NPORT-EX 2 NPORT_VHYD_43557936_0124.htm
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
January
31,
2024
(unaudited)
1
Par
(000's)
Value
MUNICIPAL
BONDS:
97.8%
Alabama
:
1.7%
Alabama
Special
Care
Facilities
Financing
Authority,
Methodist
Home
for
Aging
(RB)
5.25%,
06/01/25
$
215
$
213,299
5.75%,
06/01/45 (c)
2,000
1,746,885
5.75%,
06/01/35 (c)
1,400
1,344,725
6.00%,
06/01/50 (c)
5,900
5,232,769
Alabama
State
Port
Authority
Docks
Facilities,
Series
A
(RB)
(AGM)
5.00%,
10/01/29 (c)
1,675
1,750,213
5.00%,
10/01/34 (c)
1,000
1,041,636
Black
Belt
Energy
Gas
District,
Project
No.
8,
Series
A
(RB)
4.00%,
12/01/52 (c)
(p)
10,000
9,708,165
Black
Belt
Energy
Gas
District,
Series
A
(RB)
5.25%,
01/01/54 (c)
(p)
5,000
5,358,113
County
of
Jefferson,
Alabama
Sewer
Warrants
(RB)
5.25%,
10/01/49 (c)
1,000
1,085,952
Hoover
Industrial
Development
Board,
United
States
Steel
Corp.
Project
(RB)
6.38%,
11/01/50 (p)
1,180
1,303,810
Hoover
Industrial
Development
Board,
United
States
Steel
Corp.
Project
(RB)
(SD
CRED
PROG)
5.75%,
10/01/49 (c)
8,540
8,809,428
Montgomery
Alabama
Medical
Clinic
Board
of
Health
Care
Facility,
Jackson
Hospital
and
Clinic
(RB)
5.00%,
03/01/33 (c)
1,350
1,168,168
Tuscaloosa
County
Industrial
Development
Authority,
Hunt
Refining
Project,
Series
A
(RB)
4.50%,
05/01/32 (c)
2,914
2,846,842
5.25%,
05/01/44 (c)
7,000
6,795,578
48,405,583
Alaska
:
0.0%
Northern
Tobacco
Securitization
Corp.,
Series
B-2
(RB)
0.00%,
06/01/66 (c)
^
3,000
397,860
Underline
American
Samoa
:
0.2%
American
Samoa
Economic
Development
Authority,
Series
A
(RB)
5.00%,
09/01/38 (c)
4,250
4,302,285
6.50%,
09/01/28
250
264,107
6.62%,
09/01/35 (c)
1,000
1,040,664
5,607,056
Par
(000’s)
Value
Arizona
:
2.7%
Arizona
Industrial
Development
Authority
(RB)
5.00%,
07/01/54 (c)
$
1,000
$
894,088
5.00%,
07/01/51 (c)
2,420
2,095,987
5.00%,
07/01/51 (c)
1,000
866,111
Arizona
Industrial
Development
Authority
Education
Facility,
Leman
Academy
of
Excellence
Projects,
Series
A
(RB)
4.50%,
07/01/54 (c)
1,000
915,467
Arizona
Industrial
Development
Authority
Education
Facility,
Leman
Academy
of
Excellence,
East
and
Central
Tucson
Projects,
Series
A
(RB)
4.00%,
07/01/29 (c)
500
483,192
Arizona
Industrial
Development
Authority,
Academies
of
Math
and
Science
Projects
(RB)
5.00%,
07/01/39 (c)
1,000
984,130
Arizona
Industrial
Development
Authority,
Academies
of
Math
and
Science,
Series
B
(RB)
5.00%,
07/01/29 (c)
200
202,314
Arizona
Industrial
Development
Authority,
American
Charter
School
Foundation
Project
(RB)
6.00%,
07/01/47 (c)
2,940
2,983,197
6.00%,
07/01/37 (c)
1,270
1,304,933
Arizona
Industrial
Development
Authority,
Arizona
Agribusiness
and
Equine
Center,
Inc.
Project,
Series
B
(RB)
5.00%,
03/01/37 (c)
1,545
1,505,861
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
A
(RB)
5.12%,
07/01/37 (c)
250
251,255
5.25%,
07/01/47 (c)
500
488,128
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
D
(RB)
5.00%,
07/01/47 (c)
270
254,703
5.00%,
07/01/51 (c)
515
478,729
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
G
(RB)
(AGM)
5.00%,
07/01/47 (c)
500
471,672
Arizona
Industrial
Development
Authority,
Benjamin
Franklin
Charter
School
Projects,
Series
A
(RB)
5.25%,
07/01/53 (c)
1,000
949,761
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
Arizona
(continued)
Arizona
Industrial
Development
Authority,
Education
Facility,
Series
A
(RB)
5.25%,
07/01/37 (c)
$
2,650
$
2,650,691
5.50%,
07/01/52 (c)
2,100
1,979,287
Arizona
Industrial
Development
Authority,
Kaizen
Education
Project
(RB)
5.70%,
07/01/47 (c)
1,000
1,009,801
Arizona
Industrial
Development
Authority,
Pinecrest
Academy
of
Northern
Nevada
Project,
Series
A
(RB)
4.50%,
07/15/29 (c)
500
469,302
Arizona
Industrial
Development
Authority,
Point
320
LLC,
Series
A
(RB)
3.62%,
05/20/33
6,462
6,063,607
Arizona
Industrial
Development
Authority,
Somerset
Academy
of
Las
Vegas,
Series
A
(RB)
4.00%,
12/15/51 (c)
1,400
1,060,029
City
of
Phoenix
Civic
Improvement
Corp.,
Series
B
(RB)
(BAM)
5.00%,
07/01/44 (c)
6,990
7,307,869
Glendale
Industrial
Development
Authority,
Beatitudes
Campus
Project
(RB)
4.00%,
11/15/27 (c)
250
237,158
5.00%,
11/15/40 (c)
1,000
861,751
Glendale
Industrial
Development
Authority,
Royal
Oaks
Inspirata
Pointe
Project,
Series
A
(RB)
5.00%,
05/15/56 (c)
1,340
1,132,962
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona/The
(RB)
6.75%,
07/01/44 (c)
1,000
1,006,937
Industrial
Development
Authority
of
the
City
of
Phoenix,
Basis
Schools,
Inc.
Project,
Series
A
(RB)
4.00%,
07/01/25
200
198,181
5.00%,
07/01/46 (c)
1,000
950,696
5.00%,
07/01/45 (c)
500
479,062
5.00%,
07/01/35 (c)
900
903,859
Industrial
Development
Authority
of
the
City
of
Phoenix,
Downtown
Student
Housing,
Series
A
(RB)
5.00%,
07/01/42 (c)
750
758,273
Industrial
Development
Authority
of
the
City
of
Phoenix,
Legacy
Traditional
School
Project
(RB)
5.00%,
07/01/45 (c)
4,435
4,298,712
Par
(000’s)
Value
Arizona
(continued)
Industrial
Development
Authority
of
the
City
of
Phoenix,
Legacy
Traditional
School
Project,
Series
A
(RB)
5.00%,
07/01/36 (c)
$
750
$
755,728
Maricopa
County
Arizona
Industrial
Development
Authority,
Valley
Christian
Schools
Project,
Series
A
(RB)
6.38%,
07/01/58 (c)
1,000
1,021,255
Maricopa
County
Industrial
Development
Authority,
Benjamin
Franklin
Charter
School
Projects,
Series
A
(RB)
6.00%,
07/01/52 (c)
1,000
1,015,784
Maricopa
County
Industrial
Development
Authority,
Legacy
Traditional
Schools
Projects,
Series
A
(RB)
(SD
CRED
PROG)
5.00%,
07/01/49 (c)
1,300
1,331,817
5.00%,
07/01/54 (c)
1,400
1,428,772
Maricopa
County
Industrial
Development
Authority,
Legacy
Traditional
Schools
Projects,
Series
B
(RB)
5.00%,
07/01/54 (c)
500
468,849
5.00%,
07/01/49 (c)
1,990
1,891,099
5.00%,
07/01/39 (c)
500
499,445
Maricopa
County
Industrial
Development
Authority,
Paradise
School
Project
(RB)
5.00%,
07/01/47 (c)
1,750
1,677,703
Peoria
Industrial
Development
Authority,
Sierra
Winds
Life
Care
Community
Project,
Series
A
(RB)
5.00%,
11/15/24 (d)
*
255
69,903
Phoenix
Arizona
Industrial
Development
Authority,
Falcon
Properties
LLC,
Project,
Series
A
(RB)
4.15%,
12/01/57 (c)
5,000
3,814,962
Phoenix
Arizona
Industrial
Development
Authority,
Guam
Facilities
Foundation,
Inc.
Project
(RB)
5.12%,
02/01/34 (c)
1,000
977,867
Phoenix
Arizona
Industrial
Development
Authority,
Provident
Group
-
Falcon
Properties
LLC,
Project,
Series
A
(RB)
4.00%,
12/01/51 (c)
1,000
780,910
Pima
County
Industrial
Development
Authority,
American
Leadership
Academy
Project
(RB)
5.62%,
06/15/45 (c)
1,250
1,252,922
3
Par
(000’s)
Value
Arizona
(continued)
Pima
County
Industrial
Development
Authority,
Edkey
Charter
Schools
Project
(RB)
5.25%,
07/01/36 (c)
$
250
$
250,226
5.38%,
07/01/46 (c)
250
239,424
5.50%,
07/01/51 (c)
250
239,384
Pima
County,
Industrial
Development
Authority,
Edkey
Charter
School
Project
(RB)
5.00%,
07/01/30 (c)
1,000
1,010,955
Sacramento
County,
Community
Facilities
District
No.
2005-2
(RB)
5.00%,
12/01/32
2,000
2,139,866
Salt
Verde
Financial
Corp.
(RB)
5.00%,
12/01/37
7,105
7,730,971
5.25%,
12/01/24
305
308,214
5.25%,
12/01/25
265
271,247
5.25%,
12/01/27
215
225,198
5.25%,
12/01/28
245
258,829
Tempe
Industrial
Development
Authority,
Friendship
Village
of
Tempe
(RB)
5.00%,
12/01/54 (c)
355
304,483
Tempe
Industrial
Development
Authority,
Mirabella
at
ASU
Project,
Series
A
(RB)
6.00%,
10/01/37 (c)
1,200
851,218
6.12%,
10/01/52 (c)
600
362,849
77,677,585
Arkansas
:
1.1%
Arkansas
Development
Finance
Authority,
Big
River
Steel
Project
(RB)
4.50%,
09/01/49 (c)
7,520
7,363,024
Arkansas
Development
Finance
Authority,
Environmental
Improvement,
United
States
Steel
Corporation
Project
(RB)
5.45%,
09/01/52 (c)
19,750
20,076,250
5.70%,
05/01/53 (c)
3,205
3,306,303
30,745,577
California
:
12.1%
Alameda
Corridor
Transportation
Authority,
Second
Subordinate
Lien,
Series
B
(RB)
5.00%,
10/01/34 (c)
3,000
3,092,454
5.00%,
10/01/36 (c)
2,230
2,292,053
5.00%,
10/01/35 (c)
1,650
1,697,568
5.00%,
10/01/37 (c)
5,535
5,682,234
Anaheim
Community
Facilities
District
No.
08-1
(ST)
4.00%,
09/01/46 (c)
420
386,080
4.00%,
09/01/36 (c)
160
160,510
4.00%,
09/01/41 (c)
615
589,942
Par
(000’s)
Value
California
(continued)
Anaheim
Public
Financing
Authority,
Anaheim
Public
Improvement
Project,
Series
A
(RB)
(BAM)
5.00%,
09/01/36 (c)
$
2,000
$
2,112,926
Antelope
Valley
Healthcare
District,
Series
A
(RB)
5.25%,
03/01/36 (c)
1,480
1,508,339
California
Community
Choice
Financing
Authority
(RB)
5.00%,
07/01/53 (c)
(p)
1,580
1,674,467
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
C
(RB)
5.25%,
01/01/54 (c)
(p)
7,270
7,690,007
California
Community
Choice
Financing
Authority,
Clean
Energy,
Series
D
(RB)
5.50%,
05/01/54 (c)
(p)
10,000
10,701,425
California
Community
College
Financing
Authority,
Orange
Coast
College
Project
(RB)
5.25%,
05/01/53 (c)
1,695
1,718,663
California
Community
Housing
Agency
Senior
Essential
Housing,
Series
A-1
(RB)
(AGM)
3.00%,
02/01/57 (c)
3,000
1,851,183
California
Community
Housing
Agency,
Essential
Housing,
Arbors,
Series
A
(RB)
5.00%,
08/01/50 (c)
3,100
2,876,472
California
Community
Housing
Agency,
Essential
Housing,
Glendale
Properties,
Series
A-2
(RB)
3.00%,
08/01/56 (c)
4,000
2,765,661
California
Community
Housing
Agency,
Essential
Housing,
Glendale
Properties,
Series
A-2
(RB)
(AGM)
4.00%,
08/01/51 (c)
3,000
1,862,201
California
Community
Housing
Agency,
Essential
Housing,
Mira
Vista
Hills
Apartments,
Series
A
(RB)
4.00%,
02/01/56 (c)
2,000
1,414,254
California
Community
Housing
Agency,
Essential
Housing,
Serenity
at
Larkspur,
Series
A
(RB)
5.00%,
02/01/50 (c)
3,000
2,335,016
California
Community
Housing
Agency,
Essential
Housing,
Summit
at
Sausalito
Apartments,
Series
A-2
(RB)
4.00%,
02/01/50 (c)
2,000
1,476,695
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
California
(continued)
California
Community
Housing
Agency,
Series
A-1
(RB)
4.00%,
02/01/56 (c)
$
4,500
$
3,836,201
California
Community
Housing
Agency,
Stoneridge
Apartments,
Series
A
(RB)
4.00%,
02/01/56 (c)
6,000
4,542,448
California
County
Tobacco
Securitization
Agency,
Alameda
County
Tobacco
Asset
Securitization
Corp.
(RB)
5.88%,
06/01/35 (c)
5
5,116
California
County
Tobacco
Securitization
Agency,
Golden
Gate
Tobacco,
Series
A
(RB)
5.00%,
06/01/36 (c)
15
14,944
California
Health
Facilities
Financing
Authority,
Children's
Hospital,
Series
A
(RB)
4.00%,
08/15/49 (c)
250
237,140
4.20%,
08/15/42 (c)
500
500,006
5.00%,
08/15/42 (c)
990
1,010,240
5.00%,
08/15/37 (c)
460
474,996
California
Health
Facilities
Financing
Authority,
Sutter
Health,
Series
A
(RB)
5.00%,
11/15/48 (c)
590
611,801
California
Housing
Finance
Agency
(RB)
3.25%,
08/20/36
1,933
1,794,126
3.50%,
11/20/35
2,394
2,257,255
California
Housing
Finance
Agency,
Series
A
(RB)
4.00%,
03/20/33
6,534
6,572,960
California
Infrastructure
&
Economic
Development
Bank,
California
Science
Center
Phase
III
Project,
Series
A
(RB)
4.00%,
05/01/55 (c)
2,300
2,202,347
California
Infrastructure
&
Economic
Development
Bank,
California
State
Teachers
Retirement
System
(RB)
5.00%,
08/01/32 (c)
1,085
1,216,779
California
Infrastructure
&
Economic
Development
Bank,
Charter
School
Portfolio
Project,
Series
A-1
(RB)
5.00%,
01/01/55 (c)
1,000
806,725
California
Municipal
Finance
Authority,
California
Baptist
University,
Series
A
(RB)
5.50%,
11/01/45 (c)
500
502,845
6.12%,
11/01/33 (c)
1,000
1,001,885
Par
(000’s)
Value
California
(continued)
California
Municipal
Finance
Authority,
Charter
School
Santa
Rosa
Academy
Project,
(RB)
5.00%,
07/01/62 (c)
$
1,000
$
935,445
California
Municipal
Finance
Authority,
CHF-Davis
I,
LLC
-
West
Village
Student
Housing
Project
(RB)
5.00%,
05/15/38 (c)
500
523,792
California
Municipal
Finance
Authority,
CHF-Davis
I,
LLC
-
West
Village
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/48 (c)
150
141,689
California
Municipal
Finance
Authority,
CHF-Davis
II,
LLC
-
Orchard
Park
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/46 (c)
5,000
4,879,075
California
Municipal
Finance
Authority,
CHF-Davis
II,
LLC
-
Orchard
Park
Student
Housing
Project,
Series
A
(RB)
(BAM)
4.00%,
05/15/41 (c)
1,500
1,495,605
California
Municipal
Finance
Authority,
Community
Medical
Centers,
Series
A
(RB)
4.00%,
02/01/42 (c)
1,165
1,124,446
California
Municipal
Finance
Authority,
Eisenhower
Medical
Center,
Series
A
(RB)
5.00%,
07/01/30 (c)
200
209,811
5.00%,
07/01/31 (c)
250
262,024
California
Municipal
Finance
Authority,
John
Adams
Academies
Lincoln
Project,
Series
A
(RB)
5.00%,
10/01/39 (c)
500
488,816
5.00%,
10/01/57 (c)
500
451,948
5.00%,
10/01/49 (c)
500
462,571
California
Municipal
Finance
Authority,
Julian
Charter
School
Project,
Series
A
(RB)
5.62%,
03/01/45 (c)
2,390
2,253,494
California
Municipal
Finance
Authority,
LINXS
APM
Project,
Series
A
(RB)
5.00%,
12/31/43 (c)
2,490
2,527,907
5.00%,
06/30/29 (c)
600
626,712
5.00%,
06/30/28
65
67,875
5.00%,
12/31/29 (c)
500
522,824
California
Municipal
Finance
Authority,
LINXS
APM
Project,
Series
A
(RB)
(AGM)
3.00%,
12/31/30 (c)
1,950
1,847,171
5.00%,
12/31/37 (c)
1,000
1,030,038
5.00%,
12/31/34 (c)
700
730,008
5
Par
(000’s)
Value
California
(continued)
5.00%,
06/30/31 (c)
$
1,035
$
1,081,878
California
Municipal
Finance
Authority,
Northbay
Healthcare
Group,
Series
A
(RB)
5.25%,
11/01/47 (c)
230
229,996
California
Municipal
Finance
Authority,
Palmdale
Aerospace
Academy,
Series
A
(RB)
5.00%,
07/01/41 (c)
500
480,858
5.00%,
07/01/49 (c)
1,000
924,225
5.00%,
07/01/38 (c)
130
127,470
California
Municipal
Finance
Authority,
Social
Bonds
-
Healthright
360,
Series
A
(RB)
5.00%,
11/01/49 (c)
3,000
2,820,011
California
Municipal
Finance
Authority,
UCR
Dundee-
Glasgow
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/48 (c)
250
237,224
California
Municipal
Finance
Authority,
United
Airlines,
Inc.,
International
Airport
Project
(RB)
4.00%,
07/15/29
19,000
18,997,095
California
Pollution
Control
Financing
Authority,
Poseidon
Resources
LP
Desalination
Project
(RB)
(ACA)
5.00%,
07/01/37 (c)
5,000
5,005,067
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal,
CalPlant
I
Project
(RB)
7.00%,
07/01/22 (d)
*
1,000
13,500
7.50%,
12/01/39 (c)
(d)
*
7,000
94,500
7.50%,
07/01/32 (c)
(d)
*
10,500
141,750
8.00%,
07/01/39 (c)
(d)
*
6,635
89,573
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal,
CalPlant
I
Project
(RB)
(SAW)
7.50%,
07/01/32 (d)
*
1,000
13,500
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Poseidon
Resources
(Channelside)
LP
Desalination
Project
(RB)
5.00%,
11/21/45 (c)
2,500
2,501,208
5.00%,
07/01/37 (c)
1,000
1,067,254
5.00%,
07/01/38 (c)
1,000
1,060,843
California
Public
Finance
Authority,
Enso
Village
Project,
Series
A
(RB)
5.00%,
06/01/54 (c)
400
365,268
Par
(000’s)
Value
California
(continued)
California
School
Finance
Authority,
Charter
School
Facility,
Grimmway
School,
Series
A
(RB)
5.00%,
07/01/36 (c)
$
2,000
$
2,015,729
California
School
Finance
Authority,
Charter
School,
John
Adams
Academies,
Series
A
(RB)
5.00%,
07/01/52 (c)
1,000
922,990
California
School
Finance
Authority,
NCCD-Santa
Rosa
Properties
LLC,
Series
A
(RB)
4.00%,
11/01/51 (c)
1,000
829,818
California
School
Finance
Authority,
River
Springs
Charter
School
Project,
Series
A
(RB)
5.00%,
07/01/47 (c)
2,000
1,856,714
6.38%,
07/01/46 (c)
5,000
5,227,062
California
School
Finance
Authority,
Rocketship
Education,
Series
A
(RB)
5.12%,
06/01/47 (c)
250
249,813
5.25%,
06/01/52 (c)
250
250,198
California
Statewide
Communities
Development
Authority,
Baptist
University,
Series
A
(RB)
3.50%,
11/01/27
1,210
1,173,917
5.00%,
11/01/41 (c)
1,000
1,000,261
6.38%,
11/01/43 (c)
1,000
1,001,364
California
Statewide
Communities
Development
Authority,
College
Housing
(RB)
5.25%,
07/01/49 (c)
250
250,688
California
Statewide
Communities
Development
Authority,
Daughters
of
Charity
Health
System,
Series
A
(RB)
5.50%,
07/01/39 (c)
21
19,917
5.75%,
07/01/24 (c)
4
3,811
California
Statewide
Communities
Development
Authority,
Daughters
of
Charity
Health
System,
Series
H
(RB)
5.75%,
07/01/25 (c)
1
559
California
Statewide
Communities
Development
Authority,
Infrastucture
Program,
Series
B
(RB)
(NATL)
5.00%,
09/02/39 (c)
1,000
1,040,491
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
California
(continued)
California
Statewide
Communities
Development
Authority,
Irvine
East
Campus
Armaments,
CHF-Irvine,
LLC
(RB)
5.00%,
05/15/30 (c)
$
385
$
394,053
5.00%,
05/15/33 (c)
545
556,713
California
Statewide
Communities
Development
Authority,
Lancer
Educational
Student
Housing
Project,
Series
A
(RB)
5.00%,
06/01/39 (c)
435
434,508
California
Statewide
Communities
Development
Authority,
Lancer
Plaza
Project
(RB)
5.62%,
11/01/33 (c)
1,075
1,076,093
California
Statewide
Communities
Development
Authority,
Loma
Linda
University
Medical
Center,
Series
A
(RB)
5.00%,
12/01/26 (c)
350
358,794
5.00%,
12/01/41 (c)
17,050
17,099,631
5.00%,
12/01/36 (c)
3,595
3,656,521
5.25%,
12/01/34 (c)
1,740
1,754,119
5.25%,
12/01/44 (c)
5,300
5,309,613
5.25%,
12/01/56 (c)
14,900
14,997,366
5.25%,
12/01/48 (c)
1,000
1,019,992
5.50%,
12/01/54 (c)
11,630
11,618,054
5.50%,
12/01/58 (c)
3,500
3,571,710
California
Statewide
Communities
Development
Authority,
Methodist
Hospital
of
Southern
California
(RB)
5.00%,
01/01/33 (c)
2,000
2,116,319
California
Statewide
Communities
Development
Authority,
Provident
Group
Pomona
Properties
LLC,
Series
A
(RB)
5.00%,
12/01/46 (c)
4,730
4,725,004
5.75%,
01/15/45 (c)
125
124,993
California
Statewide
Communities
Development
Authority,
University
of
California,
Irvine
East
Campus
Apartments
(RB)
3.50%,
05/15/36 (c)
615
563,316
California
Statewide
Communities
Development
Authority,
University
of
California,
Irvine
East
Campus
Apartments,
Phase
IV-A
(RB)
5.00%,
05/15/47 (c)
3,170
3,195,794
Par
(000’s)
Value
California
(continued)
California
Statewide
Financing
Authority,
Pooled
Tobacco
Securitization
Program,
Series
C
(RB)
6.00%,
05/01/43 (c)
$
900
$
920,863
City
&
County
of
San
Francisco,
Special
Tax
District
No
2020-
1,
Series
A
(ST)
4.00%,
09/01/41 (c)
1,635
1,505,803
City
of
Fontana,
Community
Facilities
District
No.
