UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10325
VANECK ETF TRUST
(Formerly known as VanEck Vectors ETF Trust)
(Exact name of registrant as specified in
charter)
666 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
666 Third Avenue, New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 293-2000
Date of fiscal year end: APRIL 30
Date of reporting period: OCTOBER 31, 2021
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| Item 1. | Report to Shareholders |
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SEMI-ANNUAL REPORT October 31, 2021 (unaudited) |
| 800.826.2333 | vaneck.com |
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Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2021.
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VANECK ETFs
October 31, 2021
(unaudited)
Dear Fellow Shareholders:
This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.
The Economy
When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?”1 We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets.
In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.
Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates.
Bank of America recently released a research note2 that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?
What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.
Multi-Year Investment Themes
So what to do in your portfolio? We are focusing on two multi-year investment themes.
Another surprise that has affected commodity prices is that, as the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and is why I believe that commodity equities are an interesting investment that people should have in their portfolios.
The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.
The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. New open-source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. There are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
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VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
Jan F. van Eck
CEO and President
VanEck ETF Trust.
November 4, 2021
PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.
2Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally
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VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2021, to October 31, 2021.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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Beginning
Account Value May 1, 2021 |
Ending
Account Value October 31, 2021 |
Annualized
Expense Ratio During Period |
Expenses Paid
During the Period May 1, 2021 - October 31, 2021* |
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| CEF Muni Income ETF | ||||||||
| Actual | $1,000.00 | $1,016.90 | 0.40% | $2.03 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| High Yield Muni ETF | ||||||||
| Actual | $1,000.00 | $1,009.60 | 0.35% | $1.77 | ||||
| Hypothetical** | $1,000.00 | $1,023.44 | 0.35% | $1.79 | ||||
| HIP Sustainable Muni ETF | ||||||||
| Actual *** | $1,000.00 | $992.90 | 0.24% | $0.35 | ||||
| Hypothetical** | $1,000.00 | $1,024.00 | 0.24% | $1.22 | ||||
| Intermediate Muni ETF | ||||||||
| Actual | $1,000.00 | $996.60 | 0.24% | $1.21 | ||||
| Hypothetical** | $1,000.00 | $1,024.00 | 0.24% | $1.22 | ||||
| Long Muni ETF | ||||||||
| Actual | $1,000.00 | $1,000.70 | 0.24% | $1.21 | ||||
| Hypothetical** | $1,000.00 | $1,024.00 | 0.24% | $1.22 | ||||
| Muni Allocation ETF | ||||||||
| Actual | $1,000.00 | $1,001.20 | 0.08% | $0.40 | ||||
| Hypothetical** | $1,000.00 | $1,024.80 | 0.08% | $0.41 | ||||
| Short High Yield Muni ETF | ||||||||
| Actual | $1,000.00 | $1,008.40 | 0.35% | $1.77 | ||||
| Hypothetical** | $1,000.00 | $1,023.44 | 0.35% | $1.79 |
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VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
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Beginning
Account Value May 1, 2021 |
Ending
Account Value October 31, 2021 |
Annualized
Expense Ratio During Period |
Expenses Paid
During the Period May 1, 2021 - October 31, 2021* |
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| Short Muni ETF | ||||||||
| Actual | $1,000.00 | $998.20 | 0.20% | $1.01 | ||||
| Hypothetical** | $1,000.00 | $1,024.20 | 0.20% | $1.02 |
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
| ** | Assumes annual return of 5% before expenses |
| *** | Expenses are equal to the Fund’s annualized expense ratio (for the period from September 9, 2021 (commencement of operations) to October 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
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October 31, 2021 (unaudited)
|
Number
of Shares |
Value | |||||||
| CLOSED-END FUNDS: 99.9% (a) | ||||||||
| Alliance Bernstein National Municipal Income Fund, Inc. | 149,242 | $ | 2,187,888 | |||||
| Blackrock Investment Quality Municipal Trust, Inc. | 46,616 | 798,532 | ||||||
| BlackRock Long-Term Municipal Advantage Trust | 48,340 | 645,822 | ||||||
| BlackRock MuniAssets Fund, Inc. | 107,107 | 1,617,316 | ||||||
| BlackRock Municipal 2030 Target Term Trust | 372,778 | 9,561,756 | ||||||
| BlackRock Municipal Income Fund, Inc. | 195,320 | 2,970,817 | ||||||
| BlackRock Municipal Income Quality Trust | 122,423 | 1,860,830 | ||||||
| BlackRock Municipal Income Trust | 162,916 | 2,399,753 | ||||||
| BlackRock Municipal Income Trust II | 178,470 | 2,673,481 | ||||||
| BlackRock MuniHoldings Fund, Inc. | 279,972 | 4,560,744 | ||||||
| BlackRock MuniHoldings Investment Quality Fund | 198,936 | 2,870,646 | ||||||
| BlackRock MuniHoldings Quality Fund II, Inc. | 103,200 | 1,424,160 | ||||||
| BlackRock MuniVest Fund II, Inc. | 80,644 | 1,191,918 | ||||||
| BlackRock MuniVest Fund, Inc. | 336,063 | 3,138,828 | ||||||
| BlackRock MuniYield Fund, Inc. | 217,281 | 3,122,328 | ||||||
| BlackRock MuniYield Quality Fund II, Inc. | 103,260 | 1,460,096 | ||||||
| BlackRock MuniYield Quality Fund III, Inc. | 358,874 | 5,178,552 | ||||||
| BlackRock MuniYield Quality Fund, Inc. | 338,390 | 5,454,847 | ||||||
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 66,064 | 1,051,739 | ||||||
| BNY Mellon Municipal Income, Inc. | 92,800 | 829,632 | ||||||
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 252,600 | 2,025,852 | ||||||
| BNY Mellon Strategic Municipals, Inc. | 233,538 | 1,989,744 | ||||||
| DWS Municipal Income Trust | 209,464 | 2,440,256 | ||||||
| Eaton Vance Municipal Bond Fund | 373,589 | 4,972,470 | ||||||
| Eaton Vance Municipal Income 2028 Term Trust | 35,696 | 786,740 | ||||||
| Eaton Vance Municipal Income Trust | 186,477 | 2,528,628 | ||||||
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Number
of Shares |
Value | |||||||
| Eaton Vance National Municipal Opportunities Trust | 57,600 | $ | 1,288,068 | |||||
| Invesco Advantage Municipal Income Trust II | 199,681 | 2,402,162 | ||||||
| Invesco Municipal Income Opportunities Trust | 176,440 | 1,404,462 | ||||||
| Invesco Municipal Opportunity Trust | 308,700 | 4,176,711 | ||||||
| Invesco Municipal Trust | 254,789 | 3,335,188 | ||||||
| Invesco Quality Municipal Income Trust | 272,712 | 3,547,983 | ||||||
| Invesco Trust for Investment Grade Municipals | 251,750 | 3,411,212 | ||||||
| Invesco Value Municipal Income Trust | 216,354 | 3,504,935 | ||||||
| MainStay MacKay DefinedTerm Municipal Opportunities Fund | 87,631 | 1,862,159 | ||||||
| MFS High Income Municipal Trust | 163,247 | 829,295 | ||||||
| MFS Municipal Income Trust | 218,314 | 1,506,367 | ||||||
| Neuberger Berman Municipal Fund, Inc. | 59,034 | 898,497 | ||||||
| Nuveen AMT-Free Municipal Credit Income Fund | 924,725 | 15,988,495 | ||||||
| Nuveen AMT-Free Municipal Value Fund | 93,657 | 1,569,691 | ||||||
| Nuveen AMT-Free Quality Municipal Income Fund | 1,054,981 | 16,014,612 | ||||||
| Nuveen Dynamic Municipal Opportunities Fund | 191,740 | 2,998,814 | ||||||
| Nuveen Enhanced Municipal Value Fund | 81,346 | 1,262,490 | ||||||
| Nuveen Intermediate Duration Municipal Term Fund | 218,399 | 3,247,593 | ||||||
| Nuveen Intermediate Duration Quality Municipal Term Fund | 61,463 | 906,579 | ||||||
| Nuveen Municipal Credit Income Fund | 662,888 | 11,090,116 | ||||||
| Nuveen Municipal Credit Opportunities Fund | 251,413 | 3,781,251 | ||||||
| Nuveen Municipal High Income Opportunity Fund | 354,401 | 5,213,239 | ||||||
| Nuveen Municipal Value Fund, Inc. | 576,185 | 6,459,034 | ||||||
| Nuveen Quality Municipal Income Fund | 1,024,295 | 16,009,731 | ||||||
| Nuveen Select Tax-Free Income Portfolio | 53,870 | 909,326 | ||||||
See Notes to Financial Statements
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VANECK CEF MUNI INCOME ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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Number
of Shares |
Value | |||||||
| Nuveen Select Tax-Free Income2 Portfolio | 67,968 | $ | 1,061,660 | |||||
| PIMCO Municipal Income Fund | 68,065 | 951,549 | ||||||
| PIMCO Municipal Income Fund II | 156,435 | 2,168,189 | ||||||
| PIMCO Municipal Income Fund III | 90,258 | 1,069,557 | ||||||
| Pioneer Municipal High Income Advantage Fund, Inc. | 113,965 | 1,316,296 | ||||||
| Pioneer Municipal High Income Fund Trust | 122,586 | 1,491,872 | ||||||
| Pioneer Municipal High Income Opportunities Fund, Inc. | 79,524 | 1,521,294 | ||||||
| Putnam Managed Municipal Income Trust | 181,511 | 1,497,466 | ||||||
| Putnam Municipal Opportunities Trust | 127,823 | 1,720,497 | ||||||
| Western Asset Managed Municipals Fund, Inc. | 243,052 | 3,164,537 | ||||||
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Total Closed-End Funds
(Cost: $199,244,298) |
199,324,302 | |||||||
| Other assets less liabilities: 0.1% | 257,080 | |||||||
| NET ASSETS: 100.0% | $ | 199,581,382 | ||||||
Footnotes:
| (a) | Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov. |
| Summary of Investments by Sector |
% of
Investments |
Value | ||||||
| Financials | 100.0 | % | $ | 199,324,302 | ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Closed-End Funds * | $ | 199,324,302 | $ | — | $ | — | $ | 199,324,302 | ||||||||
See Notes to Financial Statements
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SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
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Par
(000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 98.4% | ||||||||
| Alabama: 1.8% | ||||||||
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Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) 6.45%, 11/29/21 (c) |
$ | 615 | $ | 615,778 | ||||
| Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) | ||||||||
| 5.25%, 06/01/25 | 410 | 424,766 | ||||||
| 5.75%, 06/01/26 (c) | 1,400 | 1,480,552 | ||||||
| 5.75%, 06/01/26 (c) | 2,000 | 2,083,046 | ||||||
| 6.00%, 06/01/26 (c) | 5,900 | 6,185,295 | ||||||
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Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) |
1,500 | 1,891,936 | ||||||
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Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/29 (c) |
4,025 | 4,761,081 | ||||||
| Jefferson County, Sewer Revenue, Series D (RB) | ||||||||
| 6.00%, 10/01/23 (c) | 10,000 | 11,428,344 | ||||||
| 6.50%, 10/01/23 (c) | 9,000 | 10,365,700 | ||||||
| Jefferson County, Sewer Revenue, Series E (RB) | ||||||||
| 0.00%, 10/01/23 (c) ^ | 100 | 47,266 | ||||||
| 0.00%, 10/01/23 (c) ^ | 60 | 24,046 | ||||||
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) | ||||||||
| 4.50%, 05/01/29 (c) | 11,148 | 11,930,682 | ||||||
| 5.25%, 05/01/29 (c) | 10,000 | 11,515,098 | ||||||
| 62,753,590 | ||||||||
| Alaska: 0.0% | ||||||||
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Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c) |
1,000 | 1,110,864 | ||||||
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Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^ |
3,000 | 488,088 | ||||||
| 1,598,952 | ||||||||
| American Samoa: 0.2% | ||||||||
| American Samoa Economic Development Authority, Series A (RB) | ||||||||
| 5.00%, 09/01/31 (c) | 2,750 | 3,364,884 | ||||||
| 6.50%, 09/01/28 | 250 | 304,948 | ||||||
| 6.62%, 09/01/25 (c) | 1,000 | 1,162,651 | ||||||
| 7.12%, 09/01/28 (c) | 500 | 646,938 | ||||||
| 5,479,421 | ||||||||
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Par
(000’s |
) | Value | ||||||
| Arizona: 2.3% | ||||||||
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Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c) |
$ | 200 | $ | 229,187 | ||||
| Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | ||||||||
| 6.00%, 07/01/27 (c) | 1,320 | 1,591,942 | ||||||
| 6.00%, 07/01/27 (c) | 2,940 | 3,488,713 | ||||||
| Arizona Industrial Development Authority, Basis School Project, Series A (RB) | ||||||||
| 5.12%, 07/01/26 (c) | 250 | 285,575 | ||||||
| 5.25%, 07/01/26 (c) | 500 | 567,944 | ||||||
| Arizona Industrial Development Authority, Basis School Project, Series D (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 270 | 308,961 | ||||||
| 5.00%, 07/01/27 (c) | 515 | 587,835 | ||||||
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Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c) |
500 | 572,150 | ||||||
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Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) 5.00%, 07/15/27 (c) |
300 | 335,055 | ||||||
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Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) (ST) 5.00%, 07/15/27 (c) |
400 | 452,600 | ||||||
| Arizona Industrial Development Authority, Education Facility, Series A (RB) | ||||||||
| 5.25%, 07/01/23 (c) | 1,050 | 1,135,400 | ||||||
| 5.50%, 07/01/23 (c) | 2,100 | 2,265,881 | ||||||
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Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series A (RB) 5.00%, 07/01/29 (c) |
1,075 | 1,099,632 | ||||||
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Arizona Industrial Development Authority, Kazen Education Project (RB) 5.70%, 07/01/26 (c) |
1,000 | 1,141,903 | ||||||
| Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) | ||||||||
| 6.25%, 07/01/24 | 1,000 | 1,072,471 | ||||||
| 6.62%, 07/01/27 | 1,000 | 1,137,765 | ||||||
| 7.75%, 07/01/27 (c) | 7,000 | 8,285,012 | ||||||
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Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) |
4,000 | 4,571,090 | ||||||
See Notes to Financial Statements
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VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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Par
(000’s |
) | Value | ||||||
| Arizona (continued) | ||||||||
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Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) |
$ | 500 | $ | 521,240 | ||||
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Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) |
445 | 476,290 | ||||||
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Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 |
2 | 2,195 | ||||||
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Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c) |
1,000 | 1,067,843 | ||||||
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Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c) |
250 | 264,583 | ||||||
| Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 600 | 583,308 | ||||||
| 5.25%, 11/15/26 (c) | 700 | 668,115 | ||||||
| Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) | ||||||||
| 4.00%, 07/01/25 | 400 | 423,878 | ||||||
| 5.00%, 07/01/25 (c) | 1,000 | 1,099,498 | ||||||
| 5.00%, 07/01/25 (c) | 900 | 997,598 | ||||||
| 5.00%, 07/01/25 (c) | 500 | 549,935 | ||||||
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Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c) |
750 | 877,457 | ||||||
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Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c) |
675 | 720,275 | ||||||
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Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c) |
750 | 832,383 | ||||||
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Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB) 5.25%, 07/01/22 (c) |
1,000 | 1,021,241 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Arizona (continued) | ||||||||
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Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c) |
$ | 1,000 | $ | 1,178,613 | ||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) | ||||||||
| 5.00%, 07/01/29 (c) | 1,300 | 1,553,307 | ||||||
| 5.00%, 07/01/29 (c) | 1,400 | 1,668,305 | ||||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) | ||||||||
| 5.00%, 07/01/29 (c) | 500 | 582,502 | ||||||
| 5.00%, 07/01/29 (c) | 500 | 569,462 | ||||||
| 5.00%, 07/01/29 (c) | 500 | 571,304 | ||||||
|
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c) |
1,750 | 1,925,186 | ||||||
|
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 |
330 | 335,300 | ||||||
| Pima County Industrial Development Authority, American Leadership Academy Project (RB) | ||||||||
| 4.12%, 06/15/22 (c) | 1,250 | 1,259,838 | ||||||
| 4.75%, 06/15/22 (c) | 2,000 | 2,018,796 | ||||||
| 5.00%, 06/15/22 (c) | 2,000 | 2,019,006 | ||||||
| 5.62%, 06/15/25 (c) | 1,250 | 1,345,682 | ||||||
|
Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG) 5.00%, 06/15/25 (c) |
500 | 524,487 | ||||||
| Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) | ||||||||
| 5.25%, 07/01/26 (c) | 250 | 272,064 | ||||||
| 5.38%, 07/01/26 (c) | 250 | 269,920 | ||||||
| 5.50%, 07/01/26 (c) | 250 | 269,249 | ||||||
|
Pinal County Industrial Development Authority, WOF SW GGP 1 LLC Project, Series B (RB) (ST) 5.50%, 10/01/28 (c) |
6,703 | 6,867,802 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5.00%, 12/01/37 | 8,495 | 11,660,126 | ||||||
| 5.25%, 12/01/23 | 290 | 317,125 | ||||||
| 5.25%, 12/01/24 | 305 | 345,876 | ||||||
| 5.25%, 12/01/25 | 265 | 309,413 | ||||||
See Notes to Financial Statements
| 8 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Arizona (continued) | ||||||||
| 5.25%, 12/01/27 | $ | 215 | $ | 263,427 | ||||
| 5.25%, 12/01/28 | 245 | 306,489 | ||||||
|
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c) |
355 | 393,976 | ||||||
|
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM) 5.00%, 12/01/26 (c) |
250 | 277,950 | ||||||
| Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB) | ||||||||
| 6.12%, 10/01/27 (c) | 600 | 653,678 | ||||||
| 6.12%, 10/01/27 (c) | 3,900 | 4,259,428 | ||||||
| 81,253,266 | ||||||||
| Arkansas: 0.4% | ||||||||
|
Arkansas Development Finance Authority Healthcare Facilities, Carti Surgery Center Project, Series B (RB) 4.00%, 07/01/28 (c) |
1,000 | 1,054,280 | ||||||
| Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB) | ||||||||
| 4.00%, 12/01/27 (c) | 635 | 652,151 | ||||||
| 4.00%, 12/01/27 (c) | 815 | 831,732 | ||||||
|
Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c) |
11,095 | 12,089,665 | ||||||
|
Arkansas Development Finance Authority, Charter School Project, Series A (RB) 3.62%, 12/01/28 (c) |
1,000 | 959,399 | ||||||
| 15,587,227 | ||||||||
| California: 14.2% | ||||||||
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 2,055 | 2,402,538 | ||||||
| 5.00%, 10/01/26 (c) | 3,000 | 3,514,278 | ||||||
| 5.00%, 10/01/26 (c) | 5,000 | 5,833,724 | ||||||
| 5.00%, 10/01/26 (c) | 1,650 | 1,932,017 | ||||||
| Anaheim Community Facilities District No. 08-1 (ST) | ||||||||
| 4.00%, 09/01/23 (c) | 420 | 444,848 | ||||||
| 4.00%, 09/01/23 (c) | 160 | 170,156 | ||||||
| 4.00%, 09/01/23 (c) | 615 | 653,038 | ||||||
| Antelope Valley Healthcare District, Series A (RB) | ||||||||
| 5.00%, 03/01/26 (c) | 300 | 327,193 | ||||||
| 5.25%, 03/01/26 (c) | 1,480 | 1,652,844 | ||||||
|
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c) |
695 | 798,626 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c) |
$ | 3,100 | $ | 3,462,472 | ||||
|
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c) |
11,735 | 12,225,396 | ||||||
|
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c) |
6,000 | 6,347,398 | ||||||
| California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) | ||||||||
| 3.00%, 08/01/31 (c) | 2,500 | 2,333,208 | ||||||
| 4.00%, 08/01/31 (c) | 4,250 | 4,441,917 | ||||||
|
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c) |
3,000 | 3,092,466 | ||||||
|
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c) |
16,650 | 18,424,351 | ||||||
|
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c) |
2,000 | 2,088,846 | ||||||
|
California Community Housing Agency, Essential Housing, Verdant at Green Valley, Series A (RB) 5.00%, 08/01/29 (c) |
5,250 | 5,802,568 | ||||||
|
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c) |
4,500 | 4,752,856 | ||||||
|
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c) |
6,000 | 6,283,348 | ||||||
|
California Community Housing Agency, Workforce Housing, Series A (RB) 5.00%, 04/01/29 (c) |
6,250 | 6,840,272 | ||||||
|
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 11/29/21 (c) |
25 | 25,037 | ||||||
|
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 11/15/21 (c) |
15 | 15,006 | ||||||
See Notes to Financial Statements
| 9 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| California County Tobacco Securitization Agency, Series A (RB) | ||||||||
| 4.00%, 06/01/30 (c) | $ | 4,740 | $ | 5,437,567 | ||||
| 5.00%, 11/15/21 (c) | 4,115 | 4,116,644 | ||||||
| California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) | ||||||||
| 4.00%, 08/15/27 (c) | 250 | 276,744 | ||||||
| 4.20%, 08/15/27 (c) | 500 | 563,122 | ||||||
| 4.25%, 11/15/22 (c) | 80 | 82,343 | ||||||
| 5.00%, 08/15/27 (c) | 460 | 546,655 | ||||||
| 5.00%, 08/15/27 (c) | 990 | 1,170,108 | ||||||
| California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) | ||||||||
| 3.00%, 04/01/30 (c) | 1,000 | 1,051,482 | ||||||
| 4.00%, 04/01/30 (c) | 1,715 | 1,994,274 | ||||||
| California Housing Finance Agency, Series A (RB) | ||||||||
| 3.50%, 11/20/35 | 992 | 1,143,870 | ||||||
| 4.00%, 03/20/33 | 972 | 1,138,495 | ||||||
| California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB) | ||||||||
| 5.00%, 01/01/31 (c) | 5,000 | 5,533,815 | ||||||
| 5.00%, 07/01/30 (c) | 1,000 | 1,102,578 | ||||||
| California Municipal Finance Authority, California Baptist University, Series A (RB) | ||||||||
| 5.50%, 11/01/25 (c) | 500 | 568,351 | ||||||
| 6.12%, 11/01/23 (c) | 1,000 | 1,096,280 | ||||||
|
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c) |
500 | 607,134 | ||||||
|
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c) |
150 | 169,625 | ||||||
|
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) 4.00%, 05/15/31 (c) |
3,000 | 3,441,697 | ||||||
|
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/31 (c) |
1,500 | 1,740,845 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 250 | $ | 299,692 | ||||
| 5.00%, 07/01/27 (c) | 200 | 240,086 | ||||||
|
California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c) |
2,500 | 2,641,449 | ||||||
| California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 500 | 543,914 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 536,423 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 534,226 | ||||||
|
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c) |
2,390 | 2,439,531 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
| 5.00%, 06/30/28 (c) | 500 | 606,386 | ||||||
| 5.00%, 06/30/28 (c) | 600 | 731,744 | ||||||
| 5.00%, 06/30/28 (c) | 2,490 | 2,973,679 | ||||||
| 5.00%, 06/30/28 | 65 | 79,961 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) | ||||||||
| 3.00%, 06/30/28 (c) | 1,950 | 2,110,687 | ||||||
| 5.00%, 06/30/28 (c) | 2,040 | 2,438,605 | ||||||
| 5.00%, 06/30/28 (c) | 700 | 837,780 | ||||||
| 5.00%, 06/30/28 (c) | 1,000 | 1,193,773 | ||||||
| 5.00%, 06/30/28 (c) | 3,405 | 4,032,533 | ||||||
| 5.00%, 06/30/28 (c) | 1,035 | 1,251,153 | ||||||
|
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c) |
230 | 264,226 | ||||||
| California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 500 | 559,365 | ||||||
| 5.00%, 07/01/28 (c) | 1,000 | 1,148,580 | ||||||
| 5.00%, 07/01/28 (c) | 130 | 151,131 | ||||||
|
California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c) |
930 | 976,530 | ||||||
|
California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c) |
1,500 | 1,540,538 | ||||||
See Notes to Financial Statements
| 10 |
|
|
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
California Municipal Finance Authority, UCR Dundee-Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c) |
$ | 250 | $ | 283,587 | ||||
|
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 |
10,500 | 11,836,503 | ||||||
| California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) | ||||||||
| 7.00%, 07/01/22 (d) * | 1,000 | 600,000 | ||||||
| 7.50%, 12/01/29 (c) (d) * | 7,000 | 350,000 | ||||||
| 7.50%, 07/01/22 (c) (d) * | 10,500 | 6,300,000 | ||||||
| 8.00%, 07/01/27 (c) (d) * | 6,635 | 3,981,000 | ||||||
|
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 |
1,000 | 850,000 | ||||||
|
California Pollution Control Financing Authority, Solid Waste Disposal, Rialto Bioenergy Facility LLC Project (RB) 7.50%, 12/01/24 (c) |
2,350 | 1,930,338 | ||||||
| California Public Finance Authority, Enso Village Project, Series A (RB) | ||||||||
| 5.00%, 11/15/29 (c) | 1,000 | 1,136,028 | ||||||
| 5.00%, 11/15/29 (c) | 500 | 565,353 | ||||||
| California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/27 | 210 | 188,166 | ||||||
| 5.00%, 07/01/27 (c) | 300 | 266,484 | ||||||
| 5.00%, 07/01/27 (c) | 1,000 | 884,322 | ||||||
| 5.00%, 07/01/27 (c) | 485 | 432,296 | ||||||
|
California School Finance Authority, Bright Star Schools (RB) 5.00%, 06/01/27 (c) |
400 | 444,508 | ||||||
| California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) | ||||||||
| 4.00%, 11/01/31 (c) | 1,000 | 1,075,791 | ||||||
| 4.00%, 11/01/31 (c) | 2,700 | 2,887,856 | ||||||
| California School Finance Authority, River Springs Charter School Project, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 1,000 | 1,099,051 | ||||||
| 6.38%, 07/01/25 (c) | 2,000 | 2,252,443 | ||||||
| California School Finance Authority, Rocketship Education, Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.12%, 06/01/26 (c) | $ | 250 | $ | 273,806 | ||||
| 5.25%, 06/01/26 (c) | 250 | 274,574 | ||||||
| California Statewide Communities Development Authority, Baptist University, Series A (RB) | ||||||||
| 3.50%, 11/01/27 | 2,500 | 2,741,164 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,163,225 | ||||||
| 6.38%, 11/01/23 (c) | 1,000 | 1,092,870 | ||||||
|
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c) |
250 | 268,390 | ||||||
| California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
| 5.50%, 11/29/21 (c) | 357 | 343,036 | ||||||
| 5.75%, 11/29/21 (c) | 68 | 65,632 | ||||||
|
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 11/29/21 (c) |
10 | 9,626 | ||||||
|
California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c) |
920 | 1,078,282 | ||||||
|
California Statewide Communities Development Authority, Irvine East Campus Apartments (RB) 5.00%, 05/15/26 (c) |
385 | 454,441 | ||||||
|
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c) |
545 | 635,638 | ||||||
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) | ||||||||
| 5.00%, 06/01/29 (c) | 435 | 517,601 | ||||||
| 5.00%, 06/01/29 (c) | 500 | 584,694 | ||||||
|
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c) |
75 | 81,049 | ||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
See Notes to Financial Statements
| 11 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 06/01/26 (c) | $ | 350 | $ | 413,383 | ||||
| 5.00%, 06/01/26 (c) | 1,100 | 1,290,810 | ||||||
| 5.00%, 06/01/26 (c) | 2,090 | 2,384,699 | ||||||
| 5.00%, 06/01/26 (c) | 1,595 | 1,830,990 | ||||||
| 5.25%, 12/01/24 (c) | 1,740 | 1,962,962 | ||||||
| 5.25%, 06/01/26 (c) | 8,380 | 9,589,252 | ||||||
| 5.25%, 06/01/28 (c) | 1,000 | 1,202,350 | ||||||
| 5.50%, 12/01/24 (c) | 9,705 | 10,978,464 | ||||||
| 5.50%, 06/01/28 (c) | 6,500 | 7,890,812 | ||||||
| California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) | ||||||||
| 5.00%, 06/01/26 (c) | 3,230 | 3,677,297 | ||||||
| 5.75%, 01/15/23 (c) | 125 | 129,839 | ||||||
|
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c) |
3,170 | 3,718,635 | ||||||
|
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 11/29/21 (c) |
3,175 | 3,203,704 | ||||||
| California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) | ||||||||
| 0.00%, 11/15/21 (c) ^ | 23,000 | 2,131,778 | ||||||
| 6.00%, 11/29/21 (c) | 900 | 908,137 | ||||||
|
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB) 0.01%, 11/29/21 (c) |
24,250 | 1,642,794 | ||||||
|
CCSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 03/01/32 (c) |
2,000 | 1,853,601 | ||||||
|
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c) |
500 | 562,793 | ||||||
|
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c) |
250 | 278,233 | ||||||
| City of Irvine, Community Facilities District No. 2013-3 (ST) | ||||||||
| 4.00%, 09/01/23 (c) | 250 | 271,131 | ||||||
| 4.00%, 09/01/23 (c) | 1,000 | 1,079,875 | ||||||
| 4.00%, 09/01/23 (c) | 250 | 270,999 | ||||||
| 4.00%, 09/01/23 (c) | 230 | 249,608 | ||||||
|
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c) |
750 | 846,632 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c) |
$ | 6,000 | $ | 6,593,693 | ||||
|
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c) |
180 | 195,715 | ||||||
|
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c) |
840 | 936,725 | ||||||
| City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) | ||||||||
| 3.75%, 09/01/27 (c) | 500 | 543,779 | ||||||
| 5.00%, 09/01/27 (c) | 155 | 182,650 | ||||||
| 5.00%, 09/01/27 (c) | 135 | 158,743 | ||||||
|
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c) |
200 | 224,056 | ||||||
|
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c) |
1,045 | 1,168,762 | ||||||
|
CMFA Special Finance Agency I (RB) 4.00%, 04/01/31 (c) |
6,000 | 6,214,316 | ||||||
|
CMFA Special Finance Agency VII (RB) 4.00%, 08/01/31 (c) |
2,900 | 3,006,609 | ||||||
| CMFA Special Finance Agency VIII (RB) | ||||||||
| 3.00%, 08/01/31 (c) | 5,000 | 4,622,734 | ||||||
| 4.00%, 08/01/31 (c) | 1,500 | 1,553,890 | ||||||
| Compton Public Finance Authority (RB) | ||||||||
| 4.00%, 09/01/24 (c) | 1,000 | 1,060,428 | ||||||
| 4.50%, 09/01/24 (c) | 1,585 | 1,684,467 | ||||||
|
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c) |
1,000 | 998,327 | ||||||
|
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c) |
8,000 | 8,247,774 | ||||||
|
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c) |
11,800 | 13,285,238 | ||||||
|
CSCDA Community Improvement Authority, City of Orange Portfolio, Series A-2 (RB) 3.00%, 12/01/31 (c) |
6,100 | 5,673,209 | ||||||
See Notes to Financial Statements
| 12 |
|
|
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-1 (RB) 2.88%, 08/01/31 (c) |
$ | 995 | $ | 963,527 | ||||
|
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB) 3.12%, 08/01/31 (c) |
7,000 | 6,457,823 | ||||||
|
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c) |
7,100 | 7,329,647 | ||||||
|
CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-2 (RB) 4.00%, 10/01/31 (c) |
7,075 | 7,344,945 | ||||||
|
CSCDA Community Improvement Authority, Oceanaire-Long Beach, Series A-2 (RB) 4.00%, 09/01/31 (c) |
2,000 | 2,097,784 | ||||||
|
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c) |
3,450 | 3,598,092 | ||||||
|
CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB) 2.65%, 12/01/31 (c) |
2,000 | 1,870,481 | ||||||
|
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c) |
1,000 | 1,034,398 | ||||||
|
CSCDA Community Improvement Authority, Union South Bay, Series A-1 (RB) 3.10%, 07/01/31 (c) |
3,000 | 2,840,353 | ||||||
|
CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB) 4.00%, 07/01/31 (c) |
10,250 | 10,607,165 | ||||||
| Dublin Community Facilities District No 2015-1 (ST) | ||||||||
| 5.00%, 09/01/26 (c) | 500 | 576,486 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 580,574 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 574,040 | ||||||
| 5.00%, 09/01/27 (c) | 1,840 | 2,127,209 | ||||||
| 5.00%, 09/01/27 (c) | 1,150 | 1,347,243 | ||||||
|
Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c) |
1,300 | 1,489,632 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| Folsom Ranch Financing Authority (ST) | ||||||||
| 5.00%, 09/01/27 (c) | $ | 2,000 | $ | 2,341,825 | ||||
| 5.00%, 09/01/27 (c) | 1,100 | 1,299,257 | ||||||
| 5.00%, 09/01/27 (c) | 1,000 | 1,153,721 | ||||||
| Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB) | ||||||||
| 5.75%, 01/15/24 (c) | 1,000 | 1,119,310 | ||||||
| 6.00%, 01/15/24 (c) | 2,860 | 3,214,884 | ||||||
| Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) | ||||||||
| 3.95%, 07/15/27 (c) | 100 | 108,926 | ||||||
| 6.00%, 01/15/24 (c) | 1,115 | 1,253,355 | ||||||
|
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c) |
475 | 519,868 | ||||||
|
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 01/15/23 (c) (p) |
6,525 | 6,755,444 | ||||||
|
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c) |
1,000 | 1,123,947 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
| 3.50%, 06/01/22 (c) | 1,120 | 1,131,977 | ||||||
| 5.00%, 06/01/27 (c) | 2,000 | 2,401,846 | ||||||
| 5.00%, 06/01/27 | 2,585 | 3,129,149 | ||||||
| 5.00%, 06/01/28 (c) | 5,000 | 6,070,668 | ||||||
| 5.25%, 06/01/22 (c) | 3,815 | 3,913,295 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-2 (RB) | ||||||||
| 5.00%, 06/01/22 (c) | 12,750 | 13,056,143 | ||||||
| 5.30%, 06/01/22 (c) | 14,585 | 14,942,611 | ||||||
|
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series B (RB) 0.01%, 11/15/21 (c) |
37,470 | 8,551,092 | ||||||
| Hastings Campus Housing Finance Authority, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 4,350 | 5,062,271 | ||||||
| 5.00%, 07/01/30 (c) | 3,000 | 3,442,335 | ||||||
|
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c) |
250 | 256,364 | ||||||
|
Inland Empire Tobacco Securitization Authority, Series C-2 (RB) 0.00%, 11/15/21 (c) ^ |
9,410 | 1,722,927 | ||||||
See Notes to Financial Statements
| 13 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Inland Empire Tobacco Securitization Authority, Series D (RB) 0.00%, 11/15/21 (c) ^ |
$ | 51,150 | $ | 4,422,450 | ||||
|
Inland Empire Tobacco Securitization Authority, Series E (RB) 0.00%, 11/15/21 (c) ^ |
25,000 | 1,688,818 | ||||||
|
Inland Empire Tobacco Securitization Authority, Series F (RB) 0.01%, 11/15/21 (c) |
50,500 | 2,739,261 | ||||||
| Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) | ||||||||
| 5.00%, 09/01/27 (c) | 1,000 | 1,164,192 | ||||||
|
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c) |
405 | 452,646 | ||||||
|
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 11/29/21 (c) |
46 | 46,189 | ||||||
| MSR Energy Authority, Series A (RB) | ||||||||
| 6.12%, 11/01/29 | 505 | 622,945 | ||||||
| 6.50%, 11/01/39 | 1,575 | 2,462,326 | ||||||
| Orange County Community Facilities District No. 1, Series A (ST) | ||||||||
| 4.25%, 08/15/25 (c) | 975 | 1,050,182 | ||||||
| 5.25%, 08/15/25 (c) | 455 | 510,477 | ||||||
|
Palomar Health (RB)
5.00%, 11/01/26 (c) |
250 | 291,439 | ||||||
|
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^ |
125 | 120,090 | ||||||
|
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c) |
1,000 | 1,102,957 | ||||||
|
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c) |
750 | 845,668 | ||||||
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) | ||||||||
| 5.00%, 09/01/26 (c) | 500 | 570,390 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 577,330 | ||||||
| 5.50%, 09/01/22 (c) | 3,000 | 3,141,483 | ||||||
|
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) (AGM) 5.00%, 09/01/26 (c) |
500 | 572,982 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| River Islands Public Financing Authority, Phase 2 Public Improvements (ST) | ||||||||
| 4.00%, 09/01/26 (c) | $ | 1,000 | $ | 1,090,879 | ||||
| 5.00%, 09/01/26 (c) | 750 | 861,951 | ||||||
|
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c) |
500 | 567,183 | ||||||
| Sacramento County, Community Facilities District No. 2005-2 (ST) | ||||||||
| 5.00%, 09/01/26 (c) | 495 | 562,636 | ||||||
| 5.00%, 09/01/26 (c) | 345 | 394,873 | ||||||
|
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c) |
300 | 345,473 | ||||||
| San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) | ||||||||
| 5.00%, 01/15/25 (c) | 500 | 565,327 | ||||||
| 5.00%, 01/15/25 (c) | 2,300 | 2,580,603 | ||||||
| 5.00%, 01/15/25 (c) | 3,780 | 4,205,771 | ||||||
| 5.00%, 01/15/25 (c) | 1,750 | 1,950,534 | ||||||
| San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) (NATL) | ||||||||
| 0.00%, 01/15/32 ^ | 145 | 118,255 | ||||||
| 0.00%, 01/15/36 ^ | 105 | 75,944 | ||||||
|
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c) |
200 | 221,701 | ||||||
| Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) | ||||||||
| 5.00%, 03/01/26 (c) | 500 | 563,899 | ||||||
| 5.00%, 03/01/26 (c) | 500 | 560,727 | ||||||
|
Silicon Valley Tobacco Securitization Authority, Series A (RB) 0.00%, 11/29/21 (c) ^ |
7,000 | 3,119,363 | ||||||
|
Silicon Valley Tobacco Securitization Authority, Series C (RB) 0.01%, 11/15/21 (c) |
8,015 | 938,581 | ||||||
|
South California Tobacco Securitization Authority, Series C (RB) 0.00%, 11/15/21 (c) ^ |
11,050 | 2,046,589 | ||||||
|
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/22 (c) |
1,035 | 1,064,885 | ||||||
See Notes to Financial Statements
| 14 |
|
|
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c) |
$ | 2,250 | $ | 2,592,615 | ||||
|
Tobacco Securitization Authority of Southern California, Series B (RB) 0.00%, 11/15/21 (c) ^ |
10,485 | 2,309,860 | ||||||
|
Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 11/15/21 (c) ^ |
16,440 | 2,868,852 | ||||||
|
Transbay Joint Powers Authority, Tax Allocation, Series B (TA) 2.40%, 04/01/30 (c) |
3,920 | 3,900,210 | ||||||
| Tustin Community Facilities District, Series A (ST) | ||||||||
| 5.00%, 09/01/25 (c) | 100 | 111,451 | ||||||
| 5.00%, 09/01/25 (c) | 100 | 112,080 | ||||||
|
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c) |
750 | 829,539 | ||||||
|
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 5.30%, 09/01/22 (c) (d) * |
530 | 307,400 | ||||||
|
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) * |
850 | 510,000 | ||||||
|
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c) |
445 | 503,838 | ||||||
| 507,119,129 | ||||||||
| Colorado: 3.4% | ||||||||
| Arista Metropolitan District in the City and County of Broomfield, Series A (GO) | ||||||||
| 5.00%, 12/01/23 (c) | 500 | 535,316 | ||||||
| 5.12%, 12/01/23 (c) | 750 | 800,222 | ||||||
|
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c) |
2,010 | 2,347,617 | ||||||
|
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/21 (c) |
1,000 | 1,031,910 | ||||||
| Brighton Crossing Metropolitan District No. 6, Series A (GO) | ||||||||
| 5.00%, 12/01/25 (c) | 500 | 552,229 | ||||||
| 5.00%, 12/01/25 (c) | 500 | 547,134 | ||||||
| Broadway Station Metropolitan District No. 3, Series A (GO) | ||||||||
| 5.00%, 06/01/24 (c) | 2,500 | 2,675,109 | ||||||
| 5.00%, 06/01/24 (c) | 1,250 | 1,348,946 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
|
Canyon Pines Metropolitan District, Colorado Special Improvement District No. 1, Series A (SA) 3.75%, 09/01/26 (c) |
$ | 1,000 | $ | 940,054 | ||||
| Centerra Metropolitan District No. 1 (TA) | ||||||||
| 5.00%, 12/01/22 (c) | 500 | 523,531 | ||||||
| 5.00%, 12/01/22 (c) | 500 | 525,010 | ||||||
| 5.00%, 12/01/22 (c) | 500 | 527,201 | ||||||
|
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c) |
5,195 | 5,484,595 | ||||||
|
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c) |
4,250 | 4,572,514 | ||||||
|
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c) |
1,035 | 1,055,945 | ||||||
|
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c) |
1,000 | 1,078,269 | ||||||
|
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c) |
500 | 547,283 | ||||||
|
Colorado Health Facilities Authority, Capella of Grand Junction Project (RB) 5.00%, 12/01/26 (c) |
2,000 | 2,017,117 | ||||||
|
Colorado Health Facilities Authority, Catholic Health Initiatives, Series A-1 (RB) 5.25%, 01/01/23 (c) |
1,000 | 1,057,543 | ||||||
|
Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) 5.00%, 01/01/26 (c) |
605 | 677,716 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) | ||||||||
| 4.00%, 08/01/29 (c) | 1,400 | 1,566,630 | ||||||
| 4.00%, 08/01/29 (c) | 1,270 | 1,457,409 | ||||||
| 4.00%, 08/01/29 (c) | 1,100 | 1,264,810 | ||||||
| 4.00%, 08/01/29 (c) | 3,120 | 3,572,870 | ||||||
| 5.00%, 08/01/29 | 1,000 | 1,271,734 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | ||||||||
| 3.25%, 08/01/29 (c) | 2,685 | 2,804,647 | ||||||
| 4.00%, 08/01/29 (c) | 7,000 | 7,776,539 | ||||||
See Notes to Financial Statements
| 15 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
| 5.00%, 08/01/29 (c) | $ | 2,420 | $ | 2,907,273 | ||||
|
Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.30%, 11/29/21 (c) |
1,160 | 1,128,639 | ||||||
| Colorado Health Facilities Authority, Ralston Creek at Arvada Project, Series A (RB) | ||||||||
| 5.75%, 11/01/25 (c) | 2,900 | 2,323,114 | ||||||
| 6.00%, 11/01/25 (c) | 3,835 | 3,126,827 | ||||||
| Colorado High Performance Transportation Enterprise (RB) | ||||||||
| 5.00%, 12/31/24 (c) | 250 | 280,789 | ||||||
| 5.00%, 12/31/24 (c) | 350 | 393,688 | ||||||
|
Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c) |
2,500 | 2,684,930 | ||||||
| Creekwalk Marketplace Business Improvement District, Series A (RB) | ||||||||
| 5.50%, 12/01/26 (c) | 500 | 552,616 | ||||||
| 5.75%, 12/01/26 (c) | 500 | 552,465 | ||||||
| Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) | ||||||||
| 5.62%, 12/01/23 (c) | 1,000 | 1,078,058 | ||||||
| 5.75%, 12/01/23 (c) | 1,500 | 1,612,076 | ||||||
| Dominion Water and Sanitation District (RB) | ||||||||
| 5.25%, 12/01/21 (c) | 895 | 915,881 | ||||||
| 5.75%, 12/01/21 (c) | 3,500 | 3,581,074 | ||||||
| 6.00%, 12/01/21 (c) | 452 | 462,453 | ||||||
| Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) | ||||||||
| 4.50%, 11/01/25 (c) | 890 | 909,588 | ||||||
| 5.25%, 11/01/25 (c) | 2,345 | 2,450,530 | ||||||
| 5.50%, 11/01/25 (c) | 1,865 | 1,961,066 | ||||||
|
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c) |
1,000 | 1,097,332 | ||||||
|
Independence Metropolitan District No. 3, Series A (GO) 6.25%, 06/01/24 (c) |
1,000 | 1,072,127 | ||||||
|
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c) |
1,000 | 1,052,572 | ||||||
| Lambertson Farms Metropolitan District No. 1 (GO) | ||||||||
| 5.75%, 12/15/23 (c) | 500 | 430,725 | ||||||
| 6.00%, 12/15/23 (c) | 500 | 438,157 | ||||||
| Loretto Heights Community Authority (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
| 4.88%, 06/01/26 (c) | $ | 1,000 | $ | 1,019,103 | ||||
|
North Range Metropolitan District No. 3 (GO) 5.00%, 12/01/25 (c) |
2,000 | 2,195,752 | ||||||
| Painted Prairie Public Improvement Authority (RB) | ||||||||
| 5.00%, 12/01/24 (c) | 1,500 | 1,619,372 | ||||||
| 5.00%, 12/01/24 (c) | 1,000 | 1,087,956 | ||||||
|
Pueblo Urban Renewal Authority, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c) |
4,030 | 4,505,303 | ||||||
|
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40 |
615 | 786,503 | ||||||
|
Reunion Metropolitan District, Series A (RB) 3.62%, 06/01/26 (c) |
1,000 | 966,529 | ||||||
|
Rocky Mountain Rail Park Metropolitan District, Series A (GO) 5.00%, 03/01/26 (c) |
7,850 | 8,092,296 | ||||||
|
Southglenn Metropolitan District (GO) 5.00%, 12/01/21 (c) |
1,000 | 1,031,171 | ||||||
|
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c) |
500 | 555,486 | ||||||
| STC Metropolitan District No. 2, Series A (GO) | ||||||||
| 4.00%, 12/01/24 (c) | 1,000 | 1,078,232 | ||||||
| 5.00%, 12/01/24 (c) | 2,000 | 2,177,781 | ||||||
| Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) | ||||||||
| 4.25%, 12/01/25 (c) | 1,000 | 1,102,009 | ||||||
| 5.00%, 12/01/22 (c) | 5,000 | 5,241,833 | ||||||
| 5.00%, 12/01/22 (c) | 1,000 | 1,054,250 | ||||||
| 5.00%, 12/01/22 (c) | 500 | 525,513 | ||||||
| Transport Metropolitan District No. 3 (GO) | ||||||||
| 5.00%, 03/01/26 (c) | 2,000 | 2,204,793 | ||||||
| 5.00%, 03/01/26 (c) | 500 | 556,973 | ||||||
| Velocity Metropolitan District No. 3 (GO) | ||||||||
| 5.12%, 12/01/23 (c) | 500 | 537,948 | ||||||
| 5.38%, 12/01/23 (c) | 500 | 538,371 | ||||||
| 5.50%, 12/01/23 (c) | 1,500 | 1,611,951 | ||||||
|
Village Metropolitan District/ The (GO) 5.00%, 12/01/25 (c) |
1,250 | 1,396,559 | ||||||
| Windler Public Improvement Authority, Series A-1 (RB) (BAM) | ||||||||
| 4.12%, 09/01/26 (c) | 2,980 | 2,868,012 | ||||||
| 122,325,576 | ||||||||
See Notes to Financial Statements
| 16 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Connecticut: 0.7% | ||||||||
|
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 11/09/21 (c) |
$ | 630 | $ | 630,064 | ||||
|
Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c) |
2,000 | 2,212,327 | ||||||
| Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) | ||||||||
| 5.00%, 09/01/26 (c) | 3,000 | 3,290,459 | ||||||
| 5.00%, 09/01/26 (c) | 2,500 | 2,750,350 | ||||||
|
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c) |
3,000 | 3,274,386 | ||||||
|
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c) |
2,000 | 2,198,194 | ||||||
| Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB) | ||||||||
| 4.25%, 07/01/22 (c) | 935 | 959,524 | ||||||
| 4.50%, 07/01/22 (c) | 655 | 673,265 | ||||||
| 5.00%, 07/01/22 (c) | 380 | 391,856 | ||||||
| 5.00%, 07/01/22 (c) | 100 | 103,120 | ||||||
| 5.00%, 07/01/22 (c) | 470 | 484,663 | ||||||
|
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c) |
250 | 273,395 | ||||||
|
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c) |
250 | 272,166 | ||||||
|
Hartford Stadium Authority, Series A (RB) 4.00%, 02/01/25 (c) |
1,040 | 887,168 | ||||||
| Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) | ||||||||
| 5.75%, 02/01/24 | 250 | 268,532 | ||||||
| 6.25%, 02/01/26 (c) | 1,000 | 1,141,501 | ||||||
| Town of Hamden, Whitney Center Project (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 2,720 | 2,907,671 | ||||||
| 5.00%, 01/01/26 (c) | 500 | 538,938 | ||||||
| 23,257,579 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| District of Columbia: 1.1% | ||||||||
|
District of Columbia Tobacco Settlement Financing Corp. (RB) 0.01%, 11/29/21 (c) |
$ | 29,055 | $ | 6,385,853 | ||||
| District of Columbia, Ingleside at Rock Creek Project, Series A (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 1,180 | 1,260,002 | ||||||
| 5.00%, 07/01/24 (c) | 250 | 269,493 | ||||||
| District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) | ||||||||
| 5.00%, 06/01/30 (c) | 500 | 588,382 | ||||||
| 5.00%, 06/01/30 (c) | 2,500 | 2,896,199 | ||||||
|
District of Columbia, Provident Group - Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c) |
395 | 407,387 | ||||||
|
District of Columbia, Rocketship Education Public Charter School, Series A (RB) 5.00%, 06/01/29 (c) |
1,000 | 1,153,701 | ||||||
|
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (RB) 5.00%, 10/01/29 (c) |
3,150 | 3,810,825 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB) | ||||||||
| 0.01%, 10/01/37 | 11,825 | 6,850,476 | ||||||
| 5.00%, 04/01/22 (c) | 1,895 | 1,931,311 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) | ||||||||
| 0.00%, 10/01/37 ^ | 5,520 | 3,746,681 | ||||||
| 4.00%, 10/01/29 (c) | 7,315 | 8,225,341 | ||||||
| 4.00%, 10/01/29 (c) | 250 | 286,346 | ||||||
| 6.50%, 10/01/28 (c) | 245 | 322,660 | ||||||
|
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) (SAW) 4.00%, 10/01/29 (c) |
1,675 | 1,860,480 | ||||||
| 39,995,137 | ||||||||
| Florida: 5.7% | ||||||||
|
Alachua County, Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c) |
300 | 322,852 | ||||||
|
Aqua One Community Development District (SA) 5.75%, 05/01/28 (c) |
1,000 | 1,097,941 | ||||||
|
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c) |
295 | 312,839 | ||||||
See Notes to Financial Statements
| 17 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c) |
$ | 5,500 | $ | 6,200,100 | ||||
|
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c) |
250 | 270,968 | ||||||
|
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c) |
500 | 538,077 | ||||||
| Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) | ||||||||
| 4.50%, 01/01/29 (c) | 500 | 540,641 | ||||||
| 5.12%, 01/01/29 (c) | 500 | 558,788 | ||||||
| 5.25%, 01/01/29 (c) | 500 | 553,660 | ||||||
| 5.38%, 01/01/29 (c) | 500 | 555,912 | ||||||
| Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) | ||||||||
| 4.38%, 06/15/27 | 390 | 410,662 | ||||||
| 5.25%, 06/15/27 (c) | 500 | 550,242 | ||||||
|
Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB) 6.00%, 07/01/25 (c) |
1,000 | 270,000 | ||||||
| Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) | ||||||||
| 4.00%, 12/01/28 | 2,200 | 2,382,179 | ||||||
| 5.25%, 12/01/28 (c) | 4,500 | 5,159,995 | ||||||
| 5.25%, 12/01/28 (c) | 3,700 | 4,192,098 | ||||||
| Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) | ||||||||
| 5.00%, 01/01/31 (c) | 1,850 | 2,032,367 | ||||||
| 5.00%, 07/01/30 (c) | 2,250 | 2,463,271 | ||||||
|
City of Jacksonville, Educational Facilities, Series B (RB) 5.00%, 06/01/28 (c) |
750 | 855,776 | ||||||
|
City of Orlando FL Tourist Development Tax Revenue (RB) (AGM) 5.00%, 11/01/27 (c) |
500 | 598,772 | ||||||
|
City of Orlando, Florida Senior Tourist Development, Series A (RB) (AGM) 5.00%, 11/01/27 |
500 | 619,878 | ||||||
| City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | ||||||||
| 4.00%, 06/01/25 (c) | 230 | 248,601 | ||||||
| 5.00%, 06/01/25 (c) | 300 | 333,331 | ||||||
| 5.00%, 06/01/25 (c) | 460 | 513,244 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
| Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) | ||||||||
| 7.00%, 05/15/24 (d) * | $ | 590 | $ | 401,200 | ||||
| 8.12%, 05/15/24 (c) (d) * | 460 | 312,800 | ||||||
|
Florida Development Finance Corp., Brightline Passenger Rail Project, Series B (RB) 7.38%, 01/01/24 (c) |
22,535 | 24,337,412 | ||||||
|
Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) 6.12%, 06/15/27 (c) |
1,000 | 1,067,056 | ||||||
| Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) | ||||||||
| 5.00%, 06/01/28 (c) | 1,000 | 1,131,008 | ||||||
| 5.00%, 06/01/28 (c) | 425 | 490,049 | ||||||
| Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB) | ||||||||
| 4.00%, 06/01/28 (c) | 1,000 | 1,090,271 | ||||||
| 4.00%, 06/01/28 (c) | 1,050 | 1,160,879 | ||||||
|
Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB) 5.62%, 06/15/24 (c) |
360 | 352,673 | ||||||
| Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | ||||||||
| 5.75%, 06/15/24 (c) | 1,000 | 1,080,819 | ||||||
| 6.00%, 06/15/25 (c) | 500 | 561,659 | ||||||
| 6.12%, 06/15/22 (c) | 3,000 | 3,055,862 | ||||||
| 6.12%, 06/15/25 (c) | 685 | 762,427 | ||||||
|
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c) |
1,000 | 1,109,139 | ||||||
|
Florida Development Finance Corp., The Mayl Ower Retirement Community Project, Series A (RB) 5.25%, 06/01/27 (c) |
1,000 | 1,159,931 | ||||||
| Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
| 6.25%, 01/01/24 (c) (p) | 11,000 | 11,153,950 | ||||||
| 6.38%, 01/01/26 (c) (p) | 15,195 | 15,425,235 | ||||||
| 6.50%, 01/01/29 (c) (p) | 28,000 | 28,379,014 | ||||||
|
Florida Higher Educational Facilities Financial Authority, Jacksonville University Project, Series A-1 (RB) 4.50%, 06/01/28 (c) |
2,710 | 3,110,089 | ||||||
See Notes to Financial Statements
| 18 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
| 5.00%, 06/01/28 (c) | $ | 750 | $ | 858,211 | ||||
| FRERC Community Development District (SA) (AGM) | ||||||||
| 5.38%, 11/01/29 (c) | 1,500 | 1,600,336 | ||||||
| 5.50%, 11/01/29 (c) | 2,450 | 2,620,468 | ||||||
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) | ||||||||
| 3.50%, 02/01/31 (c) | 965 | 1,023,563 | ||||||
| 4.00%, 02/01/31 (c) | 7,500 | 8,619,391 | ||||||
|
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/27 (c) |
2,000 | 2,240,075 | ||||||
|
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB) 4.25%, 05/15/22 (c) |
3,500 | 3,532,199 | ||||||
|
Lake County, Village Veranda at Lady Lake Project, Series A-1 (RB) 7.12%, 01/01/27 (c) |
2,700 | 2,401,458 | ||||||
|
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/22 (c) |
500 | 506,843 | ||||||
|
Lee County Industrial Development Authority, The Preserve Project, Series A (RB) 5.75%, 12/01/22 (c) |
1,000 | 1,026,759 | ||||||
|
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c) |
380 | 418,373 | ||||||
|
Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) 3.00%, 11/15/31 (c) |
3,170 | 3,238,555 | ||||||
| Miami World Center Community Development District (SA) | ||||||||
| 5.12%, 11/01/27 (c) | 750 | 857,592 | ||||||
| 5.25%, 11/01/27 (c) | 250 | 284,634 | ||||||
| Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) | ||||||||
| 5.00%, 06/01/25 (c) | 665 | 690,105 | ||||||
| 5.00%, 06/01/25 (c) | 1,390 | 1,415,457 | ||||||
|
Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) 5.00%, 10/01/25 (c) |
500 | 563,848 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
| 5.00%, 10/01/25 (c) | $ | 500 | $ | 560,465 | ||||
|
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c) |
1,000 | 1,112,911 | ||||||
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
| 4.25%, 05/01/23 (c) | 1,035 | 1,070,580 | ||||||
| 5.00%, 05/01/23 (c) | 1,480 | 1,527,275 | ||||||
|
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c) |
155 | 183,742 | ||||||
| Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) | ||||||||
| 5.00%, 08/01/27 (c) | 200 | 223,533 | ||||||
| 5.00%, 08/01/27 (c) | 200 | 226,720 | ||||||
|
Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) (AGM) 5.00%, 11/15/26 (c) |
1,000 | 1,147,685 | ||||||
|
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c) |
310 | 325,110 | ||||||
|
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series B (RB) 2.62%, 06/01/25 |
525 | 534,090 | ||||||
|
Palm Beach County, Lynn University Housing Project, Series A (RB) 5.00%, 06/01/31 (c) |
3,670 | 4,290,488 | ||||||
| Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) | ||||||||
| 5.00%, 04/01/29 (c) | 1,000 | 1,140,596 | ||||||
| 5.00%, 04/01/29 (c) | 2,500 | 2,803,609 | ||||||
|
Palm Cost Park Community Development District (SA) 5.70%, 11/29/21 (c) |
180 | 180,206 | ||||||
|
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 |
3,250 | 4,045,821 | ||||||
| Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) | ||||||||
| 5.50%, 11/15/26 (c) | 500 | 549,570 | ||||||
| 5.75%, 11/15/26 (c) | 1,000 | 1,110,483 | ||||||
See Notes to Financial Statements
| 19 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/15/22 (c) |
$ | 3,600 | $ | 3,622,569 | ||||
|
Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c) |
765 | 776,728 | ||||||
|
Trust Agency, H-Bay Ministries, Inc., Superior Residences Project, Series C (RB) (AMBAC) 7.50%, 11/19/21 (c) (d) * |
1,000 | 200,000 | ||||||
| Village Community Development District No. 12 (SA) | ||||||||
| 3.25%, 05/01/26 | 245 | 256,319 | ||||||
| 3.62%, 05/01/26 (c) | 2,385 | 2,548,126 | ||||||
| 3.88%, 05/01/26 (c) | 2,435 | 2,567,159 | ||||||
| 4.25%, 05/01/28 (c) | 950 | 1,044,941 | ||||||
|
Village Community Development District No. 12 (SA) (SAW) 4.38%, 05/01/28 (c) |
1,190 | 1,308,799 | ||||||
| Village Community Development District No. 13 (SA) | ||||||||
| 3.00%, 05/01/29 | 745 | 784,974 | ||||||
| 3.38%, 05/01/29 (c) | 995 | 1,062,075 | ||||||
| 3.55%, 05/01/29 (c) | 2,865 | 3,042,690 | ||||||
|
Village Community Development District No. 13 (SA) (SBG) 3.70%, 05/01/29 (c) |
4,700 | 4,946,751 | ||||||
| 202,815,549 | ||||||||
| Georgia: 1.2% | ||||||||
| Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) | ||||||||
| 6.50%, 01/01/28 (c) | 2,250 | 1,688,469 | ||||||
| 6.75%, 01/01/28 (c) | 2,000 | 1,479,563 | ||||||
|
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c) |
1,000 | 1,122,529 | ||||||
|
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c) |
720 | 808,221 | ||||||
|
DeKalb County Housing Authority, Baptist Retirement Communities of Georgia, Inc. and Clairmont Crest, Inc., Series A (RB) 5.00%, 01/01/29 (c) |
1,000 | 882,910 | ||||||
| Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
| 6.25%, 12/01/24 (c) | $ | 4,000 | $ | 3,973,909 | ||||
| 6.50%, 12/01/24 (c) | 1,000 | 1,004,069 | ||||||
|
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) |
1,250 | 1,250,987 | ||||||
| Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG) | ||||||||
| 5.00%, 04/01/26 (c) | 500 | 549,799 | ||||||
| 5.00%, 04/01/26 (c) | 500 | 551,332 | ||||||
|
Gainesville & Hall County Development Authority (RB) (BAM) 5.00%, 03/01/27 (c) |
700 | 703,854 | ||||||
|
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c) |
3,000 | 3,363,339 | ||||||
|
George L Smith II World Congress Center Authority, Series B (RB) 5.00%, 01/01/31 (c) |
7,530 | 8,733,866 | ||||||
|
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 |
416 | 460,410 | ||||||
| Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) | ||||||||
| 5.75%, 06/15/27 (c) | 250 | 287,252 | ||||||
| 6.00%, 06/15/27 (c) | 1,000 | 1,143,477 | ||||||
| Marietta Development Authority, Life University, Inc. Project, Series A (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,091,814 | ||||||
| 5.00%, 11/01/27 (c) | 2,750 | 3,049,827 | ||||||
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 1,250 | 1,498,647 | ||||||
| 5.00%, 07/01/25 (c) | 375 | 423,161 | ||||||
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB) 5.00%, 07/01/28 (c) |
1,000 | 1,191,645 | ||||||
|
Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c) |
1,000 | 1,006,746 | ||||||
|
Oconee County Industrial Development Authority, Series A-3 (RB) 5.50%, 12/01/21 (c) |
500 | 502,137 | ||||||
See Notes to Financial Statements
| 20 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
|
Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c) |
$ | 3,850 | $ | 4,320,484 | ||||
| White County Development Authority, Truett McConnell University Project, Series A (RB) | ||||||||
| 5.12%, 10/01/26 (c) | 500 | 527,061 | ||||||
| 5.25%, 10/01/26 (c) | 500 | 522,684 | ||||||
| 42,138,192 | ||||||||
| Guam: 0.5% | ||||||||
| Guam Government, Business Privilege Tax, Series A (RB) | ||||||||
| 5.00%, 01/01/22 (c) | 500 | 503,893 | ||||||
| 5.12%, 01/01/22 (c) | 1,390 | 1,401,105 | ||||||
| Guam Government, Business Privilege Tax, Series B (RB) | ||||||||
| 5.00%, 01/01/22 (c) | 330 | 332,569 | ||||||
| 5.00%, 01/01/22 (c) | 1,280 | 1,289,965 | ||||||
| Guam Government, Business Privilege Tax, Series D (RB) | ||||||||
| 4.00%, 11/15/25 (c) | 600 | 645,090 | ||||||
| 5.00%, 11/15/25 (c) | 585 | 657,309 | ||||||
| 5.00%, 11/15/25 (c) | 1,100 | 1,241,824 | ||||||
| 5.00%, 11/15/25 (c) | 500 | 565,665 | ||||||
| Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) | ||||||||
| 4.25%, 02/01/30 | 500 | 553,219 | ||||||
| 5.00%, 02/01/30 (c) | 500 | 564,501 | ||||||
|
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30 |
500 | 629,148 | ||||||
|
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c) |
620 | 705,762 | ||||||
| Guam Government, Waterworks Authority, Water and Wastewater System (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 1,375 | 1,536,071 | ||||||
| 5.25%, 07/01/23 (c) | 550 | 593,996 | ||||||
| 5.50%, 07/01/23 (c) | 1,000 | 1,084,133 | ||||||
|
Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c) |
3,205 | 3,864,015 | ||||||
| Guam Power Authority, Series A (RB) | ||||||||
| 5.00%, 10/01/22 (c) | 345 | 356,750 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 569,587 | ||||||
| 17,094,602 | ||||||||
| Hawaii: 0.2% | ||||||||
| Kuakini, Hawaii Health System, Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Hawaii (continued) | ||||||||
| 6.38%, 11/29/21 (c) | $ | 1,775 | $ | 1,753,901 | ||||
| State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
| 6.25%, 07/01/23 (c) | 1,400 | 1,505,710 | ||||||
| 6.62%, 07/01/23 (c) | 2,085 | 2,239,469 | ||||||
| 5,499,080 | ||||||||
| Idaho: 0.1% | ||||||||
| Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | ||||||||
| 3.50%, 09/01/26 (c) | 450 | 466,008 | ||||||
| 5.00%, 09/01/26 (c) | 1,135 | 1,286,538 | ||||||
| Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) (ST) | ||||||||
| 3.80%, 10/01/28 (c) | 100 | 99,509 | ||||||
| 4.00%, 10/01/28 (c) | 900 | 894,935 | ||||||
| 2,746,990 | ||||||||
| Illinois: 12.3% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 5.00%, 12/01/21 (c) | 6,760 | 6,780,759 | ||||||
| 5.00%, 12/01/22 (c) | 10,055 | 10,435,103 | ||||||
| 5.00%, 12/01/28 (c) | 250 | 301,575 | ||||||
| 5.00%, 12/01/29 (c) | 1,500 | 1,853,152 | ||||||
| 5.00%, 12/01/30 (c) | 395 | 488,872 | ||||||
| 5.00%, 12/01/30 (c) | 5,950 | 7,282,309 | ||||||
| 5.00%, 12/01/30 (c) | 1,600 | 1,953,580 | ||||||
| 5.00%, 12/01/30 (c) | 600 | 747,679 | ||||||
| 5.00%, 12/01/30 (c) | 100 | 123,007 | ||||||
| 5.00%, 12/01/30 (c) | 7,850 | 9,563,492 | ||||||
| 5.00%, 12/01/30 (c) | 1,100 | 1,338,087 | ||||||
| 5.00%, 12/01/30 (c) | 100 | 123,573 | ||||||
| 5.00%, 12/01/30 (c) | 150 | 186,350 | ||||||
| 5.00%, 12/01/30 (c) | 2,860 | 3,508,291 | ||||||
| 5.25%, 12/01/21 (c) | 435 | 436,423 | ||||||
| 5.50%, 12/01/21 (c) | 5,730 | 5,750,127 | ||||||
| 7.00%, 12/01/25 (c) | 14,210 | 17,014,974 | ||||||
| 7.00%, 12/01/25 (c) | 5,200 | 6,434,982 | ||||||
| 7.00%, 12/01/27 (c) | 2,250 | 2,884,200 | ||||||
| Chicago Board of Education, Series A (GO) (AGM) | ||||||||
| 5.00%, 12/01/23 | 300 | 327,691 | ||||||
| 5.00%, 12/01/25 | 1,000 | 1,166,361 | ||||||
| 5.00%, 12/01/28 (c) | 250 | 305,107 | ||||||
| Chicago Board of Education, Series A (GO) (AMBAC) | ||||||||
| 5.50%, 12/01/25 | 145 | 169,795 | ||||||
| 5.50%, 12/01/26 | 175 | 210,541 | ||||||
| 5.50%, 12/01/30 | 2,500 | 3,251,642 | ||||||
| Chicago Board of Education, Series A (GO) (NATL) | ||||||||
| 0.01%, 12/01/27 | 760 | 691,657 | ||||||
| 0.01%, 12/01/28 | 390 | 345,939 | ||||||
| 0.01%, 12/01/30 | 55 | 46,022 | ||||||
| 5.50%, 12/01/26 | 355 | 408,864 | ||||||
See Notes to Financial Statements
| 21 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| Chicago Board of Education, Series B (GO) | ||||||||
| 4.00%, 12/01/22 (c) | $ | 150 | $ | 153,775 | ||||
| 5.00%, 12/01/22 (c) | 3,235 | 3,361,110 | ||||||
| 5.00%, 12/01/22 (c) | 1,105 | 1,148,590 | ||||||
| 5.00%, 12/01/22 | 100 | 104,858 | ||||||
| 5.00%, 12/01/27 | 1,500 | 1,810,258 | ||||||
| 5.00%, 12/01/29 (c) | 200 | 244,647 | ||||||
| 5.00%, 12/01/30 (c) | 100 | 123,186 | ||||||
| 5.00%, 12/01/30 (c) | 100 | 124,985 | ||||||
| 5.00%, 12/01/30 | 1,650 | 2,074,714 | ||||||
| 6.50%, 12/01/26 (c) | 1,100 | 1,338,214 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 5.00%, 12/01/23 | 500 | 545,124 | ||||||
| 5.00%, 12/01/27 | 2,000 | 2,413,678 | ||||||
| 5.00%, 12/01/27 (c) | 2,625 | 3,105,262 | ||||||
| 5.25%, 12/01/24 (c) | 3,485 | 3,857,197 | ||||||
| 5.25%, 12/01/24 (c) | 4,430 | 4,883,266 | ||||||
| 6.00%, 12/01/24 (c) | 1,160 | 1,313,640 | ||||||
|
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c) |
2,500 | 2,962,731 | ||||||
|
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c) |
2,415 | 2,672,529 | ||||||
|
Chicago Board of Education, Series G (GO) 5.00%, 12/01/27 (c) |
1,100 | 1,301,253 | ||||||
|
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c) |
8,500 | 9,896,960 | ||||||
|
Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c) |
400 | 422,292 | ||||||
| Chicago School Reform Board of Trustees, Series A (GO) (NATL) | ||||||||
| 0.01%, 12/01/23 | 300 | 295,409 | ||||||
| 0.01%, 12/01/25 | 355 | 338,583 | ||||||
| 0.01%, 12/01/29 | 1,460 | 1,258,208 | ||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
| 0.00%, 12/01/28 ^ | 690 | 612,045 | ||||||
| 0.00%, 12/01/29 ^ | 645 | 555,852 | ||||||
| 0.01%, 12/01/22 | 180 | 178,863 | ||||||
| 0.01%, 12/01/24 | 1,165 | 1,132,379 | ||||||
| 0.01%, 12/01/25 | 1,650 | 1,573,695 | ||||||
| 0.01%, 12/01/26 | 1,630 | 1,522,284 | ||||||
| 0.01%, 12/01/27 | 1,030 | 937,378 | ||||||
| 0.01%, 12/01/31 | 520 | 422,352 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
| 5.00%, 06/01/26 | 100 | 118,699 | ||||||
| 5.00%, 06/01/29 | 1,000 | 1,267,846 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| City of Chicago, City Colleges (GO) (NATL) | ||||||||
| 0.00%, 01/01/30 ^ | $ | 420 | $ | 357,383 | ||||
| 0.00%, 01/01/34 ^ | 290 | 219,582 | ||||||
| 0.01%, 01/01/28 | 345 | 311,098 | ||||||
| 0.01%, 01/01/33 | 1,485 | 1,157,880 | ||||||
| City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | ||||||||
| 5.00%, 01/01/25 | 235 | 265,551 | ||||||
| 5.25%, 01/01/25 (c) | 1,910 | 2,142,281 | ||||||
| 5.25%, 01/01/25 (c) | 945 | 1,064,048 | ||||||
| 5.50%, 01/01/25 (c) | 3,980 | 4,454,303 | ||||||
| 5.50%, 01/01/25 (c) | 115 | 129,526 | ||||||
| 5.50%, 01/01/25 (c) | 855 | 960,259 | ||||||
|
City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c) |
1,585 | 1,674,096 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 4.62%, 11/29/21 (c) | 905 | 909,887 | ||||||
| 5.00%, 01/01/22 (c) | 3,540 | 3,561,311 | ||||||
| 5.00%, 01/01/22 (c) | 865 | 870,207 | ||||||
| 5.00%, 01/01/23 | 395 | 415,241 | ||||||
| 5.00%, 01/01/24 (c) | 2,935 | 3,151,888 | ||||||
| 5.00%, 01/01/24 (c) | 1,920 | 2,064,174 | ||||||
| 5.00%, 01/01/24 (c) | 640 | 688,614 | ||||||
| 5.00%, 01/01/27 | 200 | 237,508 | ||||||
| 5.00%, 01/01/27 | 1,000 | 1,187,540 | ||||||
| 5.00%, 01/01/29 (c) | 3,000 | 3,514,728 | ||||||
| 5.00%, 11/29/21 (c) | 4,160 | 4,191,703 | ||||||
| 5.25%, 01/01/24 (c) | 150 | 163,213 | ||||||
| 5.25%, 11/29/21 (c) | 2,110 | 2,126,080 | ||||||
| 5.38%, 01/01/25 (c) | 880 | 990,417 | ||||||
| 5.50%, 01/01/25 (c) | 1,320 | 1,479,860 | ||||||
| 5.50%, 01/01/25 (c) | 905 | 1,012,255 | ||||||
| 5.50%, 01/01/25 (c) | 475 | 532,399 | ||||||
| 5.62%, 01/01/27 (c) | 1,000 | 1,209,871 | ||||||
| 5.62%, 01/01/27 (c) | 1,000 | 1,202,493 | ||||||
| 5.75%, 01/01/27 (c) | 1,180 | 1,422,786 | ||||||
| 5.75%, 01/01/27 (c) | 1,000 | 1,203,678 | ||||||
| 6.00%, 01/01/27 (c) | 7,750 | 9,412,689 | ||||||
|
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^ |
140 | 122,693 | ||||||
|
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 |
2,775 | 3,414,282 | ||||||
|
City of Chicago, Series B (GO) 5.00%, 01/01/23 |
870 | 915,162 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 0.00%, 01/01/32 ^ | 195 | 144,121 | ||||||
| 5.00%, 01/01/22 (c) | 110 | 110,743 | ||||||
| 5.00%, 01/01/22 (c) | 195 | 196,267 | ||||||
| 5.00%, 01/01/22 (c) | 1,800 | 1,813,162 | ||||||
| 5.00%, 01/01/24 | 1,110 | 1,212,915 | ||||||
| 5.00%, 01/01/25 | 1,760 | 1,988,808 | ||||||
| 5.00%, 01/01/26 (c) | 3,800 | 4,301,955 | ||||||
See Notes to Financial Statements
| 22 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 01/01/26 (c) | $ | 250 | $ | 288,330 | ||||
| 5.00%, 01/01/26 | 380 | 441,134 | ||||||
| City of Chicago, Series D (GO) | ||||||||
| 5.50%, 01/01/25 (c) | 1,135 | 1,268,797 | ||||||
| 5.50%, 01/01/25 (c) | 1,045 | 1,169,535 | ||||||
| 5.50%, 01/01/25 (c) | 2,715 | 3,043,082 | ||||||
| 5.50%, 01/01/25 (c) | 520 | 582,975 | ||||||
| City of Chicago, Series E (GO) | ||||||||
| 5.50%, 01/01/25 (c) | 915 | 1,024,746 | ||||||
| 5.50%, 01/01/25 (c) | 1,680 | 1,874,510 | ||||||
|
City of Chicago, Series F (GO) 5.50%, 01/01/25 (c) |
1,635 | 1,831,103 | ||||||
|
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30 |
1,020 | 1,223,678 | ||||||
| City of Harvey, Series A (GO) | ||||||||
| 5.50%, 11/29/21 (c) (d) * | 465 | 320,850 | ||||||
| 5.62%, 11/29/21 (c) (d) * | 3,600 | 2,484,000 | ||||||
|
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) (ST) 4.00%, 10/01/31 (c) |
1,000 | 1,092,365 | ||||||
| Illinois Finance Authority, Admiral Lake Project (RB) | ||||||||
| 5.00%, 05/15/24 (c) | 1,120 | 1,177,381 | ||||||
| 5.12%, 05/15/24 (c) | 390 | 409,416 | ||||||
| 5.25%, 05/15/24 (c) | 2,350 | 2,445,988 | ||||||
| 5.50%, 05/15/24 (c) | 2,000 | 2,105,446 | ||||||
|
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/29/21 (c) |
35 | 35,068 | ||||||
| Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) | ||||||||
| 5.00%, 07/01/25 (c) | 1,000 | 953,255 | ||||||
| 5.00%, 07/01/25 (c) | 1,000 | 979,980 | ||||||
|
Illinois Finance Authority, Clare Oaks, Series A-3 (RB) 4.00%, 11/15/24 (c) |
500 | 499,075 | ||||||
| Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
| 4.75%, 05/15/23 (c) | 615 | 637,797 | ||||||
| 5.12%, 05/15/23 (c) | 230 | 238,758 | ||||||
| 5.25%, 05/15/23 (c) | 750 | 779,040 | ||||||
| Illinois Finance Authority, Friendship Village of Schaumburg (RB) | ||||||||
| 5.00%, 02/15/27 | 3,000 | 2,192,907 | ||||||
| 5.00%, 02/15/27 (c) | 6,500 | 4,686,039 | ||||||
| 5.12%, 02/15/27 (c) | 6,130 | 4,410,239 | ||||||
|
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c) |
100 | 88,810 | ||||||
|
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c) |
500 | 562,718 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) | ||||||||
| 5.00%, 11/01/26 (c) | $ | 250 | $ | 283,904 | ||||
| 5.00%, 11/01/26 (c) | 1,525 | 1,693,642 | ||||||
| 5.00%, 11/01/26 (c) | 500 | 572,907 | ||||||
| 5.00%, 11/01/26 (c) | 4,210 | 4,615,730 | ||||||
| 5.00%, 11/01/26 (c) | 500 | 560,259 | ||||||
|
Illinois Finance Authority, Park Place Elmhurst Project (RB) 5.12%, 05/15/26 (c) |
1,616 | 1,575,082 | ||||||
|
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 11/29/21 (c) |
475 | 476,031 | ||||||
| Illinois Finance Authority, Roosevelt University, Series A (RB) | ||||||||
| 6.00%, 10/01/28 (c) | 1,600 | 1,944,343 | ||||||
| 6.12%, 10/01/28 (c) | 4,500 | 5,377,921 | ||||||
| 6.12%, 10/01/28 (c) | 8,000 | 9,643,946 | ||||||
|
Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c) |
2,695 | 2,841,913 | ||||||
| Illinois Sports Facilities Authority (RB) | ||||||||
| 5.00%, 06/15/28 | 1,000 | 1,202,651 | ||||||
| 5.00%, 06/15/29 (c) | 3,055 | 3,706,330 | ||||||
| 5.00%, 06/15/29 | 1,000 | 1,221,559 | ||||||
|
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c) |
1,000 | 1,099,751 | ||||||
|
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ |
690 | 650,613 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
| 0.00%, 12/15/56 ^ | 4,000 | 1,333,779 | ||||||
| 4.00%, 12/15/29 (c) | 15,000 | 16,565,508 | ||||||
| 5.00%, 12/15/27 (c) | 250 | 288,938 | ||||||
| 5.00%, 12/15/29 (c) | 8,225 | 9,720,705 | ||||||
| 5.00%, 06/15/22 (c) | 3,210 | 3,303,434 | ||||||
| 5.50%, 12/15/25 (c) | 1,400 | 1,596,589 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) | ||||||||
| 0.00%, 12/15/34 ^ | 590 | 432,843 | ||||||
| 0.00%, 06/15/29 ^ | 840 | 727,505 | ||||||
| 0.00%, 06/15/31 ^ | 125 | 101,651 | ||||||
| 0.00%, 06/15/34 ^ | 190 | 141,697 | ||||||
| 0.00%, 06/15/37 ^ | 185 | 124,920 | ||||||
| 0.00%, 06/15/39 ^ | 115 | 72,568 | ||||||
| 0.00%, 06/15/40 ^ | 1,500 | 914,274 | ||||||
| 0.01%, 12/15/30 | 475 | 393,158 | ||||||
| 0.01%, 06/15/30 | 745 | 625,336 | ||||||
See Notes to Financial Statements
| 23 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 0.00%, 12/15/54 ^ |
$ | 740 | $ | 263,533 | ||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) | ||||||||
| 0.00%, 06/15/28 ^ | 1,080 | 962,512 | ||||||
| 5.70%, 06/15/23 | 410 | 444,432 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (ST) | ||||||||
| 5.00%, 12/15/22 | 335 | 351,942 | ||||||
| 5.00%, 06/15/22 (c) | 1,450 | 1,492,205 | ||||||
| 5.00%, 06/15/22 (c) | 3,765 | 3,874,589 | ||||||
| 5.00%, 06/15/22 (c) | 290 | 298,441 | ||||||
|
Northeastern Illinois University (CP) 4.00%, 10/01/22 (c) |
585 | 564,043 | ||||||
|
Southwestern Illinois Development Authority (RB) 5.35%, 11/29/21 (c) |
230 | 140,529 | ||||||
| Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) | ||||||||
| 5.75%, 08/01/22 (c) | 1,500 | 1,536,114 | ||||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/26 (c) | 175 | 188,102 | ||||||
| 3.50%, 06/01/26 (c) | 935 | 1,013,554 | ||||||
| 4.00%, 01/01/26 (c) | 500 | 548,779 | ||||||
| 4.00%, 05/01/24 | 660 | 714,508 | ||||||
| 4.00%, 06/01/26 (c) | 220 | 241,390 | ||||||
| 4.00%, 06/01/26 (c) | 360 | 393,507 | ||||||
| 4.00%, 06/01/26 (c) | 1,000 | 1,095,379 | ||||||
| 4.00%, 06/01/26 (c) | 460 | 499,861 | ||||||
| 4.00%, 06/01/26 (c) | 270 | 294,510 | ||||||
| 4.00%, 08/01/22 (c) | 150 | 153,742 | ||||||
| 4.12%, 11/01/26 (c) | 600 | 667,901 | ||||||
| 4.12%, 03/01/22 (c) | 160 | 161,721 | ||||||
| 5.00%, 11/01/24 | 200 | 225,205 | ||||||
| 5.00%, 02/01/24 (c) | 350 | 382,917 | ||||||
| 5.00%, 02/01/24 (c) | 375 | 410,445 | ||||||
| 5.00%, 02/01/26 | 2,750 | 3,194,980 | ||||||
| 5.00%, 02/01/27 | 500 | 592,791 | ||||||
| 5.00%, 03/01/22 (c) | 250 | 253,473 | ||||||
| 5.00%, 03/01/22 (c) | 305 | 309,104 | ||||||
| 5.00%, 03/01/22 (c) | 100 | 101,373 | ||||||
| 5.00%, 03/01/22 (c) | 140 | 142,123 | ||||||
| 5.00%, 03/01/28 | 805 | 970,345 | ||||||
| 5.00%, 03/01/31 (c) | 1,500 | 1,870,582 | ||||||
| 5.00%, 04/01/24 (c) | 2,000 | 2,197,375 | ||||||
| 5.00%, 04/01/24 (c) | 585 | 643,028 | ||||||
| 5.00%, 05/01/23 | 335 | 357,697 | ||||||
| 5.00%, 05/01/24 (c) | 1,025 | 1,129,617 | ||||||
| 5.00%, 05/01/24 (c) | 175 | 192,130 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 05/01/24 (c) | $ | 275 | $ | 302,349 | ||||
| 5.00%, 05/01/24 (c) | 5,035 | 5,510,833 | ||||||
| 5.00%, 05/01/24 (c) | 100 | 109,737 | ||||||
| 5.00%, 05/01/24 (c) | 2,005 | 2,209,117 | ||||||
| 5.00%, 06/01/26 | 125 | 146,246 | ||||||
| 5.00%, 06/01/26 (c) | 800 | 931,205 | ||||||
| 5.00%, 06/01/26 (c) | 1,040 | 1,208,553 | ||||||
| 5.00%, 07/01/23 | 475 | 510,482 | ||||||
| 5.00%, 08/01/22 (c) | 1,830 | 1,892,436 | ||||||
| 5.25%, 07/01/23 (c) | 550 | 591,892 | ||||||
| 5.25%, 07/01/23 (c) | 510 | 548,669 | ||||||
| 5.25%, 07/01/23 (c) | 290 | 311,460 | ||||||
| 5.50%, 07/01/23 (c) | 560 | 602,343 | ||||||
| 5.50%, 07/01/23 (c) | 1,165 | 1,260,781 | ||||||
| 6.00%, 05/01/25 | 500 | 587,938 | ||||||
| 6.00%, 05/01/26 | 880 | 1,066,301 | ||||||
|
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c) |
3,710 | 4,609,168 | ||||||
|
State of Illinois Sales Tax Revenue (RB) 3.00%, 06/15/26 (c) |
100 | 105,271 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 4.00%, 01/01/22 (c) | 100 | 100,504 | ||||||
| 4.00%, 01/01/22 (c) | 320 | 321,879 | ||||||
| 4.00%, 01/01/22 (c) | 190 | 191,145 | ||||||
| 4.00%, 03/01/31 (c) | 1,000 | 1,129,448 | ||||||
| 5.00%, 10/01/28 | 500 | 608,425 | ||||||
| 5.00%, 12/01/24 | 820 | 925,545 | ||||||
| 5.00%, 12/01/27 (c) | 100 | 117,026 | ||||||
| 5.00%, 03/01/30 | 2,000 | 2,475,880 | ||||||
| 5.00%, 03/01/31 (c) | 3,000 | 3,728,753 | ||||||
| 5.00%, 03/01/31 (c) | 1,250 | 1,498,623 | ||||||
| 5.00%, 04/01/23 (c) | 110 | 116,145 | ||||||
| 5.00%, 05/01/28 (c) | 270 | 314,471 | ||||||
| 5.00%, 05/01/28 (c) | 1,000 | 1,177,234 | ||||||
| 5.00%, 05/01/28 (c) | 365 | 423,921 | ||||||
|
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) |
8,425 | 9,985,123 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 3.25%, 11/01/26 | 1,755 | 1,922,737 | ||||||
| 5.00%, 11/01/23 | 1,270 | 1,382,057 | ||||||
| 5.00%, 11/01/25 | 3,955 | 4,569,091 | ||||||
| 5.00%, 11/01/26 | 11,690 | 13,794,675 | ||||||
| 5.00%, 11/01/27 (c) | 9,700 | 11,570,351 | ||||||
| 5.00%, 11/01/27 | 7,000 | 8,397,486 | ||||||
|
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c) |
500 | 526,333 | ||||||
|
Village of Bridgeview (GO) 5.00%, 12/01/22 (c) |
360 | 360,636 | ||||||
| Will County Community High School District No. 210, Series B (GO) | ||||||||
| 0.00%, 01/01/29 ^ | 90 | 76,289 | ||||||
| 0.00%, 01/01/31 ^ | 245 | 193,239 | ||||||
| 0.00%, 01/01/33 ^ | 540 | 398,024 | ||||||
| 437,047,482 | ||||||||
See Notes to Financial Statements
| 24 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Indiana: 0.5% | ||||||||
|
City of Anderson, Anderson University (RB) 6.00%, 10/01/22 (c) |
$ | 1,000 | $ | 1,017,133 | ||||
|
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/22 (c) |
215 | 213,027 | ||||||
|
City of Rockport, Indiana Steel Corp. Project, Series A (RB) 7.00%, 02/01/22 (c) |
1,000 | 1,010,493 | ||||||
|
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c) |
50 | 52,798 | ||||||
| Indiana Finance Authority, King’s Daughters’ Hospital and Health Services (RB) | ||||||||
| 5.12%, 11/29/21 (c) | 670 | 672,167 | ||||||
| 5.50%, 11/29/21 (c) | 725 | 727,356 | ||||||
| 5.50%, 11/29/21 (c) | 600 | 602,001 | ||||||
| Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB) | ||||||||
| 5.00%, 07/01/23 (c) | 250 | 268,702 | ||||||
| 5.00%, 07/01/23 (c) | 1,000 | 1,074,809 | ||||||
| Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
| 3.00%, 11/01/30 | 1,000 | 1,045,996 | ||||||
| 5.00%, 06/01/22 (c) | 1,620 | 1,650,237 | ||||||
|
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30 |
3,500 | 3,660,984 | ||||||
|
Indiana Finance Authority, Res Polyflow Indiana Project (RB) 7.00%, 03/01/26 (c) |
4,300 | 4,025,666 | ||||||
|
Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24 |
500 | 531,588 | ||||||
| 16,552,957 | ||||||||
| Iowa: 1.1% | ||||||||
|
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) |
1,025 | 1,056,924 | ||||||
|
Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c) |
1,500 | 1,346,339 | ||||||
|
Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) 5.25%, 12/01/23 (c) |
5,195 | 5,599,197 | ||||||
|
Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/37 (c) (p) |
8,550 | 9,304,062 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Iowa (continued) | ||||||||
| Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) | ||||||||
| 5.00%, 11/15/26 (c) | $ | 2,000 | $ | 2,293,304 | ||||
| 5.00%, 05/15/27 (c) | 505 | 574,929 | ||||||
| 5.00%, 05/15/27 (c) | 5,960 | 6,748,884 | ||||||
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
| 4.00%, 10/01/25 | 2,095 | 2,178,908 | ||||||
| 5.00%, 10/01/25 (c) | 990 | 1,058,802 | ||||||
| 5.00%, 10/01/25 (c) | 2,115 | 2,246,982 | ||||||
|
Iowa Tobacco Settlement Authority, Series A-2 (RB) 4.00%, 06/01/31 (c) |
1,000 | 1,111,758 | ||||||
|
Iowa Tobacco Settlement Authority, Series B-1 (RB) 4.00%, 06/01/31 (c) |
5,000 | 5,536,496 | ||||||
| 39,056,585 | ||||||||
| Kansas: 0.4% | ||||||||
|
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c) |
250 | 283,465 | ||||||
|
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c) |
1,000 | 1,074,087 | ||||||
|
City of Wichita, Health Care Facilities, Series II-A (RB) 5.25%, 12/01/26 (c) |
255 | 265,233 | ||||||
|
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c) |
250 | 273,896 | ||||||
|
Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC) 5.25%, 11/15/23 (c) |
1,000 | 980,224 | ||||||
|
Overland Park, Prairiefire at LionsGate Project (RB) 6.00%, 12/15/22 (c) |
2,550 | 1,450,198 | ||||||
|
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c) |
880 | 917,281 | ||||||
| Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) | ||||||||
| 5.00%, 09/01/25 (c) | 345 | 346,424 | ||||||
| 6.00%, 09/01/25 (c) | 2,125 | 2,143,703 | ||||||
|
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^ |
10,000 | 3,284,699 | ||||||
See Notes to Financial Statements
| 25 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Kansas (continued) | ||||||||
|
Wyandotte County-Kansas City Unified Government (RB) 5.75%, 09/01/25 (c) |
$ | 4,565 | $ | 4,605,421 | ||||
| 15,624,631 | ||||||||
| Kentucky: 0.4% | ||||||||
| Christian County, Jennie Stuart Medical Center (RB) | ||||||||
| 5.38%, 02/01/26 (c) | 1,100 | 1,250,216 | ||||||
| 5.50%, 02/01/26 (c) | 1,000 | 1,133,392 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 350 | 370,995 | ||||||
| 5.00%, 05/15/26 (c) | 545 | 582,780 | ||||||
| 5.00%, 05/15/26 (c) | 250 | 261,752 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
| 5.38%, 11/15/22 (c) | 400 | 404,750 | ||||||
| 5.50%, 11/15/22 (c) | 250 | 252,221 | ||||||
|
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c) |
4,365 | 4,745,799 | ||||||
| Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) | ||||||||
| 5.00%, 06/01/26 | 175 | 205,397 | ||||||
| 5.00%, 06/01/27 (c) | 990 | 1,150,024 | ||||||
| 5.25%, 06/01/27 (c) | 750 | 878,506 | ||||||
|
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c) |
500 | 581,789 | ||||||
| Kentucky Economic Development Finance Authority, Rosedale Green Project (RB) | ||||||||
| 5.50%, 11/15/25 (c) | 515 | 528,075 | ||||||
| 5.75%, 11/15/25 (c) | 500 | 510,431 | ||||||
|
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/23 |
265 | 286,283 | ||||||
|
Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c) |
335 | 365,690 | ||||||
| 13,508,100 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Louisiana: 0.9% | ||||||||
| Calcasieu Parish Memorial Hospital Service District (RB) | ||||||||
| 5.00%, 12/01/29 (c) | $ | 3,950 | $ | 4,674,656 | ||||
| 5.00%, 12/01/29 (c) | 1,750 | 2,097,405 | ||||||
| City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) | ||||||||
| 4.00%, 12/01/28 (c) | 1,470 | 1,679,428 | ||||||
| 4.00%, 12/01/28 (c) | 3,235 | 3,709,223 | ||||||
| 5.00%, 12/01/25 | 100 | 117,119 | ||||||
|
Louisiana Housing Finance Agency, Chateau Project, Series A (RB) 7.25%, 11/29/21 (c) |
345 | 335,225 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority Student Housing, Provident Group ULM Properties LLC, Series A (RB) 5.00%, 07/01/29 (c) |
500 | 527,629 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, CDF Healthcare of Louisiana, LLC Project, Series A (RB) 5.62%, 06/01/25 (c) |
975 | 1,015,113 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c) |
2,000 | 2,168,127 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c) |
175 | 140,064 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c) |
1,000 | 1,082,303 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, The Glen Retirement System Project, Series A (RB) 5.00%, 01/01/26 (c) |
1,000 | 955,608 | ||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB) | ||||||||
See Notes to Financial Statements
| 26 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Louisiana (continued) | ||||||||
| 5.00%, 07/01/29 (c) | $ | 500 | $ | 517,663 | ||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) |
5,260 | 5,716,228 | ||||||
|
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) * |
1,647 | 16 | ||||||
| Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) | ||||||||
| 7.50%, 07/01/23 (d) * | 2,259 | 23 | ||||||
| 8.38%, 07/01/24 (c) (d) * | 1,389 | 14 | ||||||
| Parish of St James, Nustar Logistics, LP Project (RB) | ||||||||
| 5.85%, 06/01/25 (p) | 750 | 847,615 | ||||||
| 6.35%, 06/01/30 (c) | 1,000 | 1,312,806 | ||||||
|
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c) |
3,000 | 3,938,417 | ||||||
| 30,834,682 | ||||||||
| Maine: 0.2% | ||||||||
|
Maine Finance Authority, Solid Disposal Facility (RB) 5.38%, 12/15/26 (c) (d) * |
4,500 | 2,475,000 | ||||||
| Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 1,270 | 1,377,596 | ||||||
| 5.00%, 07/01/26 (c) | 1,000 | 1,145,386 | ||||||
| 5.00%, 07/01/26 (c) | 645 | 734,323 | ||||||
|
Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 11/29/21 (c) |
2,000 | 2,002,529 | ||||||
| 7,734,834 | ||||||||
| Maryland: 1.4% | ||||||||
| City of Baltimore, Convention Center Hotel (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 1,400 | 1,496,703 | ||||||
| 5.00%, 09/01/27 (c) | 655 | 700,962 | ||||||
| 5.00%, 09/01/27 (c) | 500 | 530,444 | ||||||
| 5.00%, 09/01/27 (c) | 1,000 | 1,068,058 | ||||||
| 5.00%, 09/01/27 (c) | 3,000 | 3,153,876 | ||||||
| 5.00%, 09/01/27 (c) | 1,500 | 1,586,012 | ||||||
| 5.00%, 09/01/27 (c) | 1,425 | 1,503,214 | ||||||
|
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c) |
500 | 560,778 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Maryland (continued) | ||||||||
|
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c) |
$ | 250 | $ | 272,014 | ||||
|
County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c) |
500 | 561,578 | ||||||
|
Frederick County, Education Facilities Project, Series A (RB) (ST) 5.00%, 09/01/27 (c) |
2,000 | 2,193,358 | ||||||
|
Howard County, Series A (TA) 4.50%, 02/15/26 (c) |
500 | 523,575 | ||||||
|
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 11/29/21 (c) |
7,785 | 7,865,402 | ||||||
| Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) | ||||||||
| 3.75%, 01/01/27 (c) | 100 | 110,335 | ||||||
| 4.38%, 01/01/27 (c) | 470 | 517,700 | ||||||
| 4.50%, 01/01/27 (c) | 530 | 583,737 | ||||||
| Maryland Economic Development Corp., Port Covington Project (TA) | ||||||||
| 3.25%, 09/01/30 | 500 | 548,230 | ||||||
| 4.00%, 09/01/30 (c) | 500 | 564,156 | ||||||
| 4.00%, 09/01/30 (c) | 5,500 | 6,140,694 | ||||||
|
Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c) |
3,600 | 3,613,167 | ||||||
|
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.00%, 11/30/21 (c) |
3,820 | 3,833,972 | ||||||
| Maryland Economic Development Corp., Purple Line Light Rail Project, Series C (RB) | ||||||||
| 5.00%, 11/30/21 (c) | 1,500 | 1,505,486 | ||||||
| 5.00%, 11/30/21 (c) | 1,640 | 1,645,999 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 400 | 433,844 | ||||||
| 5.00%, 07/01/26 (c) | 250 | 289,156 | ||||||
|
Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c) |
210 | 229,701 | ||||||
See Notes to Financial Statements
| 27 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Maryland (continued) | ||||||||
| 4.25%, 07/01/25 (c) | $ | 145 | $ | 159,462 | ||||
| 5.00%, 07/01/25 (c) | 625 | 705,925 | ||||||
| 5.00%, 07/01/25 (c) | 500 | 560,502 | ||||||
| 5.00%, 07/01/25 (c) | 1,500 | 1,672,440 | ||||||
|
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c) |
750 | 840,973 | ||||||
|
Mayor and Council of Rockville, Ingleside at King Farm Project, Series B (RB) 5.00%, 11/01/24 (c) |
2,705 | 2,914,450 | ||||||
| Prince George County, Collington Episcopal Life Care Community, Inc. (RB) | ||||||||
| 5.25%, 04/01/27 (c) | 1,000 | 1,066,789 | ||||||
| 5.25%, 04/01/27 (c) | 1,000 | 1,051,326 | ||||||
|
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c) |
500 | 550,033 | ||||||
| 51,554,051 | ||||||||
| Massachusetts: 1.0% | ||||||||
|
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) |
365 | 393,481 | ||||||
|
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/25 |
1,220 | 1,405,088 | ||||||
|
Massachusetts Development Finance Agency (RB) 4.00%, 07/01/31 (c) |
1,000 | 1,107,208 | ||||||
| Massachusetts Development Finance Agency, Ascentria Care Alliance Project (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 1,300 | 1,415,705 | ||||||
| 5.00%, 07/01/28 (c) | 1,000 | 1,106,528 | ||||||
| 5.00%, 07/01/28 (c) | 1,000 | 1,081,948 | ||||||
| Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) | ||||||||
| 4.00%, 07/01/25 (c) | 285 | 305,384 | ||||||
| 5.00%, 07/01/25 (c) | 2,105 | 2,372,863 | ||||||
|
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) |
1,000 | 1,108,071 | ||||||
|
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c) |
500 | 553,446 | ||||||
|
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c) |
1,035 | 1,192,548 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Massachusetts Development Finance Agency, Lawrence General Hospital (RB) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 1,000 | $ | 990,629 | ||||
| 5.00%, 07/01/27 (c) | 2,000 | 1,881,211 | ||||||
| 5.00%, 07/01/27 (c) | 1,900 | 1,816,180 | ||||||
| Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) | ||||||||
| 5.25%, 07/01/24 (c) | 350 | 352,826 | ||||||
| 5.50%, 07/01/24 (c) | 550 | 556,883 | ||||||
| Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) | ||||||||
| 5.00%, 11/15/25 (c) | 500 | 552,461 | ||||||
| 5.12%, 11/15/25 (c) | 500 | 550,369 | ||||||
| Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | ||||||||
| 4.00%, 10/01/22 (c) | 1,000 | 1,072,788 | ||||||
| 5.00%, 10/01/22 (c) | 1,400 | 1,514,432 | ||||||
| 5.00%, 10/01/22 (c) | 3,820 | 4,128,519 | ||||||
|
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) |
1,930 | 2,153,660 | ||||||
|
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c) |
4,000 | 4,498,728 | ||||||
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 510 | 593,763 | ||||||
| 5.00%, 07/01/26 (c) | 190 | 222,829 | ||||||
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series L (RB) | ||||||||
| 3.62%, 07/01/27 (c) | 540 | 579,566 | ||||||
| 4.00%, 07/01/27 (c) | 1,550 | 1,719,337 | ||||||
|
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c) |
1,000 | 1,209,649 | ||||||
| 36,436,100 | ||||||||
| Michigan: 0.8% | ||||||||
|
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c) |
290 | 329,521 | ||||||
|
City of Detroit (GO) 5.50%, 04/01/30 (c) |
250 | 307,726 | ||||||
See Notes to Financial Statements
| 28 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Michigan (continued) | ||||||||
|
City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c) |
$ | 425 | $ | 447,734 | ||||
|
Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c) |
500 | 563,881 | ||||||
|
Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB) 5.00%, 11/01/24 (c) |
500 | 541,575 | ||||||
|
Grand Rapids Economic Development Corp., Clark Retirement Community Inc., Series A (RB) 5.75%, 04/01/26 (c) |
1,000 | 968,563 | ||||||
| Michigan Finance Authority, Lawrence Technological University Project (RB) | ||||||||
| 5.00%, 02/01/27 (c) | 1,000 | 1,111,784 | ||||||
| 5.00%, 02/01/27 (c) | 2,000 | 2,193,938 | ||||||
| 5.25%, 02/01/27 (c) | 900 | 1,021,917 | ||||||
| Michigan Finance Authority, Presbyterian Villages of Michigan (RB) | ||||||||
| 4.75%, 11/15/25 | 670 | 729,410 | ||||||
| 5.25%, 11/15/25 (c) | 250 | 269,159 | ||||||
| 5.50%, 11/15/25 (c) | 300 | 322,047 | ||||||
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
| 5.00%, 07/01/23 | 110 | 117,203 | ||||||
| 5.00%, 07/01/24 (c) | 3,575 | 3,779,870 | ||||||
| 5.00%, 07/01/24 (c) | 215 | 228,417 | ||||||
|
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) (AGM) 5.00%, 07/01/24 (c) |
165 | 180,058 | ||||||
|
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c) |
4,000 | 4,676,728 | ||||||
|
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c) |
795 | 849,501 | ||||||
|
Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 11/29/21 (c) |
1,000 | 1,034,778 | ||||||
|
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24 |
100 | 106,769 | ||||||
|
Michigan Strategic Fund, Evangelical Homes Project (RB) 5.25%, 06/01/22 (c) |
2,650 | 2,685,836 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Michigan (continued) | ||||||||
| 5.50%, 06/01/22 (c) | $ | 2,000 | $ | 2,023,303 | ||||
| Michigan Strategic Fund, I-75 Improvement Project (RB) | ||||||||
| 5.00%, 12/31/28 (c) | 600 | 735,120 | ||||||
| 5.00%, 12/31/28 (c) | 1,250 | 1,476,459 | ||||||
| 5.00%, 12/31/28 (c) | 700 | 853,519 | ||||||
|
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.01%, 11/15/21 (c) |
260 | 29,460 | ||||||
| 27,584,276 | ||||||||
| Minnesota: 0.9% | ||||||||
|
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c) |
135 | 140,999 | ||||||
|
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) |
500 | 524,037 | ||||||
| City of Apple Valley, PHS Apple Valley Senior Housing, Inc. Orchard Path Project (RB) | ||||||||
| 4.38%, 09/01/23 (c) | 2,920 | 3,040,762 | ||||||
| 4.50%, 09/01/23 (c) | 940 | 980,376 | ||||||
| City of Bethel, The Lodge at the Lakes at Stillwater Project (RB) | ||||||||
| 5.00%, 06/01/23 (c) | 750 | 771,990 | ||||||
| 5.00%, 06/01/23 (c) | 500 | 513,821 | ||||||
| 5.00%, 06/01/23 (c) | 350 | 362,969 | ||||||
| City of Blaine, Crest View Senior Communities Project, Series A (RB) | ||||||||
| 5.75%, 07/01/25 (c) | 1,355 | 1,289,639 | ||||||
| 6.12%, 07/01/25 (c) | 400 | 381,033 | ||||||
| 6.12%, 07/01/25 (c) | 1,055 | 994,630 | ||||||
|
City of Brooklyn Center, Minnesota Multifamily Housing, Series A (RB) 5.50%, 11/29/21 (c) |
2,000 | 1,618,186 | ||||||
| City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) | ||||||||
| 5.50%, 07/01/25 (c) | 245 | 260,313 | ||||||
| 5.50%, 07/01/25 (c) | 250 | 267,574 | ||||||
| 5.75%, 07/01/25 (c) | 500 | 532,322 | ||||||
| City of Crookston, Health Care Facilities, Riverview Health Project (RB) | ||||||||
| 5.00%, 05/01/29 (c) | 2,000 | 2,091,522 | ||||||
| 5.00%, 05/01/29 (c) | 3,000 | 3,177,779 | ||||||
| City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) | ||||||||
| 5.25%, 07/01/25 (c) | 500 | 552,084 | ||||||
| 5.50%, 07/01/25 (c) | 1,000 | 1,104,743 | ||||||
See Notes to Financial Statements
| 29 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Minnesota (continued) | ||||||||
|
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c) |
$ | 500 | $ | 566,964 | ||||
|
City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c) |
750 | 802,355 | ||||||
|
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c) |
115 | 123,752 | ||||||
|
City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c) |
500 | 531,311 | ||||||
|
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/27 (d) (p) * |
2,000 | 1,900,000 | ||||||
|
City of St. Paul Park, Health Care Facilities, Presbyterian Homes Interlude Transitional Care (RB) 5.00%, 05/01/23 (c) |
1,000 | 1,051,981 | ||||||
|
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) 5.75%, 09/01/26 (c) |
325 | 369,281 | ||||||
|
City of Wayzata, Folkestone Senior Living Community (RB) 4.00%, 08/01/24 (c) |
350 | 363,793 | ||||||
|
City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c) |
500 | 508,321 | ||||||
|
Duluth Independent School District No. 709, Series A (CP) 4.20%, 03/01/27 (c) |
665 | 702,674 | ||||||
|
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c) |
3,730 | 3,993,006 | ||||||
|
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 11/19/21 (c) |
1,000 | 1,000,404 | ||||||
|
Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c) |
1,500 | 1,543,380 | ||||||
|
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c) |
250 | 265,069 | ||||||
| 32,327,070 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Mississippi: 0.0% | ||||||||
|
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c) |
$ | 1,000 | $ | 1,118,614 | ||||
| Missouri: 1.0% | ||||||||
| Boone County, Boone Hospital Center (RB) | ||||||||
| 3.00%, 08/01/26 (c) | 410 | 424,458 | ||||||
| 4.00%, 08/01/26 (c) | 565 | 606,917 | ||||||
|
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c) |
3,750 | 3,785,333 | ||||||
|
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c) |
1,000 | 1,177,484 | ||||||
|
Citizens Memorial Hospital District of Polk County (RB) 5.00%, 11/29/21 (c) |
1,000 | 1,001,249 | ||||||
|
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c) |
300 | 304,760 | ||||||
|
City of Lees Summit (TA) 4.88%, 11/01/27 (c) |
2,500 | 2,485,996 | ||||||
|
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c) |
500 | 515,600 | ||||||
|
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 11/29/21 (c) |
40 | 39,577 | ||||||
|
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c) |
1,000 | 1,102,432 | ||||||
| City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) | ||||||||
| 4.38%, 11/15/26 (c) | 250 | 250,340 | ||||||
| 4.75%, 11/15/26 (c) | 500 | 504,810 | ||||||
|
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c) |
475 | 530,288 | ||||||
| I-470 Western Gateway Transportation Development District, Series A (RB) | ||||||||
| 4.50%, 12/01/26 (c) | 400 | 421,899 | ||||||
| 5.25%, 12/01/26 (c) | 1,100 | 1,157,964 | ||||||
| Kansas City Industrial Development Authority, Kingswood Project (RB) | ||||||||
| 5.75%, 11/15/25 (c) (d) * | 2,400 | 1,248,000 | ||||||
| 6.00%, 11/15/25 (c) (d) * | 2,810 | 1,461,200 | ||||||
| 6.00%, 11/15/25 (c) (d) * | 4,910 | 2,553,200 | ||||||
See Notes to Financial Statements
| 30 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Missouri (continued) | ||||||||
| Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) | ||||||||
| 5.00%, 02/01/28 (c) | $ | 3,000 | $ | 3,037,326 | ||||
| 5.00%, 02/01/28 (c) | 5,975 | 6,019,160 | ||||||
| Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) | ||||||||
| 5.25%, 05/15/27 (c) | 500 | 556,985 | ||||||
| 5.25%, 05/15/27 (c) | 1,000 | 1,104,841 | ||||||
| Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) | ||||||||
| 5.00%, 08/15/24 (c) | 1,550 | 1,678,143 | ||||||
| 5.00%, 08/15/25 (c) | 2,000 | 2,207,112 | ||||||
|
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c) |
860 | 881,304 | ||||||
|
St. Joseph Industrial Development Authority, Living Community, Series A (RB) 5.00%, 01/01/26 (c) |
1,000 | 1,035,624 | ||||||
|
St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c) |
500 | 559,995 | ||||||
|
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c) |
150 | 163,910 | ||||||
| 36,815,907 | ||||||||
| Montana: 0.0% | ||||||||
|
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.12%, 07/01/28 (c) |
500 | 552,517 | ||||||
| Nebraska: 0.2% | ||||||||
|
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/42 |
4,045 | 5,805,638 | ||||||
| Nevada: 0.5% | ||||||||
| City of Las Vegas, Special Improvement District No. 814 (SA) | ||||||||
| 4.00%, 06/01/29 (c) | 560 | 598,256 | ||||||
| 4.00%, 06/01/29 (c) | 250 | 268,396 | ||||||
| City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM) | ||||||||
| 0.01%, 07/01/38 (c) | 9,000 | 1,534,993 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Nevada (continued) | ||||||||
|
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 11/29/21 (c) |
$ | 1,380 | $ | 1,290,819 | ||||
|
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) 2.75%, 06/15/28 |
2,750 | 2,828,994 | ||||||
|
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c) |
170 | 184,203 | ||||||
|
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c) |
625 | 659,154 | ||||||
|
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c) |
240 | 264,029 | ||||||
|
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c) |
490 | 542,709 | ||||||
|
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 6.25%, 12/15/27 (c) |
4,045 | 4,290,975 | ||||||
|
State of Nevada, Department of Business and Industry, Fulcrum Sierra Holdings, LLC Project (RB) 6.95%, 08/15/28 (c) |
2,125 | 2,272,515 | ||||||
|
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 5.00%, 12/15/25 (c) |
500 | 542,502 | ||||||
| 5.00%, 12/15/25 (c) | 1,000 | 1,104,686 | ||||||
| 5.00%, 12/15/25 (c) | 400 | 439,891 | ||||||
| 5.12%, 12/15/25 (c) | 1,000 | 1,091,056 | ||||||
| 17,913,178 | ||||||||
| New Hampshire: 0.6% | ||||||||
|
National Finance Authority, Ascentria Care Alliance Project (RB) 5.00%, 07/01/28 (c) |
1,220 | 1,320,996 | ||||||
| National Finance Authority, Covanta Project, Series B (RB) | ||||||||
| 3.75%, 07/02/40 (c) (p) | 3,865 | 4,060,751 | ||||||
| 4.62%, 07/01/23 (c) | 4,000 | 4,154,183 | ||||||
|
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p) |
2,275 | 2,381,103 | ||||||
|
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c) |
2,000 | 2,148,756 | ||||||
See Notes to Financial Statements
| 31 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New Hampshire (continued) | ||||||||
| 4.00%, 01/01/26 (c) | $ | 975 | $ | 1,057,215 | ||||
| National Finance Authority, The Vista Project, Series A (RB) | ||||||||
| 5.62%, 07/01/25 (c) | 1,600 | 1,706,476 | ||||||
| 5.75%, 07/01/25 (c) | 2,750 | 2,936,757 | ||||||
| New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) | ||||||||
| 6.12%, 07/01/24 (c) (d) * | 1,000 | 530,000 | ||||||
| 6.12%, 07/01/24 (c) (d) * | 1,500 | 795,000 | ||||||
| 6.25%, 07/01/24 (c) (d) * | 500 | 265,000 | ||||||
| 21,356,237 | ||||||||
| New Jersey: 8.1% | ||||||||
| Atlantic City (GO) | ||||||||
| 5.00%, 11/01/22 | 115 | 117,439 | ||||||
| 5.00%, 12/01/23 (c) | 65 | 67,602 | ||||||
|
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c) |
150 | 163,504 | ||||||
| Casino Reinvestment Development Authority (RB) | ||||||||
| 5.25%, 11/01/24 (c) | 1,410 | 1,528,088 | ||||||
| 5.25%, 11/01/24 (c) | 2,450 | 2,648,355 | ||||||
|
Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 |
1,605 | 1,707,142 | ||||||
|
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c) |
