NPORT-EX 2 NPORT_VSHY_19134133_0124.htm
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
January
31,
2024
(unaudited)
1
Par
(000's)
Value
MUNICIPAL
BONDS:
98.5%
Alabama
:
2.0%
Black
Belt
Energy
Gas
District,
Project
No.
8,
Series
A
(RB)
4.00%,
12/01/52 (c)
(p)
$
1,000
$
970,817
Black
Belt
Energy
Gas
District,
Series
C-1
(RB)
4.00%,
10/01/52 (c)
(p)
2,100
2,103,810
City
of
Birmingham,
Special
Care
Facilities
Financing
Authority,
Methodist
Home
(RB)
5.50%,
06/01/30 (c)
500
485,157
Hoover
Industrial
Development
Board,
United
States
Steel
Corp.
Project
(RB)
6.38%,
11/01/50 (p)
390
430,920
Lower
Alabama
Gas
District,
Project
No.
2
(RB)
(SAW)
4.00%,
12/01/50 (c)
(p)
1,000
1,001,128
Tuscaloosa
County
Industrial
Development
Authority,
Hunt
Refining
Project,
Series
A
(RB)
4.50%,
05/01/32 (c)
1,768
1,727,084
6,718,916
American
Samoa
:
0.1%
American
Samoa
Economic
Development
Authority,
Series
A
(RB)
6.50%,
09/01/28
250
264,107
Underline
Arizona
:
2.0%
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,
Basis
School
Projects,
Series
A
(RB)
4.75%,
07/01/29 (c)
1,085
1,082,908
Arizona
Industrial
Development
Authority,
Economic
Development,
Linder
Village
Project
(RB)
(AGM)
5.00%,
06/01/31
925
942,462
Arizona
Industrial
Development
Authority,
Pinecrest
Academy
of
Nevada,
Cadence
Campus
Project,
Series
A
(RB)
4.00%,
07/15/30 (c)
445
431,922
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
462
433,115
Par
(000’s)
Value
Arizona
(continued)
City
of
Phoenix
Civic
Improvement
Corp.,
Junior
Lien
Airport,
Series
B
(RB)
5.00%,
07/01/30 (c)
$
1,000
$
1,086,045
Industrial
Development
Authority
of
the
City
of
Phoenix,
Basis
Schools,
Inc.
Project,
Series
A
(RB)
4.00%,
07/01/25
225
222,953
Maricopa
County
Industrial
Development
Authority,
Legacy
Traditional
Schools
Projects,
Series
B
(RB)
4.00%,
07/01/29
1,390
1,365,399
Salt
Verde
Financial
Corp.
(RB)
5.25%,
12/01/28
10
10,564
5.50%,
12/01/29
370
399,222
6,927,084
Arkansas
:
0.6%
Arkansas
Development
Finance
Authority,
Baptist
Memorial
Health
Care
Corp.,
Series
B-2
(RB)
5.00%,
09/01/44 (c)
(p)
2,000
2,118,374
Underline
California
:
7.6%
Antelope
Valley
Healthcare
District,
Series
A
(RB)
5.00%,
03/01/26
440
441,594
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
A-1
(RB)
5.00%,
12/01/53 (c)
(p)
1,000
1,056,741
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
C
(RB)
5.25%,
01/01/54 (c)
(p)
3,000
3,173,318
California
Housing
Finance
Agency,
Series
A
(RB)
4.00%,
03/20/33
2,800
2,816,983
California
Municipal
Finance
Authority,
CHF-Davis
I,
LLC-
West
Village
Student
Housing
Project,
Series
A
(RB)
5.00%,
05/15/30 (c)
1,340
1,436,224
California
Municipal
Finance
Authority,
Community
Medical
Centers,
Series
A
(RB)
5.00%,
02/01/28 (c)
50
52,272
5.00%,
02/01/27
50
52,209
California
Municipal
Finance
Authority,
LINXS
APM
Project,
Series
A
(RB)
5.00%,
06/30/27
610
633,000
5.00%,
06/30/28
220
229,730
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Par
(000’s)
Value
California
(continued)
California
Municipal
Finance
Authority,
LINXS
APM
Project,
Series
A
(RB)
(AGM)
5.00%,
06/30/31 (c)
$
260
$
271,776
California
Municipal
Finance
Authority,
United
Airlines,
Inc.,
International
Airport
Project
(RB)
4.00%,
07/15/29
6,625
6,623,987
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal,
CalPlant
I
Project
(RB)
7.00%,
07/01/22 (d)
*
1,000
13,500
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal,
CalPlant
I
Project
(RB)
(SAW)
7.50%,
07/01/32 (d)
*
1,360
18,360
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal,
Waste
Management,
Inc.
Project,
Series
A-1
(RB)
3.38%,
07/01/25
400
400,513
California
Statewide
Communities
Development
Authority,
Baptist
University,
Series
A
(RB)
3.50%,
11/01/27
810
785,846
California
Statewide
Communities
Development
Authority,
Daughters
of
Charity
Health
System,
Series
A
(RB)
5.75%,
07/01/24 (c)
2
1,829
California
Statewide
Communities
Development
Authority,
Daughters
of
Charity
Health
System,
Series
G
(RB)
5.50%,
07/01/22 (c)
7
6,190
California
Statewide
Communities
Development
Authority,
Irvine
East
Campus
Armaments,
CHF-Irvine,
LLC
(RB)
5.00%,
05/15/33 (c)
300
306,447
California
Statewide
Communities
Development
Authority,
Loma
Linda
University
Medical
Center,
Series
A
(RB)
5.00%,
12/01/26 (c)
350
358,794
California
Statewide
Communities
Development
Authority,
NCCD-Hooper
Street
LLC-California
College
of
the
Arts
Project
(RB)
5.00%,
07/01/29
250
255,981
Par
(000’s)
Value
California
(continued)
City
and
County
of
San
Francisco,
Airport
Commission,
International
Airport,
Series
H
(RB)
5.00%,
05/01/26
$
500
$
517,759
5.00%,
05/01/27
500
525,942
5.00%,
05/01/29
500
542,124
Compton
Public
Finance
Authority
(RB)
4.50%,
09/01/32 (c)
1,000
997,149
County
of
Sacramento,
Airport
System,
Series
C
(RB)
5.00%,
07/01/27
250
263,694
County
of
Sacramento,
Airport
System,
Series
E
(RB)
5.00%,
07/01/28
115
127,357
El
Centro
Financing
Authority,
El
Centro
Regional
Medical
Center
Project
(RB)
4.50%,
07/01/29 (c)
785
773,245
Irvine
Unified
School
District
Community
Facilities
District  No.
09-1,
Series
D
(ST)
5.00%,
09/01/26
110
114,598
MSR
Energy
Authority,
Series
A
(RB)
6.12%,
11/01/29
240
258,872
Oakland
Unified
School
District
(GO)
5.00%,
08/01/26
380
401,651
Palomar
Health
(RB)
5.00%,
11/01/25
250
254,395
5.00%,
11/01/27 (c)
90
91,988
Poway
Unified
School
District
Public
Financing
Authority,
Series
A
(ST)
5.00%,
09/01/24
110
110,801
River
Islands
Public
Financing
Authority,
Improvement
Area
No.
1,
Series
A
(ST)
(AGM)
5.00%,
09/01/34 (c)
500
575,400
San
Francisco
Community
College
District
(GO)
5.00%,
06/15/26 (c)
205
211,201
5.00%,
06/15/25
1,000
1,032,142
Western
Hills
Water
District,
Diablo
Grande
Community
Facilities
District
No.
1
(ST)
4.00%,
09/01/21 (d)
*
370
96,200
25,829,812
Colorado
:
2.0%
City
and
County
of
Denver,
Colorado
Airport
System,
Series
A
(RB)
5.00%,
12/01/29 (c)
295
317,235
3
Par
(000’s)
Value
Colorado
(continued)
City
and
County
of
Denver,
United
Airlines,
Inc.