90
(ST)
4.00%,
09/01/51 (c)
500
461,066
City
of
Fremont,
Community
Facilities
District
No.
1
(ST)
5.00%,
09/01/40 (c)
250
253,532
City
of
Irvine,
Community
Facilities
District
No.
2013-3
(ST)
4.00%,
09/01/33 (c)
250
252,755
4.00%,
09/01/34 (c)
250
252,697
4.00%,
09/01/32 (c)
230
232,702
City
of
Irvine,
Reassessment
District
No.
15-2
(SA)
5.00%,
09/02/42 (c)
750
761,611
City
of
Rancho
Cordova,
Sunridge
Anatolia
community
Facilities
District
No.
2003-1
(ST)
4.00%,
09/01/37 (c)
180
180,141
City
of
Rocklin,
Community
Facilities
District
No.
10
(ST)
5.00%,
09/01/39 (c)
810
826,514
City
of
Roseville,
Fiddyment
Ranch
Community
Facilities
District
No.
1
(ST)
3.75%,
09/01/36 (c)
500
484,455
5.00%,
09/01/34 (c)
155
161,179
City
of
Roseville,
Fiddyment
Ranch
Community
Facilities
District
No.
5
(ST)
5.00%,
09/01/47 (c)
3,450
3,526,087
City
of
Roseville,
Westpark
Community
Facility
District
No.
1
(ST)
5.00%,
09/01/37 (c)
200
203,775
City
of
San
Clemente,
Facilities
District
No.
2006-1
(ST)
5.00%,
09/01/40 (c)
1,045
1,060,723
CMFA
Special
Finance
Agency
VII
Essential
Housing,
The
Breakwater
Apartments,
Series
A-1
(RB)
3.00%,
08/01/56 (c)
4,000
2,664,090
CMFA
Special
Finance
Agency
VIII,
Essential
Housing,
Series
A-1
(RB)
3.00%,
08/01/56 (c)
8,360
5,558,043
7
Par
(000’s)
Value
California
(continued)
CMFA
Special
Finance
Agency
XII,
Essential
Housing,
Series
A-2
(RB)
4.38%,
08/01/49 (c)
$
1,000
$
809,638
CMFA
Special
Finance
Agency,
Essential
Housing,
Series
A-1
(RB)
4.00%,
08/01/56 (c)
2,500
2,136,042
Compton
Public
Finance
Authority
(RB)
4.00%,
09/01/27 (c)
800
794,447
4.50%,
09/01/32 (c)
1,585
1,580,482
County
of
Los
Angeles
Community
Facilities
District
No
2021-01
(ST)
5.00%,
09/01/47 (c)
1,000
1,016,186
CSCDA
Community
Improvement
Authority
(RB)
2.80%,
03/01/47 (c)
2,000
1,456,752
3.12%,
07/01/56 (c)
2,500
1,664,563
3.60%,
05/01/47 (c)
2,000
1,598,740
CSCDA
Community
Improvement
Authority
Essential
Housing,
Acacia
on
Santa
Rosa
Creek,
Series
A
(RB)
(NATL)
4.00%,
10/01/56 (c)
2,500
2,110,099
CSCDA
Community
Improvement
Authority,
Atlanta-Glendale,
Series
A-1
(RB)
3.50%,
10/01/46 (c)
1,000
767,401
CSCDA
Community
Improvement
Authority,
Atlanta-Glendale,
Series
A-2
(RB)
4.00%,
10/01/56 (c)
7,750
5,806,750
CSCDA
Community
Improvement
Authority,
City
of
Orange
Portfolio,
Series
A-2
(RB)
3.00%,
12/01/56 (c)
2,000
1,377,685
3.00%,
03/01/57 (c)
4,000
2,697,724
CSCDA
Community
Improvement
Authority,
Essential
Housing
Mezzanine
Lien,
Series
B
(RB)
4.00%,
04/01/57 (c)
1,000
706,940
4.00%,
05/01/57 (c)
1,500
1,051,918
CSCDA
Community
Improvement
Authority,
Essential
Housing,
The
Link
Glendale,
Series
A-1
(RB)
3.00%,
07/01/45 (c)
1,000
749,735
CSCDA
Community
Improvement
Authority,
Essential
Housing,
Westgate
Phase,
Series
A-2
(RB)
3.12%,
06/01/57 (c)
3,000
1,963,501
Par
(000’s)
Value
California
(continued)
CSCDA
Community
Improvement
Authority,
Jefferson-Anaheim,
Series
A-2
(RB)
3.12%,
08/01/56 (c)
$
4,205
$
2,955,267
CSCDA
Community
Improvement
Authority,
Link-
Glendale,
Series
A-2
(RB)
4.00%,
07/01/56 (c)
5,350
3,870,496
CSCDA
Community
Improvement
Authority,
Millennium
South
Bay-
Hawthorne,
Series
A-1
(RB)
3.25%,
07/01/56 (c)
2,000
1,361,317
CSCDA
Community
Improvement
Authority,
Monterey
Station
Apartments,
Series
A-1
(RB)
3.00%,
07/01/43 (c)
2,500
1,933,063
CSCDA
Community
Improvement
Authority,
Park
Crossing
Apartments,
Series
B
(RB)
4.00%,
12/01/48 (c)
1,000
734,122
CSCDA
Community
Improvement
Authority,
Pasadena
Portfolio,
Series
A-1
(RB)
2.65%,
12/01/46 (c)
1,635
1,249,066
CSCDA
Community
Improvement
Authority,
Pasadena
Portfolio,
Series
B
(RB)
4.00%,
12/01/56 (c)
1,000
726,769
CSCDA
Community
Improvement
Authority,
Vineyard
Gardens
Apartments,
Series
B
(RB)
4.00%,
10/01/48 (c)
500
360,407
CSCDA
Community
Improvement
Authority,
Wood
Creek
Apartments,
Series
A-2
(RB)
4.00%,
12/01/58 (c)
2,000
1,507,028
Dublin
Community
Facilities
District
No
2015-1
(ST)
5.00%,
09/01/49 (c)
500
516,558
5.00%,
09/01/39 (c)
500
527,465
5.00%,
09/01/44 (c)
500
522,094
5.00%,
09/01/37 (c)
1,150
1,201,767
5.00%,
09/01/47 (c)
485
496,343
Folsom
Ranch
Financing
Authority
(ST)
5.00%,
09/01/32 (c)
1,100
1,158,499
5.00%,
09/01/37 (c)
2,000
2,082,527
Foothill/Eastern
Transportation
Corridor
Agency,
Toll
Road
Revenue,
Series
B-1
(RB)
3.95%,
01/15/53 (c)
100
92,247
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
California
(continued)
Foothill/Eastern
Transportation
Corridor
Agency,
Toll
Road
Revenue,
Series
B-2
(RB)
3.50%,
01/15/53 (c)
$
475
$
400,742
Golden
State
Tobacco
Securitization
Corp.,
California
Tobacco
Settlement,
Series
B-2
(RB)
0.01%,
06/01/66 (c)
101,000
11,736,362
Independent
Cities
Finance
Authority,
Mobil
Home
Park,
Series
A
(RB)
3.75%,
10/15/46 (c)
250
199,450
Inland
Empire
Tobacco
Securitization
Authority,
Series
C-2
(RB)
0.01%,
06/01/47 (c)
100,000
21,249,640
Irvine
Unified
School
District
(ST)
5.00%,
09/01/51 (c)
1,075
1,099,860
Lake
Elsinore
Public
Financing
Authority,
Local
Agency
(ST)
5.00%,
09/01/40 (c)
405
410,845
Lincoln
Public
Financing
Authority,
Twelve
Bridges,
Series
B
(SA)
6.00%,
09/02/27 (c)
27
27,059
MSR
Energy
Authority,
Series
A
(RB)
6.12%,
11/01/29
420
453,026
Orange
County
Community
Facilities
District
No.
1,
Series
A
(ST)
4.25%,
08/15/38 (c)
975
979,591
5.25%,
08/15/45 (c)
455
461,666
Palm
Desert
California
Improvement,
Section
29
Assessment
District
No.
2004-
02
(SA)
4.00%,
09/02/37 (c)
1,200
1,180,531
Palomar
Health
(RB)
5.00%,
11/01/31 (c)
250
256,263
Palomar
Pomerado
Health,
Series
A
(GO)
(NATL)
0.00%,
08/01/25 ^
125
118,852
Perris
Union
High
School
District
Financing
Authority
(ST)
5.00%,
09/01/41 (c)
1,000
1,009,455
Poway
Unified
School
District
Public
Financing
Authority,
Series
A
(ST)
5.00%,
09/01/34 (c)
750
768,552
River
Islands
Public
Financing
Authority,
Community
Facilities
District
No.
2003-1,
Series
A-1
(ST)
5.00%,
09/01/38 (c)
500
519,350
Par
(000’s)
Value
California
(continued)
Romoland
School
District
No.
2004-1
(ST)
5.00%,
09/01/48 (c)
$
500
$
514,347
Sacramento
County,
Community
Facilities
District
No.
2005-2
(ST)
5.00%,
09/01/40 (c)
345
352,893
5.00%,
09/01/45 (c)
495
503,562
San
Diego
County
Regional
Airport
Authority,
Series
A
(RB)
5.00%,
07/01/56 (c)
745
807,455
San
Diego
County,
California
Regional
Airport,
Series
A
(RB)
4.00%,
07/01/46 (c)
1,050
1,067,009
San
Francisco
California
City
&
County
Airport
Commission
International
Airport,
SFO
Fuel
Company
LLC,
Series
A
(RB)
5.00%,
01/01/47 (c)
1,475
1,523,715
San
Francisco
City
&
County,
International
Airport,
Series
A
(RB)
(BAM-TCRS)
5.00%,
05/01/40 (c)
2,750
2,750,488
San
Jacinto
Unified
School
District
Financing
Authority
(ST)
5.00%,
09/01/49 (c)
300
308,288
San
Joaquin
Hills
Transportation
Corridor
Agency,
Junior
Lien
Toll
Road,
Series
B
(RB)
5.25%,
01/15/49 (c)
200
202,525
San
Joaquin
Hills
Transportation
Corridor
Agency,
Toll
Road,
Series
A
(RB)
(NATL)
0.00%,
01/15/32 ^
145
109,888
0.00%,
01/15/36 ^
105
67,883
Saugus
Hart
School
Facilities
Financing
Authority,
Community
Facilities
District
No.
2006-1
(ST)
5.00%,
09/01/41 (c)
500
508,139
Successor
Agency
of
Pttsburg,
Los
Medanos
Community
Development
Project,
Series
A
(TA)
(AGM)
5.00%,
09/01/29 (c)
1,020
1,068,062
Tustin
Community
Facilities
District,
Series
A
(ST)
5.00%,
09/01/40 (c)
100
101,550
5.00%,
09/01/45 (c)
100
101,218
Val
Verde
Unified
School
District
(ST)
5.00%,
09/01/37 (c)
750
760,239
9
Par
(000’s)
Value
California
(continued)
Western
Hills
Water
District,
Diablo
Grande
Community
Facilities
District
No.
1
(ST)
4.00%,
09/01/21 (d)
*
$
850
$
221,000
5.30%,
09/01/31 (c)
(d)
*
530
137,800
William
S.
Hart
Union
High
School
District
No.
2015-1
(ST)
5.00%,
09/01/42 (c)
445
455,474
347,046,813
Colorado
:
2.6%
Aerotropolis
Colorado
Regional
Transportation
Authority
(RB)
4.38%,
12/01/52 (c)
2,000
1,650,435
Arkansas
River
Power
Authority,
Power
Supply
System,
Series
A
(RB)
5.00%,
10/01/43 (c)
2,010
2,062,486
Base
Village
Metropolitan
District
No.
2,
Series
A
(GO)
5.75%,
12/01/46 (c)
1,000
1,000,477
Brighton
Crossing
Metropolitan
District
No.
6,
Series
A
(GO)
5.00%,
12/01/35 (c)
500
490,309
5.00%,
12/01/40 (c)
500
463,392
Broadway
Station
Metropolitan
District
No.
3,
Series
A
(GO)
5.00%,
12/01/49 (c)
1,425
1,136,788
Centerra
Metropolitan
District
No
1
in
Larimer
County,
Colorado,
Series
A
(GO)
5.00%,
12/01/51 (c)
1,000
918,235
Centerra
Metropolitan
District
No.
1
(TA)
5.00%,
12/01/29 (c)
500
500,340
5.00%,
12/01/47 (c)
500
462,210
5.00%,
12/01/37 (c)
500
489,920
City
and
County
of
Denver,
United
Airlines,
Inc.
Project
(RB)
5.00%,
10/01/32 (c)
10,195
10,194,724
City
of
Fruita,
Colorado
Healthcare
Canyons
Hospital
and
Medical
Center,
Series
B
(RB)
5.50%,
01/01/48 (c)
2,250
2,080,556
Clear
Creek
Transit
Metropolitan
District
No.
2,
Colorado,
Series
A
(GO)
5.00%,
12/01/50 (c)
1,570
1,386,164
Colorado
Bridge
Enterprise,
Central
70
Project
(RB)
4.00%,
06/30/51 (c)
2,700
2,360,980
Colorado
Educational
and
Cultural
Facilities
Authority,
Rocky
Mountain
Classical
Academy
Project
(RB)
5.00%,
10/01/49 (c)
500
448,734
Par
(000’s)
Value
Colorado
(continued)
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A-1
(RB)
4.00%,
08/01/38 (c)
$
510
$
505,191
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A-2
(RB)
3.25%,
08/01/49 (c)
5
3,736
4.00%,
08/01/49 (c)
4,735
4,467,908
5.00%,
08/01/44 (c)
2,000
2,069,435
Colorado
Health
Facilities
Authority,
Covenant
Retirement
Communities,
Inc.,
Series
A
(RB)
5.00%,
12/01/35 (c)
1,000
1,006,937
Colorado
Health
Facilities
Authority,
Senior
Living
Second
Tier,
American
Eagle
Portfolio
Project
Series
B-1
(RB)
2.00%,
07/01/57 (c)
536
53,616
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
(RB)
5.00%,
12/31/51 (c)
350
350,883
Creekwalk
Marketplace
Business
Improvement
District,
Series
A
(RB)
5.50%,
12/01/39 (c)
500
447,713
5.75%,
12/01/49 (c)
500
437,645
Crowfoot
Valley
Ranch
Metropolitan
District
No.
2,
Series
A
(GO)
5.62%,
12/01/38 (c)
1,000
1,005,665
Fountain
Urban
Renewal
Authority,
South
Academy
Highlands
Project,
Series
A
(TA)
4.50%,
11/01/29 (c)
720
711,509
5.25%,
11/01/37 (c)
2,345
2,334,376
5.50%,
11/01/44 (c)
1,865
1,844,043
Green
Valley
Ranch
East
Metropolitan
District
No.
6,
Series
A
(GO)
5.88%,
12/01/50 (c)
1,000
1,002,066
Jefferson
Center
Metropolitan
District
No.
1,
Series
A-2
(RB)
4.38%,
12/01/47 (c)
1,000
844,901
Kinston
Metropolitan
District
No.
5,
Series
A
(GO)
5.12%,
12/01/50 (c)
1,000
848,542
Painted
Prairie
Public
Improvement
Authority
(RB)
5.00%,
12/01/39 (c)
1,000
972,059
Peak
Metropolitan
District
No.
1,
El
Paco
County,
Series
A
(GO)
4.00%,
12/01/35 (c)
540
474,034
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
10
Par
(000’s)
Value
Colorado
(continued)
Prairie
Center
Metropolitan
District
No.
3,
Adams
County,
Series
A
(RB)
5.00%,
12/15/41 (c)
$
4,000
$
4,006,935
Public
Authority
for
Colorado
Energy
Natural
Gas
(RB)
6.50%,
11/15/38
2,000
2,520,116
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-2
(RB)
3.62%,
12/01/44 (c)
960
733,186
Rampart
Range
Metropolitan
District
No.
5,
Colorado
Limited
Tax
Supported
and
Special
Bonds
(RB)
4.00%,
12/01/51 (c)
5,750
4,245,192
Regional
Transportation
District,
Denver
Transit
Partners
Eagle
P3
Project,
Series
A
(RB)
4.00%,
07/15/39
1,500
1,549,242
Southglenn
Metropolitan
District
(GO)
5.00%,
12/01/46 (c)
1,000
942,905
Southlands
Metropolitan
District
No.
1,
Series
A-1
(GO)
5.00%,
12/01/47 (c)
1,200
1,161,535
Sterling
Ranch
Community
Authority
Board,
Colorado
Limited
Tax,
Series
A
(RB)
4.25%,
12/01/50 (c)
1,000
873,585
Trails
at
Crowfoot
Metropolitan
District
No
3
(GO)
5.00%,
12/01/49 (c)
1,000
939,471
Transport
Metropolitan
District
No.
3
(GO)
5.00%,
12/01/51 (c)
4,000
3,271,041
5.00%,
12/01/41 (c)
2,000
1,723,685
Tree
Farm
Metropolitan
District,
Eagle
County,
Colorado
(GO)
4.75%,
12/01/50 (c)
2,000
1,764,873
Velocity
Metropolitan
District
No.
3
(GO)
5.12%,
12/01/34 (c)
500
504,270
5.38%,
12/01/39 (c)
1,500
1,506,258
Verve
Metropolitan
District
No.
1
(GO)
5.00%,
12/01/36 (c)
1,025
894,330
5.75%,
12/01/33 (c)
1,000
955,787
Village
Metropolitan
District/
The
(GO)
5.00%,
12/01/49 (c)
1,750
1,700,825
Windler
Public
Improvement
Authority,
Series
A-1
(RB)
(BAM)
4.00%,
12/01/36 (c)
1,000
738,436
4.00%,
12/01/41 (c)
1,000
649,342
75,707,023
Par
(000’s)
Value
Connecticut
:
0.7%
Bridgeport
Housing
Authority,
Energy
Performance
Equipment
(RB)
5.60%,
06/01/26 (c)
$
630
$
627,454
Connecticut
State
Health
and
Educational
Facilities
Authority,
Church
Home
of
Harford,
Series
A
(RB)
5.00%,
09/01/46 (c)
3,500
3,004,410
5.00%,
09/01/53 (c)
1,200
980,872
Connecticut
State
Health
and
Educational
Facilities
Authority,
Griffin
Hospital,
Series
G
(RB)
5.00%,
07/01/44 (c)
1,100
1,047,850
5.00%,
07/01/50 (c)
2,630
2,409,181
Connecticut
State
Health
and
Educational
Facilities
Authority,
Mary
Wade
Home
Issue,
Series
A-1
(RB)
5.00%,
10/01/54 (c)
5,000
3,820,369
Connecticut
State
Health
and
Educational
Facilities
Authority,
McLean
Issue,
Series
A
(RB)
5.00%,
01/01/55 (c)
2,000
1,593,352
Connecticut
State
Health
and
Educational
Facilities
Authority,
Nuvance
Health
Issue,
Series
A
(RB)
4.00%,
07/01/38 (c)
500
444,804
5.00%,
07/01/33 (c)
1,000
1,028,300
Connecticut
State
Health
and
Educational
Facilities
Authority,
University
of
Hartford,
Series
N
(RB)
4.00%,
07/01/44 (c)
250
197,164
Connecticut
State
Health
and
Educational
Facilities
Authority,
University
of
Hartford,
Series
N
(RB)
(SD
CRED
PROG)
4.00%,
07/01/49 (c)
250
186,682
Steel
Point
Infrastructure
Improvement
District
(TA)
4.00%,
04/01/51 (c)
2,000
1,558,590
4.00%,
04/01/41 (c)
1,125
961,112
Town
of
Hamden,
Whitney
Center
Project
(RB)
5.00%,
01/01/50 (c)
3,000
2,518,239
20,378,379
Delaware
:
0.2%
County
of
Kent,
Delaware
Student
Housing
and
Dinning
Facility,
State
University
Project,
Series
A
(RB)
5.00%,
07/01/48 (c)
1,450
1,438,192
11
Par
(000’s)
Value
Delaware
(continued)
Delaware
Economic
Development
Authority,
Aspira
Chapter
School,
Series
A
(RB)
4.00%,
06/01/52 (c)
$
915
$
673,017
5.00%,
06/01/36 (c)
250
246,593
5.00%,
06/01/46 (c)
1,000
908,603
Delaware
State
Economic
Development
Authority
(RB)
5.00%,
06/01/51 (c)
1,100
975,869
4,242,274
District
of
Columbia
:
0.7%
District
of
Columbia
Tobacco
Settlement
Financing
Corp.
