633 | ||||
Louisiana Public Facilities Authority, Tulane University, Series A (RB) (AGM) 5.00%, 04/01/30 (c) | 1,000 | 1,107,222 | ||||||
| State of Louisiana, Series A (GO) | ||||||||
3.50%, 04/01/27 (c) | 150 | 152,952 | ||||||
| 5.00%, 03/01/29 (c) | 115 | 134,588 | ||||||
| 5.00%, 03/01/30 (c) | 930 | 1,097,778 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,158,340 | ||||||
| 5.00%, 03/01/31 (c) | 750 | 907,843 | ||||||
| 5.00%, 04/01/27 (c) | 565 | 639,050 | ||||||
| 5.00%, 09/01/26 (c) | 640 | 712,126 | ||||||
| State of Louisiana, Series A (GO) (BAM) | ||||||||
5.00%, 03/01/30 (c) | 425 | 486,925 | ||||||
| 5.00%, 03/01/30 (c) | 910 | 1,065,010 | ||||||
| State of Louisiana, Series B (GO) | ||||||||
5.00%, 10/01/27 | 150 | 172,813 | ||||||
| 5.00%, 08/01/26 (c) | 205 | 228,689 | ||||||
| 5.00%, 08/01/26 (c) | 200 | 222,297 | ||||||
| State of Louisiana, Series D (GO) | ||||||||
3.00%, 09/01/26 (c) | 200 | 201,713 | ||||||
| 5.00%, 09/01/26 (c) | 100 | 111,394 | ||||||
| 17,396,338 | ||||||||
| Maryland: 3.0% | ||||||||
City of Baltimore, Consolidated Public Improvement, Series B (GO) 5.00%, 10/15/27 (c) | 250 | 286,345 | ||||||
| County of Baltimore (GO) | ||||||||
4.00%, 03/01/30 (c) | 1,140 | 1,244,445 | ||||||
| 5.00%, 03/01/30 | 945 | 1,138,176 | ||||||
| 5.00%, 03/01/30 (c) | 325 | 389,347 | ||||||
County of Baltimore (GO) (AGC) 4.00%, 03/01/29 (c) | 1,925 | 2,080,067 | ||||||
| County of Montgomery, Series A (GO) | ||||||||
3.00%, 08/01/30 (c) | 750 | 768,195 | ||||||
| 5.00%, 12/01/24 (c) | 20 | 21,506 | ||||||
County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c) | 1,070 | 1,163,968 | ||||||
Maryland Department of Transportation (RB) 3.00%, 09/01/27 (c) | 500 | 511,775 | ||||||
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) 5.00%, 05/01/26 (c) | 250 | 271,594 | ||||||
| 17 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c) | $ | 1,000 | $ | 1,128,086 | ||||
| Maryland State, Series A (GO) | ||||||||
| 3.25%, 08/01/23 (c) | 2,000 | 2,014,914 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,186,769 | ||||||
Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/30 | 1,900 | 2,272,096 | ||||||
| Prince George’s County, Series A (GO) | ||||||||
5.00%, 07/15/28 (c) | 1,150 | 1,340,789 | ||||||
| 5.00%, 07/15/28 (c) | 2,500 | 2,864,878 | ||||||
Prince George’s County, Series A (GO) (SAW) 4.00%, 07/15/28 (c) | 1,000 | 1,097,889 | ||||||
| State of Maryland, Department of Transportation (RB) | ||||||||
2.12%, 10/01/29 (c) | 2,000 | 1,644,783 | ||||||
| 3.00%, 11/01/24 (c) | 1,000 | 1,021,321 | ||||||
| 3.00%, 11/01/24 (c) | 520 | 526,339 | ||||||
| 3.12%, 05/01/25 (c) | 855 | 869,582 | ||||||
| 4.00%, 05/01/28 (c) | 750 | 818,403 | ||||||
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c) | 2,340 | 2,176,045 | ||||||
| State of Maryland, State and Local Facilities Loan (GO) | ||||||||
4.00%, 08/01/28 (c) | 530 | 573,677 | ||||||
| 5.00%, 03/15/29 (c) | 3,000 | 3,511,244 | ||||||
| 5.00%, 08/01/27 | 125 | 144,173 | ||||||
| 5.00%, 08/01/28 (c) | 1,000 | 1,163,335 | ||||||
| State of Maryland, State and Local Facilities Loan, Series A (GO) | ||||||||
3.00%, 08/01/27 (c) | 1,000 | 1,022,502 | ||||||
| 3.12%, 03/15/28 (c) | 250 | 254,883 | ||||||
| 4.00%, 03/15/27 (c) | 1,185 | 1,277,888 | ||||||
| 5.00%, 03/15/28 (c) | 1,255 | 1,454,342 | ||||||
| 5.00%, 03/15/29 | 1,000 | 1,185,976 | ||||||
| 5.00%, 03/15/30 (c) | 5,500 | 6,601,241 | ||||||
| 5.00%, 08/01/30 (c) | 1,125 | 1,343,479 | ||||||
| 5.00%, 08/01/31 (c) | 1,400 | 1,702,482 | ||||||
State of Maryland, State and Local Facilities Loan, Series B (GO) 5.00%, 08/01/28 | 2,895 | 3,395,786 | ||||||
| Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) | ||||||||
5.00%, 06/01/26 (c) | 750 | 824,363 | ||||||
| 5.00%, 06/01/27 (c) | 550 | 625,162 | ||||||
| Par (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (RB) 4.00%, 12/01/30 (c) | $ | 525 | $ | 582,386 | ||||
| 52,500,231 | ||||||||
| Massachusetts: 2.9% | ||||||||
City of Boston, Series A (GO) 5.00%, 03/01/29 | 100 | 118,520 | ||||||
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c) | 980 | 1,027,651 | ||||||
Commonwealth of Massachusetts, Series A (GO) 5.00%, 09/01/28 | 2,000 | 2,343,270 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
5.00%, 07/01/26 (c) | 155 | 172,583 | ||||||
| 5.00%, 07/01/26 (c) | 600 | 665,722 | ||||||
| 5.00%, 07/01/26 (c) | 1,860 | 2,044,275 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
3.00%, 02/01/24 (c) | 400 | 401,409 | ||||||
| 5.00%, 05/01/23 (c) | 205 | 209,540 | ||||||
| 5.00%, 05/01/23 (c) | 350 | 357,405 | ||||||
| 5.00%, 05/01/30 | 1,000 | 1,197,116 | ||||||
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31 | 2,665 | 3,232,550 | ||||||
| Commonwealth of Massachusetts, Series D (GO) | ||||||||
4.00%, 11/01/30 (c) | 2,000 | 2,125,699 | ||||||
| 4.00%, 05/01/28 (c) | 1,165 | 1,228,038 | ||||||
| 5.00%, 07/01/30 (c) | 365 | 425,123 | ||||||
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/30 (c) | 2,000 | 2,316,218 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
3.00%, 11/01/27 (c) | 1,275 | 1,263,083 | ||||||
| 4.00%, 04/01/25 (c) | 1,000 | 1,034,203 | ||||||
| 5.00%, 11/01/27 (c) | 100 | 113,516 | ||||||
| 5.00%, 11/01/30 (c) | 1,000 | 1,191,012 | ||||||
| 5.00%, 09/01/28 (c) | 1,010 | 1,145,564 | ||||||
Commonwealth of Massachusetts, Series I (GO) 5.00%, 12/01/26 (c) | 10 | 11,310 | ||||||
Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/26 (c) | 500 | 556,345 | ||||||
| 18 |
| Par (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Commonwealth of Massachusetts, Transportation Fund, Series A (RB) | ||||||||
4.00%, 12/01/27 (c) | $ | 450 | $ | 470,789 | ||||
| 5.00%, 06/01/26 (c) | 20 | 22,335 | ||||||
| 5.00%, 06/01/31 (c) | 800 | 941,687 | ||||||
| Massachusetts Bay Transportation Authority, Series A (RB) | ||||||||
0.00%, 07/01/26 (c) ^ | 130 | 103,746 | ||||||
| 2.00%, 07/01/26 (c) | 210 | 206,175 | ||||||
Massachusetts Clean Water Trust (RB) 5.00%, 08/01/28 (c) | 1,000 | 1,141,394 | ||||||
Massachusetts Clean Water Trust, Series A (RB) 5.00%, 02/01/31 (c) | 540 | 634,558 | ||||||
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/29 | 1,000 | 1,173,234 | ||||||
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c) | 1,000 | 1,145,734 | ||||||
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c) | 255 | 282,020 | ||||||
Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c) | 200 | 219,476 | ||||||
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c) | 130 | 142,985 | ||||||
| Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
4.00%, 07/15/26 (c) | 1,000 | 1,038,609 | ||||||
| 5.00%, 07/15/26 (c) | 480 | 534,727 | ||||||
| 5.00%, 07/15/26 (c) | 3,300 | 3,680,241 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 01/01/28 (c) | 1,500 | 1,534,843 | ||||||
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | 500 | 530,227 | ||||||
| Par (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, Williams College, Series P (RB) 5.00%, 07/01/23 (c) | $ | 1,500 | $ | 1,525,554 | ||||
Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c) | 150 | 142,385 | ||||||
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c) | 125 | 138,152 | ||||||
Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c) | 1,500 | 1,745,613 | ||||||
Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30 | 2,000 | 2,450,316 | ||||||
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/27 (c) | 2,115 | 2,388,673 | ||||||
| University of Massachusetts Building Authority, Series 1 (RB) | ||||||||
5.00%, 11/01/29 (c) | 750 | 867,112 | ||||||
| 5.00%, 11/01/29 (c) | 475 | 550,904 | ||||||
| 5.00%, 05/01/29 (c) | 1,220 | 1,400,357 | ||||||
University of Massachusetts Building Authority, Series 1 (RB) (SD CRED PROG) 5.00%, 11/01/29 (c) | 500 | 583,826 | ||||||
University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c) | 1,020 | 1,156,540 | ||||||
| 49,932,364 | ||||||||
| Michigan: 1.0% | ||||||||
Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c) | 285 | 313,218 | ||||||
Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c) | 340 | 387,192 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) | ||||||||
5.00%, 07/01/26 (c) | 250 | 273,537 | ||||||
| 5.00%, 07/01/26 (c) | 250 | 274,326 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | ||||||||
5.00%, 07/01/26 (c) | 290 | 316,314 | ||||||
| 5.00%, 07/01/26 (c) | 500 | 549,633 | ||||||
| 5.00%, 07/01/26 (c) | 570 | 624,782 | ||||||
| 19 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) | ||||||||
5.00%, 07/01/26 (c) | $ | 1,025 | $ | 1,118,006 | ||||
| 5.00%, 07/01/26 (c) | 30 | 33,081 | ||||||
Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c) | 130 | 142,240 | ||||||
Livingston County, Brighton Area Schools (GO) 5.00%, 05/01/29 | 985 | 1,148,381 | ||||||
Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project (RB) (SAW) 5.00%, 11/01/28 (c) | 2,645 | 3,086,276 | ||||||
| Michigan Finance Authority, Clean Water, Series B (RB) | ||||||||
5.00%, 10/01/25 | 110 | 120,858 | ||||||
| 5.00%, 10/01/26 | 100 | 112,621 | ||||||
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c) | 140 | 135,544 | ||||||
| Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) | ||||||||
5.00%, 10/01/24 (c) | 725 | 760,992 | ||||||
| 5.00%, 11/15/26 (c) | 150 | 165,447 | ||||||
Michigan Finance Authority, Tabaco Settlement, Series A (RB) 5.00%, 12/01/30 (c) | 500 | 553,968 | ||||||
| Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) | ||||||||
5.00%, 12/01/27 (c) | 585 | 642,582 | ||||||
| 5.00%, 06/01/27 (c) | 75 | 82,692 | ||||||
| Michigan State Building Authority, Series I (RB) | ||||||||
5.00%, 10/15/25 (c) | 25 | 27,489 | ||||||
| 5.00%, 10/15/25 (c) | 5 | 5,498 | ||||||
| 5.00%, 10/15/25 (c) | 10 | 10,796 | ||||||
| 5.00%, 10/15/26 (c) | 570 | 624,670 | ||||||
| 5.00%, 10/15/26 (c) | 120 | 130,261 | ||||||
| 5.00%, 10/15/26 (c) | 125 | 136,624 | ||||||
Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27 | 100 | 114,878 | ||||||
| Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
| 3.10%, 06/01/26 (c) | 1,370 | 1,367,868 | ||||||
| 3.35%, 06/01/26 (c) | 135 | 133,612 | ||||||
| Par (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
State of Michigan Trunk Line, Series A (RB) 5.00%, 11/15/31 (c) | $ | 1,900 | $ | 2,238,513 | ||||
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c) | 410 | 418,131 | ||||||
| State of Michigan, Environmental Program, Series A (GO) | ||||||||
3.00%, 05/15/30 (c) | 750 | 717,880 | ||||||
| 5.00%, 12/01/25 (c) | 10 | 11,020 | ||||||
Wayne County Airport Authority, Deroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c) | 560 | 642,891 | ||||||
| 17,421,821 | ||||||||
| Minnesota: 1.0% | ||||||||
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c) | 125 | 136,072 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 07/01/29 (c) | 200 | 228,128 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) | ||||||||
5.00%, 01/01/27 (c) | 325 | 358,871 | ||||||
| 5.00%, 01/01/27 (c) | 515 | 569,901 | ||||||
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | 1,000 | 1,132,599 | ||||||
Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c) | 500 | 559,075 | ||||||
| State of Minnesota, State Trunk Highway, Series B (GO) | ||||||||
3.00%, 08/01/26 (c) | 500 | 518,503 | ||||||
| 5.00%, 08/01/28 | 100 | 117,484 | ||||||
State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c) | 120 | 125,519 | ||||||
| State of Minnesota, Various Purpose, Series A (GO) | ||||||||
5.00%, 10/01/27 (c) | 400 | 459,722 | ||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,166,919 | ||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,155,486 | ||||||
| 5.00%, 08/01/29 | 400 | 478,251 | ||||||