Project
(RB)
5.00%,
10/01/32 (c)
$
2,125
$
2,124,943
Colorado
Health
Facilities
Authority,
Aberdeen
Ridge,
Series
B-1
(RB)
3.50%,
05/15/30 (c)
1,000
912,291
Denver
Convention
Center
Hotel
Authority
(RB)
5.00%,
12/01/27 (c)
600
618,415
Fountain
Urban
Renewal
Authority,
South
Academy
Highlands
Project,
Series
A
(TA)
4.50%,
11/01/29 (c)
510
503,986
Painted
Prairie
Public
Improvement
Authority
(RB)
4.00%,
12/01/29 (c)
1,000
949,093
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
(RB)
6.25%,
11/15/28
140
148,937
STC
Metropolitan
District
No.
2,
Series
A
(GO)
4.00%,
12/01/29 (c)
500
469,004
Windler
Public
Improvement
Authority,
Series
A-1
(RB)
(BAM)
4.00%,
12/01/31 (c)
1,000
854,403
6,898,307
Connecticut
:
0.6%
Connecticut
State
Health
and
Educational
Facilities
Authority,
Masonicare
Issue,
Series
F
(RB)
4.00%,
07/01/30 (c)
120
115,907
Connecticut
State
Health
and
Educational
Facilities
Authority,
University
of
Hartford,
Series
N
(RB)
5.00%,
07/01/27
430
432,391
5.00%,
07/01/29
300
303,531
Harbor
Point
Infrastructure
Improvement
District,
Harbor
Point
Project
(TA)
5.00%,
04/01/30 (c)
900
921,673
Town
of
Hamden,
Whitney
Center
Project
(RB)
5.00%,
01/01/30 (c)
395
389,820
2,163,322
Delaware
:
0.3%
Delaware
State
Economic
Development
Authority,
NRG
Energy
Project,
Series
A
(RB)
1.25%,
10/01/45 (c)
(p)
1,000
938,391
Underline
Par
(000’s)
Value
District
of
Columbia
:
0.1%
District
of
Columbia,
Latin
American
Montessori
Bilingual
Public
Charter
School
(RB)
4.00%,
06/01/30
$
500
$
482,594
Underline
Florida
:
4.8%
Capital
Trust
Agency,
Education
Growth
Fund,
LLC
Charter
School
Portfolio
Project,
Series
A-1
(RB)
3.38%,
07/01/31
1,540
1,444,741
Capital
Trust
Agency,
Elim
Senior
Housing,
Inc.,
Project
(RB)
5.00%,
08/01/27 (c)
350
322,909
Capital
Trust
Agency,
The
Marie
Selby
Botanical
Gardens,
Inc.,
Project
(RB)
4.00%,
06/15/31 (c)
535
490,540
Central
Florida
Expressway
Authority,
Series
D
(RB)
(AGM)
5.00%,
07/01/33 (c)
500
580,641
City
of
Orlando,
Florida
Senior
Tourist
Development
Tax,
Series
A
(RB)
(AGM)
5.00%,
11/01/28 (c)
500
532,730
County
of
Broward,
Florida
Airport
System,
Series
A
(RB)
5.00%,
10/01/29 (c)
290
294,948
County
of
Broward,
School
District,
Series
B
(CP)
5.00%,
07/01/30 (c)
315
336,692
County
of
Escambia,
Health
Facilities
Authority,
Baptist
Health
Care
Corp.,
Series
A
(RB)
(SAW)
5.00%,
08/15/31 (c)
1,500
1,586,853
County
of
Miami-Dade,
Industrial
Development
Authority,
NCCD-Biscayne
Properties
LLC
Project,
Series
A
(RB)
5.00%,
06/01/30 (c)
315
310,782
County
of
Miami-Dade,
School
Board,
Series
D
(CP)
5.00%,
02/01/30 (c)
120
124,711
County
of
Palm
Beach,
Atlantic
University
Housing
Project,
Series
A
(RB)
5.00%,
04/01/29
500
508,338
County
of
St.
Lucie,
School
District,
Sales
Tax
(RB)
(AGM)
5.00%,
10/01/25
250
257,962
Florida
Development
Finance
Corp.
Education
Facilities,
Central
School
Project
(RB)
5.00%,
08/15/32
500
501,023
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
4
Par
(000’s)
Value
Florida
(continued)
Florida
Development
Finance
Corp.
Education
Facilities,
Cornerstone
Chapter
Academy
Project
(RB)
5.00%,
10/01/32 (c)
$
500
$
507,600
Florida
Development
Finance
Corp.,
Renaissance
Chapter
School
Inc.
Project,
Series
C
(RB)
4.00%,
09/15/30 (c)
470
442,246
Florida
Development
Finance
Corp.,
Virgin
Trains
USA
Passenger
Rail
Project,
Series
A
(RB)
6.50%,
01/01/49 (c)
(p)
2,750
2,720,312
Florida
Development
Finance
Corp.,
Waste
Pro
USA,
Inc.
Project
(RB)
5.00%,
05/01/29 (c)
500
484,934
6.12%,
07/01/32 (c)
(p)
1,750
1,774,745
JEA
Electric
System,
Series
B
(RB)
5.00%,
10/01/29 (c)
110
118,179
Mid-Bay
Bridge
Authority,
First
Senior
Lien,
Series
A
(RB)
5.00%,
10/01/24
250
252,116
Polk
Country
Industrial
Development
Authority,
Florida
Industrial
Development
(RB)
5.88%,
01/01/33
1,930
1,862,654
Village
Community
Development
District
No.
12
(SA)
(SAW)
3.80%,
05/01/28
460
458,901
Village
Community
Development
District
No.
13
(SA)
2.62%,
05/01/24
125
124,585
3.00%,
05/01/29
235
223,218
16,262,360
Georgia
:
2.4%
Atlanta
Development
Authorities
Senior
Health
Care
Facilities,
Proton
Treatment
Center
Project,
Series
A-1
(RB)
6.00%,
01/01/23
250
112,500
Burke
County
Development
Authority,
Georgia
Power
Company
Plant
Vogtle
Project,
Series
E
(RB)
3.25%,
11/01/45 (p)
1,000
990,184
DeKalb
County
Housing
Authority,
Georgia
Affordable
Multifamily
Housing,
Series
A
(RB)
4.00%,
12/01/33 (c)
1,500
1,499,466
Par
(000’s)
Value
Georgia
(continued)
Floyd
County
Development
Authority,
Spires
at
Berry
College
Project,
Series
A
(RB)
(SBG)
5.50%,
12/01/28 (c)
$
250
$
247,893
Georgia
Local
Government,
Grantor
Trust,
Series
A
(CP)
(NATL)
4.75%,
06/01/28
380
392,690
Georgia
State,
Road
and
Tollway
Authority,
Highway
Grant
Anticipation
(RB)
5.00%,
06/01/25
300
308,267
5.00%,
06/01/28
360
395,886
Glynn-Brunswick
Memorial
Hospital
Authority,
Southeast
Georgia
Health
System
Project
(RB)
5.00%,
08/01/34 (c)
1,500
1,521,708
Main
Street
Natural
Gas,
Inc.,
Series
A-1
(RB)
5.50%,
09/15/25
135
137,718
Main
Street
Natural
Gas,
Inc.,
Series
C
(RB)
4.00%,
03/01/50 (c)
(p)
2,000
2,012,479
Marietta
Development
Authority,
University
Facilities,
Life
University,
Inc.
Project,
Series
A
(RB)
5.00%,
11/01/27
250
251,434
White
County
Development
Authority,
Truett
McConnell
University
Project,
Series
A
(RB)
5.00%,
10/01/29 (c)
200
196,412
8,066,637
Guam
:
1.8%
Guam
Government,
Business
Privilege
Tax,
Series
D
(RB)
5.00%,
11/15/27 (c)
360
368,336
Guam
Government,
Business
Privilege
Tax,
Series
F
(RB)
5.00%,
01/01/30
1,000
1,078,717
5.00%,
01/01/31
1,000
1,087,038
Guam
Government,
Department
of
Education,
John
F.