(RB)
0.00%,
06/15/46 (c)
^
7,500
1,832,512
District
of
Columbia,
Federal
Highway
Grant
Anticipation
(RB)
(SAW)
5.00%,
12/01/30 (c)
1,225
1,385,513
District
of
Columbia,
Ingleside
at
Rock
Creek
Project,
Series
A
(RB)
5.00%,
07/01/42 (c)
1,180
1,073,977
5.00%,
07/01/32 (c)
250
248,296
District
of
Columbia,
Latin
American
Montessori
Bilingual
Public
Charter
School
Issue
(RB)
5.00%,
06/01/50 (c)
3,500
3,248,631
5.00%,
06/01/40 (c)
500
487,438
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Series
A
(RB)
0.01%,
10/01/37
9,325
5,013,323
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Series
B
(RB)
0.00%,
10/01/37 ^
1,020
582,199
4.00%,
10/01/44 (c)
7,315
6,982,134
4.00%,
10/01/36 (c)
250
252,794
6.50%,
10/01/44 (c)
245
271,740
21,378,557
Florida
:
4.5%
Alachua
County,
Health
Facilities
Authority,
Shands
Teaching
Hospital
and
Clinics,
Inc.,
at
the
University
of
Florida
Project,
Series
B
(RB)
5.00%,
12/01/34 (c)
1,055
1,067,061
Brevard
County,
Florida
Health
Facilities
Authority,
Series
A
(RB)
5.00%,
04/01/52 (c)
1,000
1,059,099
Broward
County
Florida
Port
Facilities,
Series
B
(RB)
4.00%,
09/01/38 (c)
2,150
2,169,894
Par
(000’s)
Value
Florida
(continued)
Cape
Coral
Health
Facilities
Authority,
Gulf
Care,
Inc.
Project
(RB)
6.00%,
07/01/50 (c)
$
295
$
208,036
Capital
Trust
Agency,
Education
Growth
Fund,
Series
A-1
(RB)
5.00%,
07/01/56 (c)
7,200
6,468,195
Capital
Trust
Agency,
Educational
Facilities,
Franklin
Academy
Projects
(RB)
5.00%,
12/15/35 (c)
1,335
1,297,659
Capital
Trust
Agency,
Educational
Facilities,
Franklin
Academy
Projects
(RB)
(SD
CRED
PROG)
5.00%,
12/15/40 (c)
500
458,832
Capital
Trust
Agency,
Educational
Facilities,
Pineapple
Cove
Classical
Academy,
Inc.,
Series
A
(RB)
4.50%,
07/01/29 (c)
400
391,712
5.12%,
07/01/39 (c)
500
482,671
5.25%,
07/01/49 (c)
500
469,325
5.38%,
07/01/54 (c)
500
472,495
Capital
Trust
Agency,
Educational
Facilities,
Renaissance
Charter
School,
Inc.,
Series
A
(RB)
4.38%,
06/15/27
185
183,763
5.25%,
06/15/47 (c)
500
492,686
Capital
Trust
Agency,
University
Bridge,
LLC
Student
Housing
Project,
Series
A
(RB)
4.00%,
12/01/28
2,200
2,128,483
5.25%,
12/01/43 (c)
2,000
1,965,989
5.25%,
12/01/58 (c)
2,200
2,101,828
Capital
Trust
Agency,
Wonderful
Foundations
Charter
Schools
Portfolio
Projects,
Series
A
(RB)
5.00%,
01/01/55 (c)
2,250
1,785,082
Charlotte
County
Industrial
Development
Authority,
Town
&
Country
Utilities
Project
(RB)
5.00%,
10/01/49 (c)
1,000
975,229
City
of
Orlando,
Senior
Tourist
Development
Tax,
Series
A
(RB)
(AGM)
5.00%,
11/01/31 (c)
3,000
3,198,099
City
of
Orlando,
Tourist
Development
Tax,
Series
A
(RB)
(AGM)
5.00%,
11/01/38 (c)
500
521,891
5.00%,
11/01/32 (c)
2,500
2,655,397
5.00%,
11/01/27
1,100
1,170,602
City
Of
South
Miami
Health
Facilities
Authority,
Inc.
(RB)
4.00%,
08/15/42 (c)
2,040
1,970,039
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
12
Par
(000’s)
Value
Florida
(continued)
City
of
Tallahassee,
Health
Facilities
Authority,
Memorial
Healthcare,
Inc.
Project
(RB)
4.00%,
12/01/35 (c)
$
230
$
225,894
5.00%,
12/01/44 (c)
1,305
1,309,152
5.00%,
12/01/40 (c)
1,210
1,217,718
Clay
County,
Florida
Sales
Surtax
(RB)
4.00%,
10/01/39 (c)
1,100
1,102,883
Collier
County
Industrial
Development
Authority,
Arlington
of
Naples
Project,
Series
A
(RB)
7.00%,
05/15/24 (d)
*
440
14,079
8.12%,
05/15/44 (c)
(d)
*
343
10,976
County
of
Broward,
Florida
Airport
System,
Series
A
(RB)
5.00%,
10/01/29 (c)
2,135
2,171,427
County
of
Broward,
Florida
Port
Facilities,
Series
A
(RB)
5.00%,
09/01/49 (c)
1,645
1,712,184
County
of
Escambia,
Health
Facilities
Authority,
Baptist
Health
Care
Corp.,
Series
A
(RB)
(SAW)
5.00%,
08/15/31 (c)
2,000
2,115,804
Escambia
County
Health
Facilities
Authority,
Baptist
Health
Care
Corp.
Obligated
Group,
Series
A
(RB)
(SAW)
4.00%,
08/15/45 (c)
2,000
1,823,429
Florida
Development
Finance
Corp.,
Central
Charter
School
Project
(RB)
5.88%,
08/15/52 (c)
1,000
965,798
Florida
Development
Finance
Corp.,
Educational
Facilities,
Mater
Academy
Project,
Series
A
(RB)
5.00%,
06/15/47 (c)
2,225
2,228,462
Florida
Development
Finance
Corp.,
Glenridge
on
Palmer
Ranch
Project
(RB)
5.00%,
06/01/35 (c)
425
402,761
Florida
Development
Finance
Corp.,
Mayflower
Retirement
Community
Project,
Series
A
(RB)
4.00%,
06/01/55 (c)
2,000
1,248,995
5.25%,
06/01/50 (c)
1,000
834,531
Florida
Development
Finance
Corp.,
Renaissance
Charter
School,
Inc.
Project,
Series
A
(RB)
5.75%,
06/15/29 (c)
1,000
1,003,061
6.00%,
06/15/35 (c)
500
506,372
6.12%,
06/15/46 (c)
685
689,712
6.62%,
06/15/43 (c)
1,000
1,090,546
6.75%,
06/15/53 (c)
1,000
1,085,859
Par
(000’s)
Value
Florida
(continued)
Florida
Development
Finance
Corp.,
UF
Health
Jacksonville
Project,
Series
A
(RB)
5.00%,
02/01/52 (c)
$
1,000
$
921,646
Florida
Development
Finance
Corp.,
Virgin
Trains
USA
Passenger
Rail
Project,
Series
A
(RB)
6.38%,
01/01/49 (c)
(p)
5,300
5,272,879
6.50%,
01/01/49 (c)
(p)
9,750
9,644,743
Florida
Development
Finance
Corp.,
Waste
Pro
USA,
Inc.
Project
(RB)
6.12%,
07/01/32 (c)
(p)
4,000
4,056,561
FRERC
Community
Development
District
(SA)
(AGM)
5.38%,
11/01/40 (c)
1,450
1,375,468
5.50%,
11/01/50 (c)
2,450
2,269,202
Hillsborough
County
Industrial
Development
Authority,
Tampa
General
Hospital
Project,
Series
A
(RB)
4.00%,
08/01/45 (c)
6,500
6,225,246
Lake
County,
Florida
Retirement
Facility,
Lakeside
at
Waterman
Village
Project,
Series
A
(RB)
5.75%,
08/15/50 (c)
2,000
1,839,752
Lee
County
Industrial
Development
Authority,
Community
Charter
Schools,
LLC
Projects,
Series
A
(RB)
5.75%,
06/15/42 (c)
500
480,517
Lee
County
Industrial
Development
Authority,
Cypress
Cove
at
HealthPark
Florida,
Inc.
Project,
Series
A
(RB)
5.25%,
10/01/57 (c)
1,000
835,816
Miami
Beach
Florida
Health
Facilities
Authority,
Mount
Sinai
Medical
Center,
Series
B
(RB)
(AGM)
4.00%,
11/15/46 (c)
2,500
2,417,369
Miami
Beach
Health
Facilities
Authority,
Mount
Sinai
Medical
Center
(RB)
5.00%,
11/15/39 (c)
1,880
1,891,991
5.00%,
11/15/44 (c)
3,000
3,018,520
Miami
World
Center
Community
Development
District
(SA)
5.12%,
11/01/39 (c)
750
755,658
5.25%,
11/01/49 (c)
250
251,652
Miami-Dade
County
Aviation,
Series
A
(RB)
(BAM-TCRS)
5.00%,
10/01/36 (c)
3,000
3,006,049
13
Par
(000’s)
Value
Florida
(continued)
Miami-Dade
County
Industrial
Development
Authority
(RB)
5.50%,
07/01/61 (c)
$
1,000
$
963,537
Miami-Date
County,
Florida
Subordinate
Special
(RB)
5.00%,
10/01/28 (c)
1,360
1,430,094
Mid-Bay
Bridge
Authority,
First
Senior
Lien,
Series
A
(RB)
5.00%,
10/01/35 (c)
500
508,357
5.00%,
10/01/40 (c)
2,500
2,526,630
Mid-Bay
Bridge
Authority,
Second
Senior
Lien,
Series
C
(RB)
5.00%,
10/01/40 (c)
1,000
1,009,692
Midtown
Miami
Community
Development
District,
Parking
Garage
Project,
Series
A
(SA)
5.00%,
05/01/37 (c)
85
84,998
North
Broward
Hospital
District,
Broward
Health,
Series
B
(RB)
5.00%,
01/01/48 (c)
2,000
2,049,702
North
Broward
Hospital
District,
Series
B
(RB)
5.00%,
01/01/32 (c)
155
163,857
Northern
Palm
Beach
County
Improvement
District,
Unit
of
Development
No.
2C
(RB)
5.00%,
08/01/46 (c)
200
198,398
5.00%,
08/01/37 (c)
200
201,463
Palm
Beach
County
Health
Facilities
Authority,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton
Expansion,
Series
A
(RB)
5.00%,
06/01/55 (c)
3,230
2,871,234
Palm
Beach
County,
Palm
Beach
Atlantic
University
Housing
Project,
Series
A
(RB)
5.00%,
04/01/51 (c)
2,500
2,402,914
5.00%,
04/01/39 (c)
1,000
1,001,284
Palm
Cost
Park
Community
Development
District
(SA)
5.70%,
05/01/37 (c)
140
141,890
Pinellas
County
Industrial
Development
Authority,
Drs.
Kiran
&
Pallavi
Patel
2017
Foundation
For
Global
Understaing
Inc.
Project
(RB)
5.00%,
07/01/39 (c)
1,900
1,912,449
Polk
Country
Industrial
Development
Authority,
Florida
Industrial
Development
(RB)
5.88%,
01/01/33
4,820
4,651,810
Par
(000’s)
Value
Florida
(continued)
Seminole
County
Industrial
Development
Authority,
Retirement
Facility,
Legacy
Pointe
at
UCF
Project,
Series
A
(RB)
5.50%,
11/15/49 (c)
$
500
$
391,748
5.75%,
11/15/54 (c)
1,500
1,198,040
Seminole
County
Industrial
Development
Authority,
Retirement
Facility,
Legacy
Pointe
at
UCF
Project,
Series
B-1
(RB)
4.25%,
11/15/26 (c)
1,200
1,161,353
Tallahassee
Florida
Health
Facilities,
Tallahassee
Memorial
Healthcare,
Inc.
Project,
Series
A
(RB)
5.00%,
12/01/55 (c)
1,100
1,101,326
Village
Community
Development
District
No.
12
(SA)
3.25%,
05/01/26
150
148,625
3.62%,
05/01/31 (c)
995
974,748
4.25%,
05/01/43 (c)
905
835,150
Village
Community
Development
District
No.
13
(SA)
3.00%,
05/01/29
715
679,152
3.55%,
05/01/39 (c)
2,755
2,392,980
130,718,210
Georgia
:
1.5%
Burke
County
Development
Authority,
Series
C
(RB)
(SAW)
4.12%,
11/01/45 (c)
6,525
6,184,541
Floyd
County
Development
Authority,
Spires
at
Berry
College
Project,
Series
A
(RB)
(SBG)
5.50%,
12/01/28 (c)
1,250
1,239,464
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority,
Canterbury
Court
Project,
Series
A
(RB)
4.00%,
04/01/41 (c)
2,500
2,047,940
Gainesville
&
Hall
County
Hospital
Authority
(RB)
5.00%,
02/15/45 (c)
3,575
3,666,391
Gainesville
and
Hall
County
Development
Authority,
Educational
Facilities,
Riverside
Military
Academy,
Inc.
Project
(RB)
(BAM)
5.00%,
03/01/37 (c)
700
577,603
George
L
Smith
II
World
Congress
Center
Authority,
Series
A
(RB)
4.00%,
01/01/54 (c)
4,750
4,179,592
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
14
Par
(000’s)
Value
Georgia
(continued)
Georgia
Local
Government,
Grantor
Trust,
Series
A
(CP)
(NATL)
4.75%,
06/01/28
$
416
$
429,893
Glynn-Brunswick
Memorial
Hospital
Authority,
Southeast
Georgia
Health
System
Project
(RB)
5.00%,
08/01/47 (c)
2,680
2,695,576
Macon-Bibb
County
Urban
Development
Authority,
Academy
for
Classical
Education,
Inc.,
Series
A
(RB)
5.75%,
06/15/37 (c)
250
257,292
Main
Street
Natural
Gas,
Inc.,
Series
C
(RB)
4.00%,
08/01/52 (c)
(p)
15,000
14,484,834
Marietta
Development
Authority,
Life
University,
Inc.
Project,
Series
A
(RB)
5.00%,
11/01/37 (c)
5,000
4,830,780
5.00%,
11/01/47 (c)
1,000
907,021
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
and
4,
Series
A
(RB)
5.00%,
07/01/60 (c)
375
376,169
White
County
Development
Authority,
Truett
McConnell
University
Project,
Series
A
(RB)
5.12%,
10/01/39 (c)
500
452,156
5.25%,
10/01/49 (c)
500
426,279
42,755,531
Guam
:
0.9%
Guam
Government
(GO)
5.00%,
11/15/31 (c)
1,055
1,098,348
Guam
Government,
Business
Privilege
Tax,
Series
D
(RB)
4.00%,
11/15/39 (c)
600
580,252
5.00%,
11/15/35 (c)
1,100
1,119,873
5.00%,
11/15/34 (c)
1,040
1,060,104
5.00%,
11/15/33 (c)
5,805
5,921,707
5.00%,
11/15/39 (c)
1,085
1,098,624
Guam
Government,
Business
Privilege
Tax,
Series
F
(RB)
4.00%,
01/01/36 (c)
1,000
1,012,079
4.00%,
01/01/42 (c)
7,000
6,782,582
Guam
Government,
Department
of
Education,
John
F.
Kennedy
High
School
Refunding
and
Energy
Efficiency
Project,
Series
A
(CP)
4.25%,
02/01/30
500
496,622
5.00%,
02/01/40 (c)
500
505,524
Guam
Government,
Hotel
Occupancy
Tax,
Series
A
(RB)
5.00%,
11/01/30
750
813,003
Par
(000’s)
Value
Guam
(continued)
Guam
Government,
Limited
Obligation,
Series
A
(RB)
5.00%,
12/01/46 (c)
$
3,120
$
3,099,912
5.00%,
12/01/34 (c)
2,290
2,356,907
Guam
Power
Authority,
Series
A
(RB)
5.00%,
10/01/40 (c)
500
514,179
26,459,716
Hawaii
:
0.2%
Kuakini,
Hawaii
Health
System,
Series
A
(RB)
6.38%,
07/01/32 (c)
1,645
1,489,954
State
of
Hawaii,
Department
of
Budget
and
Finance,
Series
A
(RB)
6.25%,
07/01/27 (c)
1,400
1,400,943
6.62%,
07/01/33 (c)
2,085
2,087,359
4,978,256
Idaho
:
0.1%
Idaho
Falls
Auditorium
District,
Annual
Appropriation
Certificates
of
Participation
(CP)
5.25%,
05/15/51 (c)
2,000
1,957,254
Idaho
Health
Facilities
Authority,
Madison
Memorial
Hospital
Project
(RB)
3.50%,
09/01/33 (c)
450
411,303
5.00%,
09/01/37 (c)
1,135
1,145,429
Idaho
Health
Facilities
Authority,
Terraces
of
Boise,
Series
A
(RB)
3.80%,
10/01/31 (c)
100
84,987
3,598,973
Illinois
:
10.0%
Chicago
Board
of
Education
(GO)
5.25%,
12/01/35 (c)
3,000
3,271,830
Chicago
Board
of
Education
(GO)
(AGM)
5.00%,
12/01/33 (c)
1,250
1,324,505
Chicago
Board
of
Education,
Series
A
(GO)
5.00%,
12/01/42 (c)
17,755
17,753,615
5.00%,
12/01/30 (c)
1,265
1,308,378
5.00%,
12/01/33 (c)
250
256,752
5.00%,
12/01/29
1,000
1,055,526
5.00%,
12/01/30 (c)
1,195
1,252,937
5.00%,
12/01/33 (c)
5,100
5,385,319
5.00%,
12/01/37 (c)
3,610
3,741,984
5.00%,
12/01/36 (c)
6,990
7,294,874
5.00%,
12/01/34 (c)
395
416,238
5.00%,
12/01/35 (c)
2,400
2,518,163
5.00%,
12/01/39 (c)
6,000
6,182,369
5.00%,
12/01/40 (c)
6,350
6,518,554
5.00%,
12/01/32 (c)
5,575
5,892,979
5.00%,
12/01/47 (c)
10,000
10,044,404
7.00%,
12/01/26 (c)
5,200
5,480,817
7.00%,
12/01/44 (c)
4,210
4,397,133
15
Par
(000’s)
Value
Illinois
(continued)
7.00%,
12/01/46 (c)
$
2,250
$
2,442,526
Chicago
Board
of
Education,
Series
A
(GO)
(AGM)
5.00%,
12/01/34 (c)
1,250
1,322,478
Chicago
Board
of
Education,
Series
A
(GO)
(AMBAC)
5.50%,
12/01/25
145
148,407
5.50%,
12/01/26
175
180,248
5.50%,
12/01/31
1,285
1,397,565
Chicago
Board
of
Education,
Series
A
(GO)
(NATL)
0.01%,
12/01/27
760
657,124
0.01%,
12/01/28
390
324,025
0.01%,
12/01/30
55
41,916
5.50%,
12/01/26
355
367,463
Chicago
Board
of
Education,
Series
B
(GO)
4.00%,
12/01/40 (c)
5,000
4,696,254
4.00%,
12/01/39 (c)
5,000
4,763,375
5.00%,
12/01/33 (c)
1,105
1,105,019
5.00%,
12/01/34 (c)
1,680
1,674,382
5.00%,
12/01/27
1,500
1,559,729
5.00%,
12/01/33 (c)
200
209,004
5.00%,
12/01/31 (c)
3,600
3,816,585
6.50%,
12/01/46 (c)
4,000
4,193,966
Chicago
Board
of
Education,
Series
C
(GO)
5.00%,
12/01/34 (c)
8,805
8,979,511
5.00%,
12/01/27
2,000
2,079,639
5.00%,
12/01/30 (c)
2,000
2,045,065
5.25%,
12/01/39 (c)
12,180
12,136,311
5.25%,
12/01/35 (c)
11,015
11,026,178
6.00%,
12/01/35 (c)
1,160
1,174,281
Chicago
Board
of
Education,
Series
C
(GO)
(AGM)
5.00%,
12/01/30 (c)
500
530,827
Chicago
Board
of
Education,
Series
E
(GO)
5.12%,
12/01/32 (c)
3,640
3,645,863
Chicago
Board
of
Education,
Series
G
(GO)
5.00%,
12/01/44 (c)
3,000
3,014,797
Chicago
Board
of
Education,
Series
H
(GO)
5.00%,
12/01/46 (c)
12,710
12,732,597
5.00%,
12/01/36 (c)
9,730
9,848,276
Chicago
O'Hare
International
Airport,
Series
A
(RB)
(AGM)
5.25%,
01/01/45 (c)
3,000
3,240,863
Chicago
School
Reform
Board
of
Trustees,
Series
A
(GO)
(NATL)
0.01%,
12/01/25
355
331,302
0.01%,
12/01/29
1,460
1,164,383
Chicago
School
Reform
Board
of
Trustees,
Series
B-1
(GO)
(NATL)
0.00%,
12/01/28 ^
690
573,276
0.00%,
12/01/29 ^
645
514,402
Par
(000’s)
Value
Illinois
(continued)
0.01%,
12/01/25
$
1,650
$
1,539,853
0.01%,
12/01/26
1,630
1,464,852
0.01%,
12/01/27
1,030
890,576
0.01%,
12/01/31
520
379,125
Chicago
Transit
Authority,
Federal
Transit
Administration
Section
5307
Urbanized
Area
Formula
(RB)
5.00%,
06/01/26
100
103,638
City
of
Chicago,
City
Colleges
(GO)
(NATL)
0.00%,
01/01/30 ^
420
333,193
0.01%,
01/01/28
345
305,300
0.01%,
01/01/33
985
684,822
0.01%,
01/01/34
760
505,128
City
of
Chicago,
Neighborhoods
Alive
21
Program,
Series
B
(GO)
5.00%,
01/01/25
235
237,713
City
of
Chicago,
Series
A
(GO)
5.00%,
01/01/27
725
756,614
5.00%,
01/01/27
200
208,721
5.00%,
01/01/27
275
292,620
5.00%,
01/01/33 (c)
3,000
3,278,317
5.00%,
01/01/34 (c)
3,000
3,276,251
5.00%,
01/01/32 (c)
1,500
1,640,089
5.50%,
01/01/49 (c)
3,000
3,094,892
5.50%,
01/01/41 (c)
1,000
1,063,841
6.00%,
01/01/38 (c)
5,000
5,238,515
City
of
Chicago,
Series
A
(GO)
(NATL)
0.00%,
01/01/29 ^
140
115,471
City
of
Chicago,
Series
A
(GO)
(SAW)
5.00%,
01/01/29
2,775
2,971,550
City
of
Chicago,
Series
C
(GO)
0.00%,
01/01/32 ^
195
140,701
5.00%,
01/01/27 (c)
250
255,183
5.00%,
01/01/26
380
390,026
City
of
Chicago,
Series
D
(GO)
5.50%,
01/01/40 (c)
5,000
5,030,654
City
of
Chicago,
Series
F
(GO)
5.50%,
01/01/42 (c)
1,175
1,181,122
City
of
Chicago,
Water
Revenue,
Second
Lien
(RB)
(AMBAC)
5.75%,
11/01/30
880
958,031
City
of
Harvey,
Series
A
(GO)
4.50%,
01/01/54
4,659
3,702,956
Cook
County,
Illinois,
Series
B
(GO)
4.00%,
11/15/26
1,200
1,237,129
Illinois
Finance
Authority
(RB)
7.38%,
09/01/42 (c)
(p)
2,500
2,678,018
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
16
Par
(000’s)
Value
Illinois
(continued)
Illinois
Finance
Authority
Student
Housing
and
Academic
Facility,
CHF
-
Chicago,
L.L.C.