| 5.00%, 08/01/30 (c) | 2,000 | 2,346,329 | ||||||
| 5.00%, 08/01/30 (c) | 2,000 | 2,340,020 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
2.25%, 08/01/26 (c) | 925 | 931,318 | ||||||
| 3.00%, 10/01/27 (c) | 1,000 | 1,042,035 | ||||||
| 3.00%, 10/01/27 (c) | 1,000 | 1,037,765 | ||||||
| 20 |
| Par (000’s | ) | Value | ||||||
| Minnesota (continued) | ||||||||
University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | $ | 805 | $ | 923,381 | ||||
Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c) | 1,000 | 1,009,205 | ||||||
| 16,636,583 | ||||||||
| Mississippi: 0.3% | ||||||||
| State of Mississippi, Series A (GO) | ||||||||
5.00%, 10/01/27 (c) | 430 | 489,681 | ||||||
| 5.00%, 10/01/27 (c) | 880 | 998,181 | ||||||
| State of Mississippi, Series A (RB) | ||||||||
5.00%, 10/15/28 (c) | 550 | 608,624 | ||||||
| 5.00%, 10/15/28 (c) | 400 | 448,406 | ||||||
| 5.00%, 10/15/28 (c) | 1,000 | 1,113,696 | ||||||
| State of Mississippi, Series B (GO) | ||||||||
| 4.00%, 10/01/29 (c) | 295 | 312,015 | ||||||
| 5.00%, 12/01/26 (c) | 155 | 175,534 | ||||||
State of Mississippi, Series C (GO) 5.00%, 10/01/28 (c) | 1,005 | 1,142,579 | ||||||
| 5,288,716 | ||||||||
| Missouri: 0.5% | ||||||||
City of Kansas, Series C (RB) 5.00%, 09/01/27 (c) | 1,030 | 1,162,668 | ||||||
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 | 1,400 | 1,683,820 | ||||||
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c) | 250 | 282,550 | ||||||
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c) | 15 | 15,843 | ||||||
| Platte County Park Hill School District (GO) (SAW) | ||||||||
| 3.00%, 03/01/26 (c) | 225 | 225,572 | ||||||
| 3.00%, 03/01/26 (c) | 105 | 105,514 | ||||||
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c) | 650 | 704,345 | ||||||
| Springfield School District No. R-12 (GO) (SAW) | ||||||||
| 4.00%, 03/01/28 (c) | 95 | 103,705 | ||||||
| 4.00%, 03/01/28 (c) | 1,035 | 1,124,836 | ||||||
| 4.00%, 03/01/29 (c) | 1,415 | 1,522,478 | ||||||
| 5.00%, 03/01/29 (c) | 450 | 507,503 | ||||||
St. Louis County, Convention Center, Series A (RB) 5.25%, 12/01/30 (c) | 1,000 | 1,159,782 | ||||||
| 8,598,616 | ||||||||
| Par (000’s | ) | Value | ||||||
| Montana: 0.0% | ||||||||
Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29 | $ | 150 | $ | 174,226 | ||||
| Nebraska: 0.4% | ||||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 5.00%, 09/01/32 | 1,280 | 1,423,773 | ||||||
| 5.00%, 09/01/34 | 3,300 | 3,676,085 | ||||||
Omaha Public Power District, Electric System, Series A (RB) 5.00%, 12/01/27 (c) | 100 | 111,982 | ||||||
Omaha Public Power District, Electric System, Series A (RB) (SAW) 5.00%, 02/01/29 (c) | 1,125 | 1,306,746 | ||||||
| 6,518,586 | ||||||||
| Nevada: 1.0% | ||||||||
Clark County Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c) | 300 | 333,214 | ||||||
Clark County School District, Series A (GO) 5.00%, 06/15/31 | 530 | 630,713 | ||||||
| Clark County School District, Series A (GO) (AGM) | ||||||||
| 5.00%, 06/15/30 (c) | 1,000 | 1,167,199 | ||||||
| 5.00%, 06/15/30 (c) | 915 | 1,052,525 | ||||||
| Clark County School District, Series B (GO) | ||||||||
| 4.00%, 11/01/26 (c) | 250 | 264,190 | ||||||
| 4.00%, 11/01/26 (c) | 155 | 164,542 | ||||||
Clark County School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c) | 1,500 | 1,367,294 | ||||||
Clark County School District, Series C (GO) 5.00%, 12/15/27 (c) | 1,050 | 1,183,026 | ||||||
Clark County Water Reclamation District (GO) 3.00%, 07/01/26 (c) | 630 | 652,898 | ||||||
Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) | 1,200 | 1,366,589 | ||||||
Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c) | 1,000 | 1,047,365 | ||||||
| Clark County, Limited Tax, Series A (GO) | ||||||||
5.00%, 06/01/28 (c) | 150 | 169,084 | ||||||
| 5.00%, 06/01/28 (c) | 1,110 | 1,275,649 | ||||||
| Clark County, Limited Tax, Series C (GO) | ||||||||
| 3.00%, 07/01/27 (c) | 305 | 305,983 | ||||||
| 3.00%, 07/01/27 (c) | 270 | 266,447 | ||||||
| 21 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Nevada (continued) | ||||||||
Clark County, Nevada McCarran International Airport, Series B (RB) 5.00%, 07/01/29 (c) | $ | 275 | $ | 315,466 | ||||
Clark County, Nevada McCarran International, Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) | 470 | 538,840 | ||||||
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31 | 1,500 | 1,311,767 | ||||||
Las Vegas Valley Water District, Series A (GO) 5.00%, 06/01/26 (c) | 190 | 212,114 | ||||||
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) | ||||||||
4.00%, 06/01/27 (c) | 1,000 | 1,058,452 | ||||||
| 5.00%, 06/01/27 (c) | 795 | 901,541 | ||||||
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | ||||||||
3.38%, 06/01/28 (c) | 325 | 331,807 | ||||||
| 4.00%, 06/01/28 (c) | 760 | 817,177 | ||||||
| 4.00%, 06/01/28 (c) | 760 | 819,839 | ||||||
| Truckee Meadows Water Authority (RB) | ||||||||
5.00%, 07/01/26 (c) | 355 | 390,759 | ||||||
| 5.00%, 07/01/26 (c) | 30 | 33,224 | ||||||
| 17,977,704 | ||||||||
| New Jersey: 3.9% | ||||||||
City of Ocean City (GO) 2.25%, 09/15/26 (c) | 250 | 222,976 | ||||||
| County of Hudson (GO) | ||||||||
2.00%, 11/15/28 (c) | 2,000 | 1,654,229 | ||||||
| 2.00%, 11/15/28 (c) | 685 | 555,392 | ||||||
| 2.12%, 11/15/28 (c) | 265 | 214,139 | ||||||
County of Union, Technical School Bonds, Series A (GO) 3.00%, 09/01/25 (c) | 600 | 610,734 | ||||||
New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c) | 275 | 286,007 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c) | 755 | 742,521 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 260 | 289,057 | ||||||
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | $ | 1,000 | $ | 1,107,266 | ||||
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) | 380 | 413,671 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) | 275 | 317,499 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
5.00%, 06/15/27 (c) | 935 | 1,005,733 | ||||||
| 5.00%, 06/15/27 | 245 | 271,503 | ||||||
| 5.00%, 06/15/27 (c) | 615 | 659,173 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c) | 1,250 | 1,368,721 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | 1,080 | 1,092,496 | ||||||
| New Jersey Economic Development Authority, State House Project, Series B (RB) | ||||||||
4.00%, 12/15/28 (c) | 1,290 | 1,347,182 | ||||||
| 5.00%, 12/15/28 (c) | 315 | 345,440 | ||||||
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/24 (c) | 230 | 240,043 | ||||||
| New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | ||||||||
2.00%, 03/01/31 (c) | 1,000 | 809,804 | ||||||
| 2.00%, 03/01/31 (c) | 1,975 | 1,566,127 | ||||||
| 2.00%, 03/01/31 (c) | 6,000 | 4,657,309 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c) | 500 | 568,709 | ||||||
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/27 (c) | 360 | 360,666 | ||||||
| 22 |
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB) 5.25%, 07/01/23 (c) | $ | 1,355 | $ | 1,388,157 | ||||
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) 4.00%, 07/01/26 (c) | 1,590 | 1,616,714 | ||||||
New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB) 3.00%, 07/01/26 (c) | 115 | 108,329 | ||||||
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/29 (c) | 1,000 | 1,113,358 | ||||||
New Jersey Housing and Mortgage Finance Agency, Series A (RB) 3.75%, 10/01/27 (c) | 870 | 866,831 | ||||||
| New Jersey State Turnpike Authority, Series B (RB) | ||||||||
5.00%, 01/01/28 (c) | 115 | 129,320 | ||||||
| 5.00%, 01/01/28 (c) | 2,900 | 3,231,007 | ||||||
| 5.00%, 01/01/28 (c) | 1,080 | 1,207,663 | ||||||
| New Jersey State, COVID-19, Series A (GO) | ||||||||
4.00%, 06/01/32 | 1,135 | 1,253,517 | ||||||
| 5.00%, 06/01/29 | 1,000 | 1,157,676 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 4.00%, 12/15/28 (c) | 2,830 | 2,951,379 | ||||||
| 5.00%, 12/15/28 | 500 | 561,924 | ||||||
| 5.00%, 12/15/28 (c) | 1,100 | 1,199,648 | ||||||
| 5.00%, 12/15/28 (c) | 1,395 | 1,527,948 | ||||||
| 5.00%, 12/15/28 (c) | 1,000 | 1,082,050 | ||||||
| 5.00%, 06/15/26 (c) | 435 | 471,224 | ||||||
| 5.00%, 06/15/31 (c) | 500 | 559,390 | ||||||
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c) | 780 | 816,319 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
5.00%, 12/15/30 (c) | 1,200 | 1,310,352 | ||||||
| 5.00%, 06/15/23 (c) | 1,500 | 1,534,167 | ||||||
| New Jersey Turnpike Authority, Series A (RB) | ||||||||
4.00%, 01/01/27 (c) | 135 | 139,881 | ||||||
| 5.00%, 01/01/27 (c) | 1,625 | 1,803,263 | ||||||
| 5.00%, 01/01/27 (c) | 270 | 294,988 | ||||||
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Turnpike Authority, Series E (RB) | ||||||||
5.00%, 01/01/28 (c) | $ | 200 | $ | 224,904 | ||||
| 5.00%, 01/01/28 (c) | 115 | 130,852 | ||||||
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c) | 1,000 | 1,109,753 | ||||||
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c) | 2,130 | 2,261,260 | ||||||
State of New Jersey, Series A (GO) 3.00%, 06/01/32 | 250 | 251,087 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
2.00%, 12/01/29 (c) | 3,000 | 2,722,059 | ||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,475,171 | ||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,376,165 | ||||||
| 5.00%, 12/01/29 (c) | 5,000 | 5,621,328 | ||||||
| 5.00%, 06/01/27 (c) | 400 | 449,170 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
5.00%, 06/01/28 (c) | 250 | 270,377 | ||||||
| 5.00%, 06/01/28 (c) | 195 | 213,649 | ||||||
| 5.00%, 06/01/28 (c) | 225 | 242,251 | ||||||
| 5.00%, 06/01/28 (c) | 2,500 | 2,713,854 | ||||||
| 5.00%, 06/01/28 (c) | 500 | 545,192 | ||||||
| 68,638,574 | ||||||||
| New York: 17.2% | ||||||||
City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c) | 500 | 492,221 | ||||||
| City of New York, Series A (GO) | ||||||||
4.00%, 08/01/26 (c) | 485 | 502,856 | ||||||
| 4.00%, 08/01/31 (c) | 600 | 619,245 | ||||||
| 5.00%, 08/01/26 (c) | 1,810 | 2,000,066 | ||||||
| 5.00%, 08/01/27 (c) | 540 | 614,158 | ||||||
| 5.00%, 08/01/27 | 550 | 631,241 | ||||||
| 5.00%, 08/01/30 | 415 | 495,816 | ||||||
City of New York, Series A-1 (GO) 5.00%, 08/01/29 | 1,000 | 1,179,884 | ||||||
| City of New York, Series B-1 (GO) | ||||||||
4.00%, 12/01/26 (c) | 250 | 257,334 | ||||||
| 5.00%, 10/01/27 (c) | 100 | 111,000 | ||||||
| 5.00%, 10/01/29 (c) | 1,125 | 1,300,922 | ||||||
| 5.00%, 10/01/29 (c) | 500 | 582,273 | ||||||
| 5.00%, 11/01/30 | 1,000 | 1,198,572 | ||||||
| 5.00%, 12/01/26 (c) | 395 | 439,480 | ||||||
| 5.25%, 10/01/27 (c) | 920 | 1,049,552 | ||||||
| City of New York, Series C (GO) | ||||||||
5.00%, 02/01/25 (c) | 1,165 | 1,246,816 | ||||||
| 5.00%, 02/01/27 (c) | 225 | 253,362 | ||||||
City of New York, Series C and D (GO) 5.00%, 02/01/26 (c) | 110 | 121,455 | ||||||
| 23 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 02/01/28 (c) | $ | 1,250 | $ | 1,402,423 | ||||
| 5.00%, 02/01/28 (c) | 820 | 941,868 | ||||||
City of New York, Series C-1 (GO) (SBG) 5.00%, 08/01/28 | 2,000 | 2,328,725 | ||||||
City of New York, Series C-1 (GO) (SD CRED PROG) 5.00%, 08/01/30 | 2,000 | 2,389,474 | ||||||
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c) | 1,565 | 1,770,237 | ||||||
City of New York, Series E (GO) 5.00%, 08/01/26 (c) | 540 | 596,705 | ||||||
| City of New York, Series E-1 (GO) | ||||||||
5.00%, 03/01/28 (c) | 1,015 | 1,146,680 | ||||||
| 5.25%, 03/01/28 (c) | 1,000 | 1,138,072 | ||||||
| 5.25%, 03/01/28 (c) | 1,500 | 1,720,761 | ||||||
City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c) | 250 | 280,674 | ||||||
City of New York, Series I-A (GO) 4.00%, 10/01/30 (c) | 2,000 | 2,079,159 | ||||||
City of New York, Series L (GO) 5.00%, 04/01/29 (c) | 400 | 459,430 | ||||||
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c) | 1,865 | 2,167,426 | ||||||