Kennedy
High
School
and
Energy
Efficiency
Project,
Series
A
(CP)
3.62%,
02/01/25
190
188,557
Guam
Government,
Hotel
Occupancy
Tax,
Series
A
(RB)
5.00%,
11/01/28
250
265,937
Guam
Government,
Series
A
(RB)
5.00%,
12/01/24
1,000
1,008,763
5.00%,
12/01/25
1,000
1,021,331
5
Par
(000’s)
Value
Guam
(continued)
Guam
Power
Authority,
Series
A
(RB)
5.00%,
10/01/33 (c)
$
880
$
975,130
5,993,809
Hawaii
:
0.3%
State
of
Hawaii
Department
of
Budget
&
Finance,
Hawaiian
Electric
Company,
Inc.,
Series
A
(RB)
3.10%,
05/01/26
1,500
1,193,008
Underline
Illinois
:
13.0%
Chicago
Board
of
Education,
Series
A
(GO)
5.00%,
12/01/29
1,000
1,055,526
5.00%,
12/01/30 (c)
1,000
1,048,483
5.00%,
12/01/33 (c)
1,500
1,583,917
5.00%,
12/01/32 (c)
2,000
2,114,073
7.00%,
12/01/26 (c)
200
210,801
Chicago
Board
of
Education,
Series
A
(GO)
(AGM)
5.00%,
12/01/29 (c)
250
259,397
5.00%,
12/01/29 (c)
200
213,142
Chicago
Board
of
Education,
Series
A
(GO)
(AMBAC)
5.50%,
12/01/26
230
236,897
5.50%,
12/01/31
1,000
1,087,599
Chicago
Board
of
Education,
Series
A
(GO)
(NATL)
0.01%,
12/01/24
310
300,358
0.01%,
12/01/26
310
278,592
0.01%,
12/01/28
795
660,513
Chicago
Board
of
Education,
Series
B
(GO)
5.00%,
12/01/29
1,250
1,319,408
5.00%,
12/01/30 (c)
1,250
1,310,603
5.00%,
12/01/32 (c)
1,950
2,039,169
5.00%,
12/01/33 (c)
1,400
1,463,030
5.00%,
12/01/31 (c)
2,000
2,091,943
5.00%,
12/01/31 (c)
2,000
2,120,325
5.00%,
12/01/30
2,000
2,127,398
Chicago
Board
of
Education,
Series
C
(GO)
5.00%,
12/01/24
1,000
1,007,162
5.00%,
12/01/27
500
519,910
5.00%,
12/01/30 (c)
1,560
1,595,151
Chicago
Board
of
Education,
Series
E
(GO)
5.12%,
12/01/32 (c)
1,320
1,322,126
Chicago
Midway
International
Airport,
Series
A
(RB)
(AGM)
5.00%,
01/01/30 (c)
750
752,125
Chicago
Midway
International
Airport,
Series
B
(RB)
5.00%,
01/01/27 (c)
260
260,030
Chicago
O'Hare
International
Airport,
Series
B
(RB)
5.00%,
01/01/31 (c)
295
299,289
5.00%,
01/01/29 (c)
190
192,847
Par
(000’s)
Value
Illinois
(continued)
5.00%,
01/01/26 (c)
$
105
$
106,454
Chicago
School
Reform
Board
of
Trustees,
Series
A
(GO)
(NATL)
0.01%,
12/01/29
575
458,576
Chicago
School
Reform
Board
of
Trustees,
Series
B-1
(GO)
(NATL)
0.00%,
12/01/28 ^
1,515
1,258,713
0.00%,
12/01/29 ^
585
466,551
0.01%,
12/01/24
515
498,982
0.01%,
12/01/25
560
522,617
0.01%,
12/01/26
490
440,354
0.01%,
12/01/30
190
144,801
Chicago
Transit
Authority,
Federal
Transit
Administration
Section
5307
Urbanized
Area
Formula
(RB)
5.00%,
06/01/24
115
115,482
City
of
Chicago,
Neighborhoods
Alive
21
Program,
Series
B
(GO)
5.00%,
01/01/25
280
283,232
City
of
Chicago,
Second
Lien
Water
(RB)
5.00%,
11/01/28 (c)
150
151,725
5.00%,
11/01/30 (c)
100
101,157
5.00%,
11/01/29 (c)
270
273,196
City
of
Chicago,
Second
Lien
Water,
Series
A-1
(RB)
5.00%,
11/01/30 (c)
100
104,609
City
of
Chicago,
Series
A
(GO)
5.00%,
01/01/30
1,500
1,623,695
5.25%,
01/01/29 (c)
55
55,049
County
of
Cook,
Community
College
District
No.
508
(GO)
5.25%,
12/01/29 (c)
240
241,094
County
of
Cook,
Series
A
(GO)
5.00%,
11/15/28 (c)
500
525,848
Eastern
Illinois
Economic
Development
Authority
(RB)
5.00%,
11/01/33 (c)
1,000
994,590
Illinois
Finance
Authority,
Admiral
Lake
Project
(RB)
5.00%,
05/15/33 (c)
500
465,424
Illinois
Finance
Authority,
Friendship
Village
of
Schaumburg
(RB)
5.00%,
02/15/27 (d)
*
1,190
321,300
Illinois
Finance
Authority,
Lutheran
Life
Communities,
Series
A
(RB)
5.00%,
11/01/28 (c)
250
245,329
Illinois
Finance
Authority,
Roosevelt
University
(RB)
5.40%,
04/01/27 (c)
100
98,567
Illinois
Finance
Authority,
Three
Crowns
Park
(RB)
4.00%,
02/15/27 (c)
205
201,890
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
6
Par
(000’s)
Value
Illinois
(continued)
Illinois
Municipal
Electric
Agency,
Power
Supply
System,
Series
A
(RB)
5.00%,
02/01/26 (c)
$
785
$
805,942
Illinois
Sports
Facilities
Authority
(RB)
5.00%,
06/15/28
395
410,562
5.00%,
06/15/29
545
572,738
Illinois
Sports
Facilities
Authority
(RB)
(AMBAC)
0.00%,
06/15/26 ^
260
235,255
Metropolitan
Pier
and
Exposition
Authority,
McCormick
Place
Expansion
Project,
Series
A
(RB)
(NATL)
0.00%,
12/15/24 ^
130
125,810
Metropolitan
Pier
and
Exposition
Authority,
McCormick
Place
Expansion
Project,
Series
B
(RB)
5.00%,
12/15/28 (c)
500
532,095
Metropolitan
Pier
and
Exposition
Authority,
McCormick
Place
Expansion
Project,
Series
B
(RB)
(NATL)
0.00%,
06/15/28 ^
115
98,650
Northern
Illinois
Municipal
Power
Agency,
Series
A
(RB)
5.00%,
12/01/29 (c)
330
347,912
State
of
Illinois
(GO)
3.50%,
06/01/30 (c)
350
350,268
4.12%,
11/01/31 (c)
100
101,636
5.00%,
02/01/25 (c)
150
150,185
5.00%,
05/01/27 (c)
100
100,388
State
of
Illinois,
Sales
Tax
(RB)
4.00%,
06/15/27 (c)
810
825,763
5.00%,
06/15/25 (c)
285
285,326
5.00%,
06/15/24 (c)
190
190,218
5.00%,
06/15/26
235
245,228
State
of
Illinois,
Series
A
(GO)
5.00%,
03/01/33 (c)
700
781,858
State
of
Illinois,
Series
C
(GO)
5.00%,
11/01/29 (c)
315
336,435
State
of
Illinois,
Series
D
(GO)
5.00%,
11/01/28 (c)
460
490,973
44,156,291
Indiana
:
1.3%
City
of
Anderson,
Indiana
Economic
Development,
Anderson
University
(RB)
4.75%,
10/01/27 (c)
240
228,503
Indiana
Finance
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
A
(RB)
4.25%,
11/01/30
2,015
2,030,627
Par
(000’s)
Value
Indiana
(continued)
Indiana
Finance
Authority,
United
States
Steel
Corp.
Project,
Series
A
(RB)
4.12%,
12/01/26
$
2,000
$
1,995,940
4,255,070
Iowa
:
0.5%
City
of
Coralville,
Marriott
Hotel
and
Convention
Center,
Series
E
(CP)
4.00%,
06/01/29 (c)
945
916,438
Iowa
Finance
Authority,
Northcrest,
Inc.