-
University
of
Illinois
at
Chicago
Project,
Series
A
(RB)
5.00%,
02/15/47 (c)
$
4,125
$
4,020,287
Illinois
Finance
Authority,
Acero
Charter
Schools,
Inc.
(RB)
4.00%,
10/01/42 (c)
1,000
823,223
Illinois
Finance
Authority,
Admiral
Lake
Project
(RB)
5.12%,
05/15/38 (c)
390
340,213
Illinois
Finance
Authority,
Central
Baptist
Village
(RB)
5.38%,
11/15/39 (c)
35
33,682
Illinois
Finance
Authority,
CHF
-
Cook,
LLC
-
Northeastern
Illinois
University
Project,
Series
A
(RB)
5.00%,
07/01/30 (c)
1,000
967,991
Illinois
Finance
Authority,
Friendship
Village
of
Schaumburg
(RB)
5.00%,
02/15/27 (d)
*
3,000
810,000
5.00%,
02/15/37 (c)
(d)
*
6,500
1,755,000
5.12%,
02/15/45 (c)
(d)
*
6,130
1,655,100
Illinois
Finance
Authority,
Greenfields
of
Geneva
Project
(RB)
7.10%,
11/01/52 (c)
100
84,325
Illinois
Finance
Authority,
Illinois
Institute
of
Technology
(RB)
5.00%,
09/01/40 (c)
175
162,318
Illinois
Finance
Authority,
Intrinsic
School
Project,
Series
A
(RB)
6.00%,
12/01/45 (c)
500
501,665
Illinois
Finance
Authority,
Lutheran
Life
Communities
Obligated
Group,
Series
A
(RB)
5.00%,
11/01/35 (c)
5
4,674
5.00%,
11/01/30 (c)
250
242,327
5.00%,
11/01/29 (c)
500
487,781
Illinois
Finance
Authority,
OSF
Healthcare
System,
Series
A
(RB)
5.00%,
11/15/35 (c)
1,125
1,143,695
Illinois
Finance
Authority,
Roosevelt
University
(RB)
5.50%,
04/01/32 (c)
475
462,189
Illinois
Sports
Facilities
Authority
(RB)
5.00%,
06/15/28
1,000
1,039,398
5.00%,
06/15/29
1,000
1,050,895
5.00%,
06/15/30 (c)
3,055
3,211,127
Par
(000’s)
Value
Illinois
(continued)
Illinois
Sports
Facilities
Authority
(RB)
(AGM)
5.00%,
06/15/27 (c)
$
3,000
$
3,008,658
Illinois
Sports
Facilities
Authority
(RB)
(AMBAC)
0.00%,
06/15/26 ^
690
624,330
Illinois
State,
Series
A
(GO)
5.00%,
12/01/31 (c)
500
532,259
5.00%,
05/01/43 (c)
500
518,830
Metropolitan
Pier
&
Exposition
Authority
(RB)
0.00%,
12/15/50 ^
35,755
9,627,874
Metropolitan
Pier
&
Exposition
Authority
(RB)
(NATL)
0.00%,
12/15/33 ^
1,500
1,049,403
Metropolitan
Pier
and
Exposition
Authority,
Illinois
McCormick
Place
Expansion
Project,
Series
B
(RB)
5.00%,
12/15/40 (c)
1,000
1,017,507
Metropolitan
Pier
and
Exposition
Authority,
McCormick
Place
Expansion
Project,
Series
A
(RB)
3.00%,
06/15/25 (c)
2,000
1,976,351
5.00%,
06/15/50 (c)
3,000
3,097,853
Metropolitan
Pier
and
Exposition
Authority,
McCormick
Place
Expansion
Project,
Series
A
(RB)
(NATL)
0.00%,
12/15/34 ^
590
396,535
0.00%,
06/15/31 ^
125
96,155
0.00%,
06/15/34 ^
190
130,316
0.00%,
06/15/39 ^
115
61,273
0.01%,
12/15/30
475
372,063
0.01%,
06/15/30
745
594,191
Northeastern
Illinois
University,
Capital
Improvement
Project
(CP)
4.00%,
10/01/38 (c)
585
471,912
Northern
Illinois
Municipal
Power
Agent
Power
Project,
Prairie
State
Project,
Series
A
(RB)
4.00%,
12/01/31 (c)
2,000
2,030,725
State
of
Illinois
(GO)
3.50%,
06/01/31 (c)
175
174,078
4.00%,
01/01/31 (c)
610
616,470
4.00%,
06/01/37 (c)
460
459,506
4.00%,
06/01/34 (c)
360
361,845
4.00%,
06/01/35 (c)
270
270,641
4.12%,
11/01/31 (c)
600
609,816
5.00%,
11/01/24
200
202,335
5.00%,
02/01/27
500
526,169
5.00%,
02/01/27 (c)
350
350,446
5.00%,
02/01/26 (c)
375
375,488
5.00%,
05/01/34 (c)
175
175,446
5.00%,
05/01/35 (c)
100
100,236
5.00%,
06/01/26
125
130,061
17
Par
(000’s)
Value
Illinois
(continued)
State
of
Illinois
(RB)
3.00%,
06/15/31 (c)
$
100
$
95,807
State
of
Illinois,
Series
A
(GO)
5.00%,
10/01/28
500
541,258
5.00%,
11/01/28
5
5,425
5.00%,
12/01/34 (c)
100
105,691
5.00%,
03/01/46 (c)
4,865
5,152,374
5.00%,
05/01/41 (c)
365
379,758
State
of
Illinois,
Series
D
(GO)
5.00%,
11/01/25
250
257,510
Upper
Illinois
River
Valley
Development
Authority,
Elgin
Math
and
Science
Academy
Charter
School
Project,
Series
A
(RB)
6.00%,
03/01/63 (c)
1,000
988,048
Village
of
Bolingbrook,
Special
Service
Area
No.
1
(ST)
5.25%,
03/01/41 (c)
500
475,716
Village
of
Bridgeview
(GO)
5.00%,
12/01/42 (c)
360
337,855
Will
County
Community
High
School
District
No.
210,
Series
B
(GO)
0.00%,
01/01/29 ^
90
75,023
0.00%,
01/01/31 ^
245
189,014
0.00%,
01/01/33 ^
540
382,723
287,729,779
Indiana
:
1.0%
City
of
Anderson,
Indiana
Economic
Development,
Anderson
University
(RB)
4.75%,
10/01/27 (c)
175
166,617
Indiana
Finance
Authority
Educational
Facilities,
Earlham
College
Project,
Series
A
(RB)
5.00%,
10/01/32 (c)
150
150,082
Indiana
Finance
Authority
Midwestern
Disaster
Relief,
Ohio
Valley
Electric
Corp.
Project,
Series
C
(RB)
3.00%,
11/01/30
1,500
1,402,169
Indiana
Finance
Authority,
Baptist
Healthcare
System,
Series
A
(RB)
5.00%,
08/15/51 (c)
4,000
4,052,134
Indiana
Finance
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
A
(RB)
4.25%,
11/01/30
7,000
7,054,286
Indiana
Finance
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
B
(RB)
3.00%,
11/01/30
5,000
4,673,896
Indiana
Finance
Authority,
United
States
Steel
Corp.
Project,
Series
A
(RB)
4.12%,
12/01/26
5,500
5,488,835
Par
(000’s)
Value
Indiana
(continued)
Indianapolis
Local
Public
Improvement
Bond
Bank
(RB)
5.75%,
03/01/43 (c)
$
2,340
$
2,557,145
6.00%,
03/01/53 (c)
1,000
1,083,034
6.12%,
03/01/57 (c)
3,135
3,404,908
30,033,106
Iowa
:
0.9%
City
of
Coralville,
Marriott
Hotel
and
Convention
Center,
Series
E
(CP)
4.00%,
06/01/29 (c)
1,025
994,020
Iowa
Finance
Authority,
Lifespace
Communities,
Inc.,
Series
A
(RB)
5.00%,
05/15/43 (c)
655
537,206
5.00%,
05/15/48 (c)
4,000
3,114,097
Iowa
Finance
Authority,
Midwestern
Disaster
Area,
Alcoa
Inc.
Project
(RB)
4.75%,
08/01/42 (c)
14,000
13,763,160
Iowa
Finance
Authority,
Midwestern
Disaster
Area,
Iowa
Fertilizer
Co.
Project,
Series
A
(RB)
5.00%,
12/01/50 (c)
(p)
5,105
5,364,967
Iowa
Higher
Education
Loan
Authority,
Wartburg
College
Project
(RB)
4.00%,
10/01/25
1,170
1,142,747
5.00%,
10/01/37 (c)
2,115
1,945,422
26,861,619
Kansas
:
0.3%
City
of
Hutchinson,
Regional
Medical
Center,
Inc.
(RB)
5.00%,
12/01/41 (c)
250
232,313
City
of
Lenexa,
Kansas
Health
Care
Facility,
Lakeview
Village,
Inc.,
Series
A
(RB)
5.00%,
05/15/43 (c)
1,000
952,352
City
of
Manhattan,
Kansas
Health
Care
Facilities
Authority,
Meadowlark
Hills
Retirement
Community,
Series
A
(RB)
4.00%,
06/01/46 (c)
3,000
2,376,180
City
of
Manhattan,
Kansas
Sales
Tax,
Downtown
Redevelopment
Star
Project
Area
(RB)
4.00%,
06/01/27 (c)
500
500,110
City
of
Wichita,
Health
Care
Facilities,
Series
I
(RB)
5.00%,
05/15/38 (c)
1,355
1,093,625
City
of
Wichita,
Health
Care
Facilities,
Series
III
(RB)
5.00%,
05/15/34 (c)
250
219,594
5.00%,
05/15/50 (c)
500
340,752
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
18
Par
(000’s)
Value
Kansas
(continued)
Manhattan
Kansas
Health
Care
Facilities,
Meadowlark
Hills,
Series
A
(RB)
4.00%,
06/01/36 (c)
$
1,000
$
914,779
Topeka
Kansas
Health
Care
Facilities,
Brewster
Place,
Series
A
(RB)
6.25%,
12/01/42 (c)
1,000
1,008,662
6.50%,
12/01/52 (c)
1,000
1,008,564
8,646,931
Kentucky
:
0.8%
Christian
County
School
District
Finance
Corp.
(RB)
(AGM)
4.50%,
10/01/48 (c)
1,000
1,047,541
Christian
County,
Jennie
Stuart
Medical
Center
(RB)
5.38%,
02/01/36 (c)
100
102,738
City
of
Henderson,
Kentucky
Exempt
Facilities,
Pratt
Paper,
LLC
Project,
Series
A
(RB)
4.45%,
01/01/42 (c)
2,250
2,190,282
Kentucky
Economic
Development
Finance
Authority
Hospital,
Series
A
(RB)
5.00%,
06/01/45 (c)
1,720
1,734,921
5.00%,
06/01/31 (c)
1,315
1,356,732
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Authority,
Inc.,
Series
A
(RB)
(AGM)
5.00%,
12/01/47 (c)
760
760,244
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project,
Series
A
(RB)
(AGM)
5.00%,
12/01/45 (c)
4,655
4,845,400
Kentucky
Economic
Development
Finance
Authority,
Masonic
Home
Independent
Living
II,
Inc.,
Series
A
(RB)
5.00%,
05/15/46 (c)
250
189,375
5.00%,
05/15/31 (c)
2,545
2,344,014
5.00%,
05/15/36 (c)
350
301,205
Kentucky
Economic
Development
Finance
Authority,
Masonic
Homes
of
Kentucky,
Inc.
(RB)
5.38%,
11/15/32 (c)
400
366,680
5.50%,
11/15/45 (c)
250
198,961
Kentucky
Economic
Development
Finance
Authority,
Owensboro
Health
System,
Inc.,
Series
A
(RB)
5.00%,
06/01/26
175
178,294
5.00%,
06/01/41 (c)
990
1,002,242
5.25%,
06/01/41 (c)
750
767,326
Par
(000’s)
Value
Kentucky
(continued)
Kentucky
Economic
Development
Finance
Authority,
Owensboro
Health
System,
Inc.,
Series
B
(RB)
5.00%,
06/01/40 (c)
$
500
$
507,222
Louisville
&
Jefferson
County,
UOFL
Health
Project,
Series
A
(RB)
(AGM)
5.00%,
05/15/47 (c)
3,170
3,337,216
Paducah
Electric
Plant
Board,
Series
A
(RB)
(AGM)
5.00%,
10/01/29 (c)
1,045
1,096,304
22,326,697
Louisiana
:
1.8%
Calcasieu
Parish
Memorial
Hospital
Service
District
(RB)
5.00%,
12/01/39 (c)
3,800
3,458,701
City
of
Shreveport,
Water
and
Sewer
Revenue,
Series
C
(RB)
(BAM)
5.00%,
12/01/25
100
103,532
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority
Student
Housing,
Provident
Group
ULM
Properties
LLC,
Series
A
(RB)
5.00%,
07/01/39 (c)
500
430,257
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
CDF
Healthcare
of
Louisiana,
LLC
Project,
Series
A
(RB)
5.62%,
06/01/45 (c)
925
777,009
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
City
of
New
Orleans
Gomesa
Project
(RB)
4.00%,
11/01/46 (c)
2,850
2,518,267
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Jefferson
Parish
Gomesa
Project
(RB)
(NATL)
4.00%,
11/01/44 (c)
1,900
1,690,105
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Parc
Fontaine
Apartments,
Series
A
(RB)
4.25%,
12/01/35 (c)
175
127,879
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
University
of
Louisiana
at
Monroe
Project,
Series
A
(RB)
5.00%,
07/01/54 (c)
500
389,138
19
Par
(000’s)
Value
Louisiana
(continued)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Westlake
Chemical
Corp.
Project
(RB)
3.50%,
11/01/32 (c)
$
5,745
$
5,497,589
Louisiana
Public
Facilities
Authority,
Loyola
University
Project,
(RB)
5.25%,
10/01/46 (c)
1,500
1,629,264
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
,
Louisiana
Pellets,
Inc.
Project,
Series
A
(RB)
7.50%,
07/01/23 (d)
*
2,259
23
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
Revenue,
Louisiana
Pellets,
Inc.
Project
(RB)
7.75%,
07/01/39 (c)
(d)
*
1,647
16
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
Revenue,
Louisiana
Pellets,
Inc.
Project,
Series
A
(RB)
8.38%,
07/01/39 (c)
(d)
*
1,389
14
Louisiana
Stadium
and
Exposition
District,
Series
A
(RB)
5.00%,
07/01/48 (c)
5,000
5,451,987
New
Orleans
Aviation
Board,
North
Terminal
Project,
Series
A
(RB)
5.00%,
01/01/40 (c)
2,160
2,168,982
Parish
of
St
James,
Nustar
Logistics,
LP
Project
(RB)
5.85%,
08/01/41 (p)
750
765,119
6.35%,
07/01/40 (c)
11,355
12,389,216
Parish
of
St
James,
Nustar
Logistics,
LP
Project,
Series
A
(RB)
6.35%,
10/01/40 (c)
6,000
6,546,481
Parish
of
St
John
the
Baptist
LA
(RB)
2.20%,
06/01/37 (p)
6,500
6,167,209
Tangipahoa
Parish,
Louisiana
Hospital
Service,
District
No.1,
North
Oaks
Health
System
Project
(RB)
4.00%,
02/01/37 (c)
1,530
1,544,975
51,655,763
Maine
:
0.3%
Maine
Health
&
Higher
Educational
Facilities
Authority
(RB)
(AGM)
4.75%,
07/01/53 (c)
1,500
1,547,598
Par
(000’s)
Value
Maine
(continued)
Maine
Health
and
Higher
Educational
Facilities
Authority,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
A
(RB)
4.00%,
07/01/46 (c)
$
1,695
$
1,457,157
5.00%,
07/01/41 (c)
1,000
1,000,332
5.00%,
07/01/46 (c)
5,345
4,985,058
8,990,145
Maryland
:
1.7%
Baltimore
Maryland,
Special
Obligation,
Harbor
Point
Project
(RB)
5.00%,
06/01/51 (c)
1,000
1,004,086
City
of
Baltimore,
Convention
Center
Hotel
(RB)
5.00%,
09/01/42 (c)
2,250
2,181,283
5.00%,
09/01/39 (c)
1,000
993,686
5.00%,
09/01/30 (c)
1,000
1,002,078
5.00%,
09/01/46 (c)
2,000
1,884,477
City
of
Baltimore,
East
Baltimore
Research
Park
Project,
Series
A
(RB)
5.00%,
09/01/38 (c)
500
504,384
City
of
Baltimore,
Harbor
Point
Project
(RB)
5.12%,
06/01/43 (c)
250
250,820
County
of
Frederick,
Maryland
Educational
Facilities
Project,
Mount
Saunt
Mary's
University,
Series
A
(RB)
5.00%,
09/01/37 (c)
1,000
994,116
Frederick
County
Maryland,
Urban
Community
Development
Authority,
Series
A
(ST)
4.00%,
07/01/50 (c)
1,995
1,803,856
Frederick
County,
Education
Facilities
Project,
Series
A
(RB)
5.00%,
09/01/45 (c)
6,470
6,087,255
Frederick
County,
Maryland
Educational
Facilities
Project,
Mount
Saint
Mary's
University,
Series
A
(RB)
5.00%,
09/01/32 (c)
2,000
2,012,283
Frederick
County,
Maryland,
Jefferson
Technology
Park
Project,
Series
B
(TA)
4.62%,
07/01/43 (c)
1,900
1,866,430
Howard
County,
Series
A
(TA)
4.50%,
02/15/47 (c)
2,500
2,343,435
Maryland
Economic
Development
Corp.
(RB)
5.25%,
06/30/55 (c)
2,000
2,050,961
Maryland
Economic
Development
Corp.,
CNX
Marine
Terminal,
Inc.
Port
of
Baltimore
Facility
(RB)
5.75%,
09/01/25 (c)
6,785
6,813,675
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
20
Par
(000’s)
Value
Maryland
(continued)
Maryland
Economic
Development
Corp.,
Metro
Centre
at
Owings
Mills
Project
(TA)
3.75%,
07/01/27 (c)
$
100
$
98,612
4.38%,
07/01/36 (c)
470
465,251
4.50%,
07/01/44 (c)
530
507,080
Maryland
Economic
Development
Corp.,
Port
Covington
Project
(TA)
4.00%,
09/01/40 (c)
2,250
2,094,210
4.00%,
09/01/50 (c)
3,250
2,772,257
Maryland
Economic
Development
Corp.,
Purple
Line
Light
Rail
Project,
Series
B
(RB)
5.25%,
06/30/47 (c)
5,000
5,168,888
5.25%,
06/30/52 (c)
1,085
1,115,019
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Mercy
Medical
Center,
Series
A
(RB)
4.00%,
07/01/42 (c)
400
377,564
5.00%,
07/01/38 (c)
250
255,114
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Meritus
Medical
Center
(RB)
4.00%,
07/01/30 (c)
210
210,843
4.25%,
07/01/35 (c)
145
145,538
5.00%,
07/01/33 (c)
625
638,338
5.00%,
07/01/45 (c)
1,500
1,510,886
5.00%,
07/01/40 (c)
500
504,881
Prince
George
County,
Collington
Episcopal
Life
Care
Community,
Inc.