| City of New York, Series L-6 (GO) | ||||||||
5.00%, 04/01/28 | 175 | 202,766 | ||||||
| 5.00%, 04/01/29 (c) | 1,000 | 1,163,273 | ||||||
City of Troy Capital Resource Corp., Series A (RB) 5.00%, 09/01/30 (c) | 500 | 550,569 | ||||||
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 05/15/31 (c) | 1,500 | 1,776,350 | ||||||
| County of Nassau, Series C (GO) | ||||||||
5.00%, 10/01/27 | 310 | 354,846 | ||||||
| 5.00%, 10/01/27 (c) | 600 | 672,889 | ||||||
County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/27 (c) | 1,520 | 1,649,095 | ||||||
| Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
5.00%, 02/15/27 (c) | 460 | 510,454 | ||||||
| 5.00%, 02/15/27 (c) | 3,025 | 3,382,002 | ||||||
| 5.00%, 02/15/27 (c) | 1,700 | 1,891,025 | ||||||
| 5.00%, 02/15/27 (c) | 1,400 | 1,561,181 | ||||||
| Long Island Power Authority, Electric System (RB) | ||||||||
5.00%, 09/01/27 (c) | 305 | 344,530 | ||||||
| 5.00%, 09/01/27 (c) | 500 | 560,363 | ||||||
| 5.00%, 09/01/27 (c) | 750 | 838,564 | ||||||
| 5.00%, 09/01/28 (c) | 1,035 | 1,160,311 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c) | $ | 450 | $ | 411,135 | ||||
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) | 40 | 44,641 | ||||||
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c) | 340 | 344,621 | ||||||
Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/27 (c) | 155 | 169,359 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
4.00%, 11/15/26 (c) | 215 | 217,170 | ||||||
| 5.00%, 11/15/26 (c) | 310 | 338,755 | ||||||
| 5.00%, 11/15/28 | 380 | 419,992 | ||||||
| 5.00%, 11/15/28 | 380 | 419,992 | ||||||
| Metropolitan Transportation Authority, Series B-2 (RB) | ||||||||
5.00%, 11/15/26 (c) | 15 | 16,564 | ||||||
| 5.00%, 11/15/27 (c) | 200 | 221,543 | ||||||
| 5.00%, 11/15/27 (c) | 1,185 | 1,306,517 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
4.00%, 05/15/28 (c) | 395 | 400,449 | ||||||
| 4.00%, 05/15/28 (c) | 410 | 411,453 | ||||||
| 4.00%, 05/15/28 (c) | 1,240 | 1,269,268 | ||||||
| 5.00%, 11/15/26 (c) | 155 | 169,377 | ||||||
| 5.00%, 05/15/28 (c) | 1,260 | 1,385,030 | ||||||
| 5.00%, 05/15/28 (c) | 1,540 | 1,676,180 | ||||||
| 5.00%, 05/15/28 (c) | 810 | 870,465 | ||||||
| 5.00%, 05/15/28 (c) | 2,540 | 2,734,225 | ||||||
| 5.00%, 05/15/28 (c) | 470 | 514,273 | ||||||
| 5.00%, 05/15/28 (c) | 1,445 | 1,567,617 | ||||||
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ | 1,035 | 692,605 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
3.12%, 11/15/26 (c) | 265 | 240,850 | ||||||
| 4.00%, 11/15/26 (c) | 400 | 409,502 | ||||||
| 5.00%, 05/15/28 (c) | 1,085 | 1,181,380 | ||||||
| 5.00%, 05/15/28 (c) | 535 | 575,909 | ||||||
| 5.00%, 05/15/28 (c) | 1,570 | 1,694,154 | ||||||
| Metropolitan Transportation Authority, Series E (RB) | ||||||||
5.00%, 11/15/23 (c) | 1,775 | 1,812,344 | ||||||
| 5.00%, 11/15/30 | 1,000 | 1,121,765 | ||||||
Monroe County Industrial Development Corp. (RB) 3.00%, 12/01/30 (c) | 865 | 714,516 | ||||||
New York City Housing Development Corp. (RB) (FHA 542(C)) 2.10%, 05/01/29 (c) | 2,000 | 1,654,190 | ||||||
| 24 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York City Housing Development Corp., Multi- Family Housing, Series A (RB) (AGC) 2.90%, 04/01/30 (c) | $ | 1,000 | $ | 879,615 | ||||
New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB) 3.70%, 11/15/23 (c) | 2,000 | 1,999,668 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c) | 1,100 | 952,368 | ||||||
New York City Housing Development Corp., Multi- Family Housing, Series C-1 (RB) 2.10%, 05/01/29 (c) | 1,340 | 1,108,307 | ||||||
| New York City Industrial Development Agency (RB) (AGM) | ||||||||
| 4.00%, 01/01/31 (c) | 500 | 540,673 | ||||||
| 4.00%, 09/01/30 (c) | 1,500 | 1,623,565 | ||||||
| 5.00%, 01/01/31 | 2,700 | 3,098,530 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 2.00%, 01/01/31 (c) | 1,250 | 939,881 | ||||||
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM) 5.00%, 03/01/30 | 2,145 | 2,432,047 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) | ||||||||
| 3.00%, 07/15/31 (c) | 1,400 | 1,298,310 | ||||||
| 4.00%, 07/15/31 (c) | 1,375 | 1,430,785 | ||||||
| 5.00%, 07/15/31 (c) | 1,000 | 1,193,359 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) | ||||||||
| 5.00%, 07/15/25 (c) | 135 | 147,150 | ||||||
| 5.00%, 07/15/28 (c) | 1,010 | 1,159,402 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) | ||||||||
| 5.00%, 07/15/28 (c) | 1,000 | 1,127,094 | ||||||
| 5.00%, 07/15/28 (c) | 1,605 | 1,827,377 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) | ||||||||
| 5.00%, 07/15/28 (c) | 500 | 569,276 | ||||||
| 5.00%, 07/15/28 (c) | 100 | 114,792 | ||||||
| 5.25%, 07/15/28 (c) | 415 | 475,877 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
| 3.00%, 11/01/30 (c) | $ | 2,000 | $ | 1,872,060 | ||||
| 5.00%, 11/01/30 (c) | 3,000 | 3,442,693 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
| 4.00%, 05/01/26 (c) | 630 | 660,862 | ||||||
| 5.00%, 11/01/31 (c) | 1,000 | 1,191,606 | ||||||
| 5.00%, 05/01/26 (c) | 880 | 961,052 | ||||||
| 5.00%, 05/01/26 (c) | 280 | 310,029 | ||||||
| 5.00%, 05/01/26 (c) | 450 | 493,140 | ||||||
| 5.00%, 05/01/26 (c) | 655 | 714,100 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
| 5.00%, 11/01/22 (c) | 1,000 | 1,007,227 | ||||||
| 5.00%, 08/01/24 (c) | 260 | 275,193 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
| 4.00%, 08/01/27 (c) | 115 | 119,339 | ||||||
| 5.00%, 05/01/27 (c) | 1,065 | 1,189,026 | ||||||
| 5.00%, 08/01/26 (c) | 895 | 985,740 | ||||||
| 5.00%, 08/01/26 (c) | 540 | 594,748 | ||||||
| 5.00%, 08/01/26 (c) | 690 | 762,734 | ||||||
| 5.00%, 08/01/26 (c) | 530 | 590,165 | ||||||
| 5.00%, 08/01/27 (c) | 125 | 141,724 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,121,692 | ||||||
| 5.00%, 08/01/27 (c) | 350 | 390,334 | ||||||
| 5.00%, 08/01/28 (c) | 780 | 874,568 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,185,135 | ||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,171,263 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 20 | 21,836 | ||||||
| 5.00%, 05/01/27 (c) | 2,280 | 2,567,503 | ||||||
| 5.00%, 05/01/27 (c) | 900 | 1,001,854 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
| 4.00%, 11/01/30 (c) | 1,690 | 1,741,931 | ||||||
| 5.00%, 11/01/30 (c) | 1,400 | 1,644,905 | ||||||
| 5.00%, 11/01/30 (c) | 4,500 | 5,139,286 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c) | 100 | 101,928 | ||||||
| 25 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
| 5.00%, 02/01/25 (c) | $ | 155 | $ | 165,066 | ||||
| 5.00%, 02/01/27 (c) | 1,190 | 1,332,763 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30 | 6,000 | 6,705,608 | ||||||
| New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) | ||||||||
| 4.00%, 10/01/26 (c) | 745 | 785,381 | ||||||
| 4.00%, 10/01/26 (c) | 850 | 905,612 | ||||||
New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c) | 1,000 | 1,172,919 | ||||||
New York City Water and Sewer System, Series BB (RB) 5.00%, 06/15/27 (c) | 310 | 347,988 | ||||||
New York City Water and Sewer System, Series CC-2 (RB) 5.25%, 12/15/26 (c) | 2,000 | 2,242,351 | ||||||
| New York City Water and Sewer System, Series DD (RB) | ||||||||
| 5.00%, 06/15/23 (c) | 1,000 | 1,021,292 | ||||||
| 5.00%, 06/15/31 | 1,865 | 2,260,539 | ||||||
New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c) | 215 | 238,912 | ||||||
New York City Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c) | 500 | 576,877 | ||||||
New York State Dormitory Authority, Columbia University (RB) 5.00%, 04/01/26 (c) | 170 | 189,276 | ||||||
New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28 | 115 | 135,668 | ||||||
New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27 | 25 | 28,962 | ||||||
| New York State Dormitory Authority, Cornell University, Series D (RB) | ||||||||
| 5.00%, 07/01/33 | 110 | 136,971 | ||||||
| 5.00%, 07/01/34 | 1,100 | 1,377,179 | ||||||
New York State Dormitory Authority, Fordham University (RB) 4.00%, 07/01/27 (c) | 800 | 811,951 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c) | $ | 1,000 | $ | 1,025,563 | ||||
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
| 5.00%, 08/01/28 (c) | 1,000 | 1,054,043 | ||||||
| 5.00%, 08/01/28 (c) | 1,890 | 1,981,886 | ||||||
| 5.00%, 08/01/28 | 545 | 595,924 | ||||||
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c) | 250 | 273,018 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
| 4.00%, 07/01/25 (c) | 1,000 | 1,013,525 | ||||||
| 4.00%, 07/01/31 (c) | 1,000 | 1,029,775 | ||||||
| 5.00%, 07/01/26 (c) | 260 | 288,248 | ||||||
| 5.00%, 07/01/27 (c) | 250 | 280,745 | ||||||
| 5.00%, 07/01/27 (c) | 445 | 504,198 | ||||||
| 5.00%, 07/01/27 (c) | 200 | 224,074 | ||||||
| 5.00%, 07/01/28 (c) | 385 | 439,513 | ||||||
| 5.00%, 07/01/29 (c) | 100 | 117,020 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) (AGC) 5.00%, 03/15/28 (c) | 1,250 | 1,386,422 | ||||||
| New York State Dormitory Authority, New York University, Series B (RB) 5.00%, 07/01/25 (c) | 20 | 21,832 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) | ||||||||
| 3.00%, 09/15/30 (c) | 3,120 | 2,858,639 | ||||||
| 4.00%, 02/15/27 (c) | 1,500 | 1,533,153 | ||||||
| 4.00%, 02/15/27 (c) | 475 | 493,147 | ||||||
| 4.00%, 09/15/30 (c) | 1,135 | 1,177,300 | ||||||
| 5.00%, 02/15/27 (c) | 1,000 | 1,116,500 | ||||||
| 5.00%, 02/15/27 (c) | 1,375 | 1,540,949 | ||||||
| 5.25%, 09/15/28 (c) | 1,305 | 1,477,207 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series E (RB) | ||||||||
| 3.25%, 09/15/23 (c) | 1,500 | 1,494,794 | ||||||
| 4.00%, 03/15/32 (c) | 2,000 | 2,086,182 | ||||||
| 4.00%, 03/15/32 (c) | 1,500 | 1,546,916 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM) 5.00%, 10/01/27 (c) | 100 | 112,339 | ||||||
| 26 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
| 5.00%, 10/01/26 (c) | $ | 1,200 | $ | 1,329,065 | ||||
| 5.00%, 10/01/26 (c) | 650 | 725,667 | ||||||
| 5.00%, 10/01/26 (c) | 1,325 | 1,473,642 | ||||||
| New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/27 (c) | 525 | 537,079 | ||||||
| New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM) 2.00%, 07/01/29 (c) | 850 | 741,838 | ||||||
| New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c) | 500 | 514,400 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 4.00%, 03/15/31 (c) | 2,795 | 2,874,661 | ||||||
| 5.00%, 02/15/27 (c) | 595 | 663,214 | ||||||
| 5.00%, 03/15/25 (c) | 195 | 208,315 | ||||||
| 5.00%, 03/15/25 (c) | 150 | 162,032 | ||||||
| 5.00%, 03/15/29 (c) | 1,950 | 2,204,546 | ||||||
| 5.00%, 03/15/29 | 2,085 | 2,441,719 | ||||||
| 5.00%, 03/15/29 (c) | 2,370 | 2,692,239 | ||||||
| 5.00%, 03/15/29 | 100 | 117,109 | ||||||
| 5.00%, 03/15/29 (c) | 3,910 | 4,396,919 | ||||||
| 5.00%, 03/15/30 | 3,000 | 3,561,836 | ||||||
| 5.00%, 03/15/31 (c) | 4,000 | 4,663,133 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 5.00%, 08/15/27 (c) | 2,000 | 2,254,204 | ||||||
| 5.00%, 08/15/27 (c) | 2,270 | 2,511,021 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c) | 385 | 402,911 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
| 5.00%, 02/15/30 (c) | 2,000 | 2,318,943 | ||||||
| 5.00%, 02/15/30 | 1,435 | 1,701,827 | ||||||
| 5.00%, 08/15/26 (c) | 315 | 349,901 | ||||||
| 5.00%, 08/15/26 (c) | 940 | 1,032,677 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/30 (c) | 115 | 134,100 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 01/01/27 (c) | 250 | 264,094 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 03/15/24 (c) | $ | 115 | $ | 120,500 | ||||
| 5.00%, 03/15/24 (c) | 340 | 356,262 | ||||||
| 5.00%, 03/15/27 (c) | 305 | 341,094 | ||||||
| 5.00%, 03/15/27 (c) | 515 | 575,165 | ||||||
| 5.00%, 03/15/27 (c) | 2,110 | 2,338,766 | ||||||
| 5.00%, 03/15/27 (c) | 1,000 | 1,111,300 | ||||||