Project,
Series
B
(RB)
5.00%,
03/01/28 (c)
300
299,440
Iowa
Higher
Education
Loan
Authority,
Wartburg
College
Project
(RB)
4.00%,
10/01/25
530
517,655
1,733,533
Kansas
:
0.2%
City
of
Goddard,
Olympic
Park
Star
Bond
Project
(RB)
3.60%,
06/01/30 (c)
100
98,351
City
of
Wichita,
Health
Care
Facilities,
Series
III
(RB)
5.00%,
05/15/34 (c)
600
527,026
625,377
Kentucky
:
1.0%
City
of
Henderson,
Pratt
Paper,
LLC
Project,
Series
B
(RB)
3.70%,
01/01/32
1,830
1,770,079
Commonwealth
of
Kentucky,
State
Property
and
Building
Commission,
Project
No.
108,
Series
A
(RB)
5.00%,
08/01/28 (c)
140
143,900
Commonwealth
of
Kentucky,
State
Property
and
Building
Commission,
Project
No.
108,
Series
B
(RB)
5.00%,
08/01/26
140
147,110
Commonwealth
of
Kentucky,
State
Property
and
Building
Commission,
Project
No.
112,
Series
B
(RB)
5.00%,
11/01/25
630
649,468
5.00%,
11/01/28 (c)
325
343,120
Kentucky
Economic
Development
Finance
Authority,
Masonic
Home
Independent
Living
II,
Inc.,
Series
A
(RB)
5.00%,
05/15/26
65
63,463
Kentucky
Municipal
Power
Agency,
Prairie
State
Project,
Series
A
(RB)
(NATL)
5.00%,
09/01/30 (c)
175
178,594
3,295,734
7
Par
(000’s)
Value
Louisiana
:
2.5%
Calcasieu
Parish
Service
District,
Lake
Charles  Memorial
Hospital
Project
(RB)
5.00%,
12/01/27
$
1,025
$
1,014,276
Calcasieu
Parish
Service
District,
Lake
Charles  Memorial
Hospital
Project
(RB)
(SBG)
5.00%,
12/01/29
150
148,288
City
of
New
Orleans,
Louisiana
Water
(RB)
5.00%,
12/01/45 (c)
305
316,548
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Westlake
Chemical
Corp.
Project
(RB)
3.50%,
11/01/32 (c)
4,310
4,124,388
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
,
Louisiana
Pellets,
Inc.
Project
(RB)
7.00%,
07/01/24 (d)
*
330
3
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
,
Louisiana
Pellets,
Inc.
Project,
Series
A
(RB)
7.50%,
07/01/23 (d)
*
521
5
Parish
of
St
James,
Nustar
Logistics,
LP
Project
(RB)
6.10%,
12/01/40 (p)
1,000
1,100,508
6.10%,
06/01/38 (p)
1,500
1,650,762
8,354,778
Maryland
:
1.1%
City
of
Baltimore,
East
Baltimore
Research
Park
Project,
Series
A
(RB)
4.00%,
09/01/27
200
196,782
County
of
Frederick,
Mount
Saint
Mary's
University,
Series
A
(RB)
5.00%,
09/01/27
300
301,940
County
of
Howard,
Series
A
(TA)
4.00%,
02/15/28 (c)
200
198,422
Maryland
Economic
Development
Corp.,
CNX
Marine
Terminal,
Inc.
Port
of
Baltimore
Facility
(RB)
5.75%,
09/01/25 (c)
695
697,937
Maryland
Economic
Development
Corp.,
Port
Covington
Project
(TA)
3.25%,
09/01/30
2,000
1,909,657
Par
(000’s)
Value
Maryland
(continued)
Maryland
Economic
Development
Corp.,
Transportation
Facilities,
Series
A
(RB)
5.00%,
06/01/28
$
425
$
450,513
3,755,251
Massachusetts
:
0.5%
Collegiate
Charter
School
of
Lowell
(RB)
5.00%,
06/15/29 (c)
490
495,093
Massachusetts
Development
Finance
Agency,
Beth
Israel
Lahey
Health,
Inc.,
Series
I
(RB)
5.00%,
07/01/28 (c)
310
322,410
Massachusetts
Development
Finance
Agency,
Newbridge
on
the
Charles,
Inc.
(RB)
4.00%,
10/01/27 (c)
250
247,721
Massachusetts
Development
Finance
Agency,
Suffolk
University
(RB)
5.00%,
07/01/28 (c)
335
349,622
Massachusetts
Development
Finance
Agency,
UMass
Memorial
Health
Care,
Series
I
(RB)
5.00%,
07/01/28 (c)
100
103,445
Massachusetts
Educational
Financing
Authority
(RB)
5.00%,
01/01/27 (c)
275
278,308
1,796,599
Michigan
:
1.3%
City
of
Detroit,
Michigan
Unlimited
Tax
(GO)
5.00%,
04/01/26
1,000
1,023,277
City
of
Detroit,
Series
A
(GO)
(SBG)
5.00%,
04/01/32 (c)
500
538,017
Grand
Rapids
Economic
Development
Corp.,
Beacon
Hill
at
Eastgate,
Series
A
(RB)
4.00%,
11/01/27 (c)
205
197,383
Michigan
Finance
Authority
Higher
Education,
Aquinas
College
Project
(RB)
4.00%,
05/01/31
500
438,122
Michigan
Finance
Authority
Higher
Education,
Thomas
M.
Cooley
Law
School
Project
(RB)
6.25%,
07/01/29 (c)
1,000
961,396
Michigan
Strategic
Fund,
I-75
Improvement
Project
(RB)
5.00%,
06/30/30 (c)
155
164,093
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
8
Par
(000’s)
Value
Michigan
(continued)
Wayne
County
Airport
Authority,
Detroit
metropolitan
Wayne
County
Airport,
Series
C
(RB)
5.00%,
12/01/27
$
1,000
$
1,082,249
4,404,537
Minnesota
:
0.9%
City
of
Anoka,
Homestead
at
Anoka,
Inc.
Project
(RB)
4.25%,
11/01/27 (c)
80
76,937
City
of
Blaine,
Senior
Housing
and
Health
Facility,
Series
A
(RB)
5.12%,
07/01/25 (d)
*
415
269,750
City
of
Brooklyn
Park,
Charter
School,
Athlos
Leadership
Academy
Project,
Series
A
(RB)
5.25%,
07/01/30 (c)
350
338,883
City
of
Minneapolis,
Fairview
Health
Services,
Series
A
(RB)
5.00%,
11/15/33 (c)
1,000
1,040,833
5.00%,
11/15/34 (c)
605
626,119
Saint
Paul
Minnesota
Housing
and
Redevelopment
Authority,
Health
Care,
Series
A
(RB)
5.00%,
07/01/28 (c)
500
510,377
Saint
Paul
Minnesota
Housing
and
Redevelopment
Authority,
HMONG
College
Prep
Academy
Project,
Series
A
(RB)
5.00%,
09/01/26
75
75,377
2,938,276
Missouri
:
0.6%
City
of
St.
Ann,
Northwest
Plaza
Redevelopment
Project,
Series
A
(TA)
4.62%,
11/01/30 (c)
430
424,304
City
of
St.
Louis,
Industrial
Development
Authority,
Ballpark
Village
Development
Project,
Series
A
(RB)
3.88%,
11/15/29 (c)
185
164,689
Lees
Summit
Industrial
Development
Authority,
John
Knox
Village,
Series
A
(RB)
5.00%,
08/15/32 (c)
125
121,115
Maryland
Heights
Industrial
Development
Authority,
San
Louis
Community
Ice
Center
Project,
Series
A
(RB)
(BAM)
4.38%,
03/15/30 (c)
365
337,376
Plaza
at
Noah's
Ark
Community
Improvement
District
(RB)
3.00%,
05/01/30 (c)
500
455,139
Par
(000’s)
Value
Missouri
(continued)
St.
Louis
County,
Industrial
Development
Authority,
Friendship
Village
St.
Louis,
Series
A
(RB)
5.00%,
09/01/28 (c)
$
500
$
504,662
2,007,285
Nebraska
:
0.4%
Central
Plains
Energy
Project,
Gas
Project
Crossover
No.