(RB)
5.25%,
04/01/37 (c)
1,000
970,345
Prince
George's
County,
Suitland-Naylor
Road
Project
(TA)
4.75%,
07/01/36 (c)
500
503,145
49,130,796
Massachusetts
:
1.5%
Collegiate
Charter
School
of
Lowell
(RB)
5.00%,
06/15/39 (c)
365
361,121
Commonwealth
of
Massachusetts
(RB)
(BAM-
TCRS
NATL)
5.50%,
01/01/34
1,420
1,708,516
Massachusetts
Development
Finance
Agency
(RB)
5.00%,
07/01/34 (c)
1,120
1,163,664
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center
Issue
,
Series
D
(RB)
4.00%,
07/01/45 (c)
535
492,006
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center
Issue,
Series
D
(RB)
5.00%,
07/01/44 (c)
$
2,120
$
2,122,907
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center
Issue,
Series
G
(RB)
5.25%,
07/01/52 (c)
5,435
5,903,436
Massachusetts
Development
Finance
Agency,
Boston
Student
Housing
Project
(RB)
5.00%,
10/01/48 (c)
1,000
1,000,179
Massachusetts
Development
Finance
Agency,
Emerson
College
(RB)
5.00%,
01/01/35 (c)
500
505,318
Massachusetts
Development
Finance
Agency,
Emmanuel
College,
Series
A
(RB)
5.00%,
10/01/43 (c)
1,035
1,042,532
Massachusetts
Development
Finance
Agency,
Lasell
University
(RB)
4.00%,
07/01/45 (c)
2,400
1,992,500
Massachusetts
Development
Finance
Agency,
Lawrence
General
Hospital
(RB)
5.00%,
07/01/34 (c)
1,000
904,597
Massachusetts
Development
Finance
Agency,
Lawrence
General
Hospital,
Series
A
(RB)
5.25%,
07/01/34 (c)
350
323,229
Massachusetts
Development
Finance
Agency,
Linden
Ponds,
Inc.
Facility
(RB)
5.00%,
11/15/38 (c)
500
520,198
5.12%,
11/15/46 (c)
500
516,824
Massachusetts
Development
Finance
Agency,
Newbridge
on
the
Charles,
Inc.
(RB)
4.00%,
10/01/32 (c)
1,000
966,494
4.12%,
10/01/42 (c)
2,500
2,192,171
5.00%,
10/01/47 (c)
1,400
1,358,327
5.00%,
10/01/57 (c)
14,550
13,586,495
Massachusetts
Development
Finance
Agency,
South
Shore
Hospital
Issue,
Series
I
(RB)
4.00%,
07/01/36 (c)
1,500
1,464,434
Massachusetts
Development
Finance
Agency,
Springfield
College
Issue,
Series
A
(RB)
(AGM)
4.00%,
06/01/56 (c)
5
4,142
21
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
UMass
Boston
Student
Housing
Project
(RB)
5.00%,
10/01/41 (c)
$
1,930
$
1,943,256
Massachusetts
Development
Finance
Agency,
UMass
Dartmouth
Student
Housing
Project
(RB)
5.00%,
10/01/48 (c)
1,000
969,608
Massachusetts
Development
Finance
Agency,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
I
(RB)
5.00%,
07/01/46 (c)
510
516,714
5.00%,
07/01/29 (c)
190
196,800
Massachusetts
State
Development
Finance
Agency,
Wellforce
Issue,
Series
A
(RB)
5.00%,
07/01/33 (c)
1,250
1,285,780
43,041,248
Michigan
:
0.6%
Calhoun
County
Hospital
Finance
Authority,
Oaklawn
Hospital
(RB)
5.00%,
02/15/41 (c)
290
289,883
City
of
Detroit,
Michigan
Unlimited
Tax
(GO)
5.50%,
04/01/45 (c)
250
263,265
City
of
Detroit,
Michigan
Unlimited
Tax,
Series
A
(GO)
5.00%,
04/01/46 (c)
135
138,030
5.00%,
04/01/50 (c)
1,475
1,498,592
Detroit
Service
Learning
Academy,
Public
School
Academy
(RB)
(AGM)
4.00%,
07/01/41 (c)
1,000
829,316
Flint
Michigan
Hospital
Building
Authority,
Hurley
Medical
Center
(RB)
4.00%,
07/01/41 (c)
500
447,496
Flint
Michigan
Hospital
Building
Authority,
Series
B
(RB)
4.75%,
07/01/28 (c)
395
389,150
Ivywood
Classical
Academy
(RB)
6.25%,
01/01/59 (c)
1,000
993,604
Michigan
Finance
Authority,
Presbyterian
Villages
of
Michigan
(RB)
5.25%,
11/15/35 (c)
250
238,971
5.50%,
11/15/45 (c)
300
270,424
Michigan
Finance
Authority,
Public
Lighting
Authority
Local
Project,
Series
B
(RB)
5.00%,
07/01/44 (c)
3,575
3,582,197
5.00%,
07/01/39 (c)
215
215,623
Par
(000’s)
Value
Michigan
(continued)
Michigan
Finance
Authority,
Thomas
M.
Cooley
Law
School
Project
(RB)
5.00%,
07/01/34 (c)
$
795
$
798,994
Michigan
Finance
Authority,
Tobacco
Settlement
Bonds,
Series
B-2
(RB)
0.01%,
06/01/65 (c)
15,500
1,720,497
Michigan
State
Building
Authority,
Series
F
(RB)
4.00%,
10/01/24
100
100,217
Michigan
Strategic
Fund,
Evangelical
Homes
Project
(RB)
5.25%,
06/01/32 (c)
1,000
962,706
5.50%,
06/01/47 (c)
1,900
1,626,680
Michigan
Strategic
Fund,
I-75
Improvement
Project
(RB)
5.00%,
12/31/32 (c)
700
741,505
5.00%,
06/30/48 (c)
1,250
1,277,106
5.00%,
06/30/31 (c)
600
635,778
Michigan
Tobacco
Settlement
Finance
Authority,
Series
B
(RB)
0.01%,
06/01/52 (c)
260
33,184
Summit
Academy
North,
Michigan
Public
School
(RB)
4.00%,
11/01/41 (c)
1,000
842,382
17,895,600
Minnesota
:
0.8%
Chippewa
County,
Chippewa
County-Montevideo
Hospital
Project
(RB)
4.00%,
03/01/37 (c)
135
130,598
City
of
Anoka,
Homestead
at
Anoka,
Inc.
Project
(RB)
4.25%,
11/01/27 (c)
405
389,493
City
of
Brooklyn
Park,
Charter
School,
Athlos
Leadership
Academy
Project,
Series
A
(RB)
5.50%,
07/01/40 (c)
245
220,712
5.50%,
07/01/35 (c)
250
238,373
City
of
Crookston,
Health
Care
Facilities,
Riverview
Health
Project
(RB)
5.00%,
05/01/34 (c)
3,000
2,518,216
City
of
Deephaven,
Charter
School,
Eagle
Ridge
Academy
Project,
Series
A
(RB)
5.25%,
07/01/40 (c)
500
501,595
5.50%,
07/01/50 (c)
2,860
2,864,080
City
of
Forest
Lake,
International
Language
Academy,
Series
A
(RB)
(SAW)
5.38%,
08/01/50 (c)
500
486,577
City
of
Maple
Grove,
Minnesota
Health
Care
Facilities
(RB)
3.38%,
05/01/33 (c)
115
110,316
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
22
Par
(000’s)
Value
Minnesota
(continued)
City
of
St.
Louis
Park,
Place
Via
Sol
Project
(RB)
(AMBAC)
6.00%,
07/01/53 (d)
(p)
*
$
2,000
$
1,060,000
City
of
St.
Paul,
Housing
and
Redevelopment
Authority,
Series
A
(RB)
4.00%,
07/01/35 (c)
1,000
1,001,400
5.75%,
09/01/46 (c)
325
326,913
Duluth
Economic
Development
Authority
(RB)
4.00%,
07/01/41 (c)
2,255
1,777,940
Housing
&
Redevelopment
Authority
of
The
City
of
St
Paul
Minnesota
(RB)
4.00%,
11/15/43 (c)
2,000
1,866,421
Minneapolis
Minnesota
Heath
Care
System,
Fairview
Health
Services,
Series
A
(RB)
5.00%,
11/15/49 (c)
2,000
2,007,025
Minnesota
Higher
Education
Facilities
Authority,
Augsburg
College,
Series
A
(RB)
5.00%,
05/01/46 (c)
3,730
3,415,972
Minnesota
Higher
Education
Facilities
Authority,
Augsburg
College,
Series
B
(RB)
4.25%,
05/01/40 (c)
940
789,695
Minnesota
Higher
Education
Facilities
Authority,
Bethel
University
(RB)
5.00%,
05/01/47 (c)
2,000
1,832,742
Rochester
Minnesota
Health
Care
and
Housing,
Samaritan
Bethany,
Inc.,
Project,
Series
A
(RB)
5.00%,
08/01/48 (c)
1,075
865,285
Township
of
Baytown,
St.
Croix
Preparatory
Academy
Project,
Series
A
(RB)
4.00%,
08/01/36 (c)
250
226,756
Woodbury,
Minnesota
Charter
School
Lease,
Woodbury
Leadership
Academy
Project,
Series
A
(RB)
4.00%,
07/01/56 (c)
1,150
809,270
23,439,379
Mississippi
:
0.3%
Mississippi
Development
Bank,
Magnolia
Regional
Health
Center
Project
(RB)
4.00%,
10/01/41 (c)
3,500
3,016,879
5.00%,
10/01/32 (c)
1,530
1,603,386
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Baptist
Memorial
Health
Corp.,
Series
A
(RB)
5.00%,
09/01/41 (c)
3,000
3,048,963
7,669,228
Par
(000’s)
Value
Missouri
:
0.8%
Boone
County,
Boone
Hospital
Center
(RB)
3.00%,
08/01/34 (c)
$
410
$
289,144
4.00%,
08/01/38 (c)
565
399,642
City
of
Liberty,
Liberty
Commons
Project,
Series
A
(TA)
5.75%,
06/01/35 (c)
500
479,278
City
of
Nevada,
Regional
Medical
Center
(RB)
(ACA)
4.30%,
10/01/26 (c)
40
39,740
City
of
St.
Louis,
Industrial
Development
Authority,
Ballpark
Village
Development
Project,
Series
A
(RB)
4.38%,
11/15/35 (c)
250
206,577
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
(RB)
4.00%,
11/15/42 (c)
1,150
1,138,076
Health
and
Educational
Facilities
Authority,
Lutheran
Senior
Services
Projects,
Series
C
(RB)
4.00%,
02/01/42 (c)
475
408,398
I-470
Western
Gateway
Transportation
Development
District,
Series
A
(RB)
5.25%,
12/01/48 (c)
1,100
1,103,081
Kansas
City
Industrial
Development
Authority,
Methodist
Retire
Home,
Series
B
(RB)
5.00%,
11/15/46
5,352
3,823,941
Kirkwood
Industrial
Development
Authority,
Missouri
Retirement
Community,
Series
A
(RB)
5.25%,
05/15/50 (c)
4,000
3,069,635
5.25%,
05/15/37 (c)
1,500
1,294,999
Lees
Summit
Industrial
Development
Authority,
John
Knox
Village,
Series
A
(RB)
5.00%,
08/15/36 (c)
1,550
1,447,121
5.00%,
08/15/32 (c)
2,430
2,354,482
5.00%,
08/15/42 (c)
2,000
1,757,700
Missouri
State
Health
and
Educational
Facilities
Authority,
Lutheran
Senior
Services
Project,
Series
A
(RB)
5.00%,
02/01/42 (c)
3,000
2,926,992
St.
Joseph
Industrial
Development
Authority,
Missouri
Healthcare,
Series
A
(RB)
5.00%,
01/01/50 (c)
1,000
739,534
23
Par
(000’s)
Value
Missouri
(continued)
St.
Louis
County,
Industrial
Development
Authority,
Friendship
Village
St.
Louis,
Series
A
(RB)
5.00%,
09/01/38 (c)
$
500
$
488,846
St.
Louis
County,
Industrial
Development
Authority,
St.
Andrew's
Resources,
Series
A
(RB)
5.00%,
12/01/35 (c)
150
143,781
University
City
of
Missouri
Industrial
Development
Authority
of
University
City,
Missouri,
Series
A
(RB)
4.88%,
06/15/36 (c)
1,000
1,024,815
23,135,782
Montana
:
0.2%
City
of
Forsyth,
Rosebud
County,
Montana
Pollution
Control,
Series
A
(RB)
3.90%,
03/01/31 (c)
2,000
1,973,242
Montana
Facility
Finance
Authority,
Bozeman
Deaconess
Health
Services,
Series
A
(RB)
4.00%,
06/01/45 (c)
415
394,662
Montana
Facility
Finance
Authority,
Health
Care
Facilities,
Children's
Home
&
Hospital
Project,
Series
A
(RB)
4.00%,
07/01/50 (c)
1,970
1,607,336
Montana
Facility
Finance
Authority,
Kalispell
Regional
Medical
Center,
Series
B
(RB)
4.12%,
07/01/38 (c)
500
492,780
5.00%,
07/01/48 (c)
1,270
1,287,203
5,755,223
Nebraska
:
0.1%
Central
Plains
Energy
Project,
Gas
Project
Crossover
No.
3,
Series
A
(RB)
5.00%,
09/01/34
1,000
1,089,351
5.00%,
09/01/36
500
540,905
Central
Plains
Energy
Project,
Series
G
(RB)
5.00%,
05/01/53 (c)
(p)
235
246,890
1,877,146
Nevada
:
0.3%
City
of
Las
Vegas,
Special
Improvement
District
No.
814
(SA)
4.00%,
06/01/49 (c)
530
432,968
4.00%,
06/01/44 (c)
230
196,340
City
of
Reno,
Tax
Increment
Senior
Lien,
Series
C
(TA)
5.40%,
06/01/27 (c)
965
960,306
Clark
County
School
District,
Series
A
(GO)
5.00%,
06/15/26
2,000
2,096,573
Par
(000’s)
Value
Nevada
(continued)
Clark
County,
Special
Improvement
District
No.
159
(SA)
5.00%,
08/01/35 (c)
$
165
$
166,752
Director
of
the
State
of
Nevada
Department
of
Business
and
Industry,
Brightline
West
Passenger
Rail
Project,
Series
A-3
(RB)
8.12%,
01/01/50 (c)
(p)
1,000
1,012,717
Henderson
Local
Improvement
District
No.
T-18
(SA)
4.00%,
09/01/35 (c)
615
571,247
North
Las
Vegas,
Special
Improvement
District
No.
64
(SA)
4.62%,
06/01/49 (c)
225
215,611
North
Las
Vegas,
Special
Improvement
District
No.
64
(SA)
(SAW)
4.62%,
06/01/43 (c)
470
461,376
State
of
Nevada,
Department
of
Business
and
Industry,
Somerset
Academy,
Series
A
(RB)
5.00%,
12/15/35 (c)
2,000
2,006,248
5.00%,
12/15/38 (c)
400
393,387
5.00%,
12/15/48 (c)
500
461,213
5.12%,
12/15/45 (c)
1,000
959,933
9,934,671
New
Hampshire
:
0.3%
National
Finance
Authority,
Ascentria
Care
Alliance
Project
(RB)
5.00%,
07/01/51 (c)
1,220
972,748
5.00%,
07/01/56 (c)
2,000
1,558,836
National
Finance
Authority,
New
Hampshire
Resource
Recovery,
Covanta
Project,
Series
C
(RB)
4.88%,
11/01/42 (c)
3,375
3,020,732
National
Finance
Authority,
New
Hampshire,
Presbyterian
Senior
Living
Project,
Series
A
(RB)
5.25%,
07/01/48 (c)
1,000
1,030,806
National
Finance
Authority,
Springpoints
Living
Project
(RB)
4.00%,
01/01/41 (c)
1,000
831,322
National
Finance
Authority,
The
Vista
Project,
Series
A
(RB)
5.62%,
07/01/46 (c)
2,600
2,376,105
New
Hampshire
Health
and
Education
Facilities
Authority,
Hillside
Village,
Series
A
(RB)
6.12%,
07/01/52 (c)
(d)
*
808
16,155
6.12%,
07/01/37 (c)
(d)
*
1,212
24,232
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
24
Par
(000’s)
Value
New
Hampshire
(continued)
6.25%,
07/01/42 (c)
(d)
*
$
404
$
8,078
9,839,014
New
Jersey
:
2.8%
Casino
Reinvestment
Development
Authority
(RB)
5.25%,
11/01/44 (c)
8,450
8,491,410
Casino
Reinvestment
Development
Authority,
Luxury
Tax
(RB)
5.25%,
11/01/39 (c)
1,410
1,419,973
City
of
Atlantic
City,
New
Jersey
Tax
Appeal
(GO)
5.00%,
12/01/24 (c)
65
64,907
New
Jersey
Economic
Development
Authority,
Bancroft
Neurohealth
Project,
Series
A
(RB)
5.00%,
06/01/36 (c)
470
447,908
New
Jersey
Economic
Development
Authority,
Continental
Airlines,
Inc.
Project
(RB)
5.25%,
09/15/29 (c)
1,645
1,648,449
5.50%,
06/01/33 (c)
60
60,653
5.62%,
11/15/30 (c)
2,035
2,056,431
5.62%,
11/15/30 (c)
285
288,001
5.75%,
09/15/27 (c)
725
725,398
New
Jersey
Economic
Development
Authority,
Kapkowski
Road
Landfill
Reclamation
Improvement
District
Project
(SA)
5.75%,
04/01/31
55
55,437
New
Jersey
Economic
Development
Authority,
Lions
Gate
Project
(RB)
4.88%,
01/01/29 (c)
655
644,466
5.00%,
01/01/34 (c)
500
492,307
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
A
(RB)
4.00%,
07/01/32 (c)
1,640
1,668,860
4.00%,
07/01/34 (c)
2,000
2,022,793
5.00%,
07/01/33 (c)
4,640
4,820,176
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
A
(RB)
(BAM)
5.00%,
07/01/28 (c)
2,500
2,652,009
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
B
(RB)
(XLCA)
0.00%,
07/01/26 ^
515
472,952
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
New
Jersey
Transit
Corp.
Project,
Series
B
(RB)
4.00%,
11/01/25
$
120
$
122,193
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
AAA
(RB)
5.00%,
06/15/35 (c)
725
772,586
5.00%,
06/15/36 (c)
305
325,019
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
BBB
(RB)
5.50%,
06/15/29 (c)
165
178,096
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
EEE
(RB)
5.00%,
06/15/48 (c)
2,880
2,992,939
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
LLL
(RB)
5.00%,
06/15/38 (c)
600
652,123
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
MMM
(RB)
4.00%,
06/15/35 (c)
500
518,114
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
PP
(RB)
5.00%,
06/15/26 (c)
100
100,562
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
QQQ
(RB)
4.00%,
06/15/49 (c)
1,705
1,645,574
4.00%,
06/15/40 (c)
600
607,685
4.00%,
06/15/35 (c)
700
731,406
4.00%,
06/15/38 (c)
600
614,975
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
WW
(RB)
5.00%,
06/15/35 (c)
680
699,004
5.00%,
06/15/37 (c)
630
647,606
5.25%,
06/15/28 (c)
435
446,599
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
XX
(RB)
4.38%,
06/15/27 (c)
420
426,477
5.00%,
06/15/26 (c)
105
107,935
25
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
The
Goethals
Bridge
Replacement
Project
(RB)
5.12%,
01/01/34 (c)
$
350
$
350,174
5.38%,
01/01/43 (c)
2,900
2,908,703
5.50%,
01/01/27 (c)
500
500,521
New
Jersey
Economic
Development
Authority,
West
Campus
Housing,
LLC,
Series
A
(RB)
4.12%,
07/01/30 (c)
150
138,285
New
Jersey
Educational
Facilities
Authority,
Higher
Educational
Capital
Improvement,
Series
A
(RB)
5.00%,
09/01/26 (c)
330
333,465
New
Jersey
Educational
Facilities
Authority,
Rider
University,
Series
F
(RB)
5.00%,
07/01/47 (c)
490
414,109
New
Jersey
Educational
Facilities
Authority,
The
College
of
saint
Elizabeth
Issue,
Series
D
(RB)
5.00%,
07/01/46 (c)
2,500
2,262,389
New
Jersey
Health
Care
Facilities
Financing
Authority,
Hospital
Asset
Transformation
Program
(RB)
5.00%,
10/01/28 (c)
500
537,969
New
Jersey
Transportation
Trust
Fund
Authority,
Series
A
(RB)
0.00%,
12/15/25 ^
230
215,228
0.00%,
12/15/25 ^
270
252,659
0.01%,
12/15/33
5
3,570
5.00%,
12/15/26
5
5,296
5.00%,
12/15/28
200
220,456
5.00%,
12/15/39 (c)
385
416,901
New
Jersey
Transportation
Trust
Fund
Authority,
Series
AA
(RB)
4.75%,
06/15/35 (c)
150
152,873
5.00%,
06/15/46 (c)
340
343,533
5.25%,
06/15/41 (c)
505
514,162
New
Jersey
Transportation
Trust
Fund
Authority,
Series
C
(RB)
(AMBAC)
0.00%,
12/15/25 ^
250
233,943
0.00%,
12/15/28 ^
185
157,736
New
Jersey
Transportation
Trust
Fund
Authority,
Series
C
(RB)
(NATL)
0.01%,
12/15/31
365
280,456
Par
(000’s)
Value
New
Jersey
(continued)
Newark
Housing
Port
Authority,
Marine
Terminal
Redevelopment
Project
(RB)
(NATL)
5.25%,
01/01/27
$
100
$
105,350
South
Jersey
Port
Corp.,
Marine
Terminal,
Series
B
(RB)
5.00%,
01/01/34 (c)
360
380,346
Tobacco
Settlement
Financing
Corp.,
Series
A
(RB)
5.00%,
06/01/46 (c)
18,290
18,645,077
5.25%,
06/01/46 (c)
2,675
2,763,599
Tobacco
Settlement
Financing
Corp.,
Series
B
(RB)
5.00%,
06/01/46 (c)
8,530
8,679,177
80,437,000
New
Mexico
:
0.1%
New
Mexico
Hospital
Equipment
Loan
Council,
Haverland
Carter
Lifestyle
Group
-LA
Vida
Llena
Expansion
Project,
Series
A
(RB)
5.00%,
07/01/49 (c)
3,480
2,783,696
Underline
New
York
:
11.1%
Brooklyn
Arena
Local
Development
Corp.,
Barclays
Center
(RB)
0.00%,
07/15/33 ^
370
252,576
0.00%,
07/15/47 ^
180
56,787
0.01%,
07/15/32
395
281,921
Brooklyn
Arena
Local
Development
Corp.,
Barclays
Center,
Series
A
(RB)
5.00%,
07/15/42 (c)
9,515
9,618,742
5.00%,
07/15/26
345
355,827
Build
NYC
Resource
Corp.