| 5.00%, 09/15/26 (c) | 60 | 65,946 | ||||||
| 5.00%, 09/15/26 (c) | 140 | 154,801 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series B (RB) | ||||||||
| 5.00%, 09/15/25 (c) | 120 | 131,311 | ||||||
| 5.00%, 09/15/25 (c) | 170 | 185,268 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
| 5.00%, 03/15/28 (c) | 520 | 587,804 | ||||||
| 5.00%, 03/15/28 (c) | 1,970 | 2,198,885 | ||||||
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c) | 1,000 | 1,038,240 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| 5.00%, 06/15/26 (c) | 415 | 461,925 | ||||||
| 5.00%, 06/15/26 (c) | 765 | 852,712 | ||||||
| 5.00%, 06/15/27 (c) | 405 | 457,685 | ||||||
| 5.00%, 06/15/27 (c) | 150 | 166,631 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/29 (c) | 1,250 | 1,433,775 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) | ||||||||
| 3.00%, 06/15/27 (c) | 495 | 501,651 | ||||||
| 5.00%, 06/15/27 (c) | 1,000 | 1,118,022 | ||||||
| 5.00%, 06/15/27 (c) | 500 | 557,115 | ||||||
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c) | 900 | 751,489 | ||||||
| New York State Thruway Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 600 | 648,931 | ||||||
| 5.00%, 01/01/26 (c) | 650 | 706,120 | ||||||
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) | 800 | 823,886 | ||||||
| New York State Thruway Authority, Series L (RB) | ||||||||
| 3.50%, 01/01/28 (c) | 1,120 | 1,085,071 | ||||||
| 5.00%, 01/01/28 (c) | 1,300 | 1,454,364 | ||||||
| 5.00%, 01/01/28 (c) | 1,500 | 1,688,402 | ||||||
| 27 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Thruway Authority, State Personal Income, Series A-1 (RB) | ||||||||
| 5.00%, 03/15/31 (c) | $ | 2,000 | $ | 2,341,579 | ||||
| 5.00%, 03/15/31 (c) | 800 | 927,715 | ||||||
New York State Urban Development Corp., Series A (RB) 5.00%, 09/15/31 (c) | 4,500 | 5,187,254 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 5.00%, 03/15/23 (c) | 1,800 | 1,830,437 | ||||||
| 5.00%, 03/15/27 (c) | 750 | 840,153 | ||||||
| 5.00%, 03/15/27 (c) | 325 | 361,020 | ||||||
| 5.00%, 09/15/30 (c) | 1,475 | 1,673,747 | ||||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| 4.00%, 09/15/30 (c) | 1,000 | 1,044,427 | ||||||
| 4.00%, 09/15/30 (c) | 1,000 | 1,024,446 | ||||||
| 5.00%, 09/15/27 (c) | 350 | 394,159 | ||||||
| 5.00%, 09/15/27 (c) | 4,295 | 4,810,628 | ||||||
| 5.00%, 09/15/30 (c) | 250 | 286,492 | ||||||
New York State Urban Development Corp., State Sales Tax, Series A (RB) 5.00%, 09/15/29 (c) | 1,000 | 1,136,686 | ||||||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | ||||||||
| 5.00%, 12/01/30 (c) | 1,000 | 1,089,504 | ||||||
| 5.00%, 12/01/30 (c) | 750 | 820,555 | ||||||
| 5.00%, 12/01/30 | 1,150 | 1,305,240 | ||||||
Port Authority of New York and New Jersey, Series 198 (RB) 5.00%, 11/15/26 (c) | 300 | 331,022 | ||||||
| Port Authority of New York and New Jersey, Series 205 (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 1,000 | 1,130,634 | ||||||
| 5.00%, 11/15/27 (c) | 2,500 | 2,810,087 | ||||||
| 5.00%, 11/15/27 (c) | 840 | 954,651 | ||||||
| Port Authority of New York and New Jersey, Series 209 (RB) | ||||||||
| 5.00%, 07/15/28 | 255 | 293,785 | ||||||
| 5.00%, 07/15/28 (c) | 500 | 559,995 | ||||||
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c) | 500 | 563,973 | ||||||
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c) | 500 | 564,021 | ||||||
Port Authority of New York and New Jersey, Series 222 (RB) 4.00%, 07/15/30 (c) | 3,975 | 4,094,862 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 4.00%, 07/15/30 (c) | $ | 2,600 | $ | 2,695,245 | ||||
| 5.00%, 07/15/30 (c) | 1,000 | 1,145,435 | ||||||
| 5.00%, 07/15/30 (c) | 1,000 | 1,152,159 | ||||||
State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c) | 615 | 615,634 | ||||||
State of New York Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c) | 460 | 454,122 | ||||||
Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c) | 10 | 10,315 | ||||||
Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c) | 20 | 22,149 | ||||||
| Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
| 5.00%, 11/15/31 | 1,000 | 1,218,366 | ||||||
| 5.00%, 05/15/27 (c) | 1,550 | 1,744,102 | ||||||
| 5.00%, 05/15/27 (c) | 1,350 | 1,520,030 | ||||||
| 5.00%, 05/15/27 (c) | 1,255 | 1,402,198 | ||||||
| 5.00%, 05/15/27 (c) | 1,070 | 1,201,080 | ||||||
| 5.00%, 05/15/27 (c) | 1,035 | 1,165,608 | ||||||
Triborough Bridge and Tunnel Authority, Series C (RB) 5.00%, 11/15/28 | 500 | 586,642 | ||||||
Triborough Bridge and Tunnel Authority, Series D (RB) 5.00%, 11/15/30 (c) | 1,000 | 1,159,140 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 845 | 894,643 | ||||||
| 5.00%, 06/01/27 (c) | 130 | 141,217 | ||||||
| 5.00%, 06/01/27 (c) | 1,140 | 1,215,300 | ||||||
| 5.00%, 06/01/27 (c) | 285 | 307,405 | ||||||
| 5.00%, 06/01/27 (c) | 500 | 531,535 | ||||||
| Utility Debt Securitization Authority (RB) | ||||||||
| 5.00%, 12/15/25 (c) | 1,500 | 1,629,536 | ||||||
| 5.00%, 12/15/25 (c) | 2,830 | 3,041,054 | ||||||
| 5.00%, 12/15/25 (c) | 200 | 219,658 | ||||||
| Utility Debt Securitization Authority, Series A (RB) | ||||||||
| 5.00%, 06/15/25 (c) | 360 | 390,940 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 546,758 | ||||||
| 5.00%, 06/15/26 (c) | 610 | 670,597 | ||||||
Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c) | 1,135 | 1,249,521 | ||||||
| 299,939,596 | ||||||||
| North Carolina: 1.6% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Atrium Health Variable Rate Health Care, Series D (RB) 5.00%, 12/01/31 (p) | 3,000 | 3,528,023 | ||||||
County of Forsyth, Public Improvement, Series B (GO) 3.00%, 03/01/27 (c) | 590 | 595,416 | ||||||
| 28 |
| Par (000’s | ) | Value | ||||||
| North Carolina (continued) | ||||||||
| County of Mecklenburg, Series A (GO) | ||||||||
| 4.00%, 04/01/27 (c) | $ | 1,000 | $ | 1,083,916 | ||||
| 4.00%, 04/01/27 (c) | 900 | 969,790 | ||||||
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c) | 250 | 238,183 | ||||||
County of Union, Enterprise Systems (RB) 4.00%, 06/01/31 (c) | 1,000 | 1,122,331 | ||||||
| County of Wake (RB) | ||||||||
| 3.00%, 03/01/31 (c) | 1,500 | 1,474,902 | ||||||
| 4.00%, 03/01/31 (c) | 850 | 922,757 | ||||||
| County of Wake, Series A (RB) | ||||||||
| 3.12%, 08/01/28 (c) | 150 | 149,770 | ||||||
| 5.00%, 12/01/26 (c) | 500 | 559,486 | ||||||
North Carolina Capital Facilities Finance Agency, Wake Forest Univeristy (RB) 5.00%, 07/01/26 (c) | 130 | 145,005 | ||||||
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c) | 1,000 | 1,023,203 | ||||||
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c) | 1,000 | 1,148,200 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c) | 500 | 529,903 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 380 | 434,170 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
| 4.00%, 01/01/28 (c) | 890 | 950,585 | ||||||
| 4.00%, 01/01/28 (c) | 360 | 380,478 | ||||||
| 4.00%, 01/01/28 (c) | 800 | 841,489 | ||||||
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c) | 625 | 529,806 | ||||||
| State of North Carolina, Grant Anticipation Revenue Vehicle (RB) | ||||||||
| 5.00%, 03/01/29 (c) | 2,500 | 2,903,036 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,184,778 | ||||||
| State of North Carolina, Series A (GO) | ||||||||
| 3.00%, 06/01/28 (c) | 1,000 | 1,024,182 | ||||||
| 3.00%, 06/01/28 (c) | 380 | 383,823 | ||||||
| 5.00%, 06/01/28 (c) | 1,140 | 1,320,251 | ||||||
| 5.00%, 06/01/30 (c) | 1,100 | 1,319,118 | ||||||
| Par (000’s | ) | Value | ||||||
| North Carolina (continued) | ||||||||
State of North Carolina, Series A (RB) 5.00%, 05/01/29 (c) | $ | 1,000 | $ | 1,166,587 | ||||
| State of North Carolina, Series B (RB) | ||||||||
| 3.00%, 05/01/27 (c) | 800 | 807,824 | ||||||
| 5.00%, 05/01/27 | 215 | 245,894 | ||||||
| 5.00%, 05/01/27 (c) | 880 | 994,338 | ||||||
| 27,977,244 | ||||||||
| North Dakota: 0.1% | ||||||||
County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c) | 410 | 438,341 | ||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.55%, 07/01/27 (c) | 180 | 181,368 | ||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c) | 175 | 176,485 | ||||||
North Dakota Public Finance Authority, Series A (RB) 5.00%, 10/01/24 (c) | 365 | 387,321 | ||||||
| 1,183,515 | ||||||||
| Ohio: 2.6% | ||||||||
| Akron Bath Copley Joint Township Hospital District (RB) | ||||||||
| 4.00%, 11/15/30 (c) | 1,000 | 1,010,465 | ||||||
| 4.00%, 11/15/30 (c) | 1,000 | 1,012,875 | ||||||
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29 | 1,000 | 1,160,983 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 5.00%, 06/01/30 (c) | 500 | 553,864 | ||||||
| 5.00%, 06/01/30 (c) | 2,000 | 2,203,736 | ||||||
| 5.00%, 06/01/30 (c) | 3,000 | 3,296,409 | ||||||
City of Cincinnati, Various Purpose, Series A (GO) 4.00%, 12/01/27 (c) | 975 | 1,069,579 | ||||||
| City of Columbus, Series 1 (GO) | ||||||||
| 4.00%, 10/01/27 (c) | 200 | 217,588 | ||||||
| 5.00%, 10/01/27 (c) | 750 | 859,687 | ||||||
| 5.00%, 10/01/27 (c) | 250 | 287,888 | ||||||
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30 | 1,000 | 1,197,297 | ||||||
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c) | 1,245 | 1,453,941 | ||||||
| 29 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| 5.00%, 12/01/29 | $ | 1,250 | $ | 1,449,907 | ||||
| 5.00%, 02/01/28 (c) | 445 | 503,239 | ||||||
| 5.00%, 02/01/28 (c) | 1,030 | 1,150,374 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,142,752 | ||||||
| County of Butler (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 400 | 401,939 | ||||||
| 5.00%, 11/15/27 (c) | 1,805 | 1,956,040 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 5.00%, 02/15/27 (c) | 100 | 106,549 | ||||||
| 5.00%, 02/15/27 (c) | 250 | 269,166 | ||||||
| County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 120 | 134,737 | ||||||
| 5.00%, 11/01/27 (c) | 145 | 160,613 | ||||||
| 5.00%, 11/01/27 (c) | 125 | 139,532 | ||||||
County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c) | 165 | 162,436 | ||||||
| Cuyahoga Community College District (GO) | ||||||||
| 4.00%, 06/01/26 (c) | 500 | 524,312 | ||||||
| 4.00%, 06/01/26 (c) | 350 | 367,889 | ||||||
Kent State University (RB) 5.00%, 05/01/26 (c) | 20 | 22,237 | ||||||
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) | 1,000 | 979,883 | ||||||
| Ohio Turnpike and Infrastructure Commission, Series A (RB) | ||||||||
| 5.00%, 02/15/28 (c) | 1,845 | 2,109,914 | ||||||
| 5.00%, 02/15/28 (c) | 500 | 567,505 | ||||||
| 5.00%, 02/15/28 (c) | 500 | 569,468 | ||||||
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) | 1,200 | 1,377,335 | ||||||
Ohio Water Development Authority, Fresh Water, Series A (RB) 5.00%, 06/01/26 (c) | 125 | 139,156 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 960 | 1,082,058 | ||||||
| 5.00%, 06/01/30 (c) | 1,970 | 2,278,937 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,171,127 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series B (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 20 | 22,020 | ||||||
| 5.00%, 12/01/25 (c) | 40 | 44,109 | ||||||
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c) | $ | 480 | $ | 501,625 | ||||
| State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | ||||||||
| 4.00%, 01/01/28 (c) | 760 | 785,093 | ||||||
| 5.00%, 01/01/28 (c) | 425 | 485,211 | ||||||
| 5.00%, 01/01/28 (c) | 130 | 145,646 | ||||||
| 5.00%, 01/01/28 (c) | 135 | 153,545 | ||||||
| 5.00%, 01/01/28 (c) | 140 | 158,135 | ||||||
| State of Ohio Hospital, Cleveland Clinic Health System, Series B (RB) 5.00%, 01/01/32 | 775 | 929,824 | ||||||
| State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB) | ||||||||
| 5.00%, 04/01/28 (c) | 805 | 910,173 | ||||||
| 5.00%, 04/01/28 (c) | 615 | 701,938 | ||||||