3,
Series
A
(RB)
5.00%,
09/01/34
650
708,078
Central
Plains
Energy
Project,
Gas
Project
Crossover,
Series
A
(RB)
5.00%,
09/01/27
500
517,199
5.00%,
09/01/28
100
104,578
5.00%,
09/01/30
125
131,761
1,461,616
Nevada
:
1.0%
City
of
Reno,
Tax
Increment
Senior
Lien,
Series
C
(TA)
5.40%,
06/01/27 (c)
250
248,784
City
of
Sparks,
Tourism
Improvement
District
No.
1,
Legends
at
Sparks
Marina,
Series
A
(RB)
2.75%,
06/15/28
760
723,867
Clark
County,
Airport
System,
Series
A-2
(RB)
5.00%,
07/01/25 (c)
100
100,802
Clark
County,
Nevada
Pollution
Control,
Southern
California
Edison
Company
(RB)
2.10%,
06/01/31
5
4,288
Clark
County,
School
District,
Series
B
(GO)
(AGM)
5.00%,
06/15/30 (c)
250
278,599
5.00%,
06/15/29
250
279,306
Clark
County,
School
District,
Series
B
(GO)
(BAM)
5.00%,
06/15/30
250
284,802
Clark
County,
School
District,
Series
C
(GO)
5.00%,
06/15/28 (c)
115
119,355
State
of
Nevada,
Department
of
Business
and
Industry,
Fulcrum
Sierra
Biofuels,
LLC
Project
(RB)
5.88%,
12/15/27 (d)
*
344
137,646
Tahoe-Douglas
Visitors
Authority
(RB)
5.00%,
07/01/33 (c)
1,000
1,060,346
3,237,795
New
Hampshire
:
0.1%
National
Finance
Authority,
Covanta
Project,
Series
A
(RB)
4.00%,
11/01/27 (c)
250
243,618
9
Par
(000’s)
Value
New
Hampshire
(continued)
New
Hampshire
Health
and
Education
Facilities
Authority,
Hillside
Village,
Series
A
(RB)
5.25%,
07/01/27 (c)
(d)
*
$
234
$
4,685
248,303
New
Jersey
:
4.2%
New
Jersey
Economic
Development
Authority,
Continental
Airlines,
Inc.
Project
(RB)
5.25%,
09/15/29 (c)
2,000
2,004,193
5.62%,
11/15/30 (c)
1,000
1,010,531
5.75%,
09/15/27 (c)
1,375
1,375,754
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
A
(RB)
4.00%,
07/01/34 (c)
600
606,838
4.00%,
07/01/32 (c)
1,155
1,175,325
5.00%,
07/01/33 (c)
1,000
1,038,831
New
Jersey
Economic
Development
Authority,
New
Jersey
Transit
Corp.
Project,
Series
A
(RB)
4.00%,
11/01/27
380
394,200
New
Jersey
Economic
Development
Authority,
New
Jersey
Transit
Corp.
Project,
Series
B
(RB)
5.00%,
11/01/25
115
119,046
New
Jersey
Economic
Development
Authority,
New
Jersey
Transit
Transportation
Project,
Series
A
(RB)
(AGM)
5.00%,
11/01/30 (c)
110
122,969
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
AAA
(RB)
5.50%,
06/15/28 (c)
115
122,353
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
BBB
(RB)
5.50%,
06/15/30 (c)
100
107,937
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
PP
(RB)
5.00%,
06/15/26 (c)
340
341,912
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
XX
(RB)
4.25%,
06/15/26 (c)
440
445,976
4.38%,
06/15/27 (c)
130
132,005
5.00%,
06/15/26 (c)
345
354,641
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
State
House
Project,
Series
B
(RB)
4.00%,
06/15/29 (c)
$
750
$
779,125
New
Jersey
Economic
Development
Authority,
West
Campus
Housing,
LLC,
Series
A
(RB)
4.12%,
07/01/30 (c)
175
161,332
New
Jersey
Educational
Facilities
Authority,
Higher
Education
Facilities
Trust
(RB)
5.00%,
06/15/26 (c)
145
145,982
5.00%,
06/15/25 (c)
175
176,206
New
Jersey
State
Turnpike
Authority,
Series
A
(RB)
(AGM)
5.25%,
01/01/26
500
523,187
New
Jersey
Transportation
Trust
Fund
Authority,
Series
A
(RB)
0.00%,
12/15/25 ^
120
112,293
0.00%,
12/15/26 ^
360
326,491
0.00%,
12/15/32 ^
5
3,705
5.00%,
12/15/30 (c)
205
224,632
5.00%,
06/15/30 (c)
395
412,346
New
Jersey
Transportation
Trust
Fund
Authority,
Series
A-1
(RB)
5.00%,
06/15/29 (c)
110
114,855
New
Jersey
Transportation
Trust
Fund
Authority,
Series
AA
(RB)
5.00%,
06/15/26 (c)
275
281,251
5.25%,
06/15/29 (c)
365
375,066
5.25%,
06/15/27 (c)
100
102,637
5.25%,
06/15/28 (c)
435
446,835
State
of
New
Jersey,
Covid-19
General
Emergency,
Series
A
(GO)
5.00%,
06/01/26
500
525,073
State
of
New
Jersey,
Various
Purposes
(GO)
3.00%,
06/01/26
80
79,710
5.00%,
06/01/27
100
107,457
Tobacco
Settlement
Financing
Corp.,
Series
A
(RB)
5.00%,
06/01/29 (c)
150
161,472
14,412,166
New
Mexico
:
0.4%
City
of
Farmington,
New
Mexico
Pollution
Control,
Public
Service
Company
of
San
Juan
and
Four
Corners
Projects,
Series
B
(RB)
2.15%,
04/01/33 (c)
700
576,056
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
10
Par
(000’s)
Value
New
Mexico
(continued)
City
of
Farmington,
New
Mexico
Pollution
Control,
Southern
California
Edison
Company
Four
Corners
Project,
Series
B
(RB)
1.80%,
04/01/29
$
1,000
$
889,830
1,465,886
New
York
:
12.7%
Brooklyn
Arena
Local
Development
Corp.,
Barclays
Center,
Series
A
(RB)
5.00%,
07/15/30 (c)
1,800
1,857,221
5.00%,
07/15/28 (c)
100
103,461
5.00%,
07/15/27 (c)
100
103,604
5.00%,
07/15/26
100
103,138
Build
NYC
Resource
Corp.,
Brooklyn
Navy
Yard
Cogeneration
Partners,
L.P.
Project
(RB)
5.00%,
12/31/28
1,100
1,041,637
Build
NYC
Resource
Corp.,
New
World
Preparatory
Chapter
School
Project,
Series
A
(RB)
4.00%,
06/15/31
275
257,885
Build
NYC
Resource
Corp.,
Richmond
Preparatory
Chapter
School
Project,
Series
A
(RB)
4.00%,
06/01/31 (c)
595
573,685
County
of
Suffolk,
Series
A
(GO)
(AGM)
5.00%,
02/01/26
250
260,860
County
of
Suffolk,
Series
B
(GO)
(AGM)
5.00%,
10/15/26
250
265,230
Dutchess
County
Local
Development
Corp.,
Health
Quest
System,
Inc.,
Series
B
(RB)
5.00%,
07/01/28 (c)
275
277,175
5.00%,
07/01/30 (c)
270
272,656
Huntington
Local
Development
Corp.,
Gurwin
Independent
Housing,
Inc.,
Fountaingate
Gardens
Project
(RB)
4.00%,
07/01/27
775
746,924
Metropolitan
Transportation
Authority,
Series
A-1
(RB)
5.00%,
11/15/30 (c)
250
259,094
Metropolitan
Transportation
Authority,
Series
C-1
(RB)
5.00%,
11/15/29 (c)
250
270,161
Metropolitan
Transportation
Authority,
Series
D
(RB)
5.00%,
11/15/31 (c)
500
521,711
5.00%,
11/15/30 (c)
560
603,995
Metropolitan
Transportation
Authority,
Series
D-1
(RB)
5.00%,
11/15/30 (c)
250
255,397
Par
(000’s)
Value
New
York
(continued)
5.00%,
11/15/28 (c)
$
250
$
256,267
Monroe
County
Industrial
Development
Corp.,
Rochester
Regional
Health
Project,
Series
A
(RB)
5.00%,
12/01/34 (c)
1,060
1,123,548
5.00%,
12/01/31 (c)
500
532,184
Monroe
County
Industrial
Development
Corp.,
St.