(RB)
4.00%,
08/01/42 (c)
1,310
1,234,768
Build
NYC
Resource
Corp.,
Albert
Einstein
School
of
Medicine,
Inc.,
Project
(RB)
5.50%,
09/01/45 (c)
4,820
4,824,805
Build
NYC
Resource
Corp.,
Brooklyn
Navy
Yard
Cogeneration
Partners,
L.P.
Project
(RB)
5.00%,
12/31/28
5,005
4,739,448
5.25%,
12/31/33 (c)
9,700
8,810,197
Build
NYC
Resource
Corp.,
East
Harlem
Scholars
Academy
Charter
School
Project
(RB)
5.75%,
06/01/42 (c)
1,000
1,040,193
Build
NYC
Resource
Corp.,
Kipp
NYC
Public
School
Facilities
-
Canal
West
Project
(RB)
5.25%,
07/01/52 (c)
1,000
1,043,119
5.25%,
07/01/57 (c)
1,000
1,038,775
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
26
Par
(000’s)
Value
New
York
(continued)
Build
NYC
Resource
Corp.,
Richmond
University
Medical
Center
Project,
Series
A
(RB)
5.62%,
12/01/50 (c)
$
1,200
$
1,118,644
Build
NYC
Resource
Corp.,
Shefa
School
Project,
Series
A
(RB)
(SAW)
5.00%,
06/15/51 (c)
4,750
4,178,471
Build
NYC
Resource
Corp.,
Unity
Preparatory
Charter
School
of
Brooklyn
Project,
Series
A
(RB)
5.50%,
06/15/63 (c)
1,000
996,729
City
of
Troy
Capital
Resource
Corp.,
Series
A
(RB)
4.00%,
09/01/40 (c)
1,250
1,252,451
County
of
Suffolk,
Series
D
(GO)
(BAM)
4.00%,
10/15/29 (c)
1,000
1,041,516
Dutchess
County
Local
Development
Corp.,
Bard
College
Project,
Series
A
(RB)
5.00%,
07/01/51 (c)
3,370
3,416,865
5.00%,
07/01/40 (c)
1,500
1,557,756
5.00%,
07/01/45 (c)
1,000
1,025,681
Erie
Tobacco
Asset
Securitization
Corp.,
Series
A
(RB)
5.00%,
06/01/38 (c)
5
4,919
5.00%,
06/01/45 (c)
2,000
1,933,658
Metropolitan
Transportation
Authority
(RB)
4.25%,
11/15/42 (c)
990
990,005
Monroe
County
Industrial
Development
Corp.,
Rochester
regional
Health
Project,
Series
A
(RB)
3.00%,
12/01/40 (c)
5
3,838
Monroe
County
Industrial
Development
Corp.,
Rochester
Regional
Health
Project,
Series
A
(RB)
4.00%,
12/01/35 (c)
2,100
2,102,090
5.00%,
12/01/31 (c)
500
532,183
Nassau
County
Tobacco
Settlement
Corp.,
Series
A-3
(RB)
5.12%,
06/01/46 (c)
2,905
2,758,518
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
F
(RB)
4.50%,
02/15/48 (c)
2,500
2,472,121
New
York
City
Industrial
Development
Agency,
Airport
Facilities,
Series
A
(RB)
5.00%,
07/01/28 (c)
1,725
1,725,541
New
York
Counties
Tobacco
Trust
IV,
Series
A
(RB)
3.75%,
06/01/45 (c)
500
401,110
Par
(000’s)
Value
New
York
(continued)
5.00%,
06/01/42 (c)
$
7,335
$
7,103,496
5.00%,
06/01/45 (c)
785
743,552
New
York
Counties
Tobacco
Trust
IV,
Series
E
(RB)
0.00%,
06/01/55 (c)
^
5
437
New
York
Counties
Tobacco
Trust
VI,
Series
A-2B
(RB)
5.00%,
06/01/45 (c)
1,270
1,221,574
New
York
Liberty
Development
Corp.,
3
World
Trade
Center
Project
(RB)
5.38%,
11/15/40 (c)
10,000
10,009,416
New
York
Liberty
Development
Corp.,
Bank
of
America
Tower
at
One
Bryant
Park
Project,
Series
3
(RB)
2.80%,
09/15/69 (c)
7,000
6,357,253
New
York
Liberty
Development
Corp.,
Goldman
Sachs
Headquarters
LLC
(RB)
5.25%,
10/01/35
3,000
3,537,281
New
York
State
Dormitory
Authority
(RB)
(AGM)
5.00%,
07/01/43 (c)
2,375
2,497,521
New
York
State
Dormitory
Authority,
CUNY
Student
Housing
Project
(RB)
(AMBAC)
5.50%,
07/01/35
480
535,250
New
York
State
Dormitory
Authority,
Fit
Student
Housing
Corp.
(RB)
(NATL)
5.25%,
07/01/31
150
157,791
New
York
State
Dormitory
Authority,
Fordham
University,
Series
A
(RB)
5.00%,
07/01/41 (c)
1,550
1,600,538
New
York
State
Dormitory
Authority,
Montefiore
Obligated
Group,
Series
A
(RB)
5.00%,
08/01/27
1,000
1,032,190
New
York
State
Dormitory
Authority,
New
School,
Series
A
(RB)
5.00%,
07/01/46 (c)
2,500
2,541,313
New
York
State
Dormitory
Authority,
Series
A
(RB)
5.00%,
07/01/31 (c)
1,370
1,427,775
New
York
State
Dormitory
Authority,
Yeshiva
University,
Series
A
(RB)
5.00%,
07/15/50 (c)
1,000
1,003,869
New
York
Transportation
Development
Corp.
(RB)
5.38%,
06/30/60 (c)
10,000
10,471,133
New
York
Transportation
Development
Corp.
(RB)
(AGM)
5.00%,
12/01/32
4,000
4,423,598
27
Par
(000’s)
Value
New
York
(continued)
New
York
Transportation
Development
Corp.,
American
Airlines,
Inc.
John
F.
Kennedy
International
Airport
Project
(RB)
5.00%,
08/01/31 (c)
$
9,640
$
9,640,211
5.00%,
08/01/26 (c)
5,010
5,011,269
5.25%,
08/01/31 (c)
8,005
8,422,553
5.38%,
08/01/36 (c)
2,000
2,084,123
New
York
Transportation
Development
Corp.,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project
(RB)
4.00%,
01/01/36 (c)
2,750
2,703,712
4.38%,
10/01/45 (c)
20,000
19,566,926
5.00%,
01/01/33 (c)
5,230
5,392,673
5.00%,
01/01/32 (c)
1,300
1,340,828
5.00%,
10/01/40 (c)
13,300
13,614,718
5.62%,
04/01/40 (c)
7,895
8,567,638
6.00%,
04/01/35 (c)
6,000
6,744,197
New
York
Transportation
Development
Corp.,
Delta
Air
Lines,
Inc.,
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project
(RB)
4.00%,
10/01/30
8,665
8,664,788
5.00%,
01/01/31 (c)
610
629,300
5.00%,
01/01/30 (c)
4,600
4,746,461
5.00%,
10/01/35 (c)
16,150
16,953,231
New
York
Transportation
Development
Corp.,
John
F.
Kennedy
International
Airport
Project
(RB)
3.00%,
08/01/31
5,765
5,294,934
New
York
Transportation
Development
Corp.,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
A
(RB)
4.00%,
07/01/31 (c)
1,000
985,947
5.00%,
07/01/46 (c)
10,130
10,131,290
5.00%,
07/01/30 (c)
420
421,313
5.00%,
07/01/41 (c)
11,445
11,451,308
5.00%,
07/01/34 (c)
4,230
4,242,395
5.25%,
01/01/50 (c)
12,720
12,732,088
New
York
Transportation
Development
Corp.,
Terminal
4
John
F.
Kennedy
International
Airport
Project
(RB)
5.00%,
12/01/42 (c)
1,000
1,047,989
5.00%,
12/01/39 (c)
1,000
1,065,400
5.00%,
12/01/41 (c)
1,000
1,052,179
Par
(000’s)
Value
New
York
(continued)
New
York
Transportation
Development
Corp.,
Terminal
4
John
F.
Kennedy
International
Airport
Project
(RB)
(AGM)
5.00%,
12/01/30
$
5,000
$
5,446,519
Niagara
Area
Development
Corp.,
New
York
Solid
Waste
Disposal
Facility,
Series
A
(RB)
4.75%,
11/01/42 (c)
2,250
1,981,937
Otsego
County
Capital
Resource
Corp.,
Hartwick
College
Project,
Series
A
(RB)
5.00%,
10/01/45 (c)
355
279,698
Suffolk
Tobacco
Asset
Securitization
Corp.,
Series
B-2
(RB)
0.01%,
06/01/66 (c)
10,515
1,211,817
TSASC,
Inc.,
Tobacco
Settlement
Bonds,
Series
B
(RB)
5.00%,
06/01/45 (c)
18,780
17,320,011
5.00%,
06/01/48 (c)
2,000
1,821,669
Ulster
County
Capital
Resource
Corp.,
Woodland
Pond
of
New
Paltz
Project
(RB)
4.00%,
09/15/25 (c)
330
317,296
5.00%,
09/15/37 (c)
400
324,386
5.25%,
09/15/53 (c)
180
130,436
Westchester
County
Local
Development
Corp.,
Medical
Center
(RB)
5.00%,
11/01/46 (c)
3,000
2,848,437
Westchester
County
Local
Development
Corp.,
Pace
University,
Series
A
(RB)
5.50%,
05/01/42 (c)
5,000
5,007,622
Westchester
Tobacco
Asset
Securitization
Corp.,
Series
B
(RB)
5.00%,
06/01/41 (c)
200
205,145
Westchester
Tobacco
Asset
Securitization
Corp.,
Series
C
(RB)
5.00%,
06/01/45 (c)
4,575
4,574,735
Yonkers
Economic
Development
Corp.,
Charter
School
of
Educational
Excellence
Project,
Series
A
(RB)
5.00%,
10/15/54 (c)
275
257,794
Yonkers
Economic
Development
Corp.,
Charter
School
of
Educational
Excellence
Project,
Series
A
(RB)
(AGM)
5.00%,
10/15/39 (c)
315
316,061
320,024,275
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
28
Par
(000’s)
Value
North
Carolina
:
0.7%
North
Carolina
Department
of
Transportation,
I-77
Hot
Lanes
Project
(RB)
5.00%,
12/31/37 (c)
$
1,000
$
1,012,248
North
Carolina
Medical
Care
Commission
Health
Care
Facilities
First
Mortgage,
Pennybyrn
at
Maryfield
(RB)
5.00%,
10/01/30 (c)
1,000
993,783
5.00%,
10/01/35 (c)
1,770
1,724,114
North
Carolina
Medical
Care
Commission
Health
Care
Facilities,
Series
A
(RB)
4.00%,
07/01/49 (c)
205
197,357
North
Carolina
Medical
Care
Commission,
Pennybyrn
at
Maryfield
(RB)
5.00%,
10/01/25
60
60,023
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
(RB)
4.70%,
07/01/37 (c)
550
463,114
5.00%,
10/01/31 (c)
3,530
3,494,349
5.00%,
10/01/37 (c)
250
234,880
North
Carolina
Medical
Care
Commission,
Retirement
Facilities,
Series
A
(RB)
5.00%,
10/01/30 (c)
165
162,058
North
Carolina
Medical
Care
Commission,
Retirement
Facilities,
Series
A
(RB)
(AGM)
5.00%,
07/01/49 (c)
385
332,406
North
Carolina
Medical
Care
Commission,
Salemtowne
Project
(RB)
5.25%,
10/01/37 (c)
465
434,395
North
Carolina
Turnpike
Authority
(RB)
(AGM)
4.00%,
01/01/55 (c)
3,625
3,557,706
North
Carolina
Turnpike
Authority
Triangle
Expressway
System
Senior
Lien
(RB)
5.00%,
01/01/40 (c)
5,000
5,253,691
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
5.00%,
01/01/30 (c)
1,000
1,048,431
5.00%,
01/01/49 (c)
1,430
1,489,689
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
(AGM)
5.00%,
01/01/32 (c)
100
109,759
20,568,003
North
Dakota
:
0.3%
City
of
Grand
Forks
ND
(RB)
(AGM)
5.00%,
12/01/53 (c)
2,000
2,114,849
Par
(000’s)
Value
North
Dakota
(continued)
City
of
Grand
Forks,
Altru
Health
System
(RB)
5.00%,
12/01/32 (c)
$
2,000
$
2,123,628
City
of
Grand
Forks,
Altru
Health
System
(RB)
(AGM)
4.00%,
12/01/41 (c)
1,000
915,691
City
of
Williston,
Eagle
Crest
Apartments
LLC
Project
(RB)
6.25%,
09/01/23 (d)
*
607
424,672
7.75%,
09/01/38 (c)
(d)
*
1,268
887,322
County
of
Grand
Forks,
Red
River
Biorefinery,
LLC
Project,
Series
A
(RB)
7.00%,
12/15/43 (c)
(d)
*
5,500
165,000
Ward
County,
North
Dakota
Health
Care
Facilities,
Series
C
(RB)
5.00%,
06/01/43 (c)
1,000
880,828
7,511,990
Ohio
:
3.5%
Akron
Bath
Copley
Joint
Township
Hospital
District,
Summa
Health
System
(RB)
5.25%,
11/15/46 (c)
5,000
5,067,105
5.25%,
11/15/41 (c)
500
510,426
American
Municipal
Power,
Inc.,
Prairie
State
Energy
Campus
Project,
Series
A
(RB)
5.00%,
02/15/39 (c)
1,585
1,585,881
Brunswick
City
School
District,
Classroom
Facilities
and
School
Improvement
(GO)
(BAM)
5.25%,
12/01/53 (c)
2,000
2,164,867
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
B-2
(RB)
5.00%,
06/01/55 (c)
26,075
24,655,688
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
B-3
(RB)
0.01%,
06/01/57 (c)
101,000
10,359,358
Centerville
Ohio
Health
Care,
Graceworks
Lutheran
Services
(RB)
5.25%,
11/01/47 (c)
1,000
904,438
Cleveland
Cuyahoga
County,
Port
Authority
Cultural
Facility,
Playhouse
Square
Foundation
Project
(RB)
5.00%,
12/01/28
700
713,735
Columbus-Franklin
County
Finance
Authority,
Ohio
Dominican
University
Project
(RB)
(SBG)
6.50%,
03/01/48 (c)
3,800
2,711,647
County
of
Allen
OH
Hospital
Facilities
Revenue
(RB)
4.00%,
11/01/44 (c)
2,160
2,159,464
29
Par
(000’s)
Value
Ohio
(continued)
County
of
Butler
(RB)
5.00%,
11/15/32 (c)
$
1,035
$
1,065,493
County
of
Cuyahoga,
Ohio
Convention
Hotel
Project
(CP)
5.00%,
12/01/25 (c)
1,805
1,813,254
County
of
Cuyahoga,
Ohio
Hospital,
The
Metrohealth
System
(RB)
4.75%,
02/15/47 (c)
340
333,119
5.25%,
02/15/47 (c)
10,000
10,089,740
5.50%,
02/15/57 (c)
3,000
3,036,956
5.50%,
02/15/52 (c)
1,225
1,244,615
County
of
Montgomery,
Premier
Health
Partners
Obligated
Group,
Series
A
(RB)
4.00%,
11/15/42 (c)
3,940
3,659,028
4.00%,
11/15/45 (c)
2,250
2,032,754
Muskingum
County,
Ohio
Hospital
Facilities,
Genesis
HealthCare
System
Project
(RB)
5.00%,
02/15/44 (c)
1,750
1,637,404
5.00%,
02/15/33 (c)
490
489,987
Ohio
Air
Quality
Development
Authority,
AMG
Vanadium
Project
(RB)
5.00%,
07/01/49 (c)
11,000
10,013,527
Ohio
Air
Quality
Development
Authority,
Dayton
Co.
Project,
Series
B
(RB)
4.25%,
11/01/40 (p)
1,000
1,003,496
Ohio
Air
Quality
Development
Authority,
Duke
Energy
Corp.
Project,
Series
B
(RB)
4.25%,
11/01/39 (p)
1,000
1,010,632
Ohio
Air
Quality
Development
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
A
(RB)
3.25%,
09/01/29
2,750
2,642,113
Ohio
Airport
Special
Revenue,
Continental
Airlines,
Inc.
Project
(RB)
5.38%,
09/15/27 (c)
5,000
5,000,625
Ohio
University,
A
State
University
of
Ohio,
Series
A
(RB)
5.00%,
12/01/45 (c)
1,250
1,292,000
Southeastern
Ohio
Port
Authority,
Hospital
Facilities
Revenue,
Memorial
Health
System
Obligated
Group
Project
(RB)
5.00%,
12/01/35 (c)
245
229,917
5.00%,
12/01/43 (c)
1,240
1,055,866
5.50%,
12/01/43 (c)
70
65,631
Par
(000’s)
Value
Ohio
(continued)
Washington
County,
Ohio
Hospital
Facilities,
Memorial
Health
System
(RB)
6.75%,
12/01/52 (c)
$
2,235
$
2,375,927
100,924,693
Oklahoma
:
1.3%
Atoka
Industrial
Development
Authority
Solid
Waste
Disposal
Facilities,
Gladieux
Metals
Recycling
Oklahoma,
LLC
Project
(RB)
8.00%,
08/01/39 (c)
1,000
1,018,148
Norman
Regional
Hospital
Authority
(RB)
3.25%,
09/01/38 (c)
340
275,417
4.00%,
09/01/37 (c)
2,365
2,151,983
4.00%,
09/01/45 (c)
1,000
855,464
Oklahoma
Development
Finance
Authority,
Oklahoma
City
University
Project
(RB)
5.00%,
08/01/44 (c)
4,305
4,310,060
Oklahoma
Development
Finance
Authority,
OU
Medicine
Project,
Series
B
(RB)
5.00%,
08/15/33 (c)
700
703,148
5.25%,
08/15/43 (c)
2,900
2,902,995
5.25%,
08/15/48 (c)
8,000
7,942,819
Oklahoma
Development
Finance
Authority,
OU
Medicine
Project,
Series
B
(RB)
(AGM)
5.50%,
08/15/57 (c)
6,290
6,333,341
5.50%,
08/15/52 (c)
1,300
1,311,117
Rogers
County
Industrial
Development
Authority
(RB)
3.62%,
04/01/40 (c)
375
357,400
Tulsa
Airports
Improvement
Trust
(RB)
5.50%,
06/01/35 (c)
5,000
5,000,665
Tulsa
Municipal
Airport
Trust,
American
Airlines,
Inc.
(RB)
5.00%,
06/01/35 (c)
(p)
4,455
4,462,280
37,624,837
Oregon
:
0.2%
Multnomah
County,
Oregon
Hospital
Facilities
Authority,
PArkview
Project,
Series
A
(RB)
(AGM)
4.00%,
12/01/36 (c)
1,000
867,344
Oregon
State
Facilities
Authority
(RB)
5.00%,
10/01/35 (c)
2,260
2,330,357
Oregon
State
Facilities
Authority,
Samaritan
Health
Services
Project
(RB)
5.00%,
10/01/46 (c)
1,000
1,008,928
4,206,629
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
30
Par
(000’s)
Value
Pennsylvania
:
4.5%
Allegheny
County
Airport
Authority,
Pittsburgh
International
Airport,
Series
A
(RB)
(AGM)
5.50%,
01/01/48 (c)
$
1,410
$
1,563,624
Allentown
Neighborhood
Improvement
Zone
Development
Authority
(RB)
5.00%,
05/01/42 (c)
2,000
2,006,654
5.00%,
05/01/32 (c)
250
255,763
5.00%,
05/01/28
670
677,591
5.00%,
05/01/28
1,000
1,036,639
5.00%,
05/01/33 (c)
250
257,239
5.00%,
05/01/42 (c)
4,245
4,261,519
5.38%,
05/01/42 (c)
4,000
3,962,756
Berks
County
Industrial
Development
Authority,
Tower
Health
Project
(RB)
5.00%,
11/01/24
500
380,926
5.00%,
11/01/26
120
76,270
5.00%,
11/01/28 (c)
470
259,530
5.00%,
11/01/30 (c)
1,000
527,200
5.00%,
11/01/34 (c)
110
56,921
Berks
County
Municipal
Authority,
Reading
Hospital
and
Medical
Center
Project,
Series
A
(RB)
5.00%,
11/01/44 (c)
1,000
518,046
Berks
County
Municipal
Authority,
Tower
Health
Project
(RB)
4.00%,
11/01/47 (c)
3,425
1,776,476
Berks
County
Municipal
Authority,
Tower
Health
Project,
Series
A
(RB)
5.00%,
02/01/27
1,000
617,859
5.00%,
02/01/30
860
457,690
Berks
County
Municipal
Authority,
Tower
Health
Project,
Series
B-2
(RB)
5.00%,
02/01/40 (c)
(p)
6,000
3,707,156
Butler
County
Hospital
Authority,
Butler
Health
System
Project,
Series
A
(RB)
5.00%,
07/01/39 (c)
1,465
1,466,347
Central
Texas
Regional
Mobility
Authority,
Subordinated
Lien,
Series
G
(RB)
6.00%,
10/01/48 (c)
1,000
987,231
Chester
County
Health
and
Education
Facilities
Authority,
Immaculata
University
Project
(RB)
5.00%,
11/01/46 (c)
430
347,356
Chester
County
Health
and
Education
Facilities
Authority,
Simpson
Senior
Services
Project,
Series
A
(RB)
5.25%,
12/01/45 (c)
440
299,045
Par
(000’s)
Value
Pennsylvania
(continued)
Chester
County
Industrial
Development
Authority
(RB)
5.25%,
10/15/47 (c)
$
1,250
$
1,146,880
Chester
County
Industrial
Development
Authority,
Woodland
at
Greystone
Project
(SA)
5.00%,
03/01/38 (c)
1,200
1,196,035
5.12%,
03/01/48 (c)
1,897
1,823,379
County
of
Cumberland,
Diakon
Lutheran
Social
Ministries
(RB)
4.00%,
01/01/33 (c)
185
178,395
Crawford
County
Hospital
Authority,
Meadville
Medical
Center
Project,
Series
A
(RB)
6.00%,
06/01/51 (c)
345
349,105
6.00%,
06/01/46 (c)
440
447,718
Cumberland
County
Municipal
Authority
(RB)
5.00%,
01/01/45 (c)
3,000
2,658,111
Delaware
County
Industrial
Development
Authority,
Chester
Community
Charter
School
Project,
Series
A
(RB)
5.12%,
06/01/46 (c)
395
371,225
Delaware
Valley,
Pennsylvania
Regional
Finance
Authority,
Series
A
(RB)
(AMBAC)
5.50%,
08/01/28
2,880
3,180,392
Erie
Pennsylvania
Higher
Education
Building
Authority,
Mercyhurst
University
Project
(RB)
5.00%,
09/15/37 (c)
1,000
945,116
Franklin
County
Industrial
Development
Authority,
Menno-Haven,
Inc.