| 5.00%, 04/01/28 (c) | 640 | 726,157 | ||||||
| State of Ohio, Common Schools, Series A (GO) 5.00%, 03/15/24 (c) | 25 | 26,106 | ||||||
| State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c) | 165 | 159,968 | ||||||
| State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c) | 1,000 | 1,117,597 | ||||||
| State of Ohio, Infrastructure Project, Series 1 (RB) | ||||||||
| 5.00%, 12/15/30 | 200 | 240,926 | ||||||
| 5.00%, 12/15/31 | 1,225 | 1,490,610 | ||||||
| State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c) | 225 | 250,175 | ||||||
| State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c) | 100 | 114,552 | ||||||
| The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29 | 2,225 | 2,632,988 | ||||||
| Village of Bluffton, Blanchard Valley Health System (RB) 4.00%, 12/01/27 (c) | 100 | 102,294 | ||||||
| 44,790,109 | ||||||||
| Oklahoma: 0.2% | ||||||||
| Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/26 (c) | 330 | 334,501 | ||||||
| 30 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Oklahoma (continued) | ||||||||
| Grand River Dam Authority, Series A (RB) | ||||||||
| 5.00%, 12/01/26 (c) | $ | 410 | $ | 459,950 | ||||
| 5.00%, 12/01/26 (c) | 515 | 576,154 | ||||||
| 5.00%, 12/01/26 (c) | 100 | 111,874 | ||||||
Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c) | 750 | 626,368 | ||||||
Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c) | 155 | 163,044 | ||||||
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c) | 565 | 620,053 | ||||||
| Oklahoma Turnpike Authority, Series E (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 300 | 334,778 | ||||||
| 5.00%, 01/01/27 (c) | 155 | 174,462 | ||||||
| 3,401,184 | ||||||||
| Oregon: 1.4% | ||||||||
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/30 (c) | 720 | 814,616 | ||||||
Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/30 (c) | 700 | 788,023 | ||||||
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 09/01/30 (c) | 2,350 | 2,234,737 | ||||||
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c) | 1,285 | 1,453,862 | ||||||
Deschutes Public Library District (GO) 4.00%, 06/01/31 (c) | 2,000 | 2,090,437 | ||||||
| Hillsboro School District No. 1J (GO) (SBG) | ||||||||
| 4.00%, 06/15/30 (c) | 870 | 918,121 | ||||||
| 5.00%, 06/15/27 (c) | 590 | 658,308 | ||||||
| 5.00%, 06/15/27 (c) | 1,000 | 1,125,557 | ||||||
Metro Oregon, Series A (GO) 5.00%, 06/01/30 (c) | 1,045 | 1,247,360 | ||||||
| Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) | ||||||||
| 0.01%, 06/15/27 (c) | 1,215 | 853,372 | ||||||
| 0.01%, 06/15/27 (c) | 1,010 | 673,151 | ||||||
Multnomah and Clackamas Counties School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c) | 500 | 530,027 | ||||||
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c) | 1,280 | 1,282,140 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Oregon (continued) | ||||||||
Portland Community College District (GO) 5.00%, 06/15/26 (c) | $ | 115 | $ | 127,686 | ||||
| Salem-Keizer School District No. 24J (GO) (SBG) | ||||||||
| 4.00%, 06/15/28 (c) | 740 | 782,659 | ||||||
| 4.00%, 06/15/30 (c) | 2,000 | 2,083,333 | ||||||
| 5.00%, 06/15/28 (c) | 545 | 623,633 | ||||||
Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c) | 125 | 139,776 | ||||||
| State of Oregon Department of Transportation, Highway User Tax, Series A (RB) | ||||||||
| 5.00%, 11/15/29 (c) | 1,650 | 1,894,643 | ||||||
| 5.00%, 11/15/30 (c) | 1,000 | 1,159,993 | ||||||
State of Oregon Housing & Community Services Department (RB) (AGM) 3.55%, 07/01/27 (c) | 195 | 195,548 | ||||||
State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c) | 450 | 477,382 | ||||||
State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c) | 10 | 11,088 | ||||||
Tri-County Metropolitan Transportation District of Oregon (RB) 5.00%, 09/01/29 (c) | 1,220 | 1,379,415 | ||||||
| Tri-County Metropolitan Transportation District of Oregon, Series A (RB) | ||||||||
| 3.25%, 04/01/28 (c) | 570 | 555,456 | ||||||
| 5.00%, 09/01/29 (c) | 1,000 | 1,132,914 | ||||||
| 25,233,237 | ||||||||
| Pennsylvania: 3.6% | ||||||||
| Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
| 5.00%, 04/01/28 (c) | 1,000 | 1,110,512 | ||||||
| 5.00%, 04/01/28 (c) | 1,120 | 1,212,745 | ||||||
| 5.00%, 07/15/29 (c) | 360 | 410,585 | ||||||
| 5.00%, 07/15/29 (c) | 810 | 910,880 | ||||||
Allegheny County Sanitary Authority, Sewer (RB) (AGM) 4.00%, 12/01/26 (c) | 100 | 105,233 | ||||||
City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c) | 380 | 423,457 | ||||||
City of Philadelphia, Gas Works (RB) 5.00%, 10/01/26 (c) | 880 | 968,393 | ||||||
City of Philadelphia, Gas Works, Series A (RB) (AGM) 5.00%, 08/01/30 (c) | 825 | 944,587 | ||||||
City of Philadelphia, Series A (GO) 5.00%, 08/01/27 (c) | 750 | 837,262 | ||||||
| 31 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 5.00%, 08/01/27 (c) | $ | 750 | $ | 841,650 | ||||
| 5.00%, 08/01/27 (c) | 100 | 110,580 | ||||||
City of Philadelphia, Series A (RB) 5.00%, 07/01/29 | 1,500 | 1,734,284 | ||||||
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c) | 1,000 | 1,025,491 | ||||||
| City of Philadelphia, Series B (GO) | ||||||||
| 5.00%, 08/01/29 (c) | 300 | 348,611 | ||||||
| 5.00%, 08/01/29 (c) | 100 | 113,127 | ||||||
| 5.00%, 08/01/29 (c) | 1,500 | 1,673,153 | ||||||
| Commonwealth Financing Authority, Series A (RB) | ||||||||
| 5.00%, 06/01/29 | 1,000 | 1,161,085 | ||||||
| 5.00%, 06/01/30 (c) | 250 | 290,049 | ||||||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) | ||||||||
| 5.00%, 06/01/28 (c) | 415 | 455,524 | ||||||
| 5.00%, 06/01/28 (c) | 775 | 861,094 | ||||||
| 5.00%, 06/01/28 (c) | 265 | 293,076 | ||||||
| Commonwealth of Pennsylvania (GO) | ||||||||
| 3.00%, 01/01/27 (c) | 510 | 513,767 | ||||||
| 3.00%, 05/01/30 (c) | 900 | 856,539 | ||||||
| 3.00%, 09/15/26 (c) | 1,055 | 1,019,127 | ||||||
| 4.00%, 01/01/27 (c) | 600 | 642,306 | ||||||
| 4.00%, 05/15/31 (c) | 2,000 | 2,226,328 | ||||||
| 4.00%, 09/15/26 (c) | 170 | 177,519 | ||||||
| 5.00%, 09/15/26 (c) | 400 | 443,451 | ||||||
Commonwealth of Pennsylvania (GO) (AGM) 3.00%, 09/15/26 (c) | 395 | 395,995 | ||||||
Dauphin County General Authority, Pinnacle Health System Project, Series A (RB) 4.00%, 06/01/26 (c) | 20 | 20,671 | ||||||
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) | 2,000 | 2,270,462 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c) | 630 | 690,754 | ||||||
Montour County, Geisinger Health System, Series A-2 (RB) 5.00%, 02/15/27 (c) | 1,990 | 2,168,857 | ||||||
| Pennsylvania Economic Development Financing Authority, UPMC (RB) | ||||||||
| 4.00%, 09/15/26 (c) | 100 | 100,992 | ||||||
| 5.00%, 09/15/26 (c) | 385 | 419,678 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) | ||||||||
| 3.38%, 11/15/27 (c) | $ | 1,000 | $ | 1,001,625 | ||||
| 4.00%, 11/15/27 (c) | 205 | 208,498 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c) | 125 | 132,261 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c) | 775 | 799,178 | ||||||
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) | ||||||||
| 3.12%, 08/15/27 (c) | 150 | 149,695 | ||||||
| 5.00%, 08/15/27 (c) | 275 | 307,735 | ||||||
| 5.00%, 08/15/27 (c) | 270 | 298,559 | ||||||
| 5.00%, 08/15/27 (c) | 1,000 | 1,133,034 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c) | 425 | 425,004 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c) | 700 | 676,353 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c) | 330 | 332,542 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c) | 1,620 | 1,621,601 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c) | 300 | 294,277 | ||||||
Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c) | 20 | 22,270 | ||||||
| Pennsylvania Turnpike Commission (RB) | ||||||||
| 5.00%, 12/01/24 (c) | 1,000 | 1,058,889 | ||||||
| 5.00%, 12/01/25 (c) | 430 | 469,902 | ||||||
| 5.00%, 12/01/26 (c) | 110 | 123,429 | ||||||
| 5.00%, 12/01/27 (c) | 250 | 278,578 | ||||||
| 5.00%, 12/01/27 (c) | 300 | 330,028 | ||||||
| 5.00%, 12/01/28 (c) | 895 | 1,032,315 | ||||||
| 5.00%, 06/01/31 (c) | 700 | 805,364 | ||||||
| 32 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB) 5.00%, 12/01/26 (c) | $ | 875 | $ | 974,448 | ||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 750 | 826,940 | ||||||
| 5.00%, 12/01/26 (c) | 15 | 16,391 | ||||||
| 5.00%, 12/01/26 (c) | 310 | 343,698 | ||||||
| 5.00%, 12/01/29 (c) | 500 | 571,896 | ||||||
| 5.00%, 12/01/29 (c) | 1,000 | 1,118,898 | ||||||
| Pennsylvania Turnpike Commission, Series A-2 (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 100 | 114,001 | ||||||
| 5.00%, 12/01/27 (c) | 175 | 197,682 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c) | 510 | 562,011 | ||||||
Pennsylvania Turnpike Commission, Series B-1 (RB) 5.00%, 06/01/27 (c) | 760 | 839,956 | ||||||
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c) | 205 | 225,191 | ||||||
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c) | 110 | 112,788 | ||||||
Philadelphia Authority for Industrial Development, Temple University, Second Series (RB) 5.00%, 04/01/25 (c) | 10 | 10,669 | ||||||
| Philadelphia Gas Works Co., Fourteenth Series (RB) | ||||||||
| 4.00%, 10/01/26 (c) | 1,000 | 1,021,699 | ||||||
| 5.00%, 10/01/26 (c) | 680 | 745,196 | ||||||
| 5.00%, 10/01/26 (c) | 735 | 807,299 | ||||||
| 5.00%, 10/01/26 (c) | 970 | 1,064,206 | ||||||
| Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | ||||||||
| 5.00%, 09/01/31 | 1,460 | 1,759,685 | ||||||
| 5.00%, 09/01/32 | 2,000 | 2,437,612 | ||||||
| 5.00%, 09/01/33 | 2,000 | 2,459,610 | ||||||
Reading School District of Berks County (GO) (AGM) 5.00%, 03/01/27 (c) | 170 | 187,232 | ||||||
| School District of Philadelphia, Series A (GO) (SAW) | ||||||||
| 5.00%, 09/01/28 (c) | 450 | 507,047 | ||||||
| 5.00%, 09/01/28 (c) | 250 | 282,566 | ||||||
| 5.00%, 09/01/28 (c) | 660 | 732,101 | ||||||
School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c) | 485 | 525,804 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
School District of the City of Erie (GO) (AGM) 5.00%, 04/01/29 (c) | $ | 220 | $ | 249,058 | ||||
Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c) | 845 | 937,442 | ||||||
Sports & Exhibition Authority, Regional Asset District Sales Tax (RB) (AGM) 5.00%, 08/01/29 (c) | 1,000 | 1,155,086 | ||||||
| State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM) | ||||||||
| 5.00%, 12/01/26 (c) | 1,750 | 1,935,629 | ||||||
| 5.00%, 12/01/26 (c) | 260 | 287,128 | ||||||
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c) | 765 | 833,713 | ||||||
| 63,121,643 | ||||||||
| Rhode Island: 0.2% | ||||||||
| Rhode Island Commerce Corp., Department of Transportation, Series B (RB) | ||||||||
| 5.00%, 06/15/26 (c) | 380 | 419,976 | ||||||
| 5.00%, 06/15/26 (c) | 230 | 255,644 | ||||||
Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) 5.00%, 05/15/26 (c) | 110 | 122,244 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c) | 1,000 | 854,970 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Series 75-A (RB) 2.05%, 04/01/30 (c) | 1,000 | 837,569 | ||||||
State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c) | 345 | 348,403 | ||||||
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c) | 250 | 282,602 | ||||||
State of Rhode Island and Providence Plantations, Series D (GO) 5.00%, 08/01/24 (c) | 180 | 191,723 | ||||||
| 3,313,131 | ||||||||
| South Carolina: 0.7% | ||||||||
| Aiken County Consolidated School District, Series A (GO) | ||||||||
| 4.00%, 04/01/29 (c) | 1,000 | 1,062,126 | ||||||
| 4.00%, 04/01/29 (c) | 535 | 564,484 | ||||||
County of York (GO) (SAW) 5.00%, 04/01/24 (c) | 185 | 194,902 | ||||||
| 33 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| South Carolina (continued) | ||||||||