Ann's
Community
Project
(RB)
4.00%,
01/01/30 (c)
810
749,333
New
York
Convention
Center
Development
Corp.,
Hotel
Unit
(RB)
5.00%,
11/15/26 (c)
500
510,944
New
York
Liberty
Development
Corp.,
3
World
Trade
Center
Project
(RB)
5.15%,
11/15/34 (c)
1,000
1,001,982
New
York
State
Dormitory
Authority,
Montefiore
Medical
Center,
Series
A
(RB)
5.00%,
08/01/29 (c)
1,000
1,044,703
5.00%,
08/01/30 (c)
945
988,137
New
York
State
Environmental
Facilities
Corp.,
Casella
Waste
Systems,
Inc.
Project
(RB)
2.88%,
12/01/44 (p)
1,000
904,888
New
York
State
Environmental
Facilities
Corp.,
Casella
Waste
Systems,
Inc.
Project
(RB)
(FHA
542
(C))
2.75%,
09/01/50 (c)
(p)
600
580,650
New
York
Transportation
Development
Corp.,
American
Airlines,
Inc.
John
F.
Kennedy
International
Airport
Project
(RB)
2.25%,
08/01/26
620
596,242
5.00%,
08/01/31 (c)
4,155
4,155,091
5.00%,
08/01/26 (c)
475
475,120
5.25%,
08/01/31 (c)
1,790
1,883,369
New
York
Transportation
Development
Corp.,
Delta
Air
Lines,
Inc.,
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project
(RB)
4.00%,
10/01/30
4,380
4,379,893
5.00%,
01/01/31 (c)
4,405
4,544,369
5.00%,
01/01/29 (c)
780
806,088
5.00%,
01/01/30 (c)
1,785
1,841,833
5.00%,
10/01/35 (c)
1,000
1,049,736
New
York
Transportation
Development
Corp.,
John
F.
Kennedy
International
Airport
Project
(RB)
3.00%,
08/01/31
2,100
1,928,770
11
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
$
1,430
$
1,557,705
5.00%,
12/01/31
1,885
2,065,485
Town
of
Oyster
Bay,
Public
Improvement,
Series
B
(GO)
(AGM)
3.25%,
02/01/29 (c)
665
662,752
Town
of
Ramapo,
Public
Improvement,
Series
A
(GO)
(FGIC)
4.00%,
05/15/27 (c)
120
114,281
4.12%,
05/15/28 (c)
100
94,548
Trust
for
Cultural
Resources
of
The
City
of
New
York,
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Series
A
(RB)
5.00%,
12/01/31 (c)
1,000
1,135,479
TSASC,
Inc.,
Tobacco
Settlement
Bonds,
Series
A
(RB)
5.00%,
06/01/27
70
73,132
5.00%,
06/01/28 (c)
70
73,172
Ulster
County
Capital
Resource
Corp.,
Woodland
Pond
of
New
Paltz
Project
(RB)
4.00%,
09/15/25 (c)
170
163,456
Yonkers
Economic
Development
Corp.,
Charter
School
of
Educational
Excellence
Project,
Series
A
(RB)
4.00%,
10/15/29
200
195,796
43,262,787
North
Carolina
:
0.3%
North
Carolina
Medical
Care
Commission,
Vedan
Health
(RB)
5.00%,
06/01/33 (c)
250
256,790
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
5.00%,
01/01/25
350
355,442
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
(AGM)
5.00%,
01/01/32 (c)
500
548,794
1,161,026
North
Dakota
:
0.2%
City
of
Grand
Forks,
Altru
Health
System
(RB)
5.00%,
12/01/34 (c)
500
527,873
Par
(000’s)
Value
North
Dakota
(continued)
County
of
Grand
Forks,
Red
River
Biorefinery,
LLC
Project,
Series
A
(RB)
6.62%,
12/15/31 (c)
(d)
*
$
3,000
$
90,000
617,873
Ohio
:
2.2%
American
Municipal
Power,
Inc.,
Series
A
(RB)
5.00%,
02/15/29
500
551,050
County
of
Cuyahoga,
Health
Care
and
Independent
Living
Facilities,
Series
A
(RB)
5.00%,
05/15/32 (c)
920
899,802
County
of
Cuyahoga,
Ohio
Hospital,
The
Metrohealth
System
(RB)
5.00%,
02/15/25
250
252,550
5.00%,
02/15/26
50
51,299
5.00%,
02/15/27
350
364,242
5.00%,
02/15/28 (c)
110
113,399
County
of
Muskingum,
Ohio
Hospital
Facilities,
Genesis
Healthcare
System
(RB)
5.00%,
02/15/27 (c)
1,860
1,860,181
Ohio
Air
Quality
Development
Authority,
American
Electric
Co.
Project,
Series
A
(RB)
2.40%,
12/01/38 (c)
(p)
500
443,669
Ohio
Air
Quality
Development
Authority,
American
Electric
Co.
Project,
Series
B
(RB)
2.60%,
06/01/41 (c)
(p)
1,000
891,649
Ohio
Air
Quality
Development
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
A
(RB)
3.25%,
09/01/29
2,000
1,921,537
7,349,378
Oklahoma
:
1.0%
Oklahoma
Development
Finance
Authority,
OU
Medicine
Project,
Series
B
(RB)
5.00%,
08/15/26
1,000
1,003,708
5.00%,
08/15/27
250
250,864
Tulsa
Municipal
Airport
Trust,
American
Airlines,
Inc.
(RB)
5.00%,
06/01/35 (c)
(p)
2,000
2,003,268
3,257,840
Oregon
:
0.0%
Oregon
State
Business
Development
Commission,
Red
Rock
Biofuels
LLC
Clean
Energy
Project
(RB)
11.50%,
04/01/31 (c)
(d)
*
500
5
Underline
Pennsylvania
:
3.5%
Allentown
Neighborhood
Improvement
Zone
Development
Authority
(RB)
5.00%,
05/01/27
1,050
1,077,147
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
12
Par
(000’s)
Value
Pennsylvania
(continued)
5.00%,
05/01/28
$
875
$
907,059
5.00%,
05/01/28
1,420
1,436,088
Berks
County
Industrial
Development
Authority,
Tower
Health
Project
(RB)
4.00%,
11/01/31 (c)
200
104,478
5.00%,
11/01/24
1,000
761,853
5.00%,
11/01/25
1,000
676,498
5.00%,
11/01/26
400
254,232
5.00%,
11/01/30 (c)
1,065
561,468
Berks
County
Municipal
Authority,
Tower
Health
Project,
Series
A
(RB)
5.00%,
02/01/30
800
425,758
5.00%,
02/01/31
425
224,076
Berks
County
Municipal
Authority,
Tower
Health
Project,
Series
B-2
(RB)
5.00%,
02/01/40 (c)
(p)
1,500
926,789
City
of
Philadelphia,
Pennsylvania
Gas
Works
(RB)
5.00%,
10/01/26
100
105,017
5.00%,
08/01/25
80
82,159
Dauphin
County
General
Authority
University,
Harrisburg
University
of
Science
and
Technology
Project
(RB)
5.00%,
10/15/30 (c)
500
456,923
Doylestown
Hospital
Authority,
Series
A
(RB)
(SBG)
5.00%,
07/01/28 (c)
130
130,002
Fulton
County
Industrial
Development
Authority,
Medical
Center
Project
(RB)
4.00%,
07/01/28 (c)
660
644,627
Pennsylvania
Economic
Development
Financing
Authority,
Penndot
Major
Bridges
Package
One
Project
(RB)
5.00%,
06/30/32
1,000
1,126,815
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania
Rapid
Bridge
Replacement
Project
(RB)
5.00%,
06/30/26
130
132,806
Pennsylvania
Turnpike
Commission,
Series
A-2
(RB)
5.00%,
06/01/30 (c)
100
104,721
Philadelphia
Authority
for
Industrial
Development,
University
of
the
Arts
(RB)
4.50%,
03/15/29 (c)
25
26,826
4.50%,
03/15/29 (c)
675
652,200
Par
(000’s)
Value
Pennsylvania
(continued)
Philadelphia
Authority,
Industrial
Development,
Electrical
and
Technology
Charter