Project
(RB)
5.00%,
12/01/49 (c)
500
408,286
5.00%,
12/01/54 (c)
215
169,431
Lancaster
County
Hospital
Authority,
Brethren
Village
Project
(RB)
5.12%,
07/01/37 (c)
1,000
946,537
Lancaster
County
Hospital
Authority,
St.
Anne's
Retirement
Community,
Inc.
Project
(RB)
5.00%,
03/01/45 (c)
310
257,329
5.00%,
03/01/40 (c)
425
369,624
5.00%,
03/01/50 (c)
425
342,233
McCandless
Industrial
Development
Authority,
LA
Roche
University
Project,
Series
A
(RB)
6.75%,
12/01/46 (c)
1,000
954,096
31
Par
(000’s)
Value
Pennsylvania
(continued)
Montgomery
County
Higher
Education
and
Health
Authority,
Holy
Redeemer
Health
System,
Series
A
(RB)
5.00%,
10/01/40 (c)
$
5,150
$
4,949,251
Montgomery
County
Higher
Education
and
Health
Authority,
Presbytery
Homes,
Inc.
Project
(RB)
5.00%,
12/01/47 (c)
2,000
1,890,756
Montgomery
County
Higher
Education
and
Health
Authority,
Thomas
Jefferson
University,
Series
B
(RB)
5.00%,
05/01/47 (c)
4,800
5,073,215
Montgomery
County
Industrial
Development
Authority,
Series
A
(RB)
4.10%,
04/01/53 (p)
2,500
2,555,675
Montgomery
County
Industrial
Development
Authority,
Whitemarsh
Continuing
Care
Retirement
Community
Project
(RB)
5.00%,
01/01/30 (c)
150
146,841
5.25%,
01/01/40 (c)
870
796,973
Moon
Industrial
Development
Authority,
Baptist
Homes
Society
(RB)
5.62%,
07/01/30 (c)
300
268,230
6.00%,
07/01/45 (c)
590
441,890
Northampton
County
Industrial
Development
Authority,
Morningstar
Senior
Living,
Inc.
Project
(RB)
5.00%,
11/01/39 (c)
1,000
917,071
Pennsylvania
Economic
Development
Financing
Authority,
Tapestry
Moon
Senior
Housing
Project,
Series
A
(RB)
6.50%,
12/01/38 (c)
(d)
*
3,040
1,159,000
6.75%,
12/01/53 (c)
(d)
*
6,470
2,466,687
Pennsylvania
Economic
Development
Financing
Authority,
The
Penndot
Major
Bridges
Package
One
Project
(RB)
5.25%,
06/30/53 (c)
3,000
3,188,511
5.50%,
06/30/40 (c)
3,000
3,369,759
5.50%,
06/30/43 (c)
2,500
2,769,876
5.75%,
06/30/48 (c)
6,000
6,680,603
6.00%,
06/30/61 (c)
6,000
6,786,119
Pennsylvania
Economic
Development
Financing
Authority,
The
Pennsylvania
Rapid
Bridge
Replacement
Project
(RB)
5.00%,
12/31/25
1,105
1,127,277
Par
(000’s)
Value
Pennsylvania
(continued)
5.00%,
12/31/26 (c)
$
1,485
$
1,519,517
5.00%,
12/31/28 (c)
575
589,153
5.00%,
06/30/42 (c)
6,945
6,991,810
5.00%,
12/31/30 (c)
410
420,384
Pennsylvania
Higher
Educational
Facilities
Authority
(RB)
5.00%,
11/01/42 (c)
1,100
1,100,362
Pennsylvania
Higher
Educational
Facilities
Authority,
La
Salle
University
(RB)
5.00%,
05/01/37 (c)
1,915
1,551,837
5.00%,
05/01/42 (c)
1,000
754,339
Pennsylvania
Turnpike
Commission,
Series
B
(RB)
(BAM)
4.00%,
12/01/39 (c)
2,840
2,900,917
Philadelphia
Authority
for
Industrial
Development,
First
Philadelphia
Preparatory
Charter
School
Project,
Series
A
(RB)
7.25%,
06/15/43 (c)
1,000
1,010,877
Philadelphia
Authority
for
Industrial
Development,
Greater
Philadelphia
Health
Action,
Inc.
Project,
Series
A
(RB)
6.38%,
06/01/40 (c)
440
440,145
6.50%,
06/01/45 (c)
440
440,115
6.62%,
06/01/50 (c)
415
415,393
Philadelphia
Authority
for
Industrial
Development,
Independence
Charter
School
West
Project
(RB)
5.00%,
06/15/39 (c)
355
336,722
Philadelphia
Authority
for
Industrial
Development,
Independence
Charter
School
West
Project
(RB)
(SAW)
4.00%,
06/15/29 (c)
350
333,045
Philadelphia
Authority
for
Industrial
Development,
KIPP
Philadelphia
Charter
School
Project,
Series
B
(RB)
(AGM)
5.00%,
04/01/46 (c)
1,000
908,945
Philadelphia
Authority
for
Industrial
Development,
LA
Salle
University
(RB)
4.00%,
05/01/42 (c)
2,000
1,311,498
Philadelphia
Authority
for
Industrial
Development,
Performing
Arts,
String
Theory
Charter
School
Project
(RB)
5.00%,
06/15/40 (c)
500
502,678
5.00%,
06/15/50 (c)
1,000
970,015
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
32
Par
(000’s)
Value
Pennsylvania
(continued)
Philadelphia
Authority
for
Industrial
Development,
Temple
University
(RB)
5.00%,
04/01/29 (c)
$
3,000
$
3,058,195
Philadelphia
Authority
for
Industrial
Development,
Temple
University,
First
Series
(RB)
5.00%,
04/01/40 (c)
5,695
5,768,962
Philadelphia
Authority
for
Industrial
Development,
Wesley
Enhanced
Living
Obligation
Group,
Series
A
(RB)
5.00%,
07/01/32 (c)
735
680,502
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Temple
University
Health
System
(RB)
5.00%,
07/01/33 (c)
1,000
1,031,068
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Temple
University
Health
System,
Series
A
(RB)
5.00%,
07/01/32 (c)
220
226,888
5.00%,
07/01/31 (c)
1,240
1,279,070
Philadelphia,
Pennsylvania
Hospital
&
Higher
Education
Facilities
Authority,
Temple
University
Health
System
Obligation
Group
(RB)
(AGM)
5.00%,
07/01/37 (c)
2,470
2,708,547
Reading
Pennsylvania
School
District
(GO)
(AGM)
5.00%,
03/01/37 (c)
1,535
1,596,648
Scranton-Lackawanna,
Pennsylvania
Health
and
Welfare
Authority
(RB)
5.00%,
06/01/36 (c)
1,500
1,432,077
The
School
District
of
Philadelphia,
Se
(GO)
(SAW)
5.00%,
09/01/26
3,000
3,147,408
129,258,581
Puerto
Rico
:
8.3%
Cofina
Class
2
Trust
(RB)
(AMBAC)
0.00%,
08/01/47 ^
80
23,262
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority,
Series
A
(RB)
4.00%,
07/01/42 (c)
7,365
6,691,775
5.00%,
07/01/47 (c)
15,000
15,072,867
5.00%,
07/01/30
7,500
7,744,588
5.00%,
07/01/37 (c)
6,290
6,437,200
6.12%,
07/01/24
55
55,426
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority,
Series
B
(RB)
5.00%,
07/01/29
3,000
3,091,592
Par
(000’s)
Value
Puerto
Rico
(continued)
5.00%,
07/01/37 (c)
$
3,365
$
3,435,893
Puerto
Rico
Commonwealth,
Series
A-1
(GO)
4.00%,
07/01/41 (c)
8,260
7,558,911
Puerto
Rico
Commonwealth,
Series
A-1
(GO)
(BAM-TCRS)
4.00%,
07/01/33 (c)
13,570
13,195,672
4.00%,
07/01/37 (c)
9,500
8,933,811
4.00%,
07/01/35 (c)
8,573
8,200,752
5.75%,
07/01/31
10,055
11,221,545
Puerto
Rico
Industrial,
Tourist,
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority,
Series
A
(RB)
6.62%,
06/01/26 (c)
(d)
*
100
70,000
Puerto
Rico
Industrial,
Tourist,
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority,
University
Plaza
Project,
Series
A
(RB)
(NATL)
5.00%,
07/01/33 (c)
20
19,698
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
(RB)
4.75%,
07/01/53 (c)
3,000
2,946,671
5.00%,
07/01/58 (c)
3,000
3,009,716
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
0.01%,
07/01/24
2
1,972
4.50%,
07/01/34 (c)
2,800
2,818,972
5.00%,
07/01/58 (c)
36,530
36,648,313
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
(AGC)
4.55%,
07/01/40 (c)
10,414
10,451,635
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
(AMBAC)
4.75%,
07/01/53 (c)
19,470
19,124,791
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-2
(RB)
4.33%,
07/01/40 (c)
12,303
12,256,897
4.33%,
07/01/40 (c)
26,108
26,010,165
4.55%,
07/01/40 (c)
6,432
6,455,245
4.78%,
07/01/58 (c)
5,000
4,907,880
Puerto
Rico
Sales
Tax
Rev
Restructed
BDS
Cofina
A-1
(RB)
0.01%,
07/01/51 (c)
100,000
23,064,140
239,449,389
Rhode
Island
:
0.3%
Rhode
Island
Health
and
Educational
Building
Corp.,
Care
New
England
Issue,
Series
B
(RB)
5.00%,
09/01/26
100
100,655
5.00%,
09/01/36 (c)
3,750
3,651,543
33
Par
(000’s)
Value
Rhode
Island
(continued)
Rhode
Island
Health
and
Educational
Building
Corp.,
Care
New
England,
Series
B
(RB)
5.00%,
09/01/31 (c)
$
500
$
497,682
Rhode
Island
Health
and
Educational
Building
Corp.,
Lifespan
Obligated
Group
Issue
(RB)
5.00%,
05/15/33 (c)
1,000
1,015,587
5.00%,
05/15/39 (c)
2,215
2,234,887
7,500,354
South
Carolina
:
0.4%
Berkeley
County,
South
Carolina
Nexton
Improvement
District
(SA)
4.38%,
11/01/49 (c)
800
682,052
Piedmont
Municipal
Power
Agency,
South
Carolina
Electric,
Series
C
(RB)
5.00%,
01/01/34 (c)
1,000
1,040,244
Scago
Educational
Facilities,
School
District
of
Pickens
County
Project
(RB)
5.00%,
12/01/29 (c)
1,425
1,454,943
South
Carolina
Jobs-Economic
Development
Authority,
Hampton
Medical
Center
Project
(RB)
5.00%,
11/01/37 (c)
650
657,787
5.00%,
11/01/33 (c)
500
513,689
South
Carolina
Jobs-Economic
Development
Authority,
High
Point
Academy
Project,
Series
A
(RB)
5.75%,
06/15/39 (c)
500
508,273
5.75%,
06/15/49 (c)
500
505,086
South
Carolina
Jobs-Economic
Development
Authority,
South
Carolina
Episcopal
Home
at
Still
Hopes
(RB)
5.00%,
04/01/47 (c)
3,000
2,556,979
South
Carolina
Jobs-Economic
Development
Authority,
The
Lutheran
Homes
of
South
Carolina,
Inc.
(RB)
5.00%,
05/01/43 (c)
320
263,412
South
Carolina
Jobs-Economic
Development
Authority,
The
Woodlands
at
Furman
(RB)
4.00%,
11/15/27 (c)
210
205,157
5.25%,
11/15/37 (c)
2,000
2,002,552
5.25%,
11/15/52 (c)
2,000
1,823,364
12,213,538
South
Dakota
:
0.2%
City
of
Sioux
Falls,
Dow
Rummel
Village
Project
(RB)
5.00%,
11/01/46 (c)
500
425,150
5.00%,
11/01/42 (c)
750
663,114
Par
(000’s)
Value
South
Dakota
(continued)
County
of
Lincoln,
South
Dakota
Economic
Development,
Augustana
College
Association
Project,
Series
A
(RB)
4.00%,
08/01/51 (c)
$
1,550
$
1,326,905
4.00%,
08/01/56 (c)
1,000
836,483
Lincoln
County,
South
Dakota
Economic
Development
Bonds,
The
Augustana
College
Association
Project,
Series
A
(RB)
4.00%,
08/01/61 (c)
1,300
1,066,419
South
Dakota
Health
&
Educational
Facilities
Authority
(RB)
5.00%,
07/01/46 (c)
2,000
2,038,325
6,356,396
Tennessee
:
0.8%
Blount
County,
Health
and
Educational
Facilities
Board,
Series
A
(RB)
5.00%,
01/01/47 (c)
(d)
*
740
170,200
Bristol
Industrial
Development
Board,
Pinnacle
Project,
Series
A
(RB)
5.00%,
12/01/35 (c)
2,000
1,854,532
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Series
A-2
(RB)
5.00%,
08/01/44 (c)
310
320,762
Chattanooga-Hamilton
County
Hospital,
Erlanger
Health
System,
Series
A
(RB)
5.00%,
10/01/44 (c)
6,180
6,189,370
Knox
County
Health
Educational
and
Housing
Facility
Board
(RB)
4.00%,
09/01/40 (c)
295
278,540
4.00%,
09/01/47 (c)
290
246,482
5.00%,
04/01/36 (c)
1,055
1,082,953
Metropolitan
Government
of
Nashville
and
Davidson
County,
Health
and
Educational
Facilities
Board,
Lipscomb
University
Project,
Series
A
(RB)
5.25%,
10/01/58 (c)
2,000
2,049,377
Tennessee
Corp.
Gas
Supply,
Series
A
(RB)
5.50%,
10/01/53 (c)
(p)
5,000
5,337,816
Tennessee
Energy
Acquisition
Corp.,
Series
B
(RB)
5.62%,
09/01/26
5,000
5,102,937
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
34
Par
(000’s)
Value
Tennessee
(continued)
The
Health,
Educational
and
Housing
Facility
Board
of
the
City
of
Chattanooga,
CommonSpirit
Health,
Series
A-1
(RB)
4.00%,
08/01/37 (c)
$
200
$
198,208
22,831,177
Texas
:
5.8%
Angelina
and
Neches
River
Authority,
Industrial
Development
Corp.,
Solid
Waste
Disposal
and
Wastewater
Treatment
Facilities,
Series
A
(RB)
7.50%,
12/01/45 (c)
1,500
1,000,529
Arlington
Higher
Education
Finance
Corp.
(RB)
4.50%,
06/15/56 (c)
(p)
1,000
997,885
5.75%,
06/01/43 (c)
1,000
1,023,301
6.00%,
06/01/53 (c)
1,000
1,016,481
6.25%,
06/01/63 (c)
1,000
1,025,265
Arlington
Higher
Education
Finance
Corp.,
Legacy
Traditional
School
-
Texas
Project,
Series
A
(RB)
6.75%,
02/15/62 (c)
5
4,815
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
First
Tier,
Series
A
(RB)
5.00%,
01/01/33 (c)
500
512,921
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
First
Tier,
Series
A
(RB)
(SAW)
5.00%,
01/01/27
280
286,244
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
Second
Tier,
Series
B
(RB)
5.00%,
01/01/26
715
715,036
5.00%,
01/01/34 (c)
500
504,246
Board
of
Managers,
Joint
Guadalupe
County,
City
of
Seguin
Hospital
(RB)
5.00%,
12/01/40 (c)
610
588,697
5.00%,
12/01/45 (c)
215
200,813
Brazoria
County
Industrial
Development
Corp.,
Texas
Solid
Waste
Disposal
Facilities,
Gladieux
Recycling,
LLC
Project
(RB)
(SAW)
8.50%,
03/01/39 (c)
5,215
4,804,666
Brazoria
County
Industrial
Development
Corp.,
Texas
Solid
Waste
Disposal
Facilities,
Gladieux
Recycling,
LLC
Project
(RB)
(SBG)
7.00%,
03/01/39 (c)
1,850
1,752,790
Par
(000’s)
Value
Texas
(continued)
Calhoun
County
Navigation
Industrial
Development
Authority,
Max
Midstream
Texas
LLC
Project,
Series
A
(RB)
3.62%,
07/01/26 (c)
$
2,700
$
2,519,340
Central
Texas
Regional
Mobility
Authority,
Series
C
(RB)
5.00%,
01/01/27 (c)
7,000
7,213,784
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
A
(RB)
4.00%,
07/01/41 (c)
7,500
6,796,996
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
B-1
(RB)
4.00%,
07/15/41 (c)
18,855
17,085,368
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
C
(RB)
5.00%,
07/15/27
5,590
5,657,377
5.00%,
07/15/28
2,500
2,544,505
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Technical
Operations
Center
Project
(RB)
5.00%,
07/15/28
1,000
1,017,802
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Terminal
Improvement
Projects,
Series
B-1
(RB)
5.00%,
07/15/30 (c)
4,335
4,343,906
City
of
New
Braunfels,
Utility
System
(RB)
4.00%,
07/01/50 (c)
445
425,231
Clifton
Higher
Education
Finance
Corp.,
Series
A
(RB)
5.12%,
08/15/30 (c)
730
746,250
5.50%,
08/15/35 (c)
610
626,214
6.00%,
06/15/48 (c)
1,000
1,001,093
Clifton
Higher
Education
Finance
Corp.,
Series
D
(RB)
5.25%,
08/15/27 (c)
1,000
1,027,170
5.75%,
08/15/33 (c)
500
517,275
6.00%,
08/15/38 (c)
500
517,635
Conroe
Local
Government
Corp.,
Conroe
Convention
Center
Hotel,
Series
A
(RB)
4.00%,
10/01/50 (c)
2,035
1,658,697
Dallas
County
Flood
Control
District
No.
1
(GO)
5.00%,
04/01/32 (c)
850
850,259
35
Par
(000’s)
Value
Texas
(continued)
Dallas
Texas
Housing
Finance
Corp.
Residential
Development,
The
Briscoe
Apartments,
Series
A
(RB)
6.00%,
12/01/62 (c)
$
1,000
$
1,014,943
El
Paso
County
Hospital
District
(GO)
5.00%,
08/15/43 (c)
4,680
4,637,541
Harris
County,
Houston
Sports
Authority,
Junior
Lien,
Series
H
(RB)
(NATL)
0.00%,
11/15/27 ^
590
513,612
0.00%,
11/15/39 (c)
^
145
62,152
0.00%,
11/15/40 (c)
^
170
67,934
0.00%,
11/15/35 (c)
^
120
68,610
0.01%,
11/15/25
495
463,401
0.01%,
11/15/29
1,405
1,138,355
0.01%,
11/15/30
115
89,571
0.01%,
11/15/41 (c)
1,140
425,922
0.01%,
11/15/32 (c)
705
493,496
0.01%,
11/15/37 (c)
350
173,341
Harris
County,
Houston
Sports
Authority,
Third
Lien,
Series
A-3
(RB)
(NATL)
0.00%,
11/15/31 (c)
^
100
64,411
0.01%,
11/15/35 (c)
3,455
1,751,563
Matagorda
County
Navigation
District
No.
1,
Series
A
(RB)
(AMBAC)
4.40%,
05/01/30
1,035
1,056,963
Matagorda
County,
Navigation
District
1
(RB)
4.00%,
06/01/30 (c)
5,000
4,996,345
Mesquite
Health
Facility
Development
Corp.,
Christian
Care
Centers,
Inc.
Project
(RB)
(NATL)
5.12%,
02/15/42 (c)
(d)
*
907
9,069
5.12%,
02/15/30 (c)
(d)
*
237
2,369
Mission
Economic
Development
Corp.,
Senior
Lien,
Natgasoline
Project
(RB)
4.62%,
10/01/31 (c)
11,500
11,429,738
Montgomery
County
Toll
Road
Authority
(RB)
5.00%,
09/15/48 (c)
5,915
5,954,679
5.00%,
09/15/43 (c)
3,310
3,337,280
New
Hampshire
Health
and
Education
Facilities
Authority,
(RB)
4.00%,
08/15/41 (c)
2,315
1,976,398
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
4-K
Housing,
Inc.