Lancaster County School District (GO) 3.25%, 03/01/27 (c) | $ | 325 | $ | 329,355 | ||||
Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c) | 100 | 110,802 | ||||||
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,165,974 | ||||||
South Carolina State, Clemson University, Series A (GO) (SAW) 4.00%, 10/01/27 (c) | 1,000 | 1,075,160 | ||||||
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/28 (c) | 100 | 114,175 | ||||||
South Carolina Transportation Infrastructure Bank, Series B (RB) 5.00%, 10/01/29 | 1,270 | 1,506,720 | ||||||
South Carolina, Public Service Authority, Series A (RB) 5.00%, 06/01/26 (c) | 1,500 | 1,576,147 | ||||||
South Carolina, Public Service Authority, Series A (RB) (SAW) 5.00%, 12/01/30 (c) | 3,000 | 3,371,996 | ||||||
York County, South Carolina Fort Mill School District No. 4, Series B (GO) 3.00%, 03/01/27 (c) | 325 | 324,872 | ||||||
| 11,396,713 | ||||||||
| South Dakota: 0.1% | ||||||||
| South Dakota Health and Educational Facilities Authority (RB) | ||||||||
| 4.00%, 09/01/27 (c) | 1,075 | 1,093,665 | ||||||
| 5.00%, 09/01/27 (c) | 255 | 278,298 | ||||||
| 5.00%, 09/01/27 (c) | 100 | 108,507 | ||||||
South Dakota Housing Development Authority (RB) 3.70%, 11/01/26 (c) | 30 | 29,999 | ||||||
| 1,510,469 | ||||||||
| Tennessee: 1.2% | ||||||||
Chattanooga Health, Educational and Housing Facility Board, Series A-1 (RB) 5.00%, 08/01/28 | 250 | 276,658 | ||||||
City of Memphis (GO) 5.00%, 05/01/31 (c) | 1,105 | 1,335,724 | ||||||
| Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) | ||||||||
| 5.00%, 07/01/23 (c) | 810 | 822,405 | ||||||
| 5.00%, 07/01/23 (c) | 915 | 929,262 | ||||||
| 5.00%, 07/01/23 (c) | 550 | 559,520 | ||||||
| 5.00%, 07/01/28 (c) | 525 | 584,701 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Tennessee (continued) | ||||||||
Memphis-Shelby County Industrial Development Board (RB) 5.00%, 11/01/26 (c) | $ | 150 | $ | 166,369 | ||||
| Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
| 4.00%, 07/01/26 (c) | 545 | 579,449 | ||||||
| 4.00%, 07/01/26 (c) | 580 | 615,034 | ||||||
| 4.00%, 07/01/27 (c) | 275 | 291,620 | ||||||
| 5.00%, 07/01/26 (c) | 235 | 259,528 | ||||||
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB) 5.00%, 07/01/26 (c) | 130 | 139,409 | ||||||
New Memphis Arena Public Building Authority (RB) 0.00%, 04/01/31 (c) ^ | 2,625 | 1,345,630 | ||||||
| Shelby County, Public Improvement, Series B (GO) | ||||||||
| 4.00%, 04/01/30 (c) | 3,000 | 3,276,895 | ||||||
| 4.00%, 04/01/30 (c) | 1,000 | 1,070,446 | ||||||
| 4.00%, 04/01/30 (c) | 1,000 | 1,077,072 | ||||||
Tennergy Corporation Gas Supply Series A (RB) 4.00%, 09/01/28 (c) (p) | 2,000 | 2,048,230 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p) | 4,000 | 4,342,465 | ||||||
Tennessee Housing Development Agency (RB) 3.50%, 07/01/27 (c) | 265 | 264,059 | ||||||
Tennessee Housing Development Agency, Series B (RB) 3.70%, 07/01/26 (c) | 80 | 80,079 | ||||||
| Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 285 | 320,127 | ||||||
| 5.00%, 11/01/27 (c) | 395 | 441,210 | ||||||
| 5.00%, 11/01/27 (c) | 750 | 852,199 | ||||||
| 21,678,091 | ||||||||
| Texas: 8.4% | ||||||||
| Aldine Independent School District, Series A (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 910 | 970,666 | ||||||
| 4.00%, 02/15/27 (c) | 675 | 717,869 | ||||||
| 5.00%, 02/15/25 (c) | 140 | 150,869 | ||||||
| 5.00%, 02/15/27 (c) | 700 | 787,383 | ||||||
| Arlington Independent School District (GO) | ||||||||
| 4.00%, 02/15/29 (c) | 1,000 | 1,065,967 | ||||||
| 4.00%, 02/15/29 (c) | 500 | 530,061 | ||||||
| 34 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Austin Independent School District (GO) 4.00%, 08/01/26 (c) | $ | 100 | $ | 106,098 | ||||
| Bexar County Hospital District (GO) | ||||||||
| 4.00%, 02/15/26 (c) | 250 | 256,007 | ||||||
| 4.00%, 02/15/26 (c) | 115 | 120,040 | ||||||
| 5.00%, 02/15/26 (c) | 1,315 | 1,437,690 | ||||||
Board of Regents of the University of Texas System, Series A (RB) 5.00%, 08/15/30 | 2,500 | 3,018,856 | ||||||
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) | 850 | 998,871 | ||||||
| Board of Regents of the University of Texas System, Series B (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 125 | 139,779 | ||||||
| 5.00%, 08/15/29 | 830 | 987,595 | ||||||
Board of Regents of the University of Texas System, Series D (RB) 5.00%, 08/15/25 | 200 | 219,392 | ||||||
| Board of Regents of the University of Texas System, Series J (RB) | ||||||||
| 5.00%, 08/15/25 | 215 | 235,846 | ||||||
| 5.00%, 08/15/26 (c) | 25 | 28,027 | ||||||
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) | 930 | 1,057,431 | ||||||
| City of Arlington, Senior Lien Special Tax (ST) (AGM) | ||||||||
| 5.00%, 02/15/25 (c) | 305 | 326,027 | ||||||
| 5.00%, 02/15/25 (c) | 150 | 161,398 | ||||||
City of Austin, Public Improvement (GO) 5.00%, 09/01/25 (c) | 15 | 16,426 | ||||||
City of Austin, Texas Electric Utility System, Series A (RB) 5.00%, 11/15/30 | 615 | 736,450 | ||||||
| City of Austin, Water and Wastewater System (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 360 | 399,813 | ||||||
| 5.00%, 11/15/26 (c) | 995 | 1,099,622 | ||||||
| 5.00%, 11/15/27 (c) | 235 | 269,840 | ||||||
City of Dallas, Series A (GO) 3.00%, 02/15/29 (c) | 600 | 572,449 | ||||||
| City of Dallas, Series B (GO) | ||||||||
| 3.00%, 02/15/29 (c) | 415 | 399,918 | ||||||
| 4.00%, 02/15/29 (c) | 500 | 527,492 | ||||||
| City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 565 | 628,621 | ||||||
| 5.00%, 10/01/26 (c) | 600 | 666,046 | ||||||
| 5.00%, 10/01/26 (c) | 900 | 1,003,626 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| City of Dallas, Waterworks and Sewer System, Series C (RB) | ||||||||
| 5.00%, 10/01/30 (c) | $ | 1,000 | $ | 1,181,598 | ||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,170,219 | ||||||
| City of Denton, Utility System (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 1,000 | 1,087,057 | ||||||
| 5.00%, 12/01/26 (c) | 965 | 1,060,946 | ||||||
| City of El Paso (GO) | ||||||||
| 4.00%, 08/15/26 (c) | 100 | 105,291 | ||||||
| 5.00%, 08/15/25 (c) | 125 | 136,607 | ||||||
City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c) | 235 | 266,955 | ||||||
| City of Houston, Airport System, Series D (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 1,000 | 1,104,411 | ||||||
| 5.00%, 07/01/28 (c) | 125 | 141,041 | ||||||
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c) | 4,500 | 5,230,633 | ||||||
City of Houston, Combined Utility System, First Lien, Series B (RB) 5.00%, 11/15/26 (c) | 105 | 116,680 | ||||||
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c) | 1,500 | 1,579,981 | ||||||
| City of Houston, Combined Utility System, First Lien, Series D (RB) | ||||||||
| 5.00%, 11/15/28 (c) | 1,000 | 1,137,629 | ||||||
| 5.00%, 11/15/28 (c) | 750 | 847,394 | ||||||
| City of Houston, Public Improvement, Series A (GO) | ||||||||
| 4.00%, 03/01/27 (c) | 2,000 | 2,054,506 | ||||||
| 5.00%, 03/01/27 (c) | 1,000 | 1,124,431 | ||||||
| 5.00%, 03/01/29 (c) | 1,215 | 1,418,134 | ||||||
| 5.00%, 03/01/29 (c) | 1,000 | 1,151,802 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 5.00%, 03/01/26 (c) | 515 | 563,972 | ||||||
| 5.00%, 03/01/26 (c) | 180 | 196,578 | ||||||
| 5.00%, 03/01/27 (c) | 500 | 556,873 | ||||||
| 5.00%, 03/01/27 (c) | 520 | 577,237 | ||||||
City of Lubbock (GO) 5.00%, 02/15/25 (c) | 105 | 113,260 | ||||||
City of San Antonio (GO) 5.00%, 08/01/28 (c) | 205 | 234,961 | ||||||
| City of San Antonio, Electric and Gas Systems (RB) | ||||||||
| 4.00%, 02/01/30 | 1,000 | 1,106,678 | ||||||
| 5.00%, 02/01/32 (c) | 1,000 | 1,186,198 | ||||||
| 5.00%, 08/01/26 (c) | 110 | 121,068 | ||||||
| 5.00%, 08/01/26 (c) | 125 | 138,797 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,114,366 | ||||||
| 5.00%, 08/01/27 (c) | 100 | 111,116 | ||||||
| 35 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
City of San Antonio, Electric and Gas Systems, Series B (RB) 4.00%, 02/01/33 | $ | 1,000 | $ | 1,111,452 | ||||
City of San Antonio, General Improvement (GO) 5.00%, 08/01/29 (c) | 325 | 380,775 | ||||||
| Collin County Community College District (GO) | ||||||||
| 3.25%, 08/15/27 (c) | 500 | 504,933 | ||||||
| 4.00%, 08/15/27 (c) | 925 | 991,150 | ||||||
Colorado River Municipal Water District (RB) 5.00%, 01/01/28 | 190 | 217,298 | ||||||
| Conroe Independent School District (GO) | ||||||||
| 5.00%, 02/15/27 (c) | 665 | 746,228 | ||||||
| 5.00%, 02/15/28 (c) | 100 | 113,118 | ||||||
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c) | 320 | 348,232 | ||||||
| County of Bexar (GO) | ||||||||
| 4.00%, 06/15/25 (c) | 150 | 159,429 | ||||||
| 5.00%, 06/15/26 (c) | 290 | 324,777 | ||||||
| County of Dallas, Texas Combination Tax and Parking Garage (GO) | ||||||||
| 5.00%, 08/15/26 (c) | 260 | 291,053 | ||||||
| 5.00%, 08/15/26 (c) | 250 | 279,034 | ||||||
County of Denton, Series A (GO) 4.00%, 07/15/28 (c) | 750 | 823,297 | ||||||
| County of Fort Bend, Series B (GO) | ||||||||
| 4.00%, 03/01/26 (c) | 500 | 528,484 | ||||||
| 5.00%, 03/01/26 (c) | 20 | 22,075 | ||||||
| County of Harris, Toll Road, Senior Lien, Series A (RB) | ||||||||
| 5.00%, 08/15/26 | 115 | 129,402 | ||||||
| 5.00%, 08/15/26 (c) | 160 | 176,034 | ||||||
| 5.00%, 08/15/26 (c) | 195 | 218,371 | ||||||
| 5.00%, 08/15/26 (c) | 695 | 767,466 | ||||||
| 5.00%, 08/15/26 (c) | 675 | 739,100 | ||||||
| 5.00%, 08/15/26 (c) | 670 | 735,245 | ||||||
| 5.00%, 08/15/26 (c) | 190 | 211,207 | ||||||
| County of Harris, Unlimited Tax Road, Series A (GO) | ||||||||
| 5.00%, 10/01/25 (c) | 395 | 432,329 | ||||||
| 5.00%, 10/01/25 (c) | 645 | 703,878 | ||||||
| Cypress-Fairbanks Independent School District (GO) | ||||||||
| 3.00%, 02/15/26 (c) | 360 | 366,316 | ||||||
| 4.00%, 02/15/30 (c) | 1,275 | 1,328,760 | ||||||
| 4.00%, 02/15/31 (c) | 1,500 | 1,577,665 | ||||||
| 5.00%, 02/15/26 (c) | 125 | 137,557 | ||||||
| 5.00%, 02/15/28 | 250 | 289,661 | ||||||
| Cypress-Fairbanks Independent School District, Series A (GO) | ||||||||
| 3.00%, 02/15/31 (c) | 500 | 497,813 | ||||||
| 5.00%, 02/15/29 (c) | 1,805 | 2,096,591 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c) | $ | 1,835 | $ | 2,133,347 | ||||
| Dallas Area Rapid Transit, Senior Lien, Series A (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 165 | 182,287 | ||||||
| 5.00%, 12/01/25 (c) | 130 | 143,620 | ||||||
Dallas County Hospital District (GO) 5.00%, 08/15/28 | 575 | 663,250 | ||||||
Dallas Independent School District (GO) 4.00%, 02/15/30 (c) | 1,000 | 1,111,759 | ||||||
| Eagle Mountain and Saginaw Independent School District (GO) | ||||||||
| 4.00%, 02/15/26 (c) | 335 | 352,366 | ||||||
| 4.00%, 08/15/30 (c) | 1,150 | 1,226,009 | ||||||
| 5.00%, 02/15/26 (c) | 10 | 11,012 | ||||||
El Paso County Hospital District (GO) 4.00%, 08/15/27 (c) | 250 | 252,149 | ||||||
El Paso Independent School District (GO) 5.00%, 08/15/24 (c) | 115 | 122,465 | ||||||
| Fort Bend Independent School District (GO) | ||||||||
| 4.00%, 08/15/27 (c) | 635 | 681,657 | ||||||
| 5.00%, 08/15/27 (c) | 100 | 113,866 | ||||||
| 5.00%, 08/15/27 (c) | 645 | 732,471 | ||||||
Fort Bend Independent School District, Series E (GO) 5.00%, 02/15/26 | 110 | 122,084 | ||||||
| Frisco Independent School District (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 500 | 534,093 | ||||||
| 4.00%, 08/15/30 (c) | 1,350 | 1,482,942 | ||||||
| 4.00%, 08/15/30 (c) | 1,345 | 1,444,924 | ||||||
| 5.00%, 02/15/29 (c) | 2,000 | 2,281,570 | ||||||
| Garland Independent School District (GO) | ||||||||
| 4.00%, 02/15/25 (c) | 165 | 171,781 | ||||||
| 5.00%, 02/15/25 (c) | 120 | 128,944 | ||||||
Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c) | 200 | 227,475 | ||||||
Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c) | 250 | 271,607 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 950 | 1,009,746 | ||||||
| 5.00%, 11/15/27 (c) | 300 | 340,146 | ||||||
| 5.00%, 11/15/27 (c) | 850 | 968,973 | ||||||
| 36 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29 | $ | 330 | $ | 387,444 | ||||
| Harris County, Flood Control District, Series A (GO) | ||||||||
| 5.00%, 10/01/25 (c) | 480 | 524,434 | ||||||
| 5.00%, 10/01/25 (c) | 275 | 300,634 | ||||||
| Harris County, Flood Control District, Series A (RB) | ||||||||
| 4.00%, 10/01/27 (c) | 1,000 | 1,030,945 | ||||||
| 5.00%, 10/01/27 (c) | 210 | 236,209 | ||||||
| 5.00%, 10/01/27 (c) | 250 | 285,092 | ||||||
Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c) | 400 | 437,286 | ||||||
Harris County, Toll Road, First Lien (RB) 4.00%, 08/15/30 (c) | 1,100 | 1,147,105 | ||||||
| Harris County, Toll Road, Senior Lien, Series A (RB) | ||||||||
| 5.00%, 02/15/28 (c) | 1,170 | 1,341,087 | ||||||
| 5.00%, 02/15/28 (c) | 260 | 295,178 | ||||||
| Hays Consolidated Independent School District (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 500 | 533,333 | ||||||
| 4.00%, 02/15/27 (c) | 800 | 850,808 | ||||||
| Houston Independent School District, Limited Tax School House (GO) | ||||||||
| 5.00%, 02/15/27 (c) | 750 | 839,200 | ||||||
| 5.00%, 02/15/27 (c) | 540 | 597,178 | ||||||
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c) | 605 | 691,460 | ||||||
Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c) | 210 | 218,345 | ||||||
Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c) | 120 | 134,861 | ||||||
Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/25 (c) | 100 | 107,789 | ||||||
| Lewisville Independent School District, Series B (GO) | ||||||||
| 5.00%, 08/15/25 (c) | 550 | 597,196 | ||||||
| 5.00%, 08/15/25 (c) | 145 | 158,473 | ||||||
Lone Star College System (GO) 5.00%, 02/15/26 (c) | 400 | 437,320 | ||||||
Lower Colorado River Authority (RB) 5.00%, 05/15/30 | 1,000 | 1,171,991 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Lower Colorado River Authority (RB) (AGM) 5.00%, 05/15/31 (c) | $ | 1,000 | $ | 1,178,971 | ||||
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 275 | 305,805 | ||||||
| 5.00%, 05/15/30 (c) | 1,250 | 1,407,693 | ||||||
Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c) | 90 | 101,208 | ||||||
Montgomery Independent School District (GO) 5.00%, 02/15/25 (c) | 100 | 107,763 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (AGC) 4.00%, 08/15/27 (c) | 250 | 253,908 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (NATL) 5.00%, 08/15/27 (c) | 250 | 279,759 | ||||||
| North Harris County Regional Water Authority (RB) | ||||||||
| 5.00%, 12/15/26 (c) | 245 | 272,929 | ||||||
| 5.00%, 12/15/26 (c) | 205 | 227,204 | ||||||
| 5.00%, 12/15/26 (c) | 250 | 275,188 | ||||||
| North Texas Municipal Water District, Water System (RB) | ||||||||
| 5.00%, 09/01/26 (c) | 500 | 554,488 | ||||||
| 5.00%, 09/01/26 (c) | 715 | 789,679 | ||||||
| 5.00%, 09/01/26 (c) | 45 | 50,015 | ||||||
| 5.00%, 09/01/26 (c) | 400 | 445,909 | ||||||
| North Texas Tollway Authority System, Series B (RB) | ||||||||
| 4.00%, 01/01/31 (c) | 1,975 | 2,112,968 | ||||||
| 4.00%, 01/01/31 (c) | 2,000 | 2,088,618 | ||||||
| 4.00%, 01/01/31 (c) | 2,250 | 2,312,420 | ||||||
| North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
| 5.00%, 01/01/23 (c) | 1,000 | 1,009,818 | ||||||
| 5.00%, 01/01/26 (c) | 500 | 538,746 | ||||||
| 5.00%, 01/01/26 (c) | 635 | 691,027 | ||||||
| 5.00%, 01/01/26 (c) | 460 | 502,465 | ||||||
| 5.00%, 01/01/26 (c) | 575 | 622,699 | ||||||
| 5.00%, 01/01/26 (c) | 295 | 322,233 | ||||||
| 5.00%, 01/01/26 (c) | 425 | 462,499 | ||||||
| North Texas Tollway Authority, Second Tier, Series B (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 875 | 954,871 | ||||||
| 5.00%, 01/01/26 (c) | 185 | 203,292 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c) | 450 | 467,400 | ||||||
| 37 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Northside Independent School District (GO) 5.00%, 08/15/27 (c) | $ | 880 | $ | 989,511 | ||||
Northwest Independent School District (GO) 5.00%, 02/15/25 (c) | 105 | 113,314 | ||||||
Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c) | 545 | 581,069 | ||||||
Plano Independent School District, Series A (GO) 5.00%, 02/15/26 (c) | 100 | 110,442 | ||||||
| Port of Houston Authority of Harris County, Series A-2 (GO) | ||||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,168,536 | ||||||
| 5.00%, 10/01/30 (c) | 740 | 874,420 | ||||||
San Antonio Independent School District (GO) 4.00%, 08/15/28 (c) | 500 | 536,229 | ||||||
| San Antonio Water System, Junior Lien, Series A (RB) | ||||||||
| 5.00%, 05/15/28 (c) | 500 | 564,934 | ||||||
| 5.00%, 05/15/30 (c) | 500 | 587,101 | ||||||
Socorro Independent School District, Series B (GO) 4.00%, 08/15/27 (c) | 225 | 237,791 | ||||||
Spring Independent School District (GO) 5.00%, 08/15/25 (c) | 45 | 49,056 | ||||||
State of Texas, Finance Authority (GO) 5.00%, 10/01/26 | 15 | 16,932 | ||||||
State of Texas, Finance Authority, Series A (GO) 5.00%, 10/01/27 (c) | 130 | 148,276 | ||||||
| State of Texas, Transportation Commission, Highway Improvement (GO) | ||||||||
| 5.00%, 04/01/26 (c) | 70 | 76,710 | ||||||
| 5.00%, 04/01/26 (c) | 125 | 137,307 | ||||||
| State of Texas, Transportation Commission, Highway Improvement, Series A (GO) | ||||||||
| 5.00%, 04/01/26 (c) | 500 | 550,711 | ||||||
| 5.00%, 04/01/26 (c) | 400 | 439,381 | ||||||
State of Texas, Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 10/01/27 (c) | 150 | 169,421 | ||||||
| State of Texas, Transportation Commission, Mobility Fund, Series B (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 240 | 271,073 | ||||||
| 5.00%, 10/01/27 (c) | 465 | 527,400 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c) | 80 | 87,614 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 5.00%, 07/01/28 | $ | 140 | $ | 157,496 | ||||
| Texas A&M University, Series D (RB) | ||||||||
| 4.00%, 05/15/26 (c) | 10 | 10,631 | ||||||
| 4.00%, 05/15/26 (c) | 110 | 117,658 | ||||||
Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c) | 100 | 112,688 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/29 | 2,250 | 2,473,052 | ||||||
| 5.00%, 12/15/31 | 1,475 | 1,627,864 | ||||||
| 5.00%, 12/15/32 | 1,000 | 1,105,737 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB) | ||||||||
| 4.00%, 12/31/30 (c) | 1,150 | 1,156,596 | ||||||
| 4.00%, 12/31/30 (c) | 1,390 | 1,403,211 | ||||||
| Texas State University System, Board of Regents, Series A (RB) | ||||||||
| 5.00%, 03/15/25 (c) | 160 | 172,835 | ||||||
| 5.00%, 03/15/27 (c) | 100 | 111,918 | ||||||
Texas State University System, Board of Regents, Series A (RB) (FHA) 4.00%, 03/15/29 (c) | 650 | 683,950 | ||||||
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 (c) | 1,000 | 1,034,558 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 3.00%, 10/15/30 (c) | 500 | 468,074 | ||||||
| 3.00%, 10/15/30 (c) | 950 | 902,569 | ||||||
| 3.00%, 10/15/30 (c) | 500 | 495,032 | ||||||
| 3.00%, 10/15/30 (c) | 750 | 732,822 | ||||||
| 4.00%, 10/15/25 (c) | 1,000 | 1,042,784 | ||||||
| 4.00%, 10/15/30 (c) | 2,000 | 2,211,646 | ||||||
| 5.00%, 10/15/26 (c) | 600 | 673,506 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,138,513 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 4.00%, 10/15/25 (c) | 45 | 47,253 | ||||||
| 4.00%, 10/15/27 (c) | 400 | 425,343 | ||||||
| 4.00%, 10/15/27 (c) | 2,000 | 2,086,885 | ||||||
| 4.00%, 04/15/28 (c) | 180 | 188,844 | ||||||
| 4.00%, 04/15/28 (c) | 600 | 640,416 | ||||||
| 5.00%, 10/15/25 (c) | 165 | 180,604 | ||||||
| 5.00%, 10/15/27 (c) | 250 | 286,307 | ||||||
| 5.00%, 10/15/27 (c) | 200 | 228,004 | ||||||
| 38 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Texas Water Development Board, Series B (RB) | ||||||||
| 4.00%, 10/15/28 (c) | $ | 1,000 | $ | 1,066,209 | ||||
| 4.00%, 10/15/28 (c) | 120 | 125,928 | ||||||
| 5.00%, 10/15/28 (c) | 1,000 | 1,156,687 | ||||||
| Trinity River Authority, Regional Wastewater System (RB) | ||||||||
| 5.00%, 08/01/27 (c) | 285 | 319,488 | ||||||
| 5.00%, 08/01/27 (c) | 670 | 757,025 | ||||||
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/32 (c) | 1,500 | 1,760,686 | ||||||
| University of North Texas, Series A (RB) | ||||||||
| 5.00%, 04/15/27 (c) | 140 | 154,826 | ||||||
| 5.00%, 04/15/27 (c) | 75 | 83,886 | ||||||
Via Metropolitan Transit Authority, Sales Tax (RB) 5.00%, 01/15/27 (c) | 135 | 151,894 | ||||||
| 147,125,463 | ||||||||
| Utah: 0.4% | ||||||||
Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c) | 395 | 420,632 | ||||||
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/31 (c) | 2,000 | 2,111,316 | ||||||
State of Utah (GO) 5.00%, 01/01/29 (c) | 250 | 289,569 | ||||||
State of Utah, Series B (GO) 5.00%, 01/01/29 (c) | 1,275 | 1,506,376 | ||||||
University of Utah, Series A (RB) 5.00%, 08/01/27 (c) | 365 | 412,783 | ||||||
| Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
| 0.00%, 06/15/26 (c) ^ | 130 | 90,728 | ||||||
| 3.00%, 06/15/26 (c) | 865 | 888,990 | ||||||
| 4.00%, 06/15/26 (c) | 850 | 902,689 | ||||||
| 6,623,083 | ||||||||
| Virginia: 1.8% | ||||||||
City of Richmond, Public Utility, Series A (RB) 5.00%, 01/15/26 (c) | 1,520 | 1,667,382 | ||||||
County of Arlington, Public Improvement (GO) 4.00%, 06/15/29 (c) | 1,990 | 2,137,865 | ||||||
County of Arlington, Public Improvement, Series A (GO) (SAW) 5.00%, 08/01/28 | 2,400 | 2,804,792 | ||||||
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c) | 375 | 336,085 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
| 5.00%, 04/01/28 (c) | 750 | 860,008 | ||||||
| 5.00%, 04/01/29 (c) | 1,755 | 2,045,747 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Virginia (continued) | ||||||||
Loudoun County Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c) | $ | 1,500 | $ | 1,468,689 | ||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 3.00%, 02/01/31 (c) | 2,750 | 2,600,464 | ||||||
| 4.00%, 02/01/30 (c) | 1,500 | 1,570,946 | ||||||
| 5.00%, 02/01/26 | 130 | 144,329 | ||||||
| 5.00%, 02/01/26 (c) | 110 | 121,888 | ||||||
| 5.00%, 02/01/30 (c) | 1,950 | 2,259,875 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c) | 110 | 110,972 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 120 | 137,869 | ||||||
| 5.00%, 02/01/28 (c) | 450 | 512,701 | ||||||
| 5.00%, 02/01/28 (c) | 880 | 1,006,698 | ||||||
| Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) | ||||||||
| 5.00%, 09/01/26 (c) | 30 | 33,643 | ||||||
| 5.00%, 09/01/26 (c) | 20 | 22,429 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 4.00%, 05/15/26 (c) | 2,000 | 2,110,542 | ||||||
| 5.00%, 05/15/26 (c) | 100 | 111,674 | ||||||
| 5.00%, 05/15/27 (c) | 400 | 455,879 | ||||||
| 5.00%, 09/15/26 (c) | 20 | 22,424 | ||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 180 | 191,004 | ||||||
| 5.00%, 11/15/27 (c) | 120 | 136,476 | ||||||
| 5.00%, 11/15/27 (c) | 800 | 904,868 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 3.00%, 08/01/26 (c) | 695 | 695,749 | ||||||
| 3.00%, 08/01/28 (c) | 400 | 396,856 | ||||||
| 3.12%, 08/01/28 (c) | 1,050 | 1,051,971 | ||||||
| 4.00%, 08/01/27 (c) | 250 | 269,245 | ||||||
| 5.00%, 08/01/28 | 870 | 1,020,495 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,167,767 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,181,403 | ||||||
| 39 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Virginia (continued) | ||||||||
Virginia Public Building Authority, Series A-2 (RB) 4.00%, 08/01/31 (c) | $ | 1,000 | $ | 1,072,019 | ||||
| Virginia Public School Authority (RB) (SAW) | ||||||||
| 5.00%, 08/01/26 (c) | 750 | 841,887 | ||||||