470 | 520,762 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 4.25%, 06/15/22 (c) | 1,665 | 1,698,771 | ||||||
| 5.00%, 06/15/22 (c) | 1,150 | 1,179,907 | ||||||
| 5.00%, 06/15/22 (c) | 1,020 | 1,047,267 | ||||||
| 5.00%, 06/15/22 (c) | 520 | 533,144 | ||||||
| 5.00%, 06/15/22 (c) | 160 | 164,219 | ||||||
| 5.00%, 06/15/22 (c) | 535 | 548,426 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5.12%, 08/20/22 (c) | 4,870 | 5,065,928 | ||||||
| 5.25%, 08/20/22 (c) | 7,075 | 7,349,718 | ||||||
| 5.50%, 06/20/23 (c) | 60 | 64,262 | ||||||
| 5.62%, 03/05/24 (c) | 2,035 | 2,235,370 | ||||||
| 5.62%, 03/05/24 (c) | 285 | 313,062 | ||||||
| 5.75%, 09/15/22 (c) | 4,825 | 4,965,372 | ||||||
| New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB) | ||||||||
| 5.00%, 12/15/27 (c) | 1,130 | 1,337,927 | ||||||
| 5.00%, 12/15/27 (c) | 500 | 588,129 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
|
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 |
$ | 55 | $ | 58,731 | ||||
| New Jersey Economic Development Authority, Lions Gate Project (RB) | ||||||||
| 4.88%, 01/01/24 (c) | 655 | 671,144 | ||||||
| 5.00%, 01/01/24 (c) | 500 | 510,138 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 4.00%, 07/01/27 (c) | 1,640 | 1,832,991 | ||||||
| 4.00%, 07/01/27 (c) | 2,000 | 2,225,022 | ||||||
| 5.00%, 07/01/27 (c) | 1,890 | 2,227,597 | ||||||
|
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^ |
515 | 488,814 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (ST) | ||||||||
| 4.00%, 11/01/27 | 1,250 | 1,454,891 | ||||||
| 5.00%, 11/01/27 | 780 | 955,047 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) (ST) | ||||||||
| 4.00%, 11/01/25 | 120 | 135,026 | ||||||
| 5.00%, 11/01/22 | 4,000 | 4,186,590 | ||||||
| 5.00%, 11/01/24 | 500 | 566,050 | ||||||
|
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) |
2,000 | 2,486,048 | ||||||
|
New Jersey Economic Development Authority, Rowan University Student Housing Project, Series A (RB) 5.00%, 01/01/25 (c) |
1,000 | 1,048,791 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) | ||||||||
| 5.00%, 12/15/26 (c) | 305 | 358,052 | ||||||
| 5.00%, 12/15/26 (c) | 725 | 852,889 | ||||||
| 5.00%, 12/15/26 (c) | 2,185 | 2,546,993 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
| 4.75%, 12/15/26 (c) | 2,095 | 2,434,113 | ||||||
| 5.50%, 12/15/26 (c) | 165 | 201,388 | ||||||
See Notes to Financial Statements
| 32 |
|
|
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
| 4.00%, 06/15/27 (c) | $ | 3,500 | $ | 3,886,380 | ||||
| 5.00%, 06/15/27 (c) | 780 | 932,050 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) | ||||||||
| 5.00%, 03/01/22 (c) | 290 | 294,308 | ||||||
| 5.00%, 03/01/22 (c) | 470 | 477,146 | ||||||
| 5.00%, 03/01/22 (c) | 435 | 441,592 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) 5.00%, 09/01/22 (c) |
125 | 129,289 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) | ||||||||
| 4.00%, 12/15/29 (c) | 205 | 228,575 | ||||||
| 5.00%, 12/15/29 (c) | 600 | 736,770 | ||||||
| 5.00%, 12/15/29 (c) | 1,000 | 1,200,523 | ||||||
| 5.00%, 12/15/29 (c) | 1,485 | 1,817,914 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) |
500 | 574,526 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
| 4.00%, 03/01/23 (c) | 320 | 332,104 | ||||||
| 5.00%, 03/01/23 (c) | 1,275 | 1,348,481 | ||||||
| 5.00%, 03/01/23 (c) | 300 | 317,713 | ||||||
| 5.00%, 03/01/23 (c) | 590 | 624,199 | ||||||
| 5.00%, 03/01/23 (c) | 230 | 243,417 | ||||||
| 5.00%, 03/01/23 (c) | 1,750 | 1,854,469 | ||||||
| 5.00%, 03/01/23 (c) | 1,565 | 1,658,964 | ||||||
| 5.00%, 03/01/23 (c) | 1,335 | 1,414,327 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 100 | 111,332 | ||||||
| 5.00%, 06/15/24 (c) | 920 | 1,024,079 | ||||||
| 5.00%, 06/15/24 (c) | 140 | 155,314 | ||||||
| 5.00%, 06/15/24 (c) | 580 | 642,516 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) | ||||||||
| 4.00%, 12/15/30 (c) | 2,380 | 2,735,199 | ||||||
| 4.00%, 12/15/30 (c) | 2,690 | 3,120,638 | ||||||
| 4.00%, 12/15/30 (c) | 600 | 688,058 | ||||||
| 4.00%, 12/15/30 (c) | 2,715 | 3,046,033 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| 4.00%, 12/15/30 (c) | $ | 600 | $ | 691,837 | ||||
| 4.00%, 12/15/30 (c) | 1,000 | 1,127,951 | ||||||
| 4.00%, 12/15/30 (c) | 700 | 814,791 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c) |
620 | 686,735 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 2,500 | 2,746,566 | ||||||
| 5.00%, 06/15/24 (c) | 875 | 966,747 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | ||||||||
| 5.00%, 06/15/25 (c) | 1,235 | 1,410,856 | ||||||
| 5.00%, 06/15/25 (c) | 765 | 871,710 | ||||||
| 5.00%, 06/15/25 (c) | 680 | 776,039 | ||||||
| 5.00%, 06/15/25 (c) | 630 | 716,914 | ||||||
| 5.25%, 06/15/25 (c) | 1,055 | 1,219,011 | ||||||
| 5.25%, 06/15/25 (c) | 435 | 503,245 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 4.00%, 06/15/24 | 220 | 239,642 | ||||||
| 4.25%, 06/15/25 (c) | 885 | 991,827 | ||||||
| 4.38%, 06/15/25 (c) | 420 | 470,334 | ||||||
| 5.00%, 06/15/23 | 1,000 | 1,073,716 | ||||||
| 5.00%, 06/15/24 | 1,080 | 1,205,726 | ||||||
| 5.00%, 06/15/25 (c) | 105 | 120,717 | ||||||
|
New Jersey Economic Development Authority, Series B (RB) (XLCA) 0.00%, 07/01/27 ^ |
1,000 | 929,589 | ||||||
|
New Jersey Economic Development Authority, Stevens Institute of Technology, Series A (RB) 3.00%, 07/01/30 (c) |
1,000 | 1,026,032 | ||||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 5.12%, 01/01/24 (c) | 350 | 383,518 | ||||||
| 5.25%, 01/01/24 (c) | 1,000 | 1,105,374 | ||||||
| 5.38%, 01/01/24 (c) | 900 | 989,573 | ||||||
| 5.50%, 01/01/24 (c) | 500 | 554,194 | ||||||
|
New Jersey Economic Development Authority, United Airlines Inc. (RB) 5.50%, 11/29/21 (c) |
2,215 | 2,222,492 | ||||||
See Notes to Financial Statements
| 33 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB) | ||||||||
| 4.12%, 07/01/25 (c) | $ | 150 | $ | 154,651 | ||||
| 5.00%, 07/01/25 (c) | 2,065 | 2,185,850 | ||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
| 5.00%, 06/15/23 | 515 | 552,964 | ||||||
| 5.00%, 06/15/24 | 1,565 | 1,747,187 | ||||||
|
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c) |
330 | 370,144 | ||||||
|
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c) |
1,490 | 1,610,200 | ||||||
| New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) | ||||||||
| 5.00%, 04/01/28 (c) | 1,000 | 1,190,040 | ||||||
| 5.00%, 04/01/28 (c) | 500 | 613,100 | ||||||
|
New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 6.00%, 11/29/21 (c) |
170 | 170,505 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 0.00%, 12/15/25 ^ | 230 | 218,678 | ||||||
| 0.00%, 12/15/25 ^ | 270 | 256,709 | ||||||
| 0.00%, 12/15/26 ^ | 575 | 534,912 | ||||||
| 0.00%, 12/15/28 ^ | 4,440 | 3,917,801 | ||||||
| 0.00%, 12/15/33 ^ | 705 | 536,388 | ||||||
| 0.00%, 12/15/34 ^ | 915 | 673,890 | ||||||
| 0.00%, 12/15/37 ^ | 1,115 | 741,130 | ||||||
| 0.00%, 12/15/37 ^ | 1,780 | 1,183,150 | ||||||
| 0.00%, 12/15/38 ^ | 605 | 388,177 | ||||||
| 0.01%, 12/15/29 | 1,905 | 1,632,117 | ||||||
| 0.01%, 12/15/30 | 3,210 | 2,668,940 | ||||||
| 0.01%, 12/15/31 | 1,880 | 1,516,379 | ||||||
| 0.01%, 12/15/32 | 3,020 | 2,367,766 | ||||||
| 0.01%, 12/15/33 | 1,190 | 905,392 | ||||||
| 0.01%, 12/15/34 | 1,265 | 931,663 | ||||||
| 0.01%, 12/15/35 | 1,535 | 1,092,195 | ||||||
| 0.01%, 12/15/38 | 4,000 | 2,566,460 | ||||||
| 4.00%, 12/15/28 (c) | 695 | 809,858 | ||||||
| 4.00%, 06/15/31 (c) | 975 | 1,142,001 | ||||||
| 4.00%, 06/15/31 (c) | 2,500 | 2,907,515 | ||||||
| 4.00%, 06/15/31 (c) | 3,140 | 3,666,911 | ||||||
| 5.00%, 12/15/26 | 600 | 722,135 | ||||||
| 5.00%, 12/15/28 | 200 | 250,059 | ||||||
| 5.00%, 12/15/28 (c) | 2,070 | 2,538,528 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.00%, 12/15/28 (c) | $ | 1,240 | $ | 1,514,085 | ||||
| 5.00%, 12/15/28 (c) | 6,400 | 7,788,967 | ||||||
| 5.00%, 12/15/29 (c) | 385 | 471,311 | ||||||
| 5.00%, 06/15/22 (c) | 6,835 | 7,036,121 | ||||||
| 5.00%, 06/15/24 | 1,100 | 1,228,055 | ||||||
| 5.00%, 06/15/31 (c) | 1,600 | 2,066,512 | ||||||
| 5.00%, 06/15/31 | 1,000 | 1,296,566 | ||||||
| 5.00%, 06/15/31 (c) | 1,370 | 1,763,210 | ||||||
| 5.25%, 12/15/23 | 100 | 110,163 | ||||||
| 5.50%, 12/15/23 | 205 | 226,915 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series A (RB) (BAM) 4.25%, 12/15/28 (c) |
1,180 | 1,348,271 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 3.00%, 12/15/30 (c) | 1,035 | 1,056,085 | ||||||
| 3.75%, 12/15/28 (c) | 525 | 587,810 | ||||||
| 4.00%, 12/15/30 (c) | 4,000 | 4,487,870 | ||||||
| 4.00%, 12/15/30 (c) | 7,000 | 7,906,295 | ||||||
| 4.25%, 06/15/24 (c) | 695 | 743,344 | ||||||
| 4.50%, 12/15/28 (c) | 4,600 | 5,353,903 | ||||||
| 4.75%, 06/15/25 (c) | 150 | 166,582 | ||||||
| 4.75%, 06/15/25 (c) | 1,375 | 1,520,724 | ||||||
| 5.00%, 12/15/30 (c) | 2,000 | 2,447,156 | ||||||
| 5.00%, 06/15/23 (c) | 135 | 144,679 | ||||||
| 5.00%, 06/15/23 (c) | 1,330 | 1,412,571 | ||||||
| 5.00%, 06/15/23 (c) | 200 | 214,534 | ||||||
| 5.00%, 06/15/23 (c) | 640 | 681,857 | ||||||
| 5.00%, 06/15/24 (c) | 1,195 | 1,308,569 | ||||||
| 5.00%, 06/15/24 (c) | 1,620 | 1,781,750 | ||||||
| 5.00%, 06/15/25 (c) | 665 | 749,985 | ||||||
| 5.00%, 06/15/25 (c) | 340 | 383,216 | ||||||
| 5.25%, 12/15/28 (c) | 5,040 | 6,131,219 | ||||||
| 5.25%, 06/15/23 (c) | 130 | 139,299 | ||||||
| 5.25%, 06/15/23 (c) | 925 | 993,072 | ||||||
| 5.25%, 06/15/25 (c) | 505 | 576,550 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) (ST) | ||||||||
| 4.00%, 06/15/22 (c) | 220 | 225,043 | ||||||
| 5.00%, 06/15/22 (c) | 5,810 | 5,979,113 | ||||||
| 5.00%, 06/15/22 (c) | 265 | 272,713 | ||||||
| 5.00%, 06/15/22 (c) | 425 | 437,371 | ||||||
| 5.00%, 06/15/22 (c) | 2,375 | 2,444,130 | ||||||
| New Jersey Transportation Trust Fund Authority, Series BB (RB) | ||||||||
| 3.50%, 12/15/28 (c) | 5,320 | 5,651,550 | ||||||
| 4.00%, 12/15/28 (c) | 1,140 | 1,288,640 | ||||||
| 5.00%, 12/15/28 (c) | 505 | 629,710 | ||||||
| 5.00%, 12/15/28 (c) | 1,500 | 1,817,801 | ||||||
| 5.00%, 12/15/28 (c) | 1,000 | 1,239,964 | ||||||
| 5.00%, 06/15/31 (c) | 1,500 | 1,937,355 | ||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) | ||||||||
See Notes to Financial Statements
| 34 |
|
|
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.25%, 12/15/24 (c) | $ | 2,245 | $ | 2,549,423 | ||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | ||||||||
| 0.00%, 12/15/24 ^ | 430 | 418,245 | ||||||
| 0.00%, 12/15/25 ^ | 250 | 238,669 | ||||||
| 0.00%, 12/15/35 ^ | 5,475 | 3,978,022 | ||||||
| 0.01%, 12/15/26 | 1,210 | 1,131,378 | ||||||
| 0.01%, 12/15/28 | 185 | 164,398 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.01%, 12/15/31 |
365 | 297,367 | ||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 5.00%, 12/15/24 (c) | 1,620 | 1,827,229 | ||||||
| 5.00%, 12/15/24 | 540 | 613,833 | ||||||
| 5.25%, 12/15/23 | 675 | 743,944 | ||||||
|
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27 |
100 | 114,948 | ||||||
| South Jersey Port Corp., Marine Terminal, Series B (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 360 | 424,630 | ||||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,155,343 | ||||||
| 5.00%, 01/01/28 (c) | 2,000 | 2,320,128 | ||||||
| 5.00%, 01/01/28 (c) | 750 | 880,042 | ||||||
|
South Jersey Transportation Authority, Series A (RB) (BAM) 5.00%, 11/01/30 (c) |
500 | 626,204 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/28 (c) | 9,400 | 10,935,284 | ||||||
| 5.25%, 06/01/28 (c) | 4,000 | 4,740,856 | ||||||
| Tobacco Settlement Financing Corp., Series B (RB) | ||||||||
| 3.20%, 06/01/27 | 830 | 842,024 | ||||||
| 5.00%, 06/01/28 (c) | 12,330 | 14,193,494 | ||||||
| 289,485,253 | ||||||||
| New Mexico: 0.2% | ||||||||
|
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group –LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c) |
4,480 | 4,883,444 | ||||||
|
Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 11/29/21 (c) |
1,000 | 1,017,613 | ||||||
| 5,901,057 | ||||||||
| New York: 8.4% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 0.00%, 07/15/33 ^ | $ | 370 | $ | 274,103 | ||||
| 0.00%, 07/15/47 ^ | 180 | 83,942 | ||||||
| 0.01%, 07/15/32 | 395 | 301,493 | ||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 5,040 | 5,802,280 | ||||||
| 5.00%, 07/15/26 | 345 | 409,635 | ||||||
| Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) | ||||||||
| 5.00%, 12/31/28 | 5,700 | 6,241,139 | ||||||
| 5.25%, 12/31/28 (c) | 9,700 | 10,517,386 | ||||||
| 5.50%, 12/31/28 (c) | 4,700 | 5,047,280 | ||||||
|
Build NYC Resource Corp., Metropolitan College of New York Project (RB) 5.25%, 11/01/24 (c) |
250 | 276,446 | ||||||
|
Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 5.00%, 11/01/24 (c) |
1,560 | 1,691,697 | ||||||
|
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c) |
6,200 | 6,976,302 | ||||||
|
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c) |
2,000 | 2,363,169 | ||||||
|
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 |
300 | 329,239 | ||||||
|
County of Suffolk, Series A (GO) (AGM) 4.00%, 02/01/24 |
1,000 | 1,078,845 | ||||||
| Dutchess County Local Development Corp., Bard College Project, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 8,370 | 9,784,608 | ||||||
| 5.00%, 07/01/30 (c) | 1,000 | 1,174,054 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,782,729 | ||||||
|
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c) |
910 | 1,059,011 | ||||||
| Erie Tobacco Asset Securitization Corp., Series A (RB) | ||||||||
| 5.00%, 11/29/21 (c) | 1,295 | 1,296,471 | ||||||
| 5.00%, 11/29/21 (c) | 335 | 335,383 | ||||||
|
Erie Tobacco Asset Securitization Corp., Series C (RB) 0.00%, 11/29/21 (c) ^ |
20,250 | 3,107,318 | ||||||
See Notes to Financial Statements
| 35 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
Erie Tobacco Asset Securitization Corp., Series D (RB) 0.00%, 11/29/21 (c) ^ |
$ | 10,000 | $ | 1,048,464 | ||||
|
Glen Cove Local Economic Assistance Corp., Garvies Point Public Improvement Project, Series A (RB) 5.00%, 01/01/27 (c) |
4,210 | 4,586,653 | ||||||
| Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) | ||||||||
| 3.00%, 12/01/30 (c) | 2,210 | 2,296,186 | ||||||
| 5.00%, 12/01/30 (c) | 500 | 645,880 | ||||||
| Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) | ||||||||
| 4.00%, 01/01/26 (c) | 1,650 | 1,803,650 | ||||||
| 5.00%, 01/01/26 (c) | 1,455 | 1,629,879 | ||||||
|
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) (AGM) 5.00%, 01/01/26 (c) |
2,000 | 2,222,642 | ||||||
|
Nassau County Tobacco Settlement Corp., Series A-2 (RB) 5.25%, 11/15/21 (c) |
3,285 | 3,367,395 | ||||||
| Nassau County Tobacco Settlement Corp., Series A-3 (RB) | ||||||||
| 5.00%, 11/15/21 (c) | 3,655 | 3,703,421 | ||||||
| 5.12%, 11/15/21 (c) | 3,905 | 3,966,675 | ||||||
| New Rochelle Industrial Development Agency (RB) | ||||||||
| 5.25%, 01/01/22 (c) (d) * | 1,422 | 28,438 | ||||||
| 5.50%, 07/01/19 (c) (d) * | 65 | 1,302 | ||||||
|
New York City Housing Development Corp., Multi- Family Housing, Series F (RB) 4.50%, 05/15/24 (c) |
4,500 | 4,641,821 | ||||||
| New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
| 0.01%, 11/15/21 (c) | 64,000 | 6,666,630 | ||||||
| 3.75%, 06/01/26 (c) | 1,160 | 1,197,959 | ||||||
| 5.00%, 11/15/21 (c) | 745 | 751,570 | ||||||
| New York Counties Tobacco Trust IV, Series B (RB) | ||||||||
| 0.01%, 11/15/21 (c) | 75,000 | 3,414,480 | ||||||
| 2.45%, 06/01/26 (c) | 970 | 968,724 | ||||||
|
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 11/15/21 (c) ^ |
10,525 | 1,114,311 | ||||||
|
New York Counties Tobacco Trust IV, Series S (RB) 0.00%, 11/15/21 (c) ^ |
1,640 | 615,766 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| 5.00%, 11/15/24 (c) | $ | 22,275 | $ | 24,302,669 | ||||
| 5.15%, 11/15/24 (c) | 5,710 | 6,344,279 | ||||||
| 5.38%, 11/15/24 (c) | 3,700 | 4,106,483 | ||||||
| 7.25%, 11/15/24 (c) | 10,000 | 11,055,875 | ||||||
|
New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c) |
255 | 259,148 | ||||||
|
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 03/15/29 (c) |
7,000 | 7,108,003 | ||||||
|
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35 |
480 | 610,908 | ||||||
|
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31 |
150 | 174,757 | ||||||
|
New York State Dormitory Authority, Pace Universtity, Series A (RB) 4.25%, 05/01/23 (c) |
200 | 206,676 | ||||||
|
New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c) |
1,370 | 1,625,112 | ||||||
|
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 11/29/21 (c) |
50 | 50,048 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 5.00%, 11/19/21 (c) | 8,640 | 8,656,856 | ||||||
| 5.00%, 11/19/21 (c) | 7,350 | 7,364,661 | ||||||
| 5.25%, 08/01/30 (c) | 3,050 | 3,594,953 | ||||||
| 5.38%, 08/01/30 (c) | 2,650 | 3,308,900 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 10/01/30 | 8,665 | 10,065,946 | ||||||
| 4.38%, 10/01/30 (c) | 4,550 | 5,222,747 | ||||||
| 5.00%, 01/01/28 (c) | 1,600 | 1,920,129 | ||||||
| 5.00%, 01/01/28 (c) | 160 | 191,081 | ||||||
| 5.00%, 10/01/30 (c) | 8,650 | 10,732,337 | ||||||
| 5.00%, 10/01/30 (c) | 8,500 | 10,444,442 | ||||||
| New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) | ||||||||
See Notes to Financial Statements
| 36 |
|
|
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 3.00%, 08/01/31 | $ | 2,000 | $ | 2,137,826 | ||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
| 4.00%, 07/01/24 (c) | 1,000 | 1,075,824 | ||||||
| 5.00%, 07/01/24 (c) | 230 | 255,410 | ||||||
| 5.00%, 07/01/24 (c) | 4,130 | 4,577,700 | ||||||
| 5.00%, 07/01/24 (c) | 420 | 466,683 | ||||||
| 5.25%, 07/01/24 (c) | 2,225 | 2,477,841 | ||||||
|
New York Transportation Development Corp., New York State Thruway Service Areas Project (RB) 4.00%, 10/31/31 (c) |
1,000 | 1,129,714 | ||||||
|
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) 5.00%, 12/01/29 |
1,300 | 1,626,021 | ||||||
|
New York Transportation Development Corp., Terminal One Group Association, L.P. Project (RB) 5.00%, 01/01/23 |
3,355 | 3,519,346 | ||||||
|
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c) |
4,000 | 4,160,966 | ||||||
|
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c) |
355 | 368,644 | ||||||
|
Suffolk Tobacco Asset Securitization Corp., Series A-2 (RB) 4.00%, 06/01/31 (c) |
3,250 | 3,668,904 | ||||||
|
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.01%, 06/01/31 (c) |
10,515 | 1,721,994 | ||||||
|
Suffolk Tobacco Asset Securitization Corp., Series C (RB) 6.62%, 06/01/22 (c) |
20 | 20,102 | ||||||
| Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 550 | 520,657 | ||||||
| 5.00%, 01/01/26 (c) | 200 | 188,902 | ||||||
|
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/23 |
1,500 | 1,533,101 | ||||||
|
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) 5.00%, 06/01/27 (c) |
13,285 | 14,328,805 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 06/01/27 (c) | $ | 17,010 | $ | 18,567,545 | ||||
| Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | ||||||||
| 4.00%, 09/15/24 (c) | 725 | 713,489 | ||||||
| 5.00%, 09/15/24 (c) | 400 | 399,108 | ||||||
| 5.25%, 09/15/24 (c) | 1,000 | 1,004,443 | ||||||
| 5.25%, 09/15/24 (c) | 180 | 176,709 | ||||||
|
Westchester County Industrial Development Agency, Million Air Two LLC General Aviation Facilities Project, Series A (RB) 7.00%, 06/01/24 (c) |
2,390 | 2,525,696 | ||||||
|
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c) |
255 | 290,738 | ||||||
| Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 1,000 | 1,041,092 | ||||||
| 5.00%, 07/01/27 (c) | 1,000 | 1,053,107 | ||||||
| 5.00%, 07/01/27 (c) | 1,000 | 1,065,290 | ||||||
|
Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c) |
4,575 | 4,745,298 | ||||||
|
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c) |
275 | 312,819 | ||||||
|
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c) |
315 | 365,558 | ||||||
| 297,989,718 | ||||||||
| North Carolina: 0.8% | ||||||||
|
Columbus County Industrial Facilities and Pollution Control, International Paper Company Project, Series C (RB) 2.10%, 10/01/24 (p) |
1,000 | 1,042,372 | ||||||
| North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) | ||||||||
| 5.00%, 06/30/25 (c) | 1,000 | 1,099,429 | ||||||
| 5.00%, 06/30/25 (c) | 1,430 | 1,552,621 | ||||||
| North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB) | ||||||||
| 4.00%, 03/01/28 (c) | 4,000 | 4,289,615 | ||||||
| 4.00%, 03/01/28 (c) | 1,235 | 1,358,315 | ||||||
See Notes to Financial Statements
| 37 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| North Carolina (continued) | ||||||||
| 4.00%, 03/01/28 (c) | $ | 3,000 | $ | 3,262,680 | ||||
|
North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25 |
120 | 128,642 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities (RB) | ||||||||
| 4.70%, 07/01/25 (c) | 550 | 584,748 | ||||||
| 5.00%, 10/01/24 (c) | 250 | 271,291 | ||||||
| 5.00%, 10/01/24 (c) | 250 | 269,160 | ||||||
|
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c) |
165 | 179,394 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) | ||||||||
| 5.00%, 07/01/26 (c) | 250 | 278,361 | ||||||
| 5.00%, 07/01/26 (c) | 385 | 427,064 | ||||||
|
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c) |
465 | 506,223 | ||||||
|
North Carolina Medical Care Commission, Wake Forest University (RB) 5.00%, 01/01/27 (c) |
1,225 | 1,368,458 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
| 4.00%, 01/01/30 (c) | 1,250 | 1,396,281 | ||||||
| 5.00%, 01/01/27 (c) | 1,000 | 1,177,769 | ||||||
| 5.00%, 01/01/30 (c) | 1,400 | 1,699,235 | ||||||
| 5.00%, 01/01/30 (c) | 1,705 | 2,051,363 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) | ||||||||
| 3.00%, 01/01/30 (c) | 1,150 | 1,213,429 | ||||||
| 5.00%, 01/01/29 (c) | 100 | 124,788 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 |
3,000 | 3,288,608 | ||||||
| 27,569,846 | ||||||||
| North Dakota: 0.4% | ||||||||
|
City of Grand Forks, Altru Health System (RB) 4.00%, 12/01/21 (c) |
25 | 25,077 | ||||||
| City of Grand Forks, Altru Health System (RB) (AGM) | ||||||||
| 4.00%, 12/01/31 (c) | 1,000 | 1,143,412 | ||||||
| 4.00%, 12/01/31 (c) | 1,400 | 1,572,559 | ||||||
| City of Williston, Eagle Crest Apartments LLC Project (RB) | ||||||||
| 6.25%, 09/01/23 (d) * | 615 | 344,400 | ||||||
| 7.75%, 09/01/23 (c) (d) * | 1,285 | 719,600 | ||||||
|
Par
(000’s |
) | Value | ||||||
| North Dakota (continued) | ||||||||
| County of Grand Forks, Red river Biorefinery, LLC Project, Series A (RB) | ||||||||
| 6.62%, 06/15/26 (c) | $ | 2,625 | $ | 2,637,968 | ||||
| 7.00%, 06/15/26 (c) | 5,500 | 5,510,312 | ||||||
|
County of Ward, Health Care Facilities, Trinity Obligated Group, Series C (RB) 5.00%, 06/01/28 (c) |
750 | 865,198 | ||||||
| 12,818,526 | ||||||||
| Northern Mariana Islands: 0.1% | ||||||||
|
Commonwealth of the Northern Mariana Islands, Series A (GO) (AGM) 5.00%, 11/29/21 (c) |
4,900 | 4,662,835 | ||||||
| Ohio: 4.3% | ||||||||
|
Akron Bath Copley Joint Township Hospital District, Summa Health (RB) 5.25%, 11/15/26 (c) |
500 | 587,951 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 3.00%, 06/01/30 (c) | 2,580 | 2,599,437 | ||||||
| 4.00%, 06/01/30 (c) | 2,800 | 3,099,695 | ||||||
|
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c) |
68,500 | 76,920,856 | ||||||
|
Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB) 0.01%, 06/01/30 (c) |
35,000 | 5,469,740 | ||||||
|
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28 |
1,000 | 1,112,023 | ||||||
|
Columbus-Franklin County Finance Authority (RB) (SBG) 6.50%, 03/01/25 (c) |
4,000 | 3,989,529 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 4.75%, 02/15/27 (c) | 340 | 381,628 | ||||||
| 5.25%, 02/15/27 (c) | 1,750 | 2,062,009 | ||||||
|
County of Montgomery, Ohio Hospital Facilities, Series A (RB) 3.00%, 11/15/29 (c) |
750 | 780,101 | ||||||
| County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) | ||||||||
| 4.00%, 11/15/29 (c) | 3,940 | 4,423,870 | ||||||
| 4.00%, 11/15/29 (c) | 2,250 | 2,510,536 | ||||||
|
Franklin County, First Community Village (RB) 5.62%, 11/29/21 (c) |
400 | 400,688 | ||||||
See Notes to Financial Statements
| 38 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
|
Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c) |
$ | 3,000 | $ | 3,014,946 | ||||
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB) | ||||||||
| 5.00%, 02/15/23 (c) | 490 | 508,605 | ||||||
| 5.00%, 02/15/23 (c) | 490 | 511,211 | ||||||
| 5.00%, 02/15/23 (c) | 1,530 | 1,586,211 | ||||||
|
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p) |
2,500 | 2,622,656 | ||||||
|
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c) |
6,000 | 6,860,073 | ||||||
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) | ||||||||
| 2.88%, 02/01/26 | 4,000 | 4,185,686 | ||||||
| 3.25%, 09/01/29 | 4,500 | 4,807,589 | ||||||
| Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) | ||||||||
| 4.25%, 01/15/28 (c) | 500 | 568,747 | ||||||
| 4.50%, 01/15/28 (c) | 4,000 | 4,608,246 | ||||||
|
Ohio Air Quality Development Authority, Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c) |
2,270 | 2,292,435 | ||||||
|
Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 11/29/21 (c) |
1,100 | 1,103,660 | ||||||
|
Ohio Higher Educational Facility Commission Healthcare (RB) 5.25%, 01/01/24 (c) |
1,500 | 1,555,791 | ||||||
|
Ohio Housing Finance Agency, Multifamily Housing, Sanctuary at Springboro Project (RB) 5.45%, 10/01/25 (c) |
500 | 502,414 | ||||||
|
Ohio Water Development Authority, United States Steel Corp. Project (RB) 6.60%, 11/29/21 (c) |
795 | 797,696 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
| 5.00%, 12/01/24 (c) | 250 | 263,223 | ||||||
| 5.00%, 12/01/24 (c) | 245 | 260,471 | ||||||
| 5.50%, 12/01/24 (c) | 70 | 75,254 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
| 5.75%, 12/01/22 (c) | $ | 710 | $ | 736,218 | ||||
| 6.00%, 12/01/22 (c) | 570 | 589,969 | ||||||
|
Southern Ohio Port Authority, PureCycle Project, Series A (RB) 7.00%, 12/01/27 (c) |
8,650 | 9,896,789 | ||||||
| 151,685,953 | ||||||||
| Oklahoma: 0.8% | ||||||||
| Comanche County Hospital Authority, Series A (RB) | ||||||||
| 4.25%, 07/01/22 (c) | 300 | 301,714 | ||||||
| 5.00%, 07/01/22 (c) | 210 | 214,812 | ||||||
|
Holdenville Public Works Authority, Series A (RB) 4.38%, 11/01/24 (c) |
605 | 534,324 | ||||||
|
Holdenville Public Works Authority, Series A (RB) (AGM) 4.30%, 11/01/24 (c) |
780 | 698,147 | ||||||
| Norman Regional Hospital Authority (RB) | ||||||||
| 3.25%, 09/01/29 (c) | 340 | 367,349 | ||||||
| 4.00%, 09/01/26 (c) | 150 | 164,981 | ||||||
| Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) | ||||||||
| 5.00%, 04/01/22 (c) | 825 | 771,725 | ||||||
| 5.00%, 04/01/23 | 90 | 90,183 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| 5.00%, 08/15/28 (c) | 700 | 848,062 | ||||||
| 5.25%, 08/15/28 (c) | 2,900 | 3,525,389 | ||||||
| 5.25%, 08/15/28 (c) | 6,000 | 7,270,721 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM) | ||||||||
| 5.50%, 08/15/28 (c) | 1,300 | 1,592,726 | ||||||
| 5.50%, 08/15/28 (c) | 8,320 | 10,163,849 | ||||||
|
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c) |
375 | 386,274 | ||||||
|
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) |
2,125 | 2,365,517 | ||||||
| 29,295,773 | ||||||||
| Oregon: 0.0% | ||||||||
|
Yamhill County Hospital Authority, Friendsview Retirement Community, Series A (RB) 5.00%, 11/15/24 (c) |
1,000 | 1,085,653 | ||||||
| Pennsylvania: 3.7% | ||||||||
| Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) | ||||||||
| 4.88%, 11/01/24 | 200 | 218,040 | ||||||
See Notes to Financial Statements
| 39 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 5.75%, 08/01/22 (c) | $ | 475 | $ | 486,436 | ||||
| 6.75%, 12/01/21 (c) | 500 | 501,949 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 5.00%, 05/01/27 (c) | 2,000 | 2,269,616 | ||||||
| 5.00%, 05/01/27 (c) | 250 | 287,595 | ||||||
| 5.00%, 05/01/28 (c) | 500 | 580,714 | ||||||
| 5.00%, 05/01/28 | 895 | 1,054,219 | ||||||
| 5.00%, 05/01/28 | 1,000 | 1,184,341 | ||||||
| 5.00%, 05/01/28 (c) | 250 | 292,329 | ||||||
| 5.38%, 05/01/28 (c) | 1,000 | 1,157,143 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, Series A (RB) | ||||||||
| 5.00%, 05/01/22 (c) | 1,915 | 1,956,188 | ||||||
| 5.00%, 05/01/22 (c) | 150 | 153,226 | ||||||
| Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
| 3.75%, 11/01/27 (c) | 1,075 | 1,070,937 | ||||||
| 5.00%, 11/01/24 | 500 | 545,402 | ||||||
| 5.00%, 11/01/26 | 120 | 135,655 | ||||||
| 5.00%, 11/01/27 (c) | 470 | 534,494 | ||||||
| 5.00%, 11/01/27 (c) | 110 | 123,064 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,127,870 | ||||||
| 5.00%, 11/01/27 (c) | 1,195 | 1,330,844 | ||||||
| 5.00%, 11/01/27 (c) | 8,270 | 9,091,738 | ||||||
| Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) | ||||||||
| 4.25%, 05/01/22 (c) | 580 | 583,578 | ||||||
| 5.00%, 05/01/22 (c) | 1,000 | 1,010,724 | ||||||
| Berks County Municipal Authority, Tower Health Project (RB) | ||||||||
| 4.00%, 11/01/27 (c) | 5,715 | 5,903,460 | ||||||
| 5.00%, 02/01/30 | 860 | 1,001,502 | ||||||
|
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) |
6,000 | 6,753,016 | ||||||
|
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p) |
670 | 771,100 | ||||||
|
Blythe Township Solid Waste Authority (RB) 7.75%, 12/01/27 (c) |
1,565 | 1,840,143 | ||||||
|
Bucks County Industrial Development Authority Hospital (RB) 4.00%, 07/01/31 (c) |
1,000 | 1,110,457 | ||||||
|
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c) |
1,000 | 1,099,522 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c) |
$ | 430 | $ | 391,214 | ||||
|
Chester County Health and Education Facilities Authority, Simpson Senior Services Project (RB) 5.00%, 12/01/25 (c) |
3,650 | 3,779,620 | ||||||
|
Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c) |
440 | 455,642 | ||||||
| Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | ||||||||
| 5.00%, 03/01/28 (c) | 1,400 | 1,581,824 | ||||||
| 5.12%, 03/01/28 (c) | 5,487 | 6,181,695 | ||||||
| Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
| 6.00%, 06/01/26 (c) | 1,440 | 1,598,051 | ||||||
| 6.00%, 06/01/26 (c) | 440 | 489,439 | ||||||
|
Cumberland County Municipal Authority, Asbury Pennsylvania (RB) 5.25%, 01/01/22 (c) |
400 | 403,278 | ||||||
|
Cumberland County, Diakon Lutheran Social Ministries (RB) 4.00%, 01/01/25 (c) |
430 | 459,233 | ||||||
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
| 5.00%, 10/15/27 | 500 | 554,720 | ||||||
| 5.12%, 10/15/27 (c) | 2,000 | 2,247,477 | ||||||
|
Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) (ST) 6.25%, 10/15/28 (c) |
3,200 | 3,933,916 | ||||||
|
Delaware County Authority, Eastern University (RB) 5.25%, 10/01/22 (c) |
315 | 320,561 | ||||||
|
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c) |
395 | 432,968 | ||||||
|
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) 5.00%, 06/01/26 (c) |
1,000 | 1,088,551 | ||||||
See Notes to Financial Statements
| 40 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Delaware River Port Authority, Port District Project (RB) | ||||||||
| 5.00%, 01/01/23 (c) | $ | 840 | $ | 884,870 | ||||
| 5.00%, 01/01/23 (c) | 1,080 | 1,138,568 | ||||||
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 500 | 542,697 | ||||||
| 5.00%, 12/01/25 (c) | 215 | 232,929 | ||||||
|
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) (NATL) 5.00%, 12/01/25 (c) |
1,900 | 2,059,202 | ||||||
|
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c) |
1,000 | 1,129,338 | ||||||
| Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB) | ||||||||
| 5.00%, 03/01/27 (c) | 425 | 475,163 | ||||||
| 5.00%, 03/01/27 (c) | 310 | 347,409 | ||||||
| 5.00%, 03/01/27 (c) | 425 | 479,672 | ||||||
| 5.00%, 04/01/22 (c) | 1,000 | 1,012,071 | ||||||
|
Lehigh County General Purpose Authority, Bible Fellowship Church Homes, Inc. (RB) 5.25%, 07/01/22 (c) |
1,100 | 1,115,737 | ||||||
|
Mercer County, Industrial Development Authority, Thiel College Project (RB) 6.12%, 10/01/25 (c) |
815 | 902,770 | ||||||
| Montgomery County Industrial Development Authority Health System, Albert Einstein Healthcare Network Issue, Series A (RB) | ||||||||
| 4.25%, 01/15/25 (c) | 635 | 688,039 | ||||||
| 5.25%, 01/15/25 (c) | 4,235 | 4,774,171 | ||||||
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
| 5.00%, 01/01/25 (c) | 150 | 159,721 | ||||||
| 5.25%, 01/01/25 (c) | 870 | 925,306 | ||||||
| 5.38%, 01/01/25 (c) | 820 | 869,313 | ||||||
| Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
| 5.62%, 07/01/25 (c) | 300 | 320,875 | ||||||
| 5.75%, 07/01/25 (c) | 2,000 | 2,129,991 | ||||||
| 6.00%, 07/01/25 (c) | 590 | 626,708 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB) 6.40%, 09/01/25 (c) |
$ | 8,300 | $ | 6,351,657 | ||||
| Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) | ||||||||
| 6.50%, 12/01/28 (c) (d) * | 3,040 | 1,216,000 | ||||||
| 6.75%, 12/01/28 (c) (d) * | 6,470 | 2,588,000 | ||||||
| Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 4.12%, 06/30/26 (c) | 1,685 | 1,887,492 | ||||||
| 5.00%, 12/31/22 | 45 | 47,372 | ||||||
| 5.00%, 12/31/23 | 125 | 137,345 | ||||||
| 5.00%, 12/31/24 | 550 | 627,263 | ||||||
| 5.00%, 12/31/25 | 1,105 | 1,300,895 | ||||||
| 5.00%, 06/30/26 (c) | 410 | 480,889 | ||||||
| 5.00%, 06/30/26 (c) | 500 | 580,294 | ||||||
| 5.00%, 06/30/26 (c) | 1,485 | 1,768,771 | ||||||
| 5.00%, 06/30/26 (c) | 575 | 678,607 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB) | ||||||||
| 4.00%, 11/01/22 (c) | 425 | 428,811 | ||||||
| 5.00%, 11/01/22 (c) | 250 | 256,267 | ||||||
| Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) | ||||||||
| 5.00%, 11/01/22 (c) | 1,000 | 1,018,476 | ||||||
| 5.00%, 11/01/22 (c) | 1,915 | 1,953,678 | ||||||
|
Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c) |
1,000 | 1,131,654 | ||||||
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
| 6.38%, 06/01/25 (c) | 440 | 467,281 | ||||||
| 6.50%, 06/01/25 (c) | 440 | 466,544 | ||||||
| 6.62%, 06/01/25 (c) | 415 | 440,885 | ||||||
|
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c) |
355 | 388,627 | ||||||
See Notes to Financial Statements
| 41 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c) |
$ | 350 | $ | 376,819 | ||||
| Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter school Project (RB) | ||||||||
| 5.00%, 06/15/28 (c) | 1,000 | 1,143,859 | ||||||
| 5.00%, 06/15/28 (c) | 500 | 579,446 | ||||||
|
Philadelphia Authority for Industrial Development, University Square Apartments Project (RB) 5.50%, 12/01/26 (c) |
2,000 | 2,116,807 | ||||||
| Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 2,000 | 2,228,902 | ||||||
| 5.00%, 07/01/27 (c) | 735 | 827,321 | ||||||
| 5.00%, 07/01/27 (c) | 1,000 | 1,096,871 | ||||||
|
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB) 5.00%, 07/01/27 (c) |
1,000 | 1,160,189 | ||||||
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 1,240 | 1,443,770 | ||||||
| 5.00%, 07/01/27 (c) | 220 | 255,619 | ||||||
| 5.62%, 07/01/22 (c) | 5,020 | 5,162,405 | ||||||
| 5.62%, 07/01/22 (c) | 2,190 | 2,253,937 | ||||||
|
Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c) |
250 | 255,363 | ||||||
|
Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c) |
1,210 | 1,237,518 | ||||||
| 133,263,675 | ||||||||
| Puerto Rico: 3.8% | ||||||||
|
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^ |
80 | 26,497 | ||||||
|
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) 5.00%, 06/01/26 (c) |
250 | 276,202 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Puerto Rico (continued) | ||||||||
|
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB) 6.12%, 07/01/24 |
$ | 155 | $ | 168,853 | ||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 5.00%, 07/01/22 (c) | 5,365 | 5,529,601 | ||||||
| 5.12%, 07/01/22 (c) | 1,050 | 1,083,084 | ||||||
| 5.25%, 07/01/22 (c) | 6,970 | 7,195,385 | ||||||
| 5.75%, 07/01/22 (c) | 4,025 | 4,168,484 | ||||||
| 6.00%, 07/01/22 (c) | 4,550 | 4,718,798 | ||||||
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.62%, 11/29/21 (c) |
100 | 103,500 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) | ||||||||
| 5.12%, 04/01/22 (c) | 100 | 101,575 | ||||||
| 5.38%, 04/01/22 (c) | 100 | 101,750 | ||||||
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 01/01/22 (c) |
20 | 20,065 | ||||||
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue (RB) 4.55%, 07/01/28 (c) |
5,000 | 5,566,975 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
| 0.01%, 07/01/24 | 4,980 | 4,766,438 | ||||||
| 4.50%, 07/01/25 (c) | 2,000 | 2,186,224 | ||||||
| 5.00%, 07/01/28 (c) | 27,700 | 31,341,098 | ||||||
|
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c) |
6,662 | 7,417,438 | ||||||
|
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c) |
22,174 | 24,768,906 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) | ||||||||
| 4.33%, 07/01/28 (c) | 10,960 | 12,055,703 | ||||||
| 4.33%, 07/01/28 (c) | 11,958 | 13,153,476 | ||||||
| 4.78%, 07/01/28 (c) | 9,859 | 11,001,346 | ||||||
| 135,751,398 | ||||||||
| Rhode Island: 0.4% | ||||||||
|
Rhode Island Health and Educational Building Corp. (RB) 5.00%, 05/15/26 (c) |
1,000 | 1,140,134 | ||||||
See Notes to Financial Statements
| 42 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Rhode Island (continued) | ||||||||
|
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) 5.00%, 09/01/26 |
$ | 100 | $ | 115,418 | ||||
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | ||||||||
| 5.00%, 05/15/23 | 250 | 266,074 | ||||||
| 5.00%, 05/15/26 (c) | 690 | 777,727 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 0.00%, 11/15/21 (c) ^ | 24,580 | 4,105,408 | ||||||
| 5.00%, 06/01/25 (c) | 1,650 | 1,827,006 | ||||||
|
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/25 (c) |
2,000 | 2,192,926 | ||||||
|
Tobacco Settlement Financing Corp./RI (RB) 4.50%, 06/01/25 (c) |
2,000 | 2,148,229 | ||||||
| 12,572,922 | ||||||||
| South Carolina: 0.5% | ||||||||
|
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c) |
800 | 886,093 | ||||||
|
Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^ |
4,878 | 589,880 | ||||||
| South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | ||||||||
| 5.00%, 11/01/24 (c) | 500 | 548,173 | ||||||
| 5.00%, 11/01/24 (c) | 650 | 715,547 | ||||||
| 5.00%, 11/01/24 (c) | 500 | 552,530 | ||||||
| South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) | ||||||||
| 5.75%, 12/15/26 (c) | 500 | 575,282 | ||||||
| 5.75%, 12/15/26 (c) | 500 | 568,599 | ||||||
|
South Carolina Jobs-Economic Development Authority, Last Step Recycling Project, Series A (RB) 6.50%, 06/01/28 (c) |
1,000 | 1,027,904 | ||||||
|
South Carolina Jobs-Economic Development Authority, Series A (RB) (AGM) 5.00%, 04/01/24 (c) |
1,000 | 1,076,579 | ||||||
| South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) | ||||||||
| 5.00%, 04/01/25 (c) | 5,000 | 5,431,174 | ||||||
| 5.00%, 04/01/25 (c) | 1,750 | 1,899,116 | ||||||
|
Par
(000’s |
) | Value | ||||||
| South Carolina (continued) | ||||||||
|
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c) |
$ | 320 | $ | 323,399 | ||||
| South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) | ||||||||
| 4.00%, 11/15/24 (c) | 795 | 830,095 | ||||||
| 4.00%, 11/15/24 (c) | 350 | 365,793 | ||||||
| 5.25%, 11/15/24 (c) | 3,755 | 4,086,323 | ||||||
| 19,476,487 | ||||||||
| South Dakota: 0.0% | ||||||||
| City of Sioux Falls, Dow Rummel Village Project (RB) | ||||||||
| 5.00%, 11/01/26 (c) | 500 | 523,829 | ||||||
| 5.00%, 11/01/26 (c) | 750 | 816,587 | ||||||
| 1,340,416 | ||||||||
| Tennessee: 0.7% | ||||||||
|
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) |
240 | 193,400 | ||||||
| Bristol Industrial Development Board, Pinnacle Project, Series A (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 2,000 | 1,946,705 | ||||||
| 5.12%, 12/01/26 (c) | 5,000 | 4,742,622 | ||||||
|
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c) |
310 | 372,419 | ||||||
|
Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c) |
540 | 597,062 | ||||||
| Knox County Health Educational and Housing Facility Board (RB) | ||||||||
| 4.00%, 09/01/26 (c) | 290 | 308,884 | ||||||
| 4.00%, 09/01/26 (c) | 295 | 316,724 | ||||||
| 5.00%, 04/01/27 (c) | 380 | 436,235 | ||||||
| Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) | ||||||||
| 5.50%, 07/01/27 (c) | 1,100 | 1,051,807 | ||||||
| 5.62%, 07/01/27 (c) | 1,500 | 1,410,919 | ||||||
|
Memphis-Shelby County Industrial Development Board, Series A (TA) 4.75%, 07/01/27 |
560 | 542,683 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, The Farms at Bailey Station, Series A (RB) | ||||||||
| 5.50%, 10/01/25 (c) | 250 | 269,821 | ||||||
| 5.75%, 10/01/25 (c) | 1,595 | 1,720,556 | ||||||
See Notes to Financial Statements
| 43 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Tennessee (continued) | ||||||||
| 5.75%, 10/01/25 (c) | $ | 5,755 | $ | 6,175,509 | ||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB) | ||||||||
| 5.00%, 09/01/26 (c) | 475 | 449,833 | ||||||
| 5.38%, 09/01/23 (c) | 205 | 197,670 | ||||||
| 5.50%, 09/01/23 (c) | 200 | 193,687 | ||||||
|
Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26 |
4,200 | 5,064,271 | ||||||
|
Tennessee Energy Acquisition Corp., Series C (RB) 5.00%, 02/01/23 |
160 | 169,064 | ||||||
|
The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) |
200 | 229,965 | ||||||
| 26,389,836 | ||||||||
| Texas: 4.3% | ||||||||
|
Angelina & Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities (RB) 7.50%, 12/01/27 (c) |
1,000 | 979,212 | ||||||
|
Angelina & Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 06/01/28 (c) |
1,500 | 1,468,817 | ||||||
| Arlington Higher Education Finance Corp., Wayside Schools, Series A (RB) | ||||||||
| 4.00%, 08/15/26 (c) | 1,025 | 1,092,663 | ||||||
| 4.00%, 08/15/26 (c) | 610 | 654,376 | ||||||
|
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27 |
280 | 320,810 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) | ||||||||
| 5.00%, 01/01/26 | 715 | 780,954 | ||||||
| 5.00%, 01/01/27 (c) | 500 | 537,822 | ||||||
|
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) (AGM) 5.00%, 01/01/23 |
800 | 824,608 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | ||||||||
| 5.00%, 12/01/25 (c) | $ | 610 | $ | 652,959 | ||||
| 5.00%, 12/01/25 (c) | 215 | 228,786 | ||||||
| 5.25%, 12/01/25 (c) | 700 | 766,993 | ||||||
|
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c) |
5,550 | 5,618,067 | ||||||
|
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c) |
1,850 | 2,005,322 | ||||||
|
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) |
1,500 | 1,540,439 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien (RB) | ||||||||
| 5.00%, 11/08/21 (c) | 285 | 343,859 | ||||||
| 5.00%, 11/08/21 (c) | 200 | 241,305 | ||||||
| 5.00%, 11/08/21 (c) | 850 | 1,025,545 | ||||||
| 5.00%, 11/08/21 (c) | 400 | 482,610 | ||||||
|
Central Texas Regional Mobility Authority, Senior Lien, Series B (RB) 4.00%, 01/01/31 (c) |
3,000 | 3,397,464 | ||||||
| Central Texas Regional Mobility Authority, Subordinated Lien (RB) | ||||||||
| 5.00%, 01/01/23 (c) | 400 | 421,615 | ||||||
| 5.00%, 01/01/23 (c) | 360 | 379,453 | ||||||
| Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) | ||||||||
| 4.00%, 01/01/30 (c) | 5,690 | 6,307,156 | ||||||
| 4.00%, 01/01/30 (c) | 1,500 | 1,671,455 | ||||||
|
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 |
775 | 871,593 | ||||||
| City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB) | ||||||||
| 5.00%, 07/15/27 | 3,140 | 3,651,423 | ||||||
| 5.00%, 07/15/28 | 2,000 | 2,360,196 | ||||||
|
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 11/29/21 (c) |
2,050 | 2,061,306 | ||||||
See Notes to Financial Statements
| 44 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 4.75%, 07/01/24 | $ | 2,375 | $ | 2,514,327 | ||||
| 5.00%, 07/15/28 | 1,000 | 1,180,099 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
| 5.00%, 07/15/25 (c) | 2,600 | 2,871,954 | ||||||
| 5.00%, 07/15/25 (c) | 650 | 713,612 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 5.12%, 08/15/25 (c) | 730 | 828,760 | ||||||
| 5.50%, 08/15/25 (c) | 610 | 694,151 | ||||||
| Clifton Higher Education Finance Corp., Series D (RB) | ||||||||
| 5.75%, 08/15/25 (c) | 500 | 575,324 | ||||||
| 6.00%, 08/15/25 (c) | 500 | 575,520 | ||||||
|
Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c) |
850 | 869,707 | ||||||
|
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) |
2,265 | 2,300,276 | ||||||
| Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) | ||||||||
| 0.00%, 11/15/23 ^ | 250 | 241,049 | ||||||
| 0.00%, 11/15/23 ^ | 675 | 667,538 | ||||||
| 0.00%, 11/15/27 ^ | 590 | 504,488 | ||||||
| 0.00%, 11/15/31 (c) ^ | 170 | 69,434 | ||||||
| 0.00%, 11/15/31 (c) ^ | 145 | 63,221 | ||||||
| 0.00%, 11/15/31 (c) ^ | 120 | 67,733 | ||||||
| 0.01%, 11/15/25 | 495 | 452,833 | ||||||
| 0.01%, 11/15/29 | 1,405 | 1,110,797 | ||||||
| 0.01%, 11/15/30 | 115 | 87,169 | ||||||
| 0.01%, 11/15/31 (c) | 350 | 173,753 | ||||||
| 0.01%, 11/15/31 (c) | 705 | 480,808 | ||||||
| 0.01%, 11/15/31 (c) | 1,140 | 436,642 | ||||||
| Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL) | ||||||||
| 0.00%, 11/15/24 (c) ^ | 335 | 161,506 | ||||||
| 0.00%, 11/15/24 (c) ^ | 100 | 61,339 | ||||||
|
La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c) |
675 | 735,810 | ||||||
|
Love Field Airport Modernization Corp., Southwest Airlines Co. (RB) 5.00%, 11/01/22 |
280 | 292,461 | ||||||
| Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.12%, 02/15/24 (c) (d) * | $ | 700 | $ | 546,000 | ||||
| 5.12%, 02/15/24 (c) (d) * | 2,680 | 2,090,400 | ||||||
|
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 11/19/21 (c) |
10,000 | 10,516,320 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c) |
235 | 156,033 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Bridgemoor Plano Project, Series D (RB) (AGC) 12.00%, 12/01/25 (c) (d) * |
750 | 292,500 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series B (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 1,030 | 844,681 | ||||||
| 4.25%, 07/01/26 (c) | 1,700 | 1,305,447 | ||||||
| 5.00%, 07/01/26 (c) | 1,000 | 760,828 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c) |
1,595 | 1,209,799 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c) |
230 | 237,215 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) | ||||||||
| 4.25%, 11/29/21 (c) | 250 | 247,510 | ||||||
| 5.12%, 11/29/21 (c) | 1,000 | 985,499 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c) |
225 | 243,853 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project (RB) (SAW) 6.25%, 01/01/23 (c) |
100 | 104,236 | ||||||
| New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB) | ||||||||
| 5.00%, 11/15/24 (c) | 100 | 108,596 | ||||||
| 5.00%, 11/15/24 (c) | 1,610 | 1,728,272 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.38%, 11/15/26 (c) |
975 | 1,042,465 | ||||||
See Notes to Financial Statements
| 45 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.50%, 11/15/26 (c) | $ | 750 | $ | 798,029 | ||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/24 | 115 | 98,900 | ||||||
| 5.00%, 07/01/25 (c) | 100 | 86,000 | ||||||
| 5.00%, 07/01/25 (c) | 500 | 430,000 | ||||||
| 5.00%, 07/01/25 (c) | 440 | 378,400 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c) |
200 | 217,082 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 2,045 | 2,240,038 | ||||||
| 5.00%, 12/01/26 (c) | 1,000 | 1,101,059 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/28 (c) |
2,000 | 1,942,332 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 250 | 258,961 | ||||||
| 5.00%, 01/01/26 (c) | 250 | 258,186 | ||||||
|
North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c) |
1,050 | 1,187,622 | ||||||
| North East Texas Regional Mobility Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 400 | 449,741 | ||||||
| 5.00%, 01/01/26 (c) | 600 | 672,224 | ||||||
|
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c) |
2,500 | 2,735,101 | ||||||
|
Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) 3.00%, 07/01/23 (c) |
2,000 | 1,901,048 | ||||||
|
Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (BAM) 4.00%, 01/01/22 (c) |
2,000 | 2,059,874 | ||||||
| Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 08/15/26 (c) | $ | 400 | $ | 430,593 | ||||
| 5.00%, 08/15/26 (c) | 400 | 437,269 | ||||||
|
Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c) |
1,000 | 1,063,070 | ||||||
|
Red River Health Facilities Development Corp., MRC The Crossings Project, Series A (RB) 8.00%, 11/15/24 (c) |
2,425 | 2,671,973 | ||||||
|
Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c) (d) * |
9,900 | 2,475,000 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/24 (c) |
125 | 134,176 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Senior Living, Ventana Project, Series A (RB) | ||||||||
| 6.62%, 05/15/27 (c) | 3,850 | 4,351,438 | ||||||
| 6.75%, 05/15/27 (c) | 2,100 | 2,357,625 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) * |
535 | 374,500 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project (RB) 5.25%, 05/15/27 (c) |
2,180 | 1,744,000 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB) | ||||||||
| 5.00%, 11/15/25 (c) | 1,000 | 800,000 | ||||||
| 5.00%, 11/15/25 (c) | 1,100 | 880,000 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series B (RB) | ||||||||
| 4.00%, 11/15/25 | 100 | 80,000 | ||||||
| 5.00%, 11/15/25 (c) | 1,405 | 1,124,000 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/28 | 925 | 1,143,158 | ||||||
| 5.00%, 12/15/29 | 1,375 | 1,725,658 | ||||||
| 5.00%, 12/15/31 | 1,670 | 2,156,009 | ||||||
| 5.00%, 12/15/32 | 2,120 | 2,773,377 | ||||||
See Notes to Financial Statements
| 46 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) | ||||||||
| 5.00%, 12/31/25 (c) | $ | 250 | $ | 277,685 | ||||
| 5.00%, 12/31/25 (c) | 460 | 512,198 | ||||||
| 5.00%, 12/31/25 (c) | 230 | 257,657 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) | ||||||||
| 5.00%, 06/30/29 (c) | 7,420 | 8,831,109 | ||||||
| 7.00%, 09/01/23 (c) | 515 | 573,904 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) | ||||||||
| 4.00%, 12/31/29 (c) | 500 | 573,753 | ||||||
| 5.00%, 12/31/29 (c) | 1,300 | 1,608,487 | ||||||
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
| 5.00%, 08/15/24 (c) | 7,100 | 7,936,659 | ||||||
| 5.00%, 08/15/24 (c) | 600 | 671,243 | ||||||
| 5.00%, 08/15/24 (c) | 850 | 950,298 | ||||||
| 5.00%, 08/15/24 (c) | 1,500 | 1,674,271 | ||||||
| Town of Westlake, Solana Public Improvement District (SA) | ||||||||
| 6.12%, 09/01/25 (c) | 1,000 | 1,027,826 | ||||||
| 6.25%, 09/01/25 (c) | 1,000 | 1,027,925 | ||||||
| 6.38%, 09/01/25 (c) | 1,000 | 1,029,110 | ||||||
|
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) * |
4,980 | 2,716,590 | ||||||
| 155,041,931 | ||||||||
| Utah: 0.5% | ||||||||
|
Mida Mountain Village Public Infrastructure District, Mountain Village Assesment Area #2 (SA) 4.00%, 08/01/31 (c) |
5,000 | 5,120,216 | ||||||
| Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) | ||||||||
| 4.50%, 08/01/30 (c) | 2,500 | 2,784,807 | ||||||
| 5.00%, 08/01/30 (c) | 4,000 | 4,462,317 | ||||||
| Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) | ||||||||
| 5.25%, 06/15/27 (c) | 1,500 | 1,671,646 | ||||||
| 5.38%, 06/15/27 (c) | 3,195 | 3,522,053 | ||||||
| 17,561,039 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Vermont: 0.1% | ||||||||
| Vermont Economic Development Authority (RB) (FHLMC COLL) | ||||||||
| 4.00%, 05/01/28 (c) | $ | 500 | $ | 544,485 | ||||
| 4.00%, 05/01/28 (c) | 1,000 | 1,063,387 | ||||||
|
Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c) |
1,100 | 1,127,796 | ||||||
|
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 5.00%, 05/01/27 (c) |
1,160 | 1,282,341 | ||||||
| 4,018,009 | ||||||||
| Virgin Islands: 0.9% | ||||||||
|
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 11/29/21 (c) |
720 | 727,907 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
| 4.50%, 10/01/24 (c) | 550 | 489,560 | ||||||
| 5.00%, 10/01/24 (c) | 1,700 | 1,693,884 | ||||||
| 5.00%, 10/01/24 (c) | 4,250 | 4,145,202 | ||||||
|
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Cruzan Project, Series A (RB) 6.00%, 11/29/21 (c) |
175 | 175,401 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB) | ||||||||
| 6.62%, 11/29/21 (c) | 215 | 216,751 | ||||||
| 6.75%, 11/29/21 (c) | 1,840 | 1,854,989 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series A (RB) | ||||||||
| 4.50%, 11/29/21 (c) | 100 | 99,029 | ||||||
| 5.00%, 11/29/21 (c) | 4,365 | 4,375,238 | ||||||
| 5.00%, 11/29/21 (c) | 1,125 | 1,127,639 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB) | ||||||||
| 5.00%, 11/29/21 (c) | 1,120 | 1,122,627 | ||||||
| 5.25%, 11/29/21 (c) | 3,180 | 3,132,933 | ||||||
|
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series A (RB) 5.00%, 11/29/21 (c) |
3,740 | 3,748,772 | ||||||
See Notes to Financial Statements
| 47 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Virgin Islands (continued) | ||||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series B (RB) | ||||||||
| 5.00%, 11/29/21 (c) | $ | 465 | $ | 458,768 | ||||
| 5.00%, 11/29/21 (c) | 635 | 636,489 | ||||||
|
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series C (RB) 5.00%, 11/29/21 (c) |
85 | 84,801 | ||||||
| Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
| 5.00%, 11/29/21 (c) | 330 | 329,093 | ||||||
| 5.00%, 11/29/21 (c) | 65 | 64,692 | ||||||
| 5.00%, 11/29/21 (c) | 1,170 | 1,161,817 | ||||||
| 5.00%, 11/29/21 (c) | 170 | 168,093 | ||||||
| Virgin Islands Water and Power Authority, Series B (RB) | ||||||||
| 5.00%, 11/29/21 (c) | 5,560 | 5,463,555 | ||||||
| 5.00%, 11/29/21 (c) | 1,070 | 1,059,854 | ||||||
| 32,337,094 | ||||||||
| Virginia: 1.4% | ||||||||
| Albemarle County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 4.62%, 01/01/23 (c) | 640 | 656,006 | ||||||
| 5.00%, 01/01/23 (c) | 1,000 | 1,026,607 | ||||||
|
Ballston Quarter Community Development Authority, Series A (TA) 5.50%, 03/01/27 (c) |
500 | 425,242 | ||||||
|
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) |
250 | 173,823 | ||||||
| Cherry Hill Community Development Authority, Potomac Shores Project (SA) | ||||||||
| 5.15%, 03/01/25 (c) | 200 | 210,215 | ||||||
| 5.40%, 03/01/25 (c) | 495 | 520,164 | ||||||
| Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
| 5.00%, 11/01/23 | 1,000 | 1,090,266 | ||||||
| 5.00%, 07/01/26 (c) | 1,000 | 1,171,653 | ||||||
| 5.00%, 07/01/26 (c) | 1,025 | 1,199,013 | ||||||
|
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 07/15/22 (c) |
380 | 391,793 | ||||||
|
City of Hopewell, Sewer System, Series A (RB) 5.00%, 11/29/21 (c) |
240 | 240,687 | ||||||
|
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/31 (c) |
5,400 | 5,763,597 | ||||||
| Farms New Kent Community Development Authority, Series B (SA) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
| 0.00%, 03/01/36 ^ | $ | 9,500 | $ | 5,034,770 | ||||
| Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,765,373 | ||||||
| 5.00%, 07/01/30 (c) | 2,800 | 3,273,226 | ||||||
| Hanover County, Economic Development Authority (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 500 | 540,064 | ||||||
| 5.00%, 07/01/24 (c) | 500 | 540,470 | ||||||
| Hanover County, Economic Development Authority, Series A (RB) | ||||||||
| 5.00%, 07/01/22 (c) | 1,500 | 1,527,686 | ||||||
| 5.00%, 07/01/22 (c) | 1,500 | 1,526,385 | ||||||
|
Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community, Series A (RB) 5.25%, 01/01/24 (c) |
2,400 | 2,602,230 | ||||||
| Peninsula Town Center Community Development Authority (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 500 | 541,994 | ||||||
| 5.00%, 09/01/27 (c) | 3,850 | 4,162,480 | ||||||
|
Riverside County Transportation Commission, Series A (RB) 5.38%, 09/01/26 (c) |
3,500 | 3,282,482 | ||||||
|
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (p) |
1,145 | 1,100,420 | ||||||
|
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c) |
500 | 465,325 | ||||||
|
Virginia College Building Authority, Marymount University Project, Series A (RB) 5.00%, 07/01/25 (c) |
1,000 | 1,062,078 | ||||||
|
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) |
2,300 | 2,481,514 | ||||||
| Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | ||||||||
| 5.50%, 07/01/22 (c) | 760 | 783,595 | ||||||
| 6.00%, 07/01/22 (c) | 1,550 | 1,604,829 | ||||||
See Notes to Financial Statements
| 48 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
| Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | ||||||||
| 5.00%, 01/01/22 (c) | $ | 1,070 | $ | 1,077,542 | ||||
| 5.00%, 01/01/22 (c) | 300 | 302,171 | ||||||
|
Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/38 (c) (p) |
2,000 | 2,091,947 | ||||||
|
Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) |
1,000 | 1,002,009 | ||||||
| 49,637,656 | ||||||||
| Washington: 1.5% | ||||||||
| Kalispel Tribe Indians Priority, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 250 | 294,815 | ||||||
| 5.25%, 01/01/28 (c) | 250 | 295,247 | ||||||
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) | ||||||||
| 5.75%, 12/01/25 (c) | 500 | 547,749 | ||||||
| 6.00%, 12/01/25 (c) | 500 | 551,056 | ||||||
| 6.25%, 12/01/25 (c) | 250 | 276,158 | ||||||
|
Klickitat County Public Hospital District No. 2 (RB) 5.00%, 12/01/27 (c) |
1,230 | 1,264,079 | ||||||
|
Washington Economic Development Finance Authority (RB) 5.62%, 12/01/30 (c) |
1,500 | 1,771,676 | ||||||
|
Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) |
100 | 111,902 | ||||||
|
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) |
205 | 239,115 | ||||||
| Washington State Convention Center Public Facilities District (RB) | ||||||||
| 3.00%, 07/01/31 (c) | 2,250 | 2,257,941 | ||||||
| 3.00%, 07/01/31 (c) | 1,000 | 969,224 | ||||||
| 3.00%, 07/01/31 (c) | 4,400 | 4,264,584 | ||||||
| 4.00%, 07/01/31 | 5,200 | 5,936,162 | ||||||
| 4.00%, 07/01/31 (c) | 5,945 | 6,602,716 | ||||||
| 4.00%, 07/01/31 (c) | 3,745 | 4,187,857 | ||||||
| Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 150 | 156,317 | ||||||
| 5.00%, 07/01/24 (c) | 2,000 | 2,055,926 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
|
Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25 |
$ | 170 | $ | 186,757 | ||||
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 3.75%, 07/01/26 | 150 | 155,859 | ||||||
| 5.00%, 01/01/25 (c) | 1,500 | 1,621,426 | ||||||
| 5.00%, 01/01/25 (c) | 2,495 | 2,693,019 | ||||||
| 5.00%, 01/01/25 (c) | 825 | 900,736 | ||||||
| Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 2,000 | 2,114,469 | ||||||
| 5.00%, 01/01/26 (c) | 1,000 | 1,054,056 | ||||||
| Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 7,000 | 7,768,051 | ||||||
| 5.00%, 07/01/26 (c) | 1,395 | 1,560,431 | ||||||
|
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) (AGM) 5.00%, 07/01/26 (c) |
1,250 | 1,394,140 | ||||||
| Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 500 | 535,326 | ||||||
| 5.00%, 07/01/26 (c) | 1,250 | 1,335,531 | ||||||
| 53,102,325 | ||||||||
| West Virginia: 0.6% | ||||||||
| County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) | ||||||||
| 3.00%, 06/01/22 (c) | 210 | 211,046 | ||||||
| 4.00%, 06/01/22 (c) | 760 | 764,871 | ||||||
|
Glenville State College Board of Governors Improvement (RB) 5.25%, 06/01/27 (c) |
2,550 | 2,653,951 | ||||||
| Harrison County Building Commission, General Services Administration Building Project (RB) | ||||||||
| 3.12%, 10/01/27 (c) | 700 | 701,303 | ||||||
| 3.25%, 10/01/27 (c) | 820 | 817,694 | ||||||
| 3.50%, 10/01/27 (c) | 1,000 | 1,056,447 | ||||||
|
Harrison County, West Virginia Special District, Series A (RB) 5.75%, 06/01/29 (c) |
2,250 | 2,526,475 | ||||||
See Notes to Financial Statements
| 49 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| West Virginia (continued) | ||||||||
|
Monongalia County Commission Excise Tax District, Series A (RB) 4.12%, 06/01/31 (c) |
$ | 2,500 | $ | 2,754,502 | ||||
|
Ohio County Development Authority, Sports Complex Project (RB) 4.60%, 09/01/28 (c) |
2,130 | 2,144,777 | ||||||
|
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p) |
5,000 | 5,411,122 | ||||||
|
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p) |
1,500 | 1,578,811 | ||||||
|
West Virginia Hospital finance Authority, Cabell Huntington Hospital, Series A (RB) 5.00%, 01/01/29 (c) |
1,000 | 1,199,054 | ||||||
| 21,820,053 | ||||||||
| Wisconsin: 2.9% | ||||||||
|
Public Finance Authority (RB) 4.00%, 07/01/31 (c) |
2,000 | 2,056,424 | ||||||
|
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c) |
500 | 556,112 | ||||||
|
Public Finance Authority Hospital, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c) |
1,000 | 1,130,834 | ||||||
| Public Finance Authority, American Dream at Meadowlands Project (RB) | ||||||||
| 6.75%, 12/01/27 (c) | 500 | 545,093 | ||||||
| 7.00%, 12/01/27 (c) | 9,000 | 9,878,961 | ||||||
|
Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31 |
7,825 | 8,329,678 | ||||||
|
Public Finance Authority, American Preparatory Academy, Series A (RB) 5.38%, 07/15/27 (c) |
1,000 | 1,118,033 | ||||||
|
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c) |
250 | 272,908 | ||||||
| Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | ||||||||
| 5.00%, 02/01/26 (c) | 495 | 529,285 | ||||||
| 5.12%, 02/01/26 (c) | 500 | 530,362 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Public Finance Authority, Corvian Community School Project, Series A (RB) | ||||||||
| 4.25%, 06/15/24 (c) | $ | 500 | $ | 516,128 | ||||
| 5.00%, 06/15/26 (c) | 500 | 527,348 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 533,254 | ||||||
| 5.12%, 06/15/24 (c) | 1,000 | 1,035,729 | ||||||
| Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 500 | 557,583 | ||||||
| 5.00%, 12/01/27 (c) | 500 | 569,216 | ||||||
|
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c) |
1,000 | 1,046,585 | ||||||
|
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) 5.00%, 09/01/25 |
85 | 90,849 | ||||||
|
Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c) |
2,500 | 2,672,643 | ||||||
|
Public Finance Authority, Irving Convention Center Hotel Project, First-Tier, Series A (RB) 7.00%, 01/01/32 (c) |
5,790 | 5,656,245 | ||||||
| Public Finance Authority, Living Community First Mortgage (RB) | ||||||||
| 4.25%, 05/01/27 (c) | 435 | 426,788 | ||||||
| 5.00%, 03/01/28 (c) | 1,250 | 1,420,119 | ||||||
| 5.50%, 05/01/27 (c) | 2,000 | 2,035,616 | ||||||
|
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) * |
890 | 592,993 | ||||||
| Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) | ||||||||
| 6.25%, 01/01/28 (c) | 500 | 394,668 | ||||||
| 6.38%, 01/01/28 (c) | 2,000 | 1,522,797 | ||||||
|
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c) |
1,000 | 1,088,352 | ||||||
|
Public Finance Authority, McLemore Hotel & Conference Center, Series A (RB) 4.50%, 06/01/28 (c) |
1,000 | 997,902 | ||||||
See Notes to Financial Statements
| 50 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) | ||||||||
| 5.00%, 06/15/26 (c) | $ | 1,250 | $ | 1,282,033 | ||||
| 5.00%, 06/15/26 (c) | 4,000 | 4,156,729 | ||||||
| Public Finance Authority, Penick Village (RB) | ||||||||
| 4.00%, 09/01/26 (c) | 455 | 473,931 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 533,996 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 540,123 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 532,266 | ||||||
|
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.88%, 06/15/24 (c) |
500 | 510,708 | ||||||
|
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c) |
2,920 | 3,149,485 | ||||||
|
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) 4.25%, 07/01/31 (c) |
6,820 | 7,025,969 | ||||||
|
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c) |
300 | 324,675 | ||||||
|
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c) |
4,265 | 4,278,266 | ||||||
| Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) | ||||||||
| 5.00%, 10/01/29 (c) | 1,950 | 2,302,631 | ||||||
| 5.00%, 10/01/29 (c) | 2,000 | 2,388,639 | ||||||
| Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) | ||||||||
| 5.00%, 01/01/31 (c) | 1,555 | 1,708,287 | ||||||
| 5.00%, 07/01/30 (c) | 8,695 | 9,519,146 | ||||||
|
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c) |
750 | 806,026 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/23 (c) |
105 | 104,144 | ||||||
| Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
| 4.25%, 07/01/23 (c) | $ | 1,250 | $ | 1,250,987 | ||||
| 4.38%, 07/01/23 (c) | 850 | 850,133 | ||||||
| 5.00%, 07/01/23 (c) | 725 | 740,054 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.25%, 02/01/23 (c) |
1,150 | 1,185,679 | ||||||
| Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) | ||||||||
| 5.00%, 11/01/26 (c) | 2,925 | 3,223,999 | ||||||
| 5.00%, 11/01/26 (c) | 1,950 | 2,183,065 | ||||||
| 7.50%, 11/19/21 (c) | 3,020 | 3,025,334 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 02/01/23 (c) |
3,950 | 4,066,536 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Wisconsin Illinois Senior Housing, Inc., Series A (RB) 5.25%, 08/01/25 (c) |
2,000 | 2,080,410 | ||||||
| 104,875,756 | ||||||||
|
Total Municipal Bonds: 98.4%
(Cost: $3,444,913,486) |
3,509,170,360 | |||||||
| Other assets less liabilities: 1.6% | 55,797,893 | |||||||
| NET ASSETS: 100.0% | $ | 3,564,968,253 | ||||||
See Notes to Financial Statements
| 51 |
|
|
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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 |
| ST | Special Tax |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |
| (d) | Security in default |
| * | Non-income producing |
| Summary of Investments by Sector |
% of
Investments |
Value | ||||||
| Education | 9.8 | % | $ | 342,264,553 | ||||
| Health Care | 18.9 | 662,612,792 | ||||||
| Housing | 5.1 | 178,726,350 | ||||||
| Industrial Revenue | 15.9 | 558,780,900 | ||||||
| Leasing | 8.8 | 308,005,667 | ||||||
| Local | 7.8 | 274,327,336 | ||||||
| Power | 0.5 | 16,851,545 | ||||||
| Solid Waste/Resource Recovery | 0.0 | 1,840,195 | ||||||
| Special Tax | 11.5 | 403,166,145 | ||||||
| State | 3.2 | 110,759,003 | ||||||
| Tobacco | 9.1 | 319,681,283 | ||||||
| Transportation | 7.6 | 267,298,657 | ||||||
| Water & Sewer | 1.8 | 64,855,934 | ||||||
| 100.0 | % | $ | 3,509,170,360 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 3,509,170,360 | $ | — | $ | 3,509,170,360 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 52 |
|
|
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 97.6% | ||||||||
| Arizona: 3.5% | ||||||||
|
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c) |
$ | 400 | $ | 436,224 | ||||
| California: 29.9% | ||||||||
|
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c) |
275 | 288,213 | ||||||
|
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31 |
475 | 587,377 | ||||||
|
Orange County Local Transportation Authority, Measure M2 Sales Tax (RB) 5.00%, 02/15/23 |
250 | 265,429 | ||||||
|
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29 |
370 | 458,160 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 5.00%, 02/01/22 (c) | 265 | 268,143 | ||||||
| 5.00%, 02/01/25 (c) | 410 | 470,338 | ||||||
|
University of California, Series BB (RB) 5.00%, 05/15/29 (c) |
250 | 310,909 | ||||||
|
University of California, Series BH (RB) 4.00%, 05/15/31 (c) |
280 | 329,626 | ||||||
|
Val Verde Unified School District, Series A (GB) 2.75%, 08/01/28 |
720 | 727,494 | ||||||
| 3,705,689 | ||||||||
| Connecticut: 2.3% | ||||||||
|
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c) |
250 | 289,400 | ||||||
| Massachusetts: 2.2% | ||||||||
|
Massachusetts Development Finance Agency, Mass General Brigham Issue, Series A-2 (RB) (SAW) 5.00%, 07/01/23 |
255 | 275,009 | ||||||
| Minnesota: 2.1% | ||||||||
|
State of Minnesota, State Trunk Highway, Series B (GO) 5.00%, 08/01/22 |
250 | 259,106 | ||||||
| Nevada: 2.2% | ||||||||
|
Truckee Meadows Water Authority (RB) 5.00%, 07/01/23 |
250 | 269,616 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York: 27.3% | ||||||||
|
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c) |
$ | 250 | $ | 302,330 | ||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 4.25%, 11/15/22 (c) | 350 | 362,134 | ||||||
| 4.25%, 11/15/22 (c) | 330 | 340,919 | ||||||
|
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24 |
250 | 285,018 | ||||||
|
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c) |
300 | 334,546 | ||||||
|
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c) |
250 | 283,233 | ||||||
|
New York City Water & Sewer System, Series BB (RB) 5.00%, 12/15/22 (c) |
255 | 268,500 | ||||||
|
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c) |
250 | 299,460 | ||||||
|
New York State Dormitory Authority, State University Educational Facilities Issue, Series A (RB) 4.00%, 05/15/22 |
270 | 275,565 | ||||||
|
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c) |
275 | 318,650 | ||||||
|
New York State Urban Development Corp., Personal Income, Series A (RB) 5.00%, 09/15/30 (c) |
250 | 313,530 | ||||||
| 3,383,885 | ||||||||
| North Carolina: 3.1% | ||||||||
|
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 |
265 | 386,811 | ||||||
| Oregon: 2.3% | ||||||||
|
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c) |
250 | 286,766 | ||||||
| Pennsylvania: 11.8% | ||||||||
|
Commonwealth of Pennsylvania (GO) 5.00%, 03/15/23 |
250 | 266,407 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) (AGC) 3.70%, 04/01/27 (c) |
720 | 777,083 | ||||||
See Notes to Financial Statements
| 53 |
|
|
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 06/01/31 (c) |
$ | 330 | $ | 412,594 | ||||
| 1,456,084 | ||||||||
| Washington: 8.8% | ||||||||
|
County of King, Washington Unlimited Tax (GO) 5.00%, 12/01/22 |
250 | 263,009 | ||||||
|
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 5.00%, 07/01/22 |
285 | 294,113 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
|
Port of Seattle, Series B (RB) 5.00%, 08/01/22 |
$ | 250 | $ | 258,837 | ||||
|
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c) |
250 | 276,184 | ||||||
| 1,092,143 | ||||||||
| Wisconsin: 2.1% | ||||||||
|
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/23 (c) |
250 | 263,291 | ||||||
|
Total Municipal Bonds: 97.6%
(Cost: $12,222,112) |
12,104,024 | |||||||
| Other assets less liabilities: 2.4% | 302,029 | |||||||
| NET ASSETS: 100.0% | $ | 12,406,053 | ||||||
Definitions:
| AGC | Assured Guaranty Corp. |
| GO | General Obligation |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| Summary of Investments by Sector |
% of
Investments |
Value | ||||||
| Education | 17.4 | % | $ | 2,103,713 | ||||
| Health Care | 10.0 | 1,213,324 | ||||||
| Housing | 6.4 | 777,083 | ||||||
| Leasing | 4.9 | 594,214 | ||||||
| Local | 4.7 | 565,339 | ||||||
| Power | 2.4 | 294,113 | ||||||
| Special Tax | 14.6 | 1,768,521 | ||||||
| State | 15.1 | 1,829,579 | ||||||
| Transportation | 20.0 | 2,420,021 | ||||||
| Water & Sewer | 4.5 | 538,117 | ||||||
| 100.0 | % | $ | 12,104,024 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 12,104,024 | $ | — | $ | 12,104,024 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 54 |
|
|
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 98.7% | ||||||||
| Alabama: 1.5% | ||||||||
| Alabama Federal Aid Highway Finance Authority, Series A (RB) | ||||||||
| 5.00%, 09/01/26 (c) | $ | 340 | $ | 410,680 | ||||
| 5.00%, 09/01/26 (c) | 10 | 12,079 | ||||||
| 5.00%, 09/01/26 (c) | 340 | 410,680 | ||||||
| 5.00%, 09/01/27 (c) | 460 | 570,437 | ||||||
| 5.00%, 09/01/27 | 150 | 186,012 | ||||||
| 5.00%, 09/01/27 (c) | 250 | 310,020 | ||||||
| 5.00%, 09/01/27 (c) | 935 | 1,159,475 | ||||||
| Alabama Public School and College Authority, Series A (RB) | ||||||||
| 4.00%, 11/01/30 (c) | 2,000 | 2,387,049 | ||||||
| 5.00%, 11/01/30 (c) | 525 | 688,343 | ||||||
| 5.00%, 11/01/30 (c) | 1,750 | 2,283,719 | ||||||
| 5.00%, 11/01/30 (c) | 2,015 | 2,621,725 | ||||||
| 5.00%, 11/01/30 (c) | 1,500 | 1,961,367 | ||||||
| Auburn University, Series A (RB) | ||||||||
| 5.00%, 06/01/26 (c) | 10 | 11,845 | ||||||
| 5.00%, 06/01/26 (c) | 25 | 29,660 | ||||||
|
Black Belt Energy Gas District, Series A (RB) 4.00%, 12/01/31 (c) (p) |
4,000 | 4,867,081 | ||||||
|
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c) |
860 | 922,790 | ||||||
| County of Jefferson (RB) | ||||||||
| 4.00%, 03/15/27 (c) | 1,750 | 1,993,873 | ||||||
| 5.00%, 03/15/27 (c) | 525 | 634,635 | ||||||
| 5.00%, 03/15/27 (c) | 100 | 119,944 | ||||||
| 5.00%, 03/15/27 (c) | 250 | 303,221 | ||||||
| 5.00%, 03/15/27 (c) | 800 | 966,120 | ||||||
|
Southeast Energy Authority A Cooperative District (RB) 4.00%, 10/01/28 (c) (p) |
1,000 | 1,167,754 | ||||||
|
State of Alabama, Series A (GO) 5.00%, 11/01/28 (c) |
675 | 847,846 | ||||||
| UAB Medicine Finance Authority, Series B (RB) | ||||||||
| 5.00%, 09/01/26 (c) | 150 | 178,372 | ||||||
| 5.00%, 09/01/26 (c) | 225 | 268,133 | ||||||
|
UAB Medicine Finance Authority, Series B-1 (RB) 5.00%, 03/01/27 (c) |
280 | 337,155 | ||||||
| University of Alabama, Board of Trustee, Series A (RB) | ||||||||
| 3.00%, 07/01/29 (c) | 415 | 448,516 | ||||||
| 4.00%, 07/01/29 (c) | 820 | 961,090 | ||||||
| Water Works Board of the City of Birmingham, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 595 | 725,426 | ||||||
| 5.00%, 01/01/27 (c) | 775 | 934,078 | ||||||
| 5.00%, 01/01/27 (c) | 250 | 304,801 | ||||||
| 29,023,926 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Alaska: 0.2% | ||||||||
| Alaska Housing Finance Corp., Series A (RB) | ||||||||
| 4.00%, 06/01/27 (c) | $ | 125 | $ | 143,371 | ||||
| 4.00%, 06/01/27 (c) | 900 | 1,028,872 | ||||||
| 5.00%, 06/01/27 (c) | 590 | 713,074 | ||||||
|
State of Alaska, International Airports System, Series A (RB) 5.00%, 10/01/25 (c) |
305 | 355,041 | ||||||
|
State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c) |
635 | 736,516 | ||||||
| State of Alaska, Series B (GO) | ||||||||
| 5.00%, 08/01/25 (c) | 205 | 237,114 | ||||||
| 5.00%, 08/01/25 (c) | 250 | 289,767 | ||||||
| 5.00%, 08/01/25 (c) | 525 | 608,298 | ||||||
| 4,112,053 | ||||||||
| Arizona: 0.9% | ||||||||
| Arizona Transportation Board, Highway Revenue (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 1,050 | 1,246,072 | ||||||
| 5.00%, 07/01/26 (c) | 835 | 992,608 | ||||||
|
City of Mesa, Utility System Revenue (RB) 5.00%, 07/01/26 (c) |
270 | 321,236 | ||||||
| City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 120 | 142,590 | ||||||
| 5.00%, 07/01/26 (c) | 620 | 738,906 | ||||||
| 5.00%, 07/01/26 (c) | 150 | 177,859 | ||||||
| 5.00%, 07/01/26 (c) | 860 | 1,024,934 | ||||||
| City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) | ||||||||
| 5.00%, 07/01/29 (c) | 1,275 | 1,572,023 | ||||||
| 5.00%, 07/01/29 (c) | 1,000 | 1,238,193 | ||||||
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 250 | 304,685 | ||||||
| 5.00%, 07/01/27 (c) | 100 | 121,326 | ||||||
| 5.00%, 07/01/27 (c) | 250 | 303,550 | ||||||
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 120 | 145,694 | ||||||
| 5.00%, 07/01/27 (c) | 550 | 666,303 | ||||||
|
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/31 (c) |
800 | 1,062,032 | ||||||
|
Maricopa County High School District No. 210 (GO) 5.00%, 07/01/27 (c) |
250 | 303,630 | ||||||
See Notes to Financial Statements
| 55 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Arizona (continued) | ||||||||
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
| 3.12%, 01/01/27 (c) | $ | 20 | $ | 21,330 | ||||
| 5.00%, 01/01/27 (c) | 605 | 721,811 | ||||||
| 5.00%, 01/01/28 | 215 | 266,933 | ||||||
| 5.00%, 01/01/29 | 710 | 900,775 | ||||||
| Maricopa County Special Health Care District, Series C (GO) | ||||||||
| 5.00%, 07/01/25 | 190 | 220,710 | ||||||
| 5.00%, 07/01/26 | 240 | 287,368 | ||||||
| 5.00%, 07/01/27 | 295 | 361,762 | ||||||
| Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 1,150 | 1,392,859 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 307,950 | ||||||
| 5.00%, 01/01/28 (c) | 2,000 | 2,472,056 | ||||||
| 17,315,195 | ||||||||
| Arkansas: 0.1% | ||||||||
|
City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c) |
305 | 312,484 | ||||||
|
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c) |
280 | 346,419 | ||||||
|
City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c) |
1,000 | 1,196,072 | ||||||
| 1,854,975 | ||||||||
| California: 15.5% | ||||||||
|
Alameda County Joint Powers Authority (RB) 5.00%, 12/01/26 (c) |
815 | 978,600 | ||||||
|
Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c) |
270 | 286,811 | ||||||
|
Bay Area Toll Authority, Series S-7 (RB) 4.00%, 04/01/27 (c) |
1,085 | 1,253,148 | ||||||
| California Health Facilities Financing Authority (RB) | ||||||||
| 4.00%, 04/01/30 (c) | 500 | 585,563 | ||||||
| 4.00%, 04/01/30 (c) | 450 | 530,276 | ||||||
|
California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c) |
90 | 101,438 | ||||||
|
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c) |
310 | 371,520 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c) |
$ | 400 | $ | 428,667 | ||||
|
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) 4.00%, 04/01/30 (c) |
1,060 | 1,245,838 | ||||||
|
California Health Facilities Financing Authority, El Camino Hospital (RB) 3.75%, 02/01/27 (c) |
175 | 192,287 | ||||||
|
California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27 |
475 | 591,713 | ||||||
|
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 5.00%, 10/01/26 (c) |
880 | 1,052,312 | ||||||
|
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c) |
750 | 926,167 | ||||||
| California Health Facilities Financing Authority, Sutter Health, Series A (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 150 | 184,531 | ||||||
| 5.00%, 11/15/27 (c) | 450 | 554,645 | ||||||
| 5.00%, 11/15/27 (c) | 1,075 | 1,321,146 | ||||||
| California Infrastructure and Economic Development Bank, Clean Water State (RB) | ||||||||
| 5.00%, 10/01/25 | 100 | 117,636 | ||||||
| 5.00%, 10/01/25 | 100 | 117,636 | ||||||
| 5.00%, 10/01/26 | 150 | 182,027 | ||||||
| 5.00%, 04/01/26 (c) | 550 | 655,031 | ||||||
| 5.00%, 04/01/26 (c) | 55 | 65,212 | ||||||
| 5.00%, 04/01/27 (c) | 170 | 205,937 | ||||||
| 5.00%, 08/01/29 (c) | 775 | 982,546 | ||||||
|
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c) |
840 | 1,009,166 | ||||||
|
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.00%, 07/01/27 (c) |
925 | 1,110,399 | ||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
| 3.00%, 09/01/27 (c) | 360 | 391,696 | ||||||
| 3.00%, 09/01/27 (c) | 500 | 545,158 | ||||||
| 5.00%, 09/01/24 (c) | 270 | 304,478 | ||||||
See Notes to Financial Statements
| 56 |
|
|
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series E (RB) | ||||||||
| 2.50%, 10/01/26 (c) | $ | 655 | $ | 696,760 | ||||
| 4.00%, 10/01/26 (c) | 500 | 574,599 | ||||||
|
California State Public Works Board, Department of General Services, Series F (RB) 5.00%, 05/01/25 (c) |
330 | 379,289 | ||||||
| California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 340 | 420,078 | ||||||
| 5.00%, 10/01/27 (c) | 120 | 148,195 | ||||||
| 5.00%, 10/01/27 (c) | 445 | 550,402 | ||||||
| California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
| 3.38%, 03/01/27 (c) | 100 | 109,701 | ||||||
| 4.00%, 11/01/26 (c) | 425 | 488,410 | ||||||
| 5.00%, 11/01/26 (c) | 30 | 36,214 | ||||||
| 5.00%, 11/01/26 (c) | 30 | 36,247 | ||||||
| 5.00%, 11/01/26 (c) | 45 | 54,346 | ||||||
|
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c) |
400 | 483,032 | ||||||
|
California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c) |
950 | 1,198,292 | ||||||
| California State University, Series A (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 35 | 41,069 | ||||||
| 5.00%, 05/01/26 (c) | 10 | 11,886 | ||||||
| 5.00%, 05/01/26 (c) | 160 | 191,351 | ||||||
| 5.00%, 05/01/27 (c) | 225 | 274,333 | ||||||
| 5.00%, 05/01/27 (c) | 510 | 622,305 | ||||||
| California Statewide Communities Development Authority (RB) | ||||||||
| 4.00%, 04/01/31 (c) | 1,400 | 1,626,242 | ||||||
| 5.00%, 11/01/29 (p) | 1,675 | 2,164,705 | ||||||
|
California Statewide Communities Development Authority (RB) (BAM) 4.00%, 05/15/31 (c) |
1,000 | 1,194,880 | ||||||
|
California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p) |
1,500 | 1,938,542 | ||||||
|
California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) 5.00%, 01/01/28 (c) |
760 | 914,481 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 01/01/28 (c) | $ | 315 | $ | 379,735 | ||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,199,069 | ||||||
|
Campbell Union High School District, Series B (GO) 5.00%, 08/01/26 (c) |
300 | 362,261 | ||||||
|
Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c) |
140 | 159,659 | ||||||
|
City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c) |
255 | 273,814 | ||||||
|
City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/25 (c) |
15 | 17,469 | ||||||
|
City of Concord (CP) 2.00%, 04/01/31 (c) |
1,400 | 1,324,557 | ||||||
| City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) | ||||||||
| 4.00%, 05/15/30 (c) | 1,000 | 1,193,940 | ||||||
| 5.00%, 05/15/31 (c) | 1,400 | 1,813,700 | ||||||
| 5.00%, 05/15/31 (c) | 500 | 653,271 | ||||||
|
City of Los Angeles, Solid Waste Resources, Series A (RB) 4.00%, 02/01/28 (c) |
405 | 471,725 | ||||||
|
City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c) |
565 | 691,184 | ||||||
|
City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c) |
200 | 254,609 | ||||||
|
Contra Costa Transportation Authority (RB) 5.00%, 03/01/25 (c) |
20 | 22,937 | ||||||
|
Corona-Norco Unified School District, Series A (GO) 4.00%, 08/01/26 (c) |
250 | 283,359 | ||||||
| County of Sacramento, Airport System, Series E (RB) | ||||||||
| 5.00%, 07/01/27 | 275 | 337,919 | ||||||
| 5.00%, 07/01/28 (c) | 150 | 184,407 | ||||||
| County of Santa Clara, Series C (GO) | ||||||||
| 3.00%, 08/01/27 (c) | 245 | 263,423 | ||||||
| 5.00%, 08/01/27 (c) | 125 | 154,106 | ||||||
| 5.00%, 08/01/27 (c) | 525 | 641,779 | ||||||
|
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program (RB) 3.25%, 06/01/26 (c) |
2,000 | 2,145,722 | ||||||
|
Desert Community College District (GO) 5.00%, 08/01/27 (c) |
145 | 176,891 | ||||||
| East Bay Municipal Utility District, Water System, Series A (RB) | ||||||||
See Notes to Financial Statements
| 57 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 06/01/27 (c) | $ | 460 | $ | 563,483 | ||||
| East Bay Municipal Utility District, Water System, Series B (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 145 | 178,951 | ||||||
| 5.00%, 06/01/27 (c) | 220 | 269,671 | ||||||
|
East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c) |
2,590 | 2,781,474 | ||||||
|
Eastern Municipal Water District Financing Authority, Water and Wastewater, Series A (RB) 5.00%, 07/01/30 (c) |
1,070 | 1,389,322 | ||||||
| Eastern Municipal Water District, Financing Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 145 | 172,296 | ||||||
| 5.00%, 07/01/26 (c) | 560 | 664,854 | ||||||
| Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 25 | 30,036 | ||||||
| 5.00%, 07/01/26 (c) | 100 | 120,042 | ||||||
|
El Camino Healthcare District (GO) 4.00%, 02/01/27 (c) |
250 | 286,086 | ||||||
|
El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c) |
250 | 298,047 | ||||||
| Fontana Redevelopment Agency Successor Agency (TA) | ||||||||
| 5.00%, 10/01/26 | 205 | 247,553 | ||||||
| 5.00%, 10/01/27 (c) | 760 | 923,714 | ||||||
|
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c) |
1,500 | 1,661,786 | ||||||
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c) |
220 | 255,982 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 1,420 | 1,695,266 | ||||||
| 5.00%, 06/01/28 (c) | 1,000 | 1,219,447 | ||||||
| 5.00%, 06/01/28 (c) | 2,380 | 2,879,913 | ||||||
|
Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c) |
3,000 | 3,058,600 | ||||||
|
Kern High School District, Series C (GO) (AGM) 2.00%, 08/01/30 (c) |
1,600 | 1,649,682 | ||||||
|
Long Beach Unified School District (GO) 5.00%, 08/01/26 (c) |
105 | 126,463 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| Los Angeles Community College District, Series A (GO) | ||||||||
| 5.00%, 08/01/24 (c) | $ | 265 | $ | 298,610 | ||||
| 5.00%, 08/01/24 (c) | 175 | 197,196 | ||||||
| 5.00%, 08/01/24 (c) | 330 | 371,855 | ||||||
|
Los Angeles Community College District, Series G (GO) 5.00%, 08/01/24 (c) |
170 | 191,562 | ||||||
| Los Angeles Community College District, Series I (GO) | ||||||||
| 4.00%, 08/01/26 | 25 | 28,994 | ||||||
| 4.00%, 08/01/26 (c) | 170 | 195,093 | ||||||
| 4.00%, 08/01/26 (c) | 135 | 156,267 | ||||||
| Los Angeles Community College District, Series J (GO) | ||||||||
| 4.00%, 08/01/27 (c) | 400 | 466,661 | ||||||
| 4.00%, 08/01/27 (c) | 750 | 875,051 | ||||||
| 5.00%, 08/01/27 (c) | 100 | 123,534 | ||||||
| Los Angeles County Metropolitan Transportation Authority (RB) | ||||||||
| 4.00%, 06/01/30 (c) | 1,000 | 1,199,686 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,303,895 | ||||||
| 5.00%, 07/01/31 (c) | 2,000 | 2,650,953 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 50 | 56,877 | ||||||
| 5.00%, 06/01/26 (c) | 115 | 137,823 | ||||||
| 5.00%, 06/01/26 (c) | 375 | 448,483 | ||||||
| 5.00%, 06/01/26 (c) | 165 | 197,168 | ||||||
| 5.00%, 07/01/25 (c) | 820 | 956,771 | ||||||
| 5.00%, 07/01/27 (c) | 795 | 976,889 | ||||||
| 5.00%, 07/01/27 (c) | 285 | 352,002 | ||||||
| 5.00%, 07/01/31 (c) | 705 | 936,646 | ||||||
| 5.00%, 07/01/31 (c) | 900 | 1,199,164 | ||||||
|
Los Angeles County Public Works Financing Authority, Series B (RB) 5.00%, 12/01/25 (c) |
435 | 511,965 | ||||||
|
Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c) |
450 | 574,780 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 155 | 183,320 | ||||||
| 5.00%, 01/01/27 (c) | 1,010 | 1,222,736 | ||||||
| 5.00%, 01/01/28 (c) | 500 | 616,754 | ||||||
| 5.00%, 01/01/28 (c) | 500 | 617,745 | ||||||
| 5.00%, 01/01/28 (c) | 115 | 143,582 | ||||||
| 5.00%, 07/01/29 | 1,000 | 1,294,296 | ||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 35 | 41,347 | ||||||
| 5.00%, 01/01/27 (c) | 1,000 | 1,208,378 | ||||||
| 5.00%, 01/01/27 (c) | 275 | 332,158 | ||||||
See Notes to Financial Statements
| 58 |
|
|
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 06/01/25 (c) | $ | 180 | $ | 209,370 | ||||
| 5.00%, 07/01/27 | 110 | 135,922 | ||||||
| 5.00%, 07/01/28 (c) | 110 | 137,933 | ||||||
| Los Angeles Department of Water and Power, Series C (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 250 | 281,092 | ||||||
| 5.00%, 07/01/24 (c) | 100 | 112,323 | ||||||
| 5.00%, 07/01/27 (c) | 500 | 613,740 | ||||||
| 5.00%, 07/01/27 (c) | 200 | 245,307 | ||||||
| 5.00%, 07/01/27 (c) | 1,100 | 1,354,567 | ||||||
| 5.00%, 07/01/29 (c) | 1,420 | 1,814,569 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,951,334 | ||||||
| 5.00%, 07/01/30 (c) | 1,125 | 1,472,562 | ||||||
|
Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/28 (c) |
125 | 155,788 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 4.00%, 07/01/29 (c) | 1,580 | 1,894,737 | ||||||
| 5.00%, 07/01/25 (c) | 135 | 157,249 | ||||||
| 5.00%, 07/01/25 (c) | 695 | 802,674 | ||||||
| 5.00%, 07/01/25 (c) | 25 | 28,903 | ||||||
| 5.00%, 07/01/26 | 120 | 144,173 | ||||||
| 5.00%, 07/01/27 | 820 | 1,012,211 | ||||||
| 5.00%, 07/01/28 | 250 | 315,371 | ||||||
| 5.00%, 07/01/29 (c) | 1,720 | 2,213,772 | ||||||
| 5.00%, 07/01/30 | 500 | 654,657 | ||||||
| Los Angeles Unified School District, Series B (GO) | ||||||||
| 2.00%, 07/01/26 (c) | 270 | 279,257 | ||||||
| 3.00%, 07/01/26 (c) | 780 | 841,893 | ||||||
| 3.00%, 07/01/26 (c) | 1,055 | 1,135,649 | ||||||
| 5.00%, 07/01/26 (c) | 885 | 1,061,472 | ||||||
| 5.00%, 07/01/26 (c) | 915 | 1,091,408 | ||||||
| Los Angeles Unified School District, Series B-1 (GO) | ||||||||
| 5.00%, 01/01/28 (c) | 585 | 719,229 | ||||||
| 5.00%, 01/01/28 (c) | 645 | 797,723 | ||||||
| 5.00%, 01/01/28 (c) | 295 | 361,313 | ||||||
| Los Angeles Unified School District, Series C (GO) | ||||||||
| 3.00%, 07/01/30 (c) | 1,880 | 2,061,027 | ||||||
| 4.00%, 07/01/30 (c) | 360 | 433,677 | ||||||
| 4.00%, 07/01/30 (c) | 2,000 | 2,393,280 | ||||||
|
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c) |
1,000 | 1,189,872 | ||||||
|
Los Angeles Unified School District, Series RYQ (GO) (BAM) 5.00%, 07/01/29 |
3,675 | 4,725,266 | ||||||
|
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c) |
100 | 125,966 | ||||||
| Municipal Improvement Corp. of Los Angeles, Series B (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 11/01/26 (c) | $ | 615 | $ | 740,049 | ||||
| 5.00%, 11/01/26 (c) | 135 | 162,817 | ||||||
| 5.00%, 11/01/26 (c) | 265 | 320,328 | ||||||
|
Norman Y Mineta San Jose International Airport (RB) (BAM) 4.00%, 03/01/31 (c) |
325 | 392,149 | ||||||
| Northern California Transmission Agency Project, Series A (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 45 | 53,405 | ||||||
| 5.00%, 05/01/26 (c) | 40 | 47,342 | ||||||
| Oakland Unified School District (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 385 | 459,116 | ||||||
| 5.00%, 08/01/26 (c) | 625 | 743,071 | ||||||
| 5.00%, 08/01/26 (c) | 175 | 208,599 | ||||||
| 5.00%, 08/01/26 (c) | 975 | 1,164,703 | ||||||
|
Oakland Unified School District, Series C (GO) 5.00%, 08/01/27 (c) |
400 | 485,990 | ||||||
| Palm Springs Unified School District, Series A (GO) (AGM) | ||||||||
| 1.25%, 08/01/29 (c) | 4,000 | 3,907,363 | ||||||
| 1.25%, 08/01/29 (c) | 1,265 | 1,214,307 | ||||||
| 1.50%, 08/01/29 (c) | 3,000 | 2,869,064 | ||||||
| 1.50%, 08/01/29 (c) | 2,500 | 2,384,572 | ||||||
| 1.75%, 08/01/29 (c) | 3,000 | 2,921,592 | ||||||
|
Palm Springs Unified School District, Series D (GO) 3.00%, 08/01/26 (c) |
160 | 172,835 | ||||||
|
Palomar Health, Series B (GO) 5.00%, 08/01/26 (c) |
775 | 898,011 | ||||||
|
Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c) |
260 | 289,864 | ||||||
| Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series A (RB) | ||||||||
| 5.00%, 10/01/25 (c) | 475 | 556,144 | ||||||
| 5.00%, 10/01/25 (c) | 440 | 514,979 | ||||||
| Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) | ||||||||
| 4.00%, 11/01/26 (c) | 100 | 115,021 | ||||||
| 5.00%, 11/01/26 (c) | 170 | 206,051 | ||||||
| 5.00%, 11/01/26 (c) | 25 | 30,138 | ||||||
| 5.00%, 11/01/26 (c) | 1,215 | 1,462,048 | ||||||
| 5.00%, 05/01/25 (c) | 230 | 265,823 | ||||||
| Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 785 | 972,870 | ||||||
| 5.00%, 11/01/27 (c) | 255 | 318,095 | ||||||
See Notes to Financial Statements
| 59 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c) |
$ | 650 | $ | 765,935 | ||||
|
Riverside Community College District (GO) 5.00%, 08/01/25 (c) |
170 | 198,901 | ||||||
|
Riverside County Transportation Commission, Series A (RB) 2.00%, 06/01/24 (c) |
730 | 740,485 | ||||||
|
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c) |
560 | 691,453 | ||||||
|
Riverside Redevelopment Agency Successor Agency, Series A (TA) (AGM) 5.00%, 09/01/26 |
125 | 150,456 | ||||||
| Sacramento City Financing Authority, Master Lease Program Facilities (RB) (BAM) | ||||||||
| 5.00%, 12/01/25 (c) | 110 | 129,316 | ||||||
| 5.00%, 12/01/25 (c) | 210 | 247,528 | ||||||
|
Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 06/01/24 (c) |
170 | 189,960 | ||||||
| San Diego Association of Governments, South Bay Expressway, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 705 | 851,068 | ||||||
| 5.00%, 07/01/27 (c) | 500 | 604,543 | ||||||
| San Diego Community College District (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 855 | 1,027,547 | ||||||
| 5.00%, 08/01/26 (c) | 65 | 78,185 | ||||||
|
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) |
535 | 671,413 | ||||||
| San Diego County Regional Airport Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 1,630 | 2,101,801 | ||||||
| 5.00%, 07/01/30 (c) | 1,295 | 1,645,073 | ||||||
| 5.00%, 07/01/30 (c) | 2,075 | 2,653,317 | ||||||
|
San Diego County Regional Transportation Commission, Series A (RB) 5.00%, 04/01/26 (c) |
105 | 124,296 | ||||||
|
San Diego County Water Authority, Series A (RB) 5.00%, 05/01/25 (c) |
75 | 86,795 | ||||||
|
San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c) |
2,000 | 2,452,600 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
San Diego County, Edgemoor and RCS Refunding, Series A (CP) 5.00%, 10/15/24 (c) |
$ | 150 | $ | 169,447 | ||||
|
San Diego Public Facilities Financing Authority (RB) 5.00%, 10/15/25 (c) |
150 | 174,492 | ||||||
|
San Diego Public Facilities Financing Authority, Series A (RB) 5.00%, 05/15/26 (c) |
135 | 161,441 | ||||||
|
San Diego Regional Building Authority, Series A (RB) 5.00%, 10/15/25 (c) |
555 | 641,636 | ||||||
|
San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c) |
650 | 798,243 | ||||||
|
San Diego Unified School District, Series R-5 (GO) 4.00%, 07/01/26 (c) |
20 | 23,012 | ||||||
| San Francisco Bay Area Rapid Transit District, Series F-1 (GO) | ||||||||
| 5.00%, 08/01/28 | 900 | 1,145,640 | ||||||
| 5.00%, 08/01/29 (c) | 140 | 180,844 | ||||||
| 5.00%, 08/01/29 (c) | 110 | 142,740 | ||||||
|
San Francisco Community College District (GO) 5.00%, 06/15/25 |
140 | 162,230 | ||||||
|
San Francisco County Transportation Authority (RB) 3.00%, 02/01/27 (c) |
135 | 146,166 | ||||||
| 3.00%, 02/01/27 (c) | 500 | 535,007 | ||||||
| 4.00%, 02/01/27 (c) | 325 | 375,067 | ||||||
| 4.00%, 02/01/27 | 105 | 122,957 | ||||||
|
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c) |
2,000 | 2,359,767 | ||||||
|
San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c) |
165 | 198,861 | ||||||
| San Joaquin County, Administration Building Project (CP) (AGM) | ||||||||
| 5.00%, 11/15/27 (c) | 520 | 639,990 | ||||||
| 5.00%, 11/15/27 (c) | 500 | 619,998 | ||||||
|
San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c) |
25 | 29,199 | ||||||
|
San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c) |
230 | 277,075 | ||||||
| San Marcos Unified School District (GO) | ||||||||
| 4.00%, 08/01/27 (c) | 400 | 459,696 | ||||||
| 5.00%, 08/01/27 (c) | 515 | 629,000 | ||||||
| 5.00%, 08/01/27 (c) | 360 | 439,376 | ||||||
| 5.00%, 08/01/27 (c) | 350 | 426,185 | ||||||
See Notes to Financial Statements
| 60 |
|
|
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c) |
$ | 770 | $ | 879,881 | ||||
| Santa Clara County Financing Authority (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 840 | 1,027,400 | ||||||
| 5.00%, 05/01/31 (c) | 3,855 | 5,116,142 | ||||||
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
| 4.00%, 05/15/25 (c) | 760 | 842,645 | ||||||
| 4.00%, 05/15/25 (c) | 400 | 443,045 | ||||||
| Santa Clara Unified School District (GO) | ||||||||
| 3.00%, 07/01/26 (c) | 1,535 | 1,643,713 | ||||||
| 3.00%, 07/01/26 (c) | 100 | 107,388 | ||||||
|
Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c) |
25 | 29,346 | ||||||
|
Sequoia Union High School District (GO) 3.00%, 07/01/26 (c) |
500 | 538,732 | ||||||
|
Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29 |
100 | 129,601 | ||||||
| State of California (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 2,000 | 2,213,458 | ||||||
| 5.00%, 11/01/28 (c) | 2,000 | 2,511,679 | ||||||
| 5.00%, 09/01/29 | 1,000 | 1,291,723 | ||||||
| State of California, Department of Water Resources, Central Valley Project, Series AW (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 275 | 335,762 | ||||||
| 5.00%, 12/01/26 (c) | 50 | 60,406 | ||||||
| State of California, Department of Water Resources, Central Valley Project, Series AX (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 100 | 123,945 | ||||||
| 5.00%, 12/01/27 (c) | 915 | 1,135,025 | ||||||
|
State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c) |
365 | 466,907 | ||||||
|
State of California, Series CL (GO) 3.75%, 12/01/24 (c) |
10 | 10,216 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 2.00%, 09/01/26 (c) | 400 | 420,146 | ||||||
| 3.00%, 10/01/29 (c) | 350 | 380,469 | ||||||
| 3.12%, 04/01/29 (c) | 1,575 | 1,729,519 | ||||||
| 3.50%, 08/01/27 | 605 | 696,330 | ||||||
| 4.00%, 11/01/27 | 600 | 710,426 | ||||||
| 4.00%, 11/01/27 (c) | 100 | 117,287 | ||||||
| 4.00%, 11/01/30 (c) | 3,445 | 4,156,813 | ||||||
| 4.00%, 03/01/29 | 2,000 | 2,416,675 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 4.00%, 03/01/30 (c) | $ | 9,500 | $ | 11,260,016 | ||||
| 4.00%, 03/01/30 (c) | 2,000 | 2,360,985 | ||||||
| 4.00%, 08/01/26 (c) | 130 | 148,341 | ||||||
| 4.00%, 08/01/26 (c) | 700 | 800,033 | ||||||
| 4.00%, 09/01/26 (c) | 2,110 | 2,423,652 | ||||||
| 5.00%, 10/01/27 | 285 | 353,388 | ||||||
| 5.00%, 10/01/28 (c) | 300 | 379,481 | ||||||
| 5.00%, 10/01/29 (c) | 2,340 | 3,017,548 | ||||||
| 5.00%, 10/01/29 (c) | 3,425 | 4,402,787 | ||||||
| 5.00%, 10/01/29 | 1,000 | 1,293,815 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,248,696 | ||||||
| 5.00%, 11/01/27 (c) | 2,645 | 3,283,559 | ||||||
| 5.00%, 11/01/27 (c) | 1,020 | 1,269,837 | ||||||
| 5.00%, 11/01/27 (c) | 2,480 | 3,098,578 | ||||||
| 5.00%, 11/01/27 | 2,000 | 2,484,798 | ||||||
| 5.00%, 11/01/28 | 400 | 509,100 | ||||||
| 5.00%, 11/01/30 (c) | 1,610 | 2,102,691 | ||||||
| 5.00%, 11/01/30 | 1,000 | 1,321,385 | ||||||
| 5.00%, 04/01/24 (c) | 500 | 553,604 | ||||||
| 5.00%, 04/01/26 (c) | 1,075 | 1,280,805 | ||||||
| 5.00%, 04/01/28 | 710 | 891,338 | ||||||
| 5.00%, 04/01/29 (c) | 150 | 190,001 | ||||||
| 5.00%, 04/01/29 (c) | 3,500 | 4,409,527 | ||||||
| 5.00%, 04/01/29 | 1,735 | 2,222,470 | ||||||
| 5.00%, 04/01/30 | 2,590 | 3,384,669 | ||||||
| 5.00%, 04/01/31 | 380 | 504,989 | ||||||
| 5.00%, 04/01/32 | 3,500 | 4,734,751 | ||||||
| 5.00%, 08/01/26 (c) | 115 | 137,905 | ||||||
| 5.00%, 08/01/26 (c) | 915 | 1,099,020 | ||||||
| 5.00%, 08/01/26 (c) | 185 | 222,816 | ||||||
| 5.00%, 08/01/26 (c) | 190 | 227,919 | ||||||
| 5.00%, 08/01/26 (c) | 150 | 180,505 | ||||||
| 5.00%, 08/01/26 (c) | 510 | 613,453 | ||||||
| 5.00%, 08/01/26 (c) | 600 | 721,561 | ||||||
| 5.00%, 08/01/26 (c) | 1,050 | 1,264,629 | ||||||
| 5.00%, 08/01/26 (c) | 1,165 | 1,401,924 | ||||||
| 5.00%, 08/01/26 (c) | 955 | 1,149,217 | ||||||
| 5.00%, 08/01/27 (c) | 2,190 | 2,716,600 | ||||||
| 5.00%, 08/01/27 (c) | 950 | 1,174,645 | ||||||
| 5.00%, 08/01/27 (c) | 3,395 | 4,213,378 | ||||||
| 5.00%, 08/01/28 (c) | 2,445 | 3,051,864 | ||||||
| 5.00%, 08/01/28 (c) | 275 | 345,698 | ||||||
| 5.00%, 08/01/28 | 750 | 949,075 | ||||||
| 5.00%, 09/01/23 (c) | 345 | 374,097 | ||||||
| 5.00%, 09/01/25 (c) | 30 | 35,071 | ||||||
| 5.00%, 09/01/26 (c) | 125 | 150,720 | ||||||
| 5.00%, 09/01/26 (c) | 150 | 180,944 | ||||||
| 5.00%, 09/01/26 (c) | 2,000 | 2,412,584 | ||||||
| 5.00%, 09/01/26 (c) | 1,000 | 1,206,292 | ||||||
| 5.00%, 09/01/26 (c) | 390 | 469,744 | ||||||
| 5.00%, 09/01/26 (c) | 1,615 | 1,947,307 | ||||||
| 5.00%, 09/01/26 (c) | 2,260 | 2,725,435 | ||||||
| State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 2,000 | 2,392,190 | ||||||
| 4.00%, 05/01/31 (c) | 1,170 | 1,391,641 | ||||||
See Notes to Financial Statements
| 61 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| Stockton Unified School District (GO) | ||||||||
| 5.00%, 02/01/26 (c) | $ | 100 | $ | 117,934 | ||||
| 5.00%, 02/01/26 (c) | 100 | 117,659 | ||||||
|
Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA) 5.00%, 09/01/25 (c) |
335 | 389,703 | ||||||
| Trustees of the California State University, Series A (RB) | ||||||||
| 4.00%, 05/01/26 (c) | 250 | 287,937 | ||||||
| 5.00%, 05/01/26 (c) | 410 | 488,525 | ||||||
| Tuolumne Wind Project Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/27 | 125 | 152,685 | ||||||
| 5.00%, 01/01/27 (c) | 405 | 490,529 | ||||||
| Turlock Irrigation District (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 500 | 635,346 | ||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,276,436 | ||||||
|
University of California, Series AO (RB) 5.00%, 05/15/25 (c) |
130 | 150,687 | ||||||
|
University of California, Series AR (RB) 5.00%, 05/15/26 (c) |
10 | 11,931 | ||||||
|
University of California, Series AY (RB) 5.00%, 05/15/27 (c) |
625 | 765,977 | ||||||
| University of California, Series AZ (RB) | ||||||||
| 5.00%, 05/15/28 (c) | 275 | 345,901 | ||||||