Stoney
Brook
Project,
Series
B
(RB)
5.00%,
07/01/52 (c)
235
94,000
Par
(000’s)
Value
Texas
(continued)
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Cardinal
Bay,
Inc.,
Series
C
(RB)
5.50%,
07/01/46 (c)
(d)
*
$
1,595
$
558,250
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Carillon
Lifecare
Community
Project
(RB)
5.00%,
07/01/36 (c)
230
196,685
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
CHF
-
Collegiate
Housing
College
Station
I,
L.L.C
-
Texas
A&M
University
Project,
Series
A
(RB)
(AGM)
5.00%,
04/01/46 (c)
1,105
1,105,165
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Legacy
Preparatory
Charter
Academy,
Series
A
(RB)
5.25%,
08/15/27 (c)
150
150,716
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
MRC
Senior
Living
-
The
Langford
Project,
Series
A
(RB)
5.50%,
11/15/46 (c)
750
624,193
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
NCCD-College
Station
Properties
LLC,
Series
A
(RB)
5.00%,
07/01/24
115
104,362
5.00%,
07/01/35 (c)
100
90,750
5.00%,
07/01/47 (c)
440
399,300
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Presbyterian
Village
North
Project
(RB)
5.25%,
10/01/49 (c)
1,000
810,874
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Wesleyan
Homes,
Inc.
Project
(RB)
5.00%,
01/01/55 (c)
250
180,508
5.00%,
01/01/50 (c)
250
185,580
5.50%,
01/01/35 (c)
1,000
935,984
North
East
Texas
Regional
Mobility
Authority,
Series
B
(RB)
5.00%,
01/01/41 (c)
400
404,173
Port
Beaumont
Navigation
District,
Allegiant
Industrial
Island
Park
Project
(RB)
8.00%,
02/01/39 (c)
2,825
2,738,956
Pottsboro
Higher
Education
Finance
Corp.,
Imagine
International
Academy
of
North
Texas
LLC,
Series
A
(RB)
5.00%,
08/15/46 (c)
1,400
1,296,547
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
36
Par
(000’s)
Value
Texas
(continued)
5.00%,
08/15/36 (c)
$
1,055
$
1,040,493
Reagan
Hospital
District,
Series
A
(GO)
5.12%,
02/01/39 (c)
1,000
980,158
Sanger
Industrial
Development
Corp.,
Texas
Pellets
Project,
Series
B
(RB)
8.00%,
07/01/38 (c)
(d)
*
9,900
2,326,500
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
(RB)
5.00%,
07/01/48 (c)
2,500
2,580,492
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Air
Force
Villages
Obligated
Group
Project
(RB)
5.00%,
05/15/37 (c)
125
120,637
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
C.C.
Young
Memorial
Home
Project,
Series
A
(RB)
6.38%,
02/15/48 (c)
(d)
*
535
294,250
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
(RB)
5.00%,
12/15/29
1,375
1,450,208
5.00%,
12/15/32
3,425
3,668,037
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
III
(RB)
5.00%,
12/15/28
925
968,803
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
(RB)
4.00%,
12/31/39 (c)
2,550
2,570,078
5.50%,
06/30/43 (c)
1,000
1,071,317
5.50%,
06/30/42 (c)
2,250
2,413,295
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
Blueridge
Transportation
Group
LLC
Project
(RB)
5.00%,
12/31/40 (c)
230
231,466
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
Managed
Lanes
Project,
Series
A
(RB)
4.00%,
06/30/39 (c)
1,700
1,714,414
4.00%,
12/31/38 (c)
3,175
3,203,222
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Project
(RB)
5.50%,
12/31/58 (c)
1,000
1,083,691
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
LLC
Project
(RB)
5.00%,
06/30/58 (c)
10,250
10,380,238
Par
(000’s)
Value
Texas
(continued)
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
LLC
Project,
Series
A
(RB)
4.00%,
12/31/37 (c)
$
500
$
504,838
Texas
Transportation
Commission,
Central
Texas
Turnpike
System,
Series
C
(RB)
5.00%,
08/15/32 (c)
600
603,939
5.00%,
08/15/37 (c)
6,735
6,773,764
Town
of
Westlake,
Solana
Public
Improvement
District
(SA)
6.12%,
09/01/35 (c)
1,000
1,005,112
6.25%,
09/01/40 (c)
1,000
1,002,444
6.38%,
09/01/45 (c)
1,000
1,002,693
Woodloch
Health
Facilities
Development
Corp.,
Series
A-1
(RB)
6.75%,
12/01/51 (c)
(d)
*
3,645
72,897
165,649,313
Utah
:
0.4%
Black
Desert
Public
Infrastructure
District
(GO)
4.00%,
03/01/51 (c)
3,100
2,367,717
Jordanelle
Ridge
Public
Infrastructure
District
No
2
(GO)
7.75%,
03/01/54 (c)
1,000
1,018,910
Medical
School
Campus,
Public
Infrastructure
District,
Series
A
(GO)
5.50%,
02/01/50 (c)
2,000
1,720,407
Mida
Mountain
Village
Public
Infrastructure
District,
Mountain
Village
Assessment
Area,
Series
A
(SA)
5.00%,
08/01/50 (c)
2,000
1,834,549
Utah
Charter
School
Finance
Authority,
Freedom
Academy
Foundation
Project
(RB)
5.25%,
06/15/37 (c)
1,500
1,378,041
5.38%,
06/15/48 (c)
2,195
1,800,337
10,119,961
Vermont
:
0.0%
Vermont
Economic
Development
Authority,
Wake
Robin
Corp.
Project,
Series
A
(RB)
(FHLMC
COLL)
4.00%,
05/01/37 (c)
500
458,328
Underline
Virgin
Islands
:
0.5%
Matching
Fund
Special
Purpose
Securitization
Corp.,
Virgin
Island,
Series
A
(RB)
5.00%,
10/01/28
1,000
1,038,789
5.00%,
10/01/39 (c)
5,000
5,137,573
5.00%,
10/01/32
5,010
5,298,804
37
Par
(000’s)
Value
Virgin
Islands
(continued)
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes
Loan
Note
(RB)
(NATL)
4.25%,
10/01/29 (c)
$
720
$
728,264
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes
Loan
Note,
Series
C
(RB)
4.50%,
10/01/44 (c)
550
416,130
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes,
Series
C
(RB)
5.00%,
10/01/30 (c)
1,000
950,437
Virgin
Islands
Water
&
Power
Authority,
Series
B
(RB)
5.00%,
07/01/27 (c)
170
161,997
5.00%,
07/01/25 (c)
1,170
1,138,698
5.00%,
07/01/24 (c)
65
64,424
14,935,116
Virginia
:
2.2%
Bristol
Industrial
Development
Authority,
Series
B
(RB)
6.35%,
11/01/44 (c)
(d)
*
250
142,164
Cherry
Hill
Community
Development
Authority,
Potomac
Shores
Project
(SA)
5.15%,
03/01/35 (c)
200
202,376
Chesapeake
Bay
Bridge
and
Tunnel
District,
First
Tier
(RB)
5.00%,
07/01/51 (c)
1,025
1,027,836
5.00%,
07/01/46 (c)
8,000
8,090,711
City
of
Chesapeake,
Chesapeake
Transportation
System,
Series
A
(RB)
5.00%,
07/15/47 (c)
380
380,181
City
of
Hopewell,
Sewer
System,
Series
A
(RB)
5.00%,
07/15/33 (c)
240
240,141
Farms
New
Kent
Community
Development
Authority,
Series
A
(SA)
3.75%,
03/01/36 (c)
4,160
3,996,426
Farmville
Industrial
Development
Authority,
Educational
Facilities,
Longwood
University
Student
Housing
Projects,
Series
A
(RB)
5.00%,
01/01/59 (c)
1,000
939,433
5.00%,
01/01/50 (c)
1,500
1,442,414
James
City
County
Economic
Development
Authority
(RB)
6.88%,
12/01/58 (c)
1,000
1,074,154
Par
(000’s)
Value
Virginia
(continued)
Lynchburg
Economic
Development
Authority,
Central
Health,
Inc.,
Series
A
(RB)
5.00%,
01/01/47 (c)
$
4,950
$
5,034,626
Roanoke
County
Economic
Development
Authority
(RB)
5.00%,
09/01/34 (c)
(d)
*
230
213,118
Roanoke
County
Economic
Development
Authority,
Series
B
(RB)
4.62%,
09/01/54 (c)
(d)
(p)
*
455
421,603
Roanoke
Economic
Development
Authority,
Residential
Care
Facility,
Series
A
(RB)
5.38%,
09/01/54 (c)
(d)
*
1,595
1,477,928
Tobacco
Settlement
Financing
Corp./VA
(RB)
5.00%,
06/01/47 (c)
5,000
4,729,763
Virginia
Beach
Development
Authority
(RB)
7.00%,
09/01/53 (c)
1,000
1,085,401
7.00%,
09/01/59 (c)
1,000
1,079,563
Virginia
College
Building
Authority,
Marymount
University
Project,
Series
B
(RB)
5.25%,
07/01/30 (c)
1,300
1,309,792
Virginia
Small
Business
Financing
Authority
(RB)
4.00%,
01/01/38 (c)
3,000
2,923,229
5.00%,
12/31/49 (c)
1,000
1,008,058
Virginia
Small
Business
Financing
Authority,
95
Express
Lanes
LLC
Project
(RB)
5.00%,
01/01/34 (c)
2,500
2,760,230
Virginia
Small
Business
Financing
Authority,
Residential
Care
Facilities,
Lifespire
of
Virginia
(RB)
(AGM)
4.00%,
12/01/36 (c)
1,000
948,804
Virginia
Small
Business
Financing
Authority,
Senior
Lien
95
Express
Lanes,
LLC
Project
(RB)
4.00%,
07/01/41 (c)
1,000
973,838
4.00%,
01/01/41 (c)
1,000
974,355
4.00%,
01/01/48 (c)
3,925
3,709,500
4.00%,
01/01/40 (c)
1,250
1,223,165
5.00%,
01/01/33 (c)
4,945
5,468,276
Virginia
Small
Business
Financing
Authority,
Senior
Lien
I-495
Hot
Lanes
Project
(RB)
5.00%,
12/31/52 (c)
2,000
2,045,409
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
38
Par
(000’s)
Value
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
Senior
Lien
Transform
66
P3
Project
(RB)
5.00%,
12/31/56 (c)
$
5,520
$
5,545,505
Virginia
Small
Business
Financing
Authority,
Senior
Lien,
95
Express
Lanes
LLC
Project
(RB)
4.00%,
01/01/39 (c)
2,810
2,766,879
Wise
County
Industrial
Development
Authority,
Virginia
Electric
and
Power
Co.
Project,
Series
A
(RB)
(AGC)
0.75%,
10/01/40 (p)
1,000
932,405
64,167,283
Washington
:
1.1%
Kalispel
Tribe
Indians
Priority,
Series
A
(RB)
5.00%,
01/01/32 (c)
250
258,689
5.25%,
01/01/38 (c)
250
258,622
King
County
Public
Hospital
District
No.
4,
Snoqualmie
Valley
Hospital,
Series
A
(RB)
5.75%,
12/01/30 (c)
500
509,798
6.00%,
12/01/35 (c)
500
512,537
6.25%,
12/01/45 (c)
250
251,630
Washington
Health
Care
Facilities
Authority,
CommonSpirit
Health,
Series
A-1
(RB)
4.00%,
08/01/44 (c)
100
96,080
Washington
Health
Care
Facilities
Authority,
Virginia
Mason
Medical
Center
(RB)
5.00%,
08/15/34 (c)
205
211,926
5.00%,
08/15/37 (c)
3,000
3,067,009
Washington
State
Convention
Center
Public
Facilities
District,
Series
B
(RB)
3.00%,
07/01/34 (c)
1,000
918,610
4.00%,
07/01/48 (c)
3,745
3,421,315
Washington
State
Housing
Finance
Commission,
Bayview
Manor
Senior
Project,
Series
A
(RB)
5.00%,
07/01/36 (c)
1,150
1,023,418
5.00%,
07/01/46 (c)
2,150
1,709,977
Washington
State
Housing
Finance
Commission,
Eliseo
Project,
Series
A
(RB)
4.00%,
01/01/41 (c)
3,000
2,375,939
Washington
State
Housing
Finance
Commission,
Presbyterian
Retirement
Communities
Northwest
Projects,
Series
A
(RB)
5.00%,
01/01/36 (c)
2,125
1,764,073
Par
(000’s)
Value
Washington
(continued)
5.00%,
01/01/51 (c)
$
2,495
$
1,682,584
Washington
State
Housing
Finance
Commission,
Series
A
(RB)
3.50%,
12/20/35
4,131
3,893,079
Washington
State
Housing
Finance
Commission,
Transforming
Age
Projects,
Series
A
(RB)
5.00%,
01/01/55 (c)
7,000
4,606,784
Washington
State
Housing
Finance
Commission,
Wesley
Homes
at
Lea
Hill
Project
(RB)
5.00%,
07/01/46 (c)
500
409,556
5.00%,
07/01/51 (c)
1,250
991,386
Washington
State,
Convention
Center
Public
Facilities
District
(RB)
4.00%,
07/01/31
2,700
2,684,128
Washington
State,
Convention
Center
Public
Facilities
District,
Series
B
(RB)
(AGM)
4.00%,
07/01/32 (c)
1,000
1,010,959
31,658,099
West
Virginia
:
0.2%
County
of
Ohio,
Fort
Henry
Centre
Tax
Increment
Financing
District
No.
1,
The
Highlands
Project
(TA)
4.00%,
06/01/34 (c)
760
717,935
Harrison
County
Building
Commission,
General
Services
Administration
Building
Project
(RB)
3.12%,
10/01/45 (c)
700
508,822
3.25%,
10/01/50 (c)
820
586,214
3.50%,
10/01/40 (c)
1,000
880,917
West
Virginia
Economic
Development
Authority,
Arch
Resources
Project
(RB)
5.00%,
07/01/45 (c)
(p)
1,900
1,908,507
West
Virginia
Economic
Development
Authority,
West
Virginia
Lottery
(RB)
4.00%,
06/15/32 (c)
1,600
1,645,513
6,247,908
Wisconsin
:
2.1%
Public
Finance
Authority
(RB)
5.00%,
06/15/54 (c)
1,375
1,272,066
6.25%,
10/01/53 (c)
1,000
1,010,189
Public
Finance
Authority
Educational
Facilities,
Charter
Day
School,
Inc.
Project,
Series
A
(RB)
5.00%,
12/01/55 (c)
1,000
821,043
Public
Finance
Authority,
Bancroft
Neurohealth
Project,
Series
A
(RB)
5.12%,
06/01/48 (c)
250
223,345
39
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
Carson
Valley
Medical
Center,
Series
A
(RB)
(SAW)
4.00%,
12/01/51 (c)
$
5,250
$
4,213,431
Public
Finance
Authority,
Cornerstone
Charter
Academy,
Series
A
(RB)
5.00%,
02/01/36 (c)
495
477,258
5.12%,
02/01/46 (c)
550
496,606
Public
Finance
Authority,
Corvian
Community
School
Project,
Series
A
(RB)
4.25%,
06/15/29 (c)
400
384,184
5.00%,
06/15/49 (c)
500
424,877
5.00%,
06/15/39 (c)
500
458,213
Public
Finance
Authority,
Crossroads
Health
Project,
Series
A
(RB)
8.00%,
07/01/53 (c)
1,000
1,010,314
8.12%,
07/01/58 (c)
1,000
1,010,619
Public
Finance
Authority,
Educational
Facilities,
Lake
Erie
College
Project,
Series
A
(RB)
5.88%,
10/01/54 (c)
1,000
717,562
Public
Finance
Authority,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Series
A
(RB)
5.00%,
02/01/62 (c)
960
963,364
Public
Finance
Authority,
Healthcare
Facility
Expansion,
Church
Home
of
Hartford,
Inc.
Project,
Series
A
(RB)
5.00%,
09/01/38 (c)
1,500
1,380,146
5.00%,
09/01/25
50
49,893
Public
Finance
Authority,
Living
Community
First
Mortgage
(RB)
4.25%,
05/01/29 (c)
395
355,167
5.00%,
03/01/37 (c)
1,250
1,152,243
Public
Finance
Authority,
Lombard
Conference
and
Hotel
Center,
Second-Tier
(RB)
(ACA)
3.75%,
07/01/51 (c)
(d)
*
890
630,942
Public
Finance
Authority,
Maryland
Proton
Treatment
Center,
Series
A-1
(RB)
6.25%,
01/01/38 (c)
500
225,000
Public
Finance
Authority,
Marys
Woods
at
Marylhurst
Project,
Series
A
(RB)
5.25%,
05/15/37 (c)
1,350
1,309,702
Public
Finance
Authority,
Penick
Village
(RB)
4.00%,
09/01/29 (c)
370
336,639
5.00%,
09/01/39 (c)
500
428,495
5.00%,
09/01/49 (c)
500
386,570
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
Prime
Healthcare
Foundation,
Inc.,
Series
A
(RB)
5.20%,
12/01/37 (c)
$
1,405
$
1,439,882
Public
Finance
Authority,
Roseman
University
of
Health
Sciences
Project
(RB)
5.88%,
04/01/45 (c)
4,000
4,019,470
Public
Finance
Authority,
Sky
Harbour
Capital
LLC,
Aviation
Facilities
Project
(RB)
4.00%,
07/01/41 (c)
500
389,056
4.00%,
09/01/51 (c)
1,500
1,151,766
4.25%,
07/01/54 (c)
4,765
3,333,677
Public
Finance
Authority,
The
Foundation
of
the
University
of
North
Carolina,
Inc.,
Series
A
(RB)
4.00%,
09/01/56 (c)
1,060
787,438
Public
Finance
Authority,
Trinity
Regional
Hospital
Sachse,
Series
A-1
(RB)
7.38%,
01/01/50 (c)
(d)
*
4,265
1,279,500
Public
Finance
Authority,
Ultimate
Medical
Academy
Project,
Series
A
(RB)
5.00%,
10/01/39 (c)
1,950
1,952,725
5.00%,
10/01/34 (c)
2,000
2,050,392
Public
Finance
Authority,
University
of
North
Carolina
at
Charlotte
Inc.,
Series
A
(RB)
4.00%,
09/01/41 (c)
1,000
850,086
Public
Finance
Authority,
Wingate
University,
Series
A
(RB)
5.25%,
10/01/48 (c)
2,255
2,184,461
Public
Finance
Authority,
Wisconsin
Senior
Airport
Facilities,
Series
B
(RB)
5.00%,
07/01/42 (c)
9,000
9,002,127
Public
Finance
Authority,
Wonderful
Foundation
Charter
School
Portfolio
Project,
Series
A-1
(RB)
5.00%,
01/01/55 (c)
5,545
4,399,236
Wisconsin
Health
and
Educational
Facilities
Authority,
Covenant
Communities,
Inc.
Project,
Series
A-1
(RB)
(SAW)
4.00%,
07/01/48 (c)
105
80,253
Wisconsin
Health
and
Educational
Facilities
Authority,
Covenant
Communities,
Inc.
Project,
Series
B
(RB)
4.38%,
07/01/38 (c)
850
659,821
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
40
FootnoteRuleAboveBlank
Footnotes:
Par
(000’s)
Value
Wisconsin
(continued)
Wisconsin
Health
and
Educational
Facilities
Authority,
St.
Camillus
Health
System,
Inc.,
Series
A
(RB)
5.00%,
11/01/54 (c)
$
500
$
390,875
5.00%,
11/01/39 (c)
1,950
1,706,009
Wisconsin
Health
and
Educational
Facilities
Authority,
Thedacare,
Inc.,
(RB)
4.00%,
12/15/49 (c)
260
247,122
Wisconsin
Health
and
Educational
Facilities
Authority,
Wheaton
Franciscan
Healthcare
System,
Series
A
(RB)
5.12%,
02/01/38 (c)
3,950
3,729,331
Wisconsin
State
Health
&
Educational
Facilities
Authority,
Marshfield
Clinic
Health
System,
Inc.,
Series
A
(RB)
(AGM)
5.00%,
02/15/32 (c)
1,500
1,650,711
61,041,806
Wyoming
:
0.1%
County
of
Campbell,
Wyoming
Solid
Waste
Facilities,
Series
A
(RB)
(SBG)
3.62%,
07/15/39 (c)
3,000
2,748,718
Underline
Total
Municipal
Bonds:
97.8%
(Cost:
$2,975,493,411)
2,816,776,610
Other
assets
less
liabilities:
2.2%
62,197,842
NET
ASSETS:
100.0%
$
2,878,974,452
Definitions:
ACA
Credit
Agricole
SA
AGC
Assured
Guaranty
Corp.
AGM
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Assurance
Co.
CP
Certificate
of
Participation
GO
General
Obligation
NATL
National
Public
Finance
Guarantee
Corp.
RB
Revenue
Bond
SA
Special
Assessment
SAW
State
Aid
Withholding
SBG
School
Board
Guaranteed
SD
CRED
PROG
Special
District
Credit
Enhancement
Program
TA
Tax
Allocation
XLCA
Syncora
Guarantee,
Inc.
(c)
Callable
Security
—
the
redemption
date
shown
is
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
*
Non-income
producing
(d)
Security
in
default
41
Summary
of
Investments
by
Sector
%
of
Investments
Value
Industrial
Development
Revenue
15.1
%
$
426,360,458
Tax
12.5
351,631,389
Hospitals
12.0
337,483,996
Local
GO
10.0
280,136,499
Education
9.8
277,072,508
Health
6.7
187,631,578
Tobacco
5.2
147,044,280
Leasing
COPS
&
Appropriations
4.5
127,300,700
Toll
&
Turnpike
4.3
122,124,268
Multi-Family
Housing
3.4
96,657,378
Airport
2.9
82,583,813
Utilities
-
Other
2.8
78,916,497
Power
2.4
66,699,411
State
GO
2.2
62,054,681
Water
&
Sewer
1.6
45,539,460
Transportation
1.1
30,715,439
Miscellaneous
1.0
27,368,377
Pollution
Control
0.9
24,103,786
Special
Tax
0.8
23,064,140
Refunded
0.3
8,555,228
Misc
0.3
8,131,039
Unassigned
0.2
5,601,685
100.0
%
$
2,816,776,610