School
Project,
Series
A
(RB)
4.00%,
06/01/31
$
565
$
539,333
State
Public
School
Building
Authority,
School
District
of
Philadelphia
Project,
Series
A
(RB)
(SAW)
5.00%,
06/01/29 (c)
200
209,469
The
Hospitals
and
Higher
Education,
Facilities
Authority
of
Philadelphia
(RB)
5.00%,
07/01/26
115
117,884
5.00%,
07/01/29 (c)
275
284,386
11,968,614
Puerto
Rico
:
7.4%
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority,
Series
A
(RB)
5.00%,
07/01/30
3,000
3,097,835
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority,
Series
B
(RB)
5.00%,
07/01/28
1,000
1,029,454
5.00%,
07/01/33 (c)
2,000
2,073,857
Puerto
Rico
Commonwealth,
Series
A-1
(GO)
(BAM-TCRS)
4.00%,
07/01/33 (c)
4,000
3,889,660
5.38%,
07/01/25
3,638
3,698,078
5.62%,
07/01/27
1,000
1,056,896
5.62%,
07/01/29
3,000
3,253,312
5.75%,
07/01/31
2,000
2,232,068
Puerto
Rico
Electric
Power
Authority,
Series
SS
(RB)
(NATL)
5.00%,
07/01/24 (c)
545
545,138
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
Municipal
Finance
Agency,
Series
A
(RB)
(AGM)
5.00%,
08/01/30 (c)
780
785,413
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
0.01%,
07/01/31 (c)
2,000
1,499,053
0.01%,
07/01/33 (c)
1,500
1,030,307
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
(AGM)
0.01%,
07/01/29 (c)
1,308
1,064,576
25,325,647
13
Par
(000’s)
Value
Rhode
Island
:
0.6%
Rhode
Island
Commerce
Corp.,
Department
of
Transportation,
Series
A
(RB)
5.00%,
05/15/33 (c)
$
250
$
283,805
5.00%,
05/15/31 (c)
400
455,328
Rhode
Island
Commerce
Corp.,
Department
of
Transportation,
Series
B
(RB)
5.00%,
06/15/26
155
162,994
Rhode
Island
Health
and
Educational
Building
Corp.,
Care
New
England,
Series
B
(RB)
5.00%,
09/01/31 (c)
1,000
995,364
1,897,491
South
Carolina
:
0.7%
South
Carolina
Jobs-Economic
Development
Authority,
High
Point
Academy
Project,
Series
A
(RB)
5.00%,
06/15/29 (c)
600
605,708
South
Carolina
Jobs-Economic
Development
Authority,
Solid
Waste
Disposal,
Series
A
(RB)
5.25%,
07/01/55 (c)
755
773,721
South
Carolina
Jobs-Economic
Development
Authority,
The
Woodlands
at
Furman
(RB)
4.00%,
11/15/27 (c)
250
244,234
South
Carolina
Public
Service
Authority,
Series
A
(RB)
5.00%,
12/01/26 (c)
290
295,215
5.00%,
12/01/31 (c)
525
543,335
2,462,213
Tennessee
:
0.8%
Blount
County,
Health
and
Educational
Facilities
Board,
Series
A
(RB)
5.00%,
01/01/31 (c)
(d)
*
500
115,000
Memphis-Shelby
County
Industrial
Development
Board,
Graceland
Project,
Series
A
(TA)
4.75%,
07/01/27 (d)
*
105
90,611
Tennessee
Energy
Acquisition
Corp.,
Commodity
Project,
Series
A
(RB)
5.00%,
05/01/52 (c)
(p)
1,000
1,067,030
Tennessee
Energy
Acquisition
Corp.,
Gas
Project
(RB)
4.00%,
11/01/49 (c)
(p)
1,000
1,001,541
Tennessee
Energy
Acquisition
Corp.,
Gas
Project,
Series
A
(RB)
5.25%,
09/01/26
525
539,289
2,813,471
Par
(000’s)
Value
Texas
:
8.8%
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
First
Tier,
Series
A
(RB)
5.00%,
01/01/33 (c)
$
1,200
$
1,231,009
5.00%,
01/01/32 (c)
1,155
1,185,578
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
First
Tier,
Series
A
(RB)
(SAW)
5.00%,
01/01/25
650
652,932
5.00%,
01/01/26
775
784,626
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
Second
Tier,
Series
A
(RB)
5.00%,
01/01/30 (c)
500
504,106
Board
of
Regents
of
the
University
of
Texas
System,
Series
A
(RB)
(AGM)
5.00%,
08/15/31 (c)
50
56,101
Calhoun
County
Navigation
Industrial
Development
Authority,
Max
Midstream
Texas
LLC
Project,
Series
A
(RB)
3.62%,
07/01/26 (c)
2,465
2,300,064
Central
Texas
Regional
Mobility
Authority,
Series
B
(RB)
5.00%,
01/01/32 (c)
750
840,195
Central
Texas
Regional
Mobility
Authority,
Series
C
(RB)
5.00%,
01/01/27 (c)
1,000
1,030,541
Central
Texas
Turnpike
System,
Series
C
(RB)
5.00%,
08/15/24
120
120,785
City
of
Austin,
Texas
Airport
System
(RB)
5.00%,
11/15/28 (c)
395
396,707
5.00%,
11/15/25
625
638,910
City
of
Houston,
Airport
System,
Series
C
(RB)
5.00%,
07/01/27
180
189,740
City
of
Houston,
Airport
System,
United
Airlines,
Inc.
Terminal
E
Project
(RB)
5.00%,
07/01/29 (c)
3,000
3,000,820
City
of
Houston,
Airport
System,
United
Airlines,
Inc.
Terminal
E
Project,
Series
A
(RB)
5.00%,
07/01/27
250
252,956
City
of
Houston,
Continental
Airlines,
Inc.,
Terminal
Improvement
Projects
(RB)
6.50%,
07/15/30 (c)
200
200,124
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
C
(RB)
5.00%,
07/15/27
1,000
1,012,053
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
14
Par
(000’s)
Value
Texas
(continued)
5.00%,
07/15/28
$
500
$
508,901
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Technical
Operations
Center
Project
(RB)
5.00%,
07/15/28
1,500
1,526,703
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Terminal
Improvement
Projects,
Series
B-1
(RB)
5.00%,
07/15/30 (c)
1,000
1,002,054
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Terminal
Improvement
Projects,
Series
B-2
(RB)
5.00%,
07/15/27
1,750
1,771,093
Clifton
Higher
Education
Finance
Corp.,
Series
A
(RB)
4.62%,
08/15/25
40
40,248
5.12%,
08/15/30 (c)
200
204,452
5.50%,
06/15/33 (c)
1,000
1,023,634
Clifton
Higher
Education
Finance
Corp.,
Series
D
(RB)
5.25%,
08/15/26 (c)
500
513,190
Gulf
Coast
Industrial
Development
Authority,
CITGO
Petroleum
Corp.
Project
(RB)
4.88%,
05/01/25 (c)
335
334,994
Harris
County,
Houston
Sports
Authority,
Junior
Lien,
Series
H
(RB)
(NATL)
0.01%,
11/15/29
315
255,218
Harris
County,
Houston
Sports
Authority,
Third
Lien,
Series
A
(RB)
(NATL)
0.00%,
11/15/33 (c)
^
1,005
574,633
Love
Field
Airport
Modernization
Corp.,
Southwest
Airlines
Co.
(RB)
5.00%,
11/01/28 (c)
850
850,027
Lower
Colorado
River
Authority,
LCRA
Transmission
Services
Corp.
Project
(RB)
5.00%,
05/15/31 (c)
335
341,413
5.00%,
05/15/33 (c)
200
221,857
Matagorda
County
District
No.
1,
Pollution
Control,
Series
B
(RB)
(AMBAC)
4.55%,
05/01/30
105
107,449
Mesquite
Health
Facility
Development
Corp.,
Christian
Care
Centers,
Inc.