| 5.00%, 08/01/26 (c) | 30 | 33,639 | ||||||
Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/25 (c) | 365 | 398,970 | ||||||
| 31,905,250 | ||||||||
| Washington: 3.8% | ||||||||
| Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 110 | 121,557 | ||||||
| 5.00%, 11/01/26 (c) | 110 | 123,986 | ||||||
| 5.00%, 11/01/31 (c) | 2,000 | 2,423,555 | ||||||
City of Seattle, Drainage and Wastewater System (RB) 4.00%, 07/01/27 (c) | 500 | 531,233 | ||||||
| City of Seattle, Municipal Light and Power Improvement, Series A (RB) | ||||||||
| 4.00%, 01/01/28 (c) | 915 | 957,297 | ||||||
| 4.00%, 07/01/31 (c) | 1,000 | 1,049,122 | ||||||
| City of Seattle, Water System Improvement (RB) | ||||||||
| 4.00%, 02/01/27 (c) | 115 | 123,064 | ||||||
| 5.00%, 08/01/26 | 20 | 22,475 | ||||||
County of King (GO) 5.00%, 01/01/29 (c) | 750 | 851,395 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 185 | 205,836 | ||||||
| 5.00%, 07/01/27 (c) | 400 | 448,246 | ||||||
| 5.00%, 07/01/28 (c) | 695 | 795,879 | ||||||
| 5.00%, 07/01/30 (c) | 1,930 | 2,262,546 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) | ||||||||
| 5.00%, 07/01/29 (c) | 1,000 | 1,147,126 | ||||||
| 5.00%, 07/01/29 (c) | 500 | 570,661 | ||||||
| 5.00%, 07/01/30 (c) | 1,415 | 1,644,795 | ||||||
Energy Northwest, Project 1 Electric, Series A (RB) 5.00%, 07/01/27 (c) | 655 | 747,051 | ||||||
| Energy Northwest, Project 3 Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 130 | 145,266 | ||||||
| 5.00%, 07/01/27 (c) | 725 | 826,523 | ||||||
Energy Northwest, Project 3 Electric, Series C (RB) 5.00%, 07/01/28 | 270 | 314,487 | ||||||
Energy Northwest, Project 3 Electric, Series C (RB) (AGM) 5.00%, 07/01/30 (c) | 1,000 | 1,164,859 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
Grant and Douglas Counties School District No. 144-101 (GO) (SBG) 4.00%, 06/01/26 (c) | $ | 125 | $ | 131,156 | ||||
King County School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c) | 880 | 943,175 | ||||||
| King County School District No. 401 (GO) (SBG) | ||||||||
| 3.12%, 12/01/26 (c) | 690 | 699,470 | ||||||
| 5.00%, 12/01/26 (c) | 700 | 781,891 | ||||||
King County School District No. 405 (GO) (SBG) 5.00%, 12/01/26 (c) | 515 | 577,742 | ||||||
King County School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c) | 635 | 672,696 | ||||||
King County School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c) | 835 | 941,165 | ||||||
King County, Washington Limited Tax (GO) 4.00%, 07/01/27 (c) | 840 | 909,598 | ||||||
King County, Washington Limited Tax, Series A (GO) 5.00%, 01/01/25 (c) | 245 | 263,843 | ||||||
| Kitsap County School District No. 401 (GO) (SBG) | ||||||||
| 4.00%, 06/01/26 (c) | 15 | 16,066 | ||||||
| 4.00%, 06/01/26 (c) | 1,250 | 1,318,028 | ||||||
| 4.00%, 06/01/26 (c) | 1,000 | 1,050,546 | ||||||
| Pierce County School District No. 403 (GO) (SBG) | ||||||||
| 5.00%, 06/01/29 (c) | 200 | 228,883 | ||||||
| 5.00%, 06/01/29 (c) | 500 | 578,509 | ||||||
Pierce County School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c) | 175 | 186,018 | ||||||
| Port of Seattle, Intermediate Lien (RB) | ||||||||
| 5.00%, 02/01/26 (c) | 30 | 32,783 | ||||||
| 5.00%, 02/01/26 (c) | 130 | 142,658 | ||||||
Port of Tacoma, Series A (GO) 5.00%, 12/01/26 (c) | 110 | 122,772 | ||||||
| Puyallup School District No. 3 (GO) (SBG) | ||||||||
| 5.00%, 06/01/27 (c) | 100 | 112,715 | ||||||
| 5.00%, 06/01/27 (c) | 970 | 1,084,362 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c) | 825 | 913,965 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c) | 1,000 | 1,197,608 | ||||||
| 40 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) 5.00%, 08/01/26 (c) | $ | 135 | $ | 149,996 | ||||
| State of Washington, Series A (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 755 | 833,977 | ||||||
| 5.00%, 08/01/26 (c) | 115 | 126,844 | ||||||
| State of Washington, Series C (GO) | ||||||||
| 5.00%, 02/01/25 (c) | 175 | 188,665 | ||||||
| 5.00%, 02/01/28 (c) | 170 | 195,711 | ||||||
| 5.00%, 08/01/27 (c) | 880 | 989,414 | ||||||
| State of Washington, Series D (GO) | ||||||||
| 5.00%, 02/01/27 (c) | 100 | 111,096 | ||||||
| 5.00%, 08/01/27 (c) | 880 | 992,069 | ||||||
| State of Washington, Series E (GO) | ||||||||
| 5.00%, 06/01/31 (c) | 750 | 899,521 | ||||||
| 5.00%, 06/01/31 (c) | 1,000 | 1,189,869 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 495 | 548,379 | ||||||
| 5.00%, 08/01/26 (c) | 580 | 644,897 | ||||||
| 5.00%, 08/01/26 (c) | 245 | 272,214 | ||||||
| 5.00%, 08/01/26 (c) | 200 | 222,216 | ||||||
| 5.00%, 08/01/27 (c) | 500 | 562,167 | ||||||
| 5.00%, 08/01/27 (c) | 500 | 559,663 | ||||||
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c) | 2,175 | 2,559,979 | ||||||
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c) | 25 | 27,615 | ||||||
| State of Washington, Various Purpose, Series R-B (GO) | ||||||||
| 5.00%, 01/01/26 (c) | 105 | 115,479 | ||||||
| 5.00%, 08/01/26 (c) | 145 | 161,815 | ||||||
| State of Washington, Various Purpose, Series R-C (GO) | ||||||||
| 5.00%, 01/01/25 (c) | 360 | 386,183 | ||||||
| 5.00%, 08/01/27 (c) | 420 | 473,487 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,137,478 | ||||||
| 5.00%, 08/01/27 (c) | 880 | 985,007 | ||||||
State of Washington, Various Purpose, Series R-D (GO) 5.00%, 08/01/27 (c) | 1,320 | 1,494,770 | ||||||
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) 5.00%, 02/15/28 (c) | 2,000 | 2,165,578 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 10/01/22 (c) | 1,820 | 1,820,391 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
| Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) | ||||||||
| 4.00%, 10/01/30 (p) | $ | 1,595 | $ | 1,716,689 | ||||
| 5.00%, 10/01/28 (c) | 225 | 251,431 | ||||||
| 5.00%, 10/01/28 (c) | 250 | 283,480 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA) 5.00%, 10/01/28 | 645 | 738,689 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) | 760 | 808,344 | ||||||
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35 | 1,701 | 1,615,968 | ||||||
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/30 (c) | 1,050 | 1,223,128 | ||||||
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/28 (c) | 1,000 | 1,065,126 | ||||||
| Washington State, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 02/01/29 | 1,000 | 1,179,513 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,153,419 | ||||||
| 5.00%, 08/01/31 (c) | 1,250 | 1,467,498 | ||||||
| 5.00%, 08/01/31 (c) | 1,500 | 1,752,827 | ||||||
| Washington State, Various Purpose, Series C (GO) | ||||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,127,169 | ||||||
| 5.00%, 02/01/29 (c) | 1,080 | 1,216,423 | ||||||
| 5.00%, 02/01/30 (c) | 1,000 | 1,159,341 | ||||||
| 65,956,133 | ||||||||
| West Virginia: 0.4% | ||||||||
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c) | 270 | 305,339 | ||||||
| State of West Virginia, Series A (GO) | ||||||||
| 5.00%, 06/01/29 (c) | 1,000 | 1,176,717 | ||||||
| 5.00%, 06/01/29 (c) | 500 | 570,822 | ||||||
| State of West Virginia, Series B (GO) | ||||||||
| 5.00%, 06/01/28 (c) | 675 | 775,291 | ||||||
| 5.00%, 06/01/28 (c) | 200 | 230,237 | ||||||
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/31 (c) | 1,320 | 1,549,861 | ||||||
| 41 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| West Virginia (continued) | ||||||||
| 5.00%, 06/01/31 (c) | $ | 1,500 | $ | 1,766,640 | ||||
| 6,374,907 | ||||||||
| Wisconsin: 1.1% | ||||||||
City of Madison, Series A (GO) 2.00%, 10/01/27 (c) | 1,000 | 958,760 | ||||||
| City of Milwaukee, Series N4 (GO) | ||||||||
| 5.00%, 04/01/26 | 200 | 220,358 | ||||||
| 5.00%, 04/01/27 | 100 | 112,431 | ||||||
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c) | 350 | 354,977 | ||||||
| Public Finance Authority, KU Campus Development Corp., Central District Development Project (RB) | ||||||||
| 5.00%, 03/01/26 (c) | 180 | 196,850 | ||||||
| 5.00%, 03/01/26 (c) | 165 | 179,910 | ||||||
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/30 (p) | 2,335 | 2,520,187 | ||||||
| State of Wisconsin (GO) | ||||||||
| 5.00%, 11/01/22 (c) | 145 | 146,296 | ||||||
| 5.00%, 11/01/26 | 315 | 357,533 | ||||||
| 5.00%, 05/01/25 (c) | 15 | 16,269 | ||||||
| 5.00%, 05/01/26 (c) | 150 | 166,201 | ||||||
| 5.00%, 05/01/27 (c) | 460 | 517,660 | ||||||
| 5.00%, 05/01/27 (c) | 295 | 335,113 | ||||||
| 5.00%, 05/01/27 (c) | 450 | 506,407 | ||||||
| 5.00%, 05/01/27 (c) | 500 | 562,053 | ||||||
| 5.00%, 05/01/27 (c) | 250 | 282,915 | ||||||
| State of Wisconsin, Environmental Improvement Fund, Series A (RB) | ||||||||
| 5.00%, 06/01/25 (c) | 100 | 108,231 | ||||||
| 5.00%, 06/01/25 (c) | 185 | 200,386 | ||||||
| 5.00%, 06/01/25 (c) | 150 | 162,044 | ||||||
| 5.00%, 06/01/25 (c) | 185 | 199,908 | ||||||
| 5.00%, 06/01/25 (c) | 220 | 238,614 | ||||||
| State of Wisconsin, General Fund Annual Appropriation, Series B (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 10 | 10,959 | ||||||
| 5.00%, 05/01/26 (c) | 20 | 21,955 | ||||||
| State of Wisconsin, Series A (GO) | ||||||||
| 4.00%, 05/01/26 (c) | 100 | 104,868 | ||||||
| 5.00%, 05/01/25 (c) | 890 | 953,892 | ||||||
| 5.00%, 05/01/25 (c) | 930 | 997,278 | ||||||
| 5.00%, 05/01/25 (c) | 250 | 271,992 | ||||||
| 5.00%, 05/01/28 | 400 | 467,591 | ||||||
State of Wisconsin, Series A (RB) 5.00%, 05/01/26 | 160 | 178,324 | ||||||
State of Wisconsin, Series B (GO) 5.00%, 05/01/25 (c) | 210 | 228,473 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c) | $ | 500 | $ | 516,649 | ||||
Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c) | 500 | 522,287 | ||||||
| Wisconsin Department of Transportation (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 480 | 541,170 | ||||||
| 5.00%, 07/01/27 (c) | 115 | 130,486 | ||||||
| Wisconsin Department of Transportation, Series A (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 140 | 148,170 | ||||||
| 5.00%, 07/01/24 (c) | 510 | 538,972 | ||||||
| 5.00%, 07/01/24 (c) | 940 | 991,399 | ||||||
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series A (RB) 5.00%, 08/15/28 (c) | 1,020 | 1,172,233 | ||||||
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
| 4.00%, 05/15/26 (c) | 1,000 | 1,021,010 | ||||||
| 4.00%, 05/15/26 (c) | 1,500 | 1,523,300 | ||||||
| 5.00%, 05/15/26 (c) | 100 | 109,556 | ||||||
| 5.00%, 05/15/26 (c) | 35 | 38,503 | ||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c) | 500 | 520,106 | ||||||
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c) | 125 | 135,110 | ||||||
| 19,487,386 | ||||||||
| Total Municipal Bonds: 98.7% (Cost: $1,816,817,751) | 1,726,195,880 | |||||||
| Other assets less liabilities: 1.3% | 22,364,649 | |||||||
| NET ASSETS: 100.0% | $ | 1,748,560,529 | ||||||
| 42 |
Definitions:
| ACA | Credit Agricole SA |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Airport | 1.7 | % | $ | 29,215,070 | ||||
| Education | 4.9 | 83,916,589 | ||||||
| Health | 0.4 | 6,388,687 | ||||||
| Hospitals | 6.8 | 117,422,617 | ||||||
| Industrial Development Revenue | 0.4 | 6,728,046 | ||||||
| Leasing COPS & Appropriations | 5.2 | 90,242,511 | ||||||
| Local GO | 16.6 | 287,508,630 | ||||||
| Misc | 2.4 | 40,877,168 | ||||||
| Multi-Family Housing | 0.9 | 15,234,170 | ||||||
| Pollution Control | 0.3 | 4,532,122 | ||||||
| Power | 4.2 | 72,657,924 | ||||||
| Refunded | 0.3 | 5,975,506 | ||||||
| Single Family Housing | 0.7 | 12,562,631 | ||||||
| State GO | 18.6 | 321,330,273 | ||||||
| Tax | 14.2 | 245,056,650 | ||||||
| Tobacco | 0.9 | 15,293,095 | ||||||
| Toll & Turnpike | 4.5 | 77,209,185 | ||||||
| Transportation | 6.6 | 114,026,932 | ||||||
| Unassigned | 0.0 | 61,649 | ||||||
| Utilities - Other | 2.9 | 50,756,902 | ||||||
| Water & Sewer | 7.5 | 129,199,523 | ||||||
| 100.0 | % | $ | 1,726,195,880 | |||||
| 43 |