| 5.00%, 05/15/28 (c) | 310 | 386,463 | ||||||
|
University of California, Series BE (RB) 5.00%, 05/15/30 (c) |
1,500 | 1,935,264 | ||||||
|
University of California, Series O (RB) 5.00%, 05/15/28 (c) |
1,170 | 1,447,518 | ||||||
| West Basin Municipal Water District, Series A (RB) | ||||||||
| 5.00%, 02/01/26 (c) | 155 | 182,869 | ||||||
| 5.00%, 02/01/26 (c) | 100 | 118,257 | ||||||
|
West Contra Costa Unified School District, Series A (GO) 5.00%, 08/01/25 (c) |
20 | 23,072 | ||||||
| 298,610,211 | ||||||||
| Colorado: 2.7% | ||||||||
|
Adams 12 Five Star Schools, Series B (GO) (ST) 5.00%, 12/15/26 (c) |
250 | 303,591 | ||||||
|
Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c) |
540 | 651,190 | ||||||
|
Board of Governors of Colorado State University System (RB) (ST) 5.00%, 03/01/28 (c) |
510 | 632,688 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
| 5.00%, 03/01/28 (c) | $ | 935 | $ | 1,144,378 | ||||
|
Board of Water Commissioners City & County of Denver/The (RB) 5.00%, 12/15/31 (c) |
1,500 | 2,024,952 | ||||||
|
Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 06/01/27 (c) |
1,050 | 1,226,745 | ||||||
|
Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c) |
1,000 | 1,173,446 | ||||||
|
City and County of Denver, Acting By and Through its Board of Water Commissioners, Series A (RB) 5.00%, 12/15/29 |
5,700 | 7,451,383 | ||||||
| City and County of Denver, Series A (RB) | ||||||||
| 4.00%, 08/01/31 (c) | 1,255 | 1,509,509 | ||||||
| 5.00%, 08/01/26 (c) | 150 | 178,799 | ||||||
|
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^ |
200 | 135,949 | ||||||
|
City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/26 (c) |
500 | 602,465 | ||||||
| City of Colorado Springs, Utilities System, Series A-1 (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 100 | 122,831 | ||||||
| 5.00%, 11/15/27 (c) | 120 | 147,416 | ||||||
| 5.00%, 11/15/27 (c) | 110 | 135,817 | ||||||
|
Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c) |
155 | 191,293 | ||||||
|
Colorado Higher Education, Series A (CP) 5.00%, 11/01/26 |
115 | 138,071 | ||||||
| Denver City & County School District No 1 (GO) (SAW) | ||||||||
| 5.00%, 12/01/30 (c) | 5,025 | 6,523,152 | ||||||
| 5.00%, 12/01/30 (c) | 1,000 | 1,310,512 | ||||||
|
Denver City and County School District No. 1 (GO) (SAW) 4.00%, 12/01/30 (c) |
2,425 | 2,926,440 | ||||||
| Denver Convention Center Hotel Authority (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 250 | 295,255 | ||||||
| 5.00%, 12/01/26 (c) | 570 | 669,358 | ||||||
| 5.00%, 12/01/26 (c) | 680 | 783,251 | ||||||
|
El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c) |
295 | 355,598 | ||||||
|
Jefferson County School District R-1 (GO) (ST) 5.00%, 12/15/28 (c) |
1,110 | 1,407,872 | ||||||
| Mesa County Valley School District No. 51 (GO) (SAW) | ||||||||
See Notes to Financial Statements
| 62 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
| 5.00%, 12/01/27 (c) | $ | 500 | $ | 617,291 | ||||
| 5.00%, 12/01/27 (c) | 500 | 619,720 | ||||||
| 5.25%, 12/01/27 (c) | 200 | 249,399 | ||||||
|
Metro Wastewater Reclamation District (RB) (SAW) 3.00%, 04/01/30 (c) |
2,000 | 2,194,941 | ||||||
|
Pueblo City Schools (GO) (SAW) 3.00%, 12/15/29 (c) |
500 | 551,895 | ||||||
|
Regents of the University of Colorado, Series B-1 (RB) 4.00%, 06/01/26 (c) |
540 | 623,071 | ||||||
| Regional Transportation District, Series B (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 1,995 | 2,434,641 | ||||||
| 5.00%, 11/01/27 (c) | 100 | 122,293 | ||||||
|
Regional Transportation District, Tax-Exempt Sales Tax, Series B (RB) 5.00%, 11/01/28 |
1,000 | 1,267,332 | ||||||
|
State of Colorado (CP) 5.00%, 12/15/31 (c) |
2,000 | 2,658,237 | ||||||
|
State of Colorado, Series A (CP) 4.00%, 12/15/31 (c) |
1,750 | 2,109,357 | ||||||
|
State of Colorado, Series K (CP) 5.00%, 03/15/27 (c) |
410 | 490,831 | ||||||
|
State of Colorado, Series M (CP) 5.00%, 03/15/28 (c) |
190 | 234,571 | ||||||
| University of Colorado, Series A-2 (RB) | ||||||||
| 3.00%, 06/01/24 (c) | 800 | 831,658 | ||||||
| 4.00%, 06/01/28 (c) | 500 | 599,430 | ||||||
| 5.00%, 06/01/27 | 250 | 307,501 | ||||||
| 5.00%, 06/01/28 | 155 | 195,146 | ||||||
|
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c) |
2,165 | 2,761,526 | ||||||
|
Windy Gap Firming Project Water Activity Enterprise (RB) 5.00%, 07/15/31 (c) |
1,000 | 1,315,396 | ||||||
| 52,226,197 | ||||||||
| Connecticut: 2.2% | ||||||||
|
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c) |
1,290 | 1,245,228 | ||||||
|
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series C-1 (RB) 2.05%, 11/15/29 (c) |
260 | 254,221 | ||||||
| Connecticut Housing Finance Authority, Series A-1 (RB) | ||||||||
| 3.65%, 11/15/26 (c) | 140 | 144,249 | ||||||
| 3.88%, 11/15/26 (c) | 35 | 35,347 | ||||||
|
Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c) |
390 | 411,967 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Connecticut (continued) | ||||||||
|
Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c) |
$ | 200 | $ | 207,836 | ||||
|
Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c) |
335 | 422,725 | ||||||
|
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) |
250 | 274,024 | ||||||
| Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) | ||||||||
| 4.00%, 07/01/29 (c) | 525 | 604,294 | ||||||
| 4.00%, 07/01/29 (c) | 625 | 720,609 | ||||||
| 5.00%, 07/01/29 (c) | 2,200 | 2,731,172 | ||||||
|
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29 |
1,000 | 1,291,736 | ||||||
|
Metropolitan District/The (GO) 4.00%, 09/01/31 (c) |
800 | 964,314 | ||||||
|
South Central Connecticut Regional Water Authority, Series B (RB) 5.00%, 08/01/26 (c) |
25 | 29,903 | ||||||
|
State of Connecticut (GO) 3.00%, 01/15/31 (c) |
2,200 | 2,454,893 | ||||||
|
State of Connecticut Special Tax Revenue (RB) 5.00%, 05/01/31 |
1,650 | 2,186,090 | ||||||
| State of Connecticut, Series A (GO) | ||||||||
| 3.00%, 01/15/31 (c) | 1,000 | 1,093,868 | ||||||
| 4.00%, 01/15/31 | 1,655 | 2,028,693 | ||||||
| 5.00%, 04/15/27 (c) | 680 | 825,369 | ||||||
| 5.00%, 04/15/28 (c) | 1,000 | 1,227,607 | ||||||
|
State of Connecticut, Series A (GO) (SBG) 5.00%, 04/15/29 |
1,000 | 1,277,849 | ||||||
|
State of Connecticut, Series A (RB) 5.00%, 05/01/27 (c) |
350 | 422,349 | ||||||
|
State of Connecticut, Series B (GO) 5.00%, 04/15/27 |
135 | 165,354 | ||||||
| State of Connecticut, Series C (GO) | ||||||||
| 4.00%, 06/01/30 (c) | 850 | 1,005,166 | ||||||
| 4.00%, 06/15/28 (c) | 1,205 | 1,399,578 | ||||||
|
State of Connecticut, Series E (GO) 3.00%, 10/15/26 (c) |
395 | 427,791 | ||||||
See Notes to Financial Statements
| 63 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Connecticut (continued) | ||||||||
| 5.00%, 09/15/27 | $ | 400 | $ | 494,933 | ||||
| 5.00%, 09/15/28 (c) | 1,665 | 2,091,474 | ||||||
| State of Connecticut, Special Tax Obligation, Series A (RB) | ||||||||
| 4.00%, 09/01/26 (c) | 785 | 882,822 | ||||||
| 5.00%, 01/01/28 (c) | 190 | 232,628 | ||||||
| 5.00%, 05/01/31 (c) | 1,500 | 1,958,192 | ||||||
| 5.00%, 09/01/26 (c) | 200 | 238,524 | ||||||
| 5.00%, 09/01/26 (c) | 475 | 566,990 | ||||||
|
State of Connecticut, Special Tax Obligation, Series A (ST) 5.00%, 05/01/30 (c) |
2,500 | 3,179,654 | ||||||
| State of Connecticut, Special Tax Obligation, Series B (RB) | ||||||||
| 5.00%, 10/01/28 | 1,505 | 1,904,941 | ||||||
| 5.00%, 09/01/26 (c) | 335 | 401,634 | ||||||
| 5.00%, 09/01/26 (c) | 275 | 329,988 | ||||||
| State of Connecticut, State Revolving Fund, Series A (RB) | ||||||||
| 5.00%, 02/01/29 (c) | 275 | 346,294 | ||||||
| 5.00%, 05/01/27 (c) | 1,000 | 1,208,669 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 335 | 406,370 | ||||||
| 5.00%, 01/15/27 (c) | 745 | 894,390 | ||||||
| 5.00%, 11/01/28 (c) | 500 | 618,419 | ||||||
| 5.00%, 11/01/28 (c) | 730 | 906,055 | ||||||
| 5.00%, 04/15/28 (c) | 1,000 | 1,243,289 | ||||||
| 41,757,498 | ||||||||
| Delaware: 0.5% | ||||||||
|
Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c) |
180 | 193,238 | ||||||
| State of Delaware (GO) | ||||||||
| 2.00%, 02/01/31 (c) | 1,000 | 1,013,771 | ||||||
| 2.00%, 02/01/31 (c) | 1,000 | 1,001,330 | ||||||
| 3.00%, 02/01/31 (c) | 1,000 | 1,135,203 | ||||||
| 3.12%, 03/01/27 (c) | 505 | 555,990 | ||||||
| 4.00%, 03/01/27 (c) | 500 | 577,571 | ||||||
| State of Delaware, Series A (GO) | ||||||||
| 2.00%, 01/01/30 (c) | 650 | 650,771 | ||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,295,858 | ||||||
| 5.00%, 10/01/28 | 810 | 1,030,210 | ||||||
| 5.00%, 02/01/28 | 500 | 625,819 | ||||||
| 5.00%, 02/01/28 (c) | 500 | 619,268 | ||||||
| 8,699,029 | ||||||||
| District of Columbia: 1.8% | ||||||||
|
District of Columbia (RB) (SAW) 5.00%, 12/01/29 (c) |
2,250 | 2,842,423 | ||||||
|
District of Columbia Federal Highway Grant Anticipation (RB) 5.00%, 12/01/27 |
600 | 743,009 | ||||||
| District of Columbia, Georgetown University Issue (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| District of Columbia (continued) | ||||||||
| 5.00%, 04/01/27 (c) | $ | 105 | $ | 126,197 | ||||
| 5.00%, 04/01/27 (c) | 645 | 768,932 | ||||||
| District of Columbia, Series A (GO) | ||||||||
| 5.00%, 06/01/26 (c) | 250 | 296,501 | ||||||
| 5.00%, 06/01/26 (c) | 290 | 343,797 | ||||||
| 5.00%, 06/01/26 (c) | 210 | 250,417 | ||||||
| 5.00%, 06/01/26 (c) | 30 | 35,669 | ||||||
| 5.00%, 06/01/27 (c) | 170 | 206,385 | ||||||
| 5.00%, 06/01/27 (c) | 580 | 703,778 | ||||||
| 5.00%, 06/01/27 (c) | 2,500 | 3,032,904 | ||||||
| 5.00%, 06/01/28 (c) | 750 | 930,167 | ||||||
|
District of Columbia, Series A (RB) 5.00%, 09/01/29 (c) |
1,000 | 1,273,408 | ||||||
| District of Columbia, Series C (RB) | ||||||||
| 5.00%, 10/01/27 | 225 | 279,431 | ||||||
| 5.00%, 05/01/30 (c) | 1,000 | 1,285,238 | ||||||
| 5.00%, 05/01/30 | 250 | 328,185 | ||||||
| District of Columbia, Series D (GO) | ||||||||
| 4.00%, 06/01/27 (c) | 500 | 578,794 | ||||||
| 5.00%, 12/01/26 (c) | 125 | 151,849 | ||||||
| 5.00%, 12/01/26 (c) | 160 | 194,011 | ||||||
| 5.00%, 12/01/26 (c) | 20 | 24,129 | ||||||
| 5.00%, 06/01/27 (c) | 500 | 607,016 | ||||||
| 5.00%, 06/01/27 (c) | 1,500 | 1,839,236 | ||||||
|
District of Columbia, Series E (GO) 5.00%, 12/01/26 (c) |
25 | 30,162 | ||||||
|
Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28 |
560 | 708,815 | ||||||
|
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) 4.00%, 10/01/29 (c) |
250 | 286,346 | ||||||
|
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) (AGM) 4.00%, 10/01/29 (c) |
250 | 287,031 | ||||||
|
Washington Convention & Sports Authority (RB) 5.00%, 10/01/27 (c) |
2,545 | 3,068,050 | ||||||
| Washington Metropolitain Area Transit Authority, Series A (RB) | ||||||||
| 5.00%, 07/15/30 (c) | 1,400 | 1,787,861 | ||||||
| 5.00%, 07/15/31 (c) | 2,000 | 2,606,757 | ||||||
| Washington Metropolitan Area Transit Authority (RB) | ||||||||
| 4.00%, 07/15/31 (c) | 1,000 | 1,215,756 | ||||||
| 5.00%, 07/01/27 (c) | 175 | 214,290 | ||||||
| 5.00%, 07/01/27 | 275 | 337,406 | ||||||
See Notes to Financial Statements
| 64 |
|
|
|
Par
(000’s |
) | Value | ||||||
| District of Columbia (continued) | ||||||||
| Washington Metropolitan Area Transit Authority, Series A-1 (RB) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 140 | $ | 169,700 | ||||
| 5.00%, 07/01/27 | 330 | 404,887 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 550 | 665,631 | ||||||
| 5.00%, 07/01/27 (c) | 300 | 363,245 | ||||||
| 5.00%, 07/01/27 (c) | 810 | 979,541 | ||||||
| Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 650 | 787,891 | ||||||
| 5.00%, 07/01/27 (c) | 1,205 | 1,458,337 | ||||||
| 5.00%, 07/01/27 (c) | 880 | 1,064,192 | ||||||
| 5.00%, 07/01/27 | 240 | 294,464 | ||||||
| 5.00%, 07/01/27 (c) | 555 | 674,013 | ||||||
| 34,245,851 | ||||||||
| Florida: 3.5% | ||||||||
|
Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c) |
490 | 619,017 | ||||||
|
Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c) |
520 | 557,231 | ||||||
|
City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c) |
175 | 214,122 | ||||||
| City of Gainesville, Utilities System, Series A (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 195 | 238,002 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 609,762 | ||||||
|
City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c) |
1,095 | 1,392,705 | ||||||
|
City of Jacksonville, Series A (RB) (AGM) 5.00%, 10/01/29 |
1,000 | 1,285,950 | ||||||
| City of Jacksonville, Series B (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 250 | 301,492 | ||||||
| 5.00%, 10/01/27 | 585 | 722,710 | ||||||
|
City of Jacksonville, Transportation Revenue (RB) 5.00%, 10/01/25 (c) |
210 | 244,808 | ||||||
|
City of Lakeland, Lakeland Regional Health System (RB) 5.00%, 11/15/26 (c) |
540 | 645,428 | ||||||
|
City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 (c) |
560 | 671,660 | ||||||
| City of Port St. Lucie, Utility System (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
| 4.00%, 09/01/26 (c) | $ | 500 | $ | 571,017 | ||||
| 5.00%, 09/01/26 (c) | 585 | 700,746 | ||||||
| County of Miami-Dade (RB) | ||||||||
| 0.00%, 10/01/26 (c) ^ | 565 | 442,351 | ||||||
| 0.00%, 10/01/26 (c) ^ | 400 | 300,314 | ||||||
| 5.00%, 10/01/26 (c) | 510 | 610,794 | ||||||
| 5.00%, 10/01/26 (c) | 1,115 | 1,325,410 | ||||||
| 5.00%, 10/01/26 | 640 | 769,759 | ||||||
|
County of Miami-Dade FL Water & Sewer System Revenue (RB) 4.00%, 04/01/31 (c) |
975 | 1,165,571 | ||||||
| County of Miami-Dade, Aviation Revenue, Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 460 | 547,994 | ||||||
| 5.00%, 10/01/26 (c) | 750 | 891,078 | ||||||
| 5.00%, 10/01/26 (c) | 100 | 119,222 | ||||||
| County of Miami-Dade, Building Better Communities Program, Series A (GO) | ||||||||
| 5.00%, 07/01/25 (c) | 100 | 116,005 | ||||||
| 5.00%, 07/01/26 (c) | 555 | 659,477 | ||||||
| 5.00%, 07/01/26 (c) | 520 | 619,465 | ||||||
| 5.00%, 07/01/26 (c) | 100 | 119,584 | ||||||
| 5.00%, 07/01/26 (c) | 280 | 333,133 | ||||||
|
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c) |
1,600 | 1,906,055 | ||||||
| County of Miami-Dade, Capital Asset Acquisition, Series B (RB) | ||||||||
| 3.12%, 04/01/26 (c) | 260 | 278,670 | ||||||
| 5.00%, 04/01/26 (c) | 520 | 617,053 | ||||||
| County of Miami-Dade, Expressway Authority Toll System, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 105 | 124,132 | ||||||
| 5.00%, 07/01/26 (c) | 25 | 29,468 | ||||||
|
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c) |
250 | 283,727 | ||||||
| County of Miami-Dade, Water and Sewer System (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 800 | 986,891 | ||||||
| 5.00%, 04/01/31 (c) | 3,500 | 4,624,302 | ||||||
| County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
| 3.00%, 10/01/27 (c) | 370 | 400,649 | ||||||
| 5.00%, 10/01/25 (c) | 605 | 702,735 | ||||||
| County of Orange, Water and Wastewater Utility System (RB) | ||||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,300,694 | ||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,304,190 | ||||||
| Florida Department of Environmental Protection, Series A (RB) | ||||||||
See Notes to Financial Statements
| 65 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
| 5.00%, 07/01/27 | $ | 125 | $ | 153,289 | ||||
|
Florida Department of Management Services (CP) 3.00%, 11/01/31 (c) |
1,000 | 1,104,531 | ||||||
| Florida Department of Management Services, Series A (CP) | ||||||||
| 5.00%, 11/01/27 | 175 | 216,496 | ||||||
| 5.00%, 08/01/25 | 105 | 122,467 | ||||||
|
Florida Department of Management Services, Series A (RB) 5.00%, 09/01/27 (c) |
425 | 524,812 | ||||||
|
Florida Development Finance Corp. (RB) 4.00%, 11/15/31 (c) |
1,500 | 1,827,538 | ||||||
| Florida Housing Finance Corp., Series 1 (RB) | ||||||||
| 3.25%, 01/01/27 (c) | 200 | 210,093 | ||||||
| 3.60%, 01/01/27 (c) | 370 | 384,269 | ||||||
| Florida Housing Finance Corp., Series 2 (RB) | ||||||||
| 2.10%, 01/01/30 (c) | 1,000 | 1,007,879 | ||||||
| 3.20%, 07/01/25 (c) | 310 | 318,550 | ||||||
| Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 125 | 148,939 | ||||||
| 5.00%, 10/01/27 | 470 | 577,597 | ||||||
| JEA Electric System, Series B (RB) | ||||||||
| 3.38%, 10/01/22 (c) | 175 | 177,918 | ||||||
| 5.00%, 10/01/27 (c) | 885 | 1,075,077 | ||||||
|
JEA Electric System, Series Three B (RB) 5.00%, 10/01/27 (c) |
850 | 1,042,571 | ||||||
|
JEA Electric, Series B (RB) 5.00%, 10/01/27 (c) |
610 | 751,297 | ||||||
|
Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c) |
605 | 751,136 | ||||||
|
Manatee County School District (RB) (AGM) 5.00%, 04/01/27 (c) |
160 | 194,009 | ||||||
|
Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c) |
420 | 459,785 | ||||||
|
Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c) |
410 | 486,615 | ||||||
|
Orange County School Board, Series D (CP) 5.00%, 08/01/25 (c) |
310 | 361,744 | ||||||
| Orange County, Tourist Development Tax (RB) | ||||||||
| 5.00%, 10/01/25 (c) | 100 | 115,579 | ||||||
| 5.00%, 10/01/26 | 190 | 228,115 | ||||||
| 5.00%, 10/01/27 | 360 | 442,183 | ||||||
| 5.00%, 10/01/29 | 280 | 356,431 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
| 5.00%, 10/01/30 | $ | 490 | $ | 632,588 | ||||
|
Orange County, Tourist Development Tax, Series B (RB) 5.00%, 10/01/26 (c) |
500 | 591,797 | ||||||
|
Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c) |
120 | 146,770 | ||||||
|
Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c) |
350 | 411,807 | ||||||
| Palm Beach County School Board, Series A (CP) | ||||||||
| 5.00%, 08/01/27 | 120 | 147,522 | ||||||
| 5.00%, 08/01/30 (c) | 275 | 354,064 | ||||||
|
Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c) |
695 | 867,143 | ||||||
|
Pasco County School Board, Series C (CP) (AGM) 5.00%, 08/01/30 (c) |
1,000 | 1,267,488 | ||||||
|
Polk County School District (RB) (SAW) 5.00%, 10/01/29 (c) |
1,000 | 1,288,677 | ||||||
|
Polk County, School District (RB) 5.00%, 10/01/29 (c) |
100 | 128,114 | ||||||
|
Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c) |
175 | 213,316 | ||||||
|
School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c) |
125 | 134,191 | ||||||
|
School Board of Miami-Dade County, Series B (CP) (AGM) 5.00%, 05/01/25 (c) |
720 | 827,540 | ||||||
| School Board of Miami-Dade County, Series D (CP) | ||||||||
| 5.00%, 02/01/26 (c) | 265 | 311,552 | ||||||
| 5.00%, 02/01/26 | 165 | 193,985 | ||||||
|
South Broward Hospital District (RB) 5.00%, 05/01/26 (c) |
435 | 514,632 | ||||||
| South Miami Health Facilities Authority (RB) | ||||||||
| 5.00%, 08/15/27 (c) | 800 | 974,453 | ||||||
| 5.00%, 08/15/27 (c) | 710 | 868,550 | ||||||
|
State of Florida Department of Transportation (RB) 3.00%, 07/01/30 (c) |
1,000 | 1,114,259 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) | ||||||||
| 4.00%, 06/01/28 (c) | 650 | 766,537 | ||||||
| 5.00%, 06/01/28 (c) | 795 | 996,519 | ||||||
See Notes to Financial Statements
| 66 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/27 (c) |
$ | 400 | $ | 493,658 | ||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 4.00%, 06/01/26 (c) | 725 | 823,920 | ||||||
| 4.00%, 06/01/26 (c) | 500 | 569,213 | ||||||
| 4.00%, 06/01/27 (c) | 780 | 909,052 | ||||||
| 5.00%, 06/01/27 | 585 | 719,553 | ||||||
| 5.00%, 06/01/28 (c) | 145 | 182,398 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c) |
510 | 571,091 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) | ||||||||
| 5.00%, 06/01/26 (c) | 10 | 11,970 | ||||||
| 5.00%, 06/01/28 | 105 | 132,272 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) 2.38%, 06/01/26 (c) |
590 | 616,533 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) 5.00%, 06/01/26 (c) |
135 | 161,589 | ||||||
|
State of Florida, Department of Transportation Financing Corp. (RB) 3.00%, 07/01/30 (c) |
1,000 | 1,099,664 | ||||||
|
State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c) |
115 | 143,197 | ||||||
|
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 |
880 | 1,140,461 | ||||||
| State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series A (GO) | ||||||||
| 3.00%, 07/01/27 (c) | 600 | 645,991 | ||||||
| 3.00%, 07/01/27 (c) | 555 | 606,486 | ||||||
| 5.00%, 07/01/26 (c) | 40 | 48,098 | ||||||
|
State of Florida, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series B (GO) 5.00%, 07/01/28 (c) |
750 | 949,929 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c) |
$ | 580 | $ | 723,967 | ||||
|
State of Florida, Department of Transportation, Turnpike, Series C (RB) 5.00%, 07/01/26 (c) |
740 | 881,920 | ||||||
|
Volusia County School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c) |
280 | 314,118 | ||||||
| 66,888,877 | ||||||||
| Georgia: 2.2% | ||||||||
|
Augusta, Water and Sewer (RB) 3.00%, 10/01/27 (c) |
420 | 455,026 | ||||||
|
City of Atlanta, Airport Passenger Facility Charge (RB) 5.00%, 07/01/29 (c) |
500 | 630,167 | ||||||
|
City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c) |
200 | 239,197 | ||||||
|
Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c) |
250 | 294,132 | ||||||
|
Cobb County Kennestone Hospital Authority, Series A (RB) 5.00%, 04/01/27 (c) |
750 | 894,269 | ||||||
|
County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c) |
3,000 | 3,291,292 | ||||||
| Forsyth County School District (GO) | ||||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,245,035 | ||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,232,024 | ||||||
| 5.00%, 02/01/29 | 1,045 | 1,340,661 | ||||||
| Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) | ||||||||
| 5.00%, 02/15/27 (c) | 100 | 119,463 | ||||||
| 5.00%, 02/15/27 (c) | 225 | 265,323 | ||||||
|
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c) |
925 | 965,075 | ||||||
| Georgia State Road and Tollway Authority (RB) | ||||||||
| 5.00%, 06/01/28 | 500 | 625,880 | ||||||
| 5.00%, 06/01/30 (c) | 2,550 | 3,297,182 | ||||||
| 5.00%, 06/01/30 (c) | 2,000 | 2,576,102 | ||||||
|
Georgia State Road and Tollway Authority, Series A (RB) (ST) 4.00%, 07/15/31 (c) |
3,255 | 4,005,169 | ||||||
|
Main Street Natural Gas, Inc. (RB) 5.00%, 05/15/38 |
1,000 | 1,381,482 | ||||||
See Notes to Financial Statements
| 67 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
| 5.00%, 05/15/49 | $ | 2,000 | $ | 2,891,801 | ||||
|
Municipal Electric Authority of Georgia, Series A (RB) 5.00%, 07/01/26 (c) |
200 | 236,211 | ||||||
|
Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/29 (c) |
500 | 638,973 | ||||||
|
Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c) |
350 | 416,879 | ||||||
| Richmond County Hospital Authority, University Health Services, Inc. Project (RB) | ||||||||
| 3.00%, 07/01/26 (c) | 345 | 365,481 | ||||||
| 5.00%, 07/01/26 (c) | 375 | 443,330 | ||||||
| 5.00%, 07/01/26 (c) | 250 | 296,810 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 4.00%, 08/01/30 (c) | 935 | 1,133,359 | ||||||
| 5.00%, 02/01/26 | 125 | 148,399 | ||||||
| 5.00%, 02/01/26 (c) | 680 | 801,501 | ||||||
| 5.00%, 02/01/27 (c) | 150 | 182,003 | ||||||
| 5.00%, 02/01/27 (c) | 1,200 | 1,449,985 | ||||||
| 5.00%, 02/01/27 (c) | 350 | 424,371 | ||||||
| 5.00%, 08/01/28 | 2,815 | 3,574,846 | ||||||
| 5.00%, 08/01/29 | 2,500 | 3,245,572 | ||||||
| State of Georgia, Series C (GO) | ||||||||
| 5.00%, 07/01/27 (c) | 3,000 | 3,680,322 | ||||||
| 5.00%, 07/01/27 | 130 | 160,716 | ||||||
| 42,948,038 | ||||||||
| Hawaii: 1.2% | ||||||||
|
City and County of Honolulu Wastewater System Revenue (RB) 5.00%, 07/01/29 (c) |
875 | 1,104,298 | ||||||
|
City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c) |
1,275 | 1,652,646 | ||||||
|
City and County of Honolulu, Rail Transit Project, Series B (GO) (SD CRED PROG) 5.00%, 03/01/30 |
350 | 454,698 | ||||||
|
City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c) |
1,015 | 1,237,245 | ||||||
| City and County of Honolulu, Series C (GO) | ||||||||
| 4.00%, 08/01/29 (c) | 750 | 884,596 | ||||||
| 5.00%, 10/01/29 | 1,000 | 1,292,938 | ||||||
|
City and County of Honolulu, Series C (GO) (BAM) 4.00%, 08/01/29 (c) |
120 | 141,898 | ||||||
| City and County of Honolulu, Wastewater System, Series A (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 970 | 1,100,276 | ||||||
| 5.00%, 07/01/26 (c) | 1,015 | 1,205,048 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Hawaii (continued) | ||||||||
| City and County of Honolulu, Wastewater System, Series B (RB) | ||||||||
| 4.00%, 07/01/26 (c) | $ | 100 | $ | 113,187 | ||||
| 5.00%, 07/01/29 (c) | 395 | 504,141 | ||||||
|
State of Hawaii (RB) 5.00%, 01/01/31 (c) |
2,250 | 2,925,430 | ||||||
|
State of Hawaii, Department of Budget and Finance, Series A (RB) 5.00%, 07/01/25 |
175 | 202,663 | ||||||
|
State of Hawaii, Series B (RB) 5.00%, 07/01/26 (c) |
295 | 350,682 | ||||||
| State of Hawaii, Series FH (GO) | ||||||||
| 5.00%, 10/01/26 (c) | 375 | 453,044 | ||||||
| 5.00%, 10/01/26 (c) | 15 | 18,073 | ||||||
| State of Hawaii, Series FK (GO) | ||||||||
| 5.00%, 05/01/27 (c) | 130 | 157,127 | ||||||
| 5.00%, 05/01/27 (c) | 690 | 832,631 | ||||||
| State of Hawaii, Series FN (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 500 | 613,921 | ||||||
| 5.00%, 10/01/27 (c) | 105 | 129,734 | ||||||
| State of Hawaii, Series FT (GO) | ||||||||
| 4.00%, 01/01/28 (c) | 295 | 342,276 | ||||||
| 5.00%, 01/01/28 (c) | 1,150 | 1,421,453 | ||||||
| 5.00%, 01/01/28 (c) | 280 | 348,103 | ||||||
| 5.00%, 01/01/28 (c) | 405 | 500,591 | ||||||
| 5.00%, 10/01/27 (c) | 1,020 | 1,248,682 | ||||||
| State of Hawaii, Series FW (GO) | ||||||||
| 5.00%, 01/01/28 | 1,300 | 1,617,536 | ||||||
| 5.00%, 01/01/29 | 1,180 | 1,501,724 | ||||||
| University of Hawaii, Series E (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 240 | 285,581 | ||||||
| 5.00%, 10/01/26 (c) | 285 | 339,529 | ||||||
| 22,979,751 | ||||||||
| Idaho: 0.0% | ||||||||
|
Ada and Boise Counties Independent School District (GO) 5.00%, 02/01/27 (c) |
500 | 600,339 | ||||||
| Illinois: 4.0% | ||||||||
|
Chicago Board of Education (ST) 5.75%, 04/01/27 (c) |
235 | 283,981 | ||||||
| Chicago O’Hare International Airport, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 175 | 209,680 | ||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,251,768 | ||||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 5.00%, 01/01/25 (c) | 495 | 563,698 | ||||||
| 5.00%, 01/01/27 (c) | 365 | 436,064 | ||||||
| 5.00%, 01/01/27 (c) | 470 | 561,208 | ||||||
|
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c) |
135 | 157,829 | ||||||
See Notes to Financial Statements
| 68 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c) |
$ | 100 | $ | 121,062 | ||||
| City of Chicago, Series A (GO) | ||||||||
| 5.50%, 01/01/29 (c) | 390 | 480,411 | ||||||
| 5.62%, 01/01/27 (c) | 845 | 1,016,106 | ||||||
| 5.62%, 01/01/27 (c) | 340 | 410,044 | ||||||
|
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 |
200 | 246,074 | ||||||
|
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c) |
750 | 887,569 | ||||||
|
City of Chicago, Water Revenue, Second Lien (RB) 5.00%, 11/01/27 (c) |
1,140 | 1,401,717 | ||||||
|
City of Chicago, Water Revenue, Second Lien (RB) (AGM) 5.25%, 11/01/27 (c) |
180 | 222,500 | ||||||
|
City of Springfield, Electric Revenue, Senior Lien (RB) 5.00%, 03/01/25 (c) |
425 | 485,590 | ||||||
|
City of Springfield, Electric Revenue, Senior Lien (RB) (AGM) 5.00%, 03/01/25 (c) |
15 | 17,037 | ||||||
|
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/27 |
1,000 | 1,236,349 | ||||||
|
Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c) |
210 | 239,500 | ||||||
| Cook County, Series A (GO) | ||||||||
| 5.00%, 11/15/26 (c) | 325 | 384,262 | ||||||
| 5.00%, 11/15/26 (c) | 250 | 296,219 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 4.00%, 01/01/26 (c) | 100 | 114,040 | ||||||
| 4.00%, 01/01/26 (c) | 165 | 185,959 | ||||||
| 4.00%, 01/01/31 (c) | 750 | 910,338 | ||||||
| 5.00%, 01/01/26 (c) | 685 | 809,844 | ||||||
| 5.00%, 01/01/26 | 135 | 159,177 | ||||||
| 5.00%, 01/01/27 (c) | 140 | 168,918 | ||||||
| 5.00%, 01/01/27 (c) | 400 | 485,194 | ||||||
| 5.00%, 01/01/27 (c) | 700 | 840,394 | ||||||
| 5.00%, 01/01/31 (c) | 750 | 976,218 | ||||||
| 5.00%, 07/01/29 (c) | 1,155 | 1,465,360 | ||||||
|
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c) |
1,400 | 1,786,086 | ||||||
| Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
| 4.00%, 06/01/26 (c) | 90 | 101,696 | ||||||
| 4.00%, 06/01/26 (c) | 160 | 180,959 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 06/01/26 (c) | $ | 250 | $ | 295,319 | ||||
| 5.00%, 06/01/26 (c) | 130 | 154,343 | ||||||
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) | ||||||||
| 5.00%, 08/15/30 (c) | 1,000 | 1,290,158 | ||||||
| 5.00%, 08/15/30 (c) | 1,295 | 1,666,213 | ||||||
| 5.00%, 08/15/30 (c) | 1,365 | 1,767,355 | ||||||
| Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) | ||||||||
| 3.00%, 01/15/28 (c) | 1,325 | 1,428,308 | ||||||
| 5.00%, 07/15/27 | 535 | 658,679 | ||||||
|
Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB) 5.00%, 05/15/25 (c) |
125 | 143,088 | ||||||
|
Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c) |
500 | 531,966 | ||||||
| Illinois Housing Development Authority, Series C (RB) | ||||||||
| 2.80%, 10/01/28 (c) | 540 | 571,720 | ||||||
| 3.10%, 02/01/26 (c) | 435 | 445,017 | ||||||
| Illinois State Toll Highway Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 510 | 623,743 | ||||||
| 5.00%, 01/01/29 | 175 | 220,236 | ||||||
|
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/30 (c) |
1,000 | 1,270,019 | ||||||
| Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 120 | 131,578 | ||||||
| 5.00%, 01/01/24 (c) | 215 | 235,547 | ||||||
| Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 335 | 367,779 | ||||||
| 5.00%, 01/01/24 (c) | 450 | 493,211 | ||||||
| 5.00%, 01/01/24 (c) | 190 | 208,375 | ||||||
| 5.00%, 01/01/24 (c) | 410 | 451,149 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) | ||||||||
| 5.00%, 12/01/26 (c) | 115 | 139,958 | ||||||
| 5.00%, 12/01/26 (c) | 780 | 944,068 | ||||||
| Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
| 4.00%, 12/01/26 (c) | 1,235 | 1,404,339 | ||||||
| 5.00%, 12/01/26 (c) | 555 | 668,359 | ||||||
| 5.00%, 12/01/26 (c) | 990 | 1,190,023 | ||||||
|
Railsplitter Tobacco Settlement Authority (RB) 5.00%, 06/01/26 (c) |
565 | 663,994 | ||||||
See Notes to Financial Statements
| 69 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| Regional Transportation Authority of Illinois, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 1,645 | $ | 2,015,349 | ||||
| 5.00%, 07/01/27 (c) | 500 | 611,677 | ||||||
| Sales Tax Securitization Corp., Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 585 | 717,061 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 302,195 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 301,633 | ||||||
| 5.00%, 01/01/28 (c) | 1,150 | 1,400,675 | ||||||
| 5.00%, 01/01/28 (c) | 570 | 686,659 | ||||||
|
Sales Tax Securitization Corp., Series A (RB) (BAM) 5.00%, 01/01/30 (c) |
155 | 194,640 | ||||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/26 (c) | 685 | 742,550 | ||||||
| 4.00%, 03/01/31 (c) | 1,000 | 1,134,876 | ||||||
| 4.12%, 11/01/26 (c) | 360 | 400,741 | ||||||
| 5.00%, 11/01/26 (c) | 305 | 355,091 | ||||||
| 5.00%, 02/01/27 (c) | 1,890 | 2,226,977 | ||||||
| 5.00%, 06/01/26 (c) | 370 | 429,966 | ||||||
|
State of Illinois (GO) (AGC) 5.50%, 05/01/30 |
800 | 1,023,559 | ||||||
| State of Illinois (RB) | ||||||||
| 3.00%, 06/15/26 (c) | 680 | 713,933 | ||||||
| 3.00%, 06/15/26 (c) | 300 | 313,419 | ||||||
| 3.00%, 06/15/26 (c) | 320 | 334,314 | ||||||
| 3.00%, 06/15/26 (c) | 495 | 518,162 | ||||||
| 5.00%, 06/15/26 (c) | 400 | 470,965 | ||||||
|
State of Illinois Sales Tax (RB) 4.00%, 06/15/26 (c) |
380 | 430,328 | ||||||
|
State of Illinois Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c) |
2,000 | 2,196,249 | ||||||
| State of Illinois Sales Tax Revenue (RB) | ||||||||
| 5.00%, 06/15/30 | 1,000 | 1,266,275 | ||||||
| 5.00%, 06/15/31 | 1,500 | 1,931,603 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 5.00%, 12/01/27 (c) | 1,000 | 1,168,410 | ||||||
| 5.00%, 03/01/31 | 500 | 626,785 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,238,627 | ||||||
| 5.00%, 05/01/28 (c) | 2,250 | 2,654,535 | ||||||
| 5.25%, 12/01/27 (c) | 1,200 | 1,439,172 | ||||||
|
State of Illinois, Series A (RB) 5.00%, 06/15/26 (c) |
100 | 117,741 | ||||||
| State of Illinois, Series B (GO) | ||||||||
| 5.00%, 11/01/29 (c) | 1,000 | 1,234,840 | ||||||
| 5.00%, 09/01/27 | 515 | 615,896 | ||||||
|
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) |
4,105 | 4,865,155 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 3.25%, 11/01/26 | 275 | 301,284 | ||||||
| 5.00%, 11/01/27 (c) | 3,910 | 4,663,925 | ||||||
|
State of Illinois, Series D (RB) 5.00%, 06/15/26 (c) |
620 | 721,258 | ||||||
| 77,423,920 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Indiana: 0.9% | ||||||||
|
Ball State University, Series R (RB) 5.00%, 07/01/27 |
$ | 585 | $ | 716,667 | ||||
|
Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c) |
15 | 17,826 | ||||||
|
Indiana Finance Authority (RB) 4.00%, 10/01/31 (c) |
2,500 | 3,043,068 | ||||||
| Indiana Finance Authority Highway, Series C (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 160 | 193,657 | ||||||
| 5.00%, 12/01/26 (c) | 340 | 410,715 | ||||||
| 5.00%, 06/01/28 | 420 | 529,090 | ||||||
|
Indiana Finance Authority, Parkview Health, Series A (RB) 5.00%, 11/01/27 |
250 | 309,280 | ||||||
| Indiana Finance Authority, Series A (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 200 | 247,598 | ||||||
| 5.00%, 02/01/29 (c) | 175 | 220,645 | ||||||
| 5.00%, 02/01/29 (c) | 220 | 276,570 | ||||||
|
Indiana Finance Authority, Series B (RB) 5.00%, 02/01/26 (c) |
130 | 153,669 | ||||||
| Indiana Finance Authority, Series C (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,250,544 | ||||||
| 5.00%, 02/01/28 (c) | 610 | 760,523 | ||||||
| Indiana Finance Authority, Series E (RB) | ||||||||
| 5.00%, 02/01/29 (c) | 1,250 | 1,571,421 | ||||||
| 5.00%, 02/01/29 (c) | 105 | 133,168 | ||||||
| 5.00%, 06/01/29 | 935 | 1,203,361 | ||||||
| 5.00%, 08/01/26 (c) | 160 | 192,509 | ||||||
| 5.00%, 08/01/26 (c) | 1,000 | 1,204,929 | ||||||
| 5.00%, 08/01/26 (c) | 100 | 119,884 | ||||||
|
Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c) |
35 | 35,263 | ||||||
|
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c) |
250 | 305,923 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) | ||||||||
| 5.00%, 02/01/29 | 710 | 906,880 | ||||||
| 5.00%, 02/01/29 (c) | 1,715 | 2,168,586 | ||||||
|
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c) |
160 | 184,381 | ||||||
|
Trustees of the Indiana State University, Series A (RB) 5.00%, 06/01/26 (c) |
185 | 220,605 | ||||||
| 16,376,762 | ||||||||
See Notes to Financial Statements
| 70 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Iowa: 0.3% | ||||||||
| Iowa Finance Authority (RB) | ||||||||
| 5.00%, 08/01/26 | $ | 110 | $ | 132,542 | ||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,224,872 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,235,971 | ||||||
| Iowa Finance Authority, Series A (RB) | ||||||||
| 5.00%, 08/01/31 (c) | 500 | 657,917 | ||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,314,151 | ||||||
|
Southeast Polk Community School District, Series A (GO) 2.00%, 05/01/28 (c) |
1,000 | 1,002,321 | ||||||
|
State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/26 (c) |
125 | 148,611 | ||||||
| 5,716,385 | ||||||||
| Kansas: 0.7% | ||||||||
| Butler County Unified School District No. 385 (GO) | ||||||||
| 4.00%, 09/01/27 (c) | 300 | 345,296 | ||||||
| 4.00%, 09/01/27 (c) | 500 | 579,156 | ||||||
| 5.00%, 09/01/27 (c) | 250 | 310,020 | ||||||
| 5.00%, 09/01/27 (c) | 500 | 620,040 | ||||||
|
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c) |
750 | 874,979 | ||||||
|
Johnson and Miami Counties Unified School District No. 230 (GO) 4.00%, 09/01/26 (c) |
210 | 237,131 | ||||||
|
Johnson County, Kansas Unified School District No. 512, Series A (GO) 3.00%, 10/01/30 (c) |
2,500 | 2,745,929 | ||||||
|
Kansas Development Finance Authority, AdventHealth Obligated Group, Series A (RB) 5.00%, 11/15/31 (p) |
3,950 | 5,254,222 | ||||||
|
Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) 5.00%, 05/01/23 (c) |
380 | 406,376 | ||||||
|
Seward County Unified School District No. 480, Series B (GO) 5.00%, 09/01/25 (c) |
125 | 146,321 | ||||||
| State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 150 | 182,510 | ||||||
| 5.00%, 09/01/27 (c) | 630 | 769,539 | ||||||
| 5.00%, 09/01/27 (c) | 775 | 944,800 | ||||||
|
State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) 5.00%, 09/01/25 (c) |
295 | 342,983 | ||||||
|
Wyandotte County, Unified School District No. 500, Series A (GO) 4.00%, 09/01/26 (c) |
250 | 283,304 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Kansas (continued) | ||||||||
| $ | 14,042,606 | |||||||
| Kentucky: 0.3% | ||||||||
|
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) |
$ | 200 | 232,741 | |||||
|
Kentucky State Property and Building Commission No. 119 (RB) 5.00%, 05/01/28 |
100 | 123,731 | ||||||
|
Kentucky State Property and Building Commission No. 119 (RB) (BAM) 5.00%, 05/01/28 (c) |
1,285 | 1,579,132 | ||||||
|
Kentucky Turnpike Authority, Series A (RB) 5.00%, 07/01/26 (c) |
165 | 195,571 | ||||||
|
Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/27 |
380 | 464,822 | ||||||
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 290 | 344,174 | ||||||
| 5.00%, 10/01/26 (c) | 55 | 65,390 | ||||||
|
Louisville/Jefferson County Metro Government Health System, Series D (RB) 5.00%, 10/01/29 (c) (p) |
1,000 | 1,274,565 | ||||||
|
Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 |
20 | 23,641 | ||||||
| University of Kentucky, Series A (RB) (ST) | ||||||||
| 3.00%, 04/01/26 (c) | 770 | 817,134 | ||||||
| 4.00%, 04/01/26 (c) | 500 | 566,459 | ||||||
| 5,687,360 | ||||||||
| Louisiana: 0.9% | ||||||||
| City of New Orleans LA (GO) | ||||||||
| 5.00%, 12/01/30 (c) | 1,000 | 1,266,005 | ||||||
| 5.00%, 12/01/30 (c) | 2,000 | 2,526,439 | ||||||
|
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 4.00%, 12/01/28 (c) |
250 | 286,648 | ||||||
|
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c) |
615 | 785,396 | ||||||
| Jefferson Sales Tax District, Series B (RB) (AGM) | ||||||||
| 4.00%, 12/01/29 (c) | 500 | 593,796 | ||||||
| 5.00%, 12/01/27 (c) | 280 | 343,749 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) |
620 | 673,776 | ||||||
See Notes to Financial Statements
| 71 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Louisiana (continued) | ||||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) | ||||||||
| 3.25%, 10/01/27 (c) | $ | 200 | $ | 213,025 | ||||
| 5.00%, 10/01/27 (c) | 990 | 1,196,593 | ||||||
|
Louisiana Public Facilities Authority (RB) 5.00%, 04/01/30 (c) |
1,000 | 1,257,690 | ||||||
|
Louisiana Public Facilities Authority, Tulane University, Series A (RB) (AGM) 5.00%, 04/01/30 (c) |
1,000 | 1,260,896 | ||||||
| State of Louisiana, Series A (GO) | ||||||||
| 3.50%, 04/01/27 (c) | 150 | 164,755 | ||||||
| 5.00%, 03/01/29 (c) | 115 | 144,814 | ||||||
| 5.00%, 03/01/30 (c) | 930 | 1,196,959 | ||||||
| 5.00%, 04/01/27 (c) | 565 | 683,091 | ||||||
| 5.00%, 09/01/26 (c) | 640 | 762,348 | ||||||
| State of Louisiana, Series A (GO) (BAM) | ||||||||
| 5.00%, 03/01/30 (c) | 910 | 1,168,673 | ||||||
| 5.00%, 03/01/30 (c) | 425 | 541,074 | ||||||
|
State of Louisiana, Series A (RB) 5.00%, 09/01/27 |
385 | 475,205 | ||||||
| State of Louisiana, Series B (GO) | ||||||||
| 5.00%, 10/01/27 | 150 | 185,701 | ||||||
| 5.00%, 08/01/26 (c) | 200 | 238,215 | ||||||
| 5.00%, 08/01/26 (c) | 205 | 245,274 | ||||||
| State of Louisiana, Series D (GO) | ||||||||
| 3.00%, 09/01/26 (c) | 200 | 213,811 | ||||||
| 5.00%, 09/01/26 (c) | 100 | 119,383 | ||||||
| 16,543,316 | ||||||||
| Maryland: 3.3% | ||||||||
| City of Baltimore, Consolidated Public Improvement, Series B (GO) | ||||||||
| 5.00%, 10/15/27 | 280 | 347,320 | ||||||
| 5.00%, 10/15/27 (c) | 250 | 309,192 | ||||||
| County of Baltimore (GO) | ||||||||
| 4.00%, 03/01/30 (c) | 1,140 | 1,376,614 | ||||||
| 5.00%, 03/01/30 | 945 | 1,233,784 | ||||||
| 5.00%, 03/01/30 (c) | 325 | 421,859 | ||||||
| County of Baltimore (GO) (AGC) | ||||||||
| 4.00%, 03/01/29 (c) | 1,925 | 2,293,725 | ||||||
|
County of Baltimore (GO) (FANNIE MAE) 5.00%, 03/01/28 |
1,250 | 1,565,176 | ||||||
| County of Montgomery, Series A (GO) | ||||||||
| 3.00%, 08/01/30 (c) | 750 | 854,558 | ||||||
| 5.00%, 12/01/24 (c) | 20 | 22,731 | ||||||
| County of Montgomery, Series C (GO) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Maryland (continued) | ||||||||
| 4.00%, 10/01/27 (c) | $ | 1,070 | $ | 1,255,221 | ||||
|
Maryland Economic Development Corp., College Park Projects (RB) (AGM) 5.00%, 06/01/26 (c) |
15 | 17,433 | ||||||
| Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 750 | 883,429 | ||||||
| 5.00%, 05/01/26 (c) | 250 | 294,462 | ||||||
| 5.00%, 05/01/26 (c) | 250 | 294,592 | ||||||
|
Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c) |
1,000 | 1,226,312 | ||||||
| Maryland Transportation Authority (RB) | ||||||||
| 3.00%, 07/01/27 (c) | 300 | 324,608 | ||||||
| 3.00%, 07/01/27 (c) | 510 | 552,686 | ||||||
| 3.00%, 09/01/27 (c) | 500 | 545,451 | ||||||
| Maryland Transportation Authority Transportation Facilities Projects, Series A (RB) | ||||||||
| 3.00%, 07/01/31 (c) | 2,000 | 2,138,978 | ||||||
| 5.00%, 07/01/30 | 1,900 | 2,493,166 | ||||||
| Prince George’s County, Series A (GO) | ||||||||
| 5.00%, 07/15/28 (c) | 1,150 | 1,447,835 | ||||||
| 5.00%, 07/15/28 (c) | 2,500 | 3,111,114 | ||||||
| 5.00%, 07/15/28 | 1,000 | 1,263,361 | ||||||
|
Prince George’s County, Series A (GO) (SAW) 4.00%, 07/15/28 (c) |
1,000 | 1,188,324 | ||||||
|
State of Maryland Department of Transportation (RB) 2.12%, 10/01/29 (c) |
2,000 | 1,992,609 | ||||||
| State of Maryland, Department of Transportation (RB) | ||||||||
| 3.00%, 11/01/24 (c) | 1,000 | 1,075,513 | ||||||
| 3.00%, 11/01/24 (c) | 520 | 555,447 | ||||||
| 3.12%, 05/01/25 (c) | 855 | 914,105 | ||||||
| 4.00%, 05/01/25 (c) | 780 | 867,821 | ||||||
| 4.00%, 05/01/28 (c) | 750 | 881,924 | ||||||
|
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c) |
2,340 | 2,435,057 | ||||||
| State of Maryland, State and Local Facilities Loan, First Series (GO) | ||||||||
| 4.00%, 06/01/24 (c) | 485 | 528,730 | ||||||
| 5.00%, 03/15/28 | 2,385 | 2,990,857 | ||||||
| 5.00%, 03/15/28 (c) | 1,000 | 1,249,340 | ||||||
| 5.00%, 03/15/29 (c) | 3,000 | 3,805,472 | ||||||
See Notes to Financial Statements
| 72 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Maryland (continued) | ||||||||
| State of Maryland, State and Local Facilities Loan, First Series A (GO) | ||||||||
| 3.12%, 03/15/28 (c) | $ | 250 | $ | 276,563 | ||||
| 4.00%, 03/15/27 (c) | 1,185 | 1,375,949 | ||||||
| 5.00%, 03/15/28 | 680 | 852,739 | ||||||
| 5.00%, 03/15/29 | 1,000 | 1,283,032 | ||||||
| 5.00%, 03/15/30 (c) | 5,500 | 7,160,597 | ||||||
|
State of Maryland, State and Local Facilities Loan, First Series A (GO) (SAW) 5.00%, 03/01/28 |
2,000 | 2,505,681 | ||||||
| State of Maryland, State and Local Facilities Loan, Second Series (GO) | ||||||||
| 4.00%, 08/01/28 (c) | 530 | 628,619 | ||||||
| 5.00%, 08/01/27 | 125 | 154,458 | ||||||
| 5.00%, 08/01/28 (c) | 1,000 | 1,254,860 | ||||||
|
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 3.00%, 08/01/27 (c) |
1,000 | 1,095,712 | ||||||
|
State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/28 |
2,400 | 3,037,040 | ||||||
| Washington Suburban Sanitary District, Second Series (GO) | ||||||||
| 5.00%, 06/01/26 (c) | 750 | 890,785 | ||||||
| 5.00%, 06/01/27 (c) | 550 | 671,425 | ||||||
|
Washington Suburban Sanitary District, Second Series (RB) 4.00%, 12/01/30 (c) |
525 | 646,080 | ||||||
| 64,592,346 | ||||||||
| Massachusetts: 2.3% | ||||||||
|
City of Boston, Series A (GO) 5.00%, 03/01/29 |
100 | 128,280 | ||||||
|
Commonwealth of Massachusetts (GO) 5.00%, 09/01/28 |
2,000 | 2,531,245 | ||||||
|
Commonwealth of Massachusetts Transportation Fund Revenue (RB) 5.00%, 06/01/31 (c) |
800 | 1,046,505 | ||||||
|
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c) |
980 | 1,091,844 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 5.00%, 07/01/26 (c) | 155 | 184,656 | ||||||
| 5.00%, 07/01/26 (c) | 1,860 | 2,210,364 | ||||||
| 5.00%, 07/01/26 (c) | 600 | 714,121 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
| 3.00%, 02/01/24 (c) | 400 | 418,540 | ||||||
| 5.00%, 05/01/23 (c) | 205 | 219,229 | ||||||
| 5.00%, 05/01/23 (c) | 350 | 373,966 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
| 5.00%, 05/01/30 | $ | 1,000 | $ | 1,305,199 | ||||
|
Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31 |
2,665 | 3,547,652 | ||||||
|
Commonwealth of Massachusetts, Series C (GO) (SAW) 5.00%, 05/01/27 |
495 | 607,290 | ||||||
| Commonwealth of Massachusetts, Series D (GO) | ||||||||
| 4.00%, 11/01/30 (c) | 2,000 | 2,415,636 | ||||||
| 5.00%, 07/01/30 (c) | 365 | 468,966 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 3.00%, 11/01/27 (c) | 1,275 | 1,384,812 | ||||||
| 5.00%, 11/01/27 (c) | 100 | 123,418 | ||||||
| 5.00%, 11/01/30 (c) | 1,000 | 1,309,553 | ||||||
|
Commonwealth of Massachusetts, Series F (GO) 5.00%, 05/01/27 |
440 | 539,813 | ||||||
| Commonwealth of Massachusetts, Series I (GO) | ||||||||
| 5.00%, 12/01/26 (c) | 10 | 12,061 | ||||||
| 5.00%, 12/01/26 (c) | 500 | 601,123 | ||||||
| Commonwealth of Massachusetts, Transportation Fund Revenue, Series A (RB) | ||||||||
| 4.00%, 12/01/27 (c) | 450 | 519,840 | ||||||
| 5.00%, 06/01/26 (c) | 20 | 23,810 | ||||||
| Massachusetts Bay Transportation Authority, Series A (RB) | ||||||||
| 0.00%, 07/01/26 (c) ^ | 130 | 110,439 | ||||||
| 2.00%, 07/01/26 (c) | 210 | 220,112 | ||||||
|
Massachusetts Clean Water Trust , Series 23-A (RB) 5.00%, 02/01/31 (c) |
540 | 703,748 | ||||||
|
Massachusetts Clean Water Trust, Series 21 (RB) 5.00%, 08/01/28 (c) |
1,000 | 1,242,417 | ||||||
|
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/29 |
1,000 | 1,276,612 | ||||||
|
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c) |
1,000 | 1,244,791 | ||||||
|
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c) |
255 | 316,571 | ||||||
See Notes to Financial Statements
| 73 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
|
Massachusetts Development Finance Agency, Boston Medical Center, Series E (RB) 5.00%, 07/01/26 (c) |
$ | 2,905 | $ | 3,346,443 | ||||
|
Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c) |
200 | 236,441 | ||||||
|
Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c) |
130 | 158,753 | ||||||
| Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
| 4.00%, 07/15/26 (c) | 2,065 | 2,356,635 | ||||||
| 5.00%, 07/15/26 (c) | 480 | 571,116 | ||||||
|
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) |
500 | 583,584 | ||||||
|
Massachusetts Housing Finance Agency, Series 178 (RB) 3.70%, 06/01/25 (c) |
450 | 475,397 | ||||||
|
Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c) |
150 | 157,045 | ||||||
|
Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c) |
125 | 149,804 | ||||||
|
Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c) |
1,500 | 1,941,667 | ||||||
| Massachusetts Water Resources Authority, Series C (RB) | ||||||||
| 5.00%, 08/01/26 (c) | 685 | 815,293 | ||||||
| 5.00%, 08/01/27 (c) | 2,115 | 2,589,278 | ||||||
| University of Massachusetts Building Authority, Series 1 (RB) | ||||||||
| 5.00%, 11/01/29 (c) | 475 | 608,777 | ||||||
| 5.00%, 11/01/29 (c) | 750 | 958,641 | ||||||
| 5.00%, 05/01/29 (c) | 1,220 | 1,541,158 | ||||||
|
University of Massachusetts Building Authority, Series 1 (RB) (SD CRED PROG) 5.00%, 11/01/29 (c) |
500 | 641,533 | ||||||
|
University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c) |
1,020 | 1,263,096 | ||||||
| 45,287,274 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Michigan: 1.1% | ||||||||
|
Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c) |
$ | 285 | $ | 336,888 | ||||
|
Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c) |
340 | 425,709 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 250 | 297,693 | ||||||
| 5.00%, 07/01/26 (c) | 250 | 296,684 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 570 | 678,740 | ||||||
| 5.00%, 07/01/26 (c) | 290 | 344,738 | ||||||
| 5.00%, 07/01/26 (c) | 500 | 595,639 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 30 | 35,830 | ||||||
| 5.00%, 07/01/26 (c) | 1,025 | 1,218,470 | ||||||
|
Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c) |
130 | 154,538 | ||||||
| Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 155 | 185,592 | ||||||
| 5.00%, 07/01/26 (c) | 875 | 1,049,477 | ||||||
|
Michigan Finance Authority (RB) 5.00%, 12/01/30 (c) |
500 | 639,269 | ||||||
|
Michigan Finance Authority, 2006 Sold Tobacco Receipts, Series A-2 (RB) 5.00%, 12/01/30 |
1,000 | 1,247,415 | ||||||
|
Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project (RB) (SAW) 5.00%, 11/01/28 (c) |
2,645 | 3,353,936 | ||||||
| Michigan Finance Authority, Clean Water, Series B (RB) | ||||||||
| 5.00%, 10/01/25 | 110 | 129,165 | ||||||
| 5.00%, 10/01/26 | 100 | 120,973 | ||||||
|
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c) |
140 | 149,272 | ||||||
| Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) | ||||||||
| 5.00%, 10/01/24 (c) | 725 | 814,547 | ||||||
| 5.00%, 11/15/26 (c) | 150 | 180,102 | ||||||
|
Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 5.00%, 12/01/27 (c) |
260 | 318,046 | ||||||
See Notes to Financial Statements
| 74 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Michigan (continued) | ||||||||
| 5.00%, 06/01/27 (c) | $ | 75 | $ | 91,179 | ||||
| Michigan State Building Authority, Series I (RB) | ||||||||
| 5.00%, 10/15/25 (c) | 5 | 5,879 | ||||||
| 5.00%, 10/15/25 (c) | 25 | 29,398 | ||||||
| 5.00%, 10/15/25 (c) | 10 | 11,637 | ||||||
| 5.00%, 10/15/26 (c) | 570 | 679,261 | ||||||
| 5.00%, 10/15/26 (c) | 540 | 644,663 | ||||||
| 5.00%, 10/15/26 (c) | 120 | 142,427 | ||||||
| 5.00%, 10/15/26 (c) | 515 | 614,268 | ||||||
| 5.00%, 10/15/26 (c) | 125 | 148,827 | ||||||
|
Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27 |
100 | 124,638 | ||||||
|
Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 3.35%, 12/01/25 (c) |
480 | 504,996 | ||||||
| Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
| 3.10%, 06/01/26 (c) | 1,370 | 1,445,857 | ||||||
| 3.35%, 06/01/26 (c) | 170 | 179,352 | ||||||
|
State of Michigan Trunk Line Revenue (RB) 5.00%, 11/15/31 (c) |
1,900 | 2,508,664 | ||||||
|
State of Michigan, Environmental Program (GO) 3.00%, 05/01/26 (c) |
410 | 442,596 | ||||||
| State of Michigan, Environmental Program, Series A (GO) | ||||||||
| 3.00%, 05/15/30 (c) | 750 | 833,208 | ||||||
| 5.00%, 12/01/25 (c) | 10 | 11,796 | ||||||
|
Wayne County Airport Authority, Deroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c) |
560 | 702,333 | ||||||
| 21,693,702 | ||||||||
| Minnesota: 1.2% | ||||||||
| City of Maple Grove, Minnesota Health Care Facilities (RB) | ||||||||
| 3.38%, 05/01/27 (c) | 180 | 193,699 | ||||||
| 3.50%, 05/01/27 (c) | 460 | 497,170 | ||||||
|
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c) |
125 | 154,534 | ||||||
|
County of Hennepin, First Lien, Sales Tax, Series A (RB) 5.00%, 12/15/23 (c) |
760 | 834,105 | ||||||
|
County of Hennepin, Series B (GO) 5.00%, 12/15/28 (c) |
1,000 | 1,266,097 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Minnesota (continued) | ||||||||
|
Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 07/01/29 (c) |
$ | 200 | $ | 250,310 | ||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 325 | 388,694 | ||||||
| 5.00%, 01/01/27 (c) | 515 | 617,057 | ||||||
|
Minnesota Housing Finance Agency, Series A (RB) 3.30%, 07/01/25 (c) |
45 | 46,137 | ||||||
|
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) |
1,000 | 1,231,152 | ||||||
|
Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c) |
500 | 600,411 | ||||||
|
Sartell-St. Stephen Independent School District No. 748 (GO) (SD CRED PROG) 5.00%, 02/01/25 (c) |
750 | 858,541 | ||||||
| State of Minnesota, State Trunk Highway, Series B (GO) | ||||||||
| 2.25%, 08/01/26 (c) | 555 | 575,086 | ||||||
| 3.00%, 08/01/26 (c) | 500 | 548,154 | ||||||
| 4.00%, 08/01/26 (c) | 585 | 673,602 | ||||||
| 5.00%, 08/01/28 | 100 | 126,543 | ||||||
|
State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c) |
120 | 134,182 | ||||||
| State of Minnesota, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 400 | 495,264 | ||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,273,175 | ||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,278,041 | ||||||
| 5.00%, 08/01/29 | 400 | 517,220 | ||||||
| 5.00%, 08/01/30 (c) | 2,000 | 2,586,984 | ||||||
| 5.00%, 08/01/30 (c) | 2,000 | 2,593,826 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
| 2.25%, 08/01/26 (c) | 925 | 974,016 | ||||||
| 3.00%, 10/01/27 (c) | 1,000 | 1,110,839 | ||||||
| 3.00%, 10/01/27 (c) | 1,000 | 1,104,265 | ||||||
|
University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) |
805 | 994,475 | ||||||
|
Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c) |
1,000 | 1,081,448 | ||||||
| 23,005,027 | ||||||||
| Mississippi: 0.4% | ||||||||
| State of Mississippi, Series A (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 300 | 368,168 | ||||||
| 5.00%, 10/01/27 (c) | 430 | 530,438 | ||||||
| 5.00%, 10/01/27 (c) | 650 | 799,497 | ||||||
See Notes to Financial Statements
| 75 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Mississippi (continued) | ||||||||
| 5.00%, 10/01/27 (c) | $ | 880 | $ | 1,084,481 | ||||
| 5.00%, 10/01/27 (c) | 405 | 497,511 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 614,438 | ||||||
| State of Mississippi, Series A (RB) | ||||||||
| 5.00%, 10/15/28 (c) | 400 | 494,622 | ||||||
| 5.00%, 10/15/28 (c) | 550 | 675,257 | ||||||
| 5.00%, 10/15/28 (c) | 1,000 | 1,231,665 | ||||||
| State of Mississippi, Series B (GO) | ||||||||
| 4.00%, 10/01/29 (c) | 295 | 351,680 | ||||||
| 5.00%, 12/01/26 (c) | 155 | 186,776 | ||||||
| 5.00%, 12/01/26 (c) | 850 | 1,025,396 | ||||||
| 7,859,929 | ||||||||
| Missouri: 0.6% | ||||||||
|
City of Kansas City, Downtown Arena Project, Series E (RB) 5.00%, 04/01/25 (c) |
290 | 330,093 | ||||||
|
City of Kansas, Series C (RB) 5.00%, 09/01/27 (c) |
745 | 913,780 | ||||||
|
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 |
1,400 | 1,837,404 | ||||||
|
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c) |
250 | 310,676 | ||||||
|
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c) |
15 | 16,831 | ||||||
| Platte County Park Hill School District (GO) (SAW) | ||||||||
| 3.00%, 03/01/26 (c) | 225 | 239,237 | ||||||
| 3.00%, 03/01/26 (c) | 105 | 111,929 | ||||||
|
Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c) |
650 | 770,005 | ||||||
| Springfield School District No. R-12 (GO) (SAW) | ||||||||
| 4.00%, 03/01/28 (c) | 615 | 729,117 | ||||||
| 4.00%, 03/01/28 (c) | 1,035 | 1,219,885 | ||||||
| 4.00%, 03/01/29 (c) | 1,415 | 1,670,578 | ||||||
| 5.00%, 03/01/29 (c) | 450 | 563,406 | ||||||
| St. Louis County, Series A (RB) | ||||||||
| 2.00%, 12/01/28 (c) | 1,045 | 1,055,591 | ||||||
| 4.00%, 12/01/28 (c) | 1,345 | 1,599,966 | ||||||
| 11,368,498 | ||||||||
| Montana: 0.0% | ||||||||
|
Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29 |
150 | 190,541 | ||||||
| Nebraska: 0.2% | ||||||||
|
Central Plains Energy Project, Gas Project Crossover, Series A (RB) 5.00%, 09/01/32 |
1,280 | 1,670,975 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Nebraska (continued) | ||||||||
| 5.00%, 09/01/34 | $ | 300 | $ | 403,161 | ||||
|
Douglas County Hospital Authority No. 2 (RB) 4.00%, 05/15/26 (c) |
115 | 130,151 | ||||||
|
Omaha Public Power District, Electric System, Series A (RB) 5.00%, 12/01/27 (c) |
100 | 122,302 | ||||||
|
Omaha Public Power District, Electric System, Series A (RB) (SAW) 5.00%, 02/01/29 (c) |
1,125 | 1,422,541 | ||||||
| 3,749,130 | ||||||||
| Nevada: 1.3% | ||||||||
|
Clark County Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c) |
300 | 359,697 | ||||||
|
Clark County School District (GO) 5.00%, 06/15/31 |
530 | 693,857 | ||||||
| Clark County School District, Series A (GO) (AGM) | ||||||||
| 5.00%, 06/15/30 (c) | 915 | 1,170,635 | ||||||
| 5.00%, 06/15/30 (c) | 1,000 | 1,286,326 | ||||||
| Clark County School District, Series B (GO) | ||||||||
| 4.00%, 11/01/26 (c) | 155 | 177,066 | ||||||
| 4.00%, 11/01/26 (c) | 250 | 284,937 | ||||||
|
Clark County School District, Series B (GO) (AGM) 5.00%, 06/15/29 |
1,000 | 1,277,068 | ||||||
| Clark County School District, Series C (GO) | ||||||||
| 5.00%, 12/15/25 (c) | 200 | 233,978 | ||||||
| 5.00%, 12/15/27 (c) | 1,050 | 1,270,690 | ||||||
|
Clark County Water Reclamation District (GO) 3.00%, 07/01/26 (c) |
630 | 691,130 | ||||||
| Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) | ||||||||
| 5.00%, 07/01/27 | 415 | 509,949 | ||||||
| 5.00%, 07/01/29 (c) | 1,200 | 1,514,427 | ||||||
|
Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c) |
1,000 | 1,175,106 | ||||||
| Clark County, Limited Tax, Series A (GO) | ||||||||
| 5.00%, 06/01/28 (c) | 1,110 | 1,377,087 | ||||||
| 5.00%, 06/01/28 (c) | 150 | 184,189 | ||||||
| Clark County, Limited Tax, Series C (GO) | ||||||||
| 3.00%, 07/01/27 (c) | 270 | 288,952 | ||||||
| 3.00%, 07/01/27 (c) | 500 | 537,201 | ||||||
| 3.00%, 07/01/27 (c) | 305 | 328,297 | ||||||
|
Clark County, McCarran International Airport, Series B (RB) 5.00%, 07/01/29 (c) |
275 | 348,645 | ||||||
See Notes to Financial Statements
| 76 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Nevada (continued) | ||||||||
|
Clark County, Nevada Highway (RB) (AGM) 2.00%, 07/01/31 (c) |
$ | 3,000 | $ | 2,787,191 | ||||
|
County of Clark NV (RB) (AGM) 2.00%, 07/01/31 (c) |
2,000 | 1,904,567 | ||||||
|
County of Clark, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) |
470 | 594,300 | ||||||
| Las Vegas Valley Water District, Series A (GO) | ||||||||
| 4.00%, 02/01/27 (c) | 500 | 566,257 | ||||||
| 5.00%, 06/01/26 (c) | 190 | 226,473 | ||||||
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) | ||||||||
| 4.00%, 06/01/27 (c) | 1,000 | 1,142,180 | ||||||
| 5.00%, 06/01/27 (c) | 795 | 965,622 | ||||||
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | ||||||||
| 3.38%, 06/01/28 (c) | 325 | 358,024 | ||||||
| 4.00%, 06/01/28 (c) | 760 | 878,805 | ||||||
| 4.00%, 06/01/28 (c) | 760 | 880,223 | ||||||
| Truckee Meadows Water Authority (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 355 | 419,686 | ||||||
| 5.00%, 07/01/26 (c) | 30 | 35,602 | ||||||
| 24,468,167 | ||||||||
| New Hampshire: 0.1% | ||||||||
|
New Hampshire Municipal Bond Bank (RB) 5.00%, 08/15/29 |
2,000 | 2,588,081 | ||||||
| New Jersey: 4.3% | ||||||||
|
Board of Education of the Toms River Regional School District (GO) 3.00%, 07/15/26 (c) |
500 | 527,035 | ||||||
|
City of Ocean City (GO) 2.25%, 09/15/26 (c) |
250 | 258,296 | ||||||
| County of Hudson (GO) | ||||||||
| 2.00%, 11/15/28 (c) | 685 | 669,971 | ||||||
| 2.00%, 11/15/28 (c) | 2,000 | 1,981,019 | ||||||
| 2.12%, 11/15/28 (c) | 265 | 259,661 | ||||||
|
County of Union, Technical School Bonds, Series A (GO) 3.00%, 09/01/25 (c) |
600 | 643,796 | ||||||
|
New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c) |
275 | 310,067 | ||||||
|
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c) |
755 | 813,237 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
|
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) |
$ | 260 | $ | 324,404 | ||||
|
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (ST) 4.00%, 11/01/27 |
755 | 878,754 | ||||||
|
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) |
1,000 | 1,243,024 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) |
380 | 460,457 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
| 4.75%, 12/15/26 (c) | 420 | 487,985 | ||||||
| 5.50%, 12/15/26 (c) | 275 | 335,222 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
| 5.00%, 06/15/27 (c) | 250 | 298,734 | ||||||
| 5.00%, 06/15/27 | 245 | 297,374 | ||||||
| 5.00%, 06/15/27 (c) | 935 | 1,113,505 | ||||||
| 5.00%, 06/15/27 (c) | 615 | 730,686 | ||||||
| 5.00%, 06/15/27 (c) | 340 | 405,865 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c) |
1,250 | 1,543,752 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) |
1,080 | 1,237,215 | ||||||
| New Jersey Economic Development Authority, State House Project, Series B (RB) | ||||||||
| 4.00%, 12/15/28 (c) | 1,290 | 1,510,755 | ||||||
| 5.00%, 12/15/28 (c) | 315 | 385,949 | ||||||
| 5.00%, 06/15/26 | 315 | 373,975 | ||||||
|
New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/24 (c) |
230 | 255,413 | ||||||
| New Jersey Educational Facilities Authority, Montclair State University Issue, Series B (RB) | ||||||||
See Notes to Financial Statements
| 77 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.00%, 07/01/26 (c) | $ | 400 | $ | 473,865 | ||||
| New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | ||||||||
| 2.00%, 03/01/31 (c) | 1,000 | 971,423 | ||||||
| 2.00%, 03/01/31 (c) | 1,975 | 1,906,281 | ||||||
| 2.00%, 03/01/31 (c) | 6,000 | 5,748,841 | ||||||
|
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c) |
500 | 612,173 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/27 (c) |
1,000 | 1,225,756 | ||||||
| New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB) | ||||||||
| 3.00%, 07/01/26 (c) | 1,585 | 1,678,823 | ||||||
| 3.38%, 07/01/27 (c) | 360 | 394,471 | ||||||
|
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 4.00%, 07/01/26 (c) |
1,590 | 1,807,205 | ||||||
| New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) | ||||||||
| 3.00%, 07/01/26 (c) | 115 | 121,383 | ||||||
| 3.12%, 07/01/26 (c) | 150 | 158,958 | ||||||
|
New Jersey Housing and Mortgage Finance Agency, Series A (RB) 3.75%, 10/01/27 (c) |
925 | 997,509 | ||||||
| New Jersey State Turnpike Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 2,900 | 3,564,458 | ||||||
| 5.00%, 01/01/28 (c) | 115 | 141,448 | ||||||
| 5.00%, 01/01/28 (c) | 1,080 | 1,327,350 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 4.00%, 12/15/28 (c) | 2,330 | 2,715,064 | ||||||
| 5.00%, 12/15/27 | 500 | 613,913 | ||||||
| 5.00%, 12/15/28 | 500 | 625,147 | ||||||
| 5.00%, 12/15/28 (c) | 1,395 | 1,707,474 | ||||||
| 5.00%, 12/15/28 (c) | 1,000 | 1,217,026 | ||||||
| 5.00%, 12/15/28 (c) | 1,100 | 1,343,140 | ||||||
| 5.00%, 06/15/26 (c) | 435 | 509,236 | ||||||
| 5.00%, 06/15/31 (c) | 500 | 643,507 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| 4.10%, 06/15/26 (c) | $ | 780 | $ | 873,467 | ||||
| New Jersey Turnpike Authority, Series A (RB) | ||||||||
| 4.00%, 01/01/27 (c) | 135 | 152,888 | ||||||
| 5.00%, 01/01/27 (c) | 270 | 323,468 | ||||||
| 5.00%, 01/01/27 (c) | 1,625 | 1,954,280 | ||||||
| New Jersey Turnpike Authority, Series E (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 200 | 245,997 | ||||||
| 5.00%, 01/01/28 (c) | 115 | 142,426 | ||||||
|
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c) |
1,000 | 1,224,839 | ||||||
|
New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c) |
2,130 | 2,469,388 | ||||||
|
State of New Jersey, Series A (GO) 3.00%, 06/01/32 |
250 | 278,477 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,925,827 | ||||||
| 2.00%, 12/01/29 (c) | 3,000 | 3,070,472 | ||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,839,532 | ||||||
| 5.00%, 12/01/29 (c) | 5,000 | 6,210,743 | ||||||
| 5.00%, 12/01/29 (c) | 5,000 | 6,249,751 | ||||||
| 5.00%, 06/01/27 (c) | 400 | 484,386 | ||||||
| 5.00%, 06/01/27 | 625 | 757,712 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/27 | 360 | 434,273 | ||||||
| 5.00%, 06/01/28 (c) | 2,000 | 2,415,868 | ||||||
| 5.00%, 06/01/28 (c) | 195 | 237,340 | ||||||
| 5.00%, 06/01/28 (c) | 225 | 269,834 | ||||||
| 5.00%, 06/01/28 (c) | 500 | 605,630 | ||||||
| 5.00%, 06/01/28 (c) | 250 | 301,131 | ||||||
| 82,318,331 | ||||||||
| New York: 15.4% | ||||||||
|
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 4.00%, 01/15/27 (c) |
1,555 | 1,753,339 | ||||||
|
City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c) |
500 | 531,989 | ||||||
| City of New York NY (GO) | ||||||||
| 4.00%, 08/01/31 (c) | 600 | 710,500 | ||||||
| 5.00%, 08/01/30 | 415 | 541,408 | ||||||
| City of New York, Series A (GO) | ||||||||
| 4.00%, 08/01/26 (c) | 485 | 549,324 | ||||||
| 5.00%, 08/01/25 (c) | 380 | 441,059 | ||||||
| 5.00%, 08/01/26 (c) | 1,810 | 2,158,439 | ||||||
| 5.00%, 08/01/27 | 550 | 677,181 | ||||||
| 5.00%, 08/01/27 (c) | 540 | 662,653 | ||||||
|
City of New York, Series A-1 (GO) 5.00%, 08/01/29 |
1,000 | 1,284,474 | ||||||
See Notes to Financial Statements
| 78 |
|
|
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| City of New York, Series B-1 (GO) | ||||||||
| 4.00%, 12/01/26 (c) | $ | 250 | $ | 284,214 | ||||
| 5.00%, 10/01/27 (c) | 100 | 121,507 | ||||||
| 5.00%, 10/01/29 (c) | 1,125 | 1,425,073 | ||||||
| 5.00%, 10/01/29 (c) | 500 | 635,824 | ||||||
| 5.00%, 11/01/30 | 1,000 | 1,310,451 | ||||||
| 5.00%, 12/01/26 (c) | 395 | 475,243 | ||||||
| 5.25%, 10/01/27 (c) | 920 | 1,139,406 | ||||||
| City of New York, Series C (GO) | ||||||||
| 5.00%, 02/01/27 (c) | 225 | 271,767 | ||||||
| 5.00%, 08/01/27 | 275 | 338,590 | ||||||
| City of New York, Series C and D (GO) | ||||||||
| 5.00%, 02/01/26 (c) | 110 | 129,475 | ||||||
| 5.00%, 02/01/28 (c) | 820 | 1,019,175 | ||||||
| 5.00%, 02/01/28 (c) | 1,250 | 1,530,272 | ||||||
|
City of New York, Series C-1 (GO) (SBG) 5.00%, 08/01/28 |
1,000 | 1,259,470 | ||||||
|
City of New York, Series C-1 (GO) (SD CRED PROG) 5.00%, 08/01/30 |
2,000 | 2,609,195 | ||||||
|
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c) |
1,565 | 1,963,171 | ||||||
|
City of New York, Series E (GO) 5.00%, 08/01/26 (c) |
540 | 643,954 | ||||||
| City of New York, Series E-1 (GO) | ||||||||
| 5.00%, 03/01/28 (c) | 1,015 | 1,249,226 | ||||||
| 5.25%, 03/01/28 (c) | 1,000 | 1,244,338 | ||||||
| 5.25%, 03/01/28 (c) | 1,500 | 1,874,893 | ||||||
|
City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c) |
250 | 306,920 | ||||||
|
City of New York, Series I-A (GO) 4.00%, 10/01/30 (c) |
2,000 | 2,356,510 | ||||||
|
City of New York, Series L (GO) 5.00%, 04/01/29 (c) |
400 | 501,195 | ||||||
|
City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c) |
1,865 | 2,419,020 | ||||||
| City of New York, Series L-6 (GO) | ||||||||
| 5.00%, 04/01/28 | 175 | 218,706 | ||||||
| 5.00%, 04/01/29 (c) | 1,000 | 1,265,408 | ||||||
|
City of Troy Capital Resource Corp., Series A (RB) 5.00%, 09/01/30 (c) |
500 | 631,482 | ||||||
| County of Nassau, Series C (GO) | ||||||||
| 5.00%, 10/01/27 | 310 | 380,460 | ||||||
| 5.00%, 10/01/27 (c) | 600 | 729,146 | ||||||
|
County of Westchester, Series A (GO) 4.00%, 12/01/26 (c) |
345 | 402,935 | ||||||
| Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 02/15/27 (c) | $ | 3,025 | $ | 3,641,300 | ||||
| 5.00%, 02/15/27 (c) | 1,030 | 1,234,929 | ||||||
| 5.00%, 02/15/27 (c) | 1,700 | 2,035,526 | ||||||
| 5.00%, 02/15/27 (c) | 460 | 549,664 | ||||||
| Long Island Power Authority, Electric System (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 500 | 611,061 | ||||||
| 5.00%, 09/01/27 (c) | 305 | 372,724 | ||||||
| 5.00%, 09/01/27 (c) | 750 | 912,903 | ||||||
|
Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c) |
450 | 482,038 | ||||||
|
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) |
40 | 48,083 | ||||||
| Metropolitan Transportation Authority (RB) | ||||||||
| 5.00%, 11/15/30 | 1,000 | 1,272,168 | ||||||
| 5.00%, 05/15/28 (c) | 1,540 | 1,844,681 | ||||||
|
Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c) |
340 | 376,902 | ||||||
|
Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/27 (c) |
155 | 186,317 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 4.00%, 11/15/26 (c) | 1,825 | 2,016,416 | ||||||
| 4.00%, 11/15/26 (c) | 215 | 237,977 | ||||||
| 5.00%, 11/15/26 (c) | 310 | 368,683 | ||||||
| 5.00%, 11/15/27 | 865 | 1,052,733 | ||||||
| 5.00%, 11/15/28 | 380 | 467,512 | ||||||
| 5.00%, 11/15/28 | 380 | 467,512 | ||||||
| Metropolitan Transportation Authority, Series B-2 (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 15 | 17,908 | ||||||
| 5.00%, 11/15/27 (c) | 1,185 | 1,446,219 | ||||||
| 5.00%, 11/15/27 | 400 | 496,134 | ||||||
| 5.00%, 11/15/27 (c) | 200 | 244,199 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 4.00%, 05/15/28 (c) | 395 | 438,659 | ||||||
| 4.00%, 05/15/28 (c) | 410 | 453,908 | ||||||
| 4.00%, 05/15/28 (c) | 1,240 | 1,387,200 | ||||||
| 5.00%, 11/15/26 (c) | 1,175 | 1,373,781 | ||||||
| 5.00%, 11/15/26 (c) | 155 | 184,341 | ||||||
| 5.00%, 11/15/26 (c) | 900 | 1,065,226 | ||||||
| 5.00%, 11/15/27 | 500 | 608,677 | ||||||
| 5.00%, 05/15/28 (c) | 2,540 | 3,023,950 | ||||||
| 5.00%, 05/15/28 (c) | 1,445 | 1,727,376 | ||||||
| 5.00%, 05/15/28 (c) | 470 | 567,176 | ||||||
| 5.00%, 05/15/28 (c) | 810 | 962,557 | ||||||
| 5.00%, 05/15/28 (c) | 1,260 | 1,532,927 | ||||||
|
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ |
1,035 | 785,501 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
See Notes to Financial Statements
| 79 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 3.12%, 11/15/26 (c) | $ | 265 | $ | 277,589 | ||||
| 4.00%, 11/15/26 (c) | 400 | 444,014 | ||||||
| 5.00%, 11/15/26 (c) | 1,115 | 1,312,909 | ||||||
| 5.00%, 11/15/26 (c) | 1,805 | 2,115,781 | ||||||
| 5.00%, 05/15/28 (c) | 535 | 636,934 | ||||||
| 5.00%, 05/15/28 (c) | 1,570 | 1,871,844 | ||||||
| 5.00%, 05/15/28 (c) | 1,085 | 1,299,662 | ||||||
|
Monroe County Industrial Development Corp. (RB) 3.00%, 12/01/30 (c) |
865 | 912,908 | ||||||
|
New York City Housing Development Corp. (RB) (FHA 542(C)) 2.10%, 05/01/29 (c) |
1,000 | 986,775 | ||||||
|
New York City Housing Development Corp., Multi-Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c) |
1,100 | 1,107,883 | ||||||
|
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.10%, 05/01/29 (c) |
1,340 | 1,334,172 | ||||||
| New York City Industrial Development Agency (RB) (AGM) | ||||||||
| 4.00%, 01/01/31 (c) | 500 | 605,836 | ||||||
| 4.00%, 09/01/30 (c) | 1,500 | 1,780,000 | ||||||
| 5.00%, 01/01/31 | 1,200 | 1,570,698 | ||||||
|
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 2.00%, 01/01/31 (c) |
1,250 | 1,178,641 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue (RB) (SAW) | ||||||||
| 3.00%, 07/15/31 (c) | 1,400 | 1,519,150 | ||||||
| 4.00%, 07/15/31 (c) | 1,375 | 1,637,237 | ||||||
| 5.00%, 07/15/31 (c) | 1,000 | 1,320,594 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-2 (RB) (SAW) | ||||||||
| 5.00%, 07/15/25 (c) | 135 | 157,069 | ||||||
| 5.00%, 07/15/28 (c) | 1,010 | 1,256,785 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-4 (RB) (SAW) | ||||||||
| 5.00%, 07/15/28 (c) | 500 | 619,988 | ||||||
| 5.00%, 07/15/28 (c) | 100 | 124,434 | ||||||
| 5.25%, 07/15/28 (c) | 415 | 521,846 | ||||||
|
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) 5.00%, 07/15/28 (c) |
1,010 | 1,252,376 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
| 3.00%, 11/01/30 (c) | $ | 2,000 | $ | 2,148,585 | ||||
| 5.00%, 11/01/30 (c) | 3,000 | 3,847,492 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
| 4.00%, 05/01/26 (c) | 630 | 712,483 | ||||||
| 5.00%, 05/01/26 (c) | 160 | 187,617 | ||||||
| 5.00%, 05/01/26 (c) | 450 | 531,363 | ||||||
| 5.00%, 05/01/26 (c) | 880 | 1,037,832 | ||||||
| 5.00%, 05/01/26 (c) | 280 | 331,714 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) 5.00%, 08/01/24 (c) |
260 | 292,214 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
| 4.00%, 08/01/27 (c) | 115 | 132,165 | ||||||
| 5.00%, 08/01/26 (c) | 690 | 821,412 | ||||||
| 5.00%, 08/01/26 (c) | 540 | 642,567 | ||||||
| 5.00%, 08/01/26 (c) | 530 | 632,302 | ||||||
| 5.00%, 08/01/26 (c) | 895 | 1,064,077 | ||||||
| 5.00%, 08/01/27 (c) | 350 | 425,531 | ||||||
| 5.00%, 08/01/27 (c) | 125 | 153,633 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,218,605 | ||||||
| 5.00%, 08/01/28 (c) | 780 | 971,371 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,297,514 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 20 | 23,477 | ||||||
| 5.00%, 05/01/27 (c) | 2,280 | 2,772,377 | ||||||
| 5.00%, 05/01/27 (c) | 900 | 1,087,097 | ||||||
| 5.00%, 08/01/30 (c) | 855 | 1,111,551 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/30 (c) |
4,500 | 5,751,371 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c) |
100 | 109,669 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
| 5.00%, 02/01/25 (c) | 155 | 176,623 | ||||||
| 5.00%, 02/01/27 (c) | 1,190 | 1,440,486 | ||||||
See Notes to Financial Statements
| 80 |
|
|
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30 |
$ | 6,000 | $ | 7,389,748 | ||||
| New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) | ||||||||
| 4.00%, 10/01/26 (c) | 745 | 851,135 | ||||||
| 4.00%, 10/01/26 (c) | 850 | 974,139 | ||||||
|
New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c) |
1,000 | 1,291,036 | ||||||
| New York City Water and Sewer System, Series BB (RB) | ||||||||
| 5.00%, 06/15/27 (c) | 595 | 729,937 | ||||||
| 5.00%, 06/15/27 (c) | 310 | 375,638 | ||||||
|
New York City Water and Sewer System, Series DD (RB) 5.00%, 06/15/31 |
1,865 | 2,492,793 | ||||||
|
New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c) |
215 | 260,917 | ||||||
|
New York City Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c) |
500 | 635,722 | ||||||
| New York State Dormitory Authority (RB) | ||||||||
| 3.00%, 09/15/30 (c) | 1,620 | 1,733,464 | ||||||
| 4.00%, 02/15/27 (c) | 475 | 540,095 | ||||||
| 4.00%, 07/01/31 (c) | 1,000 | 1,193,437 | ||||||
| 4.00%, 09/15/30 (c) | 1,135 | 1,340,880 | ||||||
| 5.00%, 02/15/27 (c) | 1,375 | 1,667,276 | ||||||
| 5.00%, 02/15/27 (c) | 1,000 | 1,203,521 | ||||||
| 5.00%, 03/15/28 | 930 | 1,160,018 | ||||||
| 5.00%, 08/01/28 | 545 | 671,216 | ||||||
| 5.00%, 08/01/28 (c) | 1,000 | 1,220,628 | ||||||
|
New York State Dormitory Authority, Columbia University (RB) 5.00%, 04/01/26 (c) |
170 | 202,300 | ||||||
|
New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28 |
115 | 146,795 | ||||||
|
New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27 |
25 | 31,113 | ||||||
|
New York State Dormitory Authority, Cornell University, Series A (RB) 4.00%, 07/01/26 (c) |
200 | 225,910 | ||||||
| New York State Dormitory Authority, Cornell University, Series D (RB) | ||||||||
| 5.00%, 07/01/33 | 110 | 153,273 | ||||||
| 5.00%, 07/01/34 | 1,100 | 1,554,996 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Dormitory Authority, Fordham University (RB) 4.00%, 07/01/27 (c) |
$ | 800 | $ | 911,240 | ||||
|
New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c) |
1,000 | 1,185,916 | ||||||
| New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) | ||||||||
| 5.00%, 08/01/27 | 315 | 380,956 | ||||||
| 5.00%, 08/01/28 (c) | 890 | 1,082,292 | ||||||
|
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c) |
250 | 298,641 | ||||||
|
New York State Dormitory Authority, New York State University, Series B (RB) 5.00%, 07/01/25 (c) |
20 | 23,036 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 260 | 309,338 | ||||||
| 5.00%, 07/01/27 (c) | 250 | 306,148 | ||||||
| 5.00%, 07/01/27 (c) | 200 | 242,414 | ||||||
| 5.00%, 07/01/27 (c) | 475 | 585,187 | ||||||
| 5.00%, 07/01/27 (c) | 250 | 303,163 | ||||||
| 5.00%, 07/01/28 (c) | 385 | 481,079 | ||||||
| 5.00%, 07/01/29 (c) | 100 | 128,284 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM) | ||||||||
| 5.00%, 10/01/27 (c) | 100 | 122,655 | ||||||
| 5.00%, 10/01/27 (c) | 635 | 784,993 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
| 5.00%, 10/01/26 (c) | 650 | 783,180 | ||||||
| 5.00%, 10/01/26 (c) | 1,325 | 1,590,805 | ||||||
| 5.00%, 10/01/26 (c) | 200 | 239,695 | ||||||
|
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/27 (c) |
525 | 603,401 | ||||||
|
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM) 2.00%, 07/01/29 (c) |
850 | 866,126 | ||||||
|
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c) |
500 | 598,905 | ||||||
See Notes to Financial Statements
| 81 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 4.00%, 03/15/31 (c) | $ | 2,795 | $ | 3,296,794 | ||||
| 5.00%, 02/15/27 (c) | 595 | 715,483 | ||||||
| 5.00%, 03/15/25 (c) | 195 | 221,954 | ||||||
| 5.00%, 03/15/25 (c) | 150 | 172,029 | ||||||
| 5.00%, 03/15/29 | 100 | 127,447 | ||||||
| 5.00%, 03/15/29 (c) | 1,645 | 2,063,564 | ||||||
| 5.00%, 03/15/29 (c) | 2,030 | 2,553,241 | ||||||
| 5.00%, 03/15/29 (c) | 3,910 | 4,891,025 | ||||||
| 5.00%, 03/15/29 | 1,285 | 1,637,687 | ||||||
| 5.00%, 03/15/30 | 3,000 | 3,895,860 | ||||||
| 5.00%, 03/15/31 (c) | 4,000 | 5,203,937 | ||||||
| 5.00%, 08/15/26 (c) | 1,040 | 1,249,104 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
| 5.00%, 08/15/27 (c) | 2,270 | 2,759,257 | ||||||
| 5.00%, 08/15/27 (c) | 640 | 791,698 | ||||||
| 5.00%, 08/15/27 (c) | 2,000 | 2,444,411 | ||||||
|
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c) |
385 | 425,655 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
| 5.00%, 02/15/30 (c) | 2,000 | 2,542,642 | ||||||
| 5.00%, 02/15/30 | 1,435 | 1,860,518 | ||||||
| 5.00%, 08/15/26 (c) | 940 | 1,122,634 | ||||||
| 5.00%, 08/15/26 (c) | 540 | 648,573 | ||||||
| 5.00%, 08/15/26 (c) | 315 | 377,348 | ||||||
|
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/30 (c) |
115 | 146,645 | ||||||
|
New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 5.00%, 02/15/25 (c) |
320 | 365,989 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 250 | 298,200 | ||||||
| 5.00%, 03/15/24 (c) | 340 | 376,244 | ||||||
| 5.00%, 03/15/24 (c) | 115 | 127,230 | ||||||
| 5.00%, 03/15/27 (c) | 2,110 | 2,546,691 | ||||||
| 5.00%, 03/15/27 (c) | 305 | 370,091 | ||||||
| 5.00%, 03/15/27 (c) | 1,000 | 1,207,040 | ||||||
| 5.00%, 03/15/27 (c) | 515 | 623,395 | ||||||
| 5.00%, 09/15/26 (c) | 140 | 167,655 | ||||||
| 5.00%, 09/15/26 (c) | 2,380 | 2,858,958 | ||||||
| 5.00%, 09/15/26 (c) | 60 | 71,630 | ||||||
|
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 09/15/25 (c) |
170 | 198,123 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 09/15/25 (c) | $ | 120 | $ | 140,353 | ||||
| New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
| 5.00%, 03/15/28 (c) | 520 | 641,974 | ||||||
| 5.00%, 03/15/28 (c) | 1,220 | 1,500,970 | ||||||
|
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/27 (c) |
2,560 | 3,136,349 | ||||||
|
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c) |
1,000 | 1,207,164 | ||||||
|
New York State Dormitory Authority, The New School, Series A (RB) 5.00%, 01/01/27 (c) |
385 | 456,022 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| 5.00%, 06/15/26 (c) | 415 | 494,171 | ||||||
| 5.00%, 06/15/26 (c) | 765 | 912,092 | ||||||
| 5.00%, 06/15/27 (c) | 150 | 182,852 | ||||||
| 5.00%, 06/15/27 (c) | 405 | 497,885 | ||||||
|
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/29 (c) |
1,250 | 1,595,490 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) | ||||||||
| 3.00%, 06/15/27 (c) | 495 | 535,326 | ||||||
| 5.00%, 06/15/27 (c) | 500 | 609,691 | ||||||
| 5.00%, 06/15/27 (c) | 1,000 | 1,220,281 | ||||||
|
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c) |
1,000 | 993,875 | ||||||
|
New York State Thruway Authority (RB) 5.00%, 03/15/31 (c) |
800 | 1,032,600 | ||||||
| New York State Thruway Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 650 | 759,633 | ||||||
| 5.00%, 01/01/26 (c) | 600 | 700,273 | ||||||
|
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) |
800 | 929,764 | ||||||
| New York State Thruway Authority, Series L (RB) | ||||||||
| 3.50%, 01/01/28 (c) | 1,120 | 1,240,951 | ||||||
| 5.00%, 01/01/28 (c) | 1,500 | 1,833,972 | ||||||
| 5.00%, 01/01/28 (c) | 1,300 | 1,585,618 | ||||||
See Notes to Financial Statements
| 82 |
|
|
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Urban Development Corp. (RB) 5.00%, 09/15/31 (c) |
$ | 4,500 | $ | 5,880,111 | ||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 5.00%, 03/15/27 (c) | 325 | 391,012 | ||||||
| 5.00%, 03/15/27 (c) | 750 | 906,122 | ||||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| 4.00%, 09/15/30 (c) | 1,000 | 1,181,392 | ||||||
| 4.00%, 09/15/30 (c) | 1,000 | 1,192,411 | ||||||
| 5.00%, 03/15/28 | 500 | 625,418 | ||||||
| 5.00%, 09/15/27 (c) | 350 | 428,319 | ||||||
| 5.00%, 09/15/27 (c) | 2,000 | 2,442,859 | ||||||
| 5.00%, 09/15/30 (c) | 250 | 320,508 | ||||||
|
New York State Urban Development Corp., State Sales Tax, Series A (RB) 5.00%, 09/15/29 (c) |
1,000 | 1,274,232 | ||||||
|
New York Transportation Development Corp. (RB) 5.00%, 12/01/30 |
1,150 | 1,458,952 | ||||||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | ||||||||
| 5.00%, 12/01/30 (c) | 1,000 | 1,244,217 | ||||||
| 5.00%, 12/01/30 (c) | 750 | 935,010 | ||||||
|
Port Authority of New York & New Jersey (RB) 5.00%, 07/15/30 (c) |
1,000 | 1,286,299 | ||||||
|
Port Authority of New York and New Jersey, Series 198 (RB) 5.00%, 11/15/26 (c) |
300 | 358,246 | ||||||
| Port Authority of New York and New Jersey, Series 205 (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 840 | 1,037,151 | ||||||
| 5.00%, 11/15/27 (c) | 1,000 | 1,228,305 | ||||||
| 5.00%, 11/15/27 (c) | 2,500 | 3,067,084 | ||||||
| Port Authority of New York and New Jersey, Series 209 (RB) | ||||||||
| 5.00%, 07/15/28 | 255 | 322,536 | ||||||
| 5.00%, 07/15/28 (c) | 500 | 617,867 | ||||||
|
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c) |
500 | 621,781 | ||||||
|
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c) |
500 | 634,695 | ||||||
| Port Authority of New York and New Jersey, Series 222 (RB) | ||||||||
| 4.00%, 07/15/30 (c) | 3,975 | 4,697,539 | ||||||
| 4.00%, 07/15/30 (c) | 2,600 | 3,085,498 | ||||||
| 5.00%, 07/15/30 (c) | 1,000 | 1,282,136 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
State of New York Mortgage Agency, Series 197 (RB) 2.60%, 04/01/25 (c) |
$ | 730 | $ | 748,597 | ||||
|
State of New York Mortgage Agency, Series 192 (RB) 3.80%, 10/01/24 (c) |
85 | 86,982 | ||||||
|
State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c) |
615 | 638,151 | ||||||
|
State of New York Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c) |
460 | 484,896 | ||||||
|
State of New York Mortgage Agency, Series 208 (RB) (AGC) 3.60%, 04/01/27 (c) |
550 | 568,989 | ||||||
|
Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c) |
10 | 11,131 | ||||||
|
Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c) |
20 | 23,700 | ||||||
| Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
| 5.00%, 11/15/31 | 1,000 | 1,341,232 | ||||||
| 5.00%, 05/15/27 (c) | 1,350 | 1,636,868 | ||||||
| 5.00%, 05/15/27 (c) | 1,255 | 1,519,811 | ||||||
| 5.00%, 05/15/27 (c) | 1,000 | 1,223,903 | ||||||
| 5.00%, 05/15/27 (c) | 1,035 | 1,258,961 | ||||||
| 5.00%, 05/15/27 (c) | 1,070 | 1,297,500 | ||||||
| 5.00%, 05/15/27 (c) | 1,550 | 1,878,213 | ||||||
| Triborough Bridge and Tunnel Authority, Series C (RB) | ||||||||
| 5.00%, 11/15/27 | 1,565 | 1,942,089 | ||||||
| 5.00%, 11/15/28 | 500 | 634,961 | ||||||
|
Triborough Bridge and Tunnel Authority, Series D (RB) 5.00%, 11/15/30 (c) |
1,000 | 1,300,275 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 130 | 156,775 | ||||||
| 5.00%, 06/01/27 (c) | 1,140 | 1,351,465 | ||||||
| 5.00%, 06/01/27 (c) | 500 | 591,630 | ||||||
| 5.00%, 06/01/27 (c) | 845 | 996,796 | ||||||
| 5.00%, 06/01/27 (c) | 285 | 341,671 | ||||||
|
Utility Debt Securitization Authority (RB) 5.00%, 12/15/25 (c) |
200 | 235,850 | ||||||
| Utility Debt Securitization Authority, Series A (RB) | ||||||||
| 5.00%, 12/15/25 (c) | 310 | 365,567 | ||||||
| 5.00%, 06/15/25 (c) | 360 | 417,866 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 590,895 | ||||||
| 5.00%, 06/15/26 (c) | 610 | 723,321 | ||||||
|
Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c) |
1,135 | 1,347,551 | ||||||
| 297,983,358 | ||||||||
See Notes to Financial Statements
| 83 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| North Carolina: 2.1% | ||||||||
|
Cape Fear Public Utility Authority, Water and Sewer System (RB) 4.00%, 08/01/26 (c) |
$ | 450 | $ | 514,820 | ||||
|
Charlotte-Mecklenburg Hospital Authority, Atrium Health Variable Rate Health Care, Series D (RB) 5.00%, 12/01/31 (p) |
3,000 | 4,004,063 | ||||||
|
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c) |
100 | 111,185 | ||||||
|
City of Charlotte (GO) 5.00%, 06/01/27 |
250 | 308,270 | ||||||
|
County of Forsyth, Public Improvement, Series B (GO) 3.00%, 03/01/27 (c) |
590 | 642,029 | ||||||
| County of Mecklenburg, Series A (GO) | ||||||||
| 4.00%, 04/01/27 (c) | 900 | 1,043,917 | ||||||
| 4.00%, 04/01/27 (c) | 1,000 | 1,159,956 | ||||||
|
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c) |
250 | 255,940 | ||||||
| County of New Hanover, New Hanover Regional Medical Center (RB) | ||||||||
| 5.00%, 10/01/27 | 590 | 725,145 | ||||||
| 5.00%, 10/01/27 (c) | 1,300 | 1,598,448 | ||||||
|
County of Union, Enterprise Systems (RB) 4.00%, 06/01/31 (c) |
1,000 | 1,242,267 | ||||||
| County of Wake (RB) | ||||||||
| 3.00%, 03/01/31 (c) | 1,500 | 1,687,035 | ||||||
| 4.00%, 03/01/31 (c) | 850 | 1,043,791 | ||||||
| County of Wake, Series A (RB) | ||||||||
| 3.12%, 08/01/28 (c) | 150 | 165,858 | ||||||
| 5.00%, 12/01/26 (c) | 500 | 603,533 | ||||||
|
North Carolina Capital Facilities Finance Agency, Wake Forest Univeristy (RB) 5.00%, 07/01/26 (c) |
130 | 154,977 | ||||||
|
North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c) |
10 | 11,197 | ||||||
|
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 5.00%, 06/01/27 |
365 | 446,270 | ||||||
|
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c) |
1,000 | 1,266,480 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| North Carolina (continued) | ||||||||
| 5.00%, 01/01/27 (c) | $ | 500 | $ | 584,548 | ||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) | ||||||||
| 5.00%, 01/01/27 (c) | 945 | 1,131,333 | ||||||
| 5.00%, 01/01/29 (c) | 380 | 474,194 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
| 4.00%, 01/01/28 (c) | 890 | 1,039,277 | ||||||
| 4.00%, 01/01/28 (c) | 360 | 419,716 | ||||||
| 4.00%, 01/01/28 (c) | 800 | 930,847 | ||||||
| State of North Carolina (RB) | ||||||||
| 5.00%, 03/01/28 | 1,500 | 1,871,930 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,311,495 | ||||||
|
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c) |
625 | 628,971 | ||||||
|
State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/29 (c) |
2,500 | 3,155,994 | ||||||
| State of North Carolina, Series A (GO) | ||||||||
| 3.00%, 06/01/28 (c) | 1,000 | 1,100,113 | ||||||
| 3.00%, 06/01/28 (c) | 380 | 416,428 | ||||||
| 5.00%, 06/01/28 (c) | 1,140 | 1,426,594 | ||||||
| 5.00%, 06/01/30 (c) | 1,100 | 1,441,005 | ||||||
| State of North Carolina, Series A (RB) | ||||||||
| 5.00%, 05/01/28 | 1,440 | 1,806,287 | ||||||
| 5.00%, 05/01/29 (c) | 1,000 | 1,273,778 | ||||||
|
State of North Carolina, Series B (GO)
5.00%, 06/01/26 (c) |
420 | 500,225 | ||||||
| State of North Carolina, Series B (RB) | ||||||||
| 3.00%, 05/01/27 (c) | 800 | 872,620 | ||||||
| 5.00%, 05/01/27 (c) | 880 | 1,074,103 | ||||||
| 5.00%, 05/01/27 | 215 | 263,902 | ||||||
| 5.00%, 05/01/28 | 1,200 | 1,505,239 | ||||||
| 40,213,780 | ||||||||
| North Dakota: 0.1% | ||||||||
|
County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c) |
410 | 485,027 | ||||||
| North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) | ||||||||
| 3.55%, 07/01/27 (c) | 255 | 272,328 | ||||||
| 3.75%, 07/01/27 (c) | 850 | 894,488 | ||||||
See Notes to Financial Statements
| 84 |
|
|
|
Par
(000’s |
) | Value | ||||||
| North Dakota (continued) | ||||||||
|
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c) |
$ | 325 | $ | 344,600 | ||||
|
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series F (RB) (NATL) 3.35%, 11/01/21 (c) |
50 | 50,000 | ||||||
| North Dakota Public Finance Authority, Series A (RB) | ||||||||
| 5.00%, 10/01/24 (c) | 300 | 338,237 | ||||||
| 5.00%, 10/01/24 (c) | 365 | 411,068 | ||||||
| 2,795,748 | ||||||||
| Ohio: 3.0% | ||||||||
| Akron Bath Copley Joint Township Hospital District (RB) | ||||||||
| 4.00%, 11/15/30 (c) | 1,000 | 1,164,371 | ||||||
| 4.00%, 11/15/30 (c) | 1,000 | 1,156,163 | ||||||
|
Buckeye Tobacco Settlement Financing Authority (RB) 5.00%, 06/01/30 (c) |
500 | 628,278 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 5.00%, 06/01/30 (c) | 3,000 | 3,740,255 | ||||||
| 5.00%, 06/01/30 (c) | 2,000 | 2,501,578 | ||||||
|
City of Cincinnati (GO) 4.00%, 12/01/27 (c) |
975 | 1,145,852 | ||||||
|
City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB) 5.00%, 04/01/28 (c) |
500 | 617,763 | ||||||
| City of Columbus, Series 1 (GO) | ||||||||
| 4.00%, 10/01/27 (c) | 200 | 233,349 | ||||||
| 5.00%, 10/01/27 (c) | 750 | 928,620 | ||||||
| 5.00%, 10/01/27 (c) | 250 | 309,817 | ||||||
| City of Columbus, Various Purpose, Series A (GO) | ||||||||
| 4.00%, 08/15/25 (c) | 380 | 428,310 | ||||||
| 5.00%, 04/01/30 | 1,000 | 1,309,626 | ||||||
|
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c) |
1,245 | 1,584,690 | ||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| 5.00%, 12/01/29 | 1,250 | 1,607,057 | ||||||
| 5.00%, 02/01/28 (c) | 115 | 142,461 | ||||||
| 5.00%, 02/01/28 (c) | 1,030 | 1,272,994 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,291,760 | ||||||
| County of Butler (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 400 | 452,017 | ||||||
| 5.00%, 11/15/27 (c) | 1,805 | 2,168,497 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
| 5.00%, 02/15/27 (c) | $ | 100 | $ | 117,889 | ||||
| 5.00%, 02/15/27 (c) | 250 | 296,545 | ||||||
| County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 125 | 153,373 | ||||||
| 5.00%, 11/01/27 (c) | 120 | 147,341 | ||||||
|
County of Franklin, Series A (RB) 5.00%, 11/01/27 (c) |
145 | 177,856 | ||||||
|
County of Hamilton, Hospital Facilities, Series A (RB) 5.00%, 08/15/27 |
945 | 1,160,382 | ||||||
|
County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/26 (c) |
340 | 407,759 | ||||||
|
County of Hamilton, Sewer System, Series A (RB) 5.00%, 12/01/29 (c) |
1,000 | 1,284,348 | ||||||
|
County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) 5.00%, 11/15/27 |
355 | 431,683 | ||||||
|
County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c) |
165 | 176,530 | ||||||
| Cuyahoga Community College District (GO) | ||||||||
| 4.00%, 06/01/26 (c) | 500 | 565,532 | ||||||
| 4.00%, 06/01/26 (c) | 350 | 396,712 | ||||||
|
Kent State University (RB) 5.00%, 05/01/26 (c) |
20 | 23,580 | ||||||
|
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) |
1,000 | 1,108,975 | ||||||
| Ohio Turnpike and Infrastructure Commission, Series A (RB) (ST) | ||||||||
| 5.00%, 02/15/28 (c) | 500 | 613,225 | ||||||
| 5.00%, 02/15/28 (c) | 500 | 614,370 | ||||||
| 5.00%, 02/15/28 (c) | 500 | 611,598 | ||||||
|
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 03/01/28 (c) |
1,020 | 1,279,432 | ||||||
|
Ohio Water Development Authority, Fresh Water, Series A (RB) 5.00%, 06/01/26 (c) |
125 | 149,245 | ||||||
| Ohio Water Development Authority, Fresh Water, Series B (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 200 | 241,514 | ||||||
| 5.00%, 12/01/26 (c) | 1,000 | 1,207,015 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
| 5.00%, 12/01/27 | 1,000 | 1,243,026 | ||||||
| 5.00%, 12/01/27 | 2,000 | 2,486,051 | ||||||
See Notes to Financial Statements
| 85 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
| 5.00%, 06/01/27 (c) | $ | 960 | $ | 1,171,763 | ||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,296,451 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series B (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 20 | 23,512 | ||||||
| 5.00%, 12/01/25 (c) | 40 | 47,077 | ||||||
|
State of Ohio (RB) 5.00%, 12/15/32 |
500 | 686,589 | ||||||
|
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c) |
480 | 531,289 | ||||||
| State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | ||||||||
| 4.00%, 01/01/28 (c) | 760 | 879,215 | ||||||
| 5.00%, 01/01/28 (c) | 140 | 172,670 | ||||||
| 5.00%, 01/01/28 (c) | 425 | 526,932 | ||||||
| 5.00%, 01/01/28 | 1,255 | 1,559,842 | ||||||
| 5.00%, 01/01/28 (c) | 130 | 159,948 | ||||||
| 5.00%, 01/01/28 (c) | 135 | 166,951 | ||||||
| State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB) | ||||||||
| 5.00%, 04/01/28 (c) | 805 | 986,165 | ||||||
| 5.00%, 04/01/28 (c) | 615 | 756,714 | ||||||
| 5.00%, 04/01/28 (c) | 640 | 785,440 | ||||||
| State of Ohio, Common Schools, Series A (GO) | ||||||||
| 5.00%, 03/15/24 (c) | 500 | 554,053 | ||||||
| 5.00%, 03/15/24 (c) | 25 | 27,627 | ||||||
|
State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/27 |
395 | 487,088 | ||||||
|
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c) |
165 | 175,619 | ||||||
|
State of Ohio, Highway Capital Improvement, Series S (GO) 5.00%, 05/01/26 (c) |
550 | 653,188 | ||||||
|
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c) |
1,000 | 1,217,618 | ||||||
|
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/28 |
1,000 | 1,254,366 | ||||||
| State of Ohio, Infrastructure Project, Series 1 (RB) | ||||||||
| 5.00%, 12/15/30 | 200 | 264,360 | ||||||
| 5.00%, 12/15/31 | 1,225 | 1,648,578 | ||||||
|
State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c) |
225 | 268,715 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
|
State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c) |
$ | 100 | $ | 123,212 | ||||
|
State of Ohio, Parks and Recreation Improvement, Series C (RB) 5.00%, 12/01/26 (c) |
500 | 599,646 | ||||||
|
The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29 |
2,225 | 2,892,294 | ||||||
|
Village of Bluffton, Blanchard Valley Health System (RB) 4.00%, 12/01/27 (c) |
100 | 114,123 | ||||||
| 57,608,484 | ||||||||
| Oklahoma: 0.3% | ||||||||
| Canadian County Educational Facilities Authority, Mustang Public Schools (RB) | ||||||||
| 3.00%, 09/01/26 (c) | 330 | 358,098 | ||||||
| 5.00%, 09/01/26 (c) | 405 | 484,803 | ||||||
| Grand River Dam Authority, Series A (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 410 | 496,184 | ||||||
| 5.00%, 12/01/26 (c) | 100 | 120,715 | ||||||
| 5.00%, 12/01/26 (c) | 515 | 620,512 | ||||||
|
Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c) |
750 | 810,328 | ||||||
|
Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c) |
155 | 175,005 | ||||||
|
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c) |
565 | 676,388 | ||||||
| Oklahoma Turnpike Authority, Series E (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 300 | 361,630 | ||||||
| 5.00%, 01/01/27 (c) | 155 | 187,908 | ||||||
|
Tulsa County Industrial Authority (RB) 5.00%, 09/01/25 (c) |
530 | 615,233 | ||||||
|
Tulsa Public Facilities Authority (RB) 4.00%, 10/01/26 |
250 | 287,487 | ||||||
| 5,194,291 | ||||||||
| Oregon: 1.6% | ||||||||
|
Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) 5.00%, 08/15/30 (c) |
720 | 921,404 | ||||||
| Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) | ||||||||
See Notes to Financial Statements
| 86 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Oregon (continued) | ||||||||
| 5.00%, 08/15/30 (c) | $ | 700 | $ | 893,378 | ||||
|
City of Eugene, Electric Utility System Revenue, Series A (RB) 4.00%, 08/01/26 (c) |
410 | 466,204 | ||||||
|
City of Portland Oregon, Sewer System Revenue (RB) 3.00%, 09/01/30 (c) |
2,350 | 2,585,322 | ||||||
|
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c) |
1,285 | 1,590,752 | ||||||
|
Deschutes Public Library District (GO) 4.00%, 06/01/31 (c) |
2,000 | 2,405,268 | ||||||
|
Hillsboro School District No 1J (GO) (SBG) 4.00%, 06/15/30 (c) |
870 | 1,039,805 | ||||||
| Hillsboro School District No. 1J (GO) (SBG) | ||||||||
| 5.00%, 06/15/27 (c) | 590 | 715,979 | ||||||
| 5.00%, 06/15/27 (c) | 1,000 | 1,221,644 | ||||||
|
Metro Oregon, Series A (GO) 5.00%, 06/01/30 (c) |
1,045 | 1,366,968 | ||||||
| Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) | ||||||||
| 0.01%, 06/15/27 (c) | 1,010 | 727,538 | ||||||
| 0.01%, 06/15/27 (c) | 1,215 | 917,947 | ||||||
|
Multnomah and Clackamas Counties School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c) |
500 | 574,408 | ||||||
|
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c) |
1,280 | 1,431,025 | ||||||
| Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 195 | 230,112 | ||||||
| 5.00%, 10/01/26 (c) | 430 | 509,171 | ||||||
|
Oregon State Lottery, Department of Administrative Services, Series C (RB) 5.00%, 04/01/27 (c) |
120 | 146,198 | ||||||
|
Portland Community College District (GO) 5.00%, 06/15/26 (c) |
115 | 137,285 | ||||||
|
Salem-Keizer School District No 24J (GO) (SBG) 4.00%, 06/15/30 (c) |
2,000 | 2,376,320 | ||||||
| Salem-Keizer School District No. 24J (GO) (SBG) | ||||||||
| 4.00%, 06/15/28 (c) | 475 | 553,006 | ||||||
| 5.00%, 06/15/28 (c) | 545 | 678,225 | ||||||
|
Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c) |
125 | 151,696 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Oregon (continued) | ||||||||
|
State of Oregon Department of Transportation (RB) 5.00%, 11/15/29 (c) |
$ | 1,650 | $ | 2,102,272 | ||||
|
State of Oregon Housing & Community Services Department (RB) (AGM) 3.55%, 07/01/27 (c) |
245 | 261,380 | ||||||
|
State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB) 5.00%, 04/01/27 (c) |
690 | 837,904 | ||||||
|
State of Oregon, Department of Transportation, Series A (RB) 5.00%, 11/15/30 (c) |
1,000 | 1,301,204 | ||||||
|
State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c) |
450 | 517,796 | ||||||
|
State of Oregon, Housing and Community Services Department, Series D (RB) 3.80%, 01/01/28 (c) |
700 | 763,385 | ||||||
|
State of Oregon, Seismic Project and Article XI-Q, Series A (GO) 5.00%, 05/01/27 (c) |
145 | 175,525 | ||||||
|
State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c) |
10 | 11,871 | ||||||
|
Tri-County Metropolitan Transportation District of Oregon (RB) 5.00%, 09/01/29 (c) |
1,220 | 1,544,737 | ||||||
| Tri-County Metropolitan Transportation District of Oregon, Series A (RB) | ||||||||
| 3.25%, 04/01/28 (c) | 570 | 619,865 | ||||||
| 5.00%, 10/01/26 | 405 | 485,165 | ||||||
| 30,260,759 | ||||||||
| Pennsylvania: 3.8% | ||||||||
| Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
| 5.00%, 04/01/28 (c) | 1,120 | 1,362,063 | ||||||
| 5.00%, 04/01/28 (c) | 1,000 | 1,234,544 | ||||||
| 5.00%, 07/15/28 | 290 | 362,526 | ||||||
| 5.00%, 07/15/29 (c) | 360 | 456,729 | ||||||
| 5.00%, 07/15/29 (c) | 810 | 1,018,471 | ||||||
|
Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM) 4.00%, 12/01/26 (c) |
100 | 113,884 | ||||||
| City of Philadelphia (GO) (AGM) | ||||||||
| 5.00%, 08/01/27 | 320 | 393,996 | ||||||
| 5.00%, 08/01/27 (c) | 380 | 461,748 | ||||||
|
City of Philadelphia, Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c) |
880 | 1,046,712 | ||||||
See Notes to Financial Statements
| 87 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| City of Philadelphia, Series A (GO) | ||||||||
| 5.00%, 08/01/27 (c) | $ | 750 | $ | 909,018 | ||||
| 5.00%, 08/01/27 (c) | 100 | 120,559 | ||||||
| 5.00%, 08/01/27 (c) | 750 | 913,808 | ||||||
|
City of Philadelphia, Series A (RB) 5.00%, 07/01/29 |
1,500 | 1,905,951 | ||||||
|
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c) |
1,000 | 1,164,051 | ||||||
| City of Philadelphia, Series B (GO) | ||||||||
| 5.00%, 02/01/28 | 415 | 512,317 | ||||||
| 5.00%, 08/01/29 (c) | 100 | 125,564 | ||||||
| 5.00%, 08/01/29 (c) | 300 | 380,651 | ||||||
| 5.00%, 08/01/29 (c) | 1,500 | 1,860,316 | ||||||
| Commonwealth Financing Authority, Series A (RB) | ||||||||
| 5.00%, 06/01/28 | 800 | 998,524 | ||||||
| 5.00%, 06/01/29 | 1,000 | 1,271,156 | ||||||
| 5.00%, 06/01/30 (c) | 250 | 323,253 | ||||||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) | ||||||||
| 5.00%, 06/01/28 (c) | 415 | 503,595 | ||||||
| 5.00%, 06/01/28 (c) | 775 | 949,380 | ||||||
| 5.00%, 06/01/28 (c) | 265 | 323,301 | ||||||
|
Commonwealth of Pennsylvania (GO) 4.00%, 05/15/31 (c) |
2,000 | 2,442,638 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 3.00%, 01/01/27 (c) | 510 | 549,802 | ||||||
| 3.00%, 05/01/30 (c) | 900 | 983,265 | ||||||
| 4.00%, 01/01/27 (c) | 600 | 685,571 | ||||||
| 5.00%, 02/01/26 (c) | 500 | 589,211 | ||||||
|
Commonwealth of Pennsylvania, First Series (GO) (SBG) 5.00%, 07/15/28 |
1,300 | 1,639,479 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| 3.00%, 09/15/26 (c) | 1,055 | 1,129,107 | ||||||
| 4.00%, 09/15/26 (c) | 170 | 194,633 | ||||||
| 5.00%, 01/15/27 (c) | 430 | 520,632 | ||||||
| 5.00%, 09/15/26 (c) | 400 | 480,073 | ||||||
|
Commonwealth of Pennsylvania, Second Series (GO) (AGM) 3.00%, 09/15/26 (c) |
395 | 422,336 | ||||||
|
County of Chester, Series A (GO) 4.00%, 07/15/26 (c) |
750 | 857,340 | ||||||
| Dauphin County General Authority, Pinnacle Health System Project, Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 4.00%, 06/01/26 (c) | $ | 20 | $ | 22,547 | ||||
|
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) |
2,000 | 2,535,634 | ||||||
|
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c) |
630 | 774,987 | ||||||
| Pennsylvania Economic Development Financing Authority, UPMC (RB) | ||||||||
| 4.00%, 09/15/26 (c) | 215 | 242,091 | ||||||
| 4.00%, 09/15/26 (c) | 100 | 112,377 | ||||||
| 5.00%, 09/15/26 (c) | 385 | 455,646 | ||||||
| Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) | ||||||||
| 3.38%, 11/15/27 (c) | 1,000 | 1,095,405 | ||||||
| 4.00%, 11/15/27 (c) | 205 | 234,680 | ||||||
|
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c) |
125 | 147,055 | ||||||
|
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c) |
775 | 865,632 | ||||||
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) | ||||||||
| 3.12%, 08/15/27 (c) | 150 | 162,165 | ||||||
| 5.00%, 08/15/27 (c) | 270 | 328,907 | ||||||
| 5.00%, 08/15/27 (c) | 275 | 336,033 | ||||||
| 5.00%, 08/15/27 (c) | 1,000 | 1,228,973 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c) |
425 | 443,510 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c) |
700 | 726,963 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c) |
540 | 568,937 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c) |
1,620 | 1,724,393 | ||||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) | ||||||||
See Notes to Financial Statements
| 88 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 3.20%, 10/01/26 (c) | $ | 300 | $ | 315,127 | ||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) (AGC) 3.70%, 04/01/27 (c) |
2,000 | 2,158,563 | ||||||
|
Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c) |
20 | 23,824 | ||||||
| Pennsylvania Turnpike Commission (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 550 | 642,729 | ||||||
| 5.00%, 12/01/25 (c) | 430 | 502,927 | ||||||
| 5.00%, 12/01/26 (c) | 110 | 133,104 | ||||||
| 5.00%, 12/01/27 (c) | 300 | 364,904 | ||||||
| 5.00%, 12/01/27 | 1,000 | 1,233,027 | ||||||
| 5.00%, 12/01/27 (c) | 250 | 304,946 | ||||||
| 5.00%, 12/01/28 (c) | 895 | 1,128,500 | ||||||
| 5.00%, 06/01/31 (c) | 700 | 910,307 | ||||||
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB) 5.00%, 12/01/26 (c) |
450 | 541,412 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 750 | 899,103 | ||||||
| 5.00%, 12/01/26 (c) | 15 | 17,892 | ||||||
| 5.00%, 12/01/26 (c) | 310 | 372,940 | ||||||
| 5.00%, 12/01/29 (c) | 500 | 638,283 | ||||||
| Pennsylvania Turnpike Commission, Series A-2 (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 100 | 123,272 | ||||||
| 5.00%, 12/01/27 (c) | 175 | 213,282 | ||||||
|
Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c) |
510 | 610,757 | ||||||
|
Pennsylvania Turnpike Commission, Series B-1 (RB) 5.00%, 06/01/27 (c) |
760 | 915,990 | ||||||
|
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c) |
205 | 246,325 | ||||||
|
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c) |
110 | 126,459 | ||||||
|
Philadelphia Authority for Industrial Development, Temple University, Second Series (RB) 5.00%, 04/01/25 (c) |
10 | 11,361 | ||||||
| Philadelphia Gas Works Co., Fourteenth Series (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 680 | 807,028 | ||||||
| 5.00%, 10/01/26 (c) | 735 | 873,854 | ||||||
| 5.00%, 10/01/26 (c) | 970 | 1,152,226 | ||||||
| Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 5.00%, 09/01/31 | $ | 1,460 | $ | 1,925,069 | ||||
| 5.00%, 09/01/32 | 2,000 | 2,692,339 | ||||||
| 5.00%, 09/01/33 | 2,000 | 2,748,682 | ||||||
|
Reading School District of Berks County (GO) (AGM) 5.00%, 03/01/27 (c) |
170 | 202,637 | ||||||
| School District of Philadelphia, Series A (GO) (SAW) | ||||||||
| 5.00%, 09/01/28 (c) | 450 | 558,408 | ||||||
| 5.00%, 09/01/28 (c) | 410 | 506,459 | ||||||
| 5.00%, 09/01/28 (c) | 250 | 311,156 | ||||||
|
School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c) |
485 | 575,137 | ||||||
|
School District of the City of Erie (GO) (AGM) 5.00%, 04/01/29 (c) |
220 | 273,489 | ||||||
|
Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c) |
845 | 1,031,038 | ||||||
|
Sports & Exhibition Authority, Regional Asset District Sales Tax (RB) (AGM) 5.00%, 08/01/29 (c) |
1,000 | 1,272,211 | ||||||
| State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (AGM) | ||||||||
| 5.00%, 12/01/26 (c) | 2,750 | 3,292,015 | ||||||
| 5.00%, 12/01/26 (c) | 260 | 310,533 | ||||||
|
State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c) |
880 | 1,058,284 | ||||||
|
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c) |
765 | 889,288 | ||||||
| 74,127,026 | ||||||||
| Rhode Island: 0.2% | ||||||||
| Rhode Island Commerce Corp., Department of Transportation, Series B (RB) | ||||||||
| 5.00%, 06/15/26 (c) | 380 | 449,836 | ||||||
| 5.00%, 06/15/26 (c) | 230 | 273,763 | ||||||
|
Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) 5.00%, 05/15/26 (c) |
110 | 131,000 | ||||||
|
Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c) |
1,000 | 995,283 | ||||||
|
Rhode Island Housing and Mortgage Finance Corp./RI (RB) 2.05%, 04/01/30 (c) |
1,000 | 983,009 | ||||||
See Notes to Financial Statements
| 89 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Rhode Island (continued) | ||||||||
|
State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c) |
$ | 345 | $ | 377,019 | ||||
|
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c) |
250 | 304,655 | ||||||
|
State of Rhode Island and Providence Plantations, Series D (GO) 5.00%, 08/01/24 (c) |
180 | 202,671 | ||||||
| 3,717,236 | ||||||||
| South Carolina: 0.8% | ||||||||
| Aiken County Consolidated School District, Series A (GO) | ||||||||
| 4.00%, 04/01/29 (c) | 1,000 | 1,183,232 | ||||||
| 4.00%, 04/01/29 (c) | 535 | 629,164 | ||||||
|
Beaufort County School District (GO) 3.00%, 03/01/31 (c) |
2,000 | 2,264,808 | ||||||
|
County of York (GO) (SAW) 5.00%, 04/01/24 (c) |
185 | 205,733 | ||||||
| Lancaster County School District (GO) | ||||||||
| 3.25%, 03/01/27 (c) | 325 | 356,777 | ||||||
| 4.00%, 03/01/27 (c) | 1,000 | 1,160,180 | ||||||
|
Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c) |
100 | 121,530 | ||||||
|
Piedmont Municipal Power Agency (RB) 5.00%, 01/01/31 (c) |
1,000 | 1,286,063 | ||||||
|
Piedmont Municipal Power Agency (RB) (AGM) 5.00%, 01/01/28 |
2,250 | 2,751,225 | ||||||
|
South Carolina Public Service Authority (RB) (SAW) 5.00%, 12/01/30 (c) |
3,000 | 3,870,833 | ||||||
|
South Carolina State, Clemson University, Series A (GO) (SAW) 4.00%, 10/01/27 (c) |
1,000 | 1,168,717 | ||||||
|
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/28 (c) |
100 | 124,733 | ||||||
| York County, South Carolina Fort Mill School District No. 4, Series B (GO) | ||||||||
| 3.00%, 03/01/27 (c) | 325 | 351,866 | ||||||
| 3.00%, 03/01/27 (c) | 500 | 540,508 | ||||||
| 16,015,369 | ||||||||
| South Dakota: 0.1% | ||||||||
|
South Dakota Health and Educational Facilities Authority (RB) 4.00%, 09/01/27 (c) |
1,075 | 1,205,704 | ||||||
|
Par
(000’s |
) | Value | ||||||
| South Dakota (continued) | ||||||||
| 5.00%, 09/01/27 (c) | $ | 100 | $ | 118,778 | ||||
| 5.00%, 09/01/27 (c) | 255 | 303,045 | ||||||
|
South Dakota Housing Development Authority (RB) 3.70%, 11/01/26 (c) |
345 | 367,107 | ||||||
| 1,994,634 | ||||||||
| Tennessee: 1.4% | ||||||||
|
Chattanooga Health, Educational and Housing Facility Board, Series A-1 (RB) 5.00%, 08/01/28 |
250 | 312,278 | ||||||
|
City of Memphis TN (GO) 5.00%, 05/01/31 (c) |
900 | 1,195,761 | ||||||
|
County of Hamilton, Series A (GO) 5.00%, 04/01/28 |
500 | 628,768 | ||||||
|
Greeneville Health & Educational Facilities Board (RB) 5.00%, 07/01/28 (c) |
525 | 650,457 | ||||||
| Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) | ||||||||
| 5.00%, 07/01/23 (c) | 550 | 591,336 | ||||||
| 5.00%, 07/01/23 (c) | 810 | 870,033 | ||||||
| 5.00%, 07/01/23 (c) | 915 | 983,450 | ||||||
| Knox County Health Educational and Housing Facility Board (RB) | ||||||||
| 5.00%, 04/01/27 (c) | 700 | 812,301 | ||||||
| 5.00%, 04/01/27 (c) | 490 | 571,590 | ||||||
|
Memphis-Shelby County Industrial Development Board (RB) 5.00%, 11/01/26 (c) |
150 | 178,306 | ||||||
|
Memphis-Shelby County Industrial Development Board, Series B (RB) 5.00%, 11/01/26 (c) |
720 | 864,082 | ||||||
| Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
| 4.00%, 07/01/26 (c) | 545 | 620,205 | ||||||
| 4.00%, 07/01/26 (c) | 580 | 660,028 | ||||||
| 4.00%, 07/01/27 (c) | 590 | 689,980 | ||||||
| 4.00%, 07/01/27 (c) | 275 | 318,435 | ||||||
| 4.00%, 07/01/27 | 335 | 393,771 | ||||||
| 5.00%, 07/01/26 (c) | 235 | 278,828 | ||||||
|
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB) 5.00%, 07/01/26 (c) |
130 | 153,474 | ||||||
|
New Memphis Arena Public Building Authority (RB) 0.00%, 04/01/31 (c) ^ |
2,625 | 1,757,542 | ||||||
See Notes to Financial Statements
| 90 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Tennessee (continued) | ||||||||
| Shelby County, Public Improvement, Series B (GO) | ||||||||
| 4.00%, 04/01/30 (c) | $ | 3,000 | $ | 3,622,896 | ||||
| 4.00%, 04/01/30 (c) | 1,000 | 1,204,822 | ||||||
| 4.00%, 04/01/30 (c) | 1,000 | 1,202,141 | ||||||
|
Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/27 (c) |
200 | 237,376 | ||||||
|
State of Tennessee, Series A (GO) 5.00%, 08/01/26 (c) |
500 | 595,396 | ||||||
|
Tennessee Energy Acquisition Corp. (RB) 5.00%, 11/01/31 (c) (p) |
4,000 | 5,165,549 | ||||||
|
Tennessee Housing Development Agency, Series 2 (RB) 3.50%, 07/01/27 (c) |
370 | 390,067 | ||||||
|
Tennessee Housing Development Agency, Series 2B (RB) 3.70%, 07/01/26 (c) |
135 | 143,475 | ||||||
| Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB) (ST) | ||||||||
| 5.00%, 11/01/27 (c) | 285 | 349,394 | ||||||
| 5.00%, 11/01/27 (c) | 750 | 920,713 | ||||||
| 5.00%, 11/01/27 (c) | 395 | 483,842 | ||||||
| 5.00%, 11/01/27 | 365 | 453,717 | ||||||
| 27,300,013 | ||||||||
| Texas: 8.7% | ||||||||
| Aldine Independent School District, Series A (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 910 | 1,038,879 | ||||||
| 4.00%, 02/15/27 (c) | 675 | 769,844 | ||||||
| 5.00%, 02/15/25 (c) | 140 | 160,022 | ||||||
| 5.00%, 02/15/27 (c) | 700 | 846,780 | ||||||
| 5.00%, 02/15/27 (c) | 880 | 1,066,364 | ||||||
| Alvin Independent School District, Series A (GO) | ||||||||
| 5.00%, 02/15/26 (c) | 500 | 588,486 | ||||||
| 5.00%, 02/15/26 (c) | 645 | 762,138 | ||||||
| Arlington Independent School District (GO) | ||||||||
| 4.00%, 02/15/29 (c) | 500 | 593,625 | ||||||
| 4.00%, 02/15/29 (c) | 1,000 | 1,189,019 | ||||||
| Austin Independent School District (GO) | ||||||||
| 4.00%, 08/01/26 (c) | 100 | 114,558 | ||||||
| 4.00%, 08/01/26 (c) | 500 | 570,537 | ||||||
|
Austin Independent School District, Series B (GO) 5.00%, 08/01/26 (c) |
500 | 602,725 | ||||||
| Austin Independent School District, Series C (GO) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 08/01/26 (c) | $ | 100 | $ | 119,922 | ||||
|
Beaumont Independent School District (GO) 3.00%, 02/15/26 (c) |
315 | 336,845 | ||||||
| Bexar County Hospital District (GO) | ||||||||
| 3.00%, 02/15/26 (c) | 385 | 409,814 | ||||||
| 4.00%, 02/15/26 (c) | 115 | 129,427 | ||||||
| 4.00%, 02/15/26 (c) | 250 | 279,132 | ||||||
| 5.00%, 02/15/26 (c) | 1,315 | 1,544,072 | ||||||
| 5.00%, 02/15/28 | 305 | 379,575 | ||||||
|
Board of Regents of the University of North Texas System, Series A (RB) 5.00%, 04/15/27 |
250 | 305,016 | ||||||
| Board of Regents of the University of Texas System, Series A (RB) | ||||||||
| 3.00%, 05/15/31 (c) | 1,000 | 1,108,503 | ||||||
| 5.00%, 07/01/25 (c) | 575 | 665,215 | ||||||
| Board of Regents of the University of Texas System, Series B (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 125 | 149,543 | ||||||
| 5.00%, 08/15/29 | 500 | 645,724 | ||||||
|
Board of Regents of the University of Texas System, Series D (RB) 5.00%, 08/15/25 |
200 | 233,640 | ||||||
|
Board of Regents of the University of Texas System, Series E (RB) 5.00%, 08/15/27 |
520 | 641,817 | ||||||
| Board of Regents of the University of Texas System, Series J (RB) | ||||||||
| 5.00%, 08/15/25 | 215 | 251,163 | ||||||
| 5.00%, 08/15/26 (c) | 25 | 30,000 | ||||||
|
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) |
930 | 1,200,616 | ||||||
| City of Arlington, Senior Lien Special Tax (ST) (AGM) | ||||||||
| 5.00%, 02/15/25 (c) | 150 | 171,188 | ||||||
| 5.00%, 02/15/25 (c) | 305 | 347,226 | ||||||
|
City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c) |
100 | 118,881 | ||||||
|
City of Austin, Public Improvement (GO) 5.00%, 09/01/25 (c) |
15 | 17,536 | ||||||
| City of Austin, Water and Wastewater System (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 360 | 433,625 | ||||||
| 5.00%, 11/15/26 (c) | 995 | 1,197,401 | ||||||
| 5.00%, 11/15/26 (c) | 2,180 | 2,633,019 | ||||||
| 5.00%, 11/15/27 (c) | 235 | 290,776 | ||||||
|
City of Dallas (GO) 5.00%, 02/15/27 (c) |
500 | 605,313 | ||||||
See Notes to Financial Statements
| 91 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| City of Dallas, Series A (GO) | ||||||||
| 3.00%, 02/15/29 (c) | $ | 600 | $ | 645,376 | ||||
| 5.00%, 02/15/30 | 2,600 | 3,336,908 | ||||||
| City of Dallas, Series B (GO) | ||||||||
| 3.00%, 02/15/29 (c) | 415 | 446,385 | ||||||
| 4.00%, 02/15/29 (c) | 500 | 582,283 | ||||||
| City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 900 | 1,085,853 | ||||||
| 5.00%, 10/01/26 (c) | 565 | 680,764 | ||||||
| 5.00%, 10/01/26 (c) | 600 | 722,292 | ||||||
| City of Dallas, Waterworks and Sewer System, Series C (RB) | ||||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,300,292 | ||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,307,421 | ||||||
| City of Denton, Utility System (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 1,000 | 1,177,894 | ||||||
| 5.00%, 12/01/26 (c) | 965 | 1,142,905 | ||||||
| City of El Paso (GO) | ||||||||
| 4.00%, 08/15/26 (c) | 110 | 125,391 | ||||||
| 4.00%, 08/15/26 (c) | 100 | 114,395 | ||||||
| 5.00%, 08/15/25 (c) | 125 | 145,922 | ||||||
|
City of El Paso, Water and Sewer (RB) 5.00%, 03/01/24 (c) |
455 | 504,778 | ||||||
|
City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c) |
235 | 290,399 | ||||||
| City of Houston, Airport System, Series D (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 1,000 | 1,229,410 | ||||||
| 5.00%, 07/01/28 (c) | 125 | 154,130 | ||||||
|
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c) |
4,500 | 5,859,466 | ||||||
| City of Houston, Combined Utility System, First Lien, Series B (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 105 | 126,935 | ||||||
| 5.00%, 11/15/26 | 555 | 673,086 | ||||||
| 5.00%, 11/15/26 (c) | 220 | 265,839 | ||||||
| 5.00%, 11/15/27 | 285 | 353,482 | ||||||
|
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c) |
1,500 | 1,819,445 | ||||||
| City of Houston, Combined Utility System, First Lien, Series D (RB) | ||||||||
| 5.00%, 11/15/28 (c) | 750 | 939,312 | ||||||
| 5.00%, 11/15/28 (c) | 1,000 | 1,252,981 | ||||||
| City of Houston, Public Improvement, Series A (GO) | ||||||||
| 4.00%, 03/01/27 (c) | 2,000 | 2,245,387 | ||||||
| 5.00%, 03/01/27 (c) | 1,000 | 1,206,507 | ||||||
| 5.00%, 03/01/29 (c) | 1,000 | 1,259,249 | ||||||
| 5.00%, 03/01/29 (c) | 1,000 | 1,267,204 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| City of Houston, Series A (GO) | ||||||||
| 5.00%, 03/01/26 (c) | $ | 515 | $ | 602,717 | ||||
| 5.00%, 03/01/26 (c) | 180 | 210,558 | ||||||
| 5.00%, 03/01/27 (c) | 500 | 599,947 | ||||||
| 5.00%, 03/01/27 (c) | 520 | 622,831 | ||||||
|
City of Lubbock (GO) 5.00%, 02/15/25 (c) |
105 | 120,164 | ||||||
|
City of San Antonio (GO) 5.00%, 08/01/28 (c) |
205 | 255,974 | ||||||
| City of San Antonio, Electric and Gas Systems (RB) | ||||||||
| 4.00%, 02/01/30 | 1,000 | 1,218,746 | ||||||
| 5.00%, 08/01/26 (c) | 110 | 131,119 | ||||||
| 5.00%, 08/01/26 (c) | 125 | 149,514 | ||||||
| 5.00%, 08/01/27 (c) | 100 | 121,393 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,215,772 | ||||||
| City of San Antonio, General Improvement (GO) | ||||||||
| 5.00%, 02/01/24 (c) | 350 | 386,992 | ||||||
| 5.00%, 08/01/29 (c) | 325 | 415,884 | ||||||
| Collin County Community College District (GO) | ||||||||
| 3.25%, 08/15/27 (c) | 500 | 547,218 | ||||||
| 4.00%, 08/15/27 (c) | 925 | 1,073,843 | ||||||
|
Colorado River Municipal Water District (RB) 5.00%, 01/01/28 |
190 | 233,339 | ||||||
| Conroe Independent School District (GO) | ||||||||
| 5.00%, 02/15/27 (c) | 665 | 801,244 | ||||||
| 5.00%, 02/15/28 (c) | 100 | 123,045 | ||||||
|
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c) |
320 | 377,093 | ||||||
| County of Bexar (GO) | ||||||||
| 4.00%, 06/15/25 (c) | 520 | 580,194 | ||||||
| 4.00%, 06/15/25 (c) | 150 | 167,022 | ||||||
| 5.00%, 06/15/26 (c) | 880 | 1,046,557 | ||||||
| 5.00%, 06/15/26 (c) | 290 | 345,179 | ||||||
| County of Dallas (GO) | ||||||||
| 5.00%, 08/15/26 (c) | 250 | 301,050 | ||||||
| 5.00%, 08/15/26 (c) | 260 | 313,775 | ||||||
|
County of Denton, Series A (GO) 4.00%, 07/15/28 (c) |
750 | 890,379 | ||||||
| County of Fort Bend, Series B (GO) | ||||||||
| 4.00%, 03/01/26 (c) | 500 | 565,061 | ||||||
| 5.00%, 03/01/26 (c) | 20 | 23,674 | ||||||
| County of Harris, Toll Road, Senior Lien, Series A (RB) | ||||||||
| 5.00%, 08/15/26 | 115 | 138,363 | ||||||
| 5.00%, 08/15/26 (c) | 675 | 804,397 | ||||||
| 5.00%, 08/15/26 (c) | 160 | 190,920 | ||||||
| 5.00%, 08/15/26 (c) | 195 | 234,411 | ||||||
| 5.00%, 08/15/26 (c) | 670 | 799,133 | ||||||
| 5.00%, 08/15/26 (c) | 190 | 227,310 | ||||||
| 5.00%, 08/15/26 (c) | 695 | 828,951 | ||||||
See Notes to Financial Statements
| 92 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| County of Harris, Unlimited Tax Road, Series A (GO) | ||||||||
| 5.00%, 10/01/25 (c) | $ | 395 | $ | 462,478 | ||||
| 5.00%, 10/01/25 (c) | 645 | 754,638 | ||||||
| Cypress-Fairbanks Independent School District (GO) | ||||||||
| 3.00%, 02/15/26 (c) | 360 | 387,775 | ||||||
| 4.00%, 02/15/31 (c) | 1,500 | 1,809,488 | ||||||
| 5.00%, 02/15/26 (c) | 125 | 147,179 | ||||||
| 5.00%, 02/15/28 | 250 | 311,991 | ||||||
| Cypress-Fairbanks Independent School District, Series A (GO) | ||||||||
| 3.00%, 02/15/31 (c) | 500 | 565,478 | ||||||
| 5.00%, 02/15/29 (c) | 1,805 | 2,280,186 | ||||||
|
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c) |
1,835 | 2,356,358 | ||||||
| Dallas Area Rapid Transit, Senior Lien, Series A (RB) | ||||||||
| 5.00%, 12/01/24 (c) | 185 | 211,004 | ||||||
| 5.00%, 12/01/25 (c) | 130 | 152,599 | ||||||
| 5.00%, 12/01/25 (c) | 165 | 193,610 | ||||||
| Dallas County Hospital District (GO) | ||||||||
| 5.00%, 08/15/27 | 285 | 349,596 | ||||||
| 5.00%, 08/15/28 | 575 | 721,399 | ||||||
|
Dallas County Utility and Reclamation District (GO) 5.00%, 02/15/28 |
540 | 662,059 | ||||||
|
Dallas Independent School District (GO) 4.00%, 02/15/30 (c) |
1,000 | 1,214,624 | ||||||
| Eagle Mountain and Saginaw Independent School District (GO) | ||||||||
| 4.00%, 02/15/26 (c) | 335 | 378,985 | ||||||
| 5.00%, 02/15/26 (c) | 10 | 11,802 | ||||||
|
El Paso County Hospital District (GO) 4.00%, 08/15/27 (c) |
250 | 275,976 | ||||||
|
El Paso Independent School District (GO) 5.00%, 08/15/24 (c) |
115 | 129,894 | ||||||
| Fort Bend Independent School District (GO) | ||||||||
| 4.00%, 08/15/27 (c) | 635 | 737,566 | ||||||
| 5.00%, 08/15/27 (c) | 255 | 311,783 | ||||||
| 5.00%, 08/15/27 (c) | 100 | 122,897 | ||||||
|
Fort Bend Independent School District, Series E (GO) 5.00%, 02/15/26 |
110 | 130,387 | ||||||
|
Fort Worth Independent School District (GO) 5.00%, 02/15/26 (c) |
500 | 590,108 | ||||||
| Frisco Independent School District (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 880 | 1,009,236 | ||||||
| 4.00%, 02/15/27 (c) | 500 | 572,336 | ||||||
| 4.00%, 08/15/30 (c) | 1,350 | 1,655,272 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 02/15/29 (c) | $ | 2,000 | $ | 2,502,692 | ||||
| Garland Independent School District (GO) | ||||||||
| 4.00%, 02/15/25 (c) | 165 | 183,008 | ||||||
| 5.00%, 02/15/25 (c) | 120 | 137,330 | ||||||
|
Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c) |
200 | 248,735 | ||||||
|
Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c) |
250 | 290,923 | ||||||
|
Harris County Flood Control District, Series A (GO) 5.00%, 10/01/25 (c) |
480 | 561,591 | ||||||
| Harris County Hospital District (RB) | ||||||||
| 3.00%, 02/15/26 (c) | 365 | 384,457 | ||||||
| 3.12%, 02/15/26 (c) | 570 | 600,671 | ||||||
| 4.00%, 02/15/26 (c) | 100 | 109,750 | ||||||
| 4.00%, 02/15/26 (c) | 100 | 109,605 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 950 | 1,091,416 | ||||||
| 5.00%, 11/15/27 (c) | 850 | 1,039,742 | ||||||
| 5.00%, 11/15/27 (c) | 300 | 368,436 | ||||||
|
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29 |
330 | 424,651 | ||||||
| Harris County, Flood Control District, Series A (GO) | ||||||||
| 5.00%, 10/01/25 (c) | 630 | 738,960 | ||||||
| 5.00%, 10/01/25 (c) | 275 | 321,978 | ||||||
| Harris County, Flood Control District, Series A (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 210 | 257,969 | ||||||
| 5.00%, 10/01/27 (c) | 250 | 309,856 | ||||||
|
Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c) |
400 | 468,332 | ||||||
|
Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 02/15/28 (c) |
260 | 320,572 | ||||||
| Hays Consolidated Independent School District (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 800 | 907,581 | ||||||
| 4.00%, 02/15/27 (c) | 500 | 568,067 | ||||||
| Houston Independent School District, Limited Tax School House (GO) | ||||||||
| 5.00%, 02/15/27 (c) | 540 | 653,262 | ||||||
| 5.00%, 02/15/27 (c) | 750 | 907,963 | ||||||
| Houston Independent School District, Limited Tax School House, Series A (GO) | ||||||||
See Notes to Financial Statements
| 93 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 02/15/26 (c) | $ | 400 | $ | 472,086 | ||||
|
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c) |
605 | 753,667 | ||||||
|
Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c) |
210 | 237,005 | ||||||
|
Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c) |
120 | 144,080 | ||||||
|
Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/25 (c) |
100 | 114,689 | ||||||
|
Lewisville Independent School District, Series A (GO) 4.00%, 08/15/25 (c) |
400 | 450,372 | ||||||
| Lewisville Independent School District, Series B (GO) | ||||||||
| 5.00%, 08/15/25 (c) | 145 | 169,329 | ||||||
| 5.00%, 08/15/25 (c) | 550 | 639,358 | ||||||
|
Lone Star College System (GO) 5.00%, 02/15/26 (c) |
400 | 467,838 | ||||||
| Lower Colorado River Authority (RB) | ||||||||
| 5.00%, 05/15/30 | 1,000 | 1,290,221 | ||||||
| 5.00%, 05/15/30 (c) | 1,250 | 1,575,340 | ||||||
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 320 | 377,950 | ||||||
| 5.00%, 05/15/26 (c) | 275 | 327,637 | ||||||
|
Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c) |
90 | 109,135 | ||||||
|
Montgomery Independent School District (GO) 5.00%, 02/15/25 (c) |
100 | 114,301 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (AGC) 4.00%, 08/15/27 (c) |
250 | 283,210 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (NATL) 5.00%, 08/15/27 (c) |
250 | 304,543 | ||||||
| North Harris County Regional Water Authority (RB) | ||||||||
| 5.00%, 12/15/26 (c) | 245 | 297,244 | ||||||
| 5.00%, 12/15/26 (c) | 250 | 300,938 | ||||||
| 5.00%, 12/15/26 (c) | 205 | 248,140 | ||||||
| North Texas Municipal Water District, Water System (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 09/01/26 (c) | $ | 715 | $ | 848,997 | ||||
| 5.00%, 09/01/26 (c) | 500 | 596,832 | ||||||
| 5.00%, 09/01/26 (c) | 45 | 53,762 | ||||||
| 5.00%, 09/01/26 (c) | 400 | 478,093 | ||||||
|
North Texas Tollway Authority (RB) 4.00%, 01/01/31 (c) |
2,250 | 2,654,116 | ||||||
| North Texas Tollway Authority System, Series B (RB) | ||||||||
| 4.00%, 01/01/31 (c) | 2,000 | 2,378,688 | ||||||
| 4.00%, 01/01/31 (c) | 1,975 | 2,380,992 | ||||||
| North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 575 | 672,029 | ||||||
| 5.00%, 01/01/26 (c) | 460 | 538,447 | ||||||
| 5.00%, 01/01/26 (c) | 295 | 343,917 | ||||||
| 5.00%, 01/01/26 (c) | 500 | 583,926 | ||||||
| 5.00%, 01/01/26 (c) | 425 | 493,830 | ||||||
| 5.00%, 01/01/26 (c) | 635 | 742,722 | ||||||
| 5.00%, 01/01/26 (c) | 640 | 750,292 | ||||||
| North Texas Tollway Authority, Second Tier, Series B (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 185 | 216,727 | ||||||
| 5.00%, 01/01/26 (c) | 875 | 1,016,200 | ||||||
|
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c) |
450 | 508,664 | ||||||
|
Northside Independent School District (GO) 5.00%, 08/15/27 (c) |
880 | 1,071,347 | ||||||
|
Northwest Independent School District (GO) 5.00%, 02/15/25 (c) |
105 | 120,833 | ||||||
|
Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c) |
545 | 637,032 | ||||||
|
Plano Independent School District, Series A (GO) 5.00%, 02/15/26 (c) |
100 | 118,440 | ||||||
|
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c) |
740 | 966,552 | ||||||
|
San Antonio Independent School District (GO) 4.00%, 08/15/28 (c) |
500 | 587,602 | ||||||
| San Antonio Water System, Junior Lien, Series A (RB) | ||||||||
| 5.00%, 05/15/28 (c) | 500 | 617,993 | ||||||
| 5.00%, 05/15/30 (c) | 500 | 651,990 | ||||||
| Socorro Independent School District, Series B (GO) | ||||||||
| 4.00%, 08/15/27 (c) | 225 | 259,326 | ||||||
| 5.00%, 08/15/27 (c) | 800 | 976,042 | ||||||
| 5.00%, 08/15/27 (c) | 780 | 953,690 | ||||||
|
Spring Independent School District (GO) 5.00%, 08/15/25 (c) |
45 | 52,311 | ||||||
See Notes to Financial Statements
| 94 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
State of Texas, Finance Authority (GO) 5.00%, 10/01/26 |
$ | 15 | $ | 18,130 | ||||
|
State of Texas, Finance Authority, Series A (GO) 5.00%, 10/01/27 (c) |
130 | 159,955 | ||||||
| State of Texas, Transportation Commission, Highway Improvement (GO) | ||||||||
| 5.00%, 04/01/26 (c) | 70 | 82,696 | ||||||
| 5.00%, 04/01/26 (c) | 125 | 147,792 | ||||||
| State of Texas, Transportation Commission, Highway Improvement, Series A (GO) | ||||||||
| 5.00%, 04/01/26 (c) | 400 | 472,934 | ||||||
| 5.00%, 04/01/26 (c) | 500 | 591,645 | ||||||
|
State of Texas, Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 10/01/27 (c) |
150 | 183,877 | ||||||
| State of Texas, Transportation Commission, Mobility Fund, Series B (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 465 | 570,229 | ||||||
| 5.00%, 10/01/27 (c) | 240 | 294,203 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c) |
80 | 94,919 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 5.00%, 07/01/28 |
140 | 173,848 | ||||||
|
Tarrant Regional Water Control and Improvement District (RB) 5.00%, 03/01/25 (c) |
440 | 504,928 | ||||||
|
Tarrant Regional Water District (RB) 2.00%, 03/01/30 (c) |
820 | 850,619 | ||||||
| Texas A&M University, Series D (RB) | ||||||||
| 4.00%, 05/15/26 (c) | 110 | 126,100 | ||||||
| 4.00%, 05/15/26 (c) | 10 | 11,353 | ||||||
|
Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c) |
100 | 121,516 | ||||||
|
Texas Department of Housing and Community Affairs, Series A (RB) 2.70%, 09/01/28 (c) |
570 | 593,181 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/27 | 2,000 | 2,432,562 | ||||||
| 5.00%, 12/15/29 | 2,250 | 2,823,804 | ||||||
| 5.00%, 12/15/31 | 1,475 | 1,904,259 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB) | ||||||||
| 4.00%, 12/31/30 (c) | $ | 1,150 | $ | 1,344,842 | ||||
| 4.00%, 12/31/30 (c) | 1,390 | 1,630,068 | ||||||
|
Texas Public Finance Authority (GO) 5.00%, 10/01/26 (c) |
545 | 657,544 | ||||||
| Texas State University System, Board of Regents, Series A (RB) | ||||||||
| 5.00%, 03/15/25 (c) | 160 | 183,258 | ||||||
| 5.00%, 03/15/27 (c) | 100 | 120,944 | ||||||
|
Texas State University System, Board of Regents, Series A (RB) (FHA) 4.00%, 03/15/29 (c) |
650 | 754,398 | ||||||
|
Texas Transportation Commission State Highway Fund (RB) 5.00%, 10/01/26 (c) |
1,000 | 1,204,356 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 3.00%, 10/15/30 (c) | 250 | 277,738 | ||||||
| 3.00%, 10/15/30 (c) | 500 | 554,202 | ||||||
| 3.00%, 10/15/30 (c) | 250 | 275,139 | ||||||
| 3.00%, 10/15/30 (c) | 950 | 1,049,327 | ||||||
| 4.00%, 10/15/30 (c) | 2,000 | 2,455,215 | ||||||
| 5.00%, 10/15/26 (c) | 370 | 447,293 | ||||||
| 5.00%, 10/15/26 (c) | 600 | 722,417 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,229,516 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 4.00%, 10/15/25 (c) | 45 | 50,638 | ||||||
| 4.00%, 10/15/27 (c) | 400 | 469,632 | ||||||
| 4.00%, 04/15/28 (c) | 180 | 210,350 | ||||||
| 4.00%, 04/15/28 (c) | 600 | 703,521 | ||||||
| 5.00%, 10/15/25 (c) | 165 | 193,631 | ||||||
| 5.00%, 10/15/27 (c) | 200 | 246,136 | ||||||
| 5.00%, 10/15/27 (c) | 250 | 309,351 | ||||||
| Texas Water Development Board, Series B (RB) | ||||||||
| 4.00%, 10/15/28 (c) | 1,000 | 1,182,498 | ||||||
| 4.00%, 10/15/28 (c) | 120 | 141,436 | ||||||
| 5.00%, 10/15/28 (c) | 1,000 | 1,259,181 | ||||||
| Trinity River Authority, Regional Wastewater System (RB) | ||||||||
| 5.00%, 08/01/27 (c) | 670 | 823,354 | ||||||
| 5.00%, 08/01/27 (c) | 285 | 348,216 | ||||||
| University of North Texas, Series A (RB) | ||||||||
| 5.00%, 04/15/27 (c) | 445 | 541,382 | ||||||
| 5.00%, 04/15/27 (c) | 75 | 91,122 | ||||||
| 5.00%, 04/15/27 (c) | 140 | 169,005 | ||||||
|
Via Metropolitan Transit Authority, Sales Tax (RB) 5.00%, 01/15/27 (c) |
645 | 766,606 | ||||||
See Notes to Financial Statements
| 95 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 01/15/27 (c) | $ | 135 | $ | 161,348 | ||||
| 167,168,366 | ||||||||
| Utah: 0.3% | ||||||||
|
Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c) |
395 | 456,013 | ||||||
| State of Utah (GO) | ||||||||
| 5.00%, 01/01/29 (c) | 250 | 315,328 | ||||||
| 5.00%, 07/01/28 | 500 | 632,587 | ||||||
| State of Utah, Series B (GO) | ||||||||
| 5.00%, 01/01/29 (c) | 1,275 | 1,627,624 | ||||||
| 5.00%, 07/01/28 | 750 | 948,881 | ||||||
|
University of Utah, Series A (RB) (ST) 5.00%, 08/01/27 (c) |
365 | 447,307 | ||||||
| Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
| 0.00%, 06/15/26 (c) ^ | 130 | 97,324 | ||||||
| 3.00%, 06/15/26 (c) | 865 | 937,793 | ||||||
| 4.00%, 06/15/26 (c) | 850 | 963,051 | ||||||
| 6,425,908 | ||||||||
| Virginia: 2.2% | ||||||||
|
Arlington County, Public Improvement, Series A (GO) (SAW) 5.00%, 08/01/28 |
2,400 | 3,044,226 | ||||||
|
Arlington County, Series B (GO) 5.00%, 08/15/26 (c) |
650 | 784,436 | ||||||
|
City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/26 (c) |
1,520 | 1,789,496 | ||||||
|
Commonwealth of Virginia, Series A (GO) 2.00%, 06/01/31 (c) |
1,020 | 1,023,830 | ||||||
| County of Arlington (GO) | ||||||||
| 4.00%, 06/15/29 (c) | 1,990 | 2,381,093 | ||||||
| 5.00%, 08/15/27 (c) | 1,130 | 1,386,490 | ||||||
|
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c) |
375 | 388,406 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
| 5.00%, 04/01/28 (c) | 750 | 935,570 | ||||||
| 5.00%, 04/01/29 (c) | 1,755 | 2,243,307 | ||||||
|
Fairfax County Water Authority (RB) 4.00%, 04/01/27 (c) |
550 | 642,630 | ||||||
|
Loudoun County Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c) |
1,500 | 1,673,755 | ||||||
|
Loudoun County, Series A (GO) (SAW) 5.00%, 12/01/29 (c) |
750 | 974,617 | ||||||
|
Virginia Beach Development Authority, Series A (RB) 3.00%, 04/15/30 (c) |
1,000 | 1,111,856 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
|
Virginia Beach Development Authority, Series A (RB) (AGM) 3.00%, 04/15/30 (c) |
$ | 1,000 | $ | 1,109,096 | ||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 3.00%, 02/01/31 (c) | 2,750 | 3,014,173 | ||||||
| 4.00%, 02/01/30 (c) | 1,500 | 1,791,908 | ||||||
| 5.00%, 02/01/26 (c) | 110 | 130,133 | ||||||
| 5.00%, 02/01/26 | 130 | 154,094 | ||||||
| 5.00%, 02/01/28 | 2,500 | 3,123,918 | ||||||
|
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/28 |
250 | 312,392 | ||||||
|
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c) |
110 | 118,757 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 880 | 1,088,711 | ||||||
| 5.00%, 02/01/28 (c) | 120 | 148,911 | ||||||
| 5.00%, 02/01/28 (c) | 450 | 554,105 | ||||||
|
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) 3.00%, 09/01/27 (c) |
775 | 842,089 | ||||||
| Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) (ST) | ||||||||
| 5.00%, 09/01/26 (c) | 20 | 24,052 | ||||||
| 5.00%, 09/01/26 (c) | 30 | 36,078 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 100 | 119,289 | ||||||
| 5.00%, 05/15/27 (c) | 400 | 489,879 | ||||||
| 5.00%, 09/15/26 (c) | 20 | 24,046 | ||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 180 | 208,867 | ||||||
| 5.00%, 11/15/27 (c) | 800 | 985,908 | ||||||
| 5.00%, 11/15/27 (c) | 120 | 147,996 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
See Notes to Financial Statements
| 96 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
| 3.00%, 08/01/26 (c) | $ | 695 | $ | 748,949 | ||||
| 3.00%, 08/01/28 (c) | 400 | 438,721 | ||||||
| 3.12%, 08/01/28 (c) | 1,050 | 1,157,458 | ||||||
| 4.00%, 08/01/27 (c) | 250 | 292,276 | ||||||
| 5.00%, 08/01/26 | 325 | 390,419 | ||||||
| 5.00%, 08/01/28 (c) | 700 | 875,615 | ||||||
| 5.00%, 08/01/28 | 870 | 1,098,978 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,297,653 | ||||||
|
Virginia Public Building Authority, Series A-2 (RB) 4.00%, 08/01/31 (c) |
1,000 | 1,214,149 | ||||||
| Virginia Public School Authority (RB) (SAW) | ||||||||
| 5.00%, 08/01/26 (c) | 750 | 904,087 | ||||||
| 5.00%, 08/01/26 (c) | 30 | 36,164 | ||||||
| 5.00%, 08/01/26 (c) | 575 | 693,134 | ||||||
|
Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/25 (c) |
365 | 424,533 | ||||||
|
Virginia Resources Authority, Series C (RB) 4.00%, 11/01/26 (c) |
560 | 639,554 | ||||||
| 43,015,804 | ||||||||
| Washington: 2.7% | ||||||||
|
Auburn School District No. 408 of King and Pierce Counties (GO) (SBG) 4.00%, 06/01/26 (c) |
600 | 680,077 | ||||||
| Central Puget Sound Regional Transit Authority, Series S-1 (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 110 | 129,506 | ||||||
| 5.00%, 11/01/26 (c) | 110 | 132,846 | ||||||
|
City of Seattle WA Municipal Light & Power Revenue (RB) 4.00%, 07/01/31 (c) |
1,000 | 1,210,110 | ||||||
|
City of Seattle, Drainage and Wastewater System (RB) 4.00%, 07/01/27 (c) |
500 | 577,629 | ||||||
|
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c) |
915 | 1,055,841 | ||||||
| City of Seattle, Water System Improvement (RB) | ||||||||
| 4.00%, 02/01/27 (c) | 115 | 131,214 | ||||||
| 5.00%, 02/01/27 (c) | 500 | 601,873 | ||||||
| 5.00%, 08/01/26 | 20 | 24,078 | ||||||
|
County of King (GO)
5.00%, 01/01/29 (c) |
750 | 940,152 | ||||||
|
Energy Northwest (RB) (AGM) 5.00%, 07/01/29 (c) |
500 | 626,279 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 185 | 220,761 | ||||||
| 5.00%, 07/01/27 (c) | 400 | 485,809 | ||||||
| 5.00%, 07/01/28 (c) | 125 | 155,287 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,948,428 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) | ||||||||
| 5.00%, 07/01/29 (c) | $ | 1,000 | $ | 1,257,915 | ||||
| 5.00%, 07/01/30 (c) | 1,415 | 1,818,048 | ||||||
|
Energy Northwest, Project 1 Electric, Series A (RB) 5.00%, 07/01/27 (c) |
655 | 804,089 | ||||||
| Energy Northwest, Project 3 Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 130 | 155,327 | ||||||
| 5.00%, 07/01/27 (c) | 325 | 398,976 | ||||||
|
Energy Northwest, Project 3 Electric, Series C (RB) 5.00%, 07/01/28 |
270 | 340,004 | ||||||
|
Energy Northwest, Project 3 Electric, Series C (RB) (AGM) 5.00%, 07/01/30 (c) |
1,000 | 1,293,236 | ||||||
| Grant and Douglas Counties School District No. 144-101 (GO) (SBG) | ||||||||
| 4.00%, 06/01/26 (c) | 125 | 141,263 | ||||||
| 4.00%, 06/01/26 (c) | 520 | 590,400 | ||||||
|
King County School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c) |
880 | 1,028,197 | ||||||
| King County School District No. 401 (GO) (SBG) | ||||||||
| 3.12%, 12/01/26 (c) | 690 | 745,733 | ||||||
| 5.00%, 12/01/26 (c) | 700 | 842,976 | ||||||
|
King County School District No. 405 (GO) (SBG) 5.00%, 12/01/26 (c) |
515 | 622,183 | ||||||
|
King County School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c) |
635 | 720,969 | ||||||
|
King County School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c) |
835 | 1,011,597 | ||||||
|
King County, Washington Limited Tax (GO) 4.00%, 07/01/27 (c) |
840 | 976,115 | ||||||
|
King County, Washington Limited Tax, Series A (GO) 5.00%, 01/01/25 (c) |
570 | 649,493 | ||||||
|
King County, Washington Limited Tax, Series E (GO) 5.00%, 12/01/25 (c) |
500 | 588,909 | ||||||
| Kitsap County School District No. 401 (GO) (SBG) | ||||||||
| 4.00%, 06/01/26 (c) | 250 | 283,966 | ||||||
| 4.00%, 06/01/26 (c) | 15 | 17,125 | ||||||
|
Pasco School District No. 1, Franklin County (GO) (SBG) 5.00%, 12/01/27 (c) |
845 | 1,047,160 | ||||||
| Pierce County School District No. 403 (GO) (SBG) | ||||||||
| 5.00%, 06/01/29 (c) | 500 | 634,411 | ||||||
| 5.00%, 06/01/29 (c) | 200 | 251,872 | ||||||
See Notes to Financial Statements
| 97 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
|
Pierce County School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c) |
$ | 175 | $ | 198,692 | ||||
| Port of Seattle, Intermediate Lien (RB) | ||||||||
| 5.00%, 02/01/26 (c) | 30 | 35,201 | ||||||
| 5.00%, 02/01/26 (c) | 130 | 152,777 | ||||||
| Port of Tacoma, Series A (GO) | ||||||||
| 5.00%, 12/01/26 (c) | 500 | 603,784 | ||||||
| 5.00%, 12/01/26 (c) | 110 | 132,407 | ||||||
| Puyallup School District No. 3 (GO) (SBG) | ||||||||
| 5.00%, 06/01/27 (c) | 100 | 121,583 | ||||||
| 5.00%, 06/01/27 (c) | 565 | 684,065 | ||||||
|
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c) |
825 | 988,074 | ||||||
|
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c) |
1,000 | 1,303,365 | ||||||
|
State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) 5.00%, 08/01/26 (c) |
135 | 161,755 | ||||||
| State of Washington, Series A (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 755 | 901,899 | ||||||
| 5.00%, 08/01/26 (c) | 115 | 137,138 | ||||||
| State of Washington, Series C (GO) | ||||||||
| 5.00%, 02/01/25 (c) | 175 | 199,778 | ||||||
| 5.00%, 02/01/28 (c) | 170 | 211,016 | ||||||
| 5.00%, 08/01/27 (c) | 880 | 1,075,670 | ||||||
| State of Washington, Series D (GO) | ||||||||
| 5.00%, 02/01/27 (c) | 100 | 120,320 | ||||||
| 5.00%, 08/01/27 (c) | 880 | 1,077,887 | ||||||
| State of Washington, Series E (GO) | ||||||||
| 5.00%, 06/01/31 (c) | 750 | 992,682 | ||||||
| 5.00%, 06/01/31 (c) | 1,000 | 1,319,990 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 495 | 592,844 | ||||||
| 5.00%, 08/01/26 (c) | 245 | 293,555 | ||||||
| 5.00%, 08/01/26 (c) | 580 | 695,246 | ||||||
| 5.00%, 08/01/26 (c) | 200 | 239,636 | ||||||
| 5.00%, 08/01/27 (c) | 500 | 611,176 | ||||||
| 5.00%, 08/01/27 (c) | 500 | 610,708 | ||||||
|
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c) |
1,000 | 1,307,447 | ||||||
|
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c) |
25 | 29,890 | ||||||
| State of Washington, Various Purpose, Series R-B (GO) |
|
Par
(000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
| 5.00%, 01/01/26 (c) | $ | 105 | $ | 123,520 | ||||
| 5.00%, 08/01/26 (c) | 145 | 173,886 | ||||||
| State of Washington, Various Purpose, Series R-C (GO) | ||||||||
| 5.00%, 01/01/25 (c) | 360 | 409,475 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,225,917 | ||||||
| 5.00%, 08/01/27 (c) | 420 | 514,446 | ||||||
| 5.00%, 08/01/27 (c) | 880 | 1,074,846 | ||||||
|
State of Washington, Various Purpose, Series R-E (GO) 5.00%, 01/01/25 (c) |
720 | 819,437 | ||||||
|
University of Washington, Series C (RB) (AGC) 5.00%, 04/01/30 |
1,250 | 1,632,361 | ||||||
|
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) 5.00%, 02/15/28 (c) |
2,000 | 2,413,059 | ||||||
|
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) 5.00%, 10/01/28 (c) |
225 | 279,353 | ||||||
|
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA) 5.00%, 10/01/28 |
645 | 813,946 | ||||||
|
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ST) 5.00%, 10/01/28 (c) |
250 | 311,908 | ||||||
|
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) |
760 | 888,148 | ||||||
|
Washington State Housing Finance Commission (RB) 3.50%, 12/20/35 |
1,720 | 1,974,166 | ||||||
| 52,592,907 | ||||||||
| West Virginia: 0.3% | ||||||||
|
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c) |
270 | 330,654 | ||||||
| State of West Virginia, Series A (GO) | ||||||||
| 5.00%, 06/01/29 (c) | 500 | 630,500 | ||||||
| 5.00%, 06/01/29 (c) | 1,000 | 1,273,391 | ||||||
| State of West Virginia, Series B (GO) | ||||||||
| 5.00%, 06/01/28 (c) | 675 | 843,498 | ||||||
| 5.00%, 06/01/28 (c) | 200 | 249,210 | ||||||
See Notes to Financial Statements
| 98 |
|
|
|
Par
(000’s |
) | Value | ||||||
| West Virginia (continued) | ||||||||
|
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) 5.00%, 06/01/26 (c) |
$ | 240 | $ | 284,263 | ||||
|
West VIrginia Parkways Authority (RB) 5.00%, 06/01/31 (c) |
1,500 | 1,964,790 | ||||||
| 5,576,306 | ||||||||
| Wisconsin: 1.5% | ||||||||
|
City of Madison, Series A (GO) 2.00%, 10/01/27 (c) |
1,000 | 1,043,712 | ||||||
| City of Milwaukee, Series N4 (GO) | ||||||||
| 5.00%, 04/01/26 | 200 | 236,945 | ||||||
| 5.00%, 04/01/27 | 100 | 121,715 | ||||||
| 5.00%, 04/01/28 | 1,500 | 1,864,072 | ||||||
|
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c) |
350 | 380,249 | ||||||
| Public Finance Authority, KU Campus Development Corp.- Central District Development Project (RB) | ||||||||
| 5.00%, 03/01/26 (c) | 165 | 192,477 | ||||||
| 5.00%, 03/01/26 (c) | 180 | 210,075 | ||||||
| 5.00%, 03/01/26 (c) | 390 | 455,756 | ||||||
|
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 |
1,155 | 1,286,612 | ||||||
|
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 3.00%, 06/01/26 (c) |
375 | 394,460 | ||||||
|
State of West Virginia, Series B (GO) 5.00%, 05/01/28 |
1,000 | 1,249,364 | ||||||
| State of Wisconsin, Environmental Improvement Fund, Series A (RB) | ||||||||
| 5.00%, 06/01/25 (c) | 100 | 115,466 | ||||||
| 5.00%, 06/01/25 (c) | 220 | 254,874 | ||||||
| 5.00%, 06/01/25 (c) | 150 | 173,836 | ||||||
| 5.00%, 06/01/25 (c) | 185 | 213,826 | ||||||
| 5.00%, 06/01/25 (c) | 185 | 214,397 | ||||||
| State of Wisconsin, General Fund Annual Appropriation, Series B (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 20 | 23,694 | ||||||
| 5.00%, 05/01/26 (c) | 10 | 11,847 | ||||||
| State of Wisconsin, Series 1 (GO) | ||||||||
| 5.00%, 05/01/25 (c) | 15 | 17,336 | ||||||
| 5.00%, 05/01/27 (c) | 655 | 800,840 | ||||||
| 5.00%, 05/01/27 (c) | 460 | 558,428 | ||||||
| 5.00%, 05/01/27 (c) | 250 | 305,137 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
| State of Wisconsin, Series 2 (GO) | ||||||||
| 5.00%, 11/01/26 | $ | 315 | $ | 380,423 | ||||
| 5.00%, 05/01/26 (c) | 510 | 609,680 | ||||||
| 5.00%, 05/01/26 (c) | 150 | 178,435 | ||||||
| 5.00%, 05/01/27 (c) | 660 | 806,158 | ||||||
| State of Wisconsin, Series 3 (GO) | ||||||||
| 5.00%, 11/01/22 (c) | 145 | 151,958 | ||||||
| 5.00%, 05/01/27 (c) | 450 | 546,289 | ||||||
| 5.00%, 05/01/27 (c) | 500 | 606,511 | ||||||
| 5.00%, 05/01/27 (c) | 295 | 360,079 | ||||||
| State of Wisconsin, Series A (GO) | ||||||||
| 4.00%, 05/01/26 (c) | 100 | 112,817 | ||||||
| 5.00%, 05/01/25 (c) | 930 | 1,066,470 | ||||||
| 5.00%, 05/01/25 (c) | 250 | 288,091 | ||||||
| 5.00%, 05/01/25 (c) | 890 | 1,020,600 | ||||||
| 5.00%, 05/01/28 | 400 | 499,746 | ||||||
|
State of Wisconsin, Series A (RB) 5.00%, 05/01/26 |
160 | 191,036 | ||||||
|
State of Wisconsin, Series B (GO) 5.00%, 05/01/25 (c) |
210 | 241,997 | ||||||
|
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c) |
500 | 541,413 | ||||||
|
Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c) |
500 | 553,287 | ||||||
|
Wisconsin Center District, Series C (RB) (AGM) 0.00%, 12/15/30 (c) ^ |
2,705 | 2,154,983 | ||||||
|
Wisconsin Department of Transportation, Series 1 (RB) 5.00%, 07/01/24 (c) |
565 | 635,107 | ||||||
| Wisconsin Department of Transportation, Series 2 (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 115 | 140,651 | ||||||
| 5.00%, 07/01/27 (c) | 480 | 585,611 | ||||||
| Wisconsin Department of Transportation, Series A (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 140 | 157,252 | ||||||
| 5.00%, 07/01/24 (c) | 940 | 1,051,834 | ||||||
| 5.00%, 07/01/24 (c) | 510 | 573,283 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series A (RB) 5.00%, 08/15/28 (c) |
1,020 | 1,275,182 | ||||||
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
| 4.00%, 05/15/26 (c) | 1,500 | 1,698,197 | ||||||
| 4.00%, 05/15/26 (c) | 1,000 | 1,134,238 | ||||||
| 5.00%, 05/15/26 (c) | 290 | 345,078 | ||||||
See Notes to Financial Statements
| 99 |
|
|
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
| 5.00%, 05/15/26 (c) | $ | 35 | $ | 41,613 | ||||
| 5.00%, 05/15/26 (c) | 100 | 118,796 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c) |
500 | 576,213 | ||||||
| Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
| 5.00%, 04/01/27 (c) | $ | 125 | $ | 148,743 | ||||
|
Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB) 5.00%, 11/15/24 (c) |
155 | 176,105 | ||||||
| 29,092,994 | ||||||||
|
Total Municipal Bonds: 98.7% (Cost: $1,847,244,511) |
1,905,256,298 | |||||||
| Other assets less liabilities: 1.3% | 25,302,810 | |||||||
| NET ASSETS: 100.0% | $ | 1,930,559,108 | ||||||
Definitions:
| ACA | Credit Agricole SA |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |
| Summary of Investments by Sector |
% of
Investments |
Value | ||||||
| Education | 5.4 | % | $ | 103,889,875 | ||||
| Health Care | 7.0 | 133,174,331 | ||||||
| Housing | 1.9 | 36,058,282 | ||||||
| Industrial Revenue | 2.1 | 39,482,034 | ||||||
| Leasing | 8.0 | 151,795,792 | ||||||
| Local | 19.0 | 362,338,335 | ||||||
| Power | 3.8 | 73,633,628 | ||||||
| Special Tax | 10.4 | 197,842,046 | ||||||
| State | 18.7 | 355,969,026 | ||||||
| Tobacco | 1.3 | 24,950,085 | ||||||
| Transportation | 13.1 | 248,987,710 | ||||||
| Water & Sewer | 9.3 | 177,135,154 | ||||||
| 100.0 | % | $ | 1,905,256,298 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 1,905,256,298 | $ | — | $ | 1,905,256,298 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 100 |
|
|
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 98.9% | ||||||||
| Alabama: 0.5% | ||||||||
|
Tuscaloosa City Board of Education (RB) 4.00%, 08/01/26 (c) |
$ | 210 | $ | 236,943 | ||||
|
UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c) |
220 | 259,340 | ||||||
|
UAB Medicine Finance Authority, Series B2 (RB) 4.00%, 03/01/27 (c) |
280 | 313,626 | ||||||
|
Water Works Board of the City of Birmingham, Series B (RB) 5.00%, 01/01/27 (c) |
260 | 316,993 | ||||||
| 1,126,902 | ||||||||
| Arizona: 1.6% | ||||||||
|
City of Phoenix Civic Improvement Corp. (RB) 5.00%, 07/01/29 (c) |
445 | 541,517 | ||||||
|
City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c) |
1,000 | 1,222,446 | ||||||
|
City of Phoenix Civic Improvement Corp., Series D (RB) 4.00%, 07/01/27 (c) |
215 | 242,747 | ||||||
|
City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 4.00%, 07/01/30 (c) |
325 | 377,402 | ||||||
|
Glendale, Industrial Development Authority, Sun Health Services, Series A (RB) 5.00%, 11/15/26 (c) |
625 | 718,399 | ||||||
|
Industrial Development Authority of the County of Pima/The (RB) 4.00%, 04/01/31 (c) |
750 | 861,203 | ||||||
| 3,963,714 | ||||||||
| Arkansas: 0.0% | ||||||||
|
City of Rogers, Sales and Use Tax, Series B (RB) 3.25%, 11/01/26 (c) |
90 | 93,952 | ||||||
| California: 14.6% | ||||||||
|
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series E (RB) 5.00%, 05/01/28 (c) |
300 | 364,824 | ||||||
|
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series F (RB) 5.00%, 05/01/29 (c) |
500 | 610,517 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Anaheim Elementary School District (GO) 3.00%, 08/01/26 (c) |
$ | 230 | $ | 237,891 | ||||
|
Beverly Hills Unified School District (GO) 0.00%, 08/01/26 (c) ^ |
315 | 171,556 | ||||||
|
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c) |
1,350 | 1,548,674 | ||||||
|
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c) |
750 | 887,921 | ||||||
| California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) | ||||||||
| 3.00%, 10/01/26 (c) | 680 | 709,705 | ||||||
| 3.00%, 10/01/26 (c) | 570 | 591,723 | ||||||
| California Health Facilities Financing Authority, Series A (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 230 | 257,731 | ||||||
| 4.00%, 03/01/26 (c) | 320 | 352,141 | ||||||
|
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c) |
160 | 176,531 | ||||||
|
California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c) |
200 | 227,845 | ||||||
|
California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (BAM) 5.00%, 05/01/49 |
250 | 384,254 | ||||||
|
California State University, Series A (RB) 5.00%, 05/01/27 (c) |
800 | 972,227 | ||||||
|
California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 5.00%, 03/01/28 (c) |
330 | 393,616 | ||||||
|
California Statewide Communities Development Authority, Marin General Hospital, Series A (RB) 4.00%, 08/01/23 (c) |
200 | 205,831 | ||||||
|
Centinela Valley Union High School District, Series B (GO) (AGM) 4.00%, 08/01/26 (c) |
455 | 498,433 | ||||||
| Chaffey Joint Union High School District, Series C (GO) | ||||||||
See Notes to Financial Statements
| 101 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.25%, 02/01/27 (c) | $ | 500 | $ | 602,736 | ||||
|
Department of Veterans Affairs of the State of California, Home Purchase Program, Series B (RB) 3.38%, 06/01/26 (c) |
300 | 320,131 | ||||||
|
Department of Veterans Affairs of the State of California, Series A (RB) 2.30%, 06/01/29 (c) |
300 | 302,988 | ||||||
|
Department of Veterans Affairs Veteran’s Farm & Home Purchase Program (RB) 3.00%, 06/01/29 (c) |
450 | 482,940 | ||||||
|
El Dorado Irrigation District (CP) (AGM) 4.00%, 03/01/30 (c) |
690 | 789,626 | ||||||
|
Fairfield-Suisun Unified School District (GO) 2.75%, 08/01/26 (c) |
300 | 309,720 | ||||||
|
Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c) |
800 | 883,933 | ||||||
|
Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c) |
130 | 146,654 | ||||||
|
Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c) |
325 | 341,342 | ||||||
|
Grossmont Union High School District, Series B (GO) 3.00%, 08/01/26 (c) |
105 | 108,733 | ||||||
|
Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c) |
185 | 209,568 | ||||||
|
Irvine Unified School District Community Facilities District No. 09-1, Series A (ST) (BAM) 4.00%, 09/01/29 (c) |
140 | 161,595 | ||||||
| Livermore Valley Joint Unified School District (GO) | ||||||||
| 3.00%, 08/01/26 (c) | 215 | 222,868 | ||||||
| 4.00%, 08/01/26 (c) | 250 | 281,829 | ||||||
|
Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c) |
440 | 543,823 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 500 | 600,609 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 304,567 | ||||||
| 5.00%, 01/01/29 (c) | 775 | 957,596 | ||||||
| 5.00%, 07/01/30 (c) | 800 | 1,024,400 | ||||||
|
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/27 (c) |
275 | 335,146 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Metropolitan Water District of Southern California (RB) 5.00%, 04/01/31 (c) |
$ | 1,200 | $ | 1,582,646 | ||||
|
Metropolitan Water District of Southern California, Series A (RB) 5.00%, 01/01/29 (c) |
500 | 627,694 | ||||||
|
Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c) |
530 | 606,895 | ||||||
|
Montebello Unified School District, Series A (GO) 4.00%, 08/01/26 (c) |
100 | 108,098 | ||||||
|
Oxnard School District, Series A (GO) (BAM) 4.00%, 08/01/27 (c) |
380 | 426,905 | ||||||
|
Public Facilities Financing Authority of the City of San Diego, Series A (RB) 5.00%, 10/15/30 (c) |
1,000 | 1,261,251 | ||||||
|
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/30 (c) |
325 | 412,536 | ||||||
|
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c) |
500 | 529,916 | ||||||
|
Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c) |
570 | 664,681 | ||||||
|
Sacramento Municipal Utility District, Series H (RB) 4.00%, 08/15/30 (c) |
250 | 298,839 | ||||||
|
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) |
750 | 920,912 | ||||||
| San Diego Unified School District, Series I (GO) | ||||||||
| 3.12%, 07/01/27 (c) | 240 | 254,304 | ||||||
| 4.00%, 07/01/27 (c) | 595 | 679,024 | ||||||
|
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c) |
610 | 723,757 | ||||||
|
San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c) |
150 | 168,372 | ||||||
|
San Jose Evergreen Community College District (GO) 3.00%, 09/01/28 (c) |
825 | 875,764 | ||||||
|
Santa Clara Unified School District (GO) 4.00%, 07/01/26 (c) |
310 | 350,344 | ||||||
See Notes to Financial Statements
| 102 |
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Santa Clara Unified School District, Series A (GO) 4.00%, 08/01/28 (c) |
$ | 1,000 | $ | 1,142,758 | ||||
|
Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c) |
250 | 306,609 | ||||||
|
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c) |
1,000 | 979,641 | ||||||
|
State of California Various Purpose Bonds (GO) 3.00%, 12/01/30 (c) |
400 | 429,856 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 500 | 528,135 | ||||||
| 4.00%, 10/01/29 (c) | 110 | 129,190 | ||||||
| 4.00%, 09/01/26 (c) | 105 | 118,316 | ||||||
| 5.00%, 10/01/28 (c) | 935 | 1,150,702 | ||||||
| 5.00%, 11/01/27 (c) | 515 | 630,998 | ||||||
|
Trustees of the California State University, Series A (RB) 5.00%, 05/01/27 (c) |
335 | 403,758 | ||||||
|
University of California, Series O (RB) 5.00%, 05/15/28 (c) |
1,000 | 1,216,304 | ||||||
|
West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c) |
250 | 291,712 | ||||||
| 35,342,141 | ||||||||
| Colorado: 3.2% | ||||||||
|
Board of Governors of Colorado State University System (RB) (ST) 4.00%, 03/01/28 (c) |
550 | 618,303 | ||||||
|
City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c) |
230 | 262,518 | ||||||
|
City and County of Denver, Colorado, Water Commissioners, Seires A (RB) 2.10%, 12/15/31 (c) |
850 | 804,595 | ||||||
|
City and County of Denver, Series A (CP) 4.00%, 06/01/26 (c) |
285 | 313,007 | ||||||
|
City and County of Denver, Water Commissioners, Series A (RB) 2.00%, 12/15/31 (c) |
850 | 786,727 | ||||||
|
City of Loveland, Electric and Communications Enterprise, Series A (RB) 5.00%, 12/01/28 (c) |
750 | 913,172 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
|
Colorado Educational and Cultural Facilities Authority, University of Denver Project, Series A (RB) 5.00%, 03/01/27 (c) |
$ | 155 | $ | 185,352 | ||||
|
Colorado Health Facilities Authority, Adventist Health System Series A (RB) 4.00%, 05/15/28 (c) |
320 | 362,014 | ||||||
|
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 3.25%, 08/01/29 (c) |
500 | 522,281 | ||||||
|
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c) |
500 | 620,244 | ||||||
| Colorado High Performance Transportation Enterprise (RB) | ||||||||
| 5.00%, 12/31/24 (c) | 250 | 280,789 | ||||||
| 5.00%, 12/31/24 (c) | 250 | 281,206 | ||||||
|
Denver Health and Hospital Authority, Series A (RB) 4.00%, 12/01/29 (c) |
160 | 182,653 | ||||||
|
Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c) |
850 | 797,489 | ||||||
|
Weld County School District No 6 Greeley (GO) (SAW) 4.00%, 06/01/31 (c) |
800 | 949,087 | ||||||
| 7,879,437 | ||||||||
| Connecticut: 0.4% | ||||||||
|
Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c) |
10 | 10,391 | ||||||
|
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue, Series K (RB) 4.00%, 07/01/30 (c) |
300 | 339,935 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 4.00%, 11/01/28 (c) | 250 | 286,733 | ||||||
| 5.00%, 02/15/30 (c) | 250 | 312,401 | ||||||
| 949,460 | ||||||||
| Delaware: 0.3% | ||||||||
|
County of New Castle (GO) 4.00%, 04/01/27 (c) |
150 | 166,558 | ||||||
|
Delaware State Health Facilities Authority (RB) 4.00%, 10/01/29 (c) |
280 | 322,554 | ||||||
|
Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c) |
115 | 128,019 | ||||||
| 617,131 | ||||||||
See Notes to Financial Statements
| 103 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| District of Columbia: 1.3% | ||||||||
| District of Columbia, Series A (GO) | ||||||||
| 4.00%, 04/15/29 (c) | $ | 100 | $ | 116,566 | ||||
| 4.00%, 04/15/29 (c) | 1,000 | 1,151,834 | ||||||
| District of Columbia, Series A (RB) | ||||||||
| 2.62%, 03/01/30 (c) | 575 | 583,986 | ||||||
| 3.00%, 03/01/30 (c) | 275 | 298,412 | ||||||
|
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB) 5.00%, 04/01/28 (c) |
750 | 914,911 | ||||||
| 3,065,709 | ||||||||
| Florida: 4.8% | ||||||||
|
Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c) |
345 | 389,849 | ||||||
|
City of Jacksonville, Health Care Facililities, Brooks Rehabilitation (RB) 5.00%, 11/01/29 (c) |
500 | 602,099 | ||||||
|
City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c) |
250 | 307,669 | ||||||
|
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c) |
200 | 210,469 | ||||||
|
City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c) |
180 | 189,698 | ||||||
| City Of South Miami Health Facilities Authority, Inc. (RB) | ||||||||
| 5.00%, 08/15/27 (c) | 255 | 308,906 | ||||||
| 5.00%, 08/15/27 (c) | 275 | 332,252 | ||||||
|
City of Tampa, Central and Lower Basin Stormwater Improvements (SA) 5.25%, 05/01/28 (c) |
275 | 342,409 | ||||||
|
Collier County Water and Sewer District (RB) 3.00%, 07/01/29 (c) |
900 | 983,791 | ||||||
|
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c) |
1,000 | 1,227,757 | ||||||
|
County of Broward, Half-Cent Sales Tax (RB) 4.00%, 10/01/30 (c) |
275 | 327,440 | ||||||
|
County of Miami-Dade, Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c) |
210 | 235,834 | ||||||
|
County of Miami-Dade, Water and Sewer System, Series B (RB) 3.00%, 10/01/29 (c) |
310 | 330,228 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
| 3.12%, 10/01/27 (c) | $ | 140 | $ | 151,340 | ||||
| 4.00%, 10/01/27 (c) | 360 | 415,618 | ||||||
|
Florida Housing Finance Corp., Series 1 (RB) 3.20%, 07/01/28 (c) |
70 | 72,846 | ||||||
|
Greater Orlando Aviation Authority, Airport Facilities, Series B (RB) 5.00%, 10/01/26 (c) |
125 | 148,610 | ||||||
|
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 3.50%, 02/01/31 (c) |
1,000 | 1,060,687 | ||||||
|
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c) |
500 | 457,859 | ||||||
|
Orlando Utilities Commission, Series A (RB) 2.38%, 04/01/31 (c) |
750 | 721,354 | ||||||
|
Palm Beach County Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c) |
330 | 355,781 | ||||||
|
School District of Broward County (GO) 5.00%, 07/01/28 (c) |
300 | 365,698 | ||||||
|
School District of Broward County/FL (GO) 5.00%, 07/01/31 (c) |
665 | 852,926 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AGM) 3.00%, 06/01/29 (c) |
145 | 161,199 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 3.00%, 06/01/29 (c) |
500 | 554,674 | ||||||
|
State of Florida, Department of Transportation, Series B (RB) 2.00%, 07/01/30 (c) |
500 | 450,186 | ||||||
| 11,557,179 | ||||||||
| Georgia: 2.4% | ||||||||
|
Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c) |
260 | 291,858 | ||||||
| County of Fulton, Georgia Water and Sewerage, Series A (RB) | ||||||||
| 2.25%, 01/01/30 (c) | 500 | 483,311 | ||||||
| 2.38%, 01/01/30 (c) | 900 | 876,026 | ||||||
|
County of Paulding, Water and Sewerage Revenue (RB) 3.00%, 12/01/26 (c) |
150 | 159,095 | ||||||
| Dahlonega Downtown Development Authority (RB) | ||||||||
See Notes to Financial Statements
| 104 |
|
Par
(000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
| 3.12%, 07/01/23 (c) | $ | 90 | $ | 91,994 | ||||
|
Dalton-Whitfield County Joint Development Authority (RB) (AGC) 4.00%, 02/15/28 (c) |
185 | 205,048 | ||||||
|
Development Authority of Rockdale County, Piedmont Healthcare, Inc. Project, Series A (RB) (SAW) 4.00%, 07/01/29 (c) |
270 | 310,407 | ||||||
|
Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) 3.35%, 06/01/28 (c) |
165 | 176,457 | ||||||
|
Georgia Housing and Finance Authority, Single Family Mortgage, Series B (RB) 3.55%, 12/01/26 (c) |
150 | 157,423 | ||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) | ||||||||
| 3.35%, 12/01/25 (c) | 215 | 223,568 | ||||||
| 3.35%, 12/01/25 (c) | 230 | 239,166 | ||||||
|
Georgia State Road & Tollway Authority (RB) (ST) 3.00%, 07/15/31 (c) |
1,000 | 1,065,762 | ||||||
|
Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c) |
335 | 418,178 | ||||||
|
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/30 (c) |
1,000 | 1,055,672 | ||||||
|
Private Colleges & Universities Authority, Series B (RB) 3.00%, 10/01/24 (c) |
150 | 156,421 | ||||||
| 5,910,386 | ||||||||
| Hawaii: 0.5% | ||||||||
| City and County of Honolulu, Series C (GO) | ||||||||
| 4.00%, 08/01/29 (c) | 750 | 871,568 | ||||||
| 5.00%, 08/01/29 (c) | 200 | 250,577 | ||||||
| 1,122,145 | ||||||||
| Idaho: 0.2% | ||||||||
|
Idaho Health Facilities Authority (RB) 5.00%, 12/01/27 (c) |
500 | 604,638 | ||||||
| Illinois: 3.7% | ||||||||
|
Chicago Board of Education (ST) 6.00%, 04/01/27 (c) |
100 | 120,359 | ||||||
|
Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/26 (c) |
250 | 290,084 | ||||||
|
Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c) |
890 | 1,002,420 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/27 (c) |
$ | 150 | $ | 177,791 | ||||
| Chicago O’Hare International Airport, Series D (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 265 | 313,845 | ||||||
| 5.00%, 01/01/27 (c) | 150 | 177,285 | ||||||
|
Chicago O’Hare International Airport, Series F (RB) 5.00%, 01/01/27 (c) |
250 | 295,475 | ||||||
|
Chicago Transit Authority, Second Lien (RB) (AGM) 5.00%, 12/01/26 (c) |
220 | 259,296 | ||||||
|
City of Chicago, Series A (GO) 5.00%, 01/01/29 (c) |
1,000 | 1,181,833 | ||||||
|
County of Cook (RB) 4.00%, 11/15/27 (c) |
160 | 179,558 | ||||||
|
Illinois Finance Authority (RB) (AGM) 5.00%, 07/01/29 (c) |
330 | 413,583 | ||||||
|
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c) |
500 | 587,217 | ||||||
|
Illinois Finance Authority, OSF HealthCare System, Series A (RB) 3.00%, 11/15/30 (c) |
500 | 514,737 | ||||||
|
Illinois Finance Authority, Presence Network, Series C (RB) 4.00%, 02/15/27 (c) |
170 | 190,411 | ||||||
|
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c) |
500 | 625,180 | ||||||
|
Northern Illinois Municipal Power Agency, Series A (RB) 4.00%, 12/01/26 (c) |
165 | 179,031 | ||||||
|
State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c) |
750 | 931,772 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 4.00%, 03/01/31 (c) | 500 | 564,723 | ||||||
| 5.00%, 05/01/28 (c) | 250 | 291,177 | ||||||
| 5.00%, 05/01/28 (c) | 630 | 731,700 | ||||||
| 9,027,477 | ||||||||
| Indiana: 0.7% | ||||||||
|
Indiana Finance Authority (RB) 5.00%, 10/01/31 (c) |
300 | 390,590 | ||||||
|
Indianapolis Local Public Improvement Bond Bank (RB) 5.00%, 02/01/29 (c) |
1,000 | 1,214,828 | ||||||
| 1,605,418 | ||||||||
| Iowa: 0.3% | ||||||||
| Iowa Higher Education Loan Authority (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 300 | 357,651 | ||||||
| 5.00%, 12/01/26 (c) | 250 | 298,453 | ||||||
| 656,104 | ||||||||
See Notes to Financial Statements
| 105 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Kansas: 0.2% | ||||||||
|
Lyon County Unified School District No. 253 (GO) 3.00%, 09/01/27 (c) |
$ | 270 | $ | 285,049 | ||||
|
Sedgwick County Unified School District No. 260, Series B (GO) 4.00%, 10/01/26 (c) |
150 | 167,094 | ||||||
| 452,143 | ||||||||
| Kentucky: 0.8% | ||||||||
|
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c) |
920 | 1,007,499 | ||||||
|
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c) |
250 | 286,810 | ||||||
| Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) | ||||||||
| 3.00%, 11/15/25 (c) | 345 | 362,645 | ||||||
| 3.25%, 11/15/26 (c) | 235 | 248,961 | ||||||
| 1,905,915 | ||||||||
| Louisiana: 1.5% | ||||||||
| City of New Orleans LA (GO) | ||||||||
| 5.00%, 12/01/30 (c) | 450 | 565,392 | ||||||
| 5.00%, 12/01/30 (c) | 320 | 398,033 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c) |
230 | 257,435 | ||||||
|
Louisiana Public Facilities Authority Hospital, Children’s Medical Center, Series A (RB) (AGM) 3.00%, 06/01/30 (c) |
500 | 525,462 | ||||||
| Louisiana Public Facilities Authority, Louisiana State University Nicholson Gateway Project (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 315 | 352,992 | ||||||
| 5.00%, 07/01/26 (c) | 340 | 381,168 | ||||||
|
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c) |
230 | 256,210 | ||||||
|
New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c) |
240 | 284,109 | ||||||
|
State of Louisiana, Series A (GO) 5.00%, 03/01/29 (c) |
500 | 620,642 | ||||||
| 3,641,443 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Maryland: 0.9% | ||||||||
|
City of Baltimore, Water Projects, Series A (RB) (SAW) 4.00%, 07/01/29 (c) |
$ | 225 | $ | 257,673 | ||||
|
County of Baltimore (GO) 4.00%, 03/01/28 (c) |
250 | 289,141 | ||||||
|
Maryland Health & Higher Educational Facilities Authority (RB) 3.00%, 07/01/31 (c) |
500 | 520,731 | ||||||
|
Maryland Health and Higher Educational Facilities Authority, Charlestown Community Issue, Series A (RB) 5.00%, 07/01/26 (c) |
220 | 251,814 | ||||||
|
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB) 4.00%, 05/15/27 (c) |
260 | 288,017 | ||||||
|
Maryland Health and Higher Educational Facilities Authority, Univeristy of Maryland Medical System Issue, Series D (RB) 4.00%, 01/01/28 (c) |
150 | 167,891 | ||||||
|
Prince George’s County, Regional Medical Center (CP) 3.25%, 10/01/27 (c) |
100 | 106,663 | ||||||
|
Trinity Health Credit Group, Maryland Health and Higher Educational Facility, Series MD (RB) 4.00%, 06/01/27 (c) |
270 | 305,017 | ||||||
| 2,186,947 | ||||||||
| Massachusetts: 3.6% | ||||||||
|
Boston Water and Sewer Commission, Series B (RB) 3.00%, 11/01/23 (c) |
160 | 165,397 | ||||||
|
Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c) |
315 | 386,994 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,214,730 | ||||||
| 5.00%, 01/01/28 (c) | 200 | 242,997 | ||||||
| 5.00%, 04/01/27 (c) | 275 | 333,372 | ||||||
|
Commonwealth of Massachusetts, Series B (GO) 2.50%, 03/01/30 (c) |
750 | 755,449 | ||||||
|
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c) |
360 | 379,350 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 3.00%, 04/01/25 (c) | 120 | 125,793 | ||||||
| 4.00%, 04/01/25 (c) | 440 | 484,288 | ||||||
See Notes to Financial Statements
| 106 |
|
Par
(000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
|
Commonwealth of Massachusetts, Series J (GO) 4.00%, 12/01/26 (c) |
$ | 230 | $ | 261,128 | ||||
|
Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/27 (c) |
100 | 120,547 | ||||||
|
Massachusetts Development Finance Agency, Dana-Farber Cancer Institute, Series N (RB) 5.00%, 12/01/26 (c) |
200 | 235,616 | ||||||
|
Massachusetts Development Finance Agency, Suffolk University (RB) 4.00%, 07/01/27 (c) |
250 | 275,091 | ||||||
|
Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 4.00%, 10/01/27 (c) |
250 | 282,964 | ||||||
|
Massachusetts Port Authority (RB) (SBG) 5.00%, 07/01/29 (c) |
305 | 380,189 | ||||||
|
Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB) 5.00%, 02/15/26 (c) |
850 | 1,010,157 | ||||||
|
The Commonwealth of Massachusetts Transportation Fund, Series A (RB) 3.00%, 06/01/30 (c) |
800 | 852,283 | ||||||
|
The Commonwealth of Massachusetts, Series B (GO) 2.12%, 04/01/31 (c) |
1,300 | 1,163,183 | ||||||
| 8,669,528 | ||||||||
| Michigan: 2.5% | ||||||||
|
Bloomfield Hills School District (GO) 4.00%, 05/01/30 (c) |
700 | 822,568 | ||||||
|
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c) |
390 | 455,820 | ||||||
|
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c) |
320 | 372,743 | ||||||
|
Michigan Finance Authority Hospital (RB) 5.00%, 12/01/27 (c) |
500 | 606,962 | ||||||
|
Michigan Finance Authority, Henry Ford Health System (RB) 4.00%, 11/15/26 (c) |
225 | 248,229 | ||||||
| Michigan Finance Authority, Henry Ford Health System, Series A (RB) | ||||||||
| 4.00%, 11/02/29 (c) | 250 | 280,286 | ||||||
| 5.00%, 11/02/29 (c) | 135 | 164,832 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Michigan (continued) | ||||||||
|
Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) 4.00%, 06/01/27 (c) |
$ | 150 | $ | 168,430 | ||||
|
Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c) |
500 | 523,564 | ||||||
|
Michigan State Housing Development Authority, Single-Family Mortgage, Series A (RB) 4.00%, 06/01/28 (c) |
290 | 303,674 | ||||||
| Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
| 2.95%, 12/01/28 (c) | 425 | 444,928 | ||||||
| 3.50%, 06/01/26 (c) | 120 | 125,723 | ||||||
|
Muskegon Public Schools/MI (GO) 5.00%, 05/01/31 (c) |
305 | 386,145 | ||||||
|
Saginaw City School District (GO) 4.00%, 05/01/31 (c) |
750 | 874,834 | ||||||
|
Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c) |
190 | 230,398 | ||||||
| 6,009,136 | ||||||||
| Minnesota: 0.8% | ||||||||
|
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c) |
545 | 536,900 | ||||||
| Minnesota Housing Finance Agency Residential Housing, Series I (RB) | ||||||||
| 2.15%, 01/01/30 (c) | 960 | 922,487 | ||||||
| 3.00%, 01/01/30 (c) | 495 | 531,521 | ||||||
| 1,990,908 | ||||||||
| Missouri: 0.7% | ||||||||
|
Health and Educational Facilities Authority, Saint Louis University (RB) 5.00%, 04/01/29 (c) |
100 | 121,621 | ||||||
|
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c) |
250 | 276,015 | ||||||
|
Missouri State Health and Educational Facilities Authority, Mercy Health (RB) 3.00%, 06/01/30 (c) |
350 | 363,659 | ||||||
|
Missouri State Health and Educational Facilities Authority, Saint Luke’s Health System (RB) 3.00%, 11/15/30 (c) |
750 | 779,462 | ||||||
See Notes to Financial Statements
| 107 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Missouri (continued) | ||||||||
|
Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c) |
$ | 240 | $ | 246,479 | ||||
| 1,787,236 | ||||||||
| Nebraska: 0.2% | ||||||||
|
Douglas County School District No. 0001 (GO) 2.00%, 03/30/31 (c) |
500 | 455,833 | ||||||
| Nevada: 1.3% | ||||||||
|
City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c) |
390 | 461,471 | ||||||
|
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c) |
675 | 784,919 | ||||||
|
Clark County, Limited Tax, Series A (GO) 5.00%, 06/01/28 (c) |
485 | 580,653 | ||||||
|
Clark County, Limited Tax, Series C (GO) 3.00%, 07/01/29 (c) |
280 | 301,239 | ||||||
|
County of Washoe, Nevada Highway, Fuel Tax (RB) 5.00%, 02/01/29 (c) |
250 | 305,523 | ||||||
|
Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c) |
275 | 329,010 | ||||||
|
Las Vegas Convention and Visitors Authority, Series C (RB) 4.00%, 07/01/26 (c) |
200 | 216,481 | ||||||
|
Washoe County School District, Series C (GO) (AGM) 3.12%, 10/01/27 (c) |
100 | 107,225 | ||||||
| 3,086,521 | ||||||||
| New Hampshire: 0.4% | ||||||||
|
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c) |
500 | 542,162 | ||||||
|
New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c) |
265 | 299,286 | ||||||
|
New Hampshire Municipal Bond Bank, Series D (RB) 4.00%, 08/15/26 (c) |
200 | 223,002 | ||||||
| 1,064,450 | ||||||||
| New Jersey: 3.2% | ||||||||
| Atlantic County Improvement Authority, Series A (RB) (AGM) | ||||||||
| 3.25%, 07/01/26 (c) | 140 | 147,495 | ||||||
| 4.00%, 07/01/26 (c) | 165 | 180,517 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) | ||||||||
| 2.00%, 03/01/31 (c) | $ | 500 | $ | 469,173 | ||||
| 2.00%, 03/01/31 (c) | 1,500 | 1,427,611 | ||||||
|
New Jersey Health Care Facilities Financing Authority (RB) 2.50%, 07/01/31 (c) |
490 | 455,636 | ||||||
|
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/26 (c) |
55 | 64,857 | ||||||
|
New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) 4.00%, 07/01/26 (c) |
500 | 545,299 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series A (RB) (BAM) 4.25%, 12/15/28 (c) |
790 | 902,656 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 4.50%, 12/15/28 (c) | 910 | 1,059,142 | ||||||
| 5.00%, 12/15/30 (c) | 250 | 305,894 | ||||||
| 5.00%, 12/15/30 (c) | 250 | 311,227 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.50%, 12/15/28 (c) |
365 | 387,747 | ||||||
|
New Jersey Turnpike Authority, Series A (RB) (ST) 4.00%, 01/01/29 (c) |
380 | 433,547 | ||||||
|
New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c) |
100 | 121,670 | ||||||
|
New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c) |
210 | 238,108 | ||||||
|
State of New Jersey, Various Purposes (GO) 5.00%, 12/01/27 (c) |
400 | 483,386 | ||||||
|
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c) |
205 | 238,482 | ||||||
| 7,772,447 | ||||||||
| New Mexico: 0.4% | ||||||||
|
New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB) 4.00%, 08/01/29 (c) |
250 | 284,608 | ||||||
See Notes to Financial Statements
| 108 |
|
Par
(000’s |
) | Value | ||||||
| New Mexico (continued) | ||||||||
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series C (RB) 3.60%, 07/01/28 (c) |
$ | 205 | $ | 218,593 | ||||
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c) |
360 | 373,801 | ||||||
| 877,002 | ||||||||
| New York: 19.4% | ||||||||
|
Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c) |
1,000 | 1,171,897 | ||||||
|
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) (AGM) 3.00%, 01/15/27 (c) |
110 | 113,191 | ||||||
|
City of New York, Series C (GO) 5.00%, 08/01/30 (c) |
500 | 624,676 | ||||||
| City of New York, Series D-1 (GO) | ||||||||
| 4.00%, 12/01/28 (c) | 470 | 539,691 | ||||||
| 5.00%, 12/01/28 (c) | 100 | 123,349 | ||||||
| City of New York, Subseries B-1 (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 110 | 116,748 | ||||||
| 5.00%, 10/01/29 (c) | 250 | 309,111 | ||||||
|
City of New York, Subseries D-1 (GO) (BAM) 5.00%, 03/01/30 (c) |
1,000 | 1,238,385 | ||||||
|
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c) |
900 | 1,036,231 | ||||||
|
Dormitory Authority of the State of New York University, Series A (RB) 5.00%, 07/01/29 (c) |
350 | 445,037 | ||||||
|
Dormitory Authority of the State of New York, A (RB) 5.00%, 03/15/27 (c) |
380 | 456,692 | ||||||
|
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c) |
255 | 296,756 | ||||||
|
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c) |
645 | 759,076 | ||||||
|
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c) |
330 | 347,503 | ||||||
| Long Island Power Authority, Electric System (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 09/01/27 (c) | $ | 300 | $ | 362,357 | ||||
|
Metropolitan Transportation Authority (RB) 4.00%, 05/15/28 (c) |
250 | 271,479 | ||||||
|
Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c) |
715 | 866,667 | ||||||
|
Metropolitan Transportation Authority, Series A-1 (RB) 4.00%, 05/15/27 (c) |
400 | 438,118 | ||||||
|
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/27 (c) |
350 | 421,195 | ||||||
|
Metropolitan Transportation Authority, Series C (RB) 5.00%, 11/15/29 (c) |
550 | 660,337 | ||||||
|
Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c) |
1,000 | 1,152,663 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 4.00%, 05/15/28 (c) | 715 | 787,123 | ||||||
| 5.00%, 11/15/26 (c) | 225 | 260,584 | ||||||
| 5.25%, 11/15/26 (c) | 370 | 430,588 | ||||||
|
Metropolitan Transportation Authority, Series D (RB) 4.00%, 05/15/28 (c) |
1,245 | 1,360,394 | ||||||
|
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/23 (c) |
145 | 155,022 | ||||||
|
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c) |
500 | 576,809 | ||||||
|
New York City Housing Development Corp. (RB) 2.25%, 05/01/29 (c) |
800 | 788,499 | ||||||
|
New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB) 3.00%, 05/01/28 (c) |
275 | 280,185 | ||||||
|
New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 3.00%, 03/01/27 (c) |
500 | 517,194 | ||||||
|
New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 09/01/27 (c) |
565 | 581,114 | ||||||
|
New York City Housing Development Corp., Sustainable Development Bonds, Series C (RB) 2.75%, 02/01/29 (c) |
1,000 | 995,619 | ||||||
See Notes to Financial Statements
| 109 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York City Housing Development Corp., Sustainable Neighborhood Bonds, Series G-1 (RB) 3.75%, 11/01/25 (c) |
$ | 250 | $ | 264,437 | ||||
|
New York City Housing Development Corporation Multi-Family Housing, Series I-1 (RB) 2.80%, 02/01/29 (c) |
455 | 457,314 | ||||||
|
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 4.00%, 06/15/27 (c) |
175 | 199,501 | ||||||
|
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/29 (c) |
350 | 368,195 | ||||||
|
New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 2.25%, 02/01/31 (c) |
650 | 597,074 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 225 | 262,327 | ||||||
| 5.00%, 08/01/28 (c) | 260 | 319,376 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c) |
200 | 241,954 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB) 5.00%, 08/01/27 (c) |
510 | 616,779 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
| 4.00%, 08/01/27 (c) | 400 | 453,769 | ||||||
| 5.00%, 08/01/26 (c) | 115 | 134,912 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
| 4.00%, 11/01/30 (c) | 500 | 581,055 | ||||||
| 4.00%, 11/01/30 (c) | 1,775 | 2,069,682 | ||||||
| 4.00%, 05/01/29 (c) | 250 | 291,865 | ||||||
| 4.00%, 05/01/29 (c) | 1,120 | 1,294,957 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/27 (c) |
420 | 502,853 | ||||||
| New York City Water & Sewer System (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 06/15/28 (c) | $ | 250 | $ | 310,513 | ||||
|
New York City Water & Sewer System, Series BB Subseries BB-1 (RB) 4.00%, 12/15/30 (c) |
640 | 737,487 | ||||||
|
New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c) |
200 | 253,377 | ||||||
|
New York City Water and Sewer System, Series AA-1 (RB) 3.00%, 12/15/30 (c) |
350 | 365,020 | ||||||
|
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c) |
660 | 703,586 | ||||||
|
New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c) |
300 | 375,410 | ||||||
| New York Convention Center Development Corp., Series A (RB) | ||||||||
| 0.00%, 11/15/47 ^ | 230 | 111,576 | ||||||
| 0.00%, 11/15/54 ^ | 170 | 65,630 | ||||||
|
New York Liberty Development Corp. (RB) 3.00%, 11/15/31 (c) |
1,000 | 1,020,744 | ||||||
|
New York State Dormitory Authority (RB) 4.00%, 07/01/31 (c) |
550 | 635,364 | ||||||
|
New York State Dormitory Authority (RB) (BAM) 5.00%, 08/15/26 (c) |
250 | 295,606 | ||||||
|
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 03/15/29 (c) |
285 | 352,705 | ||||||
|
New York State Dormitory Authority, New York Columbia University, Series A (RB) 5.00%, 10/01/47 |
250 | 382,645 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 400 | 494,556 | ||||||
| 5.00%, 07/01/28 (c) | 235 | 291,000 | ||||||
|
New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c) |
250 | 306,412 | ||||||
|
New York State Dormitory Authority, Series A (RB) 3.00%, 09/15/30 (c) |
500 | 528,496 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 4.00%, 03/15/27 (c) | 250 | 279,295 | ||||||
| 4.00%, 03/15/27 (c) | 800 | 892,385 | ||||||
| 5.00%, 03/15/27 (c) | 150 | 179,443 | ||||||
See Notes to Financial Statements
| 110 |
|
|
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 09/15/28 (c) |
$ | 1,000 | $ | 1,231,487 | ||||
| New York State Dormitory Authority, The New School, Series A (RB) | ||||||||
| 4.00%, 01/01/27 (c) | 225 | 251,622 | ||||||
| 5.00%, 01/01/27 (c) | 420 | 495,893 | ||||||
|
New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c) |
225 | 241,761 | ||||||
|
New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c) |
195 | 206,405 | ||||||
|
New York State Power Authority (RB) 4.00%, 05/15/30 (c) |
500 | 579,757 | ||||||
|
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) |
500 | 581,232 | ||||||
| New York State Urban Development Corp. (RB) | ||||||||
| 3.00%, 09/15/30 (c) | 550 | 573,195 | ||||||
| 3.00%, 09/15/31 (c) | 1,000 | 1,040,688 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 3.00%, 09/15/30 (c) | 950 | 986,691 | ||||||
| 5.00%, 09/15/28 (c) | 500 | 611,877 | ||||||
|
New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c) |
925 | 1,033,393 | ||||||
|
State of New York Mortgage Agency Homeowner Mortgage, Series 225 (RB) (SBG) 2.55%, 10/01/29 (c) |
345 | 338,051 | ||||||
|
State of New York Mortgage Agency, Series 203 (RB) 3.50%, 04/01/26 (c) |
190 | 199,348 | ||||||
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A (RB) 5.00%, 11/15/30 (c) |
750 | 939,244 | ||||||
| Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series C (RB) | ||||||||
| 3.00%, 11/15/29 (c) | 1,000 | 1,056,620 | ||||||
| 3.38%, 11/15/28 (c) | 250 | 273,504 | ||||||
|
Utility Debt Securitization Authority (RB) 5.00%, 12/15/27 (c) |
550 | 676,224 | ||||||
| 47,038,582 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| North Carolina: 1.9% | ||||||||
|
Board of Governors of North Carolina University, Hospital at Chapel HILL (RB) 5.00%, 02/01/49 |
$ | 500 | $ | 754,884 | ||||
| North Carolina Housing Finance Agency Home Ownership, Series 39-B (RB) | ||||||||
| 3.85%, 07/01/27 (c) | 105 | 113,716 | ||||||
| 4.00%, 07/01/27 (c) | 255 | 273,161 | ||||||
|
North Carolina Medical Care Commission, Novant Health, Series A (RB) 3.12%, 11/01/29 (c) |
220 | 232,520 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 500 | 605,216 | ||||||
| 5.00%, 01/01/30 (c) | 750 | 902,359 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 3.00%, 01/01/30 (c) |
500 | 527,578 | ||||||
|
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 |
800 | 1,167,731 | ||||||
| 4,577,165 | ||||||||
| Ohio: 3.0% | ||||||||
|
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/26 (c) |
220 | 254,400 | ||||||
|
City of Chillicothe, Hospital Facilities, Adena Health System Obligated Group Project (RB) 4.00%, 12/01/27 (c) |
440 | 485,994 | ||||||
|
City of Cleveland, Airport System Revenue, Series B (RB) 5.00%, 07/01/28 (c) |
100 | 120,653 | ||||||
|
Columbus City School District (GO) 5.00%, 12/01/26 (c) |
375 | 442,588 | ||||||
|
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 4.00%, 02/01/28 (c) |
510 | 566,514 | ||||||
|
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48 |
1,000 | 1,501,013 | ||||||
|
County of Franklin, Trinity Health Credit Group (RB) 5.00%, 06/01/27 (c) |
260 | 311,251 | ||||||
|
County of Ross, Adena Health System Obligated Group Project (RB) 5.00%, 12/01/29 (c) |
1,000 | 1,211,953 | ||||||
See Notes to Financial Statements
| 111 |
|
|
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
|
Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c) |
$ | 150 | $ | 162,914 | ||||
|
Gahanna-Jefferson City School District (GO) (AGM) 2.00%, 12/01/30 (c) |
250 | 220,752 | ||||||
|
Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c) |
250 | 271,466 | ||||||
|
North Royalton City School District (GO) 5.00%, 06/01/25 (c) |
190 | 215,836 | ||||||
|
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) |
350 | 384,586 | ||||||
|
Ohio Housing Finance Agency, Series D (RB) 3.62%, 09/01/26 (c) |
120 | 125,670 | ||||||
|
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) |
500 | 628,257 | ||||||
|
State of Ohio (RB) (BAM) 4.00%, 01/01/29 (c) |
335 | 388,461 | ||||||
| 7,292,308 | ||||||||
| Oklahoma: 0.3% | ||||||||
|
Edmond Public Works Authority (RB) 4.00%, 07/01/27 (c) |
250 | 283,554 | ||||||
|
Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/26 (c) |
350 | 388,511 | ||||||
| 672,065 | ||||||||
| Oregon: 1.1% | ||||||||
|
Lake Oswego School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c) |
190 | 217,744 | ||||||
| Multnomah County School District No. 1J, Series B (GO) (SBG) | ||||||||
| 2.00%, 06/15/30 (c) | 550 | 525,104 | ||||||
| 3.25%, 06/15/27 (c) | 295 | 316,514 | ||||||
|
North Clackamas School District No. 12, Series A (GO) (SBG) 0.00%, 06/15/27 (c) ^ |
175 | 92,354 | ||||||
|
Salem Hospital Facility Authority, Series A (RB) 4.00%, 05/15/26 (c) |
240 | 263,994 | ||||||
|
Sherwood School District No. 88J, Series A (GO) (SBG) 0.00%, 06/15/28 (c) ^ |
510 | 191,806 | ||||||
|
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c) |
935 | 1,003,659 | ||||||
| 2,611,175 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania: 4.7% | ||||||||
|
Allegheny County Sanitary Authority, Sewer Revenue (RB) 5.00%, 06/01/28 (c) |
$ | 685 | $ | 835,504 | ||||
|
Allegheny County, Series C-77 (GO) 5.00%, 11/01/28 (c) |
220 | 269,606 | ||||||
| Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) | ||||||||
| 4.00%, 10/01/27 (c) | 180 | 201,714 | ||||||
| 4.00%, 09/01/30 (c) | 645 | 744,344 | ||||||
|
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) (SBG) 4.00%, 09/01/30 (c) |
210 | 245,869 | ||||||
|
Commonwealth of Pennsylvania, First Series (GO) 2.00%, 05/01/30 (c) |
500 | 477,777 | ||||||
|
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c) |
1,170 | 1,302,781 | ||||||
| Delaware County Authority, Commonwealth of Pennsylvania, Series A (RB) | ||||||||
| 3.75%, 04/01/27 (c) | 140 | 153,688 | ||||||
| 5.00%, 04/01/27 (c) | 170 | 202,717 | ||||||
|
DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c) |
280 | 326,931 | ||||||
|
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c) |
1,000 | 1,222,464 | ||||||
|
Geisinger Authority, Health System, Series A-2 (RB) 4.00%, 02/15/27 (c) |
230 | 256,875 | ||||||
|
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c) |
145 | 160,353 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123 B (RB) 3.20%, 10/01/25 (c) |
155 | 159,190 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 125 B (RB) 3.65%, 04/01/27 (c) |
260 | 275,370 | ||||||
|
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 128 B (RB) 3.85%, 10/01/27 (c) |
100 | 108,529 | ||||||
See Notes to Financial Statements
| 112 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Pennsylvania Housing Finance Agency, Single-Family Mortgage (RB) 3.20%, 10/01/25 (c) |
$ | 275 | $ | 284,309 | ||||
|
Pennsylvania Turnpike Commission (RB) 4.00%, 12/01/31 (c) |
550 | 629,862 | ||||||
| Pennsylvania Turnpike Commission, Motor License, Third Series (RB) | ||||||||
| 4.00%, 12/01/27 (c) | 250 | 282,787 | ||||||
| 5.00%, 12/01/27 (c) | 155 | 187,109 | ||||||
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Senior, Series A (RB) (AGM) 5.00%, 12/01/28 (c) |
290 | 354,722 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
| 4.00%, 06/01/31 (c) | 900 | 1,031,551 | ||||||
| 5.00%, 12/01/29 (c) | 220 | 268,416 | ||||||
|
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c) |
150 | 181,003 | ||||||
|
Pennsylvania Turnpike Commission, Series B-1 (RB) 5.25%, 06/01/27 (c) |
700 | 844,690 | ||||||
|
Philadelphia Gas Works Co., Fifteenth Series (RB) 5.00%, 08/01/27 (c) |
305 | 357,731 | ||||||
| 11,365,892 | ||||||||
| Tennessee: 0.7% | ||||||||
| Sullivan County (GO) | ||||||||
| 3.75%, 05/01/26 (c) | 250 | 273,829 | ||||||
| 4.00%, 05/01/26 (c) | 230 | 258,472 | ||||||
| Tennessee Housing Development Agency (RB) | ||||||||
| 2.95%, 01/01/29 (c) | 465 | 476,467 | ||||||
| 3.60%, 01/01/27 (c) | 305 | 321,815 | ||||||
| 4.00%, 07/01/26 (c) | 200 | 211,702 | ||||||
|
Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c) |
245 | 257,946 | ||||||
| 1,800,231 | ||||||||
| Texas: 10.4% | ||||||||
|
Alvin Independent School District (GO) 3.38%, 02/15/28 (c) |
350 | 386,857 | ||||||
| Arlington Higher Education Finance Corp. (RB) | ||||||||
| 3.00%, 02/15/31 (c) | 1,000 | 1,054,453 | ||||||
| 4.00%, 08/15/29 (c) | 675 | 770,165 | ||||||
|
Board of Regents of the University of Houston System, Series C (RB) 4.00%, 02/15/26 (c) |
150 | 165,770 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| Board of Regents of the University of Texas System, A (RB) | ||||||||
| 2.25%, 08/15/31 (c) | $ | 1,400 | $ | 1,347,225 | ||||
| 3.00%, 08/15/31 (c) | 525 | 575,828 | ||||||
|
Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c) |
650 | 749,752 | ||||||
|
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c) |
750 | 913,850 | ||||||
|
City of Arlington, Senior Lien Special Tax, Series A (ST) (AGM) 4.00%, 02/15/28 (c) |
165 | 185,512 | ||||||
|
City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c) |
280 | 332,140 | ||||||
| City of Austin, Texas Electricity Utility System, Series A (RB) | ||||||||
| 5.00%, 11/15/29 (c) | 1,375 | 1,717,919 | ||||||
| 5.00%, 11/15/30 (c) | 500 | 633,998 | ||||||
|
City of Corpus Christi, Utility System (RB) (SBG) 4.00%, 07/15/30 (c) |
295 | 344,559 | ||||||
|
City of Denton (GO) 4.00%, 02/15/27 (c) |
120 | 133,139 | ||||||
|
City of El Paso (GO) 4.00%, 08/15/29 (c) |
950 | 1,093,992 | ||||||
|
City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c) |
220 | 272,842 | ||||||
|
College of the Mainland (GO) 3.75%, 08/15/28 (c) |
250 | 276,448 | ||||||
|
Coppell Independent School District (GO) 4.00%, 08/15/28 (c) |
250 | 283,998 | ||||||
|
County of Bexar, Combined Venue Tax (GO) 4.00%, 06/15/26 (c) |
220 | 245,535 | ||||||
|
Crowley Independent School District (GO) 4.00%, 02/01/29 (c) |
500 | 583,931 | ||||||
|
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c) |
600 | 586,725 | ||||||
|
Frisco Independent School District (GO) 4.00%, 02/15/27 (c) |
460 | 517,035 | ||||||
|
Galena Park Independent School District (GO) 3.00%, 02/15/29 (c) |
250 | 273,634 | ||||||
|
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c) |
770 | 878,422 | ||||||
See Notes to Financial Statements
| 113 |
|
|
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c) |
$ | 640 | $ | 779,653 | ||||
| Harris County Cultural Education Facilities Finance Corp. (RB) | ||||||||
| 3.00%, 10/01/31 (c) | 500 | 534,218 | ||||||
| 3.00%, 10/01/31 (c) | 1,000 | 1,041,698 | ||||||
|
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/29 (c) |
350 | 374,430 | ||||||
|
Klein Independent School District (GO) 4.00%, 08/01/26 (c) |
200 | 223,280 | ||||||
| Leander Independent School District, Series A (GO) | ||||||||
| 0.00%, 08/16/26 (c) ^ | 95 | 42,697 | ||||||
| 0.00%, 08/16/26 (c) ^ | 900 | 440,988 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series A-1 (RB) 5.00%, 07/01/26 (c) |
520 | 491,793 | ||||||
|
North Fort Bend Water Authority, Series A (RB) 4.00%, 12/15/29 (c) |
250 | 294,329 | ||||||
|
San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c) |
500 | 611,357 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 01/01/29 (c) |
250 | 301,616 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) 4.00%, 08/15/26 (c) |
220 | 245,114 | ||||||
| Tarrant Regional Water District (RB) | ||||||||
| 2.00%, 03/01/30 (c) | 750 | 693,028 | ||||||
| 2.00%, 03/01/30 (c) | 750 | 686,796 | ||||||
| 2.00%, 03/01/30 (c) | 400 | 362,552 | ||||||
|
Texas Water Development Board (RB) 5.00%, 10/15/26 (c) |
485 | 577,450 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 3.00%, 10/15/29 (c) | 500 | 548,147 | ||||||
| 4.00%, 04/15/28 (c) | 325 | 371,407 | ||||||
| 5.00%, 04/15/28 (c) | 840 | 1,029,842 | ||||||
|
Texas Water Development Board, Series B (RB) 5.00%, 10/15/28 (c) |
225 | 277,635 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 10/15/28 (c) | $ | 110 | $ | 137,644 | ||||
|
West Harris County Regional Water Authority (RB) 3.00%, 12/15/29 (c) |
250 | 261,156 | ||||||
|
West Travis County Public Utility Agency (RB) (BAM) 4.00%, 08/15/27 (c) |
230 | 256,871 | ||||||
|
Willis Independent School District, Unlimited Tax School Building (GO) 2.25%, 02/15/31 (c) |
300 | 281,989 | ||||||
| 25,189,419 | ||||||||
| Utah: 0.5% | ||||||||
|
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c) |
360 | 436,992 | ||||||
|
Utah County, IHC Health Services, Inc., Series A (RB) 5.00%, 05/15/30 (c) |
250 | 310,550 | ||||||
| Utah County, IHC Health Services, Inc., Series B (RB) | ||||||||
| 3.00%, 05/15/26 (c) | 210 | 217,511 | ||||||
| 4.00%, 05/15/24 (c) | 350 | 377,072 | ||||||
| 1,342,125 | ||||||||
| Virginia: 2.5% | ||||||||
|
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) (AGM) 5.00%, 07/01/26 (c) |
260 | 304,009 | ||||||
|
Chesterfield Economic Development Authority, County Projects, Series F (RB) 2.00%, 04/01/30 (c) |
350 | 334,138 | ||||||
|
Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/28 (c) |
250 | 282,002 | ||||||
| Hampton Roads Transportation Accountability Commission, Series A (RB) | ||||||||
| 4.00%, 07/01/30 (c) | 665 | 788,501 | ||||||
| 5.00%, 07/01/30 (c) | 500 | 620,479 | ||||||
|
Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c) |
250 | 281,498 | ||||||
|
Roanoke Economic Development Authority, Carilion Clinic Obligated Group, Series A (RB) 5.00%, 07/01/47 |
380 | 564,931 | ||||||
| Virginia College Building Authority, Virginia Educational Facilities, Series A (RB) | ||||||||
| 3.00%, 02/01/31 (c) | 1,000 | 1,085,763 | ||||||
| 3.00%, 02/01/31 (c) | 1,000 | 1,085,191 | ||||||
See Notes to Financial Statements
| 114 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
|
Virginia Commonwealth Transportation Board (RB) (AGM) 3.25%, 05/15/28 (c) |
$ | 150 | $ | 165,397 | ||||
|
Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c) |
500 | 565,340 | ||||||
| 6,077,249 | ||||||||
| Washington: 2.0% | ||||||||
|
City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c) |
450 | 507,960 | ||||||
|
Energy Northwest (RB) 5.00%, 07/01/31 (c) |
455 | 590,314 | ||||||
|
King & Snohomish Counties, Northshore School District No. 417 (GO) (SBG) 4.00%, 06/01/29 (c) |
500 | 591,250 | ||||||
|
King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW) 5.00%, 12/01/28 (c) |
150 | 182,854 | ||||||
|
King County Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c) |
650 | 740,482 | ||||||
|
State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/26 (c) |
340 | 402,492 | ||||||
|
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c) |
800 | 967,625 | ||||||
|
University of Washington, Series A (RB) 4.00%, 12/01/26 (c) |
475 | 538,341 | ||||||
|
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c) |
205 | 221,852 | ||||||
|
Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/28 (c) |
125 | 138,939 | ||||||
| 4,882,109 | ||||||||
| West Virginia: 0.4% | ||||||||
| State of West Virginia, Series B (GO) | ||||||||
| 4.00%, 06/01/28 (c) | 150 | 172,875 | ||||||
| 5.00%, 06/01/28 (c) | 100 | 123,356 | ||||||
|
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) (NATL) 4.00%, 06/01/28 (c) |
700 | 774,897 | ||||||
| 1,071,128 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Wisconsin: 0.9% | ||||||||
|
Public Finance Authority Health Care Facilities, Series A (RB) 3.00%, 01/01/30 (c) |
$ | 250 | $ | 259,901 | ||||
|
Public Finance Authority Retirement Communities, Series A (RB) 5.00%, 11/15/27 (c) |
750 | 904,470 | ||||||
|
Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c) |
250 | 293,658 | ||||||
|
Wisconsin Center District (RB) (AGM) 0.00%, 12/15/30 (c) ^ |
250 | 109,091 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 4.00%, 04/01/27 (c) |
205 | 227,936 | ||||||
|
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 3.50%, 02/15/26 (c) |
225 | 236,013 | ||||||
| Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB) | ||||||||
| 4.00%, 02/15/27 (c) | 115 | 127,142 | ||||||
| 4.00%, 02/15/27 (c) | 105 | 117,010 | ||||||
| 2,275,221 | ||||||||
| Wyoming: 0.1% | ||||||||
|
Wyoming Municipal Power Agency, Inc., Series A (RB) (BAM) 5.00%, 01/01/27 (c) |
160 | 194,301 | ||||||
|
Total Municipal Bonds: 98.9%
(Cost: $233,416,193) |
239,810,272 | |||||||
| Other assets less liabilities: 1.1% | 2,690,391 | |||||||
| NET ASSETS: 100.0% | $ | 242,500,663 | ||||||
See Notes to Financial Statements
| 115 |
|
|
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| ^ | Zero Coupon Bond |
| Summary of Investments by Sector |
% of
Investments |
Value | ||||||
| Education | 8.5 | % | $ | 20,405,210 | ||||
| Health Care | 16.9 | 40,403,398 | ||||||
| Housing | 5.7 | 13,691,381 | ||||||
| Industrial Revenue | 0.6 | 1,429,548 | ||||||
| Leasing | 5.6 | 13,362,264 | ||||||
| Local | 15.5 | 37,201,735 | ||||||
| Power | 4.1 | 9,916,517 | ||||||
| Special Tax | 11.5 | 27,578,836 | ||||||
| State | 6.6 | 15,699,285 | ||||||
| Tobacco | 0.7 | 1,787,156 | ||||||
| Transportation | 13.6 | 32,724,427 | ||||||
| Water & Sewer | 10.7 | 25,610,515 | ||||||
| 100.0 | % | $ | 239,810,272 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 239,810,272 | $ | — | $ | 239,810,272 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 116 |
|
|
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Number
of Shares |
Value | |||||||
| CLOSED-END FUNDS: 9.9% (a) | ||||||||
| BlackRock Municipal Income Fund, Inc. | 2,734 | $ | 41,584 | |||||
| BlackRock MuniHoldings Investment Quality Fund | 2,893 | 41,746 | ||||||
| BlackRock MuniYield Quality Fund III, Inc. | 2,908 | 41,962 | ||||||
| DWS Municipal Income Trust | 6,969 | 81,189 | ||||||
| Eaton Vance New York Municipal Bond Fund | 3,456 | 42,854 | ||||||
| MFS Municipal Income Trust | 5,949 | 41,048 | ||||||
| Pioneer Municipal High Income Advantage Fund, Inc. | 3,581 | 41,361 | ||||||
| Pioneer Municipal High Income Fund Trust | 3,358 | 40,867 | ||||||
|
Number
of Shares |
Value | |||||||
| Western Asset Managed Municipals Fund, Inc. | 3,155 | $ | 41,078 | |||||
|
Total Closed-End Funds
(Cost: $428,841) |
413,689 | |||||||
| EXCHANGE TRADED FUNDS: 90.0% (a) | ||||||||
| VanEck High Yield Muni ETF ‡ | 10,455 | 649,151 | ||||||
| VanEck Intermediate Muni ETF ‡ | 40,643 | 2,073,606 | ||||||
| VanEck Long Muni ETF ‡ | 38,944 | 835,738 | ||||||
| VanEck Short High Yield Muni ETF ‡ | 8,579 | 214,218 | ||||||
|
Total Exchange Traded Funds
(Cost: $3,647,017) |
3,772,713 | |||||||
|
Total Investments: 99.9%
(Cost: $4,075,858) |
4,186,402 | |||||||
| Other assets less liabilities: 0.1% | 4,307 | |||||||
| NET ASSETS: 100.0% | $ | 4,190,709 | ||||||
Footnotes:
| (a) | Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www.sec.gov. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
Transactions in securities of affiliates for the period ended October 31, 2021:
|
Value
4/30/2021 |
Purchases |
Sales
Proceeds |
Realized Gain
(Loss) |
Dividend
Income |
Net Change in
Unrealized Appreciation (Depreciation) |
Value
10/31/2021 |
||||||||||||||||||||||
| VanEck High Yield Muni ETF | $ | 1,519,551 | $ | 152,930 | $ | (1,010,171) | $ | 62,367 | $ | 21,980 | $ | (75,526) | $ | 649,151 | ||||||||||||||
| VanEck Intermediate Muni ETF | 1,470,825 | 987,551 | (367,748) | 21,660 | 10,377 | (38,682) | 2,073,606 | |||||||||||||||||||||
| VanEck Long Muni ETF | 1,740,869 | 135,458 | (1,042,096) | 44,699 | 12,881 | (43,192) | 835,738 | |||||||||||||||||||||
| VanEck Short High Yield Muni ETF | 253,940 | 25,548 | (63,529) | 4,586 | 2,638 | (6,327) | 214,218 | |||||||||||||||||||||
| $ | 4,985,185 | $ | 1,301,487 | $ | (2,483,544) | $ | 133,312 | $ | 47,876 | $ | (163,727) | $ | 3,772,713 | |||||||||||||||
| Summary of Investments by Sector |
% of
Investments |
Value | ||||||
| Exchange Traded Funds | 90.1 | % | $ | 3,772,713 | ||||
| Financials | 9.9 | 413,689 | ||||||
| 100.0 | % | $ | 4,186,402 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Closed-End Funds | $ | 413,689 | $ | — | $ | — | $ | 413,689 | ||||||||
| Exchange Traded Funds | 3,772,713 | — | — | 3,772,713 | ||||||||||||
| Total Investments | $ | 4,186,402 | $ | — | $ | — | $ | 4,186,402 | ||||||||
See Notes to Financial Statements
| 117 |
|
|
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 98.2% | ||||||||
| Alabama: 1.4% | ||||||||
|
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/22 (c) |
$ | 500 | $ | 520,013 | ||||
| Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB) | ||||||||
| 6.45%, 11/29/21 (c) | 150 | 150,189 | ||||||
| 6.45%, 11/29/21 (c) | 150 | 150,190 | ||||||
|
Alabama Special Care Facilities Financing Authority- Birmingham AL (RB) 5.50%, 06/01/26 (c) |
500 | 530,445 | ||||||
|
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) |
500 | 630,645 | ||||||
|
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) |
1,000 | 1,121,979 | ||||||
|
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 04/01/24 (c) (p) |
1,000 | 1,075,041 | ||||||
|
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c) |
1,649 | 1,764,747 | ||||||
| 5,943,249 | ||||||||
| American Samoa: 0.1% | ||||||||
|
American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28 |
250 | 304,948 | ||||||
| Arizona: 1.3% | ||||||||
| Arizona Industrial Development Authority, Basis School Projects, Series A (RB) | ||||||||
| 4.75%, 07/01/23 (c) | 210 | 225,997 | ||||||
| 5.00%, 07/01/26 | 200 | 219,964 | ||||||
|
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c) |
500 | 576,229 | ||||||
|
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) |
1,000 | 1,142,772 | ||||||
|
Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) |
500 | 521,240 | ||||||
| Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Arizona (continued) | ||||||||
| 4.00%, 07/15/28 (c) | $ | 520 | $ | 568,149 | ||||
|
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 |
483 | 536,250 | ||||||
|
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25 |
425 | 450,308 | ||||||
|
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29 |
240 | 266,053 | ||||||
|
Pima County Industrial Development Authority, American Leadership Academy Project (RB) 4.12%, 06/15/22 (c) |
250 | 251,968 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5.25%, 12/01/23 | 200 | 218,707 | ||||||
| 5.25%, 12/01/24 | 65 | 73,711 | ||||||
| 5.25%, 12/01/28 | 10 | 12,510 | ||||||
| 5.50%, 12/01/29 | 370 | 477,691 | ||||||
| 5,541,549 | ||||||||
| California: 7.6% | ||||||||
|
Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series A (RB) 5.00%, 05/01/23 |
250 | 267,313 | ||||||
| Airport Commission of the City and County of San Francisco, San Francisco International Airport, Second Series, Series H (RB) | ||||||||
| 5.00%, 05/01/26 | 500 | 591,131 | ||||||
| 5.00%, 05/01/27 | 500 | 605,922 | ||||||
| 5.00%, 05/01/29 | 500 | 628,868 | ||||||
|
Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26 |
700 | 775,964 | ||||||
| Bay Area Toll Authority, San Francisco Bay Area, Subordinate Toll Bridge, Series S-4 (RB) | ||||||||
| 5.00%, 04/01/23 (c) | 375 | 400,501 | ||||||
| 5.25%, 04/01/48 | 265 | 283,956 | ||||||
|
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 5.00%, 04/01/30 (c) |
2,000 | 2,564,488 | ||||||
| California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) | ||||||||
See Notes to Financial Statements
| 118 |
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 11/15/28 (c) | $ | 1,340 | $ | 1,664,189 | ||||
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
| 5.00%, 02/01/27 | 50 | 60,692 | ||||||
| 5.00%, 02/01/27 (c) | 50 | 60,299 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
| 5.00%, 06/30/27 | 610 | 736,741 | ||||||
| 5.00%, 06/30/28 | 220 | 270,636 | ||||||
|
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c) |
260 | 314,299 | ||||||
|
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 |
3,210 | 3,618,588 | ||||||
|
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * |
1,000 | 600,000 | ||||||
|
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 |
1,360 | 1,156,000 | ||||||
| California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB) | ||||||||
| 3.38%, 07/01/25 | 400 | 436,507 | ||||||
| 3.62%, 07/01/25 (c) | 2,000 | 2,200,539 | ||||||
|
California Public Finance Authority, Charter Grimmway School Facility, Series A (RB) 4.25%, 07/01/26 (c) |
1,000 | 1,095,817 | ||||||
|
California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c) |
1,500 | 1,515,807 | ||||||
|
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.00%, 11/01/22 |
50 | 50,554 | ||||||
|
California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 11/29/21 (c) |
33 | 31,503 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 11/29/21 (c) |
$ | 94 | $ | 90,134 | ||||
|
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c) |
300 | 349,893 | ||||||
|
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 07/01/24 |
200 | 206,745 | ||||||
|
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c) |
350 | 413,383 | ||||||
|
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29 |
250 | 269,281 | ||||||
|
California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.62%, 12/01/23 (p) |
500 | 521,610 | ||||||
|
City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23 |
20 | 20,128 | ||||||
|
City of Oroville Hospital (RB) 5.00%, 04/01/29 (c) |
500 | 568,454 | ||||||
|
Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c) |
1,000 | 1,062,756 | ||||||
|
County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27 |
250 | 303,495 | ||||||
|
County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28 |
115 | 144,479 | ||||||
|
County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC) 5.00%, 12/01/28 (c) |
520 | 641,338 | ||||||
|
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c) |
580 | 614,793 | ||||||
See Notes to Financial Statements
| 119 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 6.00%, 01/15/24 (c) |
$ | 450 | $ | 505,838 | ||||
|
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-3 (RB) 5.50%, 01/15/23 (c) (p) |
145 | 150,121 | ||||||
|
Golden State Tobacco Securitization Corp., Series A (RB) 5.00%, 06/01/23 |
110 | 117,598 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
| 5.00%, 06/01/25 | 110 | 126,217 | ||||||
| 5.00%, 06/01/26 | 250 | 295,250 | ||||||
|
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26 |
110 | 131,591 | ||||||
|
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24 |
230 | 256,607 | ||||||
|
Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30 |
265 | 348,497 | ||||||
|
Los Angeles Unified School District, Series B (CP) 5.00%, 10/01/22 (c) |
165 | 171,679 | ||||||
|
MSR Energy Authority, Series A (RB) 6.12%, 11/01/29 |
290 | 357,731 | ||||||
|
Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p) |
1,250 | 1,354,682 | ||||||
|
Oakland Unified School District (GO) 5.00%, 08/01/26 |
380 | 454,328 | ||||||
| Palomar Health (RB) | ||||||||
| 5.00%, 11/01/25 | 250 | 290,020 | ||||||
| 5.00%, 11/01/26 (c) | 90 | 106,751 | ||||||
| Port of Oakland, Series D (RB) 5.00%, 11/01/23 | 250 | 273,302 | ||||||
|
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 |
110 | 122,660 | ||||||
|
Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23 |
110 | 120,387 | ||||||
| San Francisco Community College District (GO) | ||||||||
| 5.00%, 06/15/22 | 85 | 87,548 | ||||||
| 5.00%, 06/15/25 | 1,000 | 1,158,786 | ||||||
| 5.00%, 06/15/25 (c) | 205 | 237,391 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c) |
$ | 120 | $ | 123,997 | ||||
|
Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) * |
370 | 222,000 | ||||||
|
Westlands Water District, Series A (RB) (AGM) 5.00%, 09/01/22 (c) |
100 | 103,961 | ||||||
| 32,253,745 | ||||||||
| Colorado: 2.0% | ||||||||
|
Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c) |
500 | 535,148 | ||||||
|
City & County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c) |
295 | 363,679 | ||||||
|
City & County of Denver, Department of Aviation Airport System, Series D (RB) 5.00%, 11/15/22 (p) |
400 | 419,201 | ||||||
|
Colorado Public Authority, Natural Gas Purchase (RB) 6.12%, 11/15/23 |
100 | 106,205 | ||||||
| Denver Convention Center Hotel Authority (RB) | ||||||||
| 5.00%, 12/01/22 | 120 | 125,641 | ||||||
| 5.00%, 12/01/26 (c) | 600 | 708,612 | ||||||
|
Dominion Water and Sanitation District (RB) 5.25%, 12/01/21 (c) |
1,345 | 1,376,380 | ||||||
|
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c) |
630 | 643,865 | ||||||
|
Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c) |
500 | 537,080 | ||||||
|
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28 |
140 | 174,940 | ||||||
|
Rocky Mountain Rail Park Metropolitan District (GO) 5.00%, 03/01/26 (c) |
500 | 537,514 | ||||||
|
Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27 |
200 | 213,198 | ||||||
|
STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c) |
500 | 539,116 | ||||||
|
Transport Metropolitan District No. 3 (GO) 4.12%, 03/01/26 (c) |
1,000 | 1,096,717 | ||||||
See Notes to Financial Statements
| 120 |
|
Par
(000’s |
) | Value | ||||||
| Colorado (continued) | ||||||||
|
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c) |
$ | 1,000 | $ | 1,010,690 | ||||
| 8,387,986 | ||||||||
| Connecticut: 0.9% | ||||||||
|
City of Hartford, Series A (GO) 5.00%, 04/01/23 (c) |
405 | 431,749 | ||||||
|
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) |
120 | 131,531 | ||||||
|
Mohegan Tribe of Indians of Connecticut, Gaming Authority, Series C (RB) 5.50%, 02/01/23 |
250 | 259,865 | ||||||
|
State of Connecticut Special Tax, Series A (RB) 5.00%, 01/01/23 (c) |
305 | 321,886 | ||||||
|
State of Connecticut Special Tax, Series B (RB) 5.00%, 08/01/24 |
900 | 1,013,885 | ||||||
|
State of Connecticut, Series B (GO) 5.00%, 04/15/28 |
250 | 313,075 | ||||||
|
State of Connecticut, Series D (GO) 5.00%, 11/01/21 (c) |
100 | 100,000 | ||||||
|
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 09/01/26 (c) |
250 | 299,990 | ||||||
|
Town of Hamden (RB) 5.00%, 01/01/26 (c) |
500 | 549,604 | ||||||
|
University of Connecticut, Series A (RB) 5.00%, 03/15/25 |
380 | 437,460 | ||||||
| 3,859,045 | ||||||||
| Delaware: 0.1% | ||||||||
|
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) |
500 | 500,065 | ||||||
| District of Columbia: 0.4% | ||||||||
|
District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.12%, 07/01/24 (c) |
1,250 | 1,320,085 | ||||||
|
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) 4.00%, 06/01/30 |
500 | 559,132 | ||||||
| 1,879,217 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Florida: 5.4% | ||||||||
|
Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) (NATL) 5.00%, 10/01/30 |
$ | 500 | $ | 617,306 | ||||
|
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 3.38%, 07/01/31 |
1,540 | 1,634,178 | ||||||
|
Capital Trust Agency, Inc., Elim Senior Housing, Inc. Project (RB) 5.00%, 08/01/24 (c) |
500 | 484,910 | ||||||
|
Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c) |
500 | 658,221 | ||||||
|
City of Orlando, Florida Senior Tourist Development, Series A (RB) (AGM) 5.00%, 11/01/27 |
600 | 743,854 | ||||||
|
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c) |
290 | 335,876 | ||||||
|
County of Miami-Dade (RB) 0.00%, 10/01/26 (c) ^ |
265 | 207,474 | ||||||
|
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29 |
500 | 566,254 | ||||||
|
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 5.00%, 02/15/30 (c) |
500 | 626,140 | ||||||
|
Florida Development Finance Corp., Renaissance Chapter School, Inc. Project, Series C (RB) 4.00%, 09/15/27 (c) |
470 | 506,124 | ||||||
|
Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27 |
250 | 260,152 | ||||||
|
Florida Development Finance Corp., The Glenridge on Palmer Ranch Project (RB) (SAW) 5.00%, 06/01/28 (c) |
625 | 726,840 | ||||||
| Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
| 6.25%, 01/01/24 (c) (p) | 2,015 | 2,043,201 | ||||||
| 6.38%, 01/01/26 (c) (p) | 2,730 | 2,771,365 | ||||||
| 6.50%, 01/01/29 (c) (p) | 4,750 | 4,814,297 | ||||||
| Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) | ||||||||
See Notes to Financial Statements
| 121 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
| 5.00%, 05/01/22 (c) | $ | 500 | $ | 533,636 | ||||
|
JEA Electric, Series B (RB) 5.00%, 10/01/27 (c) |
110 | 135,480 | ||||||
|
Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c) |
315 | 326,892 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
| 5.00%, 10/01/23 | 250 | 270,707 | ||||||
| 5.00%, 10/01/24 | 250 | 280,626 | ||||||
|
Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24 |
125 | 130,908 | ||||||
|
Orlando-Orange County Expressway Authority, Series A (RB) 5.00%, 07/01/23 (c) |
500 | 538,710 | ||||||
|
School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c) |
120 | 139,658 | ||||||
|
School District of Broward County, Series B (CP) 5.00%, 07/01/27 (c) |
315 | 384,097 | ||||||
|
School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25 |
250 | 290,177 | ||||||
|
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.00%, 11/15/26 (c) |
415 | 455,996 | ||||||
|
State of Florida Department of Transportation, Federal Highway, Series A (RB) (SAW) 5.00%, 07/01/23 |
1,000 | 1,078,989 | ||||||
|
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28 |
480 | 522,540 | ||||||
| Village Community Development District No. 13 (SA) | ||||||||
| 2.62%, 05/01/24 | 375 | 381,699 | ||||||
| 3.00%, 05/01/29 | 250 | 263,414 | ||||||
| 22,729,721 | ||||||||
| Georgia: 1.3% | ||||||||
|
Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23 |
250 | 196,395 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
| Burke County Development Authority, Georgia Power Company Plant Vogtle Project (RB) | ||||||||
| 2.25%, 05/25/23 (p) | $ | 250 | $ | 256,993 | ||||
| 2.92%, 03/12/24 (p) | 250 | 263,427 | ||||||
|
Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p) |
1,000 | 1,081,103 | ||||||
|
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) |
250 | 250,197 | ||||||
|
George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB) 2.38%, 01/01/31 |
1,500 | 1,553,664 | ||||||
|
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 |
380 | 420,567 | ||||||
| Georgia State Road and Tollway Authority (RB) | ||||||||
| 5.00%, 06/01/25 | 300 | 347,904 | ||||||
| 5.00%, 06/01/28 | 250 | 312,940 | ||||||
| Main Street Natural Gas, Inc., Series A-1 (RB) | ||||||||
| 5.50%, 09/15/23 | 130 | 142,065 | ||||||
| 5.50%, 09/15/25 | 135 | 158,548 | ||||||
|
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 |
250 | 276,484 | ||||||
|
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c) |
250 | 263,698 | ||||||
| 5,523,985 | ||||||||
| Guam: 0.7% | ||||||||
| Guam Government, Business Privilege Tax, Series A (RB) | ||||||||
| 5.00%, 01/01/22 (c) | 110 | 110,856 | ||||||
| 5.00%, 01/01/22 (c) | 300 | 302,336 | ||||||
|
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c) |
360 | 414,032 | ||||||
|
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25 |
250 | 261,973 | ||||||
See Notes to Financial Statements
| 122 |
|
Par
(000’s |
) | Value | ||||||
| Guam (continued) | ||||||||
|
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28 |
$ | 250 | $ | 306,237 | ||||
|
Guam Government, Series A (RB) 5.00%, 12/01/24 |
1,000 | 1,130,354 | ||||||
|
Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c) |
500 | 542,066 | ||||||
| 3,067,854 | ||||||||
| Hawaii: 0.5% | ||||||||
|
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26 |
1,500 | 1,629,240 | ||||||
|
State of Hawaii, Department of Transportation, United Airlines, Inc. (RB) 5.62%, 11/29/21 (c) |
295 | 296,037 | ||||||
| 1,925,277 | ||||||||
| Illinois: 16.1% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 5.00%, 12/01/29 | 1,000 | 1,241,265 | ||||||
| 5.00%, 12/01/29 (c) | 1,000 | 1,235,434 | ||||||
| 5.00%, 12/01/30 (c) | 2,000 | 2,492,264 | ||||||
| 7.00%, 12/01/25 (c) | 200 | 247,499 | ||||||
| Chicago Board of Education, Series A (GO) (AGM) | ||||||||
| 4.00%, 12/01/22 | 500 | 518,910 | ||||||
| 5.00%, 12/01/28 (c) | 250 | 305,719 | ||||||
| 5.00%, 12/01/28 (c) | 200 | 247,773 | ||||||
|
Chicago Board of Education, Series A (GO) (AMBAC) 5.50%, 12/01/26 |
230 | 276,711 | ||||||
| Chicago Board of Education, Series A (GO) (NATL) | ||||||||
| 0.00%, 12/01/22 ^ | 250 | 248,421 | ||||||
| 0.01%, 12/01/24 | 310 | 301,320 | ||||||
| 0.01%, 12/01/26 | 310 | 289,514 | ||||||
| 0.01%, 12/01/28 | 795 | 705,182 | ||||||
| Chicago Board of Education, Series B (GO) | ||||||||
| 5.00%, 12/01/29 (c) | 2,000 | 2,461,112 | ||||||
| 5.00%, 12/01/29 (c) | 1,250 | 1,544,293 | ||||||
| 5.00%, 12/01/29 (c) | 1,950 | 2,392,635 | ||||||
| 5.00%, 12/01/30 | 2,000 | 2,514,805 | ||||||
| 5.00%, 12/01/30 (c) | 3,000 | 3,749,549 | ||||||
|
Chicago Board of Education, Series B-1 (GO) (NATL) 0.01%, 12/01/23 |
350 | 344,643 | ||||||
|
Chicago Board of Education, Series C (GO) 5.00%, 12/01/27 |
500 | 603,419 | ||||||
|
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c) |
750 | 819,972 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c) |
$ | 260 | $ | 285,085 | ||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 4.00%, 01/01/22 (c) | 300 | 301,799 | ||||||
| 5.00%, 01/01/25 (c) | 190 | 215,727 | ||||||
| 5.00%, 01/01/25 (c) | 105 | 119,750 | ||||||
|
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.01%, 12/01/29 |
575 | 495,527 | ||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
| 0.00%, 12/01/28 ^ | 1,515 | 1,343,838 | ||||||
| 0.00%, 12/01/29 ^ | 585 | 504,145 | ||||||
| 0.01%, 12/01/24 | 515 | 500,580 | ||||||
| 0.01%, 12/01/25 | 560 | 534,103 | ||||||
| 0.01%, 12/01/26 | 490 | 457,619 | ||||||
| 0.01%, 12/01/30 | 190 | 158,985 | ||||||
|
Chicago Transit Authority (RB) 5.25%, 12/01/21 (c) |
200 | 200,823 | ||||||
|
Chicago Transit Authority Capital Grant Receipts Revenue (RB) 5.00%, 06/01/25 |
1,000 | 1,153,891 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
| 5.00%, 06/01/24 | 115 | 128,093 | ||||||
| 5.00%, 06/01/25 | 1,000 | 1,152,353 | ||||||
| 5.00%, 06/01/26 | 535 | 635,042 | ||||||
|
City of Chicago, Motor Fuel Tax (RB) (AGM) 5.00%, 01/01/24 (c) |
100 | 107,651 | ||||||
| City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | ||||||||
| 5.00%, 01/01/25 | 280 | 316,401 | ||||||
| 5.25%, 01/01/25 (c) | 350 | 392,565 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 715 | 777,125 | ||||||
| 5.00%, 01/01/30 | 500 | 625,075 | ||||||
| 5.25%, 01/01/24 (c) | 180 | 195,855 | ||||||
| 5.25%, 01/01/24 (c) | 270 | 294,521 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 5.00%, 01/01/22 (c) | 300 | 301,949 | ||||||
| 5.00%, 01/01/23 | 455 | 478,315 | ||||||
| 5.00%, 01/01/24 | 400 | 437,087 | ||||||
| 5.00%, 01/01/25 | 1,090 | 1,231,705 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) | ||||||||
| 5.00%, 11/01/22 (c) | 100 | 104,071 | ||||||
| 5.00%, 11/01/24 (c) | 270 | 300,952 | ||||||
| 5.00%, 11/01/24 (c) | 150 | 167,766 | ||||||
| 5.00%, 11/01/24 (c) | 100 | 111,255 | ||||||
See Notes to Financial Statements
| 123 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) 5.00%, 11/01/26 (c) |
$ | 100 | $ | 119,408 | ||||
|
Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c) |
240 | 259,224 | ||||||
|
Cook County, Series A (GO) 5.25%, 11/29/21 (c) |
500 | 501,894 | ||||||
|
County of Cook, Series A (GO) 5.00%, 11/15/26 (c) |
500 | 593,514 | ||||||
|
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c) |
500 | 525,616 | ||||||
|
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 |
1,190 | 869,853 | ||||||
|
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) 5.00%, 11/01/26 (c) |
250 | 287,738 | ||||||
|
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 11/29/21 (c) |
100 | 100,240 | ||||||
|
Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c) |
250 | 265,763 | ||||||
| Illinois Sports Facilities Authority (RB) | ||||||||
| 5.00%, 06/15/28 | 395 | 475,047 | ||||||
| 5.00%, 06/15/29 | 545 | 665,750 | ||||||
|
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ |
260 | 245,158 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) | ||||||||
| 0.00%, 12/15/24 ^ | 130 | 125,976 | ||||||
| 0.01%, 12/15/22 | 215 | 213,371 | ||||||
|
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/27 (c) |
500 | 604,887 | ||||||
|
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^ |
115 | 102,490 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (ST) | ||||||||
| 5.00%, 12/15/22 | 35 | 36,770 | ||||||
| 5.00%, 06/15/22 (c) | 1,235 | 1,270,947 | ||||||
| 5.00%, 06/15/22 (c) | 110 | 113,202 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c) |
$ | 330 | $ | 397,403 | ||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/26 (c) | 350 | 378,289 | ||||||
| 3.50%, 06/01/26 (c) | 1,645 | 1,768,162 | ||||||
| 4.00%, 03/01/22 (c) | 290 | 293,385 | ||||||
| 4.00%, 08/01/22 (c) | 185 | 189,615 | ||||||
| 4.12%, 11/01/26 (c) | 100 | 111,317 | ||||||
| 4.12%, 03/01/22 (c) | 300 | 303,226 | ||||||
| 5.00%, 01/01/22 (c) | 445 | 448,328 | ||||||
| 5.00%, 01/01/26 | 200 | 231,934 | ||||||
| 5.00%, 11/01/24 | 705 | 793,847 | ||||||
| 5.00%, 12/01/25 | 1,315 | 1,522,099 | ||||||
| 5.00%, 02/01/24 | 500 | 548,956 | ||||||
| 5.00%, 02/01/24 | 120 | 131,749 | ||||||
| 5.00%, 02/01/24 (c) | 150 | 164,249 | ||||||
| 5.00%, 02/01/26 | 515 | 598,333 | ||||||
| 5.00%, 02/01/27 (c) | 600 | 702,786 | ||||||
| 5.00%, 02/01/27 | 500 | 592,791 | ||||||
| 5.00%, 05/01/24 (c) | 100 | 110,207 | ||||||
| 5.00%, 06/01/26 | 100 | 116,997 | ||||||
| 5.00%, 06/01/26 (c) | 455 | 529,622 | ||||||
| 5.00%, 08/01/22 (c) | 920 | 951,389 | ||||||
| 5.00%, 08/01/23 | 700 | 754,689 | ||||||
| 5.25%, 07/01/23 (c) | 275 | 295,851 | ||||||
| 5.50%, 07/01/23 (c) | 500 | 541,108 | ||||||
| 5.50%, 07/01/23 (c) | 270 | 292,513 | ||||||
| 5.50%, 07/01/23 (c) | 60 | 64,875 | ||||||
|
State of Illinois (GO) (AGM) 5.00%, 08/01/22 |
195 | 201,938 | ||||||
| State of Illinois Sales Tax (RB) | ||||||||
| 4.00%, 06/15/26 (c) | 430 | 486,950 | ||||||
| 5.00%, 06/15/22 | 180 | 185,284 | ||||||
| 5.00%, 06/15/23 (c) | 285 | 304,889 | ||||||
| 5.00%, 06/15/23 (c) | 190 | 203,668 | ||||||
| 5.00%, 06/15/23 | 525 | 562,876 | ||||||
| 5.00%, 06/15/26 | 235 | 277,431 | ||||||
|
State of Illinois Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c) |
1,600 | 1,756,999 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 4.00%, 01/01/22 (c) | 50 | 50,301 | ||||||
| 4.00%, 01/01/22 (c) | 100 | 100,587 | ||||||
| 4.00%, 01/01/22 (c) | 100 | 100,522 | ||||||
| 4.00%, 01/01/22 (c) | 170 | 171,030 | ||||||
| 5.00%, 10/01/28 | 500 | 608,425 | ||||||
| 5.00%, 03/01/29 | 500 | 611,898 | ||||||
| 5.00%, 03/01/30 | 500 | 618,970 | ||||||
| State of Illinois, Series B (GO) | ||||||||
| 4.00%, 10/01/30 (c) | 500 | 574,738 | ||||||
| 5.00%, 09/01/27 | 600 | 717,549 | ||||||
|
State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) |
315 | 373,331 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 3.25%, 11/01/26 | 165 | 180,770 | ||||||
| 5.00%, 11/01/25 | 1,250 | 1,444,087 | ||||||
| 5.00%, 11/01/26 | 1,395 | 1,646,157 | ||||||
See Notes to Financial Statements
| 124 |
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 11/01/27 | $ | 130 | $ | 155,953 | ||||
| 5.00%, 11/01/27 (c) | 110 | 131,210 | ||||||
| 68,246,224 | ||||||||
| Indiana: 1.3% | ||||||||
|
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/22 (c) |
290 | 287,338 | ||||||
|
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.00%, 11/01/30 |
1,000 | 1,045,995 | ||||||
| Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) | ||||||||
| 2.50%, 11/01/30 | 1,850 | 1,857,751 | ||||||
| 3.00%, 11/01/30 | 1,000 | 1,045,996 | ||||||
|
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 |
1,000 | 1,098,910 | ||||||
| 5,335,990 | ||||||||
| Iowa: 0.8% | ||||||||
|
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) |
945 | 974,432 | ||||||
| Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | ||||||||
| 3.12%, 11/19/21 (c) | 245 | 248,377 | ||||||
| 5.25%, 12/01/23 (c) | 500 | 538,902 | ||||||
|
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c) |
400 | 437,087 | ||||||
|
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25 |
955 | 993,249 | ||||||
| 3,192,047 | ||||||||
| Kansas: 0.1% | ||||||||
|
City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 12/01/22 (c) |
375 | 377,726 | ||||||
|
Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25 |
170 | 170,943 | ||||||
| 548,669 | ||||||||
| Kentucky: 0.5% | ||||||||
|
Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26 |
140 | 167,167 | ||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Kentucky (continued) | ||||||||
| 5.00%, 11/01/26 (c) | $ | 325 | $ | 388,384 | ||||
| Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) | ||||||||
| 5.00%, 09/01/23 | 600 | 650,488 | ||||||
| 5.25%, 09/01/23 | 250 | 272,176 | ||||||
| 5.25%, 09/01/23 (c) | 250 | 271,887 | ||||||
|
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26 |
100 | 109,367 | ||||||
|
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) |
175 | 202,084 | ||||||
|
Kentucky State Property and Building Commission No. 108, Series A (RB) 5.00%, 08/01/25 (c) |
140 | 161,036 | ||||||
| 2,222,589 | ||||||||
| Louisiana: 1.2% | ||||||||
|
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27 |
1,025 | 1,215,327 | ||||||
|
Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29 |
150 | 183,429 | ||||||
|
City of Alexandria, Series A (RB) 5.00%, 05/01/23 (c) |
1,000 | 1,071,442 | ||||||
|
City of New Orleans, Sewerage Service (RB) 5.00%, 06/01/22 |
20 | 20,550 | ||||||
|
City of New Orleans, Water System (RB) 5.00%, 12/01/25 (c) |
305 | 359,275 | ||||||
|
City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/26 |
525 | 633,102 | ||||||
|
Louisiana Local Government Environment Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 5.50%, 11/15/25 |
600 | 639,516 | ||||||
|
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) * |
330 | 3 | ||||||
See Notes to Financial Statements
| 125 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Louisiana (continued) | ||||||||
|
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) * |
$ | 521 | $ | 5 | ||||
|
Louisiana State Citizens Property Insurance Corp. (RB) (AGM) 5.00%, 06/01/22 |
275 | 282,630 | ||||||
|
Parish of St James, Nustar Logistics, LP Project (RB) 6.10%, 06/01/30 (p) |
500 | 646,724 | ||||||
| 5,052,003 | ||||||||
| Maryland: 1.2% | ||||||||
|
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27 |
200 | 219,180 | ||||||
|
City of Baltimore, Harbor Point Project (RB) 4.25%, 06/01/26 |
150 | 164,493 | ||||||
|
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 |
350 | 386,008 | ||||||
|
County of Howard, Series A (TA) 4.00%, 02/15/26 (c) |
200 | 212,820 | ||||||
|
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 11/29/21 (c) |
695 | 702,178 | ||||||
|
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c) |
245 | 270,319 | ||||||
|
Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30 |
1,000 | 1,096,460 | ||||||
|
Maryland Economic Development Corp., Purple Line Light Rail Project, Series A (RB) 5.00%, 11/30/21 (c) |
1,500 | 1,505,486 | ||||||
|
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28 |
425 | 524,387 | ||||||
| 5,081,331 | ||||||||
| Massachusetts: 0.7% | ||||||||
|
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) |
490 | 539,742 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
|
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/28 |
$ | 500 | $ | 625,973 | ||||
|
Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c) |
310 | 366,484 | ||||||
|
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 07/01/22 (c) |
130 | 134,130 | ||||||
|
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/22 (c) |
250 | 269,532 | ||||||
|
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) |
335 | 401,003 | ||||||
|
Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c) |
100 | 117,870 | ||||||
|
Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c) |
275 | 309,927 | ||||||
| 2,764,661 | ||||||||
| Michigan: 1.5% | ||||||||
|
City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c) |
500 | 618,641 | ||||||
|
Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c) |
250 | 271,234 | ||||||
|
Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) 5.00%, 07/01/26 (c) |
500 | 599,701 | ||||||
|
Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31 |
500 | 520,561 | ||||||
|
Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c) |
1,000 | 1,002,940 | ||||||
|
Michigan Finance Authority Hospital, Beaumont Health Credit Group, Series A (RB) 5.00%, 08/01/24 (c) |
600 | 675,043 | ||||||
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
See Notes to Financial Statements
| 126 |
|
Par
(000’s |
) | Value | ||||||
| Michigan (continued) | ||||||||
| 5.00%, 07/01/24 (c) | $ | 580 | $ | 623,561 | ||||
|
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c) |
155 | 190,818 | ||||||
|
Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27 |
1,415 | 1,749,434 | ||||||
| 6,251,933 | ||||||||
| Minnesota: 0.9% | ||||||||
|
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) |
100 | 104,807 | ||||||
|
City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25 |
540 | 534,025 | ||||||
|
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c) |
350 | 375,231 | ||||||
|
County of Rice, Shattuck St. Mary’s School Project (RB) 5.00%, 08/01/22 |
250 | 258,875 | ||||||
|
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c) |
1,000 | 1,084,441 | ||||||
|
Housing & Redevelopment Authority of The City of St Paul Minnesota (RB) 5.00%, 07/01/25 (c) |
500 | 576,285 | ||||||
|
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/25 |
640 | 730,557 | ||||||
|
Saint Paul Housing and Redevelopment Authority, Series A (RB) 5.00%, 09/01/26 |
120 | 131,370 | ||||||
| 3,795,591 | ||||||||
| Missouri: 1.0% | ||||||||
| City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) | ||||||||
| 4.00%, 11/01/26 | 105 | 113,272 | ||||||
| 4.62%, 11/01/27 (c) | 600 | 661,460 | ||||||
|
Industrial Development Authority of the City of St. Louis, Series A (RB) 3.88%, 11/15/26 (c) |
220 | 217,260 | ||||||
|
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c) |
1,915 | 1,939,443 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Missouri (continued) | ||||||||
|
Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/28 (c) |
$ | 430 | $ | 410,485 | ||||
|
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c) |
500 | 501,856 | ||||||
|
St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c) |
500 | 572,556 | ||||||
| 4,416,332 | ||||||||
| Montana: 0.1% | ||||||||
|
City of Forsyth, Rosebud County, Montana Pollution Control (RB) 2.00%, 08/01/23 |
220 | 225,243 | ||||||
| Nebraska: 0.1% | ||||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 5.00%, 09/01/28 | 100 | 122,923 | ||||||
| 5.00%, 09/01/30 | 125 | 157,964 | ||||||
|
Nebraska Public Power District (RB) 5.00%, 01/01/22 |
100 | 100,797 | ||||||
| 381,684 | ||||||||
| Nevada: 1.2% | ||||||||
|
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 11/29/21 (c) |
355 | 332,059 | ||||||
| City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) | ||||||||
| 2.50%, 06/15/24 | 345 | 349,704 | ||||||
| 2.75%, 06/15/28 | 1,000 | 1,028,725 | ||||||
|
Clark County School District, Series A (GO) 5.00%, 06/15/24 |
500 | 558,278 | ||||||
| Clark County School District, Series B (GO) (AGM) | ||||||||
| 5.00%, 06/15/29 (c) | 250 | 318,102 | ||||||
| 5.00%, 06/15/29 | 250 | 319,267 | ||||||
| Clark County School District, Series B (GO) (BAM) | ||||||||
| 5.00%, 06/15/30 (c) | 500 | 647,968 | ||||||
| 5.00%, 06/15/30 | 250 | 325,386 | ||||||
|
Clark County School District, Series C (GO) 5.00%, 12/15/25 (c) |
115 | 134,385 | ||||||
|
County of Clark, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c) |
100 | 111,897 | ||||||
See Notes to Financial Statements
| 127 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Nevada (continued) | ||||||||
|
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 |
$ | 471 | $ | 524,578 | ||||
|
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c) |
500 | 547,937 | ||||||
| 5,198,286 | ||||||||
| New Hampshire: 0.1% | ||||||||
|
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c) |
250 | 260,144 | ||||||
|
New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) * |
290 | 153,700 | ||||||
| 413,844 | ||||||||
| New Jersey: 11.3% | ||||||||
|
Garden State Preservation Trust, Open Space and Farmland Preservation Bonds, Series B (RB) (AGM) 0.00%, 11/01/22 ^ |
240 | 238,544 | ||||||
|
Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 |
510 | 542,456 | ||||||
| New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) | ||||||||
| 4.25%, 06/15/22 (c) | 345 | 351,998 | ||||||
| 5.00%, 06/15/22 | 165 | 169,453 | ||||||
| 5.00%, 06/15/22 (c) | 150 | 154,010 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5.12%, 08/20/22 (c) | 655 | 681,351 | ||||||
| 5.25%, 08/20/22 (c) | 2,000 | 2,077,659 | ||||||
| 5.75%, 09/15/22 (c) | 300 | 308,728 | ||||||
|
New Jersey Economic Development Authority, Lions Gate Project (RB) 4.38%, 01/01/24 |
55 | 55,809 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 4.00%, 07/01/27 (c) | 760 | 849,435 | ||||||
| 5.00%, 07/01/27 (c) | 1,000 | 1,178,623 | ||||||
|
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (ST) 4.00%, 11/01/27 |
380 | 442,287 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) (ST) | ||||||||
| 4.00%, 11/01/25 | $ | 500 | $ | 562,610 | ||||
| 5.00%, 11/01/25 | 115 | 134,182 | ||||||
|
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) |
110 | 138,194 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) |
115 | 140,554 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) |
100 | 121,899 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) 5.00%, 03/01/22 (c) |
225 | 228,343 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series N-1 (RB) (NATL) 5.50%, 09/01/23 |
400 | 436,840 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
| 5.00%, 03/01/23 (c) | 505 | 534,458 | ||||||
| 5.00%, 03/01/23 (c) | 1,500 | 1,589,131 | ||||||
| 5.00%, 03/01/23 (c) | 755 | 798,763 | ||||||
| 5.00%, 03/01/23 (c) | 200 | 211,939 | ||||||
| 5.00%, 03/01/23 (c) | 455 | 482,319 | ||||||
| 5.00%, 03/01/23 (c) | 655 | 692,749 | ||||||
| 5.00%, 03/01/23 (c) | 695 | 736,035 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 340 | 378,530 | ||||||
| 5.00%, 06/15/24 (c) | 500 | 553,893 | ||||||
| 5.00%, 06/15/24 (c) | 320 | 354,851 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 340 | 377,567 | ||||||
| 5.00%, 06/15/24 | 430 | 480,058 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
See Notes to Financial Statements
| 128 |
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| 4.25%, 06/15/25 (c) | $ | 440 | $ | 493,112 | ||||
| 4.38%, 06/15/25 (c) | 130 | 145,579 | ||||||
| 5.00%, 06/15/25 (c) | 345 | 396,641 | ||||||
|
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c) |
750 | 878,346 | ||||||
|
New Jersey Economic Development Authority, West Campus Housing, LLC - New Jersey City University Student Housing Project, Series A (RB) 4.12%, 07/01/25 (c) |
175 | 180,426 | ||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 175 | 194,798 | ||||||
| 5.00%, 06/15/24 (c) | 145 | 161,432 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24 |
315 | 355,465 | ||||||
|
New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26 |
500 | 596,036 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 0.00%, 12/15/25 ^ | 120 | 114,093 | ||||||
| 0.00%, 12/15/26 ^ | 360 | 334,901 | ||||||
| 0.01%, 12/15/32 | 735 | 576,261 | ||||||
| 5.00%, 12/15/24 | 500 | 568,364 | ||||||
| 5.00%, 12/15/25 | 500 | 585,579 | ||||||
| 5.00%, 12/15/26 | 1,050 | 1,263,828 | ||||||
| 5.00%, 12/15/28 (c) | 205 | 253,539 | ||||||
| 5.00%, 06/15/24 | 300 | 334,924 | ||||||
| 5.00%, 06/15/26 (c) | 395 | 462,410 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 583,628 | ||||||
| 5.00%, 06/15/31 | 1,100 | 1,426,223 | ||||||
| 5.25%, 12/15/22 | 250 | 263,759 | ||||||
| 5.25%, 12/15/23 | 270 | 297,440 | ||||||
| 5.50%, 12/15/22 | 170 | 179,831 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | ||||||||
| 5.00%, 06/15/23 | 410 | 440,432 | ||||||
| 5.00%, 06/15/26 (c) | 845 | 999,866 | ||||||
| 5.00%, 06/15/26 (c) | 110 | 129,128 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 5.00%, 12/15/28 (c) | 500 | 616,350 | ||||||
| 5.00%, 06/15/22 | 200 | 205,817 | ||||||
| 5.00%, 06/15/23 (c) | 490 | 525,609 | ||||||
| 5.00%, 06/15/23 | 745 | 799,919 | ||||||
| 5.00%, 06/15/25 (c) | 275 | 316,188 | ||||||
| 5.25%, 06/15/25 (c) | 100 | 115,727 | ||||||
| 5.25%, 06/15/25 (c) | 365 | 421,980 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.25%, 06/15/25 (c) | $ | 1,065 | $ | 1,229,749 | ||||
| 5.25%, 06/15/25 (c) | 435 | 503,245 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) (ST) | ||||||||
| 4.00%, 06/15/22 (c) | 535 | 547,264 | ||||||
| 5.00%, 06/15/22 (c) | 605 | 622,610 | ||||||
| 5.00%, 06/15/22 (c) | 205 | 210,967 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series BB-1 (RB) 5.00%, 12/15/28 (c) |
1,500 | 1,849,051 | ||||||
|
New Jersey Transportation Trust Fund Authority, Series C (RB) (AGM) 0.01%, 12/15/29 |
290 | 252,490 | ||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) | ||||||||
| 0.01%, 12/15/30 | 805 | 675,385 | ||||||
| 0.01%, 12/15/31 | 335 | 272,925 | ||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 5.00%, 12/15/23 | 735 | 806,421 | ||||||
| 5.00%, 12/15/24 (c) | 1,380 | 1,556,528 | ||||||
| 5.25%, 12/15/23 | 515 | 567,602 | ||||||
|
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.00%, 01/01/32 |
120 | 141,558 | ||||||
|
Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 |
55 | 57,562 | ||||||
| State of New Jersey, COVID-19 Emergency Bond, Series A (GO) | ||||||||
| 5.00%, 06/01/26 | 500 | 592,260 | ||||||
| 5.00%, 06/01/27 | 500 | 606,169 | ||||||
| 5.00%, 06/01/28 | 990 | 1,224,329 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 12/01/29 (c) | 2,000 | 2,046,981 | ||||||
| 3.00%, 06/01/26 | 80 | 87,594 | ||||||
| 4.00%, 06/01/23 (c) | 110 | 115,959 | ||||||
| 5.00%, 06/01/27 | 100 | 121,234 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/23 | 500 | 534,284 | ||||||
| 5.00%, 06/01/28 (c) | 640 | 778,961 | ||||||
| 5.00%, 06/01/28 (c) | 150 | 183,727 | ||||||
| 5.00%, 06/01/28 | 655 | 807,507 | ||||||
| 47,613,261 | ||||||||
See Notes to Financial Statements
| 129 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New Mexico: 0.1% | ||||||||
|
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group, Series C (RB) 2.38%, 11/09/21 (c) |
$ | 400 | $ | 400,252 | ||||
| New York: 8.5% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 1,800 | 2,124,024 | ||||||
| 5.00%, 01/15/27 (c) | 100 | 119,332 | ||||||
| 5.00%, 01/15/27 (c) | 100 | 120,116 | ||||||
| 5.00%, 07/15/23 | 1,600 | 1,717,654 | ||||||
| 5.00%, 07/15/24 | 1,750 | 1,949,606 | ||||||
| 5.00%, 07/15/26 | 100 | 118,735 | ||||||
|
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28 |
740 | 810,253 | ||||||
|
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 |
275 | 301,803 | ||||||
|
Build NYC Resource Corporation, Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c) |
595 | 640,081 | ||||||
|
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26 |
250 | 293,802 | ||||||
|
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26 |
250 | 299,661 | ||||||
|
Huntington Local Development Corp., Gurwin Independent Housing, Inc./ Fountaingate Gardens Project (RB) 4.00%, 07/01/27 |
1,000 | 1,046,389 | ||||||
|
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c) |
250 | 288,909 | ||||||
|
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c) |
250 | 301,689 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 500 | 584,588 | ||||||
| 5.00%, 05/15/28 (c) | 560 | 670,793 | ||||||
| Metropolitan Transportation Authority, Series D-1 (RB) | ||||||||
| 5.00%, 11/15/25 (c) | 250 | 286,755 | ||||||
| 5.00%, 11/15/25 (c) | 250 | 289,037 | ||||||
| Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 12/01/30 (c) | $ | 500 | $ | 645,880 | ||||
|
New York Convention Center Development Corp. (RB) 5.00%, 11/15/25 (c) |
500 | 582,413 | ||||||
|
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/24 |
250 | 279,079 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 2.25%, 08/01/26 | 1,000 | 1,027,769 | ||||||
| 5.00%, 11/19/21 (c) | 2,000 | 2,003,901 | ||||||
| 5.00%, 11/19/21 (c) | 760 | 761,516 | ||||||
| 5.25%, 08/01/30 (c) | 940 | 1,107,953 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 10/01/30 | 2,000 | 2,323,358 | ||||||
| 5.00%, 01/01/23 | 1,000 | 1,049,941 | ||||||
| 5.00%, 01/01/28 (c) | 3,255 | 3,887,299 | ||||||
| 5.00%, 01/01/28 (c) | 780 | 941,645 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 300,020 | ||||||
|
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c) |
1,500 | 1,552,363 | ||||||
| Port Authority of New York & New Jersey (RB) | ||||||||
| 5.00%, 10/15/25 (c) | 500 | 583,553 | ||||||
| 5.00%, 09/01/24 (c) | 250 | 281,773 | ||||||
| 5.00%, 09/01/29 (c) | 250 | 313,534 | ||||||
| Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 750 | 747,199 | ||||||
| 5.00%, 01/01/26 (c) | 1,130 | 1,121,874 | ||||||
|
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c) |
665 | 726,173 | ||||||
| Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | ||||||||
| 4.00%, 05/15/23 (c) | 120 | 120,526 | ||||||
| 4.12%, 05/15/23 (c) | 100 | 100,571 | ||||||
|
Trust for Cultural Resources of The City of New York, Lincoln Center for the Performing Arts, Inc., Series A (RB) 5.00%, 12/01/30 (c) |
1,000 | 1,298,641 | ||||||
|
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/23 |
1,500 | 1,533,101 | ||||||
See Notes to Financial Statements
| 130 |
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 06/01/27 (c) | $ | 70 | $ | 84,417 | ||||
| 5.00%, 06/01/27 | 70 | 84,981 | ||||||
|
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c) |
375 | 369,046 | ||||||
|
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29 |
200 | 219,617 | ||||||
| 36,011,370 | ||||||||
| North Carolina: 0.6% | ||||||||
|
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25 |
125 | 146,460 | ||||||
|
North Carolina Medical Care Commission, Retirement Facilities (RB) 5.12%, 07/01/23 |
180 | 189,796 | ||||||
|
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c) |
250 | 290,007 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25 |
350 | 395,978 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) |
500 | 623,940 | ||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 |
1,000 | 1,096,202 | ||||||
| 2,742,383 | ||||||||
| North Dakota: 0.7% | ||||||||
|
County of Grand Forks, Red river Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c) |
3,000 | 3,014,821 | ||||||
| Ohio: 1.8% | ||||||||
|
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29 |
500 | 628,360 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 5.00%, 02/15/25 | 250 | 283,127 | ||||||
| 5.00%, 02/15/26 | 50 | 58,251 | ||||||
| 5.00%, 02/15/27 | 250 | 298,599 | ||||||
| 5.00%, 02/15/27 (c) | 110 | 130,480 | ||||||
| County of Muskingum, Genesis HealthCare System (RB) | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
| 4.00%, 02/15/23 | $ | 50 | $ | 51,785 | ||||
|
Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/01/22 (c) |
2,000 | 2,009,964 | ||||||
|
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 |
2,000 | 2,136,706 | ||||||
|
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series D (RB) 2.88%, 02/01/26 |
550 | 575,532 | ||||||
|
Ohio Air Quality Development Authority, Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c) |
260 | 262,569 | ||||||
|
Southern Ohio Port Authority (RB) (AGM) 10.00%, 12/01/26 (c) |
1,000 | 1,176,566 | ||||||
| 7,611,939 | ||||||||
| Oklahoma: 0.9% | ||||||||
|
Comanche County Hospital Authority, Series A (RB) 5.00%, 07/01/22 (c) |
525 | 537,030 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| 5.00%, 08/15/26 | 1,000 | 1,179,350 | ||||||
| 5.00%, 08/15/27 | 250 | 301,501 | ||||||
|
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) |
1,500 | 1,669,777 | ||||||
| 3,687,658 | ||||||||
| Oregon: 0.2% | ||||||||
|
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) * |
500 | 107,500 | ||||||
|
Port of Portland, International Airport Passenger Facility Charge, Series A (RB) 5.00%, 11/29/21 (c) |
500 | 504,755 | ||||||
|
Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB) 5.00%, 11/15/24 (c) |
325 | 358,985 | ||||||
| 971,240 | ||||||||
| Pennsylvania: 4.5% | ||||||||
|
Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) 4.88%, 11/01/24 |
500 | 545,099 | ||||||
See Notes to Financial Statements
| 131 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 5.00%, 05/01/22 | $ | 245 | $ | 249,570 | ||||
| 5.00%, 05/01/23 | 355 | 374,445 | ||||||
| 5.00%, 05/01/27 | 1,250 | 1,459,181 | ||||||
| 5.00%, 05/01/28 | 875 | 1,036,298 | ||||||
| 5.00%, 05/01/28 | 895 | 1,054,219 | ||||||
| Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
| 4.00%, 11/01/27 (c) | 200 | 211,794 | ||||||
| 5.00%, 11/01/24 | 1,000 | 1,090,804 | ||||||
| 5.00%, 11/01/25 | 1,000 | 1,113,372 | ||||||
| 5.00%, 11/01/26 | 400 | 452,183 | ||||||
|
Berks County Municipal Authority, Tower Health Project, Series A (RB) 5.00%, 02/01/31 |
425 | 501,789 | ||||||
|
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) |
1,500 | 1,688,254 | ||||||
|
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p) |
500 | 575,448 | ||||||
|
City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25 |
80 | 92,790 | ||||||
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23 |
500 | 536,414 | ||||||
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
| 4.00%, 10/15/22 | 145 | 148,138 | ||||||
| 5.00%, 10/15/27 | 250 | 277,360 | ||||||
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) (ST) | ||||||||
| 4.25%, 10/15/26 | 500 | 541,441 | ||||||
| 5.00%, 10/15/28 (c) | 500 | 581,742 | ||||||
|
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c) |
250 | 264,609 | ||||||
|
Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 4.00%, 07/01/26 (c) |
580 | 613,177 | ||||||
|
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) |
1,000 | 1,267,817 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
Montgomery County Industrial Development Authority Health, Albert Einstein Healthcare Network Issue, Series A (RB) (AMBAC) 4.00%, 01/15/25 (c) |
$ | 415 | $ | 448,809 | ||||
|
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25 |
1,140 | 1,169,264 | ||||||
| Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 5.00%, 12/31/23 | 125 | 137,345 | ||||||
| 5.00%, 06/30/26 | 130 | 155,313 | ||||||
|
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c) |
100 | 117,826 | ||||||
|
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c) |
335 | 429,419 | ||||||
|
Philadelphia Authority for Industrial Development, The Pavilion, Series A (RB) 3.00%, 12/01/21 (c) |
525 | 438,868 | ||||||
|
Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26 |
100 | 118,575 | ||||||
|
State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c) |
200 | 238,981 | ||||||
|
Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c) |
500 | 523,476 | ||||||
| The Hospitals and Higher Education, Facilities Authority of Philiadelphia (RB) | ||||||||
| 5.00%, 07/01/26 | 115 | 133,051 | ||||||
| 5.00%, 07/01/27 (c) | 275 | 322,971 | ||||||
| 18,909,842 | ||||||||
| Puerto Rico: 5.9% | ||||||||
|
Commonwealth of Puerto Rico, Series A (GO) (AGM) 5.25%, 11/29/21 (c) |
300 | 302,792 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB) | ||||||||
| 5.00%, 07/01/30 | 3,000 | 3,695,269 | ||||||
| 5.25%, 07/01/22 (c) | 485 | 500,683 | ||||||
| 6.12%, 07/01/24 | 600 | 653,626 | ||||||
See Notes to Financial Statements
| 132 |
|
Par
(000’s |
) | Value | ||||||
| Puerto Rico (continued) | ||||||||
|
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series B (RB) 5.00%, 07/01/28 |
$ | 1,000 | $ | 1,200,960 | ||||
|
Puerto Rico Convention Center District Authority, Series A (RB) 5.00%, 11/29/21 (c) |
185 | 186,292 | ||||||
|
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 11/29/21 (c) |
250 | 251,745 | ||||||
|
Puerto Rico Highway & Transportation Authority, Series CC (RB) (AGM) 5.25%, 07/01/32 |
1,105 | 1,225,683 | ||||||
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.62%, 11/29/21 (c) |
100 | 103,500 | ||||||
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) 5.00%, 11/29/21 (c) |
200 | 201,000 | ||||||
|
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 11/29/21 (c) |
780 | 785,446 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
| 0.01%, 07/01/24 | 8,780 | 8,403,491 | ||||||
| 0.01%, 07/01/27 | 3,855 | 3,488,812 | ||||||
| 0.01%, 07/01/28 (c) | 4,035 | 3,209,733 | ||||||
|
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.01%, 07/01/28 (c) |
808 | 692,505 | ||||||
| 24,901,537 | ||||||||
| Rhode Island: 0.4% | ||||||||
| Rhode Island Commerce Corp., Department of Transportation, Series A (RB) | ||||||||
| 5.00%, 05/15/30 (c) | 900 | 1,160,108 | ||||||
| 5.00%, 05/15/30 (c) | 250 | 319,145 | ||||||
|
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 |
155 | 185,270 | ||||||
|
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23 |
115 | 122,916 | ||||||
| 1,787,439 | ||||||||
| South Carolina: 0.7% | ||||||||
|
Connector 2000 Association, Inc., Series A-1 (RB) 0.00%, 04/01/26 (c) ^ |
110 | 56,746 | ||||||
|
Par
(000’s |
) | Value | ||||||
| South Carolina (continued) | ||||||||
|
South Carolina Jobs-Economic Development Authority (RB) 6.00%, 06/01/28 (c) |
$ | 1,000 | $ | 1,021,738 | ||||
|
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c) |
400 | 449,843 | ||||||
|
South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) 5.25%, 07/01/25 (c) |
755 | 883,632 | ||||||
|
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c) |
410 | 428,500 | ||||||
|
South Carolina Public Service Authority, Series C (RB) 5.00%, 12/01/24 (c) |
220 | 247,634 | ||||||
| 3,088,093 | ||||||||
| Tennessee: 0.3% | ||||||||
|
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) |
500 | 463,439 | ||||||
|
City of Jackson, Jackson- Madison County General Hospital (RB) 5.00%, 04/01/25 (c) |
600 | 681,690 | ||||||
|
Clarksville Natural Gas Acquisition Corp. (RB) 5.00%, 12/15/21 |
25 | 25,144 | ||||||
|
Memphis-Shelby County Industrial Development Board, Series A (TA) 4.75%, 07/01/27 |
195 | 188,970 | ||||||
| 1,359,243 | ||||||||
| Texas: 7.2% | ||||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 1,155 | 1,296,593 | ||||||
| 5.00%, 01/01/27 (c) | 1,200 | 1,340,669 | ||||||
|
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26 |
250 | 280,934 | ||||||
|
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c) |
500 | 543,314 | ||||||
|
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) |
2,465 | 2,531,455 | ||||||
See Notes to Financial Statements
| 133 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) |
$ | 750 | $ | 968,239 | ||||
|
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c) |
2,000 | 2,329,585 | ||||||
|
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 |
120 | 134,956 | ||||||
|
City of Austin, Airport System (RB) 5.00%, 11/15/24 (c) |
395 | 445,333 | ||||||
|
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27 |
180 | 218,296 | ||||||
|
City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB) 5.00%, 07/15/27 |
1,000 | 1,162,874 | ||||||
|
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c) |
250 | 271,034 | ||||||
|
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27 |
250 | 290,551 | ||||||
|
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 11/29/21 (c) |
200 | 201,103 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 4.75%, 07/01/24 | 655 | 693,425 | ||||||
| 5.00%, 07/15/28 | 1,500 | 1,770,147 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 4.62%, 08/15/25 | 80 | 86,733 | ||||||
| 5.12%, 08/15/25 (c) | 200 | 227,058 | ||||||
| 6.00%, 03/01/24 (c) | 1,345 | 1,480,469 | ||||||
|
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c) |
500 | 577,740 | ||||||
|
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) |
335 | 340,218 | ||||||
|
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.01%, 11/15/29 |
315 | 249,040 | ||||||
|
Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 5.00%, 05/15/25 (c) |
335 | 385,121 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 05/15/29 (c) | $ | 200 | $ | 251,795 | ||||
|
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30 |
105 | 125,378 | ||||||
|
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30 |
1,035 | 1,234,496 | ||||||
|
Matagorda County Navigation District No. 1, Series A (RB) (BAM) 2.60%, 11/01/29 |
2,000 | 2,112,368 | ||||||
|
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) * |
300 | 234,000 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c) |
1,000 | 1,013,131 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB) 4.00%, 08/15/25 (c) |
1,000 | 1,072,175 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) 4.00%, 11/29/21 (c) |
100 | 99,043 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c) |
225 | 243,853 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB) 5.00%, 11/15/24 (c) |
850 | 923,066 | ||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/23 | 100 | 86,000 | ||||||
| 5.00%, 07/01/24 | 100 | 86,000 | ||||||
|
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.01%, 01/01/29 |
405 | 362,322 | ||||||
|
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c) |
185 | 216,727 | ||||||
|
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 07/01/23 (c) |
550 | 547,546 | ||||||
See Notes to Financial Statements
| 134 |
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| SA Energy Acquisition Public Facility Corp. (RB) | ||||||||
| 5.50%, 08/01/22 | $ | 85 | $ | 88,262 | ||||
| 5.50%, 08/01/24 | 55 | 62,257 | ||||||
| 5.50%, 08/01/25 | 125 | 146,633 | ||||||
| 5.50%, 08/01/27 | 110 | 136,767 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c) |
250 | 293,195 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Northwest Senior Housing Corp. Edgemere Project, Series A (RB) 5.00%, 11/15/25 (c) |
230 | 184,000 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c) |
225 | 240,003 | ||||||
|
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB) 6.00%, 05/15/27 (c) |
500 | 557,343 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/28 | 350 | 432,546 | ||||||
| 5.00%, 12/15/32 | 1,015 | 1,327,820 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) | ||||||||
| 5.25%, 12/15/22 | 155 | 163,639 | ||||||
| 5.25%, 12/15/23 | 15 | 16,518 | ||||||
| 5.25%, 12/15/24 | 60 | 68,528 | ||||||
| 5.25%, 12/15/25 | 100 | 117,777 | ||||||
| 30,268,075 | ||||||||
| Utah: 0.2% | ||||||||
|
Utah Transit Authority, Series A (RB) 5.00%, 06/15/25 (c) |
700 | 814,348 | ||||||
| Virgin Islands: 0.8% | ||||||||
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
| 5.00%, 10/01/24 (c) | 1,000 | 996,402 | ||||||
| 5.00%, 10/01/24 | 300 | 301,584 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series A (RB) | ||||||||
| 5.00%, 11/29/21 (c) | 485 | 486,138 | ||||||
| 5.00%, 11/29/21 (c) | 160 | 160,375 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Virgin Islands (continued) | ||||||||
| Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series B (RB) | ||||||||
| 5.00%, 11/29/21 (c) | $ | 15 | $ | 15,035 | ||||
| 5.00%, 11/29/21 (c) | 140 | 138,124 | ||||||
|
Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Loan Notes, Series C (RB) 5.00%, 11/29/21 (c) |
225 | 224,474 | ||||||
| Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
| 5.00%, 11/29/21 (c) | 75 | 74,644 | ||||||
| 5.00%, 11/29/21 (c) | 55 | 54,615 | ||||||
| 5.00%, 11/29/21 (c) | 150 | 149,588 | ||||||
| 5.00%, 11/29/21 (c) | 620 | 613,043 | ||||||
| 3,214,022 | ||||||||
| Virginia: 1.2% | ||||||||
|
Amherst Industrial Development Authority (RB) 4.75%, 11/29/21 (c) |
140 | 133,599 | ||||||
|
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) 5.00%, 11/01/23 |
500 | 545,133 | ||||||
|
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c) |
325 | 346,407 | ||||||
|
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c) |
1,835 | 1,776,581 | ||||||
|
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c) |
1,525 | 1,423,571 | ||||||
|
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) |
710 | 766,032 | ||||||
| 4,991,323 | ||||||||
| Washington: 2.0% | ||||||||
|
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25 |
155 | 163,624 | ||||||
|
Klickitat County Public Hospital District No 2 (RB) 4.00%, 12/01/27 |
1,000 | 1,015,065 | ||||||
|
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p) |
480 | 545,639 | ||||||
| Washington State Convention Center Public Facilities District (RB) | ||||||||
See Notes to Financial Statements
| 135 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
| 4.00%, 07/01/31 | $ | 2,250 | $ | 2,568,531 | ||||
|
Washington State Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c) |
250 | 289,344 | ||||||
|
Washington State Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) |
1,000 | 1,160,162 | ||||||
|
Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25 |
985 | 1,082,092 | ||||||
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 3.75%, 07/01/26 | 250 | 259,765 | ||||||
| 4.00%, 01/01/25 (c) | 500 | 535,656 | ||||||
| 5.00%, 01/01/25 (c) | 365 | 402,278 | ||||||
|
Washington State Housing Finance Commission, Transforming Age Projects, Series B (RB) 2.38%, 11/29/21 (c) |
500 | 500,345 | ||||||
| 8,522,501 | ||||||||
| West Virginia: 0.3% | ||||||||
| County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) | ||||||||
| 3.00%, 06/01/22 (c) | 415 | 417,068 | ||||||
| 4.75%, 06/01/22 (c) | 680 | 687,896 | ||||||
|
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) 5.00%, 06/01/26 |
150 | 178,645 | ||||||
| 1,283,609 | ||||||||
| Wisconsin: 2.1% | ||||||||
|
Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31 |
1,275 | 1,357,232 | ||||||
|
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c) |
1,000 | 1,109,821 | ||||||
|
Public Finance Authority, Friends Homes (RB) 4.00%, 09/01/24 |
165 | 174,561 | ||||||
|
Public Finance Authority, Friends Homes (RB) (SAW) 4.00%, 09/01/26 (c) |
500 | 561,178 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Wisconsin (continued) | ||||||||
|
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c) |
$ | 480 | $ | 470,938 | ||||
|
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26 |
650 | 662,160 | ||||||
|
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c) |
545 | 567,676 | ||||||
|
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c) |
250 | 255,648 | ||||||
|
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 |
2,015 | 2,244,609 | ||||||
|
Public Finance Authority, Senior Airport Facilities, Series B (RB) 5.00%, 07/01/22 |
90 | 91,012 | ||||||
|
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25 |
1,050 | 1,122,238 | ||||||
| Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) | ||||||||
| 3.50%, 08/01/22 | 75 | 75,263 | ||||||
| 5.00%, 08/01/24 (c) | 250 | 268,675 | ||||||
| 8,961,011 | ||||||||
|
Total Municipal Bonds: 98.2%
(Cost: $410,009,998) |
415,197,035 | |||||||
| Other assets less liabilities: 1.8% | 7,818,862 | |||||||
| NET ASSETS: 100.0% | $ | 423,015,897 | ||||||
See Notes to Financial Statements
| 136 |
| Definitions: | ||
| AGC | Assured Guaranty Corp. | |
| AGM | Assured Guaranty Municipal Corp. | |
| AMBAC | American Municipal Bond Assurance Corp. | |
| BAM | Build America Assurance Co. | |
| CP | Certificate of Participation | |
| 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 | |
| ST | Special Tax | |
| TA | Tax Allocation | |
| Footnotes: | |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| (d) | Security in default |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
| Summary of Investments by Sector |
% of
Investments |
Value | |||||||
| Education | 6.6 | % | $ | 27,420,968 | |||||
| Health Care | 13.5 | 56,148,385 | |||||||
| Housing | 0.2 | 975,118 | |||||||
| Industrial Revenue | 22.4 | 93,077,223 | |||||||
| Leasing | 11.5 | 47,590,624 | |||||||
| Local | 10.4 | 43,172,733 | |||||||
| Power | 1.4 | 6,002,679 | |||||||
| Solid Waste/Resource Recovery | 0.0 | 8 | |||||||
| Special Tax | 11.5 | 47,765,862 | |||||||
| State | 6.2 | 25,634,177 | |||||||
| Tobacco | 1.3 | 5,205,373 | |||||||
| Transportation | 12.5 | 51,714,859 | |||||||
| Water & Sewer | 2.5 | 10,489,026 | |||||||
| 100.0 | % | $ | 415,197,035 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||
| Municipal Bonds * | $ | — | $ | 415,197,035 | $ | — | $ | 415,197,035 | ||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 137 |
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| MUNICIPAL BONDS: 98.2% | ||||||||
| Alabama: 2.8% | ||||||||
| Alabama Federal Aid Highway Finance Authority, Series A (RB) | ||||||||
| 5.00%, 09/01/22 | $ | 250 | $ | 260,007 | ||||
| 5.00%, 09/01/27 (c) | 500 | 620,040 | ||||||
|
Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23 |
125 | 135,855 | ||||||
| Black Belt Energy Gas District, Series A (RB) (SAW) | ||||||||
| 4.00%, 12/01/23 (c) (p) | 470 | 501,045 | ||||||
| 5.00%, 12/01/23 | 860 | 940,134 | ||||||
| County of Jefferson, Series A (GO) | ||||||||
| 5.00%, 04/01/24 | 290 | 321,757 | ||||||
| 5.00%, 04/01/25 | 340 | 390,998 | ||||||
|
Industrial Development Board of the City of Mobile Alabama, Series A (RB) 1.00%, 06/26/25 (p) |
1,000 | 1,002,259 | ||||||
|
Jefferson County (RB) 5.00%, 09/15/22 |
375 | 390,641 | ||||||
|
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) |
1,500 | 1,682,968 | ||||||
|
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 06/01/24 (c) (p) |
250 | 270,037 | ||||||
| Tuscaloosa City Board of Education, Alabama School Tax (RB) | ||||||||
| 5.00%, 08/01/26 (c) | 1,055 | 1,272,630 | ||||||
| 5.00%, 08/01/26 (c) | 825 | 995,184 | ||||||
| UAB Medicine Finance Authority, Series B (RB) | ||||||||
| 5.00%, 09/01/23 | 450 | 488,732 | ||||||
| 9,272,287 | ||||||||
| Arizona: 1.4% | ||||||||
|
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23 |
250 | 269,616 | ||||||
|
City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) 5.00%, 07/01/23 |
125 | 134,917 | ||||||
|
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series B (RB) 5.00%, 07/01/24 |
200 | 224,475 | ||||||
|
City of Tucson, Arizona Water System (RB) 5.00%, 07/01/25 |
450 | 523,449 | ||||||
|
Gilbert Water Resource Municipal Property Corp. (RB) 5.00%, 07/01/25 |
400 | 465,288 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Arizona (continued) | ||||||||
|
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26 |
$ | 700 | $ | 825,044 | ||||
|
Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/24 |
250 | 280,737 | ||||||
|
Pima County (GO) 4.00%, 07/01/23 |
310 | 329,342 | ||||||
| Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
| 5.00%, 01/01/26 | 500 | 590,674 | ||||||
| 5.00%, 01/01/27 | 500 | 608,183 | ||||||
|
State of Arizona (RB) 5.00%, 07/01/23 |
500 | 539,669 | ||||||
| 4,791,394 | ||||||||
| California: 13.9% | ||||||||
|
Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c) |
250 | 266,460 | ||||||
|
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p) |
400 | 427,973 | ||||||
|
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p) |
725 | 745,989 | ||||||
|
California Health Facilities Financing Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/22 (p) |
250 | 261,945 | ||||||
|
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p) |
500 | 552,673 | ||||||
|
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p) |
335 | 354,061 | ||||||
|
California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB) (SAW) 5.00%, 10/01/25 (p) |
1,105 | 1,296,112 | ||||||
|
California State Public Works Board (RB) 5.00%, 03/01/25 |
320 | 368,138 | ||||||
|
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) 5.00%, 09/01/23 |
1,215 | 1,319,810 | ||||||
See Notes to Financial Statements
| 138 |
|
|
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 5.00%, 10/01/22 | $ | 450 | $ | 469,809 | ||||
| 5.00%, 10/01/26 | 885 | 1,069,660 | ||||||
|
California Statewide Communities Development Authority, Southern California Edison Company, Series D (RB) 2.62%, 12/01/23 (p) |
100 | 104,322 | ||||||
|
Chino Basin Regional Financing Authority, Series B (RB) 4.00%, 08/01/25 (c) |
405 | 457,675 | ||||||
| City and County of San Francisco, Series B (CP) | ||||||||
| 5.00%, 10/01/25 (c) | 430 | 502,923 | ||||||
| 5.00%, 04/01/25 | 100 | 115,036 | ||||||
|
City and County of San Francisco, Series R1 (GO) 5.00%, 06/15/25 |
250 | 291,165 | ||||||
|
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 5.00%, 05/15/26 |
500 | 597,680 | ||||||
|
City of San Francisco, Public Utilities Commission Water Revenue, Series A (RB) 5.00%, 11/01/24 |
630 | 717,664 | ||||||
|
City of San Francisco, Public Utilities Commission Water Revenue, Series B (RB) 5.00%, 11/01/24 (c) |
200 | 227,637 | ||||||
|
County of Sacramento CA Airport System Revenue (RB) 5.00%, 07/01/25 |
240 | 278,697 | ||||||
|
El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c) |
225 | 268,243 | ||||||
| Golden State Tobacco Securitization Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/23 | 1,000 | 1,069,075 | ||||||
| 5.00%, 06/01/24 | 1,000 | 1,110,578 | ||||||
|
Golden State Tobacco Securitization Corp., Series A (RB) (ST) 5.00%, 06/01/22 |
500 | 514,082 | ||||||
|
Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24 |
265 | 299,312 | ||||||
|
Los Angeles Community College District, Series J (GO) 3.00%, 08/01/23 |
500 | 524,259 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Los Angeles Department of Water & Power Power System, Series A (RB) 5.00%, 07/01/25 |
$ | 285 | $ | 331,970 | ||||
|
Los Angeles Department of Water & Power Power System, Series B (RB) 5.00%, 07/01/23 |
550 | 593,540 | ||||||
|
Los Angeles Department of Water & Power Power System, Series C (RB) 5.00%, 07/01/24 |
250 | 280,879 | ||||||
|
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/23 |
600 | 647,708 | ||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| 5.00%, 06/01/25 (c) | 295 | 343,134 | ||||||
| 5.00%, 07/01/24 | 250 | 280,879 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 5.00%, 07/01/22 | 500 | 515,989 | ||||||
| 5.00%, 07/01/24 | 875 | 982,826 | ||||||
| 5.00%, 07/01/26 | 800 | 961,155 | ||||||
|
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23 |
130 | 140,269 | ||||||
|
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/25 |
1,250 | 1,455,015 | ||||||
| Metropolitan Water District of Southern California, Series B (RB) | ||||||||
| 5.00%, 07/01/23 (c) | 450 | 485,890 | ||||||
| 5.00%, 07/01/24 (c) | 1,000 | 1,125,509 | ||||||
|
Municipal Improvement Corp. of Los Angeles, Series A (RB) 5.00%, 11/01/23 |
125 | 136,835 | ||||||
|
Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/23 |
250 | 273,671 | ||||||
| Northern California Energy Authority, Series A (RB) | ||||||||
| 4.00%, 07/01/24 (p) | 1,000 | 1,083,746 | ||||||
| 5.00%, 07/01/24 | 275 | 307,484 | ||||||
|
Oakland Unified School District (GO) 5.00%, 08/01/23 |
430 | 464,983 | ||||||
|
Oakland Unified School District, Series A (GO) 5.00%, 08/01/23 |
350 | 378,475 | ||||||
|
Orange County Water District, Series A (CP) 2.00%, 02/15/23 (c) |
205 | 209,659 | ||||||
See Notes to Financial Statements
| 139 |
|
|
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
|
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 2.12%, 10/01/23 (c) (p) |
$ | 930 | $ | 954,036 | ||||
|
Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/22 |
265 | 277,771 | ||||||
|
Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25 |
250 | 289,533 | ||||||
|
Sacramento County, Airport System, Series B (RB) 5.00%, 07/01/23 |
300 | 323,644 | ||||||
|
Sacramento Municipal Utility District, Series B (RB) 5.00%, 10/15/25 (c) (p) |
485 | 558,960 | ||||||
| Sacramento Municipal Utility District, Series D (RB) | ||||||||
| 4.00%, 08/15/25 | 500 | 566,583 | ||||||
| 5.00%, 08/15/24 | 125 | 141,250 | ||||||
|
Sacramento Municipal Utility District, Series I (RB) 5.00%, 08/15/22 |
450 | 467,274 | ||||||
|
San Bernardino County, Series A (CP) 5.00%, 10/01/26 |
345 | 416,429 | ||||||
|
San Juan Unified School District (GO) 3.38%, 08/01/25 |
260 | 287,590 | ||||||
|
Southern California Public Power Authority. Windy Point/Windy Flats Project, Series 1 (RB) 5.00%, 01/01/24 (c) |
725 | 799,092 | ||||||
|
State of California (GO) 4.00%, 10/01/27 |
500 | 591,185 | ||||||
|
State of California Department of Water Resources (RB) 5.00%, 12/01/26 |
500 | 609,915 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 3.00%, 03/01/26 | 1,000 | 1,102,109 | ||||||
| 4.00%, 10/01/25 | 600 | 680,061 | ||||||
| 4.00%, 11/01/24 | 300 | 332,520 | ||||||
| 4.00%, 03/01/24 | 500 | 542,973 | ||||||
| 4.00%, 08/01/26 | 285 | 329,367 | ||||||
| 5.00%, 10/01/23 | 250 | 272,565 | ||||||
| 5.00%, 10/01/24 | 100 | 113,462 | ||||||
| 5.00%, 10/01/25 | 835 | 978,706 | ||||||
| 5.00%, 11/01/23 | 525 | 574,377 | ||||||
| 5.00%, 11/01/25 | 500 | 587,576 | ||||||
| 5.00%, 11/01/26 | 915 | 1,108,039 | ||||||
| 5.00%, 12/01/25 | 460 | 542,000 | ||||||
| 5.00%, 04/01/24 | 300 | 333,852 | ||||||
| 5.00%, 04/01/25 | 300 | 345,991 | ||||||
|
Par
(000’s |
) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 04/01/27 | $ | 750 | $ | 918,645 | ||||
| 5.00%, 08/01/24 | 325 | 366,412 | ||||||
| 5.00%, 08/01/25 | 1,500 | 1,748,912 | ||||||
| 5.00%, 08/01/26 | 295 | 354,687 | ||||||
| 5.00%, 09/01/22 | 265 | 275,630 | ||||||
| 5.00%, 09/01/23 | 1,000 | 1,086,456 | ||||||
| 5.00%, 09/01/25 | 300 | 350,710 | ||||||
| 5.00%, 09/01/26 | 935 | 1,126,893 | ||||||
|
Tobacco Securitization Authority of Southern California, Series A-1 (RB) (AGM) 5.00%, 06/01/23 |
480 | 514,167 | ||||||
| 46,079,966 | ||||||||
| Colorado: 1.5% | ||||||||
|
Boulder Valley School District No. RE-2, Series B (GO) (SAW) 4.00%, 12/01/23 |
125 | 134,578 | ||||||
|
City & County of Denver CO Airport System Revenue (RB) 5.00%, 11/15/25 |
530 | 622,664 | ||||||
|
City of Aurora, Water Revenue, First Lien (RB) 5.00%, 08/01/22 |
250 | 259,048 | ||||||
|
City of Colorado Springs, Utilities System (RB) 5.00%, 11/15/25 |
500 | 588,733 | ||||||
|
Colorado Health Facilities Authority, Adventist Health System Series C (RB) 5.00%, 11/15/23 (p) |
530 | 581,050 | ||||||
|
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25 |
500 | 584,764 | ||||||
|
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24 |
1,000 | 1,143,109 | ||||||
|
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23 |
450 | 495,088 | ||||||
|
State of Colorado, Series K (CP) 5.00%, 03/15/26 |
385 | 456,249 | ||||||
| 4,865,283 | ||||||||
| Connecticut: 2.5% | ||||||||
|
City of New Haven, Series A (GO) (AGM) 5.00%, 08/15/24 |
215 | 241,988 | ||||||
|
Connecticut Housing Finance Authority, Series B (RB) 0.45%, 05/15/24 (c) (p) |
250 | 249,428 | ||||||
|
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/25 |
1,000 | 1,151,394 | ||||||
See Notes to Financial Statements
| 140 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Connecticut (continued) | ||||||||
|
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) 5.00%, 02/01/23 (p) |
$ | 390 | $ | 413,206 | ||||
| State of Connecticut, Series A (GO) | ||||||||
| 5.00%, 04/15/23 | 265 | 283,343 | ||||||
| 5.00%, 04/15/23 | 375 | 400,956 | ||||||
| State of Connecticut, Series B (GO) | ||||||||
| 4.00%, 05/15/23 | 375 | 396,660 | ||||||
| 5.00%, 01/15/23 | 250 | 264,388 | ||||||
|
State of Connecticut, Series C (GO) 5.00%, 06/15/26 |
300 | 359,345 | ||||||
| State of Connecticut, Series D (GO) | ||||||||
| 5.00%, 04/15/26 | 1,040 | 1,239,544 | ||||||
| 5.00%, 08/15/23 | 300 | 325,214 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
| 5.00%, 10/15/22 | 350 | 366,124 | ||||||
| 5.00%, 09/15/25 | 270 | 316,135 | ||||||
|
State of Connecticut, Special Tax Obligation, Series A (GO) 5.00%, 04/15/23 |
375 | 400,957 | ||||||
| State of Connecticut, Special Tax Obligation, Series A (RB) | ||||||||
| 5.00%, 01/01/23 | 300 | 316,718 | ||||||
| 5.00%, 09/01/22 | 325 | 338,092 | ||||||
| 5.00%, 09/01/23 | 100 | 108,588 | ||||||
|
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/23 |
200 | 217,931 | ||||||
|
State of Connecticut, State Revolving Fund, Series B (RB) 5.00%, 06/01/26 |
275 | 329,714 | ||||||
|
University of Connecticut, Series A (RB) 5.00%, 04/15/24 |
575 | 640,416 | ||||||
| 8,360,141 | ||||||||
| Delaware: 0.8% | ||||||||
|
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project, Series A (RB) (AGM) 1.05%, 07/01/25 (p) |
1,000 | 1,010,940 | ||||||
|
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) |
500 | 500,065 | ||||||
|
Delaware Transportation Authority System (RB) 5.00%, 07/01/26 |
500 | 600,211 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Delaware (continued) | ||||||||
|
State of Delaware, Series A (GO) 5.00%, 10/01/25 |
$ | 410 | $ | 481,608 | ||||
| 2,592,824 | ||||||||
| District of Columbia: 1.2% | ||||||||
|
District of Columbia, Series A (GO) 5.00%, 06/01/22 |
440 | 452,392 | ||||||
|
District of Columbia, Series B (GO) 5.00%, 06/01/25 |
120 | 139,440 | ||||||
|
District of Columbia, Series C (RB) 5.00%, 10/01/26 |
785 | 950,912 | ||||||
| District of Columbia, Series D (GO) | ||||||||
| 5.00%, 06/01/24 | 250 | 280,041 | ||||||
| 5.00%, 06/01/25 | 315 | 366,031 | ||||||
|
District of Columbia, Series E (GO) 5.00%, 06/01/25 |
500 | 581,001 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-1 (RB) | ||||||||
| 5.00%, 07/01/24 | 225 | 252,343 | ||||||
| 5.00%, 07/01/25 | 100 | 116,124 | ||||||
| Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/25 | 300 | 348,371 | ||||||
| 5.00%, 07/01/26 | 300 | 358,905 | ||||||
| 3,845,560 | ||||||||
| Florida: 2.4% | ||||||||
|
Central Florida Expressway Authority, Series B (RB) 5.00%, 07/01/26 |
300 | 359,210 | ||||||
|
City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/22 |
600 | 626,298 | ||||||
| City of Jacksonville, Series B (RB) | ||||||||
| 5.00%, 10/01/24 | 265 | 300,260 | ||||||
| 5.00%, 10/01/25 | 1,020 | 1,194,246 | ||||||
|
City Of South Miami Health Facilities Authority, Inc. (RB) 5.00%, 08/15/22 |
400 | 414,868 | ||||||
|
County of Miami-Dade, Capital Asset Acquisition, Series B (RB) 5.00%, 04/01/25 |
350 | 403,527 | ||||||
|
County of Montgomery, Consolidated Public Improvement, Series A (RB) 5.00%, 10/01/25 |
280 | 327,002 | ||||||
|
Florida Department of Management Services, Series A (CP) 5.00%, 11/01/26 |
250 | 302,469 | ||||||
See Notes to Financial Statements
| 141 |
|
|
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Florida (continued) | ||||||||
|
Lee County School Board, Series A (CP) 5.00%, 08/01/24 |
$ | 375 | $ | 421,902 | ||||
|
Miami Beach Redevelopment Agency, City Center and Historical Convention Village, Series A (TA) 5.00%, 02/01/24 |
710 | 781,158 | ||||||
|
Orange County Health Facilities Authority, Orlando Health Obligated Group, Series B (RB) 5.00%, 10/01/22 |
100 | 104,270 | ||||||
|
School District of Broward County, Series C (CP) 5.00%, 07/01/24 |
340 | 381,029 | ||||||
| State of Florida, Board of Education, Lottery Revenue, Series A (RB) | ||||||||
| 5.00%, 07/01/23 | 450 | 485,545 | ||||||
| 5.00%, 07/01/24 | 650 | 729,915 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/23 |
130 | 139,747 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/23 |
150 | 161,247 | ||||||
|
State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) 5.00%, 06/01/23 |
225 | 241,870 | ||||||
|
State of Florida, Department of Management Services, Series A (RB) 5.00%, 09/01/23 |
180 | 195,597 | ||||||
|
State of Florida, Department of Transportation Financing Corp. (RB) 5.00%, 07/01/22 |
275 | 283,869 | ||||||
| 7,854,029 | ||||||||
| Georgia: 2.7% | ||||||||
|
Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p) |
500 | 515,649 | ||||||
|
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24 |
500 | 569,253 | ||||||
|
County of Forsyth, Sales Tax (GO) 5.00%, 09/01/25 |
280 | 328,261 | ||||||
|
Main Street Natural Gas, Inc., Series A (RB) 4.00%, 09/01/23 (c) (p) |
500 | 530,319 | ||||||
|
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p) |
1,000 | 1,099,479 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Georgia (continued) | ||||||||
| Main Street Natural Gas, Inc., Series C (RB) | ||||||||
| 4.00%, 06/01/23 | $ | 500 | $ | 529,033 | ||||
| 4.00%, 09/01/26 (c) (p) | 1,250 | 1,423,335 | ||||||
|
Municipal Gas Authority of Georgia, Gas Portfolio IV Project, Series A (RB) 5.00%, 10/01/23 |
225 | 245,037 | ||||||
|
Private Colleges & Universities Authority, Series A (RB) 5.00%, 09/01/26 |
360 | 434,456 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 5.00%, 02/01/23 | 160 | 169,604 | ||||||
| 5.00%, 02/01/25 | 250 | 287,229 | ||||||
| 5.00%, 08/01/25 | 350 | 408,932 | ||||||
| 5.00%, 08/01/26 | 700 | 843,815 | ||||||
|
State of Georgia, Series C (GO) 5.00%, 07/01/24 |
250 | 281,092 | ||||||
|
State of Georgia, Series E (GO) 5.00%, 12/01/24 |
1,100 | 1,256,437 | ||||||
| 8,921,931 | ||||||||
| Hawaii: 0.1% | ||||||||
|
State of Hawaii, Series FN (GO) 5.00%, 10/01/24 |
110 | 124,774 | ||||||
|
State of Hawaii, Series FT (GO) 5.00%, 01/01/23 |
100 | 105,597 | ||||||
| 230,371 | ||||||||
| Illinois: 4.2% | ||||||||
|
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26 |
500 | 587,739 | ||||||
| Chicago O’Hare International Airport, Series C (RB) | ||||||||
| 5.00%, 01/01/23 | 650 | 685,909 | ||||||
| 5.00%, 01/01/24 | 115 | 126,358 | ||||||
| 5.00%, 01/01/26 | 315 | 370,275 | ||||||
|
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/23 |
350 | 374,970 | ||||||
|
City of Chicago, Series A (GO) 5.00%, 01/01/27 |
500 | 593,770 | ||||||
|
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/25 |
200 | 234,238 | ||||||
|
Cook County, Series A (GO) 5.00%, 11/15/26 |
300 | 362,177 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 4.00%, 01/01/23 | 310 | 323,785 | ||||||
| 4.00%, 07/01/25 | 100 | 112,501 | ||||||
| 5.00%, 01/01/23 | 250 | 264,023 | ||||||
| 5.00%, 01/01/24 | 155 | 170,521 | ||||||
| 5.00%, 01/01/25 | 600 | 685,305 | ||||||
| 5.00%, 07/01/22 | 340 | 350,942 | ||||||
See Notes to Financial Statements
| 142 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Illinois (continued) | ||||||||
|
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24 |
$ | 500 | $ | 560,904 | ||||
|
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23 |
250 | 270,016 | ||||||
|
Illinois Finance Authority, Tax Notes (RB) (BAM) 5.00%, 08/15/25 |
405 | 472,290 | ||||||
|
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27 |
415 | 501,278 | ||||||
|
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27 |
650 | 785,499 | ||||||
|
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/24 |
495 | 554,453 | ||||||
|
Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/23 |
370 | 390,351 | ||||||
|
State of Illinois (GO) 5.00%, 02/01/23 |
350 | 369,982 | ||||||
| State of Illinois (GO) (AGC) | ||||||||
| 5.50%, 05/01/24 | 250 | 279,920 | ||||||
| 5.50%, 05/01/25 | 335 | 388,163 | ||||||
| State of Illinois, Series B (GO) | ||||||||
| 5.00%, 12/01/24 | 130 | 146,733 | ||||||
| 5.00%, 09/01/25 | 400 | 460,367 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 5.00%, 11/01/22 | 470 | 491,751 | ||||||
| 5.00%, 11/01/23 | 500 | 544,117 | ||||||
| 5.00%, 11/01/25 | 1,345 | 1,553,838 | ||||||
| 5.00%, 11/01/26 | 800 | 944,032 | ||||||
| 13,956,207 | ||||||||
| Indiana: 1.0% | ||||||||
|
City of Indianapolis, Water System, Series A (RB) 5.00%, 10/01/25 |
500 | 585,839 | ||||||
| Indiana Finance Authority, Series C (RB) | ||||||||
| 5.00%, 12/01/23 | 250 | 274,667 | ||||||
| 5.00%, 12/01/23 | 500 | 548,563 | ||||||
| 5.00%, 12/01/24 | 575 | 656,965 | ||||||
| 5.00%, 12/01/25 | 260 | 307,156 | ||||||
| Indiana Finance Authority, Series E (RB) | ||||||||
| 5.00%, 02/01/24 | 500 | 553,323 | ||||||
| 5.00%, 02/01/25 | 250 | 287,054 | ||||||
| 3,213,567 | ||||||||
| Iowa: 0.7% | ||||||||
|
Iowa Finance Authority (RB) 5.00%, 08/01/23 |
250 | 270,936 | ||||||
|
PEFA, Inc., Gas Project (RB) 5.00%, 09/01/26 (c) (p) |
1,500 | 1,773,804 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Iowa (continued) | ||||||||
|
State of Iowa, Prison Infrastructure Fund (RB) 5.00%, 06/15/23 |
$ | 250 | $ | 269,106 | ||||
| 2,313,846 | ||||||||
| Kansas: 0.1% | ||||||||
|
Johnson County Unified School District No. 233, Series B (GO) 5.00%, 09/01/22 |
350 | 364,069 | ||||||
| Kentucky: 2.0% | ||||||||
| Kentucky Public Energy Authority, Gas Supply, Series A (RB) | ||||||||
| 4.00%, 04/01/24 (c) (p) | 700 | 752,987 | ||||||
| 4.00%, 06/01/26 (c) (p) | 1,000 | 1,132,380 | ||||||
| Kentucky Public Energy Authority, Gas Supply, Series B (RB) | ||||||||
| 4.00%, 01/01/25 (c) (p) | 1,085 | 1,190,987 | ||||||
| 4.00%, 07/01/23 | 200 | 211,789 | ||||||
|
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p) |
1,100 | 1,217,793 | ||||||
|
Kentucky State Property & Building Commission No. 119 (RB) 5.00%, 05/01/26 |
275 | 325,790 | ||||||
|
Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/24 |
125 | 139,836 | ||||||
|
Louisville & Jefferson County Metropolitan Government, Water System (RB) (SAW) 5.00%, 11/15/26 |
250 | 302,916 | ||||||
|
Louisville & Jefferson County, Metro Government Health System, Norton Healthcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p) |
1,000 | 1,201,504 | ||||||
| 6,475,982 | ||||||||
| Louisiana: 0.6% | ||||||||
|
East Baton Rouge Sewerage Commission, Sereis A (RB) (NATL) 5.00%, 02/01/27 |
250 | 302,175 | ||||||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project (RB) (BAM) 5.00%, 10/01/22 |
175 | 182,555 | ||||||
|
Louisiana Public Facilities Authority, Costner Clinic Foundation Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p) |
500 | 574,439 | ||||||
See Notes to Financial Statements
| 143 |
|
|
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Louisiana (continued) | ||||||||
|
Louisiana State Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/23 |
$ | 590 | $ | 632,969 | ||||
|
State of Louisiana, Series A (GO) 5.00%, 03/01/26 |
335 | 397,957 | ||||||
| 2,090,095 | ||||||||
| Maine: 0.2% | ||||||||
|
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25 |
500 | 580,033 | ||||||
| Maryland: 3.4% | ||||||||
| County of Baltimore, Equipment Program (CP) | ||||||||
| 5.00%, 03/01/25 | 295 | 339,060 | ||||||
| 5.00%, 03/01/26 | 1,125 | 1,333,241 | ||||||
| County of Montgomery, Series A (GO) | ||||||||
| 4.00%, 11/01/24 | 210 | 232,897 | ||||||
| 5.00%, 11/01/26 | 265 | 321,489 | ||||||
|
Maryland Stadium Authority, Baltimore City Public Schools, Series A (RB) 5.00%, 05/01/23 |
320 | 342,411 | ||||||
|
Maryland State Transportation Authority Transportation Facilities Project (RB) 5.00%, 07/01/23 |
750 | 809,242 | ||||||
|
Prince George’s County, Series A (GO) 5.00%, 07/15/25 |
425 | 495,668 | ||||||
| State of Maryland, Department of Transportation (RB) | ||||||||
| 5.00%, 10/01/26 | 595 | 720,433 | ||||||
| 5.00%, 05/01/23 | 500 | 535,799 | ||||||
| 5.00%, 09/01/24 | 165 | 186,770 | ||||||
| State of Maryland, Second Series B (GO) | ||||||||
| 5.00%, 08/01/24 | 550 | 620,405 | ||||||
| 5.00%, 08/01/25 | 500 | 583,783 | ||||||
|
State of Maryland, State and Local Facilities Loan, First Series (GO) 5.00%, 06/01/22 |
790 | 812,249 | ||||||
|
State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24 |
2,730 | 3,034,058 | ||||||
|
State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24 |
250 | 282,002 | ||||||
|
State of Maryland, State and Local Facilities Loan, Second Series (GO) (BAM) 5.00%, 08/01/22 |
145 | 150,248 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Maryland (continued) | ||||||||
|
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/25 |
$ | 500 | $ | 583,783 | ||||
| 11,383,538 | ||||||||
| Massachusetts: 3.3% | ||||||||
|
Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c) |
860 | 925,184 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 5.00%, 01/01/26 | 250 | 295,451 | ||||||
| 5.00%, 01/01/27 | 710 | 863,619 | ||||||
|
Commonwealth of Massachusetts, Series B (GO) 5.00%, 07/01/22 |
250 | 258,029 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
| 5.00%, 10/01/26 | 400 | 483,247 | ||||||
| 5.00%, 10/01/27 | 535 | 663,028 | ||||||
| Commonwealth of Massachusetts, Series D (GO) | ||||||||
| 5.00%, 07/01/23 | 900 | 971,404 | ||||||
| 5.00%, 07/01/27 | 250 | 307,977 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 3.00%, 12/01/25 | 750 | 824,562 | ||||||
| 5.00%, 11/01/26 | 295 | 357,236 | ||||||
|
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26 |
250 | 301,308 | ||||||
|
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/23 (c) (p) |
275 | 289,927 | ||||||
| Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
| 5.00%, 10/15/26 | 500 | 606,624 | ||||||
| 5.00%, 07/15/26 | 1,025 | 1,234,477 | ||||||
|
Massachusetts Development Finance Agency, Healthcare System, Issue, Series S-4 (RB) 5.00%, 01/25/24 (p) |
250 | 275,764 | ||||||
|
Massachusetts Development Finance Agency, Series A (RB) 5.00%, 10/15/25 |
900 | 1,059,260 | ||||||
|
Massachusetts Development Finance Agency, The Board Institute Issue (RB) 5.00%, 04/01/26 |
450 | 535,068 | ||||||
| Massachusetts Water Resources Authority (RB) | ||||||||
| 5.00%, 08/01/23 | 170 | 184,143 | ||||||
| 5.00%, 08/01/23 | 50 | 54,071 |
See Notes to Financial Statements
| 144 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Massachusetts (continued) | ||||||||
|
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/22 |
$ | 250 | $ | 259,029 | ||||
| 10,749,408 | ||||||||
| Michigan: 1.0% | ||||||||
|
Michigan State Building Authority, Series I (RB) 5.00%, 04/15/26 |
250 | 298,089 | ||||||
|
Regents of University of Michigan, Series A (RB) 5.00%, 04/01/23 |
500 | 533,927 | ||||||
|
State of Michigan (RB) 5.00%, 03/15/25 |
265 | 305,071 | ||||||
| State of Michigan, Grant Anticipation (RB) | ||||||||
| 5.00%, 03/15/24 | 650 | 721,249 | ||||||
| 5.00%, 03/15/26 | 1,065 | 1,265,634 | ||||||
| Wayne County Airport Authority, Series C (RB) | ||||||||
| 5.00%, 12/01/23 | 145 | 158,956 | ||||||
| 3,282,926 | ||||||||
| Minnesota: 1.5% | ||||||||
|
Duluth Independent School District No. 709, Series A (CP) (SD CRED PROG) 5.00%, 02/01/25 |
200 | 226,518 | ||||||
|
Metropolitan Council, Minneapolis-St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26 |
1,000 | 1,212,567 | ||||||
|
Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/25 |
500 | 570,748 | ||||||
|
Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22 |
480 | 505,031 | ||||||
|
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24 |
1,200 | 1,352,904 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
| 5.00%, 08/01/22 | 510 | 528,577 | ||||||
| 5.00%, 08/01/26 | 400 | 481,347 | ||||||
| 4,877,692 | ||||||||
| Mississippi: 0.2% | ||||||||
| County of Warren (RB) | ||||||||
| 1.38%, 06/16/25 (p) | 400 | 409,740 | ||||||
| 1.38%, 06/16/25 (p) | 400 | 409,255 | ||||||
| 818,995 | ||||||||
| Missouri: 0.8% | ||||||||
|
City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23 |
1,000 | 1,078,291 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Missouri (continued) | ||||||||
|
Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25 |
$ | 150 | $ | 173,257 | ||||
|
Health and Educational Facilities Authority, Saint Luke’s Health System, Inc. (RB) 5.00%, 11/15/22 |
260 | 272,703 | ||||||
|
Missouri Highways and Transportation Commission, Third Lien, Series B (RB) 5.00%, 11/01/25 |
500 | 587,576 | ||||||
|
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c) |
500 | 582,279 | ||||||
| 2,694,106 | ||||||||
| Nebraska: 1.5% | ||||||||
|
Central Plains Energy Project (RB) 2.50%, 08/01/25 (c) (p) |
1,550 | 1,650,314 | ||||||
|
Central Plains Energy Project (RB) (AGM) 4.00%, 08/01/25 (c) (p) |
2,000 | 2,240,234 | ||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 5.00%, 01/01/24 (c) | 350 | 383,449 | ||||||
| 5.00%, 01/01/24 (c) (p) | 500 | 544,028 | ||||||
| 4,818,025 | ||||||||
| Nevada: 0.6% | ||||||||
|
Clark County Limited Tax Bond Bank, Series A (GO) 5.00%, 11/01/23 |
100 | 109,405 | ||||||
|
Clark County School District, Series A (GO) 5.00%, 06/15/23 |
250 | 268,429 | ||||||
|
Clark County Water Reclamation District (GO) 5.00%, 07/01/22 |
250 | 258,046 | ||||||
|
Clark County, Series B (GO) 5.00%, 11/01/23 |
450 | 492,323 | ||||||
|
County of Clark Department of Aviation (RB) 5.00%, 07/01/23 |
300 | 323,435 | ||||||
|
County of Clark, Nevada Highway Motor Vehicle Fuel, Series C (RB) 5.00%, 07/01/26 |
290 | 347,679 | ||||||
|
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24 |
300 | 342,366 | ||||||
| 2,141,683 | ||||||||
See Notes to Financial Statements
| 145 |
|
|
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New Jersey: 3.9% | ||||||||
|
City of Newark, Series A (GO) (AGM) 5.00%, 10/01/26 |
$ | 300 | $ | 355,568 | ||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) (ST) | ||||||||
| 5.00%, 11/01/23 | 985 | 1,073,912 | ||||||
| 5.00%, 11/01/24 | 100 | 113,210 | ||||||
|
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) 5.00%, 06/15/26 |
455 | 540,186 | ||||||
|
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25 |
1,000 | 1,165,601 | ||||||
|
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/25 |
225 | 262,260 | ||||||
|
New Jersey Health Care Facilities Financing Authority, AHC Hospital Corp. (RB) 5.00%, 07/01/23 |
300 | 323,749 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Health System (RB) 5.00%, 07/01/26 |
300 | 358,143 | ||||||
|
New Jersey Health Care Facilities Financing Authority, Hospital Assets Transformation Program (RB) 5.00%, 10/01/26 |
500 | 598,346 | ||||||
|
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23 |
500 | 547,356 | ||||||
|
New Jersey Sports & Exposition Authority, Series A (RB) 5.00%, 09/01/24 |
890 | 999,844 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 5.00%, 12/15/23 | 1,175 | 1,288,065 | ||||||
| 5.00%, 06/15/24 | 1,410 | 1,573,952 | ||||||
|
State of New Jersey, COVID-19 Emergency Bond, Series A (GO) 5.00%, 06/01/27 |
500 | 606,169 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 06/01/25 | 500 | 522,851 | ||||||
| 2.00%, 06/01/26 | 500 | 524,376 | ||||||
| 5.00%, 06/01/22 | 800 | 821,340 | ||||||
| 5.00%, 06/01/24 | 675 | 752,035 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New Jersey (continued) | ||||||||
|
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23 |
$ | 290 | $ | 309,885 | ||||
| 12,736,848 | ||||||||
| New Mexico: 1.1% | ||||||||
|
New Mexico Finance Authority, Series D (RB) 5.00%, 06/01/22 |
325 | 334,134 | ||||||
|
New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG) 5.00%, 05/01/25 (c) (p) |
1,165 | 1,336,740 | ||||||
| State of New Mexico, Series A (GO) | ||||||||
| 5.00%, 03/01/23 | 320 | 340,329 | ||||||
| 5.00%, 03/01/27 | 315 | 385,006 | ||||||
| State of New Mexico, Series B (GO) | ||||||||
| 5.00%, 03/01/23 | 340 | 361,600 | ||||||
| 5.00%, 03/01/25 | 250 | 287,787 | ||||||
|
State of New Mexico, Series B (RB) 4.00%, 07/01/23 |
505 | 536,509 | ||||||
| 3,582,105 | ||||||||
| New York: 14.1% | ||||||||
|
Build NYC Resource Corp. (RB) 5.00%, 11/01/26 |
270 | 327,258 | ||||||
| City of New York, Series A (GO) | ||||||||
| 4.00%, 08/01/23 | 250 | 266,441 | ||||||
| 5.00%, 08/01/22 | 670 | 694,250 | ||||||
| 5.00%, 08/01/23 | 100 | 108,319 | ||||||
| 5.00%, 08/01/24 | 1,500 | 1,688,047 | ||||||
|
City of New York, Series B-1 (GO) 5.00%, 10/01/22 |
500 | 522,104 | ||||||
| City of New York, Series C (GO) | ||||||||
| 5.00%, 08/01/22 | 265 | 274,591 | ||||||
| 5.00%, 08/01/24 | 750 | 844,023 | ||||||
| 5.00%, 08/01/25 | 850 | 990,016 | ||||||
| City of New York, Series C and D (GO) | ||||||||
| 5.00%, 08/01/23 | 320 | 346,622 | ||||||
| 5.00%, 08/01/26 | 325 | 390,082 | ||||||
|
City of New York, Series D-3 (GO) 5.00%, 02/01/24 (c) (p) |
100 | 107,491 | ||||||
|
City of New York, Series E (GO) 5.00%, 08/01/24 |
255 | 286,968 | ||||||
|
City of New York, Sub-Series C-1 (GO) (SD CRED PROG) 4.00%, 08/01/27 |
660 | 775,694 | ||||||
|
City of New York, Sub-Series F-1 (GO) 5.00%, 03/01/27 |
410 | 499,680 | ||||||
|
City of New York, Sub-Series J-7 & J-9 (GO) 5.00%, 08/01/26 |
500 | 600,127 | ||||||
See Notes to Financial Statements
| 146 |
|
|
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
City of Yonkers, Series C (GO) (BAM) 5.00%, 10/01/23 |
$ | 100 | $ | 108,885 | ||||
|
County of Nassau, Series C (GO) 5.00%, 10/01/24 |
200 | 225,553 | ||||||
|
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/23 |
100 | 106,051 | ||||||
| Long Island Power Authority, Electric System, Series B (RB) | ||||||||
| 5.00%, 09/01/22 | 245 | 254,748 | ||||||
| 5.00%, 09/01/22 | 255 | 265,250 | ||||||
|
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p) |
1,500 | 1,689,076 | ||||||
|
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p) |
750 | 832,223 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 5.00%, 11/15/23 | 290 | 316,615 | ||||||
| 5.00%, 11/15/23 | 250 | 272,944 | ||||||
| 5.00%, 11/15/24 | 390 | 440,952 | ||||||
| 5.00%, 11/15/26 | 255 | 304,464 | ||||||
| 5.00%, 11/15/26 | 500 | 596,987 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 5.00%, 11/15/23 | 500 | 545,888 | ||||||
| 5.00%, 11/15/25 | 875 | 1,018,773 | ||||||
|
Metropolitan Transportation Authority, Series F (RB) 5.00%, 11/15/25 |
235 | 273,613 | ||||||
|
Monroe County Industrial Development Agency, Rochester Schools Modernization Project (RB) (SAW) 5.00%, 05/01/23 |
250 | 267,509 | ||||||
|
New York City Housing Development Corp., Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p) |
250 | 248,390 | ||||||
|
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27 |
750 | 905,080 | ||||||
| New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW) | ||||||||
| 5.00%, 07/15/24 | 550 | 619,397 | ||||||
| 5.00%, 07/15/25 | 570 | 665,157 | ||||||
| 5.00%, 07/15/26 | 315 | 378,166 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series 1 (RB) 5.00%, 11/01/22 |
$ | 1,000 | $ | 1,048,091 | ||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 05/01/23 |
575 | 616,169 | ||||||
|
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 5.00%, 11/01/25 |
350 | 411,759 | ||||||
|
New York City Trust for Cultural Resources, Museum of Modern Art, Series E (RB) 4.00%, 04/01/25 |
265 | 295,227 | ||||||
|
New York City Water and Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c) |
700 | 769,195 | ||||||
|
New York City Water and Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c) |
430 | 491,826 | ||||||
|
New York City Water and Sewer System, Series CC-2 (RB) 5.00%, 12/15/21 (c) |
530 | 533,081 | ||||||
|
New York State Dormitory Authority, Connell University, Series A (RB) 5.00%, 07/01/26 |
700 | 841,727 | ||||||
|
New York State Dormitory Authority, New York City Issue, Series 1 (RB) (SAW) 5.00%, 01/15/23 |
300 | 316,366 | ||||||
|
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/24 |
110 | 123,618 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
| 5.00%, 10/01/22 | 250 | 260,910 | ||||||
| 5.00%, 10/01/25 | 435 | 507,838 | ||||||
| 5.00%, 10/01/26 | 400 | 479,176 | ||||||
|
New York State Dormitory Authority, School Districts Bond Financing Program, Series B (RB) (ST) 5.00%, 10/01/24 |
300 | 339,262 | ||||||
|
New York State Dormitory Authority, Series A (RB) 5.00%, 08/01/25 |
815 | 938,424 | ||||||
See Notes to Financial Statements
| 147 |
|
|
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) 5.00%, 07/01/26 |
$ | 200 | $ | 239,881 | ||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 5.00%, 02/15/23 | 220 | 233,459 | ||||||
| 5.00%, 02/15/23 | 780 | 827,566 | ||||||
| 5.00%, 02/15/25 | 315 | 361,775 | ||||||
| 5.00%, 02/15/25 | 140 | 160,600 | ||||||
| 5.00%, 03/15/23 | 290 | 308,866 | ||||||
| 5.00%, 03/15/26 | 430 | 509,891 | ||||||
|
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/26 |
435 | 514,526 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
| 5.00%, 02/15/23 | 1,070 | 1,136,082 | ||||||
| 5.00%, 02/15/25 | 250 | 287,672 | ||||||
| 5.00%, 02/15/26 | 805 | 952,169 | ||||||
| 5.00%, 08/15/26 (c) | 1,260 | 1,517,954 | ||||||
|
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/25 |
1,000 | 1,147,147 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 5.00%, 03/15/23 | 845 | 899,971 | ||||||
| 5.00%, 03/15/24 | 735 | 815,268 | ||||||
| 5.00%, 03/15/27 | 300 | 366,796 | ||||||
|
New York State Dormitory Authority, State Sales Tax, Series B (RB) 5.00%, 03/15/23 |
100 | 106,505 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
| 5.00%, 03/15/24 | 155 | 171,927 | ||||||
| 5.00%, 03/15/25 | 775 | 894,064 | ||||||
|
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26 |
680 | 809,900 | ||||||
|
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25 |
500 | 575,501 | ||||||
|
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/24 |
300 | 334,894 | ||||||
|
Par
(000’s |
) | Value | ||||||
| New York (continued) | ||||||||
|
New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 02/01/22 (c) |
$ | 750 | $ | 752,679 | ||||
|
New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 01/01/22 (c) |
500 | 500,193 | ||||||
|
New York State Thruway Authority, Series L (RB) 5.00%, 01/01/24 |
165 | 181,598 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 5.00%, 03/15/23 | 790 | 841,394 | ||||||
| 5.00%, 03/15/25 | 500 | 575,906 | ||||||
| 5.00%, 03/15/27 | 690 | 842,410 | ||||||
|
Town of Oyster Bay, Public Improvement (GO) 4.00%, 03/01/24 |
500 | 540,780 | ||||||
|
Town of Oyster Bay, Public Improvement (GO) (AGM) 4.00%, 03/01/26 |
250 | 284,471 | ||||||
|
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 |
530 | 585,374 | ||||||
|
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/22 |
500 | 513,137 | ||||||
|
Utility Debt Securitization Authority (RB) 5.00%, 06/15/22 (c) |
285 | 293,434 | ||||||
|
Utility Debt Securitization Authority, Series B (RB) 5.00%, 12/15/22 (c) |
320 | 337,016 | ||||||
| 46,450,909 | ||||||||
| North Carolina: 1.9% | ||||||||
|
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/23 |
115 | 120,195 | ||||||
|
County of Guilford, North Carolina Public Improvement, Series B (GO) 5.00%, 05/01/24 |
500 | 558,522 | ||||||
|
County of Wake, Public Improvement (GO) 5.00%, 04/01/27 |
300 | 368,353 | ||||||
|
County of Wake, Public Improvement (RB) 5.00%, 09/01/26 |
375 | 452,161 | ||||||
|
County of Wake, Public Improvement, Series A (GO) 5.00%, 03/01/25 |
250 | 288,237 | ||||||
See Notes to Financial Statements
| 148 |
|
|
|
Par
(000’s |
) | Value | ||||||
| North Carolina (continued) | ||||||||
|
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 |
$ | 2,125 | $ | 2,329,430 | ||||
|
State of North Carolina, Department of State Treasurer, Series B (GO) 5.00%, 06/01/25 |
970 | 1,127,143 | ||||||
|
State of North Carolina, Grant Anticipation Revenue Vehicle (RB) 5.00%, 03/01/23 |
500 | 531,833 | ||||||
|
State of North Carolina, Series B (GO) 5.00%, 06/01/23 |
575 | 618,493 | ||||||
| 6,394,367 | ||||||||
| Ohio: 2.7% | ||||||||
|
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/23 |
530 | 561,999 | ||||||
|
City of Cleveland OH Airport System Revenue (RB) (AGM) 5.00%, 01/01/23 |
260 | 274,395 | ||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| 5.00%, 08/01/25 | 100 | 116,270 | ||||||
| 5.00%, 08/01/26 | 410 | 490,831 | ||||||
|
County of Hamilton, Hospital Facilities, Series A (RB) 5.00%, 08/15/27 |
270 | 331,538 | ||||||
| County of Hamilton, Sales Tax, Series A (RB) | ||||||||
| 5.00%, 12/01/23 | 155 | 170,259 | ||||||
| 5.00%, 12/01/25 | 500 | 590,463 | ||||||
|
Lancaster Port Authority (RB) (SBG) 5.00%, 02/01/25 (c) (p) |
300 | 341,427 | ||||||
|
Ohio Turnpike and Infrastructure Commission, Series A (RB) 5.00%, 02/15/26 |
460 | 545,684 | ||||||
|
Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/26 |
250 | 299,239 | ||||||
| State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | ||||||||
| 5.00%, 01/01/25 | 1,325 | 1,514,733 | ||||||
| 5.00%, 01/01/26 | 500 | 590,222 | ||||||
|
State of Ohio, Common School, Series B (GO) 5.00%, 09/15/25 |
100 | 117,087 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Ohio (continued) | ||||||||
|
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23 |
$ | 560 | $ | 614,637 | ||||
|
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22 |
675 | 707,600 | ||||||
|
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23 |
1,000 | 1,071,598 | ||||||
|
State of Ohio, Miami University (RB) 5.00%, 09/01/25 |
115 | 134,344 | ||||||
|
The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/22 |
500 | 526,074 | ||||||
| 8,998,400 | ||||||||
| Oklahoma: 0.4% | ||||||||
| Oklahoma County Independent School District No. 89, Series A (GO) | ||||||||
| 0.05%, 07/01/22 | 500 | 499,510 | ||||||
| 1.25%, 07/01/24 | 450 | 460,386 | ||||||
|
Tulsa Public Facilities Authority, Capital Improvement (RB) 3.00%, 06/01/25 |
350 | 378,866 | ||||||
| 1,338,762 | ||||||||
| Oregon: 0.6% | ||||||||
|
City of Portland, Oregon Second Lien Sewer System, Series A (RB) 5.00%, 05/01/26 |
350 | 417,892 | ||||||
|
City of Portland, Oregon Second Lien Sewer System, Series A (RB) (AGM) 5.00%, 03/01/26 |
500 | 593,730 | ||||||
|
Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26 |
350 | 419,412 | ||||||
|
Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25 |
500 | 580,761 | ||||||
| 2,011,795 | ||||||||
| Pennsylvania: 3.4% | ||||||||
|
Allegheny County Hospital Development Authority (RB) 5.00%, 07/15/25 |
300 | 347,603 | ||||||
| City of Philadelphia PA (GO) | ||||||||
| 5.00%, 08/01/25 | 300 | 348,810 | ||||||
| 5.00%, 08/01/25 | 245 | 284,862 | ||||||
|
City of Philadelphia, Series A (GO) 5.00%, 08/01/24 |
200 | 224,838 | ||||||
See Notes to Financial Statements
| 149 |
|
|
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
City of Philadelphia, Water and Wastewater Revenue (RB) 5.00%, 10/01/22 |
$ | 310 | $ | 323,646 | ||||
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23 |
250 | 268,207 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
| 5.00%, 01/01/26 | 560 | 662,063 | ||||||
| 5.00%, 01/01/27 | 315 | 383,512 | ||||||
| 5.00%, 02/01/26 | 415 | 491,724 | ||||||
| 5.00%, 09/15/23 | 100 | 108,882 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| 5.00%, 01/15/23 | 370 | 391,386 | ||||||
| 5.00%, 09/15/22 | 590 | 614,768 | ||||||
|
County of Lehigh, Lehigh Hospital Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26 |
600 | 715,374 | ||||||
| Delaware River Port Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/25 | 350 | 399,643 | ||||||
| 5.00%, 01/01/26 | 1,170 | 1,378,474 | ||||||
|
Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23 |
500 | 541,114 | ||||||
|
Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23 |
150 | 163,729 | ||||||
|
Pennsylvania Economic Development Financing Authority (RB) 5.00%, 03/15/24 |
310 | 343,124 | ||||||
|
Pennsylvania Economic Development Financing Authority, University of Pittsburgh, Series A (RB) 5.00%, 11/15/25 |
325 | 380,403 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) | ||||||||
| 5.00%, 06/15/23 | 175 | 188,078 | ||||||
| 5.00%, 06/15/25 | 100 | 115,761 | ||||||
|
Pennsylvania State University, Series B (RB) 5.00%, 09/01/22 |
350 | 364,069 | ||||||
|
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/26 |
500 | 593,993 | ||||||
|
Philadelphia Authority for Industrial Development (RB) 5.00%, 10/01/24 |
400 | 448,385 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Pennsylvania (continued) | ||||||||
|
School District of Philadelphia (GO) (SAW) 5.00%, 09/01/25 |
$ | 660 | $ | 768,828 | ||||
| School District of Philadelphia, Series F (GO) (SAW) | ||||||||
| 5.00%, 09/01/22 | 100 | 103,968 | ||||||
| 5.00%, 09/01/24 | 120 | 135,324 | ||||||
|
Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/23 |
115 | 123,546 | ||||||
| 11,214,114 | ||||||||
| Rhode Island: 0.2% | ||||||||
|
Rhode Island Commerce Corp., Department of Transportation, Series A (RB) 5.00%, 06/15/22 |
235 | 241,969 | ||||||
|
State of Rhode Island, Series B (GO) 5.00%, 08/01/26 |
300 | 361,479 | ||||||
| 603,448 | ||||||||
| South Carolina: 1.2% | ||||||||
|
County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24 |
510 | 580,802 | ||||||
|
County of Richland, Series A (GO) (SAW) 5.00%, 03/01/26 |
500 | 594,438 | ||||||
|
Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p) |
1,765 | 1,895,849 | ||||||
|
State of South Carolina, Series B (GO) (SAW) 5.00%, 04/01/24 |
350 | 389,764 | ||||||
|
York County, South Carolina Fort Mill School District No. 4, Series B (GO) 5.00%, 03/01/23 |
330 | 350,827 | ||||||
| 3,811,680 | ||||||||
| Tennessee: 1.7% | ||||||||
|
Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24 |
500 | 550,983 | ||||||
| Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
| 5.00%, 07/01/24 | 200 | 224,760 | ||||||
| 5.00%, 07/01/26 | 525 | 629,954 | ||||||
|
Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/26 |
450 | 529,840 | ||||||
|
Tennergy Corp., Series A (RB) 5.00%, 10/01/24 (c) (p) |
900 | 1,011,868 | ||||||
See Notes to Financial Statements
| 150 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Tennessee (continued) | ||||||||
|
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p) |
$ | 1,775 | $ | 1,981,770 | ||||
|
Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 05/01/23 (c) (p) |
560 | 586,481 | ||||||
| 5,515,656 | ||||||||
| Texas: 8.0% | ||||||||
|
Aldine Independent School District, Series A (GO) 5.00%, 02/15/23 |
300 | 318,434 | ||||||
|
Austin Independent School District (GO) 5.00%, 08/01/26 |
500 | 600,645 | ||||||
| Bexar County Hospital District (GO) | ||||||||
| 5.00%, 02/15/24 | 725 | 802,524 | ||||||
| 5.00%, 02/15/26 | 350 | 414,867 | ||||||
|
Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23 |
275 | 298,474 | ||||||
|
Brazosport Independent School District (GO) 5.00%, 02/15/23 |
1,000 | 1,061,179 | ||||||
|
City of Austin TX Electric Utility Revenue (RB) 5.00%, 11/15/30 (c) |
750 | 946,372 | ||||||
| City of Austin TX Water & Wastewater System Revenue (RB) | ||||||||
| 5.00%, 11/15/22 | 290 | 304,449 | ||||||
| 5.00%, 11/15/25 | 790 | 928,467 | ||||||
|
City of Denton, Utility System (RB) 5.00%, 12/01/26 |
310 | 374,518 | ||||||
|
City of Fort Worth (GO) 5.00%, 03/01/24 |
105 | 116,279 | ||||||
| City of Houston, Airport System, Series D (RB) | ||||||||
| 5.00%, 07/01/23 | 500 | 538,884 | ||||||
| 5.00%, 07/01/24 | 250 | 280,381 | ||||||
|
City of Houston, Series A (GO) 5.00%, 03/01/23 |
250 | 265,778 | ||||||
|
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c) |
630 | 755,181 | ||||||
|
City of San Antonio, General Improvement (GO) 5.00%, 08/01/25 |
500 | 583,580 | ||||||
| Colorado River Municipal Water District (RB) | ||||||||
| 5.00%, 01/01/24 | 115 | 126,253 | ||||||
| 5.00%, 01/01/26 | 405 | 474,430 | ||||||
|
Comal Independent School District (GO) 5.00%, 02/01/26 |
775 | 916,847 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
| Conroe Independent School District, Series A (GO) | ||||||||
| 5.00%, 02/15/23 | $ | 150 | $ | 159,157 | ||||
| 5.00%, 02/15/27 | 2,000 | 2,441,566 | ||||||
|
Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/24 |
125 | 138,397 | ||||||
|
Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23 |
375 | 406,447 | ||||||
|
Dallas Fort Worth International Airport (RB) 5.00%, 11/01/25 |
200 | 234,684 | ||||||
|
Fort Worth Independent School District (GO) 5.00%, 02/15/24 |
150 | 165,930 | ||||||
|
Grand Parkway Transportation Corp. (RB) 5.00%, 02/01/23 |
325 | 343,454 | ||||||
|
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/24 |
500 | 566,372 | ||||||
|
Harris County, Series A (GO) 5.00%, 10/01/22 |
320 | 334,117 | ||||||
|
Hays Consolidated Independent School District, Series A (GO) 3.00%, 02/15/26 |
500 | 549,538 | ||||||
|
Houston Independent School District (GO) 5.00%, 07/15/25 |
320 | 372,567 | ||||||
| Houston Independent School District, Limited Tax School House (GO) | ||||||||
| 5.00%, 02/15/24 | 155 | 171,724 | ||||||
| 5.00%, 02/15/26 | 250 | 297,152 | ||||||
| Houston Independent School District, Limited Tax School House, Series A (GO) | ||||||||
| 5.00%, 02/15/23 | 650 | 690,027 | ||||||
| 5.00%, 02/15/24 | 165 | 182,804 | ||||||
|
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/26 |
455 | 545,879 | ||||||
|
Judson Independent School District (GO) 5.00%, 02/01/25 |
250 | 286,617 | ||||||
|
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23 |
160 | 173,447 | ||||||
|
North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/25 |
150 | 171,224 | ||||||
See Notes to Financial Statements
| 151 |
|
|
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Texas (continued) | ||||||||
|
Northside Independent School District (GO) 0.70%, 06/01/25 (p) |
$ | 500 | $ | 500,439 | ||||
| Port Authority of Houston of Harris County Texas, Series A-2 (GO) | ||||||||
| 5.00%, 10/01/24 | 500 | 566,528 | ||||||
| 5.00%, 10/01/25 | 500 | 585,415 | ||||||
|
Round Rock Independent School District (GO) 5.00%, 08/01/26 |
570 | 684,144 | ||||||
|
San Antonio Water System, Series A (RB) 2.00%, 05/15/25 |
300 | 315,881 | ||||||
|
State of Texas, Water Infrastructure Fund, Series B-2 (GO) 5.00%, 08/01/24 (c) |
430 | 485,170 | ||||||
| State of Texas, Water Infrastructure Fund, Series B-3 (GO) | ||||||||
| 5.00%, 08/01/23 | 400 | 433,350 | ||||||
| 5.00%, 08/01/24 | 250 | 281,782 | ||||||
| 5.00%, 08/01/25 | 500 | 583,377 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series A (RB) | ||||||||
| 5.00%, 02/15/24 | 250 | 276,308 | ||||||
| 5.00%, 02/15/25 | 250 | 286,458 | ||||||
|
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26 |
600 | 715,617 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 5.00%, 08/01/23 | 350 | 378,989 | ||||||
| 5.00%, 08/01/25 | 225 | 262,885 | ||||||
|
Texas Water Development Board, Series A (RB) 5.00%, 04/15/23 |
340 | 363,431 | ||||||
|
Trinity River Authority, Regional Wastewater System (RB) 3.00%, 08/01/22 |
345 | 352,310 | ||||||
|
University of Houston, Series A (RB) 5.00%, 02/15/26 |
1,000 | 1,183,471 | ||||||
| 26,594,200 | ||||||||
| Utah: 1.4% | ||||||||
|
Central Utah Water Conservancy District, Series B (RB) 5.00%, 10/01/25 |
955 | 1,119,763 | ||||||
|
County of Utah, IHC Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p) |
1,000 | 1,124,598 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Utah (continued) | ||||||||
|
County of Utah, IHC Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p) |
$ | 415 | $ | 457,873 | ||||
| State of Utah (GO) | ||||||||
| 5.00%, 07/01/23 | 500 | 539,669 | ||||||
| 5.00%, 07/01/25 | 290 | 338,025 | ||||||
| 5.00%, 07/01/25 | 300 | 349,442 | ||||||
| 5.00%, 07/01/26 | 500 | 601,233 | ||||||
|
University of Utah, Series A (RB) (ST) 5.00%, 08/01/23 |
100 | 108,246 | ||||||
| 4,638,849 | ||||||||
| Virginia: 2.9% | ||||||||
|
City of Alexandria, Series C (GO) (SAW) 5.00%, 07/01/23 |
240 | 259,041 | ||||||
|
City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/25 |
125 | 143,305 | ||||||
|
City of Richmond, Series B (GO) 5.00%, 07/15/22 |
500 | 517,099 | ||||||
|
Commonwealth of Virginia, Series B (GO) 5.00%, 06/01/26 |
350 | 418,935 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) | ||||||||
| 4.00%, 10/01/24 | 285 | 315,024 | ||||||
| 4.00%, 10/01/25 | 500 | 567,133 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
| 4.00%, 10/01/23 | 275 | 294,850 | ||||||
| 4.00%, 10/01/25 | 700 | 793,987 | ||||||
|
County of Henrico, Water and Sewer Revenue (RB) 5.00%, 05/01/25 |
300 | 347,406 | ||||||
|
Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/24 |
125 | 139,473 | ||||||
|
Hampton Roads Transportation Accountability Commission, Series A (RB) 5.00%, 07/01/26 |
1,250 | 1,495,436 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) | ||||||||
| 5.00%, 02/01/24 | 235 | 259,894 | ||||||
| 5.00%, 02/01/27 | 250 | 304,756 | ||||||
| 5.00%, 02/01/27 | 600 | 731,414 | ||||||
|
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23 |
250 | 265,006 | ||||||
See Notes to Financial Statements
| 152 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Virginia (continued) | ||||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 5.00%, 09/15/22 | $ | 150 | $ | 156,310 | ||||
| 5.00%, 09/15/23 | 400 | 435,449 | ||||||
| 5.00%, 09/15/24 | 325 | 367,727 | ||||||
| 5.00%, 09/15/26 (c) | 510 | 614,803 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 5.00%, 08/01/23 | 160 | 173,310 | ||||||
| 5.00%, 08/01/24 | 120 | 135,326 | ||||||
| 5.00%, 08/01/26 | 265 | 318,342 | ||||||
|
Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/26 |
300 | 360,387 | ||||||
|
Virginia Public School Authority, Series B (RB) (SAW) 5.00%, 08/01/23 |
300 | 324,737 | ||||||
| 9,739,150 | ||||||||
| Washington: 2.5% | ||||||||
|
City of Seattle, Municipal Light and Power Improvement, Series B (RB) 5.00%, 02/01/26 |
400 | 473,396 | ||||||
|
Clark County Public Utility District No. 1 (RB) 5.00%, 01/01/26 |
500 | 589,769 | ||||||
|
County of King, Sewer Revenue, Series B (GO) 5.00%, 07/01/24 |
100 | 112,408 | ||||||
|
County of King, Sewer Revenue, Series B (RB) 5.00%, 07/01/26 |
200 | 239,983 | ||||||
|
County of King, Washington Sewer Improvement, Series B (RB) 5.00%, 07/01/25 |
575 | 669,764 | ||||||
| Energy Northwest Electric, Series C (RB) | ||||||||
| 5.00%, 07/01/24 | 450 | 505,710 | ||||||
| 5.00%, 07/01/25 | 1,375 | 1,601,609 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/23 | 100 | 107,899 | ||||||
| 5.00%, 07/01/24 | 455 | 511,329 | ||||||
|
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 |
200 | 220,947 | ||||||
|
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24 |
750 | 844,904 | ||||||
|
University of Washington, Series C (RB) (AGM) 5.00%, 04/01/26 |
800 | 953,543 | ||||||
|
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p) |
1,000 | 1,098,518 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Washington (continued) | ||||||||
|
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/25 |
$ | 270 | $ | 308,090 | ||||
| 8,237,869 | ||||||||
| West Virginia: 0.1% | ||||||||
|
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/23 |
410 | 445,210 | ||||||
| Wisconsin: 1.7% | ||||||||
|
City of Madison, Series A (GO) 4.00%, 10/01/22 |
545 | 564,068 | ||||||
| City of Milwaukee, Series N2 (GO) | ||||||||
| 4.00%, 03/01/23 | 100 | 104,943 | ||||||
| 4.00%, 03/01/25 | 750 | 834,625 | ||||||
| City of Milwaukee, Series N4 (GO) | ||||||||
| 5.00%, 04/01/24 | 225 | 249,409 | ||||||
| 5.00%, 04/01/25 | 125 | 143,612 | ||||||
| 5.00%, 04/01/26 | 500 | 592,362 | ||||||
| 5.00%, 04/01/26 | 750 | 888,543 | ||||||
| State of Wisconsin (GO) | ||||||||
| 5.00%, 11/01/22 | 500 | 524,149 | ||||||
| 5.00%, 11/01/25 | 380 | 445,405 | ||||||
| State of Wisconsin, Series A (GO) | ||||||||
| 5.00%, 05/01/27 | 1,000 | 1,221,422 | ||||||
|
Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24 |
120 | 134,924 | ||||||
| 5,703,462 | ||||||||
|
Total Municipal Bonds: 98.2%
(Cost: $322,071,797) |
324,590,782 | |||||||
| Other assets less liabilities: 1.8% | 5,906,710 | |||||||
| NET ASSETS: 100.0% | $ | 330,497,492 | ||||||
See Notes to Financial Statements
| 153 |
|
|
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| TA | Tax Allocation |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| Summary of Investments by Sector |
%
of
Investments |
Value | ||||||
| Education | 5.6 | % | $ | 18,327,401 | ||||
| Health Care | 7.1 | 23,050,924 | ||||||
| Housing | 0.5 | 1,750,690 | ||||||
| Industrial Revenue | 10.0 | 32,507,054 | ||||||
| Leasing | 7.1 | 22,917,357 | ||||||
| Local | 16.6 | 53,776,322 | ||||||
| Power | 4.8 | 15,526,129 | ||||||
| Special Tax | 8.8 | 28,452,433 | ||||||
| State | 19.8 | 64,183,562 | ||||||
| Tobacco | 1.3 | 4,299,130 | ||||||
| Transportation | 11.5 | 37,424,075 | ||||||
| Water & Sewer | 6.9 | 22,375,705 | ||||||
| 100.0 | % | $ | 324,590,782 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 324,590,782 | $ | — | $ | 324,590,782 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 154 |
|
|
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021 (unaudited)
|
CEF Muni Income
ETF |
High Yield Muni
ETF |
HIP Sustainable
Muni ETF |
Intermediate
Muni ETF |
|||||||||||||
| Assets: | ||||||||||||||||
|
Investments, at value
Unaffiliated issuers (1) |
$ | 199,324,302 | $ | 3,509,170,360 | $ | 12,104,024 | $ | 1,905,256,298 | ||||||||
| Cash | 7 | 10,197,192 | 156,519 | 4,516,572 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | — | — | 1,119,440 | ||||||||||||
| Shares of beneficial interest sold | — | 18,600,446 | — | — | ||||||||||||
| Dividends and interest | 546,764 | 50,028,101 | 148,038 | 21,363,575 | ||||||||||||
| Total assets | 199,871,073 | 3,587,996,099 | 12,408,581 | 1,932,255,885 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | 21,951,590 | — | 1,301,222 | ||||||||||||
| Line of credit | 217,111 | — | — | — | ||||||||||||
| Due to Adviser | 67,841 | 1,073,072 | 2,528 | 392,555 | ||||||||||||
| Deferred Trustee fees | 4,195 | 3,184 | — | 3,000 | ||||||||||||
| Accrued expenses | 544 | — | — | — | ||||||||||||
| Total liabilities | 289,691 | 23,027,846 | 2,528 | 1,696,777 | ||||||||||||
| NET ASSETS | $ | 199,581,382 | $ | 3,564,968,253 | $ | 12,406,053 | $ | 1,930,559,108 | ||||||||
| Shares outstanding | 6,875,000 | 57,496,401 | 250,000 | 37,848,916 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 29.03 | $ | 62.00 | $ | 49.62 | $ | 51.01 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 195,684,243 | $ | 3,566,049,522 | $ | 12,515,786 | $ | 1,862,426,057 | ||||||||
| Total distributable earnings (loss) | 3,897,139 | (1,081,269 | ) | (109,733 | ) | 68,133,051 | ||||||||||
| NET ASSETS | $ | 199,581,382 | $ | 3,564,968,253 | $ | 12,406,053 | $ | 1,930,559,108 | ||||||||
| (1) Cost of investments - Unaffiliated issuers | $ | 199,244,298 | $ | 3,444,913,486 | $ | 12,222,112 | $ | 1,847,244,511 | ||||||||
See Notes to Financial Statements
| 155 |
|
|
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021 (unaudited)
| Long Muni ETF |
Muni Allocation
ETF |
Short High Yield
Muni ETF |
Short Muni ETF | |||||||||||||
| Assets: | ||||||||||||||||
|
Investments, at value
Unaffiliated issuers (1) |
$ | 239,810,272 | $ | 413,689 | $ | 415,197,035 | $ | 324,590,782 | ||||||||
| Affiliated issuers (2) | — | 3,772,713 | — | — | ||||||||||||
| Cash | 175,654 | 3,724 | 2,282,460 | 2,087,163 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 1,193,574 | — | — | — | ||||||||||||
| Dividends and interest | 2,599,357 | 868 | 5,662,252 | 3,877,089 | ||||||||||||
| Total assets | 243,778,857 | 4,190,994 | 423,141,747 | 330,555,034 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 1,227,540 | — | — | — | ||||||||||||
| Due to Adviser | 49,095 | 285 | 125,850 | 55,942 | ||||||||||||
| Deferred Trustee fees | 1,517 | — | — | 1,600 | ||||||||||||
| Accrued expenses | 42 | — | — | — | ||||||||||||
| Total liabilities | 1,278,194 | 285 | 125,850 | 57,542 | ||||||||||||
| NET ASSETS | $ | 242,500,663 | $ | 4,190,709 | $ | 423,015,897 | $ | 330,497,492 | ||||||||
| Shares outstanding | 11,300,000 | 170,000 | 16,950,000 | 18,450,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 21.46 | $ | 24.65 | $ | 24.96 | $ | 17.91 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 233,355,366 | $ | 4,667,557 | $ | 426,186,928 | $ | 327,909,075 | ||||||||
| Total distributable earnings (loss) | 9,145,297 | (476,848 | ) | (3,171,031 | ) | 2,588,417 | ||||||||||
| NET ASSETS | $ | 242,500,663 | $ | 4,190,709 | $ | 423,015,897 | $ | 330,497,492 | ||||||||
| (1) Cost of investments - Unaffiliated issuers | $ | 233,416,193 | $ | 428,841 | $ | 410,009,998 | $ | 322,071,797 | ||||||||
| (2) Cost of investments - Affiliated issuers | $ | — | $ | 3,647,017 | $ | — | $ | — | ||||||||
See Notes to Financial Statements
| 156 |
|
|
VANECK ETF TRUST
For the Period Ended October 31, 2021 (unaudited)
|
CEF Muni
Income ETF |
High Yield Muni
ETF |
HIP Sustainable
Muni ETF (a) |
Intermediate
Muni ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 4,266,971 | $ | — | $ | — | $ | — | ||||||||
| Interest | 31 | 70,699,642 | 18,200 | 17,828,739 | ||||||||||||
| Total income | 4,267,002 | 70,699,642 | 18,200 | 17,828,739 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 407,227 | 6,692,747 | 4,121 | 2,292,615 | ||||||||||||
| Interest | 2,285 | 363 | — | 187 | ||||||||||||
| Total expenses | 409,512 | 6,693,110 | 4,121 | 2,292,802 | ||||||||||||
| Net investment income | 3,857,490 | 64,006,532 | 14,079 | 15,535,937 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (412,668 | ) | (1,121,537 | ) | — | (864,535 | ) | |||||||||
| In-kind redemptions | 9,461,559 | 9,747,927 | — | 8,302,506 | ||||||||||||
| Net realized gain | 9,048,891 | 8,626,390 | — | 7,437,971 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (10,082,771 | ) | (39,486,911 | ) | (118,088 | ) | (30,565,997 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (10,082,771 | ) | (39,486,911 | ) | (118,088 | ) | (30,565,997 | ) | ||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,823,610 | $ | 33,146,011 | $ | (104,009 | ) | $ | (7,592,089 | ) | ||||||
| (a) | For the period September 9, 2021 (commencement of operations) through October 31, 2021. |
See Notes to Financial Statements
| 157 |
|
|
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (unaudited)
| Long Muni ETF |
Muni Allocation
ETF |
Short High Yield
Muni ETF |
Short Muni ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | — | $ | 6,699 | $ | — | $ | — | ||||||||
| Dividends - affiliated issuers | — | 47,876 | — | — | ||||||||||||
| Interest | 2,855,407 | — | 5,149,002 | 1,646,463 | ||||||||||||
| Total income | 2,855,407 | 54,575 | 5,149,002 | 1,646,463 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 288,780 | 1,679 | 661,913 | 313,494 | ||||||||||||
| Interest | 552 | — | 264 | 14 | ||||||||||||
| Total expenses | 289,332 | 1,679 | 662,177 | 313,508 | ||||||||||||
| Net investment income | 2,566,075 | 52,896 | 4,486,825 | 1,332,955 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (95,126 | ) | (2,443 | ) | (68,605 | ) | 202,764 | |||||||||
| Investments - affiliated issuers | — | 41,729 | — | — | ||||||||||||
| In-kind redemptions - unaffiliated issuers | 1,575,330 | — | (152,356 | ) | 43,563 | |||||||||||
| In-kind redemptions - affiliated issuers | — | 91,583 | — | — | ||||||||||||
| Net realized gain (loss) | 1,480,204 | 130,869 | (220,961 | ) | 246,327 | |||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (4,077,162 | ) | (15,150 | ) | (2,761,937 | ) | (2,259,120 | ) | ||||||||
| Investments – affiliated issuers | — | (163,727 | ) | — | — | |||||||||||
| Net change in unrealized appreciation (depreciation) | (4,077,162 | ) | (178,877 | ) | (2,761,937 | ) | (2,259,120 | ) | ||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (30,883 | ) | $ | 4,888 | $ | 1,503,927 | $ | (679,838 | ) | ||||||
See Notes to Financial Statements
| 158 |
|
|
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| CEF Muni Income ETF | High Yield Muni ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 3,857,490 | $ | 6,611,198 | $ | 64,006,532 | $ | 116,567,642 | ||||||||
| Net realized gain (loss) | 9,048,891 | 1,217,584 | 8,626,390 | (86,647,125 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | (10,082,771 | ) | 25,470,232 | (39,486,911 | ) | 390,659,103 | ||||||||||
| Net increase in net assets resulting from operations | 2,823,610 | 33,299,014 | 33,146,011 | 420,579,620 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (3,616,778 | ) | (6,430,030 | ) | (65,162,255 | ) | (116,872,827 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 101,378,188 | 31,098,244 | 602,268,294 | 1,105,042,152 | ||||||||||||
| Cost of shares redeemed | (77,581,770 | ) | (23,775,486 | ) | (466,606,161 | ) | (517,793,142 | ) | ||||||||
| Increase in net assets resulting from share transactions | 23,796,418 | 7,322,758 | 135,662,133 | 587,249,010 | ||||||||||||
| Total increase in net assets | 23,003,250 | 34,191,742 | 103,645,889 | 890,955,803 | ||||||||||||
| Net Assets, beginning of period | 176,578,132 | 142,386,390 | 3,461,322,364 | 2,570,366,561 | ||||||||||||
| Net Assets, end of period | $ | 199,581,382 | $ | 176,578,132 | $ | 3,564,968,253 | $ | 3,461,322,364 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 3,375,000 | 1,100,000 | 9,550,000 | 18,300,000 | ||||||||||||
| Shares redeemed | (2,575,000 | ) | (875,000 | ) | (7,450,000 | ) | (8,700,000 | ) | ||||||||
| Net increase | 800,000 | 225,000 | 2,100,000 | 9,600,000 | ||||||||||||
See Notes to Financial
Statements
| 159 |
|
|
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
|
HIP Sustainable
Muni ETF |
Intermediate Muni ETF | |||||||||||
|
Period Ended
October 31, 2021 (a) |
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
||||||||||
| (unaudited) | (unaudited) | |||||||||||
| Operations: | ||||||||||||
| Net investment income | $ | 14,079 | $ | 15,535,937 | $ | 32,364,513 | ||||||
| Net realized gain | — | 7,437,971 | 25,772,251 | |||||||||
| Net change in unrealized appreciation (depreciation) | (118,088 | ) | (30,565,997 | ) | 60,943,861 | |||||||
| Net increase (decrease) in net assets resulting from operations | (104,009 | ) | (7,592,089 | ) | 119,080,625 | |||||||
| Distributions to shareholders from: | ||||||||||||
| Distributable earnings | (5,724 | ) | (15,878,841 | ) | (34,896,906 | ) | ||||||
| Share transactions**: | ||||||||||||
| Proceeds from sale of shares | 12,515,786 | 294,708,004 | 535,463,826 | |||||||||
| Cost of shares redeemed | — | (142,024,930 | ) | (399,980,004 | ) | |||||||
| Increase in net assets resulting from share transactions | 12,515,786 | 152,683,074 | 135,483,822 | |||||||||
| Total increase in net assets | 12,406,053 | 129,212,144 | 219,667,541 | |||||||||
| Net Assets, beginning of period | — | 1,801,346,964 | 1,581,679,423 | |||||||||
| Net Assets, end of period | $ | 12,406,053 | $ | 1,930,559,108 | $ | 1,801,346,964 | ||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||
| Shares sold | 250,000 | 5,700,000 | 10,400,000 | |||||||||
| Shares redeemed | — | (2,750,000 | ) | (7,800,000 | ) | |||||||
| Net increase | 250,000 | 2,950,000 | 2,600,000 | |||||||||
| (a) | For the period September 9, 2021 (commencement of operations) through October 31, 2021. |
See Notes to Financial
Statements
| 160 |
|
|
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Long Muni ETF | Muni Allocation ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 2,566,075 | $ | 5,402,766 | $ | 52,896 | $ | 124,237 | ||||||||
| Net realized gain | 1,480,204 | 2,847,343 | 130,869 | 143,994 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (4,077,162 | ) | 12,170,970 | (178,877 | ) | 263,796 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (30,883 | ) | 20,421,079 | 4,888 | 532,027 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (2,584,685 | ) | (5,817,215 | ) | (54,325 | ) | (135,120 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 42,447,515 | 52,826,059 | 501,848 | — | ||||||||||||
| Cost of shares redeemed | (24,985,000 | ) | (39,574,236 | ) | (1,250,769 | ) | — | |||||||||
| Increase (decrease) in net assets resulting from share transactions | 17,462,515 | 13,251,823 | (748,921 | ) | — | |||||||||||
| Total increase (decrease) in net assets | 14,846,947 | 27,855,687 | (798,358 | ) | 396,907 | |||||||||||
| Net Assets, beginning of period | 227,653,716 | 199,798,029 | 4,989,067 | 4,592,160 | ||||||||||||
| Net Assets, end of period | $ | 242,500,663 | $ | 227,653,716 | $ | 4,190,709 | $ | 4,989,067 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 1,950,000 | 2,450,000 | 20,000 | — | ||||||||||||
| Shares redeemed | (1,150,000 | ) | (1,850,000 | ) | (50,000 | ) | — | |||||||||
| Net increase (decrease) | 800,000 | 600,000 | (30,000 | ) | — | |||||||||||
See Notes to Financial Statements
| 161 |
|
|
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Short High Yield Muni ETF | Short Muni ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 4,486,825 | $ | 7,318,462 | $ | 1,332,955 | $ | 2,928,264 | ||||||||
| Net realized gain (loss) | (220,961 | ) | (6,647,337 | ) | 246,327 | 1,171,282 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (2,761,937 | ) | 26,083,232 | (2,259,120 | ) | 4,643,506 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 1,503,927 | 26,754,357 | (679,838 | ) | 8,743,052 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (4,518,580 | ) | (7,514,640 | ) | (1,679,545 | ) | (3,213,715 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 121,567,792 | 69,894,109 | 38,728,810 | 89,493,269 | ||||||||||||
| Cost of shares redeemed | (1,249,430 | ) | (46,687,411 | ) | (2,686,857 | ) | (1,805,548 | ) | ||||||||
| Increase in net assets resulting from share transactions | 120,318,362 | 23,206,698 | 36,041,953 | 87,687,721 | ||||||||||||
| Total increase in net assets | 117,303,709 | 42,446,415 | 33,682,570 | 93,217,058 | ||||||||||||
| Net Assets, beginning of period | 305,712,188 | 263,265,773 | 296,814,922 | 203,597,864 | ||||||||||||
| Net Assets, end of period | $ | 423,015,897 | $ | 305,712,188 | $ | 330,497,492 | $ | 296,814,922 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 4,800,000 | 2,800,000 | 2,150,000 | 4,950,000 | ||||||||||||
| Shares redeemed | (50,000 | ) | (2,000,000 | ) | (150,000 | ) | (100,000 | ) | ||||||||
| Net increase | 4,750,000 | 800,000 | 2,000,000 | 4,850,000 | ||||||||||||
See Notes to Financial Statements
| 162 |
|
|
VANECK ETF TRUST
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (e) | Periods after November 1, 2019 reflect a unitary management fee structure. |
| (f) | Annualized |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 163 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| # | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split. |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 164 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period September 9, 2021 (commencement of operations) through October 31, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 165 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| # | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 10). Per share data has been adjusted to reflect the reverse share split. |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 166 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 167 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period May 15, 2019 (commencement of operations) through April 30, 2020. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (f) | Periods after November 1, 2019 reflect a unitary management fee structure. |
| (g) | Annualized |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 168 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 169 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 170 |
VANECK ETF TRUST
October 31, 2021 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”), formerly known as VanEck Vectors ETF Trust, is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Each Fund’s investment objective (except for HIP Sustainable and Muni Allocation) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The investment objective of HIP Sustainable is to seek current income generally exempt from federal income tax, other than federal alternative minimum tax. The investment objective of Muni Allocation is to maximize long- term after-tax return, consisting of capital appreciation and income exempt from federal income tax. The Funds (except CEF Muni, HIP Sustainable and Muni Allocation) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in each Fund’s respective index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. CEF Muni seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index. The HIP Sustainable is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing, under normal circumstances, in investment grade municipal debt securities that fund issuers with operations or projects helping to promote progress towards sustainable development, in alignment with the goals and metrics defined by the United Nations Sustainable Development Goals. The Muni Allocation is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, primarily in VanEck ETFs that invest in publicly traded municipal bonds.
Note 2—Significant Accounting Policies— The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services — Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below). |
| 171 |
|
|
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B. Federal Income Taxes —It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
C. Dividends to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains, if any, generally are declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations, which may differ from such amounts determined in accordance with GAAP.
| 172 |
|
|
D. Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
E. Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.
The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented in the Statements of Operations.
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.
Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
The management fee rates for the period ended October 31, 2021, are as follows:
| Fund |
Unitary
Management Fee Rate |
|||
| CEF Muni | 0.40 | % | ||
| High Yield | 0.35 | |||
| HIP Sustainable | 0.24 | |||
| Intermediate | 0.24 | |||
| Long | 0.24 | |||
| Muni Allocation | 0.08 | |||
| Short High Yield | 0.35 | |||
| Short | 0.20 | |||
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At October 31, 2021, the Adviser owned 300,000 shares of Intermediate and 50,000 shares of HIP Sustainable.
Note 4—Capital Share Transactions—As of October 31, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose certain variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended October 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| CEF Muni | $ | 13,468,658 | $ | 13,140,095 | $ | 101,372,422 | $ | 77,633,531 | ||||||||
| High Yield | 183,640,857 | 127,949,452 | 547,777,787 | 462,454,604 | ||||||||||||
| HIP Sustainable | 11,175,374 | — | — | — | ||||||||||||
| Intermediate | 126,528,842 | 47,469,756 | 229,622,780 | 143,242,949 | ||||||||||||
| Long | 8,270,377 | 2,480,130 | 37,662,980 | 24,688,412 | ||||||||||||
| Muni Allocation | 603,196 | 604,888 | 501,513 | 1,249,780 | ||||||||||||
| Short High Yield | 46,052,593 | 15,125,725 | 89,726,127 | 1,421,574 | ||||||||||||
| Short | 40,448,142 | 14,960,657 | 15,759,282 | 2,724,611 | ||||||||||||
Note 6—Income Taxes—As of October 31, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund |
Tax Cost of
Investments |
Gross
Unrealized Appreciation |
Gross
Unrealized Depreciation |
Net Unrealized
Appreciation (Depreciation) |
||||||||||||
| CEF Muni | $ | 199,219,106 | $ | 1,923,695 | $ | (1,818,499 | ) | $ | 105,196 | |||||||
| High Yield | 3,442,022,693 | 155,818,109 | (88,670,442 | ) | 67,147,667 | |||||||||||
| HIP Sustainable | 12,222,112 | 413 | (118,501 | ) | (118,088 | ) | ||||||||||
| Intermediate | 1,846,001,030 | 70,142,764 | (10,887,496 | ) | 59,255,268 | |||||||||||
| Long | 233,413,281 | 8,440,721 | (2,043,730 | ) | 6,396,991 | |||||||||||
| Muni Allocation | 4,089,200 | 125,847 | (28,645 | ) | 97,202 | |||||||||||
| Short High Yield | 410,051,627 | 10,677,687 | (5,532,279 | ) | 5,145,408 | |||||||||||
| Short | 322,459,956 | 3,941,034 | (1,810,208 | ) | 2,130,826 | |||||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
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At October 31 2021, the following Funds had capital loss carryforwards available to offset future capital gains:
| Fund |
Short-Term
Capital Losses with No Expiration |
Long-Term
Capital Losses with No Expiration |
Total | |||||||||
| CEF Muni | $ | (1,486,406 | ) | $ | (4,509,784 | ) | $ | (5,996,190 | ) | |||
| High Yield | (30,927,276 | ) | (57,732,749 | ) | (88,660,025 | ) | ||||||
| Muni Allocation | (713,857 | ) | – | (713,857 | ) | |||||||
| Short High Yield | (1,758,615 | ) | (7,147,126 | ) | (8,905,741 | ) | ||||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2021, the Funds did not incur any interest or penalties.
Note 7—Principal Risks—Investments in municipal securities or in Funds holding municipal securities involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.
High Yield and Short High Yield invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market. High Yield and Short High Yield may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
CEF Muni invests in closed-end funds and Muni Allocation invests in ETFs that may trade at a discount or premium to their net asset value. These Funds are dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, CEF Muni may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund’s shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.
The HIP Sustainable strategy of investing in municipal debt securities of issuers promoting sustainable development may limit the types and number of investments available to the Fund or cause the Fund to invest in securities that underperform the market as a whole. As a result, the Fund may underperform funds that do not have a sustainable investing strategy or funds with sustainable investing strategies that do not employ HIP (Human Impact + Profit) Ratings. In addition, the Fund relies on a data provider for the identification of issuers that promote sustainable development based on their HIP Ratings; however, there can be no guarantee that the data provider’s methodology will align with the Fund’s investment strategy or desirable issuers can be correctly identified.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in the Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in the Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010, for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Muni and Muni Allocation Funds. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through these dates. Amounts accrued after these dates, including those from Short High Yield and HIP Sustainable, are presented in “Due to Adviser”.
Note 9—Bank Line of Credit—The Funds participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2021, the following Funds borrowed under this Facility:
| Fund |
Days
Outstanding |
Average
Daily Loan Balance |
Average
Interest Rate |
|||||||||
| CEF Muni | 150 | $332,927 | 1.44 | % | ||||||||
| High Yield | 6 | 1,643,541 | 1.44 | |||||||||
| Intermediate | 10 | 466,700 | 1.45 | |||||||||
| Long | 48 | 307,999 | 1.44 | |||||||||
| Short High Yield | 9 | 732,905 | 1.44 | |||||||||
Outstanding loan balances as of October 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.
Note 10—Share Split—In 2018, the Board of Trustees approved a 1 for 2 reverse share split for Intermediate Muni ETF and High Yield Muni ETF. On October 26, 2018 shares began trading on a split adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.
Note 11—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited)
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Intermediate Muni ETF, Long Muni ETF, Short Muni ETF, CEF Muni Income ETF, High Yield Muni ETF and Short High Yield Muni ETF (each, a “Fund” and together, the “Funds”).
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each of the VanEck Short Muni ETF had management fees (after the effect of any applicable fee waiver) below the average and median of its peer group of funds and each of the VanEck High Yield Muni ETF and Short High Yield Muni ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, while each of the VanEck CEF Muni Income ETF, Intermediate Muni ETF and Long Muni ETF had management fees greater than the
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited) (continued)
average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each of the VanEck Intermediate Muni ETF, Long Muni ETF and Short Muni ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds and each of the VanEck High Yield Muni ETF and Short High Yield Muni ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, while the VanEck CEF Muni Income ETF had a total expense ratio greater than the average and median of its peer group of funds. With respect to these Funds, the Trustees reviewed the amount by which these Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees noted in particular that, although the VanEck CEF Muni Income ETF had above average management fees and total expense ratio compared to its peer group, the only peer fund with a similar strategy of investing in closed-end municipal funds had higher management fees and total expense ratio. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size and expense ratio and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting, as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Muni Allocation ETF
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Muni Allocation ETF (the “Fund”).
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The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information that the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other exchange-traded funds (“ETFs”)), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.
The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered information from the Adviser regarding performance of the Fund against its benchmark and the Adviser’s statement that the Fund’s performance against its benchmark is more relevant than performance against its peer group, given the small number of funds with directly competing strategies. The Trustees noted that the Fund had underperformed its benchmark for the one-year period ended December 31, 2020 and for the period since its inception on May 19, 2019 through December 31, 2020, in part due to the unusual market environment during a portion of these short periods. Based on the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had management fees below the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio below the average and median of its peer group of funds. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited) (continued)
the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the volatility of the asset classes in which the Fund invests, potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
VanEck HIP Sustainable Muni ETF
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck HIP Sustainable Muni ETF (formerly Sustainable Muni ETF) (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2021 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that
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the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | |
| Distributor: | VanEck Securities Corporation | |
|
666 Third Avenue, New York, NY 10017
vaneck.com |
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| Account Assistance: | 800.826.2333 | MUNISAR |
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SEMI-ANNUAL REPORT October 31, 2021 (unaudited) |
| BDC Income ETF | BIZD™ |
| China Bond ETF | CBON® |
| Emerging Markets High Yield Bond ETF | HYEM® |
| Fallen Angel High Yield Bond ETF | ANGL® |
| Green Bond ETF | GRNB® |
| International High Yield Bond ETF | IHY® |
| Investment Grade Floating Rate ETF | FLTR® |
| J.P. Morgan EM Local Currency Bond ETF | EMLC® |
| Moody’s Analytics® BBB Corporate Bond ETF | MBBB |
| Moody’s Analytics® IG Corporate Bond ETF | MIG |
| Mortgage REIT Income ETF | MORT® |
| Preferred Securities ex Financials ETF | PFXF® |
| 800.826.2333 | vaneck.com |
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Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of October 31, 2021.
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VANECK ETFs
October 31, 2021
(unaudited)
Dear Fellow Shareholders:
This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.
The Economy
When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?”i We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets.
In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.
Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates. Bank of America recently released a research noteii that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?
What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.
Multi-Year Investment Themes
So what to do in your portfolio? We are focusing on two multi-year investment themes.
The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.
The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. New open-source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. There are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
Another surprise that has affected commodity prices is that, as the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and is why I believe that commodity equities are an interesting investment that people should have in their portfolios.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended October 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
| 1 |
|
|
VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
Jan F. van Eck
CEO and President
VanEck ETF Trust
November 4, 2021
PS The investing outlook can change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
| i | A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession. |
| ii | Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally |
| 2 |
|
|
VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, May 1, 2021 to October 31, 2021.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Beginning
Account Value May 1, 2021 |
Ending
Account Value October 31, 2021 |
Annualized
Expense Ratio During Period |
Expenses Paid
During the Period May 1, 2021 - October 31, 2021* |
|||||
| BDC Income ETF | ||||||||
| Actual | $1,000.00 | $1,089.10 | 0.40% | $2.11 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| China Bond ETF | ||||||||
| Actual | $1,000.00 | $1,030.40 | 0.52% | $2.66 | ||||
| Hypothetical** | $1,000.00 | $1,022.58 | 0.52% | $2.65 | ||||
| Emerging Markets High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $989.80 | 0.40% | $2.01 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| Fallen Angel High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $1,047.60 | 0.35% | $1.81 | ||||
| Hypothetical** | $1,000.00 | $1,023.44 | 0.35% | $1.79 | ||||
| Green Bond ETF | ||||||||
| Actual | $1,000.00 | $999.60 | 0.20% | $1.01 | ||||
| Hypothetical** | $1,000.00 | $1,024.20 | 0.20% | $1.02 | ||||
| International High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $971.20 | 0.40% | $1.99 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| Investment Grade Floating Rate ETF | ||||||||
| Actual | $1,000.00 | $1,003.50 | 0.14% | $0.71 | ||||
| Hypothetical** | $1,000.00 | $1,024.50 | 0.14% | $0.71 |
| 3 |
|
|
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
|
Beginning
Account Value May 1, 2021 |
Ending
Account Value October 31, 2021 |
Annualized
Expense Ratio During Period |
Expenses Paid
During the Period May 1, 2021 - October 31, 2021* |
|||||
| J.P. Morgan EM Local Currency Bond ETF | ||||||||
| Actual | $1,000.00 | $967.10 | 0.30% | $1.49 | ||||
| Hypothetical** | $1,000.00 | $1,023.69 | 0.30% | $1.53 | ||||
| Moody’s Analytics BBB Corporate Bond ETF | ||||||||
| Actual | $1,000.00 | $1,022.40 | 0.25% | $1.27 | ||||
| Hypothetical** | $1,000.00 | $1,023.95 | 0.25% | $1.28 | ||||
| Moody’s Analytics IG Corporate Bond ETF | ||||||||
| Actual | $1,000.00 | $1,022.90 | 0.20% | $1.02 | ||||
| Hypothetical** | $1,000.00 | $1,024.20 | 0.20% | $1.02 | ||||
| Mortgage REIT Income ETF | ||||||||
| Actual | $1,000.00 | $1,031.80 | 0.40% | $2.05 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 | ||||
| Preferred Securities ex Financials ETF | ||||||||
| Actual | $1,000.00 | $1,060.60 | 0.40% | $2.08 | ||||
| Hypothetical** | $1,000.00 | $1,023.19 | 0.40% | $2.04 |
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended October 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
| ** | Assumes annual return of 5% before expenses |
| 4 |
|
|
October 31, 2021 (unaudited)
|
Number
of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Diversified Financials: 100.0% | ||||||||
| Apollo Investment Corp. † | 937,695 | $ | 12,593,244 | |||||
| Ares Capital Corp. † | 4,446,799 | 95,339,371 | ||||||
| Bain Capital Specialty Finance, Inc. † | 690,288 | 10,761,590 | ||||||
| Barings BDC, Inc. | 799,562 | 8,987,077 | ||||||
| BlackRock TCP Capital Corp. † | 895,129 | 12,854,052 | ||||||
| Capital Southwest Corp. † | 344,004 | 9,711,233 | ||||||
| Fidus Investment Corp. † | 355,949 | 6,286,059 | ||||||
| FS KKR Capital Corp. † | 2,766,171 | 60,745,115 | ||||||
| Gladstone Capital Corp. † | 531,556 | 6,256,414 | ||||||
| Gladstone Investment Corp. † | 514,527 | 8,155,253 | ||||||
| Goldman Sachs BDC, Inc. † | 1,194,805 | 22,665,451 | ||||||
| Golub Capital BDC, Inc. | 1,485,497 | 23,589,692 | ||||||
| Hercules Capital, Inc. † | 1,356,013 | 23,960,750 | ||||||
| Main Street Capital Corp. † | 665,629 | 29,167,863 | ||||||
| New Mountain Finance Corp. † | 1,366,466 | 19,212,512 | ||||||
| Newtek Business Services Corp. † | 331,917 | 9,970,787 | ||||||
| Oaktree Specialty Lending Corp. | 2,431,443 | 17,919,735 | ||||||
| Owl Rock Capital Corp. | 3,158,200 | 45,414,916 | ||||||
|
Number
of Shares |
Value | |||||||
| Diversified Financials (continued) | ||||||||
| PennantPark Floating Rate Capital Ltd. † | 564,737 | $ | 7,607,007 | |||||
| PennantPark Investment Corp. † | 1,038,883 | 7,043,627 | ||||||
| Prospect Capital Corp. † | 3,239,645 | 26,532,693 | ||||||
| Sixth Street Specialty Lending, Inc. † | 993,198 | 23,677,840 | ||||||
| SLR Investment Corp. | 543,521 | 10,734,540 | ||||||
| TCG BDC, Inc. † | 836,905 | 11,808,729 | ||||||
| TriplePoint Venture Growth BDC Corp. † | 450,803 | 8,024,293 | ||||||
|
Total Common Stocks
(Cost: $456,194,448) |
519,019,843 | |||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 10.1%
(Cost: $52,615,975) |
||||||||
| Money Market Fund: 10.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 52,615,975 | 52,615,975 | ||||||
|
Total Investments: 110.1%
(Cost: $508,810,423) |
571,635,818 | |||||||
| Liabilities in excess of other assets: (10.1)% | (52,370,768 | ) | ||||||
| NET ASSETS: 100.0% | $ | 519,265,050 | ||||||
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $75,888,723. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Financials | 100.0 | % | $ | 519,019,843 | ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks * | $ | 519,019,843 | $ | — | $ | — | $ | 519,019,843 | ||||||||
| Money Market Fund | 52,615,975 | — | — | 52,615,975 | ||||||||||||
| Total Investments | $ | 571,635,818 | $ | — | $ | — | $ | 571,635,818 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 5 |
|
|
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| CORPORATE BONDS: 75.3% | ||||||||
| Basic Materials: 5.7% | ||||||||
|
Anshan Iron And Steel Group Co. Ltd. 4.28%, 07/30/23 (o) (s) |
CNY | 15,000 | $ | 2,374,801 | ||||
|
China Chengtong Holdings Group Ltd. 3.55%, 01/20/23 |
CNY | 2,000 | 314,437 | |||||
|
China National Building Material Co. Ltd. 4.89%, 07/17/24 |
CNY | 3,000 | 475,253 | |||||
|
Hesteel Co. Ltd. 4.08%, 11/26/24 |
CNY | 10,000 | 1,568,958 | |||||
|
Jihua Group Corp. Ltd. 4.10%, 09/15/22 |
CNY | 1,294 | 204,299 | |||||
|
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 |
CNY | 10,000 | 1,584,739 | |||||
| 6,522,487 | ||||||||
| Consumer Cyclicals: 6.1% | ||||||||
|
Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23 |
CNY | 14,600 | 2,274,387 | |||||
|
Beijing State-Owned Capital Operation and Management Center 3.85%, 01/14/24 |
CNY | 25,000 | 3,969,220 | |||||
|
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26 |
CNY | 4,900 | 766,803 | |||||
| 7,010,410 | ||||||||
| Energy: 5.9% | ||||||||
|
China Oilfield Services Ltd. 2.90%, 10/24/23 |
CNY | 10,000 | 1,556,109 | |||||
|
PetroChina Co. Ltd. 3.50%, 01/19/26 |
CNY | 3,490 | 547,263 | |||||
| Sichuan Development Holding Co. Ltd. | ||||||||
| 4.30%, 03/26/24 | CNY | 5,000 | 801,257 | |||||
| 4.55%, 08/06/25 | CNY | 5,000 | 801,260 | |||||
|
Yanzhou Coal Mining Co. Ltd. 3.43%, 03/12/25 |
CNY | 20,000 | 3,113,540 | |||||
| 6,819,429 | ||||||||
| Financials: 27.7% | ||||||||
| Agricultural Development Bank of China | ||||||||
| 3.28%, 05/13/22 | CNY | 8,449 | 1,325,353 | |||||
| 3.52%, 05/24/31 | CNY | 10,000 | 1,579,537 | |||||
| China Development Bank | ||||||||
| 2.90%, 12/06/22 | CNY | 7,080 | 1,112,308 | |||||
| 2.92%, 11/27/22 | CNY | 8,361 | 1,312,588 | |||||
| 3.39%, 02/03/27 | CNY | 20,904 | 3,314,629 | |||||
| 3.87%, 08/01/23 | CNY | 40,645 | 6,491,570 | |||||
| 3.91%, 04/06/22 | CNY | 5,529 | 869,500 | |||||
| 4.59%, 08/01/38 | CNY | 20,301 | 3,588,328 | |||||
| China Everbright Ltd. | ||||||||
| 3.80%, 11/23/23 | CNY | 2,000 | 316,653 | |||||
|
China Fortune Land Development Co. Ltd. 5.50%, 10/22/22 |
CNY | 1,000 | 27,332 | |||||
|
Par
(000’s |
) | Value | ||||||
| Financials (continued) | ||||||||
| 7.00%, 03/03/21 (d) * | CNY | 1,000 | $ | 39,241 | ||||
|
China Merchants Securities Co. Ltd. 5.08%, 05/26/25 |
CNY | 2,488 | 411,837 | |||||
| Chongqing Longhu Development Co. Ltd. | ||||||||
| 3.75%, 03/21/23 | CNY | 1,600 | 251,277 | |||||
| 4.44%, 01/25/24 | CNY | 8,000 | 1,272,321 | |||||
|
Cinda Investment Co. Ltd. 4.30%, 12/22/23 |
CNY | 3,000 | 473,398 | |||||
|
CITIC Securities Co. Ltd. 3.78%, 09/10/24 |
CNY | 3,000 | 476,782 | |||||
|
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24 |
CNY | 5,000 | 793,644 | |||||
|
Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24 |
CNY | 15,000 | 2,358,093 | |||||
|
Guangzhou City Construction & Development Co. Ltd. 3.60%, 09/27/24 |
CNY | 5,000 | 786,317 | |||||
|
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24 |
CNY | 200 | 31,418 | |||||
|
Nanchang Municipal Public Investment Holding Group Co. Ltd. 3.23%, 08/22/23 |
CNY | 1,500 | 234,707 | |||||
|
Shanxi Coking Coal Group Co. Ltd. 4.17%, 10/21/22 (o) |
CNY | 10,000 | 1,575,360 | |||||
|
Shenwan Hongyuan Group Co. Ltd. 4.80%, 07/17/23 |
CNY | 15,000 | 2,413,045 | |||||
|
State Development & Investment Corp. Ltd. 3.79%, 06/03/23 |
CNY | 5,000 | 791,436 | |||||
|
Wuxi Guolian Development Group Co. Ltd. 4.88%, 05/09/23 |
CNY | 800 | 128,345 | |||||
| 31,975,019 | ||||||||
| Industrials: 15.6% | ||||||||
|
Beijing Capital Eco-Environment Protection Group Co. Ltd. 4.24%, 11/27/23 |
CNY | 10,000 | 1,592,081 | |||||
| Beijing Haidian State-Owned Assets Operation & Management Center | ||||||||
| 3.70%, 10/24/24 | CNY | 10,000 | 1,564,908 | |||||
| 4.14%, 12/17/23 | CNY | 9,000 | 1,407,622 | |||||
|
China Railway Group Ltd. 3.99%, 07/16/24 |
CNY | 5,000 | 797,555 | |||||
|
China State Railway Group Co. Ltd. 4.46%, 06/07/23 |
CNY | 3,008 | 481,314 | |||||
| Guangzhou Metro Group Co. Ltd. | ||||||||
| 4.84%, 08/09/27 | CNY | 1,500 | 237,879 | |||||
| 6.05%, 06/03/24 # | CNY | 1,350 | 219,751 | |||||
See Notes to Financial Statements
| 6 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Industrials (continued) | ||||||||
| Hubei Provincial Communications Investment Group Co. Ltd. | ||||||||
| 1.00%, 03/27/24 | CNH | 3,000 | $ | 506,026 | ||||
| 6.68%, 03/27/24 | CNY | 500 | 84,338 | |||||
|
Jiangxi Ganyue Expressway Co. Ltd. 5.15%, 04/19/23 |
CNY | 1,135 | 182,995 | |||||
|
Nanjing State Owned Assets Investment & Management Holding Group Co. Ltd. 5.60%, 03/06/23 # |
CNY | 506 | 80,847 | |||||
|
Nanjing Yangzi State-owned Investment Group Co. Ltd. 3.63%, 10/21/24 |
CNY | 12,000 | 1,887,331 | |||||
| Power Construction Corp. of China Ltd. | ||||||||
| 3.90%, 11/29/22 (o) (s) | CNY | 5,000 | 788,761 | |||||
| 5.20%, 10/29/22 | CNY | 4,950 | 791,231 | |||||
|
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25 |
CNY | 5,000 | 786,535 | |||||
|
Seazen Holdings Co. Ltd. 5.90%, 03/20/24 |
CNY | 1,000 | 155,942 | |||||
|
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 |
CNY | 17,000 | 2,715,290 | |||||
|
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26 |
CNY | 10,000 | 1,586,518 | |||||
|
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 # |
CNY | 540 | 84,680 | |||||
|
Xiamen C&D Corp. Ltd. 4.14%, 12/17/22 (o) (s) |
CNY | 13,000 | 2,044,777 | |||||
| 17,996,381 | ||||||||
| Real Estate: 5.9% | ||||||||
|
Beijing Public Housing Center 3.19%, 04/16/40 |
CNY | 15,000 | 2,324,994 | |||||
|
China Overseas Enterprise Development Group Co. Ltd. 3.47%, 01/24/25 |
CNY | 1,000 | 156,467 | |||||
|
COFCO Commercial Property Investment Co. Ltd. 3.94%, 01/25/25 |
CNY | 10,000 | 1,565,367 | |||||
|
Gemdale Corp. 3.95%, 10/12/25 |
CNY | 10,000 | 1,574,714 | |||||
| Hefei Xingtai Finance Holding Group Co. Ltd. | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Real Estate (continued) | ||||||||
| 4.10%, 06/14/22 | CNY | 5,000 | $ | 785,762 | ||||
|
Shanghai Shimao Co. Ltd. 4.65%, 01/15/22 |
CNY | 2,844 | 429,996 | |||||
| 6,837,300 | ||||||||
| Utilities: 8.4% | ||||||||
|
China Datang Corp. 3.81%, 09/25/22 (o) (s) |
CNY | 10,000 | 1,573,758 | |||||
|
China Datang Corp. Renewable Power Co. Ltd. 3.58%, 09/26/22 |
CNY | 3,000 | 471,696 | |||||
|
China Huaneng Group Co. Ltd. 3.55%, 03/09/25 (o) (s) |
CNY | 15,000 | 2,350,317 | |||||
|
China Southern Power Grid Co. Ltd. 5.90%, 03/19/24 |
CNY | 900 | 149,622 | |||||
|
China Yangtze Power Co. Ltd. 3.35%, 10/17/26 |
CNY | 1,500 | 232,496 | |||||
|
Huaneng Power International, Inc. 5.17%, 09/25/22 (o) (s) |
CNY | 6,000 | 955,472 | |||||
|
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 |
CNY | 10,000 | 1,578,628 | |||||
|
Shenzhen Energy Group Co. Ltd. 3.60%, 11/20/22 |
CNY | 5,000 | 787,526 | |||||
|
State Grid Corp. of China 5.14%, 12/08/21 |
CNY | 750 | 117,484 | |||||
| State Power Investment Corp. Ltd. | ||||||||
| 3.57%, 07/06/23 (o) (s) | CNY | 2,000 | 314,769 | |||||
| 4.20%, 11/20/23 | CNY | 4,995 | 797,693 | |||||
|
Yalong River Hydropower Development Co. Ltd. 2.93%, 04/08/23 |
CNY | 2,000 | 312,446 | |||||
| 9,641,907 | ||||||||
|
Total Corporate Bonds
(Cost: $84,650,979) |
86,802,933 | |||||||
| GOVERNMENT OBLIGATIONS: 17.0% | ||||||||
| China Government Bond | ||||||||
| 2.64%, 08/13/22 | CNY | 15,000 | 2,347,916 | |||||
| 2.90%, 05/05/26 | CNY | 846 | 132,479 | |||||
| 3.27%, 08/22/46 | CNY | 32,966 | 5,075,290 | |||||
| 3.40%, 04/17/23 | CNY | 71,831 | 11,399,159 | |||||
| 3.52%, 04/25/46 | CNY | 4,000 | 622,717 | |||||
|
Total Government Obligations
(Cost: $18,902,434) |
19,577,561 | |||||||
|
Total Investments: 92.3%
(Cost: $103,553,413) |
106,380,494 | |||||||
| Other assets less liabilities: 7.7% | 8,913,962 | |||||||
| NET ASSETS: 100.0% | $ | 115,294,456 | ||||||
Definitions:
| CNH | Chinese Yuan Renminbi |
| CNY | Chinese Yuan |
See Notes to Financial Statements
| 7 |
|
|
VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Footnotes:
| (o) | Perpetual Maturity — the date shown is the next call date |
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| (d) | Security in default |
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $385,278 which represents 0.3% of net assets. |
| Summary of Investments by Sector |
% of
Investments |
Value | ||||||
| Basic Materials | 6.1 | % | $ | 6,522,487 | ||||
| Consumer Cyclicals | 6.6 | 7,010,410 | ||||||
| Energy | 6.4 | 6,819,429 | ||||||
| Financials | 30.1 | 31,975,019 | ||||||
| Government Activity | 18.4 | 19,577,560 | ||||||
| Industrials | 16.9 | 17,996,381 | ||||||
| Real Estate | 6.4 | 6,837,301 | ||||||
| Utilities | 9.1 | 9,641,907 | ||||||
| 100.0 | % | $ | 106,380,494 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 86,802,933 | $ | — | $ | 86,802,933 | ||||||||
| Government Obligations * | — | 19,577,561 | — | 19,577,561 | ||||||||||||
| Total Investments | $ | — | $ | 106,380,494 | $ | — | $ | 106,380,494 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 8 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| CORPORATE BONDS: 95.1% | ||||||||
| Argentina: 3.1% | ||||||||
|
Aeropuertos Argentina 2000 SA 144A 8.50%, 08/01/31 |
$ | 1,045 | $ | 911,984 | ||||
|
Agua y Saneamientos Argentinos SA Reg S 6.62%, 02/01/23 |
1,575 | 898,537 | ||||||
|
Arcor SAIC 144A 6.00%, 07/06/23 |
1,750 | 1,707,825 | ||||||
|
Capex SA 144A 6.88%, 05/15/24 |
1,050 | 999,133 | ||||||
|
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA 144A 9.62%, 07/27/23 |
875 | 721,617 | ||||||
|
Generacion Mediterranea SA / Generacion Frias SA / Central Termica Roca SA Reg S 9.62%, 07/27/23 |
250 | 206,176 | ||||||
|
Genneia SA 144A 8.75%, 09/02/27 |
1,200 | 1,146,696 | ||||||
|
IRSA Propiedades Comerciales SA 144A 8.75%, 03/23/23 |
1,275 | 1,219,646 | ||||||
| MercadoLibre, Inc. | ||||||||
| 2.38%, 01/14/26 † | 1,425 | 1,387,594 | ||||||
| 3.12%, 01/14/31 | 2,425 | 2,291,746 | ||||||
|
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 |
1,725 | 1,401,787 | ||||||
|
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 |
300 | 243,789 | ||||||
| Pampa Energia SA 144A | ||||||||
| 7.38%, 07/21/23 | 1,350 | 1,296,736 | ||||||
| 7.50%, 01/24/27 | 2,175 | 1,929,616 | ||||||
| 9.12%, 04/15/29 | 1,050 | 959,968 | ||||||
|
Pan American Energy LLC 144A 9.12%, 04/30/27 |
1,025 | 1,153,058 | ||||||
| Telecom Argentina SA 144A | ||||||||
| 8.00%, 07/18/26 | 1,175 | 1,094,742 | ||||||
| 8.50%, 08/06/25 | 1,325 | 1,284,031 | ||||||
| Telecom Argentina SA Reg S | ||||||||
| 8.00%, 07/18/26 | 200 | 186,339 | ||||||
| 8.50%, 08/06/25 | 50 | 48,454 | ||||||
|
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 |
1,460 | 1,363,903 | ||||||
|
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25 |
325 | 303,608 | ||||||
|
YPF Energia Electrica SA 144A 10.00%, 07/25/26 |
1,400 | 1,287,160 | ||||||
| YPF SA 144A | ||||||||
| 1.50%, 09/30/33 (s) | 2,030 | 1,135,491 | ||||||
| 2.50%, 06/30/29 (s) | 2,600 | 1,750,424 | ||||||
| 4.00%, 02/12/26 (s) | 2,675 | 2,307,107 | ||||||
| 6.95%, 07/21/27 | 2,275 | 1,654,096 |
|
Par
(000’s |
) | Value | ||||||
| Argentina (continued) | ||||||||
| 7.00%, 12/15/47 | $ | 1,875 | $ | 1,233,300 | ||||
| 8.50%, 03/23/25 | 1,356 | 1,233,245 | ||||||
| 8.50%, 07/28/25 | 3,800 | 3,080,888 | ||||||
| 8.50%, 06/27/29 | 1,387 | 1,066,561 | ||||||
| 8.75%, 04/04/24 | 2,925 | 2,644,434 | ||||||
|
YPF SA Reg S 6.95%, 07/21/27 |
500 | 363,537 | ||||||
| 40,513,228 | ||||||||
| Armenia: 0.1% | ||||||||
|
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 |
1,200 | 1,195,433 | ||||||
| Austria: 0.1% | ||||||||
|
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 |
600 | 585,402 | ||||||
| JBS USA Food Co. Reg S | ||||||||
| 5.75%, 01/15/28 | 200 | 208,752 | ||||||
| 7.00%, 01/15/26 | 100 | 104,125 | ||||||
| Klabin Austria GmbH Reg S | ||||||||
| 3.20%, 01/12/31 | 300 | 276,000 | ||||||
| 7.00%, 04/03/49 | 200 | 231,185 | ||||||
| 1,405,464 | ||||||||
| Azerbaijan: 1.3% | ||||||||
|
Petkim Petrokimya Holding AS 144A 5.88%, 01/26/23 |
1,800 | 1,830,247 | ||||||
|
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 † |
6,075 | 7,131,127 | ||||||
|
Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26 |
800 | 939,078 | ||||||
| State Oil Co. of the Azerbaijan Republic Reg S | ||||||||
| 4.75%, 03/13/23 | 3,425 | 3,567,545 | ||||||
| 6.95%, 03/18/30 | 2,650 | 3,250,721 | ||||||
| 16,718,718 | ||||||||
| Bahrain: 1.3% | ||||||||
|
BBK BSC Reg S 5.50%, 07/09/24 |
1,800 | 1,871,325 | ||||||
|
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 |
1,800 | 1,900,800 | ||||||
| Mumtalakat Sukuk Holding Co. Reg S | ||||||||
| 4.10%, 01/21/27 | 1,800 | 1,845,151 | ||||||
| 5.62%, 02/27/24 | 2,000 | 2,120,178 | ||||||
| Oil and Gas Holding Co. BSCC 144A | ||||||||
| 7.50%, 10/25/27 | 3,375 | 3,707,883 | ||||||
| 7.62%, 11/07/24 | 2,600 | 2,849,574 | ||||||
| 8.38%, 11/07/28 | 1,800 | 2,080,458 | ||||||
| 16,375,369 | ||||||||
| Barbados: 0.1% | ||||||||
|
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 |
1,400 | 1,455,062 |
See Notes to Financial Statements
| 9 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Bermuda: 1.1% | ||||||||
|
Digicel Group Holdings Ltd. 10.00%, 04/01/24 |
$ | 0 | (a) | $ | 492 | |||
| Digicel Group Holdings Ltd. 144A | ||||||||
| 6.75%, 03/01/23 | 2,950 | 2,858,314 | ||||||
| 8.00%, 04/01/25 | 1,435 | 1,385,950 | ||||||
| 8.75%, 05/25/24 | 2,100 | 2,181,375 | ||||||
|
Digicel Group Two Ltd. 144A 8.25%, 09/30/22 |
437 | 16,931 | ||||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
| 8.75%, 05/25/24 | 2,100 | 2,181,375 | ||||||
| 13.00%, 12/31/25 | 1,072 | 1,100,501 | ||||||
|
Digicel Ltd. Reg S 6.75%, 03/01/23 |
200 | 193,784 | ||||||
|
Eurochem Finance DAC 144A 5.50%, 03/13/24 |
2,200 | 2,369,130 | ||||||
|
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
2,200 | 2,359,643 | ||||||
|
Investment Energy Resources Ltd. Reg S 6.25%, 04/26/29 |
200 | 214,513 | ||||||
| 14,862,008 | ||||||||
| Brazil: 9.1% | ||||||||
|
Adecoagro SA 144A 6.00%, 09/21/27 |
1,250 | 1,296,575 | ||||||
|
Adecoagro SA Reg S 6.00%, 09/21/27 |
450 | 466,767 | ||||||
|
Aegea Finance Sarl 144A 5.75%, 10/10/24 |
500 | 510,880 | ||||||
|
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
1,200 | 1,206,390 | ||||||
|
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 |
1,849 | 1,908,630 | ||||||
|
Atento Luxco 1 SA 144A 8.00%, 02/10/26 |
775 | 826,504 | ||||||
|
Azul Investments LLP 144A 5.88%, 10/26/24 |
300 | 278,768 | ||||||
|
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 |
800 | 745,064 | ||||||
|
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 |
1,000 | 958,700 | ||||||
| Banco Bradesco SA 144A | ||||||||
| 2.85%, 01/27/23 | 1,150 | 1,164,386 | ||||||
| 3.20%, 01/27/25 | 1,100 | 1,112,413 | ||||||
| Banco BTG Pactual SA 144A | ||||||||
| 2.75%, 01/11/26 | 800 | 769,040 | ||||||
| 4.50%, 01/10/25 | 1,200 | 1,221,000 | ||||||
| 5.50%, 01/31/23 | 400 | 415,504 | ||||||
|
Banco BTG Pactual SA Reg S 5.50%, 01/31/23 |
400 | 415,504 | ||||||
|
Banco Daycoval SA Reg S 4.25%, 12/13/24 |
750 | 764,063 | ||||||
| Banco do Brasil SA 144A |
|
Par
(000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 4.62%, 01/15/25 | $ | 1,450 | $ | 1,520,702 | ||||
| 4.75%, 03/20/24 | 1,175 | 1,233,762 | ||||||
| 4.88%, 04/19/23 | 1,175 | 1,223,480 | ||||||
| 5.88%, 01/19/23 | 950 | 992,760 | ||||||
|
Banco Nacional de Desenvolvimento Economico e Social 144A 4.75%, 05/09/24 |
800 | 861,276 | ||||||
|
Banco Safra SA 144A 4.12%, 02/08/23 |
800 | 819,000 | ||||||
| Banco Votorantim SA 144A | ||||||||
| 4.38%, 07/29/25 | 750 | 762,195 | ||||||
| 4.50%, 09/24/24 | 650 | 677,696 | ||||||
|
8.25% (US Treasury Yield Curve Rate T 5 Year+6.11%), 12/7/2022 (o) |
500 | 512,585 | ||||||
|
Braskem America Finance Co. 144A 7.12%, 07/22/41 |
850 | 1,031,700 | ||||||
|
Braskem Finance Ltd. 6.45%, 02/03/24 |
925 | 1,011,719 | ||||||
| Braskem Idesa SAPI 144A | ||||||||
| 6.99%, 02/20/32 | 4,350 | 4,458,750 | ||||||
| 7.45%, 11/15/29 | 2,700 | 2,868,750 | ||||||
| Braskem Netherlands Finance BV 144A | ||||||||
| 4.50%, 01/10/28 | 1,800 | 1,840,518 | ||||||
| 4.50%, 01/31/30 | 2,200 | 2,235,266 | ||||||
| 5.88%, 01/31/50 | 1,100 | 1,172,243 | ||||||
|
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
600 | 668,838 | ||||||
|
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 |
1,260 | 1,334,554 | ||||||
| BRF GmbH 144A | ||||||||
| 4.35%, 09/29/26 | 600 | 606,756 | ||||||
| BRF SA 144A | ||||||||
| 4.88%, 01/24/30 | 1,000 | 997,250 | ||||||
| 5.75%, 09/21/50 | 1,000 | 935,400 | ||||||
| BRF SA Reg S | ||||||||
| 4.88%, 01/24/30 | 100 | 99,725 | ||||||
| 5.75%, 09/21/50 | 200 | 187,080 | ||||||
|
Caixa Economica Federal 144A 3.50%, 11/07/22 |
800 | 815,008 | ||||||
|
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
1,400 | 1,566,110 | ||||||
| Centrais Eletricas Brasileiras SA 144A | ||||||||
| 3.62%, 02/04/25 | 800 | 802,000 | ||||||
| 4.62%, 02/04/30 | 800 | 785,008 | ||||||
|
Centrais Eletricas Brasileiras SA Reg S 4.62%, 02/04/30 |
200 | 196,252 | ||||||
|
Cielo USA, Inc. 144A 3.75%, 11/16/22 |
600 | 607,500 | ||||||
| Cosan Luxembourg SA 144A |
See Notes to Financial Statements
| 10 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 7.00%, 01/20/27 | $ | 1,075 | $ | 1,115,313 | ||||
|
Cosan SA 144A 5.50%, 09/20/29 |
1,025 | 1,072,416 | ||||||
|
CSN Inova Ventures 144A 6.75%, 01/28/28 |
1,750 | 1,860,688 | ||||||
|
CSN Inova Ventures Reg S 6.75%, 01/28/28 |
200 | 212,650 | ||||||
|
CSN Resources SA 144A 7.62%, 04/17/26 † |
900 | 948,159 | ||||||
| Embraer Netherlands Finance BV | ||||||||
| 5.05%, 06/15/25 | 1,500 | 1,560,015 | ||||||
| 5.40%, 02/01/27 | 1,125 | 1,178,201 | ||||||
|
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 |
1,075 | 1,194,153 | ||||||
|
Embraer Overseas Ltd. 144A 5.70%, 09/16/23 |
700 | 738,787 | ||||||
|
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
1,100 | 1,214,543 | ||||||
|
Globo Comunicacao e Participacoes SA 144A |
||||||||
| 4.84%, 06/08/25 | 550 | 565,631 | ||||||
| 4.88%, 01/22/30 | 500 | 485,732 | ||||||
|
Globo Comunicacao e Participacoes SA Reg S 4.88%, 01/22/30 † |
200 | 194,293 | ||||||
|
Gol Finance SA 144A 7.00%, 01/31/25 |
1,000 | 902,420 | ||||||
|
Guara Norte Sarl 144A 5.20%, 06/15/34 |
1,179 | 1,156,929 | ||||||
|
InterCement Financial Operations BV 144A 5.75%, 07/17/24 |
1,100 | 1,023,555 | ||||||
| Itau Unibanco Holding SA 144A | ||||||||
| 2.90%, 01/24/23 | 1,475 | 1,494,839 | ||||||
| 3.25%, 01/24/25 † | 775 | 783,812 | ||||||
|
3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/26 |
700 | 673,645 | ||||||
|
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24 |
1,000 | 998,760 | ||||||
|
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) |
1,025 | 958,385 | ||||||
| 5.12%, 05/13/23 | 2,400 | 2,517,552 | ||||||
|
Itau Unibanco Holding SA Reg S 5.12%, 05/13/23 |
300 | 314,694 | ||||||
|
JSM Global Sarl 144A 4.75%, 10/20/30 |
800 | 763,008 | ||||||
| Klabin Austria GmbH 144A | ||||||||
| 3.20%, 01/12/31 | 400 | 368,000 | ||||||
| 5.75%, 04/03/29 | 1,100 | 1,199,000 | ||||||
| 7.00%, 04/03/49 | 803 | 928,208 | ||||||
|
Klabin Finance SA 144A 4.88%, 09/19/27 |
700 | 752,507 |
|
Par
(000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
|
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 |
$ | 900 | $ | 879,984 | ||||
|
MARB BondCo Plc 144A 3.95%, 01/29/31 |
2,250 | 2,143,024 | ||||||
|
Minerva Luxembourg SA 144A 5.88%, 01/19/28 |
600 | 640,506 | ||||||
|
MV24 Capital BV 144A 6.75%, 06/01/34 |
1,587 | 1,640,524 | ||||||
|
Natura Cosmeticos SA 144A 4.12%, 05/03/28 |
1,200 | 1,189,260 | ||||||
|
Natura Cosmeticos SA Reg S 4.12%, 05/03/28 |
200 | 198,210 | ||||||
| NBM US Holdings, Inc. 144A | ||||||||
| 6.62%, 08/06/29 | 750 | 817,508 | ||||||
| 7.00%, 05/14/26 | 1,450 | 1,536,637 | ||||||
| Nexa Resources SA 144A | ||||||||
| 5.38%, 05/04/27 † | 1,100 | 1,170,147 | ||||||
| 6.50%, 01/18/28 | 700 | 780,745 | ||||||
|
Oi Movel SA Reg S 8.75%, 07/30/26 |
1,200 | 1,245,600 | ||||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 | 1,825 | 1,862,869 | ||||||
| 5.30%, 01/27/25 | 850 | 925,437 | ||||||
| 5.60%, 01/03/31 | 2,125 | 2,225,406 | ||||||
| 5.62%, 05/20/43 | 475 | 463,130 | ||||||
| 5.75%, 02/01/29 | 715 | 776,311 | ||||||
| 6.00%, 01/27/28 | 1,600 | 1,742,000 | ||||||
| 6.25%, 03/17/24 | 625 | 683,906 | ||||||
| 6.75%, 01/27/41 | 885 | 948,977 | ||||||
| 6.75%, 06/03/50 | 975 | 1,001,705 | ||||||
| 6.85%, 06/05/15 † | 2,250 | 2,213,966 | ||||||
| 6.88%, 01/20/40 | 772 | 840,144 | ||||||
| 6.90%, 03/19/49 | 1,300 | 1,368,250 | ||||||
| 7.25%, 03/17/44 | 1,165 | 1,273,846 | ||||||
| 7.38%, 01/17/27 | 1,400 | 1,648,514 | ||||||
| 8.75%, 05/23/26 † | 650 | 799,338 | ||||||
| Rede D’or Finance Sarl 144A | ||||||||
| 4.50%, 01/22/30 | 1,299 | 1,274,657 | ||||||
| 4.95%, 01/17/28 † | 500 | 513,880 | ||||||
|
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 |
843 | 921,752 | ||||||
|
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 |
751 | 879,762 | ||||||
|
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 |
696 | 793,426 | ||||||
| Rumo Luxembourg Sarl 144A | ||||||||
| 5.25%, 01/10/28 | 800 | 833,000 | ||||||
| 5.88%, 01/18/25 † | 700 | 723,695 | ||||||
|
Simpar Europe SA 144A 5.20%, 01/26/31 |
900 | 867,308 | ||||||
|
Tupy Overseas SA 144A 4.50%, 02/16/31 |
300 | 283,518 | ||||||
|
Ultrapar International SA 144A 5.25%, 10/06/26 |
700 | 746,389 |
See Notes to Financial Statements
| 11 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 5.25%, 06/06/29 | $ | 1,200 | $ | 1,240,584 | ||||
|
Unigel Luxembourg SA 144A 8.75%, 10/01/26 |
500 | 531,858 | ||||||
|
Usiminas International Sarl 144A 5.88%, 07/18/26 |
1,200 | 1,261,512 | ||||||
|
XP, Inc. 144A 3.25%, 07/01/26 † |
2,650 | 2,538,037 | ||||||
| 118,485,288 | ||||||||
| British Virgin Islands: 0.4% | ||||||||
| Central China Real Estate Ltd. Reg S | ||||||||
| 7.25%, 04/24/23 | 600 | 354,000 | ||||||
| 7.65%, 08/27/23 | 400 | 213,255 | ||||||
| China Aoyuan Group Ltd. Reg S | ||||||||
| 6.20%, 03/24/26 | 600 | 263,124 | ||||||
| 6.35%, 02/08/24 | 800 | 364,991 | ||||||
| China SCE Group Holdings Ltd. Reg S | ||||||||
| 7.00%, 05/02/25 | 700 | 573,906 | ||||||
| 7.25%, 04/19/23 | 800 | 716,641 | ||||||
| 7.38%, 04/09/24 | 850 | 740,720 | ||||||
| Fantasia Holdings Group Co. Ltd. Reg S | ||||||||
| 9.25%, 07/28/23 | 400 | 125,121 | ||||||
| 9.88%, 10/19/23 | 400 | 119,644 | ||||||
| 10.88%, 01/09/23 | 600 | 179,019 | ||||||
| 11.88%, 06/01/23 | 800 | 238,047 | ||||||
|
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24 |
400 | 405,309 | ||||||
|
New Metro Global Ltd. Reg S 4.50%, 05/02/26 |
800 | 690,062 | ||||||
|
Studio City Finance Ltd. Reg S 6.50%, 01/15/28 |
200 | 192,609 | ||||||
|
Tianqi Finco Co. Ltd. Reg S 3.75%, 11/28/22 |
200 | 187,495 | ||||||
| 5,363,943 | ||||||||
| Cambodia: 0.2% | ||||||||
|
NagaCorp Ltd. Reg S 7.95%, 07/06/24 |
1,950 | 1,962,343 | ||||||
| Canada: 0.3% | ||||||||
|
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
1,065 | 1,120,913 | ||||||
| First Quantum Minerals Ltd. Reg S | ||||||||
| 6.50%, 03/01/24 | 300 | 304,875 | ||||||
| 7.25%, 04/01/23 | 300 | 305,175 | ||||||
| 7.50%, 04/01/25 | 200 | 207,250 | ||||||
|
Frontera Energy Corp. 144A 7.88%, 06/21/28 |
1,300 | 1,253,453 | ||||||
| 3,191,666 | ||||||||
| Cayman Islands: 1.0% | ||||||||
|
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 |
3,150 | 3,291,183 |
|
Par
(000’s |
) | Value | ||||||
| Cayman Islands (continued) | ||||||||
|
Banco BTG Pactual SA Reg S 4.50%, 01/10/25 |
$ | 200 | $ | 203,500 | ||||
|
Banco do Brasil SA 144A 3.25%, 09/30/26 |
1,200 | 1,184,700 | ||||||
|
Banco do Brasil SA Reg S 5.88%, 01/19/23 |
250 | 261,253 | ||||||
|
Emaar Sukuk Ltd. Reg S 3.70%, 07/06/31 |
400 | 409,734 | ||||||
|
Itau Unibanco Holding SA Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24 |
100 | 99,876 | ||||||
|
Melco Resorts Finance Ltd. Reg S 4.88%, 06/06/25 |
250 | 247,562 | ||||||
|
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 |
2,050 | 2,202,694 | ||||||
|
Oryx Funding Ltd. 144A 5.80%, 02/03/31 |
1,900 | 2,026,126 | ||||||
|
Oryx Funding Ltd. Reg S 5.80%, 02/03/31 |
200 | 213,276 | ||||||
|
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 |
1,578 | 1,571,663 | ||||||
| Ronshine China Holdings Ltd. Reg S | ||||||||
| 7.35%, 12/15/23 | 600 | 260,696 | ||||||
| 8.10%, 06/09/23 | 400 | 172,821 | ||||||
| 8.95%, 01/22/23 | 700 | 311,725 | ||||||
|
StoneCo Ltd. 144A 3.95%, 06/16/28 † |
700 | 629,153 | ||||||
|
Yango Cayman Investment Ltd. Reg S 12.00%, 03/19/24 |
400 | 153,419 | ||||||
| 13,239,381 | ||||||||
| Chile: 0.8% | ||||||||
|
AES Andes SA Reg S |
||||||||
|
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25 |
75 | 77,829 | ||||||
|
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24 |
200 | 209,544 | ||||||
|
CAP SA 144A 3.90%, 04/27/31 |
1,100 | 1,059,856 | ||||||
|
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 |
1,400 | 1,370,488 | ||||||
|
Kenbourne Invest SA 144A 6.88%, 11/26/24 |
1,850 | 1,930,937 | ||||||
|
VTR Comunicaciones SpA 144A 4.38%, 04/15/29 |
1,400 | 1,413,580 | ||||||
| 5.12%, 01/15/28 | 1,642 | 1,705,710 | ||||||
|
VTR Comunicaciones SpA Reg S 5.12%, 01/15/28 |
100 | 103,880 | ||||||
|
VTR Finance NV 144A 6.38%, 07/15/28 |
1,925 | 2,054,360 | ||||||
| 9,926,184 |
See Notes to Financial Statements
| 12 |
|
|
|
Par
(000’s |
) | Value | ||||||
| China: 6.4% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
| 5.50%, 04/21/25 | $ | 500 | $ | 396,178 | ||||
| 5.50%, 05/17/26 † | 750 | 584,553 | ||||||
|
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
4,700 | 4,883,340 | ||||||
|
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o) |
750 | 768,529 | ||||||
|
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o) |
800 | 703,851 | ||||||
|
Chalieco Hong Kong Corp. Ltd. Reg S 5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 5/21/2023 (o) |
600 | 610,709 | ||||||
|
China Aoyuan Group Ltd. Reg S 5.88%, 03/01/27 |
400 | 187,004 | ||||||
|
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/6/2023 (o) |
900 | 974,248 | ||||||
| China Evergrande Group Reg S | ||||||||
| 7.50%, 06/28/23 | 1,650 | 395,972 | ||||||
| 8.75%, 06/28/25 | 6,300 | 1,519,925 | ||||||
| 9.50%, 03/29/24 | 1,100 | 269,500 | ||||||
| 10.00%, 04/11/23 | 800 | 191,991 | ||||||
| 10.50%, 04/11/24 | 700 | 167,981 | ||||||
| 11.50%, 01/22/23 | 1,150 | 270,128 | ||||||
| 12.00%, 01/22/24 | 1,000 | 235,000 | ||||||
|
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24 |
900 | 887,078 | ||||||
|
China Oil & Gas Group Ltd. Reg S 5.50%, 01/25/23 |
1,000 | 1,018,459 | ||||||
|
China SCE Group Holdings Ltd. Reg S 5.95%, 09/29/24 |
400 | 329,000 | ||||||
| 6.00%, 02/04/26 | 600 | 483,132 | ||||||
|
China South City Holdings Ltd. Reg S 10.75%, 04/11/23 |
400 | 165,959 | ||||||
|
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o) |
1,400 | 1,443,526 | ||||||
|
CIFI Holdings Group Co. Ltd. 5.50%, 01/23/23 |
400 | 396,007 | ||||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
|
Par
(000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 4.38%, 04/12/27 | $ | 500 | $ | 457,994 | ||||
| 4.45%, 08/17/26 | 500 | 462,845 | ||||||
| 5.25%, 05/13/26 | 600 | 573,596 | ||||||
| 5.95%, 10/20/25 | 800 | 779,804 | ||||||
| 6.00%, 07/16/25 | 1,100 | 1,076,381 | ||||||
| 6.45%, 11/07/24 | 800 | 788,267 | ||||||
| 6.55%, 03/28/24 | 1,000 | 986,721 | ||||||
|
CMB Wing Lung Bank Ltd. Reg S
6.50% (US Treasury Yield Curve Rate T 5 Year+3.95%), 1/24/2024 (o)
|
1,500 | 1,614,332 | ||||||
|
Dexin China Holdings Co. Ltd. Reg S 9.95%, 12/03/22 |
500 | 367,271 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 5.88%, 02/13/23 | 800 | 503,269 | ||||||
| 8.12%, 02/27/23 | 1,400 | 878,558 | ||||||
| 8.12%, 07/11/24 | 500 | 280,590 | ||||||
| 8.62%, 02/27/24 | 500 | 284,970 | ||||||
| 8.62%, 03/05/24 | 600 | 336,750 | ||||||
| 12.38%, 11/18/22 | 500 | 343,748 | ||||||
|
eHi Car Services Ltd. Reg S 7.75%, 11/14/24 |
1,200 | 1,207,918 | ||||||
|
E-House China Enterprise Holdings Ltd. Reg S 7.60%, 06/10/23 |
300 | 193,659 | ||||||
|
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 |
1,400 | 1,387,350 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | 1,400 | 1,404,020 | ||||||
| 6.75%, 07/02/23 | 1,050 | 1,046,882 | ||||||
| 6.85%, 07/02/24 | 1,000 | 1,027,424 | ||||||
|
Gemstones International Ltd. Reg S 12.00%, 03/10/23 |
600 | 434,983 | ||||||
|
Golden Eagle Retail Group Ltd. 144A 4.62%, 05/21/23 |
600 | 599,913 | ||||||
|
Greenland Global Investment Ltd. 5.90%, 02/12/23 |
400 | 279,544 | ||||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| 5.60%, 11/13/22 | 500 | 348,141 | ||||||
| 5.88%, 07/03/24 | 1,100 | 744,198 | ||||||
| 6.12%, 04/22/23 | 600 | 418,467 | ||||||
| 6.25%, 12/16/22 | 800 | 762,000 | ||||||
| 6.75%, 09/26/23 | 650 | 429,926 | ||||||
| 6.75%, 03/03/24 | 500 | 328,366 | ||||||
| Greentown China Holdings Ltd. Reg S | ||||||||
| 4.70%, 04/29/25 | 400 | 388,332 | ||||||
| 5.65%, 07/13/25 | 500 | 495,296 | ||||||
|
Guangxi Liuzhou Dongcheng Investment Development Group Co. Ltd. Reg S 7.00%, 09/30/22 |
200 | 188,052 | ||||||
See Notes to Financial Statements
| 13 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| China (continued) | ||||||||
|
Guorui Properties Ltd. Reg S 14.25%, 01/25/24 |
$ | 200 | $ | 161,629 | ||||
|
Helenbergh China Holdings Ltd. Reg S 11.00%, 03/24/23 |
200 | 193,524 | ||||||
|
Jingrui Holdings Ltd. Reg S 14.50%, 02/19/23 |
500 | 403,334 | ||||||
|
Jinke Properties Group Co. Ltd. Reg S 6.85%, 05/28/24 |
400 | 318,921 | ||||||
| Kaisa Group Holdings Ltd. Reg S | ||||||||
| 9.38%, 06/30/24 | 3,350 | 961,453 | ||||||
| 9.75%, 09/28/23 | 1,300 | 399,218 | ||||||
| 9.95%, 07/23/25 | 750 | 213,127 | ||||||
| 10.50%, 01/15/25 | 600 | 182,984 | ||||||
| 10.88%, 07/23/23 | 950 | 293,312 | ||||||
| 11.25%, 04/16/25 | 1,000 | 306,721 | ||||||
| 11.50%, 01/30/23 | 1,000 | 300,003 | ||||||
| 11.65%, 06/01/26 | 400 | 116,368 | ||||||
| 11.70%, 11/11/25 † | 1,400 | 399,884 | ||||||
| 11.95%, 11/12/23 | 750 | 236,250 | ||||||
|
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 |
1,200 | 1,233,750 | ||||||
|
Kunming Municipal Urban Construction Investment & Development Co. Ltd. Reg S 5.80%, 10/17/22 |
600 | 576,142 | ||||||
| KWG Group Holdings Ltd. Reg S | ||||||||
| 5.88%, 11/10/24 | 900 | 766,807 | ||||||
| 5.95%, 08/10/25 | 600 | 472,500 | ||||||
| 6.00%, 08/14/26 | 550 | 444,550 | ||||||
| 6.30%, 02/13/26 | 600 | 479,800 | ||||||
| 7.40%, 03/05/24 | 600 | 504,093 | ||||||
| 7.40%, 01/13/27 | 400 | 322,822 | ||||||
| 7.88%, 09/01/23 | 1,000 | 900,000 | ||||||
| Logan Group Co. Ltd. Reg S | ||||||||
| 4.25%, 07/12/25 | 400 | 361,850 | ||||||
| 4.50%, 01/13/28 | 450 | 399,446 | ||||||
| 4.70%, 07/06/26 | 500 | 451,695 | ||||||
| 4.85%, 12/14/26 | 500 | 438,033 | ||||||
| 5.25%, 02/23/23 | 900 | 872,924 | ||||||
| 5.25%, 10/19/25 | 400 | 372,000 | ||||||
| 5.75%, 01/14/25 | 450 | 431,485 | ||||||
| 6.50%, 07/16/23 | 600 | 584,250 | ||||||
|
Modern Land China Co. Ltd. Reg S 9.80%, 04/11/23 |
400 | 95,080 | ||||||
| New Metro Global Ltd. Reg S | ||||||||
| 4.62%, 10/15/25 | 200 | 171,342 | ||||||
| 4.80%, 12/15/24 | 800 | 705,870 | ||||||
| 6.80%, 08/05/23 | 500 | 470,507 | ||||||
| Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/30/25 † | 600 | 548,124 | ||||||
| 6.25%, 08/10/24 | 600 | 555,206 | ||||||
| 6.95%, 07/23/23 | 600 | 566,441 | ||||||
|
Par
(000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 7.12%, 11/08/22 | $ | 500 | $ | 476,981 | ||||
| Redsun Properties Group Ltd. Reg S | ||||||||
| 7.30%, 01/13/25 | 400 | 241,945 | ||||||
| 9.70%, 04/16/23 | 800 | 572,708 | ||||||
| RKPF Overseas 2019 A Ltd. Reg S | ||||||||
| 6.00%, 09/04/25 | 600 | 560,048 | ||||||
| 6.70%, 09/30/24 | 850 | 805,677 | ||||||
| 7.88%, 02/01/23 | 700 | 685,027 | ||||||
|
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o) |
500 | 452,525 | ||||||
|
RKPF Overseas 2020 A Ltd. Reg S 5.12%, 07/26/26 |
400 | 352,395 | ||||||
| Scenery Journey Ltd. Reg S | ||||||||
| 12.00%, 10/24/23 | 2,350 | 460,523 | ||||||
| 13.00%, 11/06/22 | 600 | 123,000 | ||||||
| 13.75%, 11/06/23 | 700 | 153,992 | ||||||
|
Seazen Group Ltd. Reg S 4.45%, 07/13/25 |
400 | 347,337 | ||||||
|
Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23 |
400 | 408,624 | ||||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/26/24 | 1,400 | 1,015,765 | ||||||
| 6.50%, 07/09/23 | 800 | 619,988 | ||||||
| 6.50%, 01/10/25 | 1,100 | 790,051 | ||||||
| 6.50%, 01/26/26 † | 1,000 | 719,854 | ||||||
| 6.65%, 08/03/24 | 800 | 583,478 | ||||||
| 6.80%, 10/20/24 | 1,000 | 719,862 | ||||||
| 7.00%, 07/09/25 | 900 | 646,661 | ||||||
| 7.50%, 02/01/24 | 1,000 | 749,951 | ||||||
| 7.95%, 10/11/23 | 1,000 | 776,250 | ||||||
| 8.35%, 04/19/23 | 1,000 | 786,058 | ||||||
| Times China Holdings Ltd. Reg S | ||||||||
| 5.55%, 06/04/24 | 900 | 734,776 | ||||||
| 5.75%, 01/14/27 | 600 | 460,222 | ||||||
| 6.20%, 03/22/26 | 600 | 462,731 | ||||||
| 6.60%, 03/02/23 | 400 | 356,266 | ||||||
| 6.75%, 07/16/23 | 800 | 657,371 | ||||||
| 6.75%, 07/08/25 | 800 | 634,726 | ||||||
|
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23 |
400 | 399,132 | ||||||
|
Wanda Properties International Co. Ltd. 7.25%, 01/29/24 |
200 | 190,730 | ||||||
|
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 |
900 | 858,285 | ||||||
|
Wanda Properties Overseas Ltd. Reg S 6.88%, 07/23/23 |
600 | 571,733 | ||||||
See Notes to Financial Statements
| 14 |
|
|
|
Par
(000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 6.95%, 12/05/22 | $ | 600 | $ | 575,555 | ||||
|
Wealth Driven Ltd. Reg S 5.50%, 08/17/23 |
600 | 595,239 | ||||||
|
West China Cement Ltd. Reg S 4.95%, 07/08/26 |
1,000 | 970,925 | ||||||
|
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23 |
700 | 706,362 | ||||||
|
Yango Justice International Ltd. Reg S 9.25%, 04/15/23 |
400 | 104,025 | ||||||
|
Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23 |
600 | 606,515 | ||||||
| Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
| 6.00%, 10/25/23 | 1,000 | 534,084 | ||||||
| 6.35%, 01/13/27 | 800 | 363,753 | ||||||
| 7.38%, 01/13/26 | 1,300 | 598,548 | ||||||
| 7.70%, 02/20/25 | 600 | 304,406 | ||||||
| 8.30%, 05/27/25 | 600 | 300,773 | ||||||
| 8.38%, 10/30/24 | 600 | 303,332 | ||||||
| 8.50%, 02/04/23 | 700 | 378,867 | ||||||
| 8.50%, 02/26/24 | 800 | 404,617 | ||||||
| Zhenro Properties Group Ltd. Reg S | ||||||||
| 6.63%, 01/07/26 | 600 | 421,626 | ||||||
| 7.10%, 09/10/24 | 500 | 369,108 | ||||||
| 7.35%, 02/05/25 | 600 | 423,440 | ||||||
| 9.15%, 05/06/23 | 400 | 298,442 | ||||||
|
Zhongyuan Asset Management Co. Ltd. Reg S 4.20%, 11/29/22 |
650 | 535,633 | ||||||
|
Zoomlion HK SPV Co. Ltd. 144A 6.12%, 12/20/22 |
400 | 410,720 | ||||||
| 83,093,724 | ||||||||
| Colombia: 5.4% | ||||||||
| Banco de Bogota SA 144A | ||||||||
| 5.38%, 02/19/23 | 1,525 | 1,586,991 | ||||||
| 6.25%, 05/12/26 † | 3,458 | 3,782,222 | ||||||
| Banco de Bogota SA Reg S | ||||||||
| 5.38%, 02/19/23 | 100 | 104,065 | ||||||
| 6.25%, 05/12/26 | 400 | 437,504 | ||||||
|
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/26 |
1,450 | 1,470,344 | ||||||
|
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/24 |
1,900 | 1,938,000 | ||||||
|
Cable Onda SA 144A 4.50%, 01/30/30 |
1,900 | 1,973,388 | ||||||
|
Canacol Energy Ltd. 144A 7.25%, 05/03/25 |
1,100 | 1,147,036 | ||||||
| Colombia Telecomunicaciones SA ESP Reg S | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Colombia (continued) | ||||||||
| 4.95%, 07/17/30 | $ | 100 | $ | 102,660 | ||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | 4,175 | 4,324,569 | ||||||
| 5.38%, 06/26/26 | 5,200 | 5,629,520 | ||||||
| 5.88%, 09/18/23 | 6,318 | 6,794,061 | ||||||
| 5.88%, 05/28/45 † | 7,050 | 7,148,347 | ||||||
| 6.88%, 04/29/30 | 6,750 | 7,805,768 | ||||||
| 7.38%, 09/18/43 | 2,933 | 3,405,638 | ||||||
| Empresas Publicas de Medellin ESP 144A | ||||||||
| 4.25%, 07/18/29 | 3,500 | 3,409,700 | ||||||
| 4.38%, 02/15/31 | 2,025 | 1,964,756 | ||||||
|
Geopark Ltd. 144A 5.50%, 01/17/27 † |
1,700 | 1,691,203 | ||||||
|
Gilex Holding Sarl 144A 8.50%, 05/02/23 |
1,300 | 1,319,539 | ||||||
|
Gran Colombia Gold Corp. 144A 6.88%, 08/09/26 |
1,000 | 995,900 | ||||||
|
Grupo Aval Ltd. 144A 4.38%, 02/04/30 |
3,400 | 3,327,750 | ||||||
|
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 |
1,900 | 2,055,344 | ||||||
|
Multibank, Inc. 144A 4.38%, 11/09/22 |
700 | 713,125 | ||||||
|
Multibank, Inc. Reg S 4.38%, 11/09/22 † |
400 | 407,500 | ||||||
|
Oleoducto Central SA 144A 4.00%, 07/14/27 |
1,450 | 1,485,213 | ||||||
|
Oleoducto Central SA Reg S 4.00%, 07/14/27 |
200 | 204,857 | ||||||
|
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 |
1,300 | 1,293,188 | ||||||
|
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 |
1,900 | 1,973,625 | ||||||
|
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 |
1,758 | 1,810,155 | ||||||
|
Termocandelaria Power Ltd. Reg S 7.88%, 01/30/29 |
185 | 190,543 | ||||||
| 70,492,511 | ||||||||
| Costa Rica: 0.3% | ||||||||
|
Banco Nacional de Costa Rica 144A 6.25%, 11/01/23 |
1,200 | 1,282,620 | ||||||
| Instituto Costarricense de Electricidad 144A | ||||||||
| 6.38%, 05/15/43 † | 1,700 | 1,453,143 | ||||||
| 6.75%, 10/07/31 † | 1,000 | 996,925 | ||||||
|
Instituto Costarricense de Electricidad Reg S 6.38%, 05/15/43 |
100 | 85,479 | ||||||
| 3,818,167 | ||||||||
| Cyprus: 0.7% | ||||||||
| Credit Bank of Moscow Via CBOM Finance Plc 144A | ||||||||
See Notes to Financial Statements
| 15 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Cyprus (continued) | ||||||||
| 4.70%, 01/29/25 | $ | 1,900 | $ | 1,955,860 | ||||
| MHP Lux SA 144A | ||||||||
| 6.25%, 09/19/29 † | 1,150 | 1,178,060 | ||||||
| 6.95%, 04/03/26 | 1,625 | 1,731,535 | ||||||
|
MHP SE 144A 7.75%, 05/10/24 † |
1,825 | 1,973,748 | ||||||
|
TMK OAO Via TMK Capital SA Reg S 4.30%, 02/12/27 |
1,800 | 1,816,272 | ||||||
| 8,655,475 | ||||||||
| Dominican Republic: 0.1% | ||||||||
|
Banco de Reservas de la Republica Dominicana 144A 7.00%, 02/01/23 |
1,000 | 1,046,650 | ||||||
| El Salvador: 0.1% | ||||||||
|
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24 |
1,050 | 1,091,911 | ||||||
|
Grupo Unicomer Co. Ltd. Reg S 7.88%, 04/01/24 |
200 | 207,983 | ||||||
| 1,299,894 | ||||||||
| France: 0.1% | ||||||||
|
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 |
1,100 | 1,162,975 | ||||||
| Georgia: 0.3% | ||||||||
|
Georgia Capital JSC 144A 6.12%, 03/09/24 |
200 | 206,300 | ||||||
|
Georgia Capital JSC Reg S 6.12%, 03/09/24 |
1,100 | 1,134,650 | ||||||
|
Georgian Railway JSC 144A 4.00%, 06/17/28 |
1,800 | 1,822,500 | ||||||
|
TBC Bank JSC 144A 5.75%, 06/19/24 |
1,100 | 1,174,937 | ||||||
| 4,338,387 | ||||||||
| Ghana: 0.3% | ||||||||
|
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † |
2,100 | 2,098,226 | ||||||
|
Tullow Oil Plc 144A 7.00%, 03/01/25 |
2,700 | 2,366,698 | ||||||
| 4,464,924 | ||||||||
| Greece: 0.1% | ||||||||
|
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25 |
1,675 | 1,807,886 | ||||||
| Guatemala: 0.3% | ||||||||
|
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/26 |
1,100 | 1,103,239 | ||||||
|
Central American Bottling Corp. 144A 5.75%, 01/31/27 |
2,191 | 2,273,382 | ||||||
|
Central American Bottling Corp. Reg S 5.75%, 01/31/27 |
200 | 207,520 | ||||||
| Energuate Trust Reg S | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Guatemala (continued) | ||||||||
| 5.88%, 05/03/27 | $ | 200 | $ | 204,750 | ||||
| 3,788,891 | ||||||||
| Honduras: 0.1% | ||||||||
|
Inversiones Atlantida SA 144A 7.50%, 05/19/26 |
1,000 | 1,034,140 | ||||||
| Hong Kong: 3.6% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
| 5.75%, 01/02/25 | 700 | 560,284 | ||||||
| 6.05%, 10/13/25 † | 850 | 667,319 | ||||||
|
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 3/7/2023 (o) |
950 | 611,715 | ||||||
|
7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) |
700 | 426,245 | ||||||
|
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) |
1,050 | 641,120 | ||||||
|
Bank of East Asia Ltd. Reg S |
||||||||
|
5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) |
2,300 | 2,406,513 | ||||||
|
5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o) |
2,100 | 2,193,985 | ||||||
|
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) |
2,600 | 2,613,257 | ||||||
| Champion Path Holdings Ltd. Reg S | ||||||||
| 4.50%, 01/27/26 | 1,800 | 1,801,913 | ||||||
| 4.85%, 01/27/28 | 1,600 | 1,577,902 | ||||||
|
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26 |
200 | 202,043 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 11.62%, 09/03/24 | 400 | 226,468 | ||||||
| 11.75%, 08/02/23 | 800 | 514,990 | ||||||
|
Fortune Star BVI Ltd. 5.95%, 01/29/23 |
900 | 906,714 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.00%, 05/18/26 | 700 | 669,392 | ||||||
| 5.05%, 01/27/27 | 700 | 653,294 | ||||||
|
Franshion Brilliant Ltf. 4.88%, 06/21/24 |
400 | 324,887 | ||||||
|
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24 |
700 | 689,356 | ||||||
|
Hopson Development Holdings Ltd. Reg S 7.00%, 05/18/24 |
400 | 377,932 | ||||||
|
Huarong Finance 2017 Co. Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+6.98%), 11/7/2022 (o) |
950 | 904,875 | ||||||
See Notes to Financial Statements
| 16 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Hong Kong (continued) | ||||||||
| Jiayuan International Group Ltd. Reg S | ||||||||
| 12.50%, 04/08/23 | $ | 400 | $ | 196,400 | ||||
| 12.50%, 07/21/23 | 400 | 206,000 | ||||||
|
Lai Fung Bonds 2018 Ltd. Reg S 5.65%, 01/18/23 |
1,300 | 1,228,612 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | 3,200 | 3,168,800 | ||||||
| 5.25%, 04/26/26 | 1,750 | 1,735,807 | ||||||
| 5.38%, 12/04/29 | 4,175 | 4,112,375 | ||||||
| 5.62%, 07/17/27 † | 2,020 | 2,025,555 | ||||||
| 5.75%, 07/21/28 | 2,775 | 2,768,063 | ||||||
|
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 |
600 | 550,938 | ||||||
|
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 |
800 | 707,101 | ||||||
|
Seaspan Corp. 144A 5.50%, 08/01/29 |
2,700 | 2,730,132 | ||||||
|
Seaspan Corp. 144A Reg S 6.50%, 04/29/26 |
1,000 | 1,074,876 | ||||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | 3,825 | 3,468,682 | ||||||
| 6.00%, 07/15/25 | 1,750 | 1,701,298 | ||||||
| 6.50%, 01/15/28 † | 1,500 | 1,444,568 | ||||||
|
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
800 | 781,788 | ||||||
|
Zoomlion HK SPV Co. Ltd. Reg S 6.12%, 12/20/22 |
200 | 205,360 | ||||||
| 47,076,559 | ||||||||
| India: 5.5% | ||||||||
|
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 |
3,600 | 3,937,572 | ||||||
|
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
2,700 | 2,736,725 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 |
1,500 | 1,616,550 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 215,540 | ||||||
|
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 |
1,211 | 1,214,015 | ||||||
|
Bank of Baroda Reg S 3.88%, 04/04/24 |
1,050 | 1,099,405 | ||||||
|
Canara Bank Reg S 3.88%, 03/28/24 |
1,500 | 1,563,600 | ||||||
| Delhi International Airport Ltd. 144A | ||||||||
|
Par
(000’s |
) | Value | ||||||
| India (continued) | ||||||||
| 6.12%, 10/31/26 | $ | 1,700 | $ | 1,710,256 | ||||
| 6.45%, 06/04/29 | 1,500 | 1,489,290 | ||||||
|
Delhi International Airport Ltd. Reg S 6.45%, 06/04/29 |
300 | 297,858 | ||||||
|
Future Retail Ltd. 144A 5.60%, 01/22/25 |
1,200 | 722,424 | ||||||
|
Future Retail Ltd. Reg S 5.60%, 01/22/25 |
200 | 120,404 | ||||||
| GMR Hyderabad International Airport Ltd. 144A | ||||||||
| 4.25%, 10/27/27 | 1,100 | 1,062,052 | ||||||
| 4.75%, 02/02/26 † | 1,100 | 1,111,317 | ||||||
| 5.38%, 04/10/24 | 1,000 | 1,030,198 | ||||||
|
GMR Hyderabad International Airport Ltd. Reg S 4.25%, 10/27/27 |
200 | 193,100 | ||||||
| HPCL-Mittal Energy Ltd. Reg S | ||||||||
| 5.25%, 04/28/27 | 1,400 | 1,445,882 | ||||||
| 5.45%, 10/22/26 | 1,000 | 1,043,125 | ||||||
|
IIFL Finance Ltd. Reg S 5.88%, 04/20/23 |
1,300 | 1,264,234 | ||||||
|
India Green Energy Holdings 144A 5.38%, 04/29/24 |
1,150 | 1,193,568 | ||||||
|
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
2,400 | 2,401,860 | ||||||
| JSW Steel Ltd. 144A | ||||||||
| 3.95%, 04/05/27 † | 1,650 | 1,666,527 | ||||||
| 5.05%, 04/05/32 | 1,750 | 1,780,760 | ||||||
| JSW Steel Ltd. Reg S | ||||||||
| 5.38%, 04/04/25 | 1,400 | 1,476,646 | ||||||
| 5.95%, 04/18/24 | 1,700 | 1,803,112 | ||||||
|
Manappuram Finance Ltd. Reg S 5.90%, 01/13/23 |
1,000 | 1,027,575 | ||||||
| Muthoot Finance Ltd. 144A | ||||||||
| 4.40%, 09/02/23 | 1,850 | 1,886,306 | ||||||
| 6.12%, 10/31/22 | 1,300 | 1,336,562 | ||||||
|
Muthoot Finance Ltd. Reg S 4.40%, 09/02/23 |
200 | 203,925 | ||||||
|
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
3,200 | 3,388,000 | ||||||
|
Periama Holdings LLC Reg S 5.95%, 04/19/26 |
2,600 | 2,817,828 | ||||||
|
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 |
1,350 | 1,418,590 | ||||||
|
ReNew Power Pvt Ltd. Reg S 5.88%, 03/05/27 |
250 | 262,702 | ||||||
|
ReNew Power Synthetic 144A 6.67%, 03/12/24 |
1,750 | 1,834,863 | ||||||
|
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 |
2,050 | 2,085,231 | ||||||
See Notes to Financial Statements
| 17 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| India (continued) | ||||||||
| Shriram Transport Finance Co. Ltd. 144A | ||||||||
| 4.40%, 03/13/24 | $ | 2,500 | $ | 2,513,125 | ||||
| 5.10%, 07/16/23 † | 1,700 | 1,730,642 | ||||||
|
Tata Motors Ltd. Reg S 5.88%, 05/20/25 |
1,300 | 1,394,445 | ||||||
|
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 |
1,300 | 1,361,657 | ||||||
|
UPL Corp. Ltd. Reg S 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o) |
1,400 | 1,419,075 | ||||||
| Vedanta Resources Finance II Plc 144A | ||||||||
| 8.00%, 04/23/23 | 1,400 | 1,378,573 | ||||||
| 9.25%, 04/23/26 | 2,100 | 2,024,967 | ||||||
| 13.88%, 01/21/24 | 3,450 | 3,761,880 | ||||||
| Vedanta Resources Ltd. 144A | ||||||||
| 6.12%, 08/09/24 | 3,250 | 2,965,414 | ||||||
| 7.12%, 05/31/23 | 1,625 | 1,586,488 | ||||||
|
Yes Bank Ifsc Banking Unit Branch Reg S 3.75%, 02/06/23 |
1,300 | 1,288,528 | ||||||
| 71,882,396 | ||||||||
| Indonesia: 2.3% | ||||||||
|
Adaro Indonesia PT 144A 4.25%, 10/31/24 |
2,600 | 2,665,247 | ||||||
|
Adaro Indonesia PT Reg S 4.25%, 10/31/24 |
100 | 102,509 | ||||||
|
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 |
1,000 | 627,798 | ||||||
|
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * |
111 | 1,429 | ||||||
|
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25 |
1,000 | 1,013,966 | ||||||
|
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 |
1,200 | 1,216,092 | ||||||
|
Bukit Makmur Mandiri Utama PT Reg S 7.75%, 02/10/26 |
200 | 202,682 | ||||||
|
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 |
1,800 | 1,843,650 | ||||||
|
Cikarang Listrindo Tbk PT Reg S 4.95%, 09/14/26 |
200 | 204,850 | ||||||
|
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 |
1,000 | 1,031,417 | ||||||
|
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 |
1,623 | 1,650,185 | ||||||
|
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 |
2,450 | 2,601,594 | ||||||
|
Jababeka International BV 144A 6.50%, 10/05/23 |
1,090 | 1,039,546 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Indonesia (continued) | ||||||||
|
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 |
$ | 1,350 | $ | 1,423,786 | ||||
|
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 |
2,225 | 2,282,294 | ||||||
|
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 |
1,900 | 2,040,125 | ||||||
|
Medco Oak Tree Pte Ltd. Reg S 7.38%, 05/14/26 † |
300 | 322,125 | ||||||
|
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 |
1,800 | 1,879,929 | ||||||
|
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 |
1,350 | 1,379,717 | ||||||
|
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 |
2,100 | 2,044,644 | ||||||
|
SSMS Plantation Holdings Pte Ltd. Reg S 7.75%, 01/23/23 |
1,100 | 809,704 | ||||||
|
Star Energy Geothermal Wayang Windu Ltd. Reg S 6.75%, 04/24/33 |
168 | 187,702 | ||||||
| Theta Capital Pte Ltd. Reg S | ||||||||
| 6.75%, 10/31/26 | 1,400 | 1,400,565 | ||||||
| 8.12%, 01/22/25 † | 1,450 | 1,535,446 | ||||||
| 29,507,002 | ||||||||
| Ireland: 0.5% | ||||||||
|
Credit Bank of Moscow Via CBOM Finance Plc 144A 3.88%, 09/21/26 |
1,800 | 1,753,182 | ||||||
|
Eurochem Finance DAC Reg S 5.50%, 03/13/24 |
200 | 215,375 | ||||||
|
Hacienda Investments Ltd. Via DME Airport DAC 144A 5.35%, 02/08/28 |
1,600 | 1,677,291 | ||||||
|
SCF Capital Designated Activity Co. 144A 3.85%, 04/26/28 |
1,500 | 1,554,968 | ||||||
|
Suek Securities DAC 144A 3.38%, 09/15/26 |
1,700 | 1,695,410 | ||||||
| 6,896,226 | ||||||||
| Isle of Man: 0.0% | ||||||||
|
Gold Fields Orogen Holdings BVI Ltd. Reg S 5.12%, 05/15/24 |
300 | 321,645 | ||||||
| Israel: 3.6% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 5.75%, 06/30/23 | 1,750 | 1,820,437 | ||||||
| 6.12%, 06/30/25 | 2,050 | 2,217,803 | ||||||
| 6.50%, 06/30/27 | 2,075 | 2,272,125 | ||||||
| 6.75%, 06/30/30 | 1,900 | 2,093,562 | ||||||
|
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 |
2,400 | 2,421,000 | ||||||
|
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † |
2,275 | 2,437,913 | ||||||
See Notes to Financial Statements
| 18 |
|
Par
(000’s |
) | Value | ||||||
| Israel (continued) | ||||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | $ | 8,575 | $ | 8,648,316 | ||||
| 3.15%, 10/01/26 | 9,975 | 9,413,906 | ||||||
| 4.10%, 10/01/46 | 5,725 | 4,730,711 | ||||||
| 6.00%, 04/15/24 | 3,567 | 3,745,350 | ||||||
| 6.75%, 03/01/28 † | 3,590 | 3,935,538 | ||||||
| 7.12%, 01/31/25 | 2,875 | 3,089,734 | ||||||
| 46,826,395 | ||||||||
| Kazakhstan: 0.3% | ||||||||
|
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 |
3,175 | 4,308,221 | ||||||
| Kuwait: 0.4% | ||||||||
| Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
| 4.23%, 10/29/26 | 1,900 | 1,804,426 | ||||||
| 4.50%, 02/23/27 | 1,700 | 1,617,074 | ||||||
| 5.00%, 03/15/23 | 1,600 | 1,604,210 | ||||||
| 5,025,710 | ||||||||
| Luxembourg: 2.0% | ||||||||
|
AI Candelaria Spain SLU 144A 7.50%, 12/15/28 |
1,100 | 1,185,250 | ||||||
|
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
1,900 | 1,893,065 | ||||||
|
CSN Resources SA 144A 4.62%, 06/10/31 |
1,250 | 1,230,938 | ||||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| 4.50%, 03/30/24 | 2,150 | 2,197,300 | ||||||
| 4.88%, 03/30/26 | 2,150 | 2,191,301 | ||||||
| 5.38%, 03/30/28 | 2,175 | 2,207,897 | ||||||
| 5.88%, 03/30/31 | 2,225 | 2,260,044 | ||||||
|
Gol Finance SA 144A 8.00%, 06/30/26 † |
900 | 871,403 | ||||||
|
Hidrovias International Finance Sarl 144A 4.95%, 02/08/31 |
800 | 751,760 | ||||||
|
JBS Finance Luxembourg Sarl 144A 3.62%, 01/15/32 |
1,500 | 1,483,005 | ||||||
|
Kenbourne Invest SA 144A 4.70%, 01/22/28 |
1,450 | 1,444,562 | ||||||
|
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 |
2,650 | 2,583,750 | ||||||
|
MHP Lux SA Reg S 6.95%, 04/03/26 |
250 | 266,390 | ||||||
|
Minerva Luxembourg SA 144A 4.38%, 03/18/31 |
1,800 | 1,713,510 | ||||||
|
Minerva Luxembourg SA Reg S 4.38%, 03/18/31 |
200 | 190,390 | ||||||
|
Movida Europe SA 144A 5.25%, 02/08/31 |
1,200 | 1,133,958 | ||||||
|
Petrorio Luxembourg Sarl 144A 6.12%, 06/09/26 |
900 | 907,875 | ||||||
| Poinsettia Finance Ltd. 144A | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 6.62%, 06/17/31 | $ | 197 | $ | 196,390 | ||||
| Puma International Financing SA Reg S | ||||||||
| 5.00%, 01/24/26 | 200 | 201,076 | ||||||
| 5.12%, 10/06/24 | 200 | 201,800 | ||||||
|
Rede D’or Finance Sarl Reg S 4.95%, 01/17/28 |
200 | 205,552 | ||||||
|
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 |
600 | 562,500 | ||||||
|
Tupy Overseas SA Reg S 4.50%, 02/16/31 |
200 | 189,012 | ||||||
|
Ultrapar International SA Reg S 5.25%, 10/06/26 |
200 | 213,254 | ||||||
|
Unigel Luxembourg SA Reg S 8.75%, 10/01/26 † |
200 | 212,743 | ||||||
| 26,494,725 | ||||||||
| Macao: 0.1% | ||||||||
|
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 |
1,300 | 1,252,407 | ||||||
|
MGM China Holdings Ltd. Reg S 5.38%, 05/15/24 |
200 | 200,458 | ||||||
| 1,452,865 | ||||||||
| Malta: 0.0% | ||||||||
|
VistaJet Malta Finance Plc / XO Management Holding, Inc. Reg S 10.50%, 06/01/24 |
200 | 216,130 | ||||||
| Mauritius: 1.4% | ||||||||
|
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
1,400 | 1,412,688 | ||||||
|
Azure Power Solar Energy Private Ltd. Reg S 5.65%, 12/24/24 |
200 | 210,500 | ||||||
|
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 |
1,100 | 1,119,965 | ||||||
|
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27 |
200 | 203,630 | ||||||
|
Cliffton Ltd. 144A 6.25%, 10/25/25 |
1,600 | 1,586,760 | ||||||
| IHS Netherlands Holdco BV 144A | ||||||||
| 7.12%, 03/18/25 | 1,700 | 1,761,625 | ||||||
| 8.00%, 09/18/27 | 3,375 | 3,594,375 | ||||||
|
India Cleantech Energy 144A 4.70%, 08/10/26 |
1,200 | 1,210,350 | ||||||
|
India Green Power Holdings 144A 4.00%, 02/22/27 |
1,350 | 1,358,437 | ||||||
|
India Green Power Holdings Reg S 4.00%, 02/22/27 |
200 | 201,250 | ||||||
|
India Toll Roads 144A 5.50%, 08/19/24 |
1,100 | 1,089,066 | ||||||
|
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 |
2,100 | 2,188,956 | ||||||
See Notes to Financial Statements
| 19 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Mauritius (continued) | ||||||||
|
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o) |
$ | 1,700 | $ | 1,717,144 | ||||
|
Network i2i Ltd. Reg S 5.65% (US Treasury Yield Curve Rate T 5 Year+4.27%), 1/15/2025 (o) |
300 | 317,625 | ||||||
| 17,972,371 | ||||||||
| Mexico: 7.0% | ||||||||
|
Axtel SAB de CV 144A 6.38%, 11/14/24 |
1,418 | 1,464,454 | ||||||
|
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/26 |
1,800 | 1,793,268 | ||||||
|
Braskem Idesa SAPI Reg S 7.45%, 11/15/29 † |
300 | 318,750 | ||||||
|
Cemex SAB de CV 144A |
||||||||
|
3.88%, 07/11/31 |
5,850 | 5,878,958 | ||||||
|
5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) |
3,450 | 3,568,763 | ||||||
| 5.20%, 09/17/30 | 3,150 | 3,414,726 | ||||||
| 5.45%, 11/19/29 | 3,500 | 3,795,575 | ||||||
| 7.38%, 06/05/27 | 3,150 | 3,486,681 | ||||||
| Cemex SAB de CV Reg S | ||||||||
| 3.88%, 07/11/31 | 250 | 251,237 | ||||||
| 5.20%, 09/17/30 | 250 | 271,010 | ||||||
| 7.38%, 06/05/27 | 300 | 332,065 | ||||||
|
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 |
2,000 | 1,918,130 | ||||||
| Credito Real SAB de CV SOFOM ER 144A | ||||||||
| 8.00%, 01/21/28 † | 1,300 | 1,108,965 | ||||||
| 9.50%, 02/07/26 † | 900 | 837,432 | ||||||
|
Cydsa SAB de CV 144A 6.25%, 10/04/27 |
1,600 | 1,628,160 | ||||||
|
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 |
1,200 | 1,172,100 | ||||||
|
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 † |
1,250 | 1,276,562 | ||||||
|
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) |
1,600 | 1,666,800 | ||||||
|
Grupo Bimbo SAB de CV Reg S 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) |
200 | 208,350 | ||||||
|
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
1,585 | 1,630,569 | ||||||
|
Metalsa SA de CV 144A 3.75%, 05/04/31 |
1,050 | 989,630 | ||||||
|
Mexarrend SAPI de CV 144A 10.25%, 07/24/24 |
1,050 | 1,001,133 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
|
Nemak SAB de CV 144A 3.62%, 06/28/31 |
$ | 1,700 | $ | 1,593,614 | ||||
|
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 |
1,700 | 1,669,349 | ||||||
| Petróleos Mexicanos | ||||||||
| 3.50%, 01/30/23 | 782 | 791,188 | ||||||
| 4.25%, 01/15/25 † | 525 | 534,844 | ||||||
| 4.50%, 01/23/26 | 925 | 934,430 | ||||||
| 4.62%, 09/21/23 | 625 | 644,531 | ||||||
| 4.88%, 01/18/24 † | 700 | 725,067 | ||||||
| 5.35%, 02/12/28 | 1,675 | 1,674,121 | ||||||
| 5.50%, 06/27/44 † | 525 | 426,980 | ||||||
| 5.62%, 01/23/46 | 650 | 529,763 | ||||||
| 5.95%, 01/28/31 | 2,550 | 2,513,854 | ||||||
| 6.35%, 02/12/48 | 1,950 | 1,666,450 | ||||||
| 6.38%, 01/23/45 | 1,050 | 908,497 | ||||||
| 6.49%, 01/23/27 | 1,600 | 1,703,040 | ||||||
| 6.50%, 03/13/27 | 3,650 | 3,895,937 | ||||||
| 6.50%, 01/23/29 | 1,350 | 1,408,556 | ||||||
| 6.50%, 06/02/41 | 1,050 | 952,455 | ||||||
| 6.62%, 06/15/35 | 1,875 | 1,819,847 | ||||||
| 6.62%, 06/15/38 | 350 | 326,690 | ||||||
| 6.75%, 09/21/47 | 4,075 | 3,612,732 | ||||||
| 6.84%, 01/23/30 | 2,975 | 3,116,060 | ||||||
| 6.88%, 08/04/26 | 2,025 | 2,212,819 | ||||||
| 6.95%, 01/28/60 | 2,575 | 2,289,175 | ||||||
| 7.69%, 01/23/50 | 5,450 | 5,215,868 | ||||||
|
Petróleos Mexicanos 144A 6.88%, 10/16/25 |
1,025 | 1,121,125 | ||||||
|
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 |
900 | 876,803 | ||||||
|
Sixsigma Networks Mexico SA de CV Reg S 7.50%, 05/02/25 |
200 | 194,845 | ||||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
| 6.38%, 09/20/28 | 1,900 | 1,873,875 | ||||||
| 7.50%, 11/12/25 | 1,900 | 1,978,641 | ||||||
|
Total Play Telecomunicaciones SA de CV Reg S 7.50%, 11/12/25 |
200 | 208,278 | ||||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | 1,350 | 1,252,827 | ||||||
| 7.25%, 09/27/23 | 1,100 | 1,073,644 | ||||||
| 8.38%, 01/27/28 | 1,500 | 1,330,537 | ||||||
| 9.88%, 01/28/29 † | 1,850 | 1,720,500 | ||||||
| 90,810,260 | ||||||||
| Mongolia: 0.1% | ||||||||
|
Mongolian Mining Corp. / Energy Resources LLC 144A 9.25%, 04/15/24 |
1,400 | 1,241,219 | ||||||
| Morocco: 1.0% | ||||||||
| OCP SA 144A | ||||||||
| 3.75%, 06/23/31 | 2,550 | 2,505,230 | ||||||
| 4.50%, 10/22/25 | 2,050 | 2,188,094 | ||||||
See Notes to Financial Statements
| 20 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Morocco (continued) | ||||||||
| 5.12%, 06/23/51 | $ | 2,600 | $ | 2,540,811 | ||||
| 5.62%, 04/25/24 | 2,450 | 2,651,248 | ||||||
| 6.88%, 04/25/44 † | 2,100 | 2,526,497 | ||||||
| 12,411,880 | ||||||||
| Netherlands: 0.6% | ||||||||
|
Braskem Netherlands Finance BV Reg S 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 10/24/25 |
250 | 278,933 | ||||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
3,152 | 3,187,145 | ||||||
|
Metinvest BV Reg S 7.75%, 10/17/29 |
200 | 218,320 | ||||||
|
Petrobras Global Finance BV 5.50%, 06/10/51 |
1,575 | 1,385,244 | ||||||
|
Tecpetrol SA 144A 4.88%, 12/12/22 |
1,750 | 1,750,175 | ||||||
|
VEON Holdings BV Reg S 7.25%, 04/26/23 |
250 | 266,287 | ||||||
| 7,086,104 | ||||||||
| Nigeria: 0.5% | ||||||||
|
Access Bank Plc 144A |
||||||||
|
6.12%, 09/21/26 |
1,500 | 1,507,650 | ||||||
|
9.12% (US Treasury Yield Curve Rate T 5 Year+8.07%), 10/7/2026 (o) |
200 | 198,280 | ||||||
|
EBN Finance Co. BV 144A 7.12%, 02/16/26 |
1,100 | 1,091,090 | ||||||
|
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 |
1,200 | 1,287,456 | ||||||
|
Seplat Energy Plc 144A 7.75%, 04/01/26 |
2,100 | 2,166,150 | ||||||
|
Seplat Energy Plc Reg S 7.75%, 04/01/26 |
200 | 206,300 | ||||||
| 6,456,926 | ||||||||
| Oman: 1.6% | ||||||||
| Bank Muscat SAOG Reg S | ||||||||
| 4.75%, 03/17/26 | 1,500 | 1,547,991 | ||||||
| 4.88%, 03/14/23 | 1,950 | 2,009,247 | ||||||
|
Lamar Funding Ltd. 144A 3.96%, 05/07/25 |
3,100 | 3,112,149 | ||||||
|
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 |
350 | 351,372 | ||||||
|
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 |
1,750 | 1,854,118 | ||||||
|
National Bank of Oman SAOG Reg S 5.62%, 09/25/23 |
1,650 | 1,727,137 | ||||||
|
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 |
1,750 | 1,825,421 | ||||||
|
OQ SAOC 144A 5.12%, 05/06/28 |
2,700 | 2,769,709 | ||||||
| Oztel Holdings SPC Ltd. 144A | ||||||||
| 5.62%, 10/24/23 | 2,100 | 2,195,348 | ||||||
| 6.62%, 04/24/28 | 2,950 | 3,269,379 | ||||||
| Oztel Holdings SPC Ltd. Reg S | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Oman (continued) | ||||||||
| 6.62%, 04/24/28 | $ | 200 | $ | 221,653 | ||||
| 20,883,524 | ||||||||
| Panama: 0.5% | ||||||||
|
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) |
1,400 | 1,408,764 | ||||||
|
Banistmo SA 144A 4.25%, 07/31/27 |
1,400 | 1,415,820 | ||||||
|
Cable Onda SA Reg S 4.50%, 01/30/30 |
200 | 207,725 | ||||||
|
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/28 |
1,250 | 1,309,600 | ||||||
|
Industrial Senior Trust 144A 5.50%, 11/01/22 |
1,700 | 1,744,642 | ||||||
| 6,086,551 | ||||||||
| Paraguay: 0.2% | ||||||||
|
Banco Continental SAECA 144A 2.75%, 12/10/25 |
1,200 | 1,190,850 | ||||||
|
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 |
1,000 | 1,020,755 | ||||||
| 2,211,605 | ||||||||
| Peru: 1.4% | ||||||||
|
Auna SAA 144A 6.50%, 11/20/25 |
1,000 | 1,041,260 | ||||||
| Banco Internacional del Peru SAA Interbank 144A | ||||||||
|
4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/25 |
1,100 | 1,112,210 | ||||||
|
6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/24 |
1,050 | 1,122,324 | ||||||
|
Camposol SA 144A 6.00%, 02/03/27 |
1,200 | 1,249,710 | ||||||
|
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 |
2,000 | 1,987,520 | ||||||
|
Corp. Financiera de Desarrollo SA 144A 5.25% (ICE LIBOR USD 3 Month+5.61%), 07/15/24 |
1,100 | 1,145,171 | ||||||
|
Hunt Oil Co. of Peru LLC Sucursal Del Peru 144A 6.38%, 06/01/28 |
2,050 | 2,018,338 | ||||||
|
InRetail Consumer 144A 3.25%, 03/22/28 |
1,900 | 1,869,609 | ||||||
|
InRetail Consumer Reg S 3.25%, 03/22/28 |
200 | 196,801 | ||||||
|
InRetail Shopping Malls 144A 5.75%, 04/03/28 |
1,175 | 1,229,344 | ||||||
|
Peru LNG Srl 144A 5.38%, 03/22/30 |
2,400 | 2,038,560 | ||||||
|
Peru LNG Srl Reg S 5.38%, 03/22/30 |
800 | 679,520 | ||||||
|
San Miguel Industrias Pet SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 |
1,300 | 1,280,344 | ||||||
See Notes to Financial Statements
| 21 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Peru (continued) | ||||||||
|
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 |
$ | 1,700 | $ | 1,659,625 | ||||
| 18,630,336 | ||||||||
| Philippines: 0.1% | ||||||||
|
Rizal Commercial Banking Corp. Reg S 6.50% (US Treasury Yield Curve Rate T 5 Year+6.24%), 8/27/2025 (o) |
1,200 | 1,253,699 | ||||||
| Poland: 0.3% | ||||||||
| Canpack SA / Canpack US LLC 144A | ||||||||
| 3.12%, 11/01/25 | 1,500 | 1,509,375 | ||||||
| 3.88%, 11/15/29 | 2,700 | 2,683,125 | ||||||
| 4,192,500 | ||||||||
| Qatar: 0.2% | ||||||||
|
QNB Finansbank AS 144A 6.88%, 09/07/24 † |
2,200 | 2,361,839 | ||||||
| Russia: 3.4% | ||||||||
|
Borets Finance DAC 144A 6.00%, 09/17/26 |
1,300 | 1,350,947 | ||||||
|
Celtic Resources Holdings DAC 144A 4.12%, 10/09/24 |
1,350 | 1,414,314 | ||||||
|
Chelyabinsk Pipe Plant Via Chelpipe Finance DAC 144A 4.50%, 09/19/24 |
1,000 | 1,028,662 | ||||||
| Evraz Plc 144A | ||||||||
| 5.25%, 04/02/24 | 2,425 | 2,594,120 | ||||||
| 5.38%, 03/20/23 | 2,550 | 2,675,855 | ||||||
|
Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o) |
3,600 | 3,744,000 | ||||||
| Gtlk Europe Capital DAC Reg S | ||||||||
| 4.65%, 03/10/27 | 2,100 | 2,181,218 | ||||||
| 4.80%, 02/26/28 | 1,750 | 1,826,562 | ||||||
| 4.95%, 02/18/26 | 1,950 | 2,058,732 | ||||||
| 5.12%, 05/31/24 | 1,800 | 1,901,880 | ||||||
| 5.95%, 04/17/25 | 1,650 | 1,791,793 | ||||||
|
Petropavlovsk 2016 Ltd. 144A 8.12%, 11/14/22 |
1,250 | 1,285,550 | ||||||
|
PJSC Koks via IMH Capital DAC 144A 5.90%, 09/23/25 |
1,200 | 1,272,144 | ||||||
| Polyus Finance Plc 144A | ||||||||
| 3.25%, 10/14/28 | 200 | 198,766 | ||||||
| 4.70%, 01/29/24 | 1,500 | 1,593,472 | ||||||
| 5.25%, 02/07/23 | 2,500 | 2,626,120 | ||||||
|
Sovcombank Via SovCom Capital DAC 144A 3.40%, 01/26/25 |
1,000 | 1,005,233 | ||||||
| VEON Holdings BV 144A | ||||||||
| 3.38%, 11/25/27 | 4,525 | 4,543,620 | ||||||
| 4.00%, 04/09/25 | 3,295 | 3,417,146 | ||||||
| 4.95%, 06/16/24 | 1,850 | 1,967,845 | ||||||
| 5.95%, 02/13/23 | 1,800 | 1,901,349 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Russia (continued) | ||||||||
| 7.25%, 04/26/23 | $ | 2,175 | $ | 2,316,701 | ||||
| 44,696,029 | ||||||||
| Saudi Arabia: 0.6% | ||||||||
|
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 |
1,700 | 1,773,338 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
| 6.75%, 02/15/25 | 1,950 | 2,063,344 | ||||||
| 6.88%, 03/21/23 | 1,750 | 1,825,040 | ||||||
| 6.88%, 02/26/27 | 1,400 | 1,471,064 | ||||||
| 7,132,786 | ||||||||
| Singapore: 2.0% | ||||||||
|
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
1,985 | 2,039,587 | ||||||
| GLP Pte Ltd. Reg S | ||||||||
|
4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) |
3,600 | 3,487,860 | ||||||
|
4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) |
400 | 389,070 | ||||||
|
Greenko Investment Co. 144A 4.88%, 08/16/23 |
1,800 | 1,819,126 | ||||||
|
Greenko Mauritius Ltd. 144A 6.25%, 02/21/23 |
1,400 | 1,439,771 | ||||||
| Greenko Solar Mauritius Ltd. 144A | ||||||||
| 5.55%, 01/29/25 | 1,700 | 1,736,494 | ||||||
| 5.95%, 07/29/26 | 1,900 | 2,008,494 | ||||||
|
Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/24 |
300 | 305,025 | ||||||
|
Inkia Energy Ltd. 144A 5.88%, 11/09/27 |
2,066 | 2,151,512 | ||||||
|
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 |
1,800 | 1,864,534 | ||||||
| Puma International Financing SA 144A | ||||||||
| 5.00%, 01/24/26 | 2,300 | 2,312,374 | ||||||
| 5.12%, 10/06/24 | 1,900 | 1,917,100 | ||||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
1,635 | 1,830,094 | ||||||
|
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 |
900 | 914,359 | ||||||
| Yanlord Land HK Co. Ltd. Reg S | ||||||||
| 6.75%, 04/23/23 | 600 | 604,370 | ||||||
| 6.80%, 02/27/24 | 600 | 608,927 | ||||||
| 25,428,697 | ||||||||
| South Africa: 3.3% | ||||||||
|
Absa Group Ltd. Reg S 6.25% (US Treasury Yield Curve Rate T 5 Year+3.52%), 04/25/23 |
1,400 | 1,463,504 | ||||||
|
Eskom Holdings SOC Ltd. 144A 6.35%, 08/10/28 |
3,550 | 3,829,704 | ||||||
See Notes to Financial Statements
| 22 |
|
|
|
Par
(000’s |
) | Value | ||||||
| South Africa (continued) | ||||||||
| 6.75%, 08/06/23 | $ | 3,700 | $ | 3,827,928 | ||||
| 7.12%, 02/11/25 | 4,625 | 4,827,038 | ||||||
| 8.45%, 08/10/28 | 2,000 | 2,197,660 | ||||||
| Eskom Holdings SOC Ltd. Reg S | ||||||||
| 4.31%, 07/23/27 | 600 | 591,588 | ||||||
| 6.35%, 08/10/28 | 200 | 215,758 | ||||||
|
FirstRand Bank Ltd. Reg S 6.25% (USD Swap Semi 30/360 5 Year+3.56%), 04/23/23 |
1,650 | 1,720,823 | ||||||
| Gold Fields Orogen Holdings BVI Ltd. 144A | ||||||||
| 5.12%, 05/15/24 | 1,450 | 1,554,618 | ||||||
| 6.12%, 05/15/29 | 1,800 | 2,087,550 | ||||||
|
Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23 |
1,400 | 1,477,714 | ||||||
| MTN Mauritius Investments Ltd. 144A | ||||||||
| 4.75%, 11/11/24 | 2,600 | 2,723,760 | ||||||
| 6.50%, 10/13/26 | 1,800 | 2,045,250 | ||||||
|
Sasol Financing International Ltd. 4.50%, 11/14/22 |
3,324 | 3,400,186 | ||||||
| Sasol Financing USA LLC | ||||||||
| 5.88%, 03/27/24 | 5,200 | 5,502,900 | ||||||
| 6.50%, 09/27/28 | 2,625 | 2,910,469 | ||||||
|
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/24 |
1,400 | 1,485,505 | ||||||
|
Stillwater Mining Co. 144A 7.12%, 06/27/25 |
1,300 | 1,350,440 | ||||||
| 43,212,395 | ||||||||
| South Korea: 0.3% | ||||||||
|
SK Innovation Co. Ltd. Reg S 4.12%, 07/13/23 |
1,800 | 1,875,681 | ||||||
|
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
1,850 | 1,914,750 | ||||||
|
Woori Bank Reg S 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
200 | 207,000 | ||||||
| 3,997,431 | ||||||||
| Spain: 0.6% | ||||||||
|
AES Andres BV 144A 5.70%, 05/04/28 |
1,100 | 1,128,490 | ||||||
|
AI Candelaria Spain SLU 144A 5.75%, 06/15/33 |
1,700 | 1,666,102 | ||||||
| AI Candelaria Spain SLU Reg S | ||||||||
| 5.75%, 06/15/33 | 300 | 294,018 | ||||||
| 7.50%, 12/15/28 | 200 | 215,500 | ||||||
|
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
1,350 | 1,414,557 | ||||||
| Banco Bilbao Vizcaya Argentaria Colombia SA Reg S | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Spain (continued) | ||||||||
| 4.88%, 04/21/25 | $ | 100 | $ | 104,782 | ||||
|
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 † |
1,700 | 1,745,220 | ||||||
|
International Airport Finance SA 144A 12.00%, 03/15/33 |
1,220 | 1,328,020 | ||||||
|
International Airport Finance SA Reg S 12.00%, 03/15/33 |
198 | 215,238 | ||||||
| 8,111,927 | ||||||||
| Switzerland: 0.1% | ||||||||
|
Consolidated Energy Finance SA 144A 6.50%, 05/15/26 |
1,350 | 1,402,312 | ||||||
| Tanzania: 0.2% | ||||||||
| AngloGold Ashanti Holdings Plc | ||||||||
| 3.38%, 11/01/28 | 1,300 | 1,292,707 | ||||||
| 6.50%, 04/15/40 | 1,100 | 1,339,217 | ||||||
| 2,631,924 | ||||||||
| Thailand: 0.5% | ||||||||
|
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29 |
3,900 | 3,970,083 | ||||||
|
Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29 |
200 | 203,664 | ||||||
|
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/26 |
2,800 | 2,804,160 | ||||||
| 6,977,907 | ||||||||
| Togo: 0.2% | ||||||||
|
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 |
1,600 | 1,744,800 | ||||||
|
Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24 |
200 | 218,100 | ||||||
| 1,962,900 | ||||||||
| Trinidad and Tobago: 0.5% | ||||||||
|
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 |
1,000 | 1,041,345 | ||||||
|
National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36 |
300 | 312,403 | ||||||
|
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 |
1,150 | 1,224,100 | ||||||
|
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
2,000 | 2,030,080 | ||||||
| Trinidad Generation Unlimited Reg S | ||||||||
See Notes to Financial Statements
| 23 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Trinidad and Tobago (continued) | ||||||||
| 5.25%, 11/04/27 | $ | 200 | $ | 203,008 | ||||
|
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 |
1,950 | 2,154,068 | ||||||
| 6,965,004 | ||||||||
| Turkey: 6.8% | ||||||||
| Akbank TAS 144A | ||||||||
| 5.12%, 03/31/25 | 1,750 | 1,743,511 | ||||||
|
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/23 |
1,250 | 1,254,819 | ||||||
| 6.80%, 02/06/26 | 1,450 | 1,495,095 | ||||||
|
6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/26 |
1,700 | 1,657,330 | ||||||
| Akbank TAS Reg S | ||||||||
|
6.80% (USD Swap Semi 30/360 5 Year+4.03%), 04/27/23 |
200 | 200,771 | ||||||
| 6.80%, 02/06/26 | 200 | 206,220 | ||||||
|
Arcelik AS 144A 5.00%, 04/03/23 |
1,800 | 1,852,558 | ||||||
|
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
2,700 | 2,575,665 | ||||||
|
Coca-Cola Icecek AS 144A 4.21%, 09/19/24 |
1,500 | 1,562,682 | ||||||
|
Coca-Cola Icecek AS Reg S 4.21%, 09/19/24 |
200 | 208,358 | ||||||
| Fibabanka AS Reg S | ||||||||
| 6.00%, 01/25/23 | 1,150 | 1,171,637 | ||||||
|
7.75% (USD Swap Semi 30/360 5 Year+5.76%), 11/24/27 |
1,000 | 1,015,385 | ||||||
| KOC Holding AS 144A | ||||||||
| 5.25%, 03/15/23 | 2,125 | 2,172,757 | ||||||
| 6.50%, 03/11/25 | 2,600 | 2,743,130 | ||||||
|
KOC Holding AS Reg S 5.25%, 03/15/23 |
500 | 511,237 | ||||||
|
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 |
1,200 | 1,202,320 | ||||||
|
Mersin Uluslararasi Liman Isletmeciligi AS Reg S 5.38%, 11/15/24 |
200 | 207,170 | ||||||
|
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 |
1,300 | 1,355,990 | ||||||
|
Roenesans Gayrimenkul Yatirim AS 144A 7.25%, 04/26/23 |
950 | 945,541 | ||||||
| TC Ziraat Bankasi AS 144A | ||||||||
| 5.12%, 09/29/23 | 1,550 | 1,569,437 | ||||||
| 5.38%, 03/02/26 | 2,050 | 1,980,702 | ||||||
|
TC Ziraat Bankasi AS Reg S 5.12%, 09/29/23 |
200 | 202,508 | ||||||
|
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 |
1,750 | 1,790,836 |
|
Par
(000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| 6.88%, 02/28/25 | $ | 1,785 | $ | 1,912,053 | ||||
| Turkcell Iletisim Hizmetleri AS 144A | ||||||||
| 5.75%, 10/15/25 | 1,700 | 1,780,500 | ||||||
| 5.80%, 04/11/28 | 1,800 | 1,882,501 | ||||||
|
Turkiye Garanti Bankasi AS 144A 5.88%, 03/16/23 |
1,700 | 1,762,118 | ||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 5.38%, 10/24/23 | 1,450 | 1,474,527 | ||||||
| 6.12%, 05/03/24 | 1,750 | 1,781,846 | ||||||
| 8.25%, 01/24/24 | 1,700 | 1,810,160 | ||||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 6.12%, 04/25/24 | 4,000 | 4,107,960 | ||||||
|
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/23 |
1,600 | 1,618,016 | ||||||
| 7.85%, 12/10/23 | 1,300 | 1,391,207 | ||||||
| Turkiye Is Bankasi AS Reg S | ||||||||
| 6.12%, 04/25/24 | 200 | 205,398 | ||||||
|
7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/23 |
200 | 202,252 | ||||||
|
7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/25 |
2,650 | 2,700,244 | ||||||
|
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 |
2,500 | 2,481,938 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
| 5.88%, 01/14/26 | 1,000 | 990,052 | ||||||
| 6.00%, 01/23/25 | 1,400 | 1,411,970 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS Reg S | ||||||||
| 5.50%, 01/16/23 | 1,150 | 1,175,663 | ||||||
| 5.88%, 01/14/26 | 200 | 198,010 | ||||||
|
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 |
2,450 | 2,654,585 | ||||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 † | 2,600 | 2,563,041 | ||||||
| 5.50%, 10/01/26 | 1,550 | 1,497,002 | ||||||
| 5.75%, 01/30/23 † | 2,050 | 2,097,679 | ||||||
| 6.00%, 11/01/22 | 2,300 | 2,349,370 | ||||||
| 6.50%, 01/08/26 | 2,550 | 2,569,737 | ||||||
| 8.12%, 03/28/24 | 1,850 | 1,975,393 | ||||||
| Turkiye Vakiflar Bankasi TAO Reg S | ||||||||
| 5.75%, 01/30/23 | 200 | 204,652 | ||||||
| 6.50%, 01/08/26 | 200 | 201,548 | ||||||
| 8.12%, 03/28/24 | 200 | 213,556 | ||||||
|
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
2,000 | 2,103,950 | ||||||
|
Ulker Biskuvi Sanayi AS Reg S 6.95%, 10/30/25 |
200 | 210,395 | ||||||
| Yapi ve Kredi Bankasi AS 144A |
See Notes to Financial Statements
| 24 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| 5.50%, 12/06/22 | $ | 3,500 | $ | 3,566,636 | ||||
| 5.85%, 06/21/24 | 1,750 | 1,786,487 | ||||||
| 6.10%, 03/16/23 | 1,450 | 1,495,856 | ||||||
|
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26 † |
1,500 | 1,540,056 | ||||||
| 8.25%, 10/15/24 | 1,825 | 1,968,140 | ||||||
|
Yapi ve Kredi Bankasi AS Reg S 6.10%, 03/16/23 |
200 | 206,325 | ||||||
|
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26 |
200 | 205,341 | ||||||
|
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 |
950 | 892,079 | ||||||
| 88,813,902 | ||||||||
| Ukraine: 1.2% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | 900 | 956,454 | ||||||
| 6.75%, 10/27/27 | 1,050 | 1,117,311 | ||||||
|
Kernel Holding SA Reg S 6.50%, 10/17/24 |
200 | 212,545 | ||||||
| Metinvest BV 144A | ||||||||
| 7.65%, 10/01/27 | 1,200 | 1,321,422 | ||||||
| 7.75%, 10/17/29 | 1,500 | 1,637,400 | ||||||
| 8.50%, 04/23/26 | 1,800 | 2,030,877 | ||||||
|
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26 |
1,700 | 1,681,826 | ||||||
|
State Agency of Roads of Ukraine 144A 6.25%, 06/24/28 |
2,400 | 2,358,831 | ||||||
| Ukraine Railways Via Rail Capital Markets Plc Reg S | ||||||||
| 7.88%, 07/15/26 | 200 | 203,250 | ||||||
| 8.25%, 07/09/24 | 3,000 | 3,135,000 | ||||||
|
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 † |
1,400 | 1,450,750 | ||||||
| 16,105,666 | ||||||||
| United Arab Emirates: 2.2% | ||||||||
|
Alpha Star Holding V Ltd. Reg S 6.62%, 04/18/23 |
1,200 | 1,230,396 | ||||||
|
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 1/22/2025 (o) |
2,550 | 2,707,411 | ||||||
|
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
5,300 | 5,804,216 | ||||||
| Emaar Sukuk Ltd. Reg S | ||||||||
| 3.63%, 09/15/26 | 2,800 | 2,922,640 | ||||||
| 3.88%, 09/17/29 | 2,900 | 3,020,843 | ||||||
|
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o) |
3,500 | 3,707,662 | ||||||
| Emirates Reit Sukuk Ltd. Reg S |
|
Par
(000’s |
) | Value | ||||||
| United Arab Emirates (continued) | ||||||||
| 5.12%, 12/12/22 | $ | 1,100 | $ | 830,500 | ||||
|
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
3,200 | 3,316,000 | ||||||
|
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) |
1,400 | 1,533,991 | ||||||
| Shelf Drilling Holdings Ltd. 144A | ||||||||
| 8.25%, 02/15/25 | 3,175 | 2,456,656 | ||||||
| 8.88%, 11/15/24 † | 1,000 | 1,036,515 | ||||||
| 28,566,830 | ||||||||
| United Kingdom: 1.3% | ||||||||
|
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
2,800 | 2,815,778 | ||||||
|
Gazprom PJSC via Gaz Finance Plc Reg S 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o) |
1,200 | 1,248,000 | ||||||
|
Petra Diamonds US Treasury Plc 144A 10.50%, 03/08/26 |
1,136 | 1,173,939 | ||||||
|
Polyus Finance Plc Reg S 5.25%, 02/07/23 |
300 | 315,134 | ||||||
|
Tullow Oil Plc 144A 10.25%, 05/15/26 |
6,250 | 6,593,094 | ||||||
|
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 |
3,800 | 3,862,738 | ||||||
|
Vedanta Resources Finance II Plc Reg S 8.95%, 03/11/25 |
350 | 355,779 | ||||||
|
Vedanta Resources Ltd. Reg S 6.12%, 08/09/24 |
300 | 273,731 | ||||||
| 16,638,193 | ||||||||
| United States: 3.6% | ||||||||
| AES Andes SA 144A | ||||||||
|
6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25 |
1,550 | 1,608,466 | ||||||
|
7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24 |
1,650 | 1,728,738 | ||||||
|
AES Argentina Generacion SA 144A 7.75%, 02/02/24 |
1,000 | 872,245 | ||||||
|
AES El Salvador Trust II 144A 6.75%, 03/28/23 |
1,050 | 975,145 | ||||||
|
Azul Investments LLP 144A 7.25%, 06/15/26 † |
1,000 | 929,155 | ||||||
|
Azul Investments LLP Reg S 5.88%, 10/26/24 |
200 | 185,845 | ||||||
|
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 |
1,363 | 1,395,262 | ||||||
|
Energuate Trust 144A 5.88%, 05/03/27 |
1,000 | 1,023,750 |
See Notes to Financial Statements
| 25 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
$ | 2,400 | $ | 2,301,636 | ||||
|
Guacolda Energia SA 144A 4.56%, 04/30/25 |
1,750 | 1,120,018 | ||||||
| JBS USA Food Co. 144A | ||||||||
| 5.75%, 01/15/28 | 900 | 939,384 | ||||||
| 7.00%, 01/15/26 | 1,350 | 1,405,688 | ||||||
|
Kosmos Energy Ltd. 144A
7.50%, 03/01/28 † |
1,500 | 1,472,483 | ||||||
|
Kosmos Energy Ltd. Reg S
7.12%, 04/04/26 |
200 | 199,831 | ||||||
| MGM China Holdings Ltd. 144A | ||||||||
| 5.25%, 06/18/25 | 800 | 792,128 | ||||||
| 5.38%, 05/15/24 | 1,000 | 1,002,290 | ||||||
| 5.88%, 05/15/26 | 1,200 | 1,200,978 | ||||||
|
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
2,250 | 2,236,252 | ||||||
|
Mong Duong Finance Holdings BV Reg S 5.12%, 05/07/29 |
200 | 198,778 | ||||||
| Sasol Financing USA LLC | ||||||||
| 4.38%, 09/18/26 | 2,400 | 2,442,120 | ||||||
| 5.50%, 03/18/31 | 2,925 | 3,008,509 | ||||||
|
SierraCol Energy Andina LLC 144A
6.00%, 06/15/28 |
2,000 | 1,965,420 | ||||||
|
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 10.50%, 06/01/24 |
2,175 | 2,350,414 | ||||||
| Wynn Macau Ltd. 144A | ||||||||
| 4.88%, 10/01/24 † | 2,125 | 2,012,184 | ||||||
| 5.12%, 12/15/29 | 3,400 | 3,069,962 | ||||||
| 5.50%, 01/15/26 | 3,500 | 3,296,615 | ||||||
| 5.50%, 10/01/27 | 2,575 | 2,401,187 | ||||||
| 5.62%, 08/26/28 | 4,625 | 4,325,901 | ||||||
| 46,460,384 | ||||||||
| Uruguay: 0.0% | ||||||||
|
Arcos Dorados Holdings, Inc. Reg S
5.88%, 04/04/27 |
150 | 154,837 | ||||||
| Uzbekistan: 0.3% | ||||||||
|
Ipoteka-Bank ATIB Reg S
5.50%, 11/19/25 |
1,200 | 1,248,600 | ||||||
|
Uzauto Motors AJ 144A
4.85%, 05/04/26 |
900 | 887,742 | ||||||
|
Uzauto Motors AJ Reg S
4.85%, 05/04/26 |
200 | 197,276 | ||||||
|
Uzbek Industrial and Construction Bank ATB Reg S 5.75%, 12/02/24 |
1,050 | 1,090,460 | ||||||
| 3,424,078 | ||||||||
| Zambia: 1.7% | ||||||||
| First Quantum Minerals Ltd. 144A | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Zambia (continued) | ||||||||
| 6.50%, 03/01/24 | $ | 2,575 | $ | 2,616,844 | ||||
| 6.88%, 03/01/26 | 3,475 | 3,622,688 | ||||||
| 6.88%, 10/15/27 | 5,375 | 5,744,531 | ||||||
| 7.25%, 04/01/23 | 5,300 | 5,403,085 | ||||||
| 7.50%, 04/01/25 | 4,425 | 4,585,406 | ||||||
| 21,972,554 | ||||||||
|
Total Corporate Bonds
(Cost: $1,273,221,654) |
1,235,960,155 | |||||||
| GOVERNMENT OBLIGATIONS: 1.7% | ||||||||
| Argentina: 0.7% | ||||||||
|
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27 |
2,900 | 2,584,147 | ||||||
|
Ciudad Autonoma De Buenos Aires Reg S 7.50%, 06/01/27 |
200 | 178,217 | ||||||
| Provincia de Cordoba 144A | ||||||||
| 5.00%, 06/01/27 (s) | 1,732 | 1,167,070 | ||||||
| 5.00%, 02/01/29 | 1,457 | 947,003 | ||||||
|
Provincia de Cordoba Reg S
5.00%, 02/01/29 (s) |
152 | 98,851 | ||||||
|
Provincia de Mendoza 144A
4.25%, 03/19/29 (s) |
1,975 | 1,377,562 | ||||||
|
Provincia de Neuquen 144A
4.62%, 04/27/30 (s) |
1,275 | 787,312 | ||||||
|
Provincia del Chubut 144A
7.75%, 07/26/30 (s) |
1,783 | 1,403,981 | ||||||
|
Provincia del Chubut Reg S
7.75%, 07/26/30 (s) |
141 | 110,841 | ||||||
| 8,654,984 | ||||||||
| Belarus: 0.1% | ||||||||
|
Development Bank of the Republic of Belarus JSC 144A 6.75%, 05/02/24 |
1,600 | 1,504,000 | ||||||
|
Development Bank of the Republic of Belarus JSC Reg S 6.75%, 05/02/24 |
200 | 188,000 | ||||||
| 1,692,000 | ||||||||
| Brazil: 0.1% | ||||||||
|
Banco Nacional de Desenvolvimento Economico e Social 144A 5.75%, 09/26/23 |
1,300 | 1,408,147 | ||||||
|
Banco Nacional de Desenvolvimento Economico e Social Reg S 5.75%, 09/26/23 |
250 | 270,798 | ||||||
| 1,678,945 | ||||||||
| Mongolia: 0.2% | ||||||||
|
Development Bank of Mongolia LLC 144A 7.25%, 10/23/23 |
1,700 | 1,805,352 | ||||||
| Pakistan: 0.1% | ||||||||
|
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
1,800 | 1,770,750 | ||||||
See Notes to Financial Statements
| 26 |
|
|
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $41,108,243. |
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| (a) | Amount is less than 1,000 |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (d) | Security in default |
| * | Non-income producing |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $820,231,847, or 63.1% of net assets. |
See Notes to Financial Statements
| 27 |
|
|
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Basic Materials | 11.9 | % | $ | 149,564,516 | ||||
| Consumer Cyclicals | 3.6 | 44,599,763 | ||||||
| Consumer Non-Cyclicals | 4.1 | 51,810,449 | ||||||
| Energy | 16.8 | 211,089,493 | ||||||
| Financials | 35.0 | 439,614,135 | ||||||
| Government Activity | 0.8 | 10,609,112 | ||||||
| Healthcare | 3.3 | 41,863,125 | ||||||
| Industrials | 8.5 | 107,242,706 | ||||||
| Real Estate | 4.8 | 60,470,710 | ||||||
| Technology | 4.2 | 52,870,861 | ||||||
| Utilities | 7.0 | 87,660,615 | ||||||
| 100.0 | % | $ | 1,257,395,485 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 1,235,960,156 | $ | — | $ | 1,235,960,156 | ||||||||
| Government Obligations * | — | 21,435,329 | — | 21,435,329 | ||||||||||||
| Money Market Fund | 33,912,101 | — | — | 33,912,101 | ||||||||||||
| Total Investments | $ | 33,912,101 | $ | 1,257,395,485 | $ | — | $ | 1,291,307,586 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 28 |
|
|
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| CORPORATE BONDS: 98.7% | ||||||||
| Australia: 1.2% | ||||||||
| Buckeye Partners LP | ||||||||
| 3.95%, 12/01/26 | $ | 15,322 | $ | 15,726,807 | ||||
| 4.12%, 12/01/27 | 10,317 | 10,407,274 | ||||||
| 4.15%, 07/01/23 | 12,873 | 13,335,141 | ||||||
| 4.35%, 10/15/24 † | 7,670 | 8,032,561 | ||||||
| 5.60%, 10/15/44 | 7,678 | 7,457,718 | ||||||
| 5.85%, 11/15/43 | 10,317 | 10,184,736 | ||||||
| 65,144,237 | ||||||||
| Brazil: 0.3% | ||||||||
|
Avon Products, Inc.
6.50%, 03/15/23 |
12,389 | 13,070,395 | ||||||
| Canada: 1.3% | ||||||||
|
Bombardier, Inc. 144A 7.45%, 05/01/34 † |
13,486 | 16,520,350 | ||||||
| Methanex Corp. | ||||||||
| 4.25%, 12/01/24 | 7,687 | 8,119,394 | ||||||
| 5.25%, 12/15/29 | 18,008 | 19,110,990 | ||||||
| 5.65%, 12/01/44 | 7,673 | 7,999,102 | ||||||
| TransAlta Corp. | ||||||||
| 4.50%, 11/15/22 | 9,700 | 9,906,125 | ||||||
| 6.50%, 03/15/40 | 7,754 | 9,146,037 | ||||||
| 70,801,998 | ||||||||
| Cayman Islands: 0.3% | ||||||||
|
North Queensland Export Terminal Pty Ltd. 144A 4.45%, 12/15/22 |
13,354 | 12,919,333 | ||||||
| Finland: 0.3% | ||||||||
|
Nokia Oyj 6.62%, 05/15/39 |
12,831 | 17,276,364 | ||||||
| France: 1.8% | ||||||||
|
Electricite de France SA 144A |
||||||||
|
5.25% (USD Swap Semi 30/360 10 Year+3.71%), 1/29/2023 (o) |
53,976 | 55,959,618 | ||||||
|
5.62% (USD Swap Semi 30/360 10 Year+3.04%), 1/22/2024 (o) |
38,630 | 41,102,320 | ||||||
| 97,061,938 | ||||||||
| Germany: 2.2% | ||||||||
|
Deutsche Bank AG |
||||||||
|
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 |
34,951 | 36,224,588 | ||||||
| 4.50%, 04/01/25 | 38,517 | 41,341,284 | ||||||
|
Dresdner Funding Trust I 144A 8.15%, 06/30/31 |
25,598 | 36,315,883 | ||||||
| 113,881,755 | ||||||||
| Ireland: 1.2% | ||||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 3.15%, 06/15/30 | 19,275 | 19,448,022 | ||||||
| 3.90%, 12/15/24 | 18,000 | 19,040,902 | ||||||
| 4.38%, 03/15/26 | 18,000 | 19,225,739 | ||||||
| 4.90%, 12/15/44 | 7,800 | 7,742,098 | ||||||
| 65,456,761 | ||||||||
| Italy: 3.4% | ||||||||
| Intesa Sanpaolo SpA 144A | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Italy (continued) | ||||||||
| 5.02%, 06/26/24 | $ | 51,347 | $ | 55,076,420 | ||||
| Telecom Italia Capital SA | ||||||||
| 6.00%, 09/30/34 | 25,693 | 28,619,818 | ||||||
| 6.38%, 11/15/33 | 25,688 | 29,505,365 | ||||||
| 7.20%, 07/18/36 | 25,515 | 31,035,426 | ||||||
| 7.72%, 06/04/38 | 25,710 | 32,815,858 | ||||||
| 177,052,887 | ||||||||
| United Kingdom: 2.9% | ||||||||
|
Lloyds Banking Group Plc 144A |
||||||||
|
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/1/2035 (o) |
9,624 | 13,501,028 | ||||||
|
6.66% (ICE LIBOR USD 3 Month+1.27%), 5/21/2037 (o) |
11,126 | 15,951,903 | ||||||
|
Marks & Spencer Plc 144A 7.12%, 12/01/37 † |
7,634 | 9,198,970 | ||||||
|
Rolls-Royce Plc 144A 3.62%, 10/14/25 † |
26,015 | 26,600,337 | ||||||
|
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 7/30/2037 (o) |
19,200 | 26,640,000 | ||||||
|
Vodafone Group Plc 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 1/4/2029 |
51,784 | 62,654,048 | ||||||
| 154,546,286 | ||||||||
| United States: 83.8% | ||||||||
|
ADT Security Corp. 4.12%, 06/15/23 |
17,971 | 18,729,915 | ||||||
| Apache Corp. | ||||||||
| 4.25%, 01/15/30 † | 14,905 | 15,855,194 | ||||||
| 4.38%, 10/15/28 † | 18,077 | 19,452,298 | ||||||
| 4.75%, 04/15/43 † | 10,935 | 11,988,533 | ||||||
| 5.10%, 09/01/40 | 34,252 | 38,429,545 | ||||||
| 5.25%, 02/01/42 | 10,196 | 11,484,978 | ||||||
| 5.35%, 07/01/49 | 9,894 | 11,372,856 | ||||||
| 6.00%, 01/15/37 † | 11,426 | 13,948,861 | ||||||
|
Bath & Body Works, Inc. 6.95%, 03/01/33 † |
8,903 | 10,077,128 | ||||||
| Bed Bath & Beyond, Inc. | ||||||||
| 3.75%, 08/01/24 † | 7,363 | 7,501,056 | ||||||
| 5.17%, 08/01/44 † | 17,344 | 14,775,787 | ||||||
|
Brightsphere Investment Group, Inc. 4.80%, 07/27/26 † |
7,589 | 7,776,924 | ||||||
|
Brinker International, Inc. 144A 5.00%, 10/01/24 |
9,575 | 10,149,500 | ||||||
|
Carpenter Technology Corp. 4.45%, 03/01/23 |
8,246 | 8,562,792 | ||||||
|
CDK Global, Inc. 5.00%, 10/15/24 † |
13,404 | 14,874,419 | ||||||
|
Cleveland-Cliffs, Inc. 6.25%, 10/01/40 |
6,695 | 7,339,394 | ||||||
|
Continental Resources, Inc. 3.80%, 06/01/24 |
23,417 | 24,617,121 | ||||||
| 4.90%, 06/01/44 | 17,929 | 20,368,689 | ||||||
|
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 |
9,049 | 11,141,581 | ||||||
| DCP Midstream Operating LP | ||||||||
See Notes to Financial Statements
| 29 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 3.88%, 03/15/23 | $ | 12,867 | $ | 13,285,177 | ||||
| 5.60%, 04/01/44 | 10,230 | 12,290,322 | ||||||
| 8.12%, 08/16/30 | 7,679 | 10,415,104 | ||||||
| DCP Midstream Operating LP 144A | ||||||||
| 6.45%, 11/03/36 | 7,667 | 9,934,094 | ||||||
| 6.75%, 09/15/37 | 11,501 | 15,394,606 | ||||||
| Dell, Inc. | ||||||||
| 5.40%, 09/10/40 † | 6,767 | 8,150,987 | ||||||
| 6.50%, 04/15/38 | 9,919 | 13,170,845 | ||||||
| 7.10%, 04/15/28 † | 7,737 | 9,983,051 | ||||||
| Delta Air Lines, Inc. | ||||||||
| 2.90%, 10/28/24 | 23,113 | 23,616,755 | ||||||
| 3.75%, 10/28/29 † | 12,501 | 12,714,477 | ||||||
| 3.80%, 04/19/23 | 12,826 | 13,299,247 | ||||||
| 4.38%, 04/19/28 † | 10,546 | 11,255,094 | ||||||
| Diversified Healthcare Trust | ||||||||
| 4.75%, 05/01/24 | 6,483 | 6,693,697 | ||||||
| 4.75%, 02/15/28 | 12,918 | 12,865,165 | ||||||
| Domtar Corp. | ||||||||
| 6.25%, 09/01/42 | 6,425 | 6,698,803 | ||||||
| 6.75%, 02/15/44 | 6,425 | 6,809,033 | ||||||
|
DPL, Inc. 4.35%, 04/15/29 |
10,302 | 11,139,037 | ||||||
|
Embarq Corp. 8.00%, 06/01/36 |
36,705 | 40,624,727 | ||||||
| EnLink Midstream Partners LP | ||||||||
| 4.15%, 06/01/25 | 18,517 | 19,353,691 | ||||||
| 4.40%, 04/01/24 | 13,403 | 14,022,889 | ||||||
| 5.05%, 04/01/45 | 11,471 | 10,942,703 | ||||||
| 5.45%, 06/01/47 | 12,750 | 12,766,958 | ||||||
| 5.60%, 04/01/44 | 8,932 | 8,774,127 | ||||||
| EQM Midstream Partners LP | ||||||||
| 4.00%, 08/01/24 | 12,861 | 13,359,364 | ||||||
| 4.12%, 12/01/26 | 12,871 | 13,257,709 | ||||||
| 4.75%, 07/15/23 | 15,435 | 16,266,329 | ||||||
| 5.50%, 07/15/28 | 21,848 | 24,091,344 | ||||||
| 6.50%, 07/15/48 | 14,045 | 16,727,033 | ||||||
| EQT Corp. | ||||||||
| 3.90%, 10/01/27 | 32,132 | 34,341,075 | ||||||
| 6.62%, 02/01/25 | 25,703 | 28,948,004 | ||||||
| 7.50%, 02/01/30 | 19,289 | 24,717,889 | ||||||
| FirstEnergy Corp. | ||||||||
| 1.60%, 01/15/26 | 7,669 | 7,566,044 | ||||||
| 2.05%, 03/01/25 | 7,731 | 7,776,458 | ||||||
| 2.25%, 09/01/30 | 11,581 | 11,150,129 | ||||||
| 2.65%, 03/01/30 | 15,366 | 15,158,098 | ||||||
| 3.40%, 03/01/50 | 21,689 | 21,569,710 | ||||||
| 4.40%, 07/15/27 | 38,550 | 41,845,068 | ||||||
| 4.75%, 03/15/23 | 21,850 | 22,668,501 | ||||||
| 5.35%, 07/15/47 | 25,707 | 31,239,775 | ||||||
| 7.38%, 11/15/31 | 38,550 | 52,613,425 | ||||||
|
FirstEnergy Transmission LLC 144A 4.55%, 04/01/49 |
12,779 | 14,963,335 | ||||||
| Fluor Corp. | ||||||||
| 3.50%, 12/15/24 † | 9,845 | 10,275,128 | ||||||
| 4.25%, 09/15/28 † | 15,472 | 16,109,678 | ||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Ford Holdings LLC 9.30%, 03/01/30 |
$ | 5,514 | $ | 7,527,106 | ||||
| Ford Motor Co. | ||||||||
| 4.35%, 12/08/26 | 28,018 | 29,989,627 | ||||||
| 4.75%, 01/15/43 | 37,356 | 40,853,642 | ||||||
| 5.29%, 12/08/46 | 24,245 | 27,850,110 | ||||||
| 6.38%, 02/01/29 | 4,861 | 5,699,766 | ||||||
| 6.62%, 10/01/28 | 11,895 | 14,284,111 | ||||||
| 7.40%, 11/01/46 † | 7,456 | 10,225,419 | ||||||
| 7.45%, 07/16/31 | 33,442 | 44,310,650 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 3.09%, 01/09/23 | 28,010 | 28,526,784 | ||||||
| 3.10%, 05/04/23 | 18,676 | 19,002,830 | ||||||
| 3.35%, 11/01/22 | 22,414 | 22,782,710 | ||||||
| 3.66%, 09/08/24 | 14,017 | 14,525,116 | ||||||
| 3.81%, 01/09/24 | 13,991 | 14,498,174 | ||||||
| 3.81%, 11/02/27 | 14,023 | 14,567,653 | ||||||
| 4.06%, 11/01/24 | 28,031 | 29,431,148 | ||||||
| 4.13%, 08/04/25 | 26,158 | 27,662,085 | ||||||
| 4.14%, 02/15/23 | 16,811 | 17,285,911 | ||||||
| 4.27%, 01/09/27 | 16,824 | 17,877,014 | ||||||
| 4.38%, 08/06/23 | 18,700 | 19,471,375 | ||||||
| 4.39%, 01/08/26 | 22,429 | 24,027,066 | ||||||
| 4.54%, 08/01/26 | 13,989 | 15,080,562 | ||||||
| 4.69%, 06/09/25 | 11,204 | 11,991,641 | ||||||
| 5.11%, 05/03/29 | 27,782 | 30,907,475 | ||||||
| 5.58%, 03/18/24 | 28,026 | 30,233,047 | ||||||
| Freeport-McMoRan, Inc. | ||||||||
| 3.88%, 03/15/23 | 25,603 | 26,403,094 | ||||||
| 4.55%, 11/14/24 | 18,794 | 20,344,881 | ||||||
| 5.40%, 11/14/34 | 19,274 | 23,570,946 | ||||||
| 5.45%, 03/15/43 | 47,966 | 60,401,186 | ||||||
|
Frontier Florida LLC 6.86%, 02/01/28 |
8,325 | 8,876,531 | ||||||
|
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 |
14,100 | 13,896,185 | ||||||
| Genworth Holdings, Inc. | ||||||||
| 4.80%, 02/15/24 | 9,808 | 10,040,057 | ||||||
| 4.90%, 08/15/23 | 9,781 | 10,013,299 | ||||||
| 6.50%, 06/15/34 † | 7,662 | 7,987,635 | ||||||
| Global Marine, Inc. | ||||||||
| 7.00%, 06/01/28 † | 6,674 | 4,905,390 | ||||||
|
Goldman Sachs Capital I 6.34%, 02/15/34 |
24,405 | 33,839,624 | ||||||
|
HB Fuller Co. 4.00%, 02/15/27 |
8,210 | 8,631,707 | ||||||
|
HCA, Inc. 7.69%, 06/15/25 |
7,814 | 9,386,880 | ||||||
| Hexcel Corp. | ||||||||
| 4.20%, 02/15/27 | 10,320 | 11,174,740 | ||||||
| 4.95%, 08/15/25 | 7,769 | 8,577,623 | ||||||
|
Hillenbrand, Inc. 5.00%, 09/15/26 † |
9,774 | 10,947,027 | ||||||
| Howmet Aerospace, Inc. | ||||||||
| 5.90%, 02/01/27 | 15,981 | 18,318,381 | ||||||
| 5.95%, 02/01/37 | 16,048 | 19,334,390 | ||||||
| 6.75%, 01/15/28 † | 7,667 | 9,334,956 | ||||||
See Notes to Financial Statements
| 30 |
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| Kraft Heinz Foods Co. | ||||||||
| 3.00%, 06/01/26 | $ | 48,193 | $ | 50,429,518 | ||||
| 3.75%, 04/01/30 | 18,933 | 20,594,072 | ||||||
| 4.38%, 06/01/46 | 76,692 | 89,655,879 | ||||||
| 4.62%, 01/30/29 | 18,651 | 21,228,489 | ||||||
| 4.62%, 10/01/39 | 10,141 | 11,824,788 | ||||||
| 4.88%, 10/01/49 | 38,273 | 47,458,504 | ||||||
| 5.00%, 07/15/35 | 20,250 | 24,919,004 | ||||||
| 5.00%, 06/04/42 | 40,766 | 50,461,302 | ||||||
| 5.20%, 07/15/45 | 46,377 | 59,074,449 | ||||||
| 6.50%, 02/09/40 | 18,036 | 25,775,613 | ||||||
| 6.75%, 03/15/32 | 9,486 | 12,840,882 | ||||||
| 6.88%, 01/26/39 | 20,774 | 30,464,158 | ||||||
|
Kraft Heinz Foods Co. 144A 7.12%,08/01/39 † |
22,364 | 33,974,911 | ||||||
| Lumen Technologies, Inc. | ||||||||
| 6.88%, 01/15/28 | 10,950 | 12,209,250 | ||||||
| 7.60%, 09/15/39 | 13,357 | 14,763,492 | ||||||
| Macy’s Retail Holdings LLC | ||||||||
| 2.88%, 02/15/23 | 12,935 | 13,080,519 | ||||||
| 3.62%, 06/01/24 † | 8,987 | 9,298,849 | ||||||
| 4.30%, 02/15/43 | 6,351 | 5,462,686 | ||||||
| 4.50%, 12/15/34 | 9,421 | 9,229,754 | ||||||
| 5.12%, 01/15/42 | 6,376 | 5,970,773 | ||||||
|
Magellan Health, Inc. 4.90%, 09/22/24 |
9,792 | 10,732,228 | ||||||
| Mattel, Inc. | ||||||||
| 3.15%, 03/15/23 | 6,450 | 6,613,508 | ||||||
| 5.45%, 11/01/41 | 7,672 | 9,063,049 | ||||||
| 6.20%, 10/01/40 | 6,393 | 8,159,066 | ||||||
|
Michael Kors USA, Inc. 144A 4.50%, 11/01/24 |
12,130 | 12,851,128 | ||||||
| Murphy Oil Corp. | ||||||||
| 6.38%, 12/01/42 | 8,912 | 9,067,960 | ||||||
| 7.05%, 05/01/29 † | 6,443 | 7,289,610 | ||||||
| Navient Corp. | ||||||||
| 5.50%, 01/25/23 | 25,750 | 26,955,358 | ||||||
| 5.62%, 08/01/33 | 15,317 | 14,560,264 | ||||||
| Newell Brands, Inc. | ||||||||
| 4.35%, 04/01/23 | 27,967 | 29,160,911 | ||||||
| 4.70%, 04/01/26 | 51,010 | 55,926,752 | ||||||
| 5.88%, 04/01/36 | 10,827 | 13,143,004 | ||||||
| 6.00%, 04/01/46 | 17,159 | 21,574,354 | ||||||
| Nordstrom, Inc. | ||||||||
| 2.30%, 04/08/24 | 6,400 | 6,439,360 | ||||||
| 4.00%, 03/15/27 † | 9,025 | 9,284,965 | ||||||
| 4.25%, 08/01/31 † | 10,850 | 10,861,664 | ||||||
| 4.38%, 04/01/30 † | 12,875 | 13,116,149 | ||||||
| 5.00%, 01/15/44 † | 24,830 | 24,616,090 | ||||||
| 6.95%, 03/15/28 † | 7,675 | 8,999,321 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 0.00%, 10/10/36 ^ | 53,356 | 30,129,866 | ||||||
| 2.70%, 02/15/23 | 10,470 | 10,600,247 | ||||||
| 2.90%, 08/15/24 | 32,611 | 33,261,589 | ||||||
| 3.00%, 02/15/27 | 17,726 | 17,748,157 | ||||||
| 3.20%, 08/15/26 | 21,035 | 21,324,547 | ||||||
| 3.40%, 04/15/26 | 21,901 | 22,373,843 | ||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 3.50%, 06/15/25 | $ | 12,336 | $ | 12,783,180 | ||||
| 3.50%, 08/15/29 | 35,425 | 36,000,656 | ||||||
| 4.10%, 02/15/47 | 17,580 | 17,164,672 | ||||||
| 4.20%, 03/15/48 | 23,432 | 22,869,749 | ||||||
| 4.30%, 08/15/39 | 17,577 | 17,688,350 | ||||||
| 4.40%, 04/15/46 | 27,028 | 27,379,799 | ||||||
| 4.40%, 08/15/49 | 16,672 | 16,689,172 | ||||||
| 4.50%, 07/15/44 | 14,630 | 14,795,685 | ||||||
| 4.62%, 06/15/45 | 17,588 | 18,226,796 | ||||||
| 5.55%, 03/15/26 | 25,556 | 28,239,380 | ||||||
| 6.20%, 03/15/40 | 17,297 | 20,981,261 | ||||||
| 6.45%, 09/15/36 | 40,966 | 52,188,636 | ||||||
| 6.60%, 03/15/46 | 25,763 | 32,999,956 | ||||||
| 6.95%, 07/01/24 | 13,693 | 15,421,741 | ||||||
| 7.50%, 05/01/31 | 20,540 | 26,770,706 | ||||||
| 7.88%, 09/15/31 | 11,471 | 15,357,662 | ||||||
| 7.95%, 06/15/39 | 7,553 | 10,096,284 | ||||||
| Oceaneering International, Inc. | ||||||||
| 4.65%, 11/15/24 † | 12,763 | 13,273,520 | ||||||
| 6.00%, 02/01/28 | 7,653 | 7,879,605 | ||||||
| Ovintiv, Inc. | ||||||||
| 6.50%, 08/15/34 | 19,283 | 26,046,930 | ||||||
| 6.50%, 02/01/38 | 12,464 | 16,921,499 | ||||||
| 6.62%, 08/15/37 | 11,898 | 16,185,832 | ||||||
| 7.20%, 11/01/31 | 9,008 | 12,080,402 | ||||||
| 7.38%, 11/01/31 | 12,762 | 17,296,573 | ||||||
| 8.12%, 09/15/30 | 7,735 | 10,619,786 | ||||||
|
Pactiv LLC 7.95%, 12/15/25 |
7,584 | 8,465,640 | ||||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.95%, 02/01/28 † | 13,119 | 13,159,424 | ||||||
| 5.15%, 11/15/29 | 9,027 | 9,319,322 | ||||||
|
ProAssurance Corp. 5.30%, 11/15/23 |
6,970 | 7,394,686 | ||||||
|
Qwest Corp. 7.25%, 09/15/25 |
6,365 | 7,604,902 | ||||||
| Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | ||||||||
| 4.62%, 04/16/29 † | 25,590 | 26,005,113 | ||||||
| 4.62%, 04/06/31 | 8,950 | 8,933,357 | ||||||
| Rockies Express Pipeline LLC 144A | ||||||||
| 3.60%, 05/15/25 | 10,210 | 10,643,312 | ||||||
| 4.80%, 05/15/30 | 8,933 | 9,524,811 | ||||||
| 4.95%, 07/15/29 | 14,145 | 15,152,831 | ||||||
| 6.88%, 04/15/40 | 12,759 | 14,469,344 | ||||||
| 7.50%, 07/15/38 | 6,411 | 7,337,806 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 3.70%, 03/15/28 † | 12,866 | 12,206,617 | ||||||
| 7.50%, 10/15/27 | 7,664 | 8,973,318 | ||||||
| Royal Caribbean Cruises Ltd. 144A | ||||||||
| 10.88%, 06/01/23 | 25,703 | 28,787,360 | ||||||
| 11.50%, 06/01/25 | 35,761 | 40,745,189 | ||||||
|
Safeway, Inc. 7.25%, 02/01/31 |
6,835 | 8,261,977 | ||||||
|
Seagate HDD Cayman 4.09%, 06/01/29 |
12,878 | 13,331,563 |
See Notes to Financial Statements
| 31 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 4.12%, 01/15/31 | $ | 12,859 | $ | 13,074,131 | ||||
| 4.75%, 01/01/25 | 12,323 | 13,324,244 | ||||||
| 4.88%, 03/01/24 | 12,871 | 13,740,436 | ||||||
| 4.88%, 06/01/27 | 12,994 | 14,339,101 | ||||||
| 5.75%, 12/01/34 † | 12,513 | 14,424,173 | ||||||
|
Sealed Air Corp. 144A 6.88%, 07/15/33 |
11,978 | 15,378,734 | ||||||
| Service Properties Trust | ||||||||
| 3.95%, 01/15/28 | 10,295 | 9,587,219 | ||||||
| 4.35%, 10/01/24 | 21,219 | 21,409,971 | ||||||
| 4.38%, 02/15/30 | 10,300 | 9,720,625 | ||||||
| 4.50%, 06/15/23 | 625 | 638,281 | ||||||
| 4.50%, 03/15/25 | 9,028 | 9,041,993 | ||||||
| 4.65%, 03/15/24 | 21,494 | 21,708,940 | ||||||
| 4.75%, 10/01/26 | 11,509 | 11,396,787 | ||||||
| 4.95%, 02/15/27 | 10,294 | 10,152,457 | ||||||
| 4.95%, 10/01/29 | 10,931 | 10,534,751 | ||||||
| 5.25%, 02/15/26 | 9,016 | 9,117,430 | ||||||
|
Southeast Supply Header LLC 144A 4.25%, 06/15/24 |
10,384 | 10,825,320 | ||||||
|
Southwestern Energy Co. 6.45%, 01/23/25 |
18,090 | 19,740,712 | ||||||
| Spirit AeroSystems, Inc. | ||||||||
| 3.85%, 06/15/26 | 7,683 | 8,076,754 | ||||||
| 3.95%, 06/15/23 | 7,680 | 7,799,808 | ||||||
| 4.60%, 06/15/28 † | 17,988 | 17,781,138 | ||||||
| Sprint Capital Corp. | ||||||||
| 6.88%, 11/15/28 | 63,657 | 80,570,028 | ||||||
| 8.75%, 03/15/32 | 51,383 | 76,971,734 | ||||||
|
Tenet Healthcare Corp. 6.88%, 11/15/31 |
9,355 | 10,723,169 | ||||||
|
Topaz Solar Farms LLC 144A 5.75%, 09/30/39 |
16,063 | 19,530,534 | ||||||
| Transocean, Inc. | ||||||||
| 6.80%, 03/15/38 | 15,550 | 9,330,000 | ||||||
| 7.50%, 04/15/31 | 10,089 | 6,574,245 | ||||||
| Travel + Leisure Co. | ||||||||
| 3.90%, 03/01/23 | 10,306 | 10,656,404 | ||||||
| 5.65%, 04/01/24 | 7,722 | 8,376,826 | ||||||
| 6.00%, 04/01/27 | 10,305 | 11,220,496 | ||||||
| 6.60%, 10/01/25 | 9,008 | 10,064,638 | ||||||
|
Trinity Industries, Inc. 4.55%, 10/01/24 |
10,863 | 11,526,729 | ||||||
| Definitions: | ||
| USD | United States Dollar | |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $214,967,597. |
| (o) | Perpetual Maturity — the date shown is the next call date |
See Notes to Financial Statements
| 32 |
| ^ | Zero Coupon Bond |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $593,345,162, or 11.3% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | |||||||
| Basic Materials | 4.8 | % | $ | 249,065,851 | |||||
| Communications | 0.2 | 8,876,531 | |||||||
| Consumer Cyclicals | 13.8 | 715,811,480 | |||||||
| Consumer Non-Cyclicals | 9.6 | 500,033,939 | |||||||
| Energy | 28.9 | 1,500,699,442 | |||||||
| Financials | 13.3 | 689,094,446 | |||||||
| Healthcare | 1.8 | 96,299,038 | |||||||
| Industrials | 5.9 | 308,288,321 | |||||||
| Real Estate | 2.5 | 132,867,318 | |||||||
| Technology | 12.4 | 642,696,622 | |||||||
| Utilities | 6.8 | 353,803,681 | |||||||
| 100.0 | % | $ | 5,197,536,669 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||
| Corporate Bonds * | $ | — | $ | 5,197,536,669 | $ | — | $ | 5,197,536,669 | ||||
| Money Market Fund | 195,344,301 | — | — | 195,344,301 | ||||||||
| Total Investments | $ | 195,344,301 | $ | 5,197,536,669 | $ | — | $ | 5,392,880,970 | ||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 33 |
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| CORPORATE BONDS: 85.5% | ||||||||
| Australia: 0.4% | ||||||||
|
National Australia Bank Ltd. 3.62%, 06/20/23 |
$ | 375 | $ | 393,949 | ||||
| Bermuda: 0.4% | ||||||||
|
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
350 | 375,398 | ||||||
| Brazil: 2.2% | ||||||||
|
Banco BTG Pactual SA 144A 2.75%, 01/11/26 |
250 | 240,325 | ||||||
|
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 |
375 | 420,487 | ||||||
|
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
300 | 331,239 | ||||||
|
Klabin Austria GmbH 144A 7.00%, 04/03/49 |
150 | 173,389 | ||||||
|
Klabin Finance SA 144A 4.88%, 09/19/27 |
465 | 499,880 | ||||||
|
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 † |
250 | 260,312 | ||||||
|
Suzano Austria GmbH 144A 5.75%, 07/14/26 |
250 | 285,440 | ||||||
| 2,211,072 | ||||||||
| British Virgin Islands: 0.2% | ||||||||
|
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 |
200 | 201,240 | ||||||
| Canada: 1.9% | ||||||||
|
Alimentation Couche-Tard, Inc. 144A 3.62%, 05/13/51 † |
150 | 160,114 | ||||||
|
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
100 | 105,250 | ||||||
|
Bank of Nova Scotia 2.38%, 01/18/23 |
225 | 230,147 | ||||||
|
Brookfield Finance, Inc. 2.72%, 04/15/31 |
250 | 253,847 | ||||||
|
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 |
250 | 245,762 | ||||||
|
CDP Financial, Inc. Reg S 1.00%, 05/26/26 |
500 | 495,129 | ||||||
|
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 |
300 | 287,509 | ||||||
|
Tucson Electric Power Co. 1.50%, 08/01/30 |
150 | 141,188 | ||||||
| 1,918,946 | ||||||||
| Cayman Islands: 0.4% | ||||||||
|
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 |
400 | 401,064 | ||||||
| Chile: 0.8% | ||||||||
|
Inversiones CMPC SA 144A
4.38%, 04/04/27 |
250 | 272,271 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Chile (continued) | ||||||||
|
Inversiones Latin America Power Ltda Reg S 5.12%, 06/15/33 |
$ | 200 | $ | 195,784 | ||||
|
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 |
300 | 293,313 | ||||||
| 761,368 | ||||||||
| China: 8.0% | ||||||||
| Bank of China Ltd. Reg S | ||||||||
|
0.95% (ICE LIBOR USD 3 Month+0.83%), 06/07/23 |
200 | 201,319 | ||||||
| 0.95%, 09/21/23 | 450 | 450,394 | ||||||
|
1.00% (United States Secured Overnight Financing Rate+0.95%), 10/17/22 |
200 | 200,860 | ||||||
|
1.01% (ICE LIBOR USD 3 Month+0.88%), 11/22/22 |
300 | 301,695 | ||||||
|
Central
China Real Estate Ltd. Reg S
|
200 | 93,865 | ||||||
|
China Construction Bank Corp. Reg S 0.79% (ICE LIBOR USD 3 Month+0.66%), 10/22/22 |
400 | 401,216 | ||||||
| 1.00%, 08/04/23 | 200 | 200,294 | ||||||
| 1.25%, 08/04/25 | 400 | 395,142 | ||||||
|
China
Merchants Bank Co. Ltd. Reg S
|
400 | 392,684 | ||||||
|
CIFI
Holdings Group Co. Ltd. Reg S
|
400 | 389,902 | ||||||
|
ICBCIL Finance Co. Ltd. Reg S 1.18% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 |
400 | 400,384 | ||||||
| Industrial & Commercial Bank of China Ltd. Reg S | ||||||||
|
0.79% (ICE LIBOR USD 3 Month+0.67%), 09/16/22 |
200 | 200,495 | ||||||
|
0.84% (ICE LIBOR USD 3 Month+0.72%), 04/25/22 |
225 | 225,387 | ||||||
|
0.90% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 |
800 | 806,040 | ||||||
|
0.95% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 |
400 | 402,796 | ||||||
|
0.95% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 |
200 | 201,608 | ||||||
| 2.25%, 09/16/22 | 200 | 202,458 | ||||||
| 2.88%, 10/12/22 | 300 | 305,617 | ||||||
|
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23 |
400 | 399,376 | ||||||
|
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 |
200 | 203,764 | ||||||
|
KWG Group Holdings Ltd. Reg S 6.00%, 08/14/26 |
200 | 161,655 | ||||||
| Modern Land China Co. Ltd. Reg S | ||||||||
See Notes to Financial Statements
| 34 |
|
|
|
Par
(000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 9.80%, 04/11/23 | $ | 200 | $ | 47,540 | ||||
|
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 |
200 | 209,921 | ||||||
|
Shanghai Pudong Development Bank Co. Ltd./London Reg S 0.83% (ICE LIBOR USD 3 Month+0.70%), 10/29/22 |
200 | 199,997 | ||||||
|
Shuifa International Holdings BVI Co. Ltd. Reg S 4.00%, 03/24/24 |
200 | 193,962 | ||||||
|
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 |
200 | 206,596 | ||||||
| Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
| 6.35%, 01/13/27 | 200 | 90,938 | ||||||
| 7.85%, 08/12/26 | 200 | 91,705 | ||||||
| Zhenro Properties Group Ltd. Reg S | ||||||||
| 6.63%, 01/07/26 | 200 | 140,542 | ||||||
| 7.10%, 09/10/24 | 200 | 147,643 | ||||||
| 7.35%, 02/05/25 | 200 | 141,147 | ||||||
| 8,006,942 | ||||||||
| Colombia: 0.3% | ||||||||
|
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 |
300 | 331,146 | ||||||
| Dominican Republic: 0.1% | ||||||||
|
UEP Penonome II SA 144A 6.50%, 10/01/38 |
96 | 100,769 | ||||||
| France: 0.7% | ||||||||
|
Electricite de France SA 144A 3.62%, 10/13/25 |
600 | 647,861 | ||||||
| Georgia: 0.4% | ||||||||
|
Georgia Global Utilities JSC 144A 7.75%, 07/30/25 |
100 | 106,569 | ||||||
|
Georgian Railway JSC 144A 4.00%, 06/17/28 |
250 | 253,125 | ||||||
| 359,694 | ||||||||
| Germany: 3.7% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 0.75%, 09/30/30 † | 950 | 887,025 | ||||||
| 1.00%, 10/01/26 | 250 | 247,478 | ||||||
| 1.75%, 09/14/29 | 1,900 | 1,929,926 | ||||||
| 2.00%, 09/29/22 | 300 | 304,985 | ||||||
|
Landesbank Baden-Wuerttemberg Reg S 2.38%, 05/31/22 |
350 | 354,291 | ||||||
| 3,723,705 | ||||||||
| Hong Kong: 1.7% | ||||||||
|
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24 |
200 | 203,696 | ||||||
|
Industrial Bank Co. Ltd. Reg S 0.88%, 06/10/24 |
200 | 198,388 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Hong Kong (continued) | ||||||||
|
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 |
$ | 200 | $ | 207,544 | ||||
|
Modern Land China Co. Ltd. Reg S 11.50%, 11/13/22 |
300 | 69,668 | ||||||
|
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 |
400 | 417,349 | ||||||
|
MTR Corp. Ltd. Reg S 1.62%, 08/19/30 |
400 | 386,028 | ||||||
|
Yango Justice International Ltd. Reg S 7.50%, 02/17/25 |
200 | 48,854 | ||||||
|
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 |
200 | 195,447 | ||||||
| 1,726,974 | ||||||||
| India: 3.3% | ||||||||
|
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 |
350 | 354,761 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 |
50 | 53,885 | ||||||
|
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 |
200 | 215,540 | ||||||
|
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 |
186 | 186,771 | ||||||
|
India Green Energy Holdings 144A 5.38%, 04/29/24 |
150 | 155,683 | ||||||
|
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 |
200 | 213,619 | ||||||
|
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 |
350 | 350,271 | ||||||
|
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 |
200 | 209,028 | ||||||
|
REC Ltd. Reg S 3.88%, 07/07/27 |
200 | 209,224 | ||||||
|
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 |
200 | 210,161 | ||||||
|
ReNew Power Synthetic 144A 6.67%, 03/12/24 |
500 | 524,247 | ||||||
|
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 |
200 | 203,437 | ||||||
|
State Bank of India/London Reg S 4.50%, 09/28/23 |
400 | 424,224 | ||||||
| 3,310,851 | ||||||||
See Notes to Financial Statements
| 35 |
|
|
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Indonesia: 2.4% | ||||||||
| Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
| 2.30%, 06/23/25 | $ | 300 | $ | 309,324 | ||||
| 3.55%, 06/09/51 | 275 | 275,737 | ||||||
| 3.75%, 03/01/23 | 650 | 676,881 | ||||||
| 3.90%, 08/20/24 | 450 | 485,930 | ||||||
|
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 |
550 | 612,593 | ||||||
| 2,360,465 | ||||||||
| Japan: 1.9% | ||||||||
|
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 |
200 | 194,821 | ||||||
|
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 |
250 | 258,466 | ||||||
| Norinchukin Bank 144A | ||||||||
| 1.28%, 09/22/26 | 200 | 198,141 | ||||||
| 2.08%, 09/22/31 | 300 | 296,148 | ||||||
|
Sumitomo Mitsui Financial Group, Inc. 0.51%, 01/12/24 |
250 | 247,978 | ||||||
|
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 |
275 | 274,623 | ||||||
|
Toyota Motor Credit Corp. 2.15%, 02/13/30 |
400 | 403,124 | ||||||
| 1,873,301 | ||||||||
| Luxembourg: 0.9% | ||||||||
|
Bank of China Ltd. Reg S 1.40%, 04/28/26 |
200 | 197,923 | ||||||
|
European Investment Bank 1.62%, 05/13/31 † |
700 | 702,188 | ||||||
| 900,111 | ||||||||
| Mauritius: 0.9% | ||||||||
|
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
200 | 201,812 | ||||||
|
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 |
150 | 152,723 | ||||||
|
Cliffton Ltd. 144A 6.25%, 10/25/25 |
200 | 198,345 | ||||||
|
India Cleantech Energy 144A 4.70%, 08/10/26 |
150 | 151,294 | ||||||
|
India Green Power Holdings 144A 4.00%, 02/22/27 |
200 | 201,250 | ||||||
| 905,424 | ||||||||
| Mexico: 0.4% | ||||||||
|
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 |
400 | 377,826 | ||||||
| Netherlands: 4.6% | ||||||||
| Cooperatieve Rabobank UA 144A | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Netherlands (continued) | ||||||||
|
1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 † |
$ | 450 | $ | 440,886 | ||||
|
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 |
550 | 537,086 | ||||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
591 | 597,590 | ||||||
| ING Groep NV 144A | ||||||||
|
1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 |
450 | 447,556 | ||||||
| 4.62%, 01/06/26 | 650 | 728,629 | ||||||
|
Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 |
200 | 209,143 | ||||||
| Nederlandse Waterschapsbank NV 144A | ||||||||
| 1.00%, 05/28/30 | 300 | 284,678 | ||||||
| 2.38%, 03/24/26 | 750 | 788,309 | ||||||
|
NXP BV / NXP Funding LLC / NXP USA, Inc. 144A 2.50%, 05/11/31 |
550 | 547,098 | ||||||
| 4,580,975 | ||||||||
| Norway: 0.8% | ||||||||
| Kommunalbanken AS 144A | ||||||||
| 0.50%, 10/21/24 | 300 | 296,370 | ||||||
| 2.12%, 02/11/25 | 475 | 493,025 | ||||||
| 789,395 | ||||||||
| Philippines: 0.2% | ||||||||
|
Bank of the Philippine Islands Reg S 2.50%, 09/10/24 |
200 | 207,821 | ||||||
| Portugal: 0.4% | ||||||||
|
EDP Finance BV 144A 1.71%, 01/24/28 |
400 | 390,319 | ||||||
| Qatar: 0.4% | ||||||||
|
QNB Finance Ltd. Reg S 1.62%, 09/22/25 |
400 | 400,740 | ||||||
| Saudi Arabia: 0.5% | ||||||||
|
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 |
200 | 199,014 | ||||||
|
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 |
300 | 302,182 | ||||||
| 501,196 | ||||||||
| Singapore: 1.4% | ||||||||
|
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 |
298 | 305,938 | ||||||
|
DBS Group Holdings Ltd. 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 07/25/22 |
250 | 250,947 | ||||||
| Greenko Investment Co. 144A | ||||||||
See Notes to Financial Statements
| 36 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Singapore (continued) | ||||||||
| 4.88%, 08/16/23 † | $ | 200 | $ | 202,125 | ||||
|
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 |
400 | 422,841 | ||||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
210 | 234,627 | ||||||
| 1,416,478 | ||||||||
| South Korea: 2.6% | ||||||||
|
Hanwha Energy USA Holdings Corp. 144A 2.38%, 07/30/22 |
150 | 151,769 | ||||||
|
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 |
300 | 293,624 | ||||||
|
Incheon International Airport Corp. Reg S 1.25%, 05/04/26 |
200 | 196,967 | ||||||
|
Kia Corp. 144A 1.75%, 10/16/26 |
400 | 397,198 | ||||||
|
Korea Electric Power Corp. 144A 2.50%, 06/24/24 |
350 | 364,786 | ||||||
|
Korea Water Resources Corp. Reg S 3.88%, 05/15/23 |
200 | 209,732 | ||||||
| LG Chem Ltd. 144A | ||||||||
| 1.38%, 07/07/26 | 200 | 196,134 | ||||||
| 2.38%, 07/07/31 | 225 | 221,036 | ||||||
| 3.25%, 10/15/24 | 250 | 265,104 | ||||||
| 3.62%, 04/15/29 | 250 | 273,405 | ||||||
| 2,569,755 | ||||||||
| Spain: 1.1% | ||||||||
| Avangrid, Inc. | ||||||||
| 3.20%, 04/15/25 | 531 | 562,065 | ||||||
| 3.80%, 06/01/29 | 450 | 500,310 | ||||||
| 1,062,375 | ||||||||
| Supranational: 9.0% | ||||||||
| Asian Development Bank | ||||||||
| 1.75%, 08/14/26 | 275 | 281,929 | ||||||
| 2.12%, 03/19/25 | 400 | 416,823 | ||||||
| 2.38%, 08/10/27 | 300 | 317,220 | ||||||
| 3.12%, 09/26/28 | 450 | 499,277 | ||||||
|
Central American Bank for Economic Integration Reg S 0.97% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 |
200 | 201,423 | ||||||
| European Bank for Reconstruction & Development | ||||||||
| 1.50%, 02/13/25 | 500 | 509,684 | ||||||
| 1.62%, 09/27/24 | 500 | 511,986 | ||||||
| European Investment Bank | ||||||||
| 0.75%, 09/23/30 | 600 | 560,311 | ||||||
| 1.62%, 10/09/29 † | 830 | 834,991 | ||||||
| 2.12%, 04/13/26 | 800 | 835,102 | ||||||
| 2.38%, 05/24/27 | 700 | 740,111 | ||||||
| 2.50%, 10/15/24 † | 450 | 472,600 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Supranational (continued) | ||||||||
|
European Investment Bank 144A 2.88%, 06/13/25 |
$ | 750 | $ | 801,970 | ||||
| International Bank for Reconstruction & Development | ||||||||
| 2.12%, 03/03/25 | 430 | 447,103 | ||||||
| 3.12%, 11/20/25 | 375 | 405,882 | ||||||
| International Finance Corp. | ||||||||
| 2.00%, 10/24/22 | 270 | 274,604 | ||||||
| 2.12%, 04/07/26 | 794 | 828,168 | ||||||
| 8,939,184 | ||||||||
| Sweden: 1.0% | ||||||||
| Kommuninvest I Sverige AB 144A | ||||||||
| 0.38%, 06/19/24 | 500 | 494,981 | ||||||
| 1.62%, 04/24/23 | 500 | 508,914 | ||||||
| 1,003,895 | ||||||||
| United Arab Emirates: 0.9% | ||||||||
|
First Abu Dhabi Bank PJSC Reg S 3.00%, 03/30/22 |
200 | 202,159 | ||||||
| MAF Sukuk Ltd. Reg S | ||||||||
| 3.93%, 02/28/30 | 200 | 216,528 | ||||||
| 4.64%, 05/14/29 | 400 | 451,000 | ||||||
| 869,687 | ||||||||
| United Kingdom: 1.0% | ||||||||
|
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 |
200 | 204,000 | ||||||
|
NatWest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 |
300 | 306,951 | ||||||
|
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 |
300 | 289,696 | ||||||
|
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 |
200 | 215,488 | ||||||
| 1,016,135 | ||||||||
| United States: 30.6% | ||||||||
|
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 01/07/25 |
200 | 207,544 | ||||||
| AES Corp. | ||||||||
| 1.38%, 01/15/26 | 450 | 440,458 | ||||||
| 2.45%, 01/15/31 | 455 | 445,795 | ||||||
|
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 |
200 | 197,071 | ||||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.00%, 05/18/32 | 350 | 337,410 | ||||||
| 3.80%, 04/15/26 | 300 | 328,383 | ||||||
| Apple, Inc. | ||||||||
| 2.85%, 02/23/23 | 125 | 128,479 | ||||||
| 3.00%, 06/20/27 | 1,100 | 1,187,818 | ||||||
See Notes to Financial Statements
| 37 |
|
|
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
| 3.25%, 09/01/28 † | $ | 400 | $ | 392,000 | ||||
| 4.00%, 09/01/29 † | 475 | 472,934 | ||||||
|
Arizona Public Service Co. 2.65%, 09/15/50 |
200 | 187,069 | ||||||
| Boston Properties LP | ||||||||
| 2.55%, 04/01/32 | 450 | 448,468 | ||||||
| 3.40%, 06/21/29 | 475 | 509,613 | ||||||
| 4.50%, 12/01/28 | 400 | 457,238 | ||||||
|
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 |
750 | 761,219 | ||||||
| Clearway Energy Operating LLC 144A | ||||||||
| 3.75%, 02/15/31 | 500 | 495,638 | ||||||
| 4.75%, 03/15/28 | 425 | 450,181 | ||||||
|
Dana, Inc. 4.25%, 09/01/30 † |
200 | 202,640 | ||||||
|
Deutsche Bank AG 1.69%, 03/19/26 |
500 | 498,993 | ||||||
| DTE Electric Co. | ||||||||
| 1.90%, 04/01/28 | 250 | 250,578 | ||||||
| 3.25%, 04/01/51 | 200 | 220,422 | ||||||
| 3.95%, 03/01/49 | 290 | 350,137 | ||||||
| Duke Energy Carolinas LLC | ||||||||
| 3.35%, 05/15/22 | 50 | 50,830 | ||||||
| 3.95%, 11/15/28 | 300 | 339,280 | ||||||
|
Duke Energy Florida LLC 2.50%, 12/01/29 |
350 | 361,409 | ||||||
|
Duke Energy Progress LLC 3.45%, 03/15/29 |
400 | 438,181 | ||||||
| Duke Realty LP | ||||||||
| 1.75%, 02/01/31 | 200 | 190,417 | ||||||
| 2.88%, 11/15/29 | 225 | 235,929 | ||||||
| Equinix, Inc. | ||||||||
| 1.00%, 09/15/25 † | 375 | 367,734 | ||||||
| 1.55%, 03/15/28 | 200 | 194,004 | ||||||
| 2.50%, 05/15/31 | 550 | 550,514 | ||||||
|
ERP Operating LP 4.15%, 12/01/28 |
200 | 226,503 | ||||||
|
Evergy Kansas Central, Inc. 2.55%, 07/01/26 |
200 | 208,455 | ||||||
|
Federal Realty Investment Trust 1.25%, 02/15/26 |
200 | 197,908 | ||||||
|
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 |
400 | 417,080 | ||||||
|
Healthpeak Properties, Inc. 1.35%, 02/01/27 |
200 | 196,156 | ||||||
|
Host Hotels & Resorts LP 3.38%, 12/15/29 |
350 | 358,751 | ||||||
| Interstate Power & Light Co. | ||||||||
| 3.50%, 09/30/49 | 150 | 168,038 | ||||||
| 4.10%, 09/26/28 | 250 | 282,541 | ||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Interstate Power and Light Co. 3.60%, 04/01/29 |
$ | 150 | $ | 165,164 | ||||
|
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 |
300 | 288,250 | ||||||
|
JPMorgan Chase & Co. 0.65% (United States Secured Overnight Financing Rate+0.60%), 09/16/24 |
525 | 523,874 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.81%, 06/01/41 | 600 | 608,990 | ||||||
| 3.15%, 05/01/27 | 280 | 300,738 | ||||||
| Kilroy Realty LP | ||||||||
| 2.50%, 11/15/32 | 50 | 49,039 | ||||||
| 4.75%, 12/15/28 | 350 | 403,676 | ||||||
|
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 |
200 | 201,254 | ||||||
|
Massachusetts Institute of Technology 3.96%, 07/01/38 |
200 | 237,670 | ||||||
|
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 † |
350 | 345,824 | ||||||
| MidAmerican Energy Co. | ||||||||
| 2.70%, 08/01/52 | 200 | 197,531 | ||||||
| 3.10%, 05/01/27 | 225 | 242,311 | ||||||
| 3.15%, 04/15/50 | 200 | 214,061 | ||||||
| 3.65%, 04/15/29 | 500 | 556,381 | ||||||
| 3.65%, 08/01/48 | 350 | 401,709 | ||||||
| 3.95%, 08/01/47 | 300 | 360,557 | ||||||
| 4.25%, 07/15/49 | 525 | 660,969 | ||||||
|
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 |
725 | 717,024 | ||||||
| Northern States Power Co. | ||||||||
| 2.60%, 06/01/51 | 250 | 244,311 | ||||||
| 2.90%, 03/01/50 | 250 | 258,480 | ||||||
| 3.20%, 04/01/52 | 200 | 217,809 | ||||||
|
NSTAR Electric Co. 3.25%, 05/15/29 |
325 | 354,234 | ||||||
|
Owens Corning 3.95%, 08/15/29 |
225 | 251,228 | ||||||
|
PacifiCorp 2.90%, 06/15/52 |
200 | 199,233 | ||||||
|
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 |
350 | 362,687 | ||||||
|
Piedmont Operating Partnership LP 3.15%, 08/15/30 |
150 | 153,312 | ||||||
|
PNC Financial Services Group, Inc. 2.20%, 11/01/24 |
310 | 322,117 | ||||||
|
Prologis LP 1.25%, 10/15/30 |
375 | 349,717 | ||||||
See Notes to Financial Statements
| 38 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Chile: 1.9% | ||||||||
| Chile Government International Bond | ||||||||
| 2.55%, 01/27/32 | $ | 750 | $ | 741,802 | ||||
| 3.50%, 01/25/50 | 1,150 | 1,172,724 | ||||||
| 1,914,526 | ||||||||
| China: 0.2% | ||||||||
|
China Development Bank Reg S 2.75%, 11/16/22 |
200 | 204,135 | ||||||
| Egypt: 0.4% | ||||||||
|
Egypt Government International Bond 144A 5.25%, 10/06/25 |
200 | 201,496 | ||||||
|
Egypt Government International Bond Reg S 5.25%, 10/06/25 |
200 | 201,496 | ||||||
| 402,992 | ||||||||
| Hong Kong: 1.8% | ||||||||
| Hong Kong Government International Bond 144A | ||||||||
| 0.62%, 02/02/26 | 600 | 583,376 | ||||||
| 1.38%, 02/02/31 | 500 | 481,731 | ||||||
| 2.38%, 02/02/51 | 200 | 190,133 | ||||||
| 2.50%, 05/28/24 | 450 | 469,685 | ||||||
| 1,724,925 | ||||||||
| Pakistan: 0.2% | ||||||||
|
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 |
200 | 196,750 | ||||||
| South Korea: 1.6% | ||||||||
|
Export-Import Bank of Korea 144A 1.75%, 10/19/28 |
250 | 249,629 | ||||||
|
Export-Import Bank of Korea Reg S 0.87% (ICE LIBOR USD 3 Month+0.74%), 03/22/23 |
200 | 201,610 | ||||||
| Korea Development Bank | ||||||||
|
0.40%, 06/19/24 |
350 | 346,671 | ||||||
|
0.85% (ICE LIBOR USD 3 Month+0.72%), 07/06/22 |
300 | 301,238 | ||||||
|
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 |
300 | 315,541 | ||||||
|
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 |
200 | 204,630 | ||||||
| 1,619,319 | ||||||||
| United States: 6.9% | ||||||||
| City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
| 2.83%, 11/01/41 | 100 | 100,947 | ||||||
| 3.30%, 11/01/39 | 100 | 107,174 | ||||||
| 3.47%, 11/01/43 | 250 | 266,049 | ||||||
|
Commonwealth of Massachusetts 3.28%, 06/01/46 |
150 | 165,599 | ||||||
See Notes to Financial Statements
| 39 |
|
|
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| USD | United States Dollar |
See Notes to Financial Statements
| 40 |
|
|
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $5,729,642. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $29,299,988, or 29.5% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Academic & Educational Services | 0.2 | % | $ | 237,670 | ||||
| Basic Materials | 3.8 | 3,765,393 | ||||||
| Consumer Cyclicals | 1.2 | 1,144,691 | ||||||
| Consumer Non-Cyclicals | 0.4 | 377,826 | ||||||
| Energy | 1.6 | 1,608,082 | ||||||
| Financials | 39.7 | 39,103,358 | ||||||
| Government Activity | 9.0 | 8,810,092 | ||||||
| Healthcare | 1.1 | 1,059,010 | ||||||
| Industrials | 3.6 | 3,488,233 | ||||||
| Mortgage Securities | 5.6 | 5,541,902 | ||||||
| Real Estate | 8.4 | 8,281,639 | ||||||
| Technology | 3.4 | 3,345,302 | ||||||
| Utilities | 22.0 | 21,679,092 | ||||||
| 100.0 | % | $ | 98,442,290 | |||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 85,085,068 | $ | — | $ | 85,085,068 | ||||||||
| Government Obligations * | — | 13,179,212 | — | 13,179,212 | ||||||||||||
| Preferred Securities * | 178,010 | — | — | 178,010 | ||||||||||||
| Money Market Fund | 1,539,910 | — | — | 1,539,910 | ||||||||||||
| Total Investments | $ | 1,717,920 | $ | 98,264,280 | $ | — | $ | 99,982,200 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 41 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| CORPORATE BONDS: 97.7% | ||||||||
| Argentina: 0.8% | ||||||||
|
Arcor SAIC 144A 6.00%, 07/06/23 |
USD | 50 | $ | 48,795 | ||||
|
MercadoLibre, Inc. 3.12%, 01/14/31 |
USD | 100 | 94,505 | |||||
| Pampa Energia SA 144A | ||||||||
| 7.38%, 07/21/23 | USD | 50 | 48,027 | |||||
| 7.50%, 01/24/27 | USD | 50 | 44,359 | |||||
| 9.12%, 04/15/29 | USD | 50 | 45,713 | |||||
|
Pan American Energy LLC 144A 9.12%, 04/30/27 |
USD | 35 | 39,373 | |||||
|
Telecom Argentina SA 144A 8.00%, 07/18/26 |
USD | 75 | 69,877 | |||||
|
YPF Energia Electrica SA 144A 10.00%, 07/25/26 |
USD | 35 | 32,179 | |||||
| YPF SA 144A | ||||||||
| 2.50%, 06/30/29 (s) | USD | 75 | 50,493 | |||||
| 4.00%, 02/12/26 (s) | USD | 75 | 64,685 | |||||
| 6.95%, 07/21/27 | USD | 100 | 72,708 | |||||
| 7.00%, 12/15/47 | USD | 75 | 49,332 | |||||
| 8.50%, 03/23/25 | USD | 22 | 19,891 | |||||
| 8.50%, 07/28/25 | USD | 150 | 121,614 | |||||
| 8.75%, 04/04/24 | USD | 75 | 67,806 | |||||
| 869,357 | ||||||||
| Australia: 0.4% | ||||||||
| FMG Resources August 2006 Pty Ltd. 144A | ||||||||
| 4.38%, 04/01/31 | USD | 150 | 152,063 | |||||
| 4.50%, 09/15/27 | USD | 25 | 26,156 | |||||
| 5.12%, 05/15/24 † | USD | 75 | 80,040 | |||||
|
Mineral Resources Ltd. 144A 8.12%, 05/01/27 |
USD | 100 | 108,087 | |||||
|
Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.75%, 04/30/26 |
USD | 50 | 51,156 | |||||
| 417,502 | ||||||||
| Austria: 0.3% | ||||||||
|
ams AG 144A 7.00%, 07/31/25 |
USD | 100 | 106,000 | |||||
|
Novomatic AG 1.62%, 09/20/23 |
EUR | 50 | 57,272 | |||||
|
Wienerberger AG Reg S 2.75%, 06/04/25 |
EUR | 100 | 123,302 | |||||
| 286,574 | ||||||||
| Azerbaijan: 0.2% | ||||||||
|
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 |
USD | 200 | 245,337 | |||||
| Bahamas: 0.2% | ||||||||
|
Akelius Residential Property AB Reg S 3.88% (EUR Swap Annual 5 Year+3.49%), 10/05/78 |
EUR | 175 | 212,397 | |||||
| Belgium: 0.5% | ||||||||
|
La Financiere Atalian SASU Reg S 4.00%, 05/15/24 |
EUR | 150 | 171,369 | |||||
|
Par
(000’s |
) | Value | ||||||
| Belgium (continued) | ||||||||
|
Ontex Group NV Reg S 3.50%, 07/15/26 |
EUR | 100 | $ | 110,893 | ||||
|
Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o) |
EUR | 150 | 189,189 | |||||
|
Weatherford International Ltd. 144A 8.62%, 04/30/30 |
USD | 125 | 128,573 | |||||
| 600,024 | ||||||||
| Bermuda: 0.4% | ||||||||
|
Digicel Group Holdings Ltd. 10.00%, 04/01/24 |
USD | 53 | 53,987 | |||||
| Digicel Group Holdings Ltd. 144A | ||||||||
| 6.75%, 03/01/23 | USD | 50 | 48,446 | |||||
| 8.00%, 04/01/25 | USD | 61 | 59,014 | |||||
| 8.75%, 05/25/24 | USD | 100 | 103,875 | |||||
|
Eurochem Finance DAC 144A 5.50%, 03/13/24 |
USD | 100 | 107,688 | |||||
|
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 |
USD | 100 | 107,256 | |||||
| 480,266 | ||||||||
| Brazil: 7.0% | ||||||||
|
Adecoagro SA 144A 6.00%, 09/21/27 |
USD | 150 | 155,589 | |||||
|
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 |
USD | 100 | 100,533 | |||||
|
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 |
USD | 105 | 108,386 | |||||
|
Azul Investments LLP 144A 5.88%, 10/26/24 |
USD | 50 | 46,461 | |||||
| Banco Bradesco SA 144A | ||||||||
| 2.85%, 01/27/23 | USD | 100 | 101,251 | |||||
| 3.20%, 01/27/25 | USD | 100 | 101,128 | |||||
|
Banco BTG Pactual SA 144A 5.50%, 01/31/23 |
USD | 200 | 207,752 | |||||
| Banco do Brasil SA 144A | ||||||||
| 4.62%, 01/15/25 | USD | 100 | 104,876 | |||||
| 4.75%, 03/20/24 | USD | 100 | 105,001 | |||||
| 5.88%, 01/19/23 | USD | 150 | 156,752 | |||||
|
Banco Votorantim SA 144A 4.38%, 07/29/25 |
USD | 100 | 101,626 | |||||
|
Braskem America Finance Co. 144A 7.12%, 07/22/41 |
USD | 50 | 60,688 | |||||
|
Braskem Finance Ltd. 6.45%, 02/03/24 |
USD | 75 | 82,031 | |||||
|
Braskem Idesa SAPI 144A 7.45%, 11/15/29 |
USD | 200 | 212,500 | |||||
| Braskem Netherlands Finance BV 144A | ||||||||
| 4.50%, 01/10/28 | USD | 100 | 102,251 | |||||
| 4.50%, 01/31/30 | USD | 125 | 127,004 | |||||
| 5.88%, 01/31/50 | USD | 100 | 106,567 | |||||
See Notes to Financial Statements
| 42 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
|
8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 |
USD | 50 | $ | 55,737 | ||||
|
BRF SA 144A 4.75%, 05/22/24 |
USD | 200 | 208,752 | |||||
|
Caixa Economica Federal 144A 3.50%, 11/07/22 |
USD | 50 | 50,938 | |||||
|
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 |
USD | 200 | 223,730 | |||||
|
Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 |
USD | 100 | 98,126 | |||||
|
Cosan Luxembourg SA 144A 7.00%, 01/20/27 |
USD | 100 | 103,750 | |||||
|
Cosan SA 144A 5.50%, 09/20/29 † |
USD | 100 | 104,626 | |||||
|
CSN Inova Ventures 144A 6.75%, 01/28/28 |
USD | 200 | 212,650 | |||||
| Embraer Netherlands Finance BV | ||||||||
| 5.05%, 06/15/25 | USD | 100 | 104,001 | |||||
| 5.40%, 02/01/27 | USD | 125 | 130,911 | |||||
|
Embraer Overseas Ltd. 144A 5.70%, 09/16/23 |
USD | 100 | 105,541 | |||||
|
FS Luxembourg Sarl 144A 10.00%, 12/15/25 |
USD | 100 | 110,413 | |||||
|
Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 |
USD | 100 | 97,147 | |||||
|
Gol Finance SA 144A 7.00%, 01/31/25 |
USD | 100 | 90,242 | |||||
|
Guara Norte Sarl 144A 5.20%, 06/15/34 |
USD | 98 | 96,411 | |||||
|
Itau Unibanco Holding SA 144A 2.90%, 01/24/23 |
USD | 125 | 126,681 | |||||
|
4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/24 |
USD | 100 | 99,876 | |||||
|
4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) |
USD | 100 | 93,501 | |||||
| 5.12%, 05/13/23 | USD | 200 | 209,796 | |||||
|
Klabin Austria GmbH 144A 5.75%, 04/03/29 |
USD | 200 | 218,000 | |||||
|
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 |
USD | 100 | 97,776 | |||||
|
MARB BondCo Plc 144A 3.95%, 01/29/31 |
USD | 100 | 95,246 | |||||
|
Minerva Luxembourg SA 144A 5.88%, 01/19/28 |
USD | 75 | 80,063 | |||||
|
MV24 Capital BV 144A 6.75%, 06/01/34 |
USD | 93 | 96,501 | |||||
|
Natura Cosmeticos SA 144A 4.12%, 05/03/28 |
USD | 100 | 99,105 | |||||
|
NBM US Holdings, Inc. 144A 6.62%, 08/06/29 |
USD | 100 | 109,001 | |||||
|
Par
(000’s |
) | Value | ||||||
| Brazil (continued) | ||||||||
| 7.00%, 05/14/26 | USD | 100 | $ | 105,975 | ||||
|
Nexa Resources SA 144A 6.50%, 01/18/28 |
USD | 100 | 111,535 | |||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 | USD | 200 | 204,150 | |||||
| 5.30%, 01/27/25 | USD | 100 | 108,875 | |||||
| 5.60%, 01/03/31 | USD | 125 | 130,906 | |||||
| 5.75%, 02/01/29 | USD | 75 | 81,431 | |||||
| 6.00%, 01/27/28 | USD | 150 | 163,313 | |||||
| 6.25%, 03/17/24 | USD | 100 | 109,425 | |||||
| 6.75%, 01/27/41 | USD | 100 | 107,229 | |||||
| 6.75%, 06/03/50 | USD | 75 | 77,054 | |||||
| 6.85%, 06/05/15 | USD | 175 | 172,197 | |||||
| 6.88%, 01/20/40 | USD | 100 | 108,827 | |||||
| 6.90%, 03/19/49 | USD | 125 | 131,563 | |||||
| 7.25%, 03/17/44 | USD | 125 | 136,679 | |||||
| 7.38%, 01/17/27 | USD | 150 | 176,626 | |||||
| 8.75%, 05/23/26 † | USD | 50 | 61,488 | |||||
|
Rede D’or Finance Sarl 144A 4.50%, 01/22/30 |
USD | 200 | 196,252 | |||||
|
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 |
USD | 163 | 178,066 | |||||
|
Rumo Luxembourg Sarl 144A 5.88%, 01/18/25 † |
USD | 100 | 103,385 | |||||
|
Ultrapar International SA 144A 5.25%, 10/06/26 |
USD | 100 | 106,627 | |||||
|
Usiminas International Sarl 144A 5.88%, 07/18/26 |
USD | 100 | 105,126 | |||||
| 7,775,646 | ||||||||
| British Virgin Islands: 0.3% | ||||||||
|
Central China Real Estate Ltd. Reg S 7.25%, 04/24/23 |
USD | 200 | 118,000 | |||||
|
China SCE Group Holdings Ltd. Reg S 7.38%, 04/09/24 |
USD | 200 | 174,287 | |||||
|
Fantasia Holdings Group Co. Ltd. Reg S 10.88%, 01/09/23 |
USD | 200 | 59,673 | |||||
| 351,960 | ||||||||
| Bulgaria: 0.1% | ||||||||
|
Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 |
EUR | 100 | 123,565 | |||||
| Burkina Faso: 0.0% | ||||||||
|
IAMGOLD Corp. 144A 5.75%, 10/15/28 |
USD | 25 | 24,577 | |||||
| Canada: 5.9% | ||||||||
|
Air Canada 4.62%, 08/15/29 |
CAD | 125 | 100,633 | |||||
|
Air Canada 144A 4.62%, 08/15/29 |
CAD | 200 | 161,349 | |||||
|
Altera Infrastructure LP/Teekay Offshore Finance Corp. 144A 8.50%, 07/15/23 |
USD | 100 | 76,000 | |||||
See Notes to Financial Statements
| 43 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
|
ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 |
USD | 50 | $ | 50,500 | ||||
|
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 |
USD | 50 | 52,625 | |||||
|
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 |
USD | 50 | 53,043 | |||||
|
Baytex Energy Corp. 144A 5.62%, 06/01/24 |
USD | 53 | 53,504 | |||||
| Bombardier, Inc. 144A | ||||||||
| 7.12%, 06/15/26 | USD | 175 | 183,750 | |||||
| 7.50%, 12/01/24 | USD | 100 | 104,250 | |||||
| 7.50%, 03/15/25 | USD | 125 | 128,470 | |||||
| 7.88%, 04/15/27 | USD | 225 | 234,208 | |||||
| Brookfield Property Finance ULC | ||||||||
| 3.93%, 08/24/25 | CAD | 50 | 40,750 | |||||
| 3.93%, 01/15/27 | CAD | 50 | 40,328 | |||||
| 4.30%, 03/01/24 | CAD | 75 | 62,040 | |||||
|
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 |
USD | 150 | 156,375 | |||||
|
Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28 |
USD | 100 | 104,750 | |||||
|
Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 |
CAD | 75 | 61,054 | |||||
|
Eldorado Gold Corp. 144A 6.25%, 09/01/29 † |
USD | 50 | 50,827 | |||||
|
Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 † |
USD | 100 | 117,763 | |||||
|
Empire Communities Corp. 144A 7.00%, 12/15/25 |
USD | 25 | 25,906 | |||||
|
Ensign Drilling, Inc. 144A 9.25%, 04/15/24 |
USD | 50 | 49,595 | |||||
|
Ford Credit Canada Co. 2.96%, 09/16/26 |
CAD | 75 | 59,303 | |||||
|
Garda World Security Corp. 144A 9.50%, 11/01/27 |
USD | 50 | 53,937 | |||||
| GFL Environmental, Inc. 144A | ||||||||
| 3.50%, 09/01/28 | USD | 150 | 149,438 | |||||
| 3.75%, 08/01/25 | USD | 50 | 51,510 | |||||
| 4.38%, 08/15/29 | USD | 50 | 49,584 | |||||
| 4.75%, 06/15/29 | USD | 50 | 50,500 | |||||
| 5.12%, 12/15/26 | USD | 75 | 78,469 | |||||
| Gibson Energy, Inc. | ||||||||
| 2.85%, 07/14/27 | CAD | 25 | 20,300 | |||||
| 3.60%, 09/17/29 | CAD | 75 | 62,840 | |||||
| goeasy Ltd. 144A | ||||||||
| 4.38%, 05/01/26 | USD | 25 | 25,531 | |||||
| 5.38%, 12/01/24 | USD | 50 | 51,375 | |||||
| Hudbay Minerals, Inc. 144A | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| 4.50%, 04/01/26 | USD | 100 | $ | 99,875 | ||||
|
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 |
USD | 40 | 41,200 | |||||
|
Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 |
CAD | 65 | 56,486 | |||||
|
Intertape Polymer Group, Inc. 144A 4.38%, 06/15/29 |
USD | 50 | 50,192 | |||||
|
Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 |
CAD | 75 | 66,953 | |||||
|
Lightstream Resources Ltd. 144A 8.62%, 02/01/20 # (d) * ∞
|
USD | 256 | 0 | |||||
| Mattamy Group Corp. 144A | ||||||||
| 4.62%, 03/01/30 | USD | 50 | 50,779 | |||||
| 5.25%, 12/15/27 | USD | 50 | 52,062 | |||||
| MEG Energy Corp. 144A | ||||||||
| 5.88%, 02/01/29 | USD | 50 | 51,500 | |||||
| 7.12%, 02/01/27 | USD | 150 | 157,687 | |||||
|
Mercer International, Inc. 5.12%, 02/01/29 |
USD | 50 | 49,773 | |||||
| Methanex Corp. | ||||||||
| 4.25%, 12/01/24 | USD | 50 | 52,812 | |||||
| 5.12%, 10/15/27 | USD | 50 | 52,813 | |||||
| 5.25%, 12/15/29 | USD | 75 | 79,594 | |||||
|
New Gold, Inc. 144A 7.50%, 07/15/27 |
USD | 50 | 54,062 | |||||
| New Red Finance, Inc. 144A | ||||||||
| 3.50%, 02/15/29 | USD | 65 | 63,131 | |||||
| 3.88%, 01/15/28 | USD | 125 | 124,854 | |||||
| 4.00%, 10/15/30 | USD | 250 | 242,498 | |||||
| 4.38%, 01/15/28 | USD | 100 | 100,650 | |||||
| 5.75%, 04/15/25 | USD | 25 | 26,000 | |||||
|
Northriver Midstream Finance LP 144A 5.62%, 02/15/26 |
USD | 50 | 51,736 | |||||
| NOVA Chemicals Corp. 144A | ||||||||
| 4.25%, 05/15/29 | USD | 50 | 49,413 | |||||
| 4.88%, 06/01/24 | USD | 100 | 104,200 | |||||
| 5.00%, 05/01/25 | USD | 50 | 52,750 | |||||
| 5.25%, 06/01/27 | USD | 100 | 105,373 | |||||
| Open Text Corp. 144A | ||||||||
| 3.88%, 02/15/28 | USD | 100 | 100,875 | |||||
| 5.88%, 06/01/26 | USD | 100 | 103,375 | |||||
|
Parkland Corp./Canada 6.00%, 06/23/28 |
CAD | 50 | 43,162 | |||||
| Parkland Corp./Canada 144A | ||||||||
| 4.50%, 10/01/29 | USD | 100 | 100,750 | |||||
| 5.88%, 07/15/27 | USD | 125 | 132,188 | |||||
|
Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 |
CAD | 50 | 39,885 | |||||
See Notes to Financial Statements
| 44 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
|
Precision Drilling Corp. 144A 7.12%, 01/15/26 † |
USD | 100 | $ | 102,978 | ||||
|
Quebecor Media, Inc. 5.75%, 01/15/23 |
USD | 50 | 52,687 | |||||
|
Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25 |
USD | 50 | 50,986 | |||||
|
Rockpoint Gas Storage Canada Ltd. 144A 7.00%, 03/31/23 |
USD | 50 | 50,277 | |||||
|
SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 |
EUR | 100 | 121,215 | |||||
|
SNC-Lavalin Group, Inc. 3.23%, 03/02/23 |
CAD | 50 | 40,908 | |||||
|
Strathcona Resources Ltd. 144A 6.88%, 08/01/26 |
USD | 50 | 49,788 | |||||
|
Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 |
USD | 100 | 102,395 | |||||
|
Taseko Mines Ltd. 144A 7.00%, 02/15/26 |
USD | 25 | 25,875 | |||||
|
Teine Energy Ltd. 144A 6.88%, 04/15/29 |
USD | 50 | 51,077 | |||||
|
Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 |
USD | 50 | 46,767 | |||||
|
Terraform Global Operating LLC 144A 6.12%, 03/01/26 |
USD | 50 | 51,326 | |||||
|
Tervita Corp. 144A 11.00%, 12/01/25 |
USD | 30 | 34,539 | |||||
|
Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A 7.75%, 04/15/26 |
USD | 50 | 51,079 | |||||
| TransAlta Corp. | ||||||||
| 4.50%, 11/15/22 | USD | 25 | 25,531 | |||||
| 6.50%, 03/15/40 | USD | 75 | 88,464 | |||||
|
Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 |
EUR | 200 | 233,145 | |||||
|
Vermilion Energy, Inc. 144A 5.62%, 03/15/25 |
USD | 25 | 25,254 | |||||
| Videotron Ltd. | ||||||||
| 3.12%, 01/15/31 | CAD | 100 | 74,742 | |||||
| 4.50%, 01/15/30 | CAD | 75 | 62,327 | |||||
| 5.62%, 06/15/25 | CAD | 150 | 131,609 | |||||
|
Videotron Ltd. 144A 3.62%, 06/15/28 |
CAD | 100 | 80,376 | |||||
|
Videotron Ltd. Reg S 5.75%, 01/15/26 |
CAD | 50 | 41,207 | |||||
| 6,511,687 | ||||||||
| Cayman Islands: 0.3% | ||||||||
|
Banco do Brasil SA 144A 3.25%, 09/30/26 |
USD | 100 | 98,725 | |||||
|
North Queensland Export Terminal Pty Ltd. 144A 4.45%, 12/15/22 |
USD | 100 | 96,745 | |||||
|
Par
(000’s |
) | Value | ||||||
| Cayman Islands (continued) | ||||||||
|
UPCB Finance VII Ltd. Reg S 3.62%, 06/15/29 |
EUR | 100 | $ | 118,046 | ||||
| 313,516 | ||||||||
| Chile: 0.1% | ||||||||
|
Kenbourne Invest SA 144A 6.88%, 11/26/24 |
USD | 50 | 52,187 | |||||
|
VTR Comunicaciones SpA 144A 5.12%, 01/15/28 |
USD | 100 | 103,880 | |||||
| 156,067 | ||||||||
| China: 4.7% | ||||||||
|
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
USD | 400 | 415,603 | |||||
| China Evergrande Group Reg S | ||||||||
| 7.50%, 06/28/23 | USD | 200 | 47,997 | |||||
| 8.75%, 06/28/25 | USD | 400 | 96,503 | |||||
| 9.50%, 03/29/24 | USD | 300 | 73,500 | |||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
| 6.00%, 07/16/25 | USD | 200 | 195,706 | |||||
| 6.55%, 03/28/24 | USD | 200 | 197,344 | |||||
|
Easy Tactic Ltd. Reg S 5.88%, 02/13/23 |
USD | 200 | 125,817 | |||||
|
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 |
USD | 200 | 198,193 | |||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | USD | 200 | 200,574 | |||||
| 6.75%, 07/02/23 | USD | 200 | 199,406 | |||||
|
Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 |
USD | 215 | 208,833 | |||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| 5.88%, 07/03/24 | USD | 200 | 135,309 | |||||
| 6.75%, 09/26/23 | USD | 200 | 132,285 | |||||
|
Greentown China Holdings Ltd. Reg S 5.65%, 07/13/25 |
USD | 200 | 198,118 | |||||
| Kaisa Group Holdings Ltd. Reg S | ||||||||
| 9.38%, 06/30/24 | USD | 250 | 71,750 | |||||
| 9.75%, 09/28/23 | USD | 200 | 61,418 | |||||
| 10.50%, 01/15/25 | USD | 200 | 60,995 | |||||
| 10.88%, 07/23/23 | USD | 200 | 61,750 | |||||
|
KWG Group Holdings Ltd. Reg S 5.88%, 11/10/24 |
USD | 350 | 298,203 | |||||
|
Logan Group Co. Ltd. Reg S 5.25%, 02/23/23 |
USD | 200 | 193,983 | |||||
|
New Metro Global Ltd. Reg S 6.80%, 08/05/23 |
USD | 200 | 188,203 | |||||
|
Powerlong Real Estate Holdings Ltd. Reg S 6.25%, 08/10/24 |
USD | 200 | 185,069 | |||||
| Scenery Journey Ltd. Reg S | ||||||||
| 13.00%, 11/06/22 | USD | 200 | 41,000 | |||||
| 13.75%, 11/06/23 | USD | 200 | 43,998 | |||||
See Notes to Financial Statements
| 45 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| China (continued) | ||||||||
|
Seazen Group Ltd. Reg S 6.00%, 08/12/24 |
USD | 200 | $ | 179,012 | ||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/26/24 | USD | 200 | 145,109 | |||||
| 7.00%, 07/09/25 | USD | 200 | 143,703 | |||||
| 7.95%, 10/11/23 | USD | 200 | 155,250 | |||||
|
Times China Holdings Ltd. Reg S 6.75%, 07/16/23 |
USD | 200 | 164,343 | |||||
|
Volvo Car AB Reg S 2.12%, 04/02/24 |
EUR | 100 | 119,665 | |||||
|
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 |
USD | 200 | 190,730 | |||||
|
Yango Justice International Ltd. Reg S 9.25%, 04/15/23 |
USD | 200 | 52,013 | |||||
| Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
| 6.00%, 10/25/23 | USD | 300 | 160,225 | |||||
| 7.38%, 01/13/26 | USD | 200 | 92,084 | |||||
|
Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26 |
USD | 200 | 140,542 | |||||
| 5,174,233 | ||||||||
| Colombia: 2.0% | ||||||||
| Banco de Bogota SA 144A | ||||||||
| 5.38%, 02/19/23 | USD | 100 | 104,065 | |||||
| 6.25%, 05/12/26 | USD | 100 | 109,376 | |||||
|
Cable Onda SA 144A 4.50%, 01/30/30 |
USD | 100 | 103,862 | |||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | USD | 100 | 103,583 | |||||
| 5.38%, 06/26/26 | USD | 125 | 135,325 | |||||
| 5.88%, 09/18/23 | USD | 150 | 161,303 | |||||
| 5.88%, 05/28/45 † | USD | 175 | 177,441 | |||||
| 6.88%, 04/29/30 | USD | 175 | 202,372 | |||||
| 7.38%, 09/18/43 | USD | 75 | 87,086 | |||||
| Empresas Publicas de Medellin ESP 144A | ||||||||
| 4.25%, 07/18/29 | USD | 125 | 121,775 | |||||
| 4.38%, 02/15/31 | USD | 75 | 72,769 | |||||
|
Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25 |
USD | 50 | 46,341 | |||||
|
Grupo Aval Ltd. 144A 4.38%, 02/04/30 |
USD | 100 | 97,875 | |||||
|
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 |
USD | 100 | 108,176 | |||||
| Millicom International Cellular SA 144A | ||||||||
| 5.12%, 01/15/28 | USD | 54 | 56,417 | |||||
| 6.25%, 03/25/29 | USD | 90 | 97,987 | |||||
|
Oleoducto Central SA 144A 4.00%, 07/14/27 |
USD | 100 | 102,428 | |||||
|
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 |
USD | 100 | 99,476 | |||||
|
Par
(000’s |
) | Value | ||||||
| Colombia (continued) | ||||||||
|
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 |
USD | 100 | $ | 103,875 | ||||
|
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 |
USD | 93 | 95,271 | |||||
| 2,186,803 | ||||||||
| Costa Rica: 0.1% | ||||||||
|
Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 |
USD | 100 | 85,479 | |||||
| Curacao: 0.1% | ||||||||
|
Nyrstar Holdings Plc Reg S 0.00%, 07/31/26 ^ |
USD | 31 | 20,694 | |||||
|
Trafigura Funding SA 144A 5.25%, 03/19/23 |
USD | 11 | 11,224 | |||||
|
Trafigura Group Pte Ltd. Reg S 7.50% (EUR Swap Annual 5 Year+10.82%), 7/31/2024 (o) |
EUR | 34 | 42,686 | |||||
| 74,604 | ||||||||
| Cyprus: 0.5% | ||||||||
|
Credit Bank of Moscow Via CBOM Finance Plc 144A 4.70%, 01/29/25 |
USD | 200 | 205,880 | |||||
|
MHP Lux SA 144A 6.95%, 04/03/26 |
USD | 200 | 213,112 | |||||
|
Vivion Investments Sarl Reg S 3.00%, 08/08/24 † |
EUR | 100 | 111,751 | |||||
| 530,743 | ||||||||
| Czech Republic: 0.3% | ||||||||
|
CPI Property Group SA Reg S 4.88% (EUR Swap Annual 5 Year+4.94%), 10/16/2025 (o) |
EUR | 100 | 119,787 | |||||
|
Energo-Pro AS Reg S 4.50%, 05/04/24 |
EUR | 100 | 115,817 | |||||
|
Sazka Group AS Reg S 3.88%, 02/15/27 |
EUR | 100 | 115,999 | |||||
| 351,603 | ||||||||
| Denmark: 0.2% | ||||||||
|
DKT Finance ApS Reg S 7.00%, 06/17/23 |
EUR | 175 | 206,190 | |||||
| Finland: 0.8% | ||||||||
|
Ahlstrom-Munksjo Holding 3 Oy Reg S 3.62%, 02/04/28 |
EUR | 100 | 115,323 | |||||
|
Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/2024 (o) |
EUR | 100 | 118,297 | |||||
| Nokia Oyj | ||||||||
| 4.38%, 06/12/27 | USD | 150 | 161,443 | |||||
| 6.62%, 05/15/39 | USD | 100 | 134,645 | |||||
|
Nokia Oyj Reg S 2.00%, 03/15/24 |
EUR | 100 | 119,840 | |||||
|
Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25 |
EUR | 175 | 210,654 | |||||
| 860,202 |
See Notes to Financial Statements
| 46 |
|
|
|
Par
(000’s |
) | Value | ||||||
| France: 6.9% | ||||||||
| Accor SA Reg S | ||||||||
|
2.50%, 01/25/24 |
EUR | 100 | $ | 120,257 | ||||
|
2.62% (EUR Swap Annual 5 Year+3.25%), 4/30/2025 (o) |
EUR | 100 | 110,987 | |||||
| 3.00%, 02/04/26 | EUR | 100 | 121,190 | |||||
|
Altice France Holding SA 144A 6.00%, 02/15/28 |
USD | 75 | 71,376 | |||||
| Altice France SA 144A | ||||||||
| 5.12%, 07/15/29 | USD | 200 | 195,036 | |||||
| 5.50%, 10/15/29 | USD | 175 | 171,757 | |||||
| Altice France SA Reg S | ||||||||
| 2.50%, 01/15/25 | EUR | 100 | 113,643 | |||||
| 4.12%, 01/15/29 | EUR | 100 | 114,182 | |||||
| 5.88%, 02/01/27 | EUR | 100 | 121,171 | |||||
|
Banijay Entertainment SASU 144A 5.38%, 03/01/25 |
USD | 100 | 103,000 | |||||
|
CAB SELAS Reg S
3.38%, 02/01/28 |
EUR | 100 | 115,285 | |||||
|
Casino Guichard Perrachon 4.05%, 08/05/26 |
EUR | 100 | 107,334 | |||||
|
Casino Guichard Perrachon SA Reg S 4.50%, 03/07/24 |
EUR | 100 | 113,282 | |||||
|
CGG SA 144A
8.75%, 04/01/27 † |
USD | 100 | 98,617 | |||||
|
Constellium SE 144A 3.75%, 04/15/29 |
USD | 100 | 96,830 | |||||
|
eircom Finance DAC Reg S 3.50%, 05/15/26 |
EUR | 100 | 117,745 | |||||
|
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 1/22/2024 (o) |
USD | 250 | 266,000 | |||||
| Electricite de France SA Reg S | ||||||||
|
3.00% (EUR Swap Annual 5 Year+3.20%), 12/3/2028 (o) |
EUR | 200 | 238,439 | |||||
| 3.38% (EUR Swap Annual 5 Year+4.00%), 6/15/2030 (o) | EUR | 200 | 241,115 | |||||
| 4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o) | EUR | 200 | 246,285 | |||||
| 5.00% (EUR Swap Annual 12 Year+3.04%), 1/22/2026 (o) | EUR | 100 | 128,887 | |||||
| 5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 200 | 256,646 | |||||
|
Elis SA Reg S 1.62%, 04/03/28 |
EUR | 100 | 114,997 | |||||
| Faurecia SE Reg S | ||||||||
| 2.62%, 06/15/25 | EUR | 100 | 117,214 | |||||
| 3.12%, 06/15/26 | EUR | 100 | 118,089 | |||||
| 3.75%, 06/15/28 | EUR | 100 | 120,124 | |||||
|
Fnac Darty SA Reg S
1.88%, 05/30/24 |
EUR | 125 | 145,713 | |||||
|
Getlink SE Reg S
3.50%, 10/30/25 |
EUR | 100 | 118,872 | |||||
| Iliad Holding SAS 144A | ||||||||
| 6.50%, 10/15/26 | USD | 100 | 103,167 | |||||
| 7.00%, 10/15/28 | USD | 100 | 103,204 |
|
Par
(000’s |
) | Value | ||||||
| France (continued) | ||||||||
|
La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o) |
EUR | 100 | $ | 121,297 | ||||
| Loxam SAS Reg S | ||||||||
| 2.88%, 04/15/26 | EUR | 100 | 114,075 | |||||
| 3.25%, 01/14/25 | EUR | 100 | 116,017 | |||||
|
Matterhorn Telecom SA Reg S
3.12%, 09/15/26 |
EUR | 100 | 114,701 | |||||
|
Orano SA
4.88%, 09/23/24 |
EUR | 150 | 194,098 | |||||
|
Orano SA Reg S
3.12%, 03/20/23 |
EUR | 100 | 119,669 | |||||
|
Paprec Holding SA Reg S
4.00%, 03/31/25 |
EUR | 100 | 117,433 | |||||
|
Parts Europe SA Reg S
6.50%, 07/16/25 |
EUR | 100 | 120,585 | |||||
|
Picard Groupe SAS Reg S
3.88%, 07/01/26 |
EUR | 100 | 116,288 | |||||
|
Quatrim SASU Reg S
5.88%, 01/15/24 |
EUR | 100 | 119,123 | |||||
|
RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 |
EUR | 100 | 116,429 | |||||
| Renault SA Reg S | ||||||||
| 1.00%, 03/08/23 | EUR | 50 | 58,429 | |||||
| 1.00%, 04/18/24 | EUR | 100 | 116,159 | |||||
| 1.00%, 11/28/25 | EUR | 100 | 115,495 | |||||
| 1.25%, 06/24/25 | EUR | 100 | 114,418 | |||||
| 2.00%, 09/28/26 | EUR | 100 | 115,325 | |||||
| 2.38%, 05/25/26 | EUR | 100 | 117,564 | |||||
|
Rexel SA Reg S
2.75%, 06/15/26 |
EUR | 100 | 117,899 | |||||
|
Rubis Terminal Infra SAS Reg S
5.62%, 05/15/25 |
EUR | 100 | 120,384 | |||||
|
SPCM SA Reg S
2.62%, 02/01/29 |
EUR | 100 | 117,252 | |||||
|
SPIE SA Reg S
2.62%, 06/18/26 |
EUR | 100 | 120,232 | |||||
|
Tereos Finance Groupe I SA Reg S 4.12%, 06/16/23 |
EUR | 100 | 117,935 | |||||
| Valeo Reg S | ||||||||
| 1.00%, 08/03/28 | EUR | 100 | 111,400 | |||||
| 1.62%, 03/18/26 | EUR | 100 | 119,311 | |||||
| 3.25%, 01/22/24 | EUR | 100 | 123,535 | |||||
|
Vallourec SA Reg S 8.50%, 06/30/26 |
EUR | 100 | 120,209 | |||||
|
Veolia Environnement SA Reg S 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) |
EUR | 100 | 118,570 | |||||
|
2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) |
EUR | 100 | 116,004 | |||||
|
Verallia SA Reg S
1.62%, 05/14/28 |
EUR | 100 | 118,485 | |||||
| 7,638,765 | ||||||||
| Germany: 6.1% | ||||||||
|
Adler Group SA Reg S
2.75%, 11/13/26 |
EUR | 100 | 104,013 | |||||
See Notes to Financial Statements
| 47 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Germany (continued) | ||||||||
| 3.25%, 08/05/25 | EUR | 100 | $ | 107,451 | ||||
|
Adler Real Estate AG Reg S
1.88%, 04/27/23 |
EUR | 100 | 110,648 | |||||
| Bayer AG Reg S | ||||||||
| 2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 100 | 115,739 | |||||
| 3.12% (EUR Swap Annual 5 Year+3.11%), 11/12/79 | EUR | 100 | 117,925 | |||||
| 3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 100 | 120,818 | |||||
|
Bertelsmann SE & Co. KGaA Reg S 3.00% (EUR Swap Annual 5 Year+2.64%), 04/23/75 |
EUR | 100 | 119,329 | |||||
|
Ceconomy AG Reg S
1.75%, 06/24/26 |
EUR | 100 | 113,606 | |||||
| Cheplapharm Arzneimittel GmbH Reg S | ||||||||
| 3.50%, 02/11/27 | EUR | 100 | 115,903 | |||||
| 4.38%, 01/15/28 | EUR | 100 | 119,188 | |||||
|
Commerzbank AG 144A
8.12%, 09/19/23 † |
USD | 50 | 56,034 | |||||
| Commerzbank AG Reg S | ||||||||
| 4.00%, 03/23/26 | EUR | 75 | 96,026 | |||||
| 4.00%, 03/30/27 | EUR | 100 | 129,755 | |||||
| 4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 125,631 | |||||
|
CT Investment GmbH Reg S
5.50%, 04/15/26 |
EUR | 100 | 117,831 | |||||
| Deutsche Bank AG | ||||||||
|
3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32 |
USD | 140 | 143,625 | |||||
|
4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 |
USD | 150 | 155,466 | |||||
| 4.50%, 04/01/25 | USD | 150 | 160,999 | |||||
|
4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32 |
USD | 125 | 135,892 | |||||
|
5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31 |
USD | 25 | 29,396 | |||||
|
Deutsche Bank AG Reg S
2.75%, 02/17/25 |
EUR | 125 | 152,522 | |||||
|
5.62% (EUR Swap Annual 5 Year+6.00%), 05/19/31 |
EUR | 100 | 136,062 | |||||
|
Deutsche Lufthansa AG
0.25%, 09/06/24 |
EUR | 200 | 226,161 | |||||
| Deutsche Lufthansa AG Reg S | ||||||||
| 3.00%, 05/29/26 | EUR | 100 | 117,921 | |||||
| 3.75%, 02/11/28 | EUR | 100 | 119,682 | |||||
|
Douglas GmbH Reg S
6.00%, 04/08/26 |
EUR | 100 | 115,350 | |||||
|
Dresdner Funding Trust I 144A
8.15%, 06/30/31 |
USD | 150 | 212,805 | |||||
| Evonik Industries AG Reg S | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Germany (continued) | ||||||||
|
1.38% (EUR Swap Annual 5 Year+1.84%), 09/02/81 |
EUR | 100 | $ | 115,794 | ||||
|
Gruenenthal GmbH Reg S
3.62%, 11/15/26 |
EUR | 100 | 119,021 | |||||
|
IHO Verwaltungs GmbH 144A
4.75%, 09/15/26 |
USD | 200 | 204,996 | |||||
|
IHO Verwaltungs GmbH Reg S
3.62%, 05/15/25 |
EUR | 100 | 117,605 | |||||
|
Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) |
EUR | 100 | 126,805 | |||||
|
K+S AG Reg S
3.25%, 07/18/24 |
EUR | 100 | 119,340 | |||||
|
Kirk Beauty SUN GmbH Reg S
8.25%, 10/01/26 |
EUR | 105 | 116,049 | |||||
|
Lanxess AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76 |
EUR | 100 | 122,381 | |||||
|
Mahle GmbH Reg S
2.38%, 05/14/28 |
EUR | 100 | 112,530 | |||||
|
Mercer International, Inc.
5.50%, 01/15/26 |
USD | 41 | 41,564 | |||||
|
Novelis Sheet Ingot GmbH Reg S
3.38%, 04/15/29 |
EUR | 100 | 118,300 | |||||
|
ProGroup AG Reg S
3.00%, 03/31/26 † |
EUR | 130 | 151,123 | |||||
|
Renk AG/Frankfurt am Main Reg S 5.75%, 07/15/25 |
EUR | 100 | 120,180 | |||||
|
RWE AG Reg S 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 |
USD | 100 | 115,501 | |||||
| Schaeffler AG Reg S | ||||||||
| 1.88%, 03/26/24 | EUR | 100 | 118,500 | |||||
| 2.88%, 03/26/27 | EUR | 50 | 62,361 | |||||
| 3.38%, 10/12/28 | EUR | 100 | 128,035 | |||||
|
Tele Columbus AG Reg S
3.88%, 05/02/25 |
EUR | 100 | 115,250 | |||||
| thyssenkrupp AG Reg S | ||||||||
| 1.88%, 03/06/23 | EUR | 100 | 116,178 | |||||
| 2.50%, 02/25/25 | EUR | 100 | 117,145 | |||||
| 2.88%, 02/22/24 | EUR | 100 | 117,686 | |||||
|
WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 |
EUR | 100 | 110,528 | |||||
| ZF Europe Finance BV Reg S | ||||||||
| 2.00%, 02/23/26 | EUR | 100 | 116,230 | |||||
| 3.00%, 10/23/29 | EUR | 100 | 119,671 | |||||
| ZF Finance GmbH Reg S | ||||||||
| 3.00%, 09/21/25 | EUR | 100 | 121,450 | |||||
| 3.75%, 09/21/28 | EUR | 100 | 125,172 | |||||
|
ZF North America Capital, Inc. 144A 4.75%, 04/29/25 |
USD | 175 | 188,563 | |||||
| ZF North America Capital, Inc. Reg S | ||||||||
See Notes to Financial Statements
| 48 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Germany (continued) | ||||||||
| 2.75%, 04/27/23 | EUR | 100 | $ | 119,407 | ||||
| 6,753,143 | ||||||||
| Ghana: 0.2% | ||||||||
|
Kosmos Energy Ltd. 144A
7.12%, 04/04/26 † |
USD | 100 | 99,916 | |||||
|
Tullow Oil Plc 144A
7.00%, 03/01/25 † |
USD | 100 | 87,655 | |||||
| 187,571 | ||||||||
| Greece: 0.9% | ||||||||
|
Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 |
EUR | 100 | 117,987 | |||||
|
Crystal Almond Sarl Reg S
4.25%, 10/15/24 |
EUR | 100 | 118,261 | |||||
|
Ellaktor Value Plc Reg S
6.38%, 12/15/24 |
EUR | 100 | 112,669 | |||||
|
Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 |
EUR | 100 | 111,794 | |||||
|
Intralot Capital Luxembourg SA Reg S 5.25%, 09/15/24 |
EUR | 200 | 193,936 | |||||
|
Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 |
EUR | 100 | 118,707 | |||||
|
National Bank of Greece SA Reg S
2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 |
EUR | 100 | 116,785 | |||||
|
Public Power Corp. SA Reg S 3.88%, 03/30/26 |
EUR | 100 | 119,562 | |||||
| 1,009,701 | ||||||||
| Guatemala: 0.2% | ||||||||
|
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/26 † |
USD | 100 | 100,295 | |||||
|
Central American Bottling Corp. 144A 5.75%, 01/31/27 |
USD | 100 | 103,760 | |||||
| 204,055 | ||||||||
| Hong Kong: 1.3% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
|
6.88% (US Treasury Yield Curve Rate T 5 Year+9.22%), 3/7/2023 (o) |
USD | 200 | 128,782 | |||||
|
8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) |
USD | 200 | 122,118 | |||||
|
Bank of East Asia Ltd. Reg S 5.83% (US Treasury Yield Curve Rate T 5 Year+5.53%), 10/21/2025 (o) |
USD | 250 | 261,578 | |||||
|
Champion Path Holdings Ltd. Reg S 4.85%, 01/27/28 |
USD | 200 | 197,238 | |||||
|
Par
(000’s |
) | Value | ||||||
| Hong Kong (continued) | ||||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | USD | 100 | $ | 99,025 | ||||
| 5.38%, 12/04/29 † | USD | 100 | 98,500 | |||||
| 5.62%, 07/17/27 † | USD | 100 | 100,275 | |||||
| 5.75%, 07/21/28 | USD | 100 | 99,750 | |||||
|
RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 |
USD | 200 | 176,775 | |||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | USD | 100 | 90,685 | |||||
| 6.50%, 01/15/28 † | USD | 100 | 96,304 | |||||
| 1,471,030 | ||||||||
| Hungary: 0.1% | ||||||||
|
OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 |
EUR | 100 | 120,323 | |||||
| India: 2.3% | ||||||||
|
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 |
USD | 250 | 273,442 | |||||
|
Canara Bank Reg S
3.88%, 03/28/24 |
USD | 200 | 208,480 | |||||
|
Delhi International Airport Ltd. 144A 6.45%, 06/04/29 |
USD | 100 | 99,286 | |||||
|
GMR Hyderabad International Airport Ltd. 144A 4.75%, 02/02/26 † |
USD | 200 | 202,058 | |||||
| Jaguar Land Rover Automotive Plc Reg S | ||||||||
| 2.20%, 01/15/24 | EUR | 100 | 113,945 | |||||
| 3.88%, 03/01/23 | GBP | 125 | 172,761 | |||||
| 6.88%, 11/15/26 | EUR | 100 | 129,229 | |||||
|
JSW Steel Ltd. Reg S
5.95%, 04/18/24 |
USD | 200 | 212,131 | |||||
|
Muthoot Finance Ltd. 144A
4.40%, 09/02/23 |
USD | 100 | 101,963 | |||||
|
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) |
USD | 100 | 105,875 | |||||
|
ReNew Power Synthetic 144A 6.67%, 03/12/24 |
USD | 100 | 104,849 | |||||
|
Shriram Transport Finance Co. Ltd. 144A 4.40%, 03/13/24 |
USD | 200 | 201,050 | |||||
|
Tata Motors Ltd. Reg S
5.75%, 10/30/24 |
USD | 200 | 212,781 | |||||
| Vedanta Resources Finance II Plc 144A | ||||||||
| 9.25%, 04/23/26 | USD | 100 | 96,427 | |||||
| 13.88%, 01/21/24 | USD | 100 | 109,040 | |||||
|
Vedanta Resources Ltd. 144A
6.12%, 08/09/24 |
USD | 150 | 136,865 | |||||
| 2,480,182 | ||||||||
| Indonesia: 0.8% | ||||||||
| Adaro Indonesia PT 144A | ||||||||
See Notes to Financial Statements
| 49 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Indonesia (continued) | ||||||||
| 4.25%, 10/31/24 † | USD | 100 | $ | 102,509 | ||||
|
Bakrie Telecom Pte Ltd. Reg S
11.50%, 05/07/15 (d) * |
USD | 150 | 1,931 | |||||
|
Cikarang Listrindo Tbk PT 144A
4.95%, 09/14/26 |
USD | 200 | 204,850 | |||||
|
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 |
USD | 100 | 101,675 | |||||
|
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 |
USD | 200 | 208,881 | |||||
|
Saka Energi Indonesia PT 144A
4.45%, 05/05/24 |
USD | 100 | 97,364 | |||||
|
Theta Capital Pte Ltd. Reg S
6.75%, 10/31/26 |
USD | 200 | 200,081 | |||||
| 917,291 | ||||||||
| Ireland: 1.0% | ||||||||
|
AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 |
USD | 150 | 161,101 | |||||
|
AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 |
EUR | 100 | 118,026 | |||||
|
Bank of Ireland Group Plc Reg S 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 |
EUR | 100 | 114,418 | |||||
|
C&W Senior Financing DAC 144A 6.88%, 09/15/27 |
USD | 200 | 211,000 | |||||
|
Cimpress Plc 144A
7.00%, 06/15/26 |
USD | 100 | 104,000 | |||||
|
Permanent TSB Group Holdings Plc Reg S 2.12% (EUR Swap Annual 1 Year+2.55%), 09/26/24 |
EUR | 100 | 117,952 | |||||
|
Uralkali OJSC Via Uralkali Finance DAC 144A 4.00%, 10/22/24 |
USD | 100 | 103,836 | |||||
|
Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 |
GBP | 100 | 137,812 | |||||
| 1,068,145 | ||||||||
| Israel: 1.9% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 5.75%, 06/30/23 | USD | 50 | 52,013 | |||||
| 6.12%, 06/30/25 | USD | 50 | 54,093 | |||||
| 6.50%, 06/30/27 | USD | 50 | 54,750 | |||||
| 6.75%, 06/30/30 | USD | 50 | 55,094 | |||||
|
Teva Pharmaceutical Finance Co. BV 2.95%, 12/18/22 |
USD | 100 | 100,875 | |||||
|
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † |
USD | 125 | 133,951 | |||||
|
Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 |
EUR | 100 | 124,577 | |||||
|
Par
(000’s |
) | Value | ||||||
| Israel (continued) | ||||||||
| Teva Pharmaceutical Finance Netherlands II BV Reg S | ||||||||
| 1.12%, 10/15/24 | EUR | 100 | $ | 111,703 | ||||
| 1.25%, 03/31/23 | EUR | 100 | 115,426 | |||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | USD | 300 | 302,565 | |||||
| 3.15%, 10/01/26 | USD | 350 | 330,313 | |||||
| 4.10%, 10/01/46 | USD | 225 | 185,923 | |||||
| 6.00%, 04/15/24 | USD | 150 | 157,500 | |||||
| 6.75%, 03/01/28 † | USD | 150 | 164,437 | |||||
| 7.12%, 01/31/25 | USD | 150 | 161,204 | |||||
| 2,104,424 | ||||||||
| Italy: 7.7% | ||||||||
|
Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) |
EUR | 200 | 237,016 | |||||
| Assicurazioni Generali SpA Reg S | ||||||||
|
4.60% (Euribor 3 Month ACT/360+4.50%), 11/30/49 (o) |
EUR | 125 | 160,124 | |||||
|
6.27% (ICE LIBOR GBP 3 Month+2.35%), 06/29/49 (o) |
GBP | 50 | 78,369 | |||||
| Atlantia SpA Reg S | ||||||||
| 1.62%, 02/03/25 | EUR | 100 | 118,854 | |||||
| 1.88%, 07/13/27 | EUR | 100 | 120,126 | |||||
| 1.88%, 02/12/28 | EUR | 100 | 119,958 | |||||
| Autostrade per l’Italia SpA | ||||||||
| 1.62%, 06/12/23 | EUR | 100 | 117,804 | |||||
| 5.88%, 06/09/24 | EUR | 100 | 131,767 | |||||
| Autostrade per l’Italia SpA Reg S | ||||||||
| 1.75%, 06/26/26 | EUR | 100 | 119,849 | |||||
| 1.75%, 02/01/27 | EUR | 125 | 149,902 | |||||
| 1.88%, 09/26/29 | EUR | 100 | 120,675 | |||||
| 2.00%, 12/04/28 | EUR | 100 | 121,647 | |||||
| 4.38%, 09/16/25 | EUR | 50 | 65,840 | |||||
|
Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24 |
EUR | 100 | 118,161 | |||||
| Banca Monte dei Paschi di Siena SpA Reg S | ||||||||
| 3.62%, 09/24/24 | EUR | 150 | 178,758 | |||||
|
5.38% (EUR Swap Annual 5 Year+5.00%), 01/18/28 |
EUR | 100 | 84,772 | |||||
|
Banca Popolare di Sondrio SCPA Reg S 2.38%, 04/03/24 |
EUR | 100 | 120,511 | |||||
| Banco BPM SpA Reg S | ||||||||
| 1.75%, 04/24/23 | EUR | 100 | 118,264 | |||||
| 1.75%, 01/28/25 | EUR | 100 | 118,984 | |||||
| 2.50%, 06/21/24 | EUR | 100 | 121,389 | |||||
|
5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 |
EUR | 100 | 125,862 | |||||
|
BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 |
EUR | 100 | 115,485 | |||||
|
Esselunga SpA Reg S
0.88%, 10/25/23 |
EUR | 100 | 117,228 | |||||
See Notes to Financial Statements
| 50 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Italy (continued) | ||||||||
|
IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28 |
EUR | 100 | $ | 115,180 | ||||
| Infrastrutture Wireless Italiane SpA Reg S | ||||||||
| 1.62%, 10/21/28 | EUR | 100 | 116,664 | |||||
| 1.88%, 07/08/26 | EUR | 100 | 119,595 | |||||
|
International Design Group SPA Reg S 6.50%, 11/15/25 |
EUR | 100 | 119,457 | |||||
| Intesa Sanpaolo SpA 144A | ||||||||
| 4.95%, 06/01/42 | USD | 50 | 51,703 | |||||
| 5.02%, 06/26/24 | USD | 125 | 134,079 | |||||
| 5.71%, 01/15/26 | USD | 75 | 83,413 | |||||
| Intesa Sanpaolo SpA Reg S | ||||||||
| 2.85%, 04/23/25 | EUR | 100 | 122,863 | |||||
| 3.93%, 09/15/26 | EUR | 100 | 128,479 | |||||
|
5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 |
EUR | 100 | 128,380 | |||||
| 6.62%, 09/13/23 | EUR | 200 | 257,641 | |||||
|
Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) |
EUR | 100 | 125,918 | |||||
|
Leonardo SpA 4.88%, 03/24/25 |
EUR | 50 | 65,451 | |||||
|
Leonardo SpA Reg S 1.50%, 06/07/24 |
EUR | 100 | 118,101 | |||||
|
Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) |
EUR | 100 | 112,707 | |||||
|
SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) |
EUR | 100 | 119,703 | |||||
|
Saipem Finance International BV Reg S 3.75%, 09/08/23 |
EUR | 150 | 181,395 | |||||
|
Societa Cattolica Di Assicurazione SPA Reg S 4.25% (Euribor 3 Month ACT/360+4.46%), 12/14/47 |
EUR | 100 | 130,480 | |||||
|
Telecom Italia Finance SA 7.75%, 01/24/33 |
EUR | 100 | 164,358 | |||||
| Telecom Italia SpA/Milano | ||||||||
| 5.25%, 03/17/55 | EUR | 100 | 133,923 | |||||
| 5.88%, 05/19/23 | GBP | 100 | 145,533 | |||||
|
Telecom Italia SpA/Milano 144A 5.30%, 05/30/24 |
USD | 100 | 106,625 | |||||
| Telecom Italia SpA/Milano Reg S | ||||||||
| 1.62%, 01/18/29 | EUR | 100 | 110,124 | |||||
| 2.38%, 10/12/27 | EUR | 100 | 117,021 | |||||
| 2.50%, 07/19/23 | EUR | 100 | 119,703 | |||||
| 2.75%, 04/15/25 | EUR | 100 | 120,496 | |||||
| 2.88%, 01/28/26 | EUR | 200 | 242,086 | |||||
| 3.00%, 09/30/25 | EUR | 100 | 121,635 | |||||
| 3.25%, 01/16/23 | EUR | 100 | 119,713 | |||||
| 3.62%, 05/25/26 | EUR | 150 | 189,783 | |||||
| 4.00%, 04/11/24 | EUR | 200 | 245,762 | |||||
| UniCredit SpA 144A | ||||||||
|
Par
(000’s) |
Value | |||||||
| Italy (continued) | ||||||||
|
5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 |
USD | 100 | $ | 109,474 | ||||
|
UniCredit SpA Reg S 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 |
EUR | 200 | 232,968 | |||||
|
2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 |
EUR | 200 | 235,644 | |||||
| 6.95%, 10/31/22 | EUR | 300 | 370,316 | |||||
|
Unipol Gruppo SpA Reg S 3.00%, 03/18/25 |
EUR | 200 | 251,012 | |||||
|
UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) |
EUR | 100 | 125,965 | |||||
|
Webuild SpA Reg S 1.75%, 10/26/24 |
EUR | 100 | 116,057 | |||||
| 8,490,752 | ||||||||
| Japan: 1.9% | ||||||||
| Rakuten Group, Inc. 144A | ||||||||
|
5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) |
USD | 150 | 150,900 | |||||
|
6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) |
USD | 150 | 158,257 | |||||
| SoftBank Group Corp. Reg S | ||||||||
| 3.12%, 09/19/25 | EUR | 100 | 116,310 | |||||
| 4.00%, 04/20/23 | EUR | 100 | 118,730 | |||||
| 4.00%, 09/19/29 | EUR | 100 | 115,910 | |||||
| 4.75%, 09/19/24 | USD | 200 | 206,525 | |||||
| 4.75%, 07/30/25 | EUR | 100 | 122,797 | |||||
| 5.00%, 04/15/28 | EUR | 100 | 122,572 | |||||
| 5.12%, 09/19/27 | USD | 200 | 204,496 | |||||
|
6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 7/19/2023 (o) |
USD | 250 | 250,312 | |||||
| 6.25%, 04/15/28 | USD | 350 | 375,167 | |||||
|
6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 7/19/2027 (o) |
USD | 200 | 204,100 | |||||
| 2,146,076 | ||||||||
| Jersey, Channel Islands: 0.3% | ||||||||
|
eG Global Finance Plc 144A 6.75%, 02/07/25 |
USD | 200 | 205,000 | |||||
|
eG Global Finance Plc Reg S 4.38%, 02/07/25 |
EUR | 100 | 114,554 | |||||
| 319,554 | ||||||||
| Kazakhstan: 0.1% | ||||||||
|
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 |
USD | 100 | 135,692 | |||||
| Kuwait: 0.2% | ||||||||
|
Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26 |
USD | 200 | 189,940 | |||||
| Luxembourg: 4.9% | ||||||||
| Adler Group SA Reg S | ||||||||
See Notes to Financial Statements
| 51 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 2.25%, 01/14/29 | EUR | 100 | $ | 99,523 | ||||
|
AI Candelaria Spain SLU 144A 7.50%, 12/15/28 |
USD | 75 | 80,813 | |||||
|
Albion Financing 1 Sarl / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 |
USD | 100 | 101,036 | |||||
|
Altice Financing SA 144A 5.00%, 01/15/28 |
USD | 250 | 241,218 | |||||
| Altice Financing SA Reg S | ||||||||
| 2.25%, 01/15/25 | EUR | 100 | 111,786 | |||||
| 3.00%, 01/15/28 | EUR | 100 | 110,019 | |||||
|
Altice Finco SA Reg S 4.75%, 01/15/28 |
EUR | 100 | 110,190 | |||||
|
Altice France Holding SA 144A 10.50%, 05/15/27 |
USD | 50 | 54,250 | |||||
| Altice France Holding SA Reg S | ||||||||
| 4.00%, 02/15/28 | EUR | 100 | 108,300 | |||||
| 8.00%, 05/15/27 | EUR | 100 | 122,828 | |||||
| Altice France SA 144A | ||||||||
| 5.50%, 01/15/28 | USD | 100 | 100,375 | |||||
| 8.12%, 02/01/27 | USD | 300 | 322,875 | |||||
|
Altice France SA Reg S 3.38%, 01/15/28 |
EUR | 100 | 111,140 | |||||
|
ARD Finance SA Reg S 5.00%, 06/30/27 |
EUR | 200 | 238,478 | |||||
| Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||
| 4.12%, 08/15/26 | USD | 150 | 153,192 | |||||
| 5.25%, 08/15/27 | USD | 125 | 124,844 | |||||
|
Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 |
EUR | 175 | 200,176 | |||||
|
Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 |
EUR | 100 | 109,506 | |||||
|
Centurion Bidco SpA Reg S 5.88%, 09/30/26 |
EUR | 100 | 120,270 | |||||
|
Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 |
EUR | 100 | 113,995 | |||||
|
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 |
USD | 100 | 99,635 | |||||
|
CSN Resources SA 144A 4.62%, 06/10/31 |
USD | 100 | 98,475 | |||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| 4.50%, 03/30/24 | USD | 60 | 61,320 | |||||
| 4.88%, 03/30/26 | USD | 60 | 61,153 | |||||
| 5.38%, 03/30/28 | USD | 60 | 60,908 | |||||
| 5.88%, 03/30/31 | USD | 60 | 60,945 | |||||
|
Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o) |
EUR | 100 | 122,575 | |||||
|
Galaxy Bidco Ltd. Reg S 6.50%, 07/31/26 |
GBP | 100 | 141,981 | |||||
|
Par
(000’s |
) | Value | ||||||
| Luxembourg (continued) | ||||||||
|
Herens Midco Sarl Reg S 5.25%, 05/15/29 |
EUR | 100 | $ | 108,268 | ||||
|
Kenbourne Invest SA 144A 4.70%, 01/22/28 |
USD | 50 | 49,812 | |||||
|
Kleopatra Finco Sarl Reg S 4.25%, 03/01/26 |
EUR | 100 | 111,315 | |||||
|
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31 |
USD | 200 | 195,000 | |||||
|
Millicom International Cellular SA 144A 4.50%, 04/27/31 |
USD | 100 | 102,752 | |||||
|
Minerva Luxembourg SA 144A 4.38%, 03/18/31 |
USD | 125 | 118,994 | |||||
|
Movida Europe SA 144A 5.25%, 02/08/31 |
USD | 100 | 94,496 | |||||
|
Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24 |
EUR | 200 | 228,317 | |||||
|
Petrorio Luxembourg Sarl 144A 6.12%, 06/09/26 |
USD | 100 | 100,875 | |||||
|
Rossini Sarl Reg S 6.75%, 10/30/25 |
EUR | 100 | 119,834 | |||||
|
SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o) |
EUR | 100 | 125,265 | |||||
|
Sisal Group SpA Reg S 7.00%, 07/31/23 |
EUR | 69 | 79,758 | |||||
|
Summer BC Holdco A Sarl Reg S 9.25%, 10/31/27 |
EUR | 90 | 113,153 | |||||
|
Summer BC Holdco B Sarl Reg S 5.75%, 10/31/26 |
EUR | 100 | 121,034 | |||||
|
TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 |
EUR | 100 | 119,234 | |||||
|
TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 |
USD | 200 | 203,810 | |||||
| 5,433,723 | ||||||||
| Mauritius: 0.3% | ||||||||
|
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 |
USD | 50 | 50,453 | |||||
|
HTA Group Ltd./Mauritius 144A 7.00%, 12/18/25 |
USD | 100 | 104,922 | |||||
|
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 |
USD | 200 | 213,000 | |||||
| 368,375 | ||||||||
| Mexico: 4.3% | ||||||||
|
Axtel SAB de CV 144A 6.38%, 11/14/24 |
USD | 82 | 84,686 | |||||
| Cemex SAB de CV 144A | ||||||||
| 3.88%, 07/11/31 | USD | 200 | 200,990 | |||||
| 5.20%, 09/17/30 | USD | 100 | 108,404 | |||||
| 5.45%, 11/19/29 | USD | 100 | 108,445 | |||||
| 7.38%, 06/05/27 | USD | 100 | 110,688 | |||||
|
Cemex SAB de CV Reg S 3.12%, 03/19/26 |
EUR | 100 | 118,322 | |||||
See Notes to Financial Statements
| 52 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
|
Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26 |
USD | 100 | $ | 93,048 | ||||
|
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) |
USD | 50 | 52,087 | |||||
|
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 |
USD | 100 | 102,875 | |||||
|
Nemak SAB de CV 144A 3.62%, 06/28/31 |
USD | 100 | 93,742 | |||||
| Petróleos Mexicanos | ||||||||
| 3.50%, 01/30/23 | USD | 75 | 75,881 | |||||
| 4.25%, 01/15/25 | USD | 50 | 50,938 | |||||
| 4.50%, 01/23/26 | USD | 75 | 75,765 | |||||
| 4.62%, 09/21/23 | USD | 50 | 51,563 | |||||
| 4.88%, 01/18/24 † | USD | 50 | 51,791 | |||||
| 5.35%, 02/12/28 | USD | 125 | 124,934 | |||||
| 5.50%, 06/27/44 † | USD | 50 | 40,665 | |||||
| 5.62%, 01/23/46 | USD | 50 | 40,751 | |||||
| 5.95%, 01/28/31 | USD | 200 | 197,165 | |||||
| 6.35%, 02/12/48 | USD | 150 | 128,188 | |||||
| 6.38%, 01/23/45 | USD | 75 | 64,893 | |||||
| 6.49%, 01/23/27 | USD | 100 | 106,440 | |||||
| 6.50%, 03/13/27 | USD | 275 | 293,530 | |||||
| 6.50%, 01/23/29 | USD | 100 | 104,338 | |||||
| 6.50%, 06/02/41 | USD | 75 | 68,032 | |||||
| 6.62%, 06/15/35 | USD | 150 | 145,588 | |||||
| 6.62%, 06/15/38 | USD | 25 | 23,335 | |||||
| 6.75%, 09/21/47 | USD | 300 | 265,968 | |||||
| 6.84%, 01/23/30 | USD | 200 | 209,483 | |||||
| 6.88%, 08/04/26 | USD | 150 | 163,912 | |||||
| 6.95%, 01/28/60 | USD | 200 | 177,800 | |||||
| 7.69%, 01/23/50 | USD | 425 | 406,742 | |||||
|
Petróleos Mexicanos 144A 6.88%, 10/16/25 |
USD | 75 | 82,033 | |||||
| Petróleos Mexicanos Reg S | ||||||||
| 2.75%, 04/21/27 | EUR | 100 | 108,540 | |||||
| 4.75%, 02/26/29 | EUR | 100 | 114,503 | |||||
| 4.88%, 02/21/28 | EUR | 100 | 116,766 | |||||
| 5.50%, 02/24/25 | EUR | 50 | 63,127 | |||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
| 6.38%, 09/20/28 | USD | 50 | 49,312 | |||||
| 7.50%, 11/12/25 | USD | 50 | 52,070 | |||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | USD | 100 | 92,802 | |||||
| 7.25%, 09/27/23 | USD | 100 | 97,604 | |||||
| 4,717,746 | ||||||||
| Morocco: 0.3% | ||||||||
| OCP SA 144A | ||||||||
| 5.62%, 04/25/24 | USD | 150 | 162,321 | |||||
| 6.88%, 04/25/44 † | USD | 100 | 120,310 | |||||
| 282,631 | ||||||||
| Netherlands: 2.6% | ||||||||
| Athora Netherlands NV Reg S | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Netherlands (continued) | ||||||||
|
2.25% (EUR Swap Annual 5 Year+2.60%), 07/15/31 |
EUR | 100 | $ | 116,688 | ||||
|
ELM BV for Firmenich International SA Reg S 3.75% (EUR Swap Annual 5 Year+4.39%), 6/3/2025 (o) |
EUR | 100 | 123,296 | |||||
|
Greenko Dutch BV 144A 3.85%, 03/29/26 |
USD | 99 | 99,598 | |||||
|
Intertrust Group BV Reg S 3.38%, 11/15/25 |
EUR | 100 | 116,726 | |||||
|
Koninklijke KPN NV 144A 7.00% (USD Swap Semi 30/360 10 Year+5.21%), 03/28/73 |
USD | 125 | 132,731 | |||||
|
Lincoln Financing Sarl Reg S 3.62%, 04/01/24 |
EUR | 150 | 174,730 | |||||
|
Nobel Bidco BV Reg S 3.12%, 06/15/28 |
EUR | 100 | 111,529 | |||||
|
OCI NV Reg S 3.12%, 11/01/24 |
EUR | 200 | 234,902 | |||||
|
Petrobras Global Finance BV 5.50%, 06/10/51 † |
USD | 150 | 131,928 | |||||
| PPF Telecom Group BV Reg S | ||||||||
| 3.12%, 03/27/26 | EUR | 100 | 123,539 | |||||
| 3.50%, 05/20/24 | EUR | 100 | 122,945 | |||||
|
Repsol International Finance BV Reg S 4.25% (EUR Swap Annual 5 Year+4.41%), 9/11/2028 (o) |
EUR | 100 | 125,407 | |||||
|
Selecta Group BV Reg S 8.00%, 04/01/26 |
EUR | 52 | 60,237 | |||||
|
Tecpetrol SA 144A 4.88%, 12/12/22 |
USD | 55 | 55,006 | |||||
|
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) |
EUR | 100 | 111,500 | |||||
|
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o) |
EUR | 175 | 212,645 | |||||
|
UPC Broadband Finco BV 144A 4.88%, 07/15/31 |
USD | 100 | 101,792 | |||||
|
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) |
EUR | 100 | 114,223 | |||||
| Ziggo Bond Co. BV 144A | ||||||||
| 5.12%, 02/28/30 | USD | 50 | 50,666 | |||||
| 6.00%, 01/15/27 | USD | 50 | 51,688 | |||||
|
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 |
EUR | 125 | 142,736 | |||||
| Ziggo BV 144A | ||||||||
| 4.88%, 01/15/30 | USD | 100 | 101,812 | |||||
| 5.50%, 01/15/27 | USD | 200 | 205,250 | |||||
|
Ziggo BV Reg S 4.25%, 01/15/27 |
EUR | 80 | 94,941 | |||||
| 2,916,515 | ||||||||
| Nigeria: 0.1% | ||||||||
| Seplat Energy Plc 144A | ||||||||
See Notes to Financial Statements
| 53 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Nigeria (continued) | ||||||||
| 7.75%, 04/01/26 | USD | 100 | $ | 103,150 | ||||
| Norway: 0.2% | ||||||||
|
Adevinta ASA Reg S 2.62%, 11/15/25 |
EUR | 100 | 117,981 | |||||
|
Heimstaden Bostad AB Reg S 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) |
EUR | 100 | 117,027 | |||||
| 235,008 | ||||||||
| Oman: 0.5% | ||||||||
|
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 |
USD | 225 | 225,881 | |||||
|
OQ SAOC 144A 5.12%, 05/06/28 |
USD | 100 | 102,582 | |||||
|
Oztel Holdings SPC Ltd. 144A 5.62%, 10/24/23 |
USD | 200 | 209,081 | |||||
| 537,544 | ||||||||
| Panama: 0.2% | ||||||||
|
Banistmo SA 144A 4.25%, 07/31/27 |
USD | 100 | 101,130 | |||||
|
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/28 |
USD | 100 | 104,768 | |||||
| 205,898 | ||||||||
| Peru: 0.3% | ||||||||
|
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/24 |
USD | 75 | 80,166 | |||||
|
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 † |
USD | 25 | 26,344 | |||||
|
Peru LNG Srl 144A 5.38%, 03/22/30 |
USD | 100 | 84,940 | |||||
|
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 |
USD | 100 | 97,625 | |||||
| 289,075 | ||||||||
| Poland: 0.3% | ||||||||
|
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 |
USD | 100 | 99,375 | |||||
|
Canpack SA / Eastern PA Land Investment Holding LLC Reg S 2.38%, 11/01/27 |
EUR | 100 | 116,445 | |||||
|
Synthos SA Reg S 2.50%, 06/07/28 |
EUR | 100 | 111,909 | |||||
| 327,729 | ||||||||
| Portugal: 0.7% | ||||||||
|
Banco Comercial Portugues SA Reg S 1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 |
EUR | 100 | 112,215 | |||||
|
3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30 |
EUR | 100 | 118,598 | |||||
|
Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28 |
EUR | 100 | 125,457 | |||||
| EDP - Energias de Portugal SA Reg S | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Portugal (continued) | ||||||||
|
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 |
EUR | 100 | $ | 116,089 | ||||
|
4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 |
EUR | 200 | 249,753 | |||||
| 722,112 | ||||||||
| Romania: 0.1% | ||||||||
|
RCS & RDS SA Reg S 2.50%, 02/05/25 |
EUR | 100 | 114,812 | |||||
| Russia: 1.2% | ||||||||
|
Evraz Plc 144A 5.38%, 03/20/23 |
USD | 200 | 209,871 | |||||
|
Gazprom PJSC via Gaz Finance Plc 144A 4.60% (US Treasury Yield Curve Rate T 5 Year+4.26%), 10/26/2025 (o) |
USD | 200 | 208,000 | |||||
| Gtlk Europe Capital DAC Reg S | ||||||||
| 4.65%, 03/10/27 | USD | 200 | 207,735 | |||||
| 5.12%, 05/31/24 | USD | 200 | 211,320 | |||||
|
Polyus Finance Plc 144A 5.25%, 02/07/23 |
USD | 100 | 105,045 | |||||
| VEON Holdings BV 144A | ||||||||
| 3.38%, 11/25/27 | USD | 100 | 100,411 | |||||
| 4.00%, 04/09/25 | USD | 100 | 103,707 | |||||
| 4.95%, 06/16/24 | USD | 100 | 106,370 | |||||
| 7.25%, 04/26/23 | USD | 100 | 106,515 | |||||
| 1,358,974 | ||||||||
| Saudi Arabia: 0.4% | ||||||||
|
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 |
USD | 200 | 208,628 | |||||
|
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 03/21/23 |
USD | 200 | 208,576 | |||||
| 417,204 | ||||||||
| Singapore: 1.0% | ||||||||
|
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) |
USD | 200 | 193,770 | |||||
|
Greenko Investment Co. 144A 4.88%, 08/16/23 † |
USD | 200 | 202,125 | |||||
|
Inkia Energy Ltd. 144A 5.88%, 11/09/27 |
USD | 100 | 104,139 | |||||
|
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 |
USD | 100 | 103,585 | |||||
|
Puma International Financing SA 144A 5.00%, 01/24/26 |
USD | 250 | 251,345 | |||||
|
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 |
USD | 84 | 93,851 | |||||
|
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 |
USD | 200 | 202,976 | |||||
| 1,151,791 | ||||||||
| South Africa: 1.0% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
See Notes to Financial Statements
| 54 |
|
|
|
Par
(000’s |
) | Value | ||||||
| South Africa (continued) | ||||||||
| 6.75%, 08/06/23 | USD | 100 | $ | 103,458 | ||||
| 7.12%, 02/11/25 | USD | 100 | 104,368 | |||||
|
Gold Fields Orogen Holdings BVI Ltd. 144A 5.12%, 05/15/24 |
USD | 100 | 107,215 | |||||
|
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22 |
USD | 138 | 395 | |||||
|
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 |
USD | 150 | 157,140 | |||||
|
Sappi Papier Holding GmbH Reg S 3.12%, 04/15/26 |
EUR | 100 | 116,922 | |||||
|
Sasol Financing International Ltd. 4.50%, 11/14/22 |
USD | 100 | 102,292 | |||||
|
Sasol Financing USA LLC 5.88%, 03/27/24 |
USD | 300 | 317,475 | |||||
|
Stillwater Mining Co. 144A 7.12%, 06/27/25 |
USD | 100 | 103,880 | |||||
| 1,113,145 | ||||||||
| South Korea: 0.1% | ||||||||
|
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) |
USD | 100 | 103,500 | |||||
| Spain: 3.6% | ||||||||
|
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29 |
EUR | 100 | 127,176 | |||||
|
Abengoa SA 0.00%, 03/31/27 (s) ^ |
EUR | 100 | 580 | |||||
|
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 |
EUR | 100 | 116,661 | |||||
|
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 |
USD | 100 | 104,782 | |||||
|
Banco de Credito Social Cooperativo SA Reg S 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 |
EUR | 100 | 122,109 | |||||
|
Banco de Sabadell SA Reg S 1.75%, 05/10/24 |
EUR | 100 | 118,877 | |||||
|
5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 |
EUR | 100 | 126,161 | |||||
| 5.62%, 05/06/26 | EUR | 100 | 134,944 | |||||
|
Cellnex Finance Co. SA Reg S 1.25%, 01/15/29 |
EUR | 100 | 110,933 | |||||
| 1.50%, 06/08/28 | EUR | 100 | 113,898 | |||||
| 2.00%, 02/15/33 | EUR | 200 | 220,783 | |||||
|
Cellnex Telecom SA 1.88%, 06/26/29 |
EUR | 100 | 115,222 | |||||
| Cellnex Telecom SA Reg S | ||||||||
| 1.75%, 10/23/30 | EUR | 100 | 111,763 | |||||
| 2.38%, 01/16/24 | EUR | 100 | 120,581 | |||||
|
Par
(000’s |
) | Value | ||||||
| Spain (continued) | ||||||||
| 2.88%, 04/18/25 | EUR | 100 | $ | 123,695 | ||||
|
El Corte Ingles SA Reg S 3.00%, 03/15/24 |
EUR | 100 | 116,587 | |||||
|
Ferrovial Netherlands BV Reg S 2.12% (EUR Swap Annual 5 Year+2.13%), 2/14/2023 (o) |
EUR | 100 | 115,948 | |||||
| Grifols SA Reg S | ||||||||
| 1.62%, 02/15/25 | EUR | 150 | 173,341 | |||||
| 2.25%, 11/15/27 | EUR | 100 | 115,985 | |||||
| 3.20%, 05/01/25 | EUR | 100 | 116,014 | |||||
|
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 |
EUR | 100 | 116,745 | |||||
|
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 |
EUR | 100 | 119,052 | |||||
|
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 |
EUR | 200 | 233,382 | |||||
|
Naturgy Finance BV Reg S 4.12% (EUR Swap Annual 8 Year+3.35%), 11/29/49 (o) |
EUR | 100 | 120,499 | |||||
|
Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 |
EUR | 225 | 281,682 | |||||
|
Telefonica Europe BV Reg S 2.62% (EUR Swap Annual 5 Year+2.33%), 3/7/2023 (o) |
EUR | 100 | 118,216 | |||||
|
3.00% (EUR Swap Annual 5 Year+2.45%), 9/4/2023 (o) |
EUR | 100 | 119,384 | |||||
|
3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) |
EUR | 100 | 124,488 | |||||
|
4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) |
EUR | 200 | 249,326 | |||||
|
5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o) |
EUR | 100 | 127,693 | |||||
| 4,016,507 | ||||||||
| Sweden: 1.2% | ||||||||
|
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) |
EUR | 100 | 112,451 | |||||
|
Dometic Group AB Reg S 3.00%, 05/08/26 |
EUR | 100 | 122,332 | |||||
|
Fastighets AB Balder Reg S 2.87% (EUR Swap Annual 5 Year+3.19%), 06/02/81 |
EUR | 100 | 110,823 | |||||
|
Heimstaden Bostad AB Reg S 2.62% (EUR Swap Annual 5 Year+3.15%), 2/1/2027 (o) |
EUR | 100 | 109,699 | |||||
|
3.38% (EUR Swap Annual 5 Year+3.91%), 1/15/2026 (o) |
EUR | 100 | 115,720 | |||||
| 4.38%, 03/06/27 | EUR | 100 | 115,518 | |||||
| Intrum AB Reg S | ||||||||
| 3.00%, 09/15/27 † | EUR | 100 | 112,235 | |||||
| 3.12%, 07/15/24 | EUR | 200 | 232,162 | |||||
|
Norican A/S Reg S 4.50%, 05/15/23 |
EUR | 100 | 112,331 | |||||
See Notes to Financial Statements
| 55 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Sweden (continued) | ||||||||
|
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) |
EUR | 100 | $ | 113,827 | ||||
|
Stena AB 144A 7.00%, 02/01/24 |
USD | 100 | 103,958 | |||||
| 1,361,056 | ||||||||
| Switzerland: 0.6% | ||||||||
|
Dufry One BV Reg S 2.50%, 10/15/24 |
EUR | 225 | 257,096 | |||||
|
Holcim Finance Luxembourg SA Reg S 3.00% (EUR Swap Annual 5 Year+3.07%), 4/5/2024 (o) |
EUR | 100 | 120,247 | |||||
|
Peach Property Finance GmbH Reg S 4.38%, 11/15/25 |
EUR | 100 | 118,391 | |||||
|
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 |
EUR | 100 | 113,753 | |||||
| 609,487 | ||||||||
| Tanzania: 0.1% | ||||||||
|
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 |
USD | 80 | 97,398 | |||||
| Thailand: 0.2% | ||||||||
|
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/29 |
USD | 200 | 203,594 | |||||
| Trinidad and Tobago: 0.2% | ||||||||
|
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 |
USD | 100 | 101,504 | |||||
|
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 |
USD | 75 | 82,849 | |||||
| 184,353 | ||||||||
| Turkey: 2.2% | ||||||||
| Akbank TAS 144A | ||||||||
| 5.12%, 03/31/25 | USD | 150 | 149,444 | |||||
| 6.80%, 02/06/26 | USD | 100 | 103,110 | |||||
|
Arcelik AS 144A 5.00%, 04/03/23 |
USD | 100 | 102,920 | |||||
|
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 |
USD | 100 | 95,395 | |||||
|
KOC Holding AS 144A 5.25%, 03/15/23 |
USD | 200 | 204,495 | |||||
|
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 |
USD | 100 | 96,620 | |||||
|
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 |
USD | 100 | 102,334 | |||||
|
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 |
USD | 100 | 104,583 | |||||
|
Par
(000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 6.12%, 05/03/24 | USD | 100 | $ | 101,820 | ||||
| 8.25%, 01/24/24 | USD | 100 | 106,480 | |||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 6.12%, 04/25/24 | USD | 150 | 154,048 | |||||
| 7.85%, 12/10/23 | USD | 100 | 107,016 | |||||
|
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 |
USD | 100 | 100,855 | |||||
|
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 |
USD | 100 | 108,350 | |||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 † | USD | 100 | 98,578 | |||||
| 5.75%, 01/30/23 | USD | 100 | 102,326 | |||||
| 6.00%, 11/01/22 | USD | 100 | 102,147 | |||||
| 6.50%, 01/08/26 | USD | 100 | 100,774 | |||||
|
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 |
USD | 100 | 105,198 | |||||
| Yapi ve Kredi Bankasi AS 144A | ||||||||
| 5.50%, 12/06/22 | USD | 100 | 101,904 | |||||
| 5.85%, 06/21/24 | USD | 50 | 51,042 | |||||
|
7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/26 † |
USD | 50 | 51,335 | |||||
| 8.25%, 10/15/24 | USD | 100 | 107,843 | |||||
| 2,458,617 | ||||||||
| Ukraine: 0.4% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | USD | 50 | 53,136 | |||||
| 6.75%, 10/27/27 | USD | 50 | 53,205 | |||||
| Metinvest BV 144A | ||||||||
| 7.75%, 10/17/29 | USD | 100 | 109,160 | |||||
| 8.50%, 04/23/26 | USD | 100 | 112,827 | |||||
|
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24 |
EUR | 100 | 116,093 | |||||
| 444,421 | ||||||||
| United Arab Emirates: 0.7% | ||||||||
|
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) |
USD | 200 | 219,027 | |||||
|
Emaar Sukuk Ltd. Reg S 3.63%, 09/15/26 |
USD | 200 | 208,760 | |||||
|
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o) |
USD | 200 | 211,866 | |||||
|
GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 |
USD | 100 | 103,625 | |||||
|
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 |
USD | 100 | 77,375 | |||||
| 820,653 | ||||||||
See Notes to Financial Statements
| 56 |
|
|
|
Par
(000’s |
) | Value | ||||||
| United Kingdom: 9.3% | ||||||||
|
Amigo Luxembourg SA Reg S 7.62%, 01/15/24 |
GBP | 100 | $ | 133,751 | ||||
|
Anglian Water Osprey Financing Plc Reg S 4.00%, 03/08/26 |
GBP | 100 | 148,043 | |||||
|
Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23 |
GBP | 100 | 139,485 | |||||
|
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 † |
USD | 50 | 55,110 | |||||
|
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 |
GBP | 200 | 263,209 | |||||
|
Bellis Finco Plc Reg S 4.00%, 02/16/27 |
GBP | 100 | 129,739 | |||||
|
Bidvest Group UK Plc 144A 3.62%, 09/23/26 |
USD | 100 | 100,564 | |||||
|
Bracken MidCo1 Plc Reg S 8.88%, 10/15/23 |
GBP | 100 | 139,816 | |||||
|
Centrica Plc Reg S 5.25% (GBP Swap 5 Year+3.61%), 04/10/75 |
GBP | 100 | 145,547 | |||||
|
Connect Finco Sarl / Connect US Finco LLC 144A 6.75%, 10/01/26 |
USD | 200 | 207,750 | |||||
|
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 |
GBP | 100 | 132,373 | |||||
|
Co-Operative Group Ltd. Reg S 5.12%, 05/17/24 |
GBP | 100 | 143,986 | |||||
|
Deuce Finco Plc Reg S 5.50%, 06/15/27 |
GBP | 100 | 136,520 | |||||
|
Drax Finco Plc 144A 6.62%, 11/01/25 |
USD | 100 | 102,875 | |||||
|
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 |
EUR | 100 | 120,038 | |||||
|
GKN Holdings Ltd. Reg S 4.62%, 05/12/32 |
GBP | 100 | 146,774 | |||||
|
Heathrow Finance Plc Reg S 6.25%, 03/03/25 |
GBP | 150 | 222,520 | |||||
|
Iceland Bondco Plc Reg S 4.62%, 03/15/25 |
GBP | 100 | 126,623 | |||||
|
INEOS Group Holdings SA Reg S 5.38%, 08/01/24 |
EUR | 200 | 231,973 | |||||
|
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 |
EUR | 200 | 225,780 | |||||
| International Consolidated Airlines Group SA Reg S | ||||||||
| 0.50%, 07/04/23 | EUR | 100 | 112,920 | |||||
| 1.50%, 07/04/27 | EUR | 100 | 105,469 | |||||
|
Iqera Group SAS Reg S 4.25%, 09/30/24 |
EUR | 100 | 115,654 | |||||
|
Jaguar Land Rover Automotive Plc 144A 5.88%, 01/15/28 |
USD | 100 | 99,875 | |||||
|
Jerrold Finco Plc Reg S 4.88%, 01/15/26 |
GBP | 100 | 139,384 |
|
Par
(000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
| Lloyds Banking Group Plc 144A | ||||||||
|
6.41% (ICE LIBOR USD 3 Month+1.50%), 10/1/2035 (o) |
USD | 50 | $ | 70,143 | ||||
|
6.66% (ICE LIBOR USD 3 Month+1.27%), 5/21/2037 (o) |
USD | 50 | 71,687 | |||||
|
Marks & Spencer Plc Reg S 6.00%, 06/12/25 |
GBP | 150 | 226,437 | |||||
|
Motion Bondco DAC 144A 6.62%, 11/15/27 † |
USD | 200 | 200,853 | |||||
| National Express Group Plc Reg S | ||||||||
| 4.25% (UK Govt Bonds 5 Year Note Generic Bid Yield+4.13%), 11/26/2025 (o) | GBP | 100 | 140,430 | |||||
|
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 |
USD | 100 | 102,375 | |||||
|
Nexi SpA Reg S 1.75%, 10/31/24 |
EUR | 300 | 353,255 | |||||
|
NGG Finance Plc Reg S 2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 |
EUR | 100 | 116,448 | |||||
| 5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 149,201 | |||||
|
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28 |
EUR | 100 | 115,196 | |||||
|
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 |
GBP | 100 | 137,549 | |||||
|
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 |
EUR | 100 | 118,097 | |||||
|
Playtech Plc Reg S 3.75%, 10/12/23 |
EUR | 100 | 117,207 | |||||
|
Punch Finance Plc Reg S 6.12%, 06/30/26 |
GBP | 100 | 137,686 | |||||
|
Rolls-Royce Plc Reg S 0.88%, 05/09/24 |
EUR | 100 | 115,239 | |||||
| 1.62%, 05/09/28 | EUR | 200 | 223,841 | |||||
| 5.75%, 10/15/27 | GBP | 100 | 152,692 | |||||
|
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 7/30/2037 (o) |
USD | 100 | 138,750 | |||||
|
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 |
GBP | 100 | 140,948 | |||||
|
Summer BidCo BV Reg S 9.00%, 11/15/25 |
EUR | 105 | 123,970 | |||||
|
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25 |
GBP | 100 | 133,654 | |||||
|
Telenet Finance Luxembourg Notes Sarl 144A 5.50%, 03/01/28 |
USD | 200 | 209,000 | |||||
|
The Weir Group Plc 144A 2.20%, 05/13/26 |
USD | 100 | 99,402 | |||||
|
Travis Perkins Plc Reg S 4.50%, 09/07/23 |
GBP | 100 | 142,607 | |||||
| Tullow Oil Plc 144A | ||||||||
See Notes to Financial Statements
| 57 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 10.25%, 05/15/26 | USD | 100 | $ | 105,490 | ||||
|
United Group BV Reg S 4.88%, 07/01/24 |
EUR | 100 | 117,168 | |||||
|
UPC Holding BV 144A 5.50%, 01/15/28 |
USD | 100 | 103,625 | |||||
|
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 |
USD | 200 | 203,302 | |||||
|
Victoria Plc Reg S 3.62%, 08/24/26 |
EUR | 100 | 117,039 | |||||
|
Virgin Media Finance Plc 144A 5.00%, 07/15/30 |
USD | 150 | 149,338 | |||||
|
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 |
USD | 100 | 105,641 | |||||
| Virgin Media Secured Finance Plc Reg S | ||||||||
| 4.12%, 08/15/30 | GBP | 100 | 136,150 | |||||
| 4.25%, 01/15/30 | GBP | 100 | 136,649 | |||||
| 5.00%, 04/15/27 | GBP | 100 | 141,598 | |||||
|
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 |
USD | 200 | 194,991 | |||||
| Vmed O2 UK Financing I Plc Reg S | ||||||||
| 3.25%, 01/31/31 | EUR | 100 | 116,217 | |||||
| 4.00%, 01/31/29 | GBP | 100 | 135,670 | |||||
|
Vodafone Group Plc 4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 |
USD | 150 | 149,304 | |||||
| 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 1/4/2029 | USD | 250 | 302,478 | |||||
|
Vodafone Group Plc Reg S 3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 |
EUR | 300 | 359,189 | |||||
| 4.88% (GBP Swap 5 Year+3.27%), 10/03/78 | GBP | 100 | 145,138 | |||||
| 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 218,434 | |||||
|
William Hill Ltd. Reg S 4.88%, 09/07/23 |
GBP | 100 | 142,798 | |||||
| 10,242,664 | ||||||||
| United States: 3.1% | ||||||||
| AES Andes SA 144A | ||||||||
| 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 04/07/24 | USD | 100 | 104,772 | |||||
|
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28 |
USD | 100 | 106,125 | |||||
|
Cirsa Finance International Sarl 144A 6.25%, 12/20/23 |
EUR | 127 | 149,516 | |||||
|
Constellium SE Reg S 4.25%, 02/15/26 |
EUR | 100 | 116,969 | |||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 |
EUR | 100 | $ | 109,175 | ||||
|
Energia Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25 |
EUR | 100 | 115,372 | |||||
|
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 |
USD | 100 | 95,902 | |||||
|
Enstar Finance LLC 5.75% (US Treasury Yield Curve Rate T 5 Year+5.47%), 09/01/40 |
USD | 25 | 26,406 | |||||
|
Gamma Bidco SpA Reg S 6.25%, 07/15/25 |
EUR | 100 | 119,648 | |||||
|
Garda World Security Corp. 144A 4.62%, 02/15/27 |
USD | 100 | 99,379 | |||||
|
Guacolda Energia SA 144A 4.56%, 04/30/25 |
USD | 100 | 64,001 | |||||
|
IPD 3 BV Reg S 5.50%, 12/01/25 |
EUR | 100 | 119,058 | |||||
|
James Hardie International Finance DAC 144A 5.00%, 01/15/28 |
USD | 50 | 52,063 | |||||
| JBS USA Food Co. 144A | ||||||||
| 5.75%, 01/15/28 | USD | 100 | 104,376 | |||||
| 7.00%, 01/15/26 | USD | 100 | 104,125 | |||||
|
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 † |
USD | 75 | 72,654 | |||||
|
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 |
USD | 200 | 210,250 | |||||
|
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 |
USD | 200 | 200,163 | |||||
|
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 |
USD | 100 | 99,389 | |||||
|
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 |
USD | 50 | 50,893 | |||||
|
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 |
USD | 100 | 94,875 | |||||
|
Q-Park Holding I BV Reg S 2.00%, 03/01/27 |
EUR | 100 | 110,007 | |||||
|
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 |
USD | 25 | 25,469 | |||||
|
Schenck Process Holding GmbH/Darmstadt Reg S 5.38%, 06/15/23 |
EUR | 100 | 116,014 | |||||
|
Sigma Holdco BV Reg S 5.75%, 05/15/26 |
EUR | 100 | 107,540 | |||||
See Notes to Financial Statements
| 58 |
|
|
Definitions:
| CAD | Canadian Dollar | |
| EUR | Euro | |
| GBP | British Pound | |
| USD | United States Dollar | |
Footnotes:
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,078,104. |
See Notes to Financial Statements
| 59 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| (o) | Perpetual Maturity — the date shown is the next call date |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets. |
| ¥ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy |
| (d) | Security in default |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $38,962,914, or 35.3% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | |||||||
| Basic Materials | 7.5 | % | $ | 8,138,245 | |||||
| Consumer Cyclicals | 7.0 | 7,577,507 | |||||||
| Consumer Non-Cyclicals | 3.4 | 3,650,694 | |||||||
| Energy | 10.7 | 11,530,081 | |||||||
| Financials | 32.3 | 34,879,592 | |||||||
| Healthcare | 3.1 | 3,313,947 | |||||||
| Industrials | 12.9 | 13,866,702 | |||||||
| Real Estate | 4.9 | 5,343,158 | |||||||
| Technology | 12.3 | 13,222,005 | |||||||
| Utilities | 5.9 | 6,348,182 | |||||||
| 100.0 | % | $ | 107,870,113 | ||||||
See Notes to Financial Statements
| 60 |
|
|
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level
3
|
Value | |||||||||||||
| Corporate Bonds | ||||||||||||||||
| Argentina | $ | — | $ | 869,357 | $ | — | $ | 869,357 | ||||||||
| Australia | — | 417,502 | — | 417,502 | ||||||||||||
| Austria | — | 286,574 | — | 286,574 | ||||||||||||
| Azerbaijan | — | 245,337 | — | 245,337 | ||||||||||||
| Bahamas | — | 212,397 | — | 212,397 | ||||||||||||
| Belgium | — | 600,024 | — | 600,024 | ||||||||||||
| Bermuda | — | 480,266 | — | 480,266 | ||||||||||||
| Brazil | — | 7,775,646 | — | 7,775,646 | ||||||||||||
| British Virgin Islands | — | 351,960 | — | 351,960 | ||||||||||||
| Bulgaria | — | 123,565 | — | 123,565 | ||||||||||||
| Burkina Faso | — | 24,577 | — | 24,577 | ||||||||||||
| Canada | — | 6,511,687 | 0 | 6,511,687 | ||||||||||||
| Cayman Islands | — | 313,516 | — | 313,516 | ||||||||||||
| Chile | — | 156,067 | — | 156,067 | ||||||||||||
| China | — | 5,174,233 | — | 5,174,233 | ||||||||||||
| Colombia | — | 2,186,803 | — | 2,186,803 | ||||||||||||
| Costa Rica | — | 85,479 | — | 85,479 | ||||||||||||
| Curacao | — | 74,604 | — | 74,604 | ||||||||||||
| Cyprus | — | 530,743 | — | 530,743 | ||||||||||||
| Czech Republic | — | 351,603 | — | 351,603 | ||||||||||||
| Denmark | — | 206,190 | — | 206,190 | ||||||||||||
| Finland | — | 860,202 | — | 860,202 | ||||||||||||
| France | — | 7,638,765 | — | 7,638,765 | ||||||||||||
| Germany | — | 6,753,143 | — | 6,753,143 | ||||||||||||
| Ghana | — | 187,571 | — | 187,571 | ||||||||||||
| Greece | — | 1,009,701 | — | 1,009,701 | ||||||||||||
| Guatemala | — | 204,055 | — | 204,055 | ||||||||||||
| Hong Kong | — | 1,471,030 | — | 1,471,030 | ||||||||||||
| Hungary | — | 120,323 | — | 120,323 | ||||||||||||
| India | — | 2,480,182 | — | 2,480,182 | ||||||||||||
| Indonesia | — | 917,291 | — | 917,291 | ||||||||||||
| Ireland | — | 1,068,145 | — | 1,068,145 | ||||||||||||
| Israel | — | 2,104,424 | — | 2,104,424 | ||||||||||||
| Italy | — | 8,490,752 | — | 8,490,752 | ||||||||||||
| Japan | — | 2,146,076 | — | 2,146,076 | ||||||||||||
| Jersey, Channel Islands | — | 319,554 | — | 319,554 | ||||||||||||
| Kazakhstan | — | 135,692 | — | 135,692 | ||||||||||||
| Kuwait | — | 189,940 | — | 189,940 | ||||||||||||
| Luxembourg | — | 5,433,723 | — | 5,433,723 | ||||||||||||
| Mauritius | — | 368,375 | — | 368,375 | ||||||||||||
| Mexico | — | 4,717,746 | — | 4,717,746 | ||||||||||||
| Morocco | — | 282,631 | — | 282,631 | ||||||||||||
| Netherlands | — | 2,916,515 | — | 2,916,515 | ||||||||||||
| Nigeria | — | 103,150 | — | 103,150 | ||||||||||||
| Norway | — | 235,008 | — | 235,008 | ||||||||||||
| Oman | — | 537,544 | — | 537,544 | ||||||||||||
| Panama | — | 205,898 | — | 205,898 | ||||||||||||
| Peru | — | 289,075 | — | 289,075 | ||||||||||||
| Poland | — | 327,729 | — | 327,729 | ||||||||||||
| Portugal | — | 722,112 | — | 722,112 | ||||||||||||
| Romania | — | 114,812 | — | 114,812 | ||||||||||||
| Russia | — | 1,358,974 | — | 1,358,974 | ||||||||||||
| Saudi Arabia | — | 417,204 | — | 417,204 | ||||||||||||
| Singapore | — | 1,151,791 | — | 1,151,791 | ||||||||||||
| South Africa | — | 1,113,145 | — | 1,113,145 | ||||||||||||
See Notes to Financial Statements
| 61 |
|
|
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| South Korea | $ | — | $ | 103,500 | $ | — | $ | 103,500 | ||||||||
| Spain | — | 4,016,507 | — | 4,016,507 | ||||||||||||
| Sweden | — | 1,361,056 | — | 1,361,056 | ||||||||||||
| Switzerland | — | 609,487 | — | 609,487 | ||||||||||||
| Tanzania | — | 97,398 | — | 97,398 | ||||||||||||
| Thailand | — | 203,594 | — | 203,594 | ||||||||||||
| Trinidad and Tobago | — | 184,353 | — | 184,353 | ||||||||||||
| Turkey | — | 2,458,617 | — | 2,458,617 | ||||||||||||
| Ukraine | — | 444,421 | — | 444,421 | ||||||||||||
| United Arab Emirates | — | 820,653 | — | 820,653 | ||||||||||||
| United Kingdom | — | 10,242,664 | — | 10,242,664 | ||||||||||||
| United States | — | 3,382,807 | — | 3,382,807 | ||||||||||||
| Zambia | — | 568,828 | — | 568,828 | ||||||||||||
| Common Stock * | 5,820 | — | — | 5,820 | ||||||||||||
| Money Market Fund | 2,943,810 | — | — | 2,943,810 | ||||||||||||
| Total Investments | $ | 2,949,630 | $ | 107,864,293 | $ | 0 | $ | 110,813,923 |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 62 |
|
|
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| FLOATING RATE NOTES: 99.6% | ||||||||
| Australia: 5.2% | ||||||||
|
ASB Bank Ltd. 144A 1.09% (ICE LIBOR USD 3 Month+0.97%), 06/14/23 |
$ | 1,350 | $ | 1,368,452 | ||||
| Australia & New Zealand Banking Group Ltd. 144A | ||||||||
|
0.62% (ICE LIBOR USD 3 Month+0.49%), 11/21/22 |
875 | 878,939 | ||||||
|
0.84% (ICE LIBOR USD 3 Month+0.71%), 05/19/22 |
675 | 677,617 | ||||||
| Commonwealth Bank of Australia 144A | ||||||||
|
0.45% (United States Secured Overnight Financing Rate+0.40%), 07/07/25 |
11,850 | 11,877,094 | ||||||
|
0.57% (United States Secured Overnight Financing Rate+0.52%), 06/15/26 |
3,900 | 3,929,423 | ||||||
|
0.82% (ICE LIBOR USD 3 Month+0.70%), 03/16/23 |
1,400 | 1,412,185 | ||||||
|
Macquarie Group Ltd. 144A 1.14% (ICE LIBOR USD 3 Month+1.02%), 11/28/23 |
1,675 | 1,688,068 | ||||||
|
1.48% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 |
4,300 | 4,363,335 | ||||||
|
National Australia Bank Ltd. 144A 0.52% (ICE LIBOR USD 3 Month+0.41%), 12/13/22 |
1,650 | 1,656,486 | ||||||
|
0.72% (ICE LIBOR USD 3 Month+0.60%), 04/12/23 |
1,300 | 1,303,290 | ||||||
|
0.85% (ICE LIBOR USD 3 Month+0.72%), 05/22/22 |
725 | 727,845 | ||||||
|
Westpac Banking Corp. 0.51% (ICE LIBOR USD 3 Month+0.39%), 01/13/23 |
1,250 | 1,255,549 | ||||||
|
0.69% (ICE LIBOR USD 3 Month+0.57%), 01/11/23 |
850 | 855,098 | ||||||
|
0.84% (ICE LIBOR USD 3 Month+0.71%), 06/28/22 † |
850 | 854,019 | ||||||
|
0.84% (ICE LIBOR USD 3 Month+0.72%), 05/15/23 |
1,950 | 1,970,781 | ||||||
|
0.89% (ICE LIBOR USD 3 Month+0.77%), 02/26/24 |
3,925 | 3,982,985 | ||||||
| 38,801,166 | ||||||||
| Canada: 10.9% | ||||||||
| Bank of Montreal | ||||||||
|
0.31% (United States Secured Overnight Financing Rate+0.27%), 09/15/23 |
505 | 505,158 | ||||||
|
0.37% (United States Secured Overnight Financing Rate+0.32%), 07/09/24 |
4,300 | 4,312,267 | ||||||
|
0.40% (United States Secured Overnight Financing Rate+0.35%), 12/08/23 † |
2,650 | 2,657,726 | ||||||
|
0.73% (United States Secured Overnight Financing Rate+0.68%), 03/10/23 |
3,850 | 3,876,644 | ||||||
|
Par
(000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| Bank of Nova Scotia | ||||||||
|
0.31% (United States Secured Overnight Financing Rate+0.26%), 09/15/23 † |
$ | 1,550 | $ | 1,550,439 | ||||
| 0.33% (United States Secured Overnight Financing Rate+0.28%), 06/23/23 | 1,900 | 1,901,420 | ||||||
| 0.43% (United States Secured Overnight Financing Rate+0.38%), 07/31/24 | 5,075 | 5,084,064 | ||||||
| 0.49% (United States Secured Overnight Financing Rate+0.45%), 04/15/24 | 5,100 | 5,126,200 | ||||||
| 0.60% (United States Secured Overnight Financing Rate+0.55%), 09/15/23 | 4,125 | 4,143,268 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
|
0.39% (United States Secured Overnight Financing Rate+0.34%), 06/22/23 |
1,175 | 1,177,040 | ||||||
| 0.45% (United States Secured Overnight Financing Rate+0.40%), 12/14/23 | 4,675 | 4,690,428 | ||||||
| 0.47% (United States Secured Overnight Financing Rate+0.42%), 10/18/24 | 2,600 | 2,605,039 | ||||||
| 0.77% (ICE LIBOR USD 3 Month+0.66%), 09/13/23 | 1,300 | 1,313,991 | ||||||
| 0.84% (ICE LIBOR USD 3 Month+0.72%), 06/16/22 | 850 | 853,845 | ||||||
| 0.85% (United States Secured Overnight Financing Rate+0.80%), 03/17/23 | 3,125 | 3,148,147 | ||||||
|
Enbridge, Inc. 0.45% (United States Secured Overnight Financing Rate+0.40%), 02/17/23 |
900 | 902,051 | ||||||
|
Federation des Caisses Desjardins du Quebec 144A 0.48% (United States Secured Overnight Financing Rate+0.43%), 05/21/24 |
3,975 | 3,983,692 | ||||||
| Royal Bank of Canada | ||||||||
|
0.35% (United States Secured Overnight Financing Rate+0.30%), 01/19/24 |
5,276 | 5,283,681 | ||||||
| 0.41% (United States Secured Overnight Financing Rate+0.36%), 07/29/24 † | 5,025 | 5,038,244 | ||||||
| 0.48% (ICE LIBOR USD 3 Month+0.36%), 01/17/23 | 2,000 | 2,006,742 | ||||||
| 0.50% (United States Secured Overnight Financing Rate+0.45%), 10/26/23 | 2,400 | 2,413,597 | ||||||
|
Toronto-Dominion Bank 0.27% (United States Secured Overnight Financing Rate+0.22%), 06/02/23 |
2,000 | 2,004,256 | ||||||
See Notes to Financial Statements
| 63 |
|
|
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Canada (continued) | ||||||||
| 0.29% (United States Secured Overnight Financing Rate+0.24%), 01/06/23 | $ | 1,075 | $ | 1,076,360 | ||||
| 0.40% (United States Secured Overnight Financing Rate+0.35%), 03/04/24 | 5,320 | 5,337,858 | ||||||
| 0.40% (United States Secured Overnight Financing Rate+0.35%), 09/10/24 | 7,025 | 7,040,178 | ||||||
| 0.50% (United States Secured Overnight Financing Rate+0.45%), 09/28/23 | 1,300 | 1,306,950 | ||||||
| 0.53% (United States Secured Overnight Financing Rate+0.48%), 01/27/23 | 2,110 | 2,118,753 | ||||||
| 81,458,038 | ||||||||
| Cayman Islands: 0.6% | ||||||||
|
MassMutual Global Funding II 144A 0.41% (United States Secured Overnight Financing Rate+0.36%), 04/12/24 |
4,775 | 4,800,508 | ||||||
| China: 0.9% | ||||||||
| Tencent Holdings Ltd. 144A | ||||||||
|
0.73% (ICE LIBOR USD 3 Month+0.60%), 01/19/23 |
850 | 851,466 | ||||||
| 1.03% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 | 5,850 | 5,876,033 | ||||||
| 6,727,499 | ||||||||
| France: 1.3% | ||||||||
|
Banque Federative du Credit Mutuel SA 144A 0.46% (United States Secured Overnight Financing Rate+0.41%), 02/04/25 |
5,500 | 5,512,116 | ||||||
|
BPCE SA 1.00% (ICE LIBOR USD 3 Month+0.88%), 05/31/22 |
950 | 954,709 | ||||||
|
BPCE SA 144A 1.35% (ICE LIBOR USD 3 Month+1.22%), 05/22/22 |
725 | 729,810 | ||||||
| 1.35% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 | 1,300 | 1,323,898 | ||||||
|
Credit Agricole SA 144A 1.14% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 |
1,365 | 1,382,482 | ||||||
| 9,903,015 | ||||||||
| Germany: 0.7% | ||||||||
|
Bayer US Finance II LLC 144A 1.13% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 |
3,300 | 3,344,749 | ||||||
|
BMW Finance NV 144A 0.91% (ICE LIBOR USD 3 Month+0.79%), 08/12/22 |
875 | 880,106 | ||||||
|
Deutsche Bank AG 1.31% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 |
800 | 806,016 | ||||||
| 5,030,871 | ||||||||
|
Par
(000’s |
) | Value | ||||||
| Japan: 5.8% | ||||||||
|
American Honda Finance Corp. 0.67% (ICE LIBOR USD 3 Month+0.54%), 06/27/22 |
$ | 825 | $ | 828,135 | ||||
| Mitsubishi UFJ Financial Group, Inc. | ||||||||
| 0.86% (ICE LIBOR USD 3 Month+0.74%), 03/02/23 | 1,925 | 1,940,748 | ||||||
| 0.91% (ICE LIBOR USD 3 Month+0.79%), 07/25/22 | 1,650 | 1,658,128 | ||||||
| 0.98% (ICE LIBOR USD 3 Month+0.86%), 07/26/23 | 4,250 | 4,303,040 | ||||||
| Mizuho Financial Group, Inc. | ||||||||
| 0.76% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 | 8,600 | 8,654,312 | ||||||
| 0.91% (ICE LIBOR USD 3 Month+0.79%), 03/05/23 | 2,200 | 2,221,917 | ||||||
| 0.96% (ICE LIBOR USD 3 Month+0.84%), 07/16/23 | 1,300 | 1,306,961 | ||||||
| 0.96% (ICE LIBOR USD 3 Month+0.85%), 09/13/23 | 1,275 | 1,283,391 | ||||||
| 0.99% (ICE LIBOR USD 3 Month+0.88%), 09/11/22 | 1,925 | 1,938,335 | ||||||
| 1.11% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 5,075 | 5,138,808 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 0.86% (ICE LIBOR USD 3 Month+0.74%), 10/18/22 | 875 | 880,380 | ||||||
| 0.86% (ICE LIBOR USD 3 Month+0.74%), 01/17/23 | 850 | 856,316 | ||||||
| 0.90% (ICE LIBOR USD 3 Month+0.78%), 07/12/22 | 850 | 854,310 | ||||||
| 0.92% (ICE LIBOR USD 3 Month+0.80%), 10/16/23 | 2,168 | 2,195,946 | ||||||
| 0.98% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 † | 1,275 | 1,290,784 | ||||||
|
Sumitomo Mitsui Trust Bank Ltd. 144A 0.49% (United States Secured Overnight Financing Rate+0.44%), 09/16/24 † |
5,925 | 5,943,437 | ||||||
| Toyota Motor Credit Corp. | ||||||||
| 0.35% (United States Secured Overnight Financing Rate+0.30%), 06/13/22 † | 1,275 | 1,276,486 | ||||||
| 0.59% (ICE LIBOR USD 3 Month+0.48%), 09/08/22 | 900 | 903,433 | ||||||
| 43,474,867 | ||||||||
| Netherlands: 1.7% | ||||||||
|
Cooperatieve Rabobank UA 0.35% (United States Secured Overnight Financing Rate+0.30%), 01/12/24 |
2,025 | 2,031,970 | ||||||
|
ING Groep NV 1.13% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 † |
1,375 | 1,397,203 | ||||||
|
Shell International Finance BV 0.52% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 |
1,350 | 1,358,178 | ||||||
See Notes to Financial Statements
| 64 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Netherlands (continued) | ||||||||
|
Siemens Financieringsmaatschappij NV 144A 0.48% (United States Secured Overnight Financing Rate+0.43%), 03/11/24 † |
$ | 7,850 | $ | 7,908,841 | ||||
| 12,696,192 | ||||||||
| Norway: 0.2% | ||||||||
|
DNB Bank ASA 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 12/02/22 |
1,050 | 1,056,414 | ||||||
| Singapore: 0.1% | ||||||||
|
DBS Group Holdings Ltd. 144A 0.74% (ICE LIBOR USD 3 Month+0.62%), 07/25/22 |
900 | 903,410 | ||||||
| Spain: 0.3% | ||||||||
| Banco Santander SA | ||||||||
| 1.22% (ICE LIBOR USD 3 Month+1.09%), 02/23/23 | 900 | 910,510 | ||||||
| 1.24% (ICE LIBOR USD 3 Month+1.12%), 04/12/23 | 1,300 | 1,316,917 | ||||||
| 2,227,427 | ||||||||
| Sweden: 0.1% | ||||||||
|
Skandinaviska Enskilda Banken AB 144A 0.76% (ICE LIBOR USD 3 Month+0.65%), 12/12/22 |
900 | 905,327 | ||||||
| Switzerland: 2.8% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| 1.32% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 | 1,400 | 1,413,511 | ||||||
| 1.35% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 5,775 | 5,856,984 | ||||||
|
UBS AG 144A 0.41% (United States Secured Overnight Financing Rate+0.36%), 02/09/24 |
7,800 | 7,822,344 | ||||||
| UBS Group AG 144A | ||||||||
| 1.07% (ICE LIBOR USD 3 Month+0.95%), 08/15/23 | 3,135 | 3,154,739 | ||||||
| 1.35% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 † | 2,550 | 2,566,329 | ||||||
| 20,813,907 | ||||||||
| United Kingdom: 7.5% | ||||||||
| Barclays Plc | ||||||||
| 1.50% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 | 11,150 | 11,327,385 | ||||||
| 1.55% (ICE LIBOR USD 3 Month+1.43%), 02/15/23 | 1,375 | 1,379,755 | ||||||
| 1.75% (ICE LIBOR USD 3 Month+1.62%), 01/10/23 | 1,575 | 1,579,132 | ||||||
|
BAT Capital Corp. 1.00% (ICE LIBOR USD 3 Month+0.88%), 08/15/22 |
1,350 | 1,357,003 | ||||||
|
HSBC Holdings Plc 1.12% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 |
14,830 | 14,977,711 | ||||||
|
Par
(000’s |
) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 1.34% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | $ | 3,925 | $ | 4,000,593 | ||||
| 1.49% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 | 5,850 | 6,038,614 | ||||||
|
Jackson National Life Global Funding 144A 0.65% (United States Secured Overnight Financing Rate+0.60%), 01/06/23 |
1,400 | 1,406,563 | ||||||
|
Reckitt Benckiser Treasury Services Plc 144A 0.69% (ICE LIBOR USD 3 Month+0.56%), 06/24/22 |
1,325 | 1,329,579 | ||||||
| Standard Chartered Plc 144A | ||||||||
| 1.28% (ICE LIBOR USD 3 Month+1.15%), 01/20/23 | 1,025 | 1,027,542 | ||||||
| 1.30% (United States Secured Overnight Financing Rate+1.25%), 10/14/23 | 1,350 | 1,362,004 | ||||||
| UBS AG 144A | ||||||||
| 0.37% (United States Secured Overnight Financing Rate+0.32%), 06/01/23 | 2,900 | 2,909,237 | ||||||
| 0.50% (United States Secured Overnight Financing Rate+0.45%), 08/09/24 | 7,500 | 7,542,981 | ||||||
| 56,238,099 | ||||||||
| United States: 61.5% | ||||||||
|
7-Eleven, Inc. 144A 0.58% (ICE LIBOR USD 3 Month+0.45%), 08/10/22 |
1,325 | 1,325,283 | ||||||
|
AbbVie, Inc. 0.78% (ICE LIBOR USD 3 Month+0.65%), 11/21/22 |
1,325 | 1,332,399 | ||||||
|
Air Lease Corp. 0.47% (ICE LIBOR USD 3 Month+0.35%), 12/15/22 |
1,100 | 1,100,444 | ||||||
|
American Electric Power Co., Inc. 0.61% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 |
1,650 | 1,650,532 | ||||||
| American Express Co. | ||||||||
| 0.75% (ICE LIBOR USD 3 Month+0.62%), 05/20/22 | 1,365 | 1,368,431 | ||||||
| 0.87% (ICE LIBOR USD 3 Month+0.75%), 08/03/23 | 1,325 | 1,338,671 | ||||||
|
American Honda Finance Corp. 0.28% (ICE LIBOR USD 3 Month+0.15%), 02/22/23 |
825 | 826,100 | ||||||
|
Analog Devices, Inc. 0.30% (United States Secured Overnight Financing Rate+0.25%), 10/01/24 |
4,000 | 4,005,832 | ||||||
|
Apple, Inc. 0.48% (ICE LIBOR USD 3 Month+0.35%), 05/11/22 |
1,175 | 1,177,364 | ||||||
| AT&T, Inc. | ||||||||
See Notes to Financial Statements
| 65 |
|
|
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.69% (United States Secured Overnight Financing Rate+0.64%), 03/25/24 | $ | 5,900 | $ | 5,906,176 | ||||
| 1.29% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 12,589 | 12,866,279 | ||||||
| Athene Global Funding 144A | ||||||||
| 0.75% (United States Secured Overnight Financing Rate+0.70%), 05/24/24 | 11,775 | 11,840,208 | ||||||
| 1.36% (ICE LIBOR USD 3 Month+1.23%), 07/01/22 | 950 | 957,167 | ||||||
|
Atmos Energy Corp. 0.50% (ICE LIBOR USD 3 Month+0.38%), 03/09/23 |
2,925 | 2,925,584 | ||||||
| Bank of America Corp. | ||||||||
| 0.53% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 | 9,600 | 9,626,496 | ||||||
| 0.74% (United States Secured Overnight Financing Rate+0.69%), 04/22/25 | 4,550 | 4,586,310 | ||||||
| 0.78% (United States Secured Overnight Financing Rate+0.73%), 10/24/24 | 4,200 | 4,228,461 | ||||||
| 0.89% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 | 11,669 | 11,827,282 | ||||||
| 0.91% (ICE LIBOR USD 3 Month+0.79%), 03/05/24 | 11,471 | 11,561,874 | ||||||
| 1.08% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 † | 3,900 | 3,949,870 | ||||||
| 1.12% (ICE LIBOR USD 3 Month+1.00%), 04/24/23 | 3,850 | 3,866,744 | ||||||
| 1.29% (ICE LIBOR USD 3 Month+1.16%), 01/20/23 | 1,425 | 1,428,473 | ||||||
|
Bank of New York Mellon Corp. 1.18% (ICE LIBOR USD 3 Month+1.05%), 10/30/23 |
2,000 | 2,018,698 | ||||||
|
Becton Dickinson and Co. 1.15% (ICE LIBOR USD 3 Month+1.03%), 06/06/22 |
950 | 955,149 | ||||||
| BMW US Capital LLC 144A | ||||||||
| 0.43% (United States Secured Overnight Financing Rate+0.38%), 08/12/24 | 5,875 | 5,913,792 | ||||||
| 0.58% (United States Secured Overnight Financing Rate+0.53%), 04/01/24 | 5,900 | 5,953,975 | ||||||
| Caterpillar Financial Services Corp. | ||||||||
| 0.20% (United States Secured Overnight Financing Rate+0.15%), 11/17/22 | 1,700 | 1,700,106 | ||||||
| 0.29% (United States Secured Overnight Financing Rate+0.24%), 05/17/24 | 3,850 | 3,852,653 | ||||||
| 0.32% (United States Secured Overnight Financing Rate+0.27%), 09/13/24 | 5,850 | 5,867,755 | ||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
CenterPoint Energy Resources Corp. 0.62% (ICE LIBOR USD 3 Month+0.50%), 03/02/23 |
$ | 2,500 | $ | 2,500,702 | ||||
|
CenterPoint Energy, Inc. 0.70% (United States Secured Overnight Financing Rate+0.65%), 05/13/24 |
5,500 | 5,505,638 | ||||||
| Charles Schwab Corp. | ||||||||
| 0.55% (United States Secured Overnight Financing Rate+0.50%), 03/18/24 | 9,802 | 9,842,446 | ||||||
| 0.57% (United States Secured Overnight Financing Rate+0.52%), 05/13/26 | 3,925 | 3,947,603 | ||||||
|
Chevron USA, Inc. 0.33% (ICE LIBOR USD 3 Month+0.20%), 08/11/23 |
1,375 | 1,378,444 | ||||||
|
Cigna Corp. 1.01% (ICE LIBOR USD 3 Month+0.89%), 07/15/23 |
1,900 | 1,920,830 | ||||||
| Citigroup, Inc. | ||||||||
| 0.68% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 | 4,050 | 3,559,191 | ||||||
| 0.72% (United States Secured Overnight Financing Rate+0.67%), 05/01/25 † | 3,875 | 3,901,801 | ||||||
| 0.92% (United States Secured Overnight Financing Rate+0.87%), 11/04/22 | 825 | 831,173 | ||||||
| 1.07% (ICE LIBOR USD 3 Month+0.95%), 07/24/23 | 1,950 | 1,961,306 | ||||||
| 1.14% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 7,807 | 7,913,564 | ||||||
| 1.22% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 | 11,675 | 11,831,215 | ||||||
| 1.38% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | 5,100 | 5,256,705 | ||||||
| 1.55% (ICE LIBOR USD 3 Month+1.43%), 09/01/23 | 5,375 | 5,430,464 | ||||||
|
Comcast Corp. 0.75% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 |
3,975 | 4,015,851 | ||||||
|
ConocoPhillips Co. 1.02% (ICE LIBOR USD 3 Month+0.90%), 05/15/22 |
700 | 702,772 | ||||||
| Credit Suisse AG | ||||||||
| 0.43% (United States Secured Overnight Financing Rate+0.38%), 08/09/23 | 1,500 | 1,504,650 | ||||||
| 0.44% (United States Secured Overnight Financing Rate+0.39%), 02/02/24 | 7,800 | 7,788,775 | ||||||
|
Dominion Energy, Inc. 0.65% (ICE LIBOR USD 3 Month+0.53%), 09/15/23 |
2,675 | 2,676,940 | ||||||
| Duke Energy Corp. | ||||||||
See Notes to Financial Statements
| 66 |
|
|
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.30% (United States Secured Overnight Financing Rate+0.25%), 06/10/23 | $ | 1,350 | $ | 1,350,543 | ||||
|
Equitable Financial Life Global Funding 144A 0.44% (United States Secured Overnight Financing Rate+0.39%), 04/06/23 |
1,750 | 1,754,677 | ||||||
|
Exxon Mobil Corp. 0.45% (ICE LIBOR USD 3 Month+0.33%), 08/16/22 |
1,300 | 1,303,248 | ||||||
|
Florida Power & Light Co. 0.30% (United States Secured Overnight Financing Rate+0.25%), 05/10/23 |
2,550 | 2,550,205 | ||||||
|
GA Global Funding Trust 144A 0.55% (United States Secured Overnight Financing Rate+0.50%), 09/13/24 |
1,350 | 1,356,426 | ||||||
|
General Electric Co. 0.50% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 |
7,350 | 7,286,331 | ||||||
| General Motors Financial Co., Inc. | ||||||||
| 1.25% (United States Secured Overnight Financing Rate+1.20%), 11/17/23 | 1,975 | 2,006,109 | ||||||
| 1.44% (ICE LIBOR USD 3 Month+1.31%), 06/30/22 | 850 | 855,783 | ||||||
|
Gilead Sciences, Inc. 0.65% (ICE LIBOR USD 3 Month+0.52%), 09/29/23 |
1,375 | 1,375,064 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
| 0.46% (United States Secured Overnight Financing Rate+0.41%), 01/27/23 | 1,250 | 1,250,694 | ||||||
| 0.59% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 † | 1,299 | 1,301,434 | ||||||
| 0.63% (United States Secured Overnight Financing Rate+0.58%), 03/08/24 | 5,469 | 5,477,618 | ||||||
| 0.88% (ICE LIBOR USD 3 Month+0.75%), 02/23/23 | 4,316 | 4,345,443 | ||||||
| 1.12% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 | 1,962 | 1,971,844 | ||||||
| 1.17% (ICE LIBOR USD 3 Month+1.05%), 06/05/23 | 1,785 | 1,793,247 | ||||||
| 1.29% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 11,725 | 11,993,071 | ||||||
| 1.72% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 4,575 | 4,696,326 | ||||||
| 1.89% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 | 7,804 | 8,200,765 | ||||||
|
Hartford Financial Services Group, Inc. 144A 2.25% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 |
3,850 | 3,744,126 | ||||||
| Honeywell International, Inc. | ||||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.50% (ICE LIBOR USD 3 Month+0.37%), 08/08/22 | $ | 1,075 | $ | 1,078,242 | ||||
|
Intel Corp. 0.48% (ICE LIBOR USD 3 Month+0.35%), 05/11/22 † |
1,200 | 1,202,196 | ||||||
| John Deere Capital Corp. | ||||||||
| 0.17% (United States Secured Overnight Financing Rate+0.12%), 07/10/23 | 2,025 | 2,026,208 | ||||||
| 0.25% (United States Secured Overnight Financing Rate+0.20%), 10/11/24 | 4,800 | 4,813,569 | ||||||
| JPMorgan Chase & Co. | ||||||||
| 0.58% (United States Secured Overnight Financing Rate+0.54%), 06/01/25 | 3,900 | 3,918,159 | ||||||
| 0.63% (United States Secured Overnight Financing Rate+0.58%), 03/16/24 | 9,750 | 9,786,135 | ||||||
| 0.63% (United States Secured Overnight Financing Rate+0.58%), 06/23/25 | 3,800 | 3,817,292 | ||||||
| 0.81% (United States Secured Overnight Financing Rate+0.77%), 09/22/27 | 3,912 | 3,941,311 | ||||||
| 0.85% (ICE LIBOR USD 3 Month+0.73%), 04/23/24 | 3,850 | 3,880,811 | ||||||
| 0.93% (United States Secured Overnight Financing Rate+0.89%), 04/22/27 † | 3,850 | 3,904,930 | ||||||
| 0.97% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 | 3,865 | 3,913,297 | ||||||
| 1.01% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 | 7,800 | 7,892,030 | ||||||
| 1.02% (ICE LIBOR USD 3 Month+0.90%), 04/25/23 | 3,175 | 3,188,534 | ||||||
| 1.12% (ICE LIBOR USD 3 Month+1.00%), 01/15/23 | 1,075 | 1,077,764 | ||||||
| 1.35% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 | 5,125 | 5,186,341 | ||||||
|
Lincoln National Corp. 2.48% (ICE LIBOR USD 3 Month+2.36%), 05/17/66 |
4,425 | 4,026,750 | ||||||
|
Met Tower Global Funding 144A 0.60% (United States Secured Overnight Financing Rate+0.55%), 01/17/23 |
1,000 | 1,004,846 | ||||||
| Metropolitan Life Global Funding I 144A | ||||||||
| 0.35% (United States Secured Overnight Financing Rate+0.30%), 09/27/24 | 500 | 500,951 | ||||||
| 0.37% (United States Secured Overnight Financing Rate+0.32%), 01/07/24 | 4,875 | 4,900,100 | ||||||
| 0.62% (United States Secured Overnight Financing Rate+0.57%), 01/13/23 | 1,600 | 1,606,950 | ||||||
| Morgan Stanley | ||||||||
See Notes to Financial Statements
| 67 |
|
|
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.75% (United States Secured Overnight Financing Rate+0.70%), 01/20/23 | $ | 4,250 | $ | 4,258,312 | ||||
| 1.35% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 13,522 | 13,731,422 | ||||||
| 1.52% (ICE LIBOR USD 3 Month+1.40%), 10/24/23 | 6,354 | 6,432,696 | ||||||
| New York Life Global Funding 144A | ||||||||
| 0.27% (United States Secured Overnight Financing Rate+0.22%), 02/02/23 | 1,350 | 1,352,198 | ||||||
| 0.40% (ICE LIBOR USD 3 Month+0.28%), 01/10/23 | 850 | 852,155 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
| 0.40% (ICE LIBOR USD 3 Month+0.27%), 02/22/23 | 2,745 | 2,745,896 | ||||||
| 0.59% (United States Secured Overnight Financing Rate+0.54%), 03/01/23 | 850 | 853,487 | ||||