Project
(RB)
(NATL)
5.00%,
02/15/30 (c)
(d)
*
102
1,015
Par
(000’s)
Value
Texas
(continued)
Mission
Economic
Development
Corp.,
Senior
Lien,
Natgasoline
Project
(RB)
4.62%,
10/01/31 (c)
$
3,200
$
3,180,449
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Carillon
Lifecare
Community
Project
(RB)
4.00%,
07/01/28 (c)
1,000
905,703
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.,
NCCD-College
Station
Properties
LLC,
Series
A
(RB)
5.00%,
07/01/23
100
90,750
5.00%,
07/01/24
100
90,750
North
Texas
Tollway
Authority,
Second
Tier,
Series
B
(RB)
5.00%,
01/01/27 (c)
185
191,563
Port
Beaumont
Navigation
District,
Texas
Dock
&
Wharf
Facility,
Series
A
(RB)
2.62%,
01/01/31 (c)
550
460,056
SA
Energy
Acquisition
Public
Facility
Corp.
(RB)
5.50%,
08/01/24
55
55,364
5.50%,
08/01/25
125
127,533
5.50%,
08/01/27
110
115,027
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
MRC
Stevenson
Oaks
Project,
Series
A
(RB)
6.25%,
11/15/31 (c)
250
242,935
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Retirement
Facility
(RB)
4.00%,
05/15/27 (c)
225
218,975
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
I,
Senior
Lien,
Series
A
(RB)
5.25%,
12/15/25
100
102,384
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
III
(RB)
5.00%,
12/15/28
350
366,574
29,972,907
Utah
:
0.5%
Utah
Charter
School
Finance
Authority,
Freedom
Academy
Foundation
Project
(RB)
4.50%,
06/15/27
700
674,119
15
Par
(000’s)
Value
Utah
(continued)
Utah
Salt
Lake
City,
International
Airport,
Series
A
(RB)
5.00%,
07/01/31
$
1,000
$
1,109,421
1,783,540
Virgin
Islands
:
0.7%
Matching
Fund
Special
Purpose
Securitization
Corp.,
Virgin
Island,
Series
A
(RB)
5.00%,
10/01/32
1,000
1,057,645
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes,
Series
C
(RB)
5.00%,
10/01/24
100
99,517
5.00%,
10/01/30 (c)
1,000
950,437
Virgin
Islands
Water
&
Power
Authority,
Series
B
(RB)
5.00%,
07/01/25 (c)
55
53,528
5.00%,
07/01/24 (c)
75
74,336
2,235,463
Virginia
:
1.6%
Amherst
Industrial
Development
Authority,
Educational
Facilities,
Sweet
Briar
College
(RB)
4.75%,
09/01/30 (c)
140
131,973
Peninsula
Town
Center
Community
Development
Authority
(RB)
4.50%,
09/01/28 (c)
325
324,443
Roanoke
County
Economic
Development
Authority,
Series
A
(RB)
4.75%,
09/01/29 (c)
(d)
*
1,530
1,417,699
Virginia
Beach
Development
Authority,
Residential
Care
Facility,
Series
A
(RB)
5.75%,
09/01/30 (c)
1,000
1,030,093
5.75%,
09/01/33 (c)
1,000
1,088,054
Virginia
College
Building
Authority,
Marymount
University
Project,
Series
B
(RB)
5.25%,
07/01/30 (c)
710
715,348
Virginia
Small
Business
Financing
Authority,
Elizabeth
River
Crossing
OPCO
LLC
Project
(RB)
4.00%,
01/01/31
635
640,416
5,348,026
Washington
:
1.8%
King
County,
Public
Hospital
District
No.
4,
Snoqualmie
Valley
Hospital,
Series
A
(RB)
5.00%,
12/01/25
75
75,043
Klickitat
County,
Public
Hospital
District
No.
2
(RB)
4.00%,
12/01/27
615
594,114
Par
(000’s)
Value
Washington
(continued)
Port
Seattle
Washington
Industrial
Development
Corp.,
Delta
Air
Lines,
Inc.
Project
(RB)
5.00%,
04/01/30 (c)
$
1,800
$
1,800,136
Washington
Health
Care
Facilities
Authority,
CommonSpirit
Health,
Series
B-2
(RB)
5.00%,
08/01/49 (c)
(p)
480
486,798
Washington
State,
Convention
Center
Public
Facilities
District
(RB)
4.00%,
07/01/31
2,250
2,236,773
Washington
State,
Convention
Center
Public
Facilities
District,
Series
B
(RB)
4.00%,
07/01/33 (c)
250
252,458
Washington
State,
Housing
Finance
Commission,
Presbyterian
Retirement
Communities
Northwest
Projects,
Series
A
(RB)
4.00%,
01/01/26 (c)
500
477,905
5.00%,
01/01/31 (c)
365
330,335
6,253,562
West
Virginia
:
0.5%
County
of
Ohio,
Fort
Henry
Centre
Tax
Increment
Financing
District
No.
1,
The
Highlands
Project
(TA)
4.75%,
06/01/31 (c)
680
680,003
West
Virginia
Economic
Development
Authority,
Arch
Resources
Project
(RB)
(SAW)
4.12%,
07/01/45 (c)
(p)
1,000
995,021
West
Virginia
Hospital
Finance
Authority,
West
Virginia
University
Health
System,
Series
A
(RB)
5.00%,
06/01/26
150
156,520
1,831,544
Wisconsin
:
1.6%
Public
Finance
Authority,
Celanese
Corp.,
Series
C
(RB)
4.30%,
11/01/30 (c)
1,000
980,995
Public
Finance
Authority,
Living
Community
First
Mortgage
(RB)
4.25%,
05/01/29 (c)
430
386,638
Public
Finance
Authority,
North
Carolina
Charter
Educational
Foundation
Project,
Series
A
(RB)
4.10%,
06/15/26
350
340,972
Public
Finance
Authority,
Penick
Village
(RB)
4.00%,
09/01/29 (c)
445
404,877
VANECK
SHORT
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
16
FootnoteRuleAboveBlank
Footnotes:
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
Phoenix
Academy
Project,
Series
A
(RB)
5.00%,
06/15/27 (c)
$
150
$
144,855
Public
Finance
Authority,
Prime
Healthcare
Foundation,
Inc.,
Series
A
(RB)
5.00%,
12/01/27
1,235
1,259,368
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
Waste
Management,
Inc.
Project,
Series
A-1
(RB)
2.62%,
11/01/25
$
1,050
$
1,028,953
Wisconsin
Health
and
Educational
Facilities
Authority,
Prohealth
Care,
Inc.
(RB)
3.00%,
08/15/26 (c)
825
814,434
5,361,092
Total
Municipal
Bonds:
98.5%
(Cost:
$358,031,771)
334,907,697
Other
assets
less
liabilities:
1.5%
5,163,963
NET
ASSETS:
100.0%
$
340,071,660
Definitions:
AGM
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Assurance
Co.
CP
Certificate
of
Participation
FGIC
Financial
Guaranty
Insurance
Co.
GO
General
Obligation
NATL
National
Public
Finance
Guarantee
Corp.
RB
Revenue
Bond
SA
Special
Assessment
SAW
State
Aid
Withholding
SBG
School
Board
Guaranteed
TA
Tax
Allocation
(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
*
Non-income
producing
(d)
Security
in
default
^
Zero
Coupon
Bond
Summary
of
Investments
by
Sector
%
of
Investments
Value
Industrial
Development
Revenue
22.3
%
$
74,671,641
Local
GO
11.9
39,705,564
Tax
9.9
33,060,696
Hospitals
8.6
28,733,627
Education
6.5
21,850,222
Utilities
-
Other
5.3
17,679,805
State
GO
5.1
17,153,997
Power
5.0
16,903,654
Health
4.8
16,003,364
Airport
4.8
15,995,967
Leasing
COPS
&
Appropriations
4.3
14,424,409
Miscellaneous
2.3
7,631,449
Transportation
2.3
7,539,319
Water
&
Sewer
2.0
6,831,833
Toll
&
Turnpike
1.7
5,807,605
Multi-Family
Housing
1.4
4,749,564
Pollution
Control
0.9
3,000,181
Refunded
0.5
1,809,638
Unassigned
0.3
1,047,386
Tobacco
0.1
307,776
17
100.0
%
$
334,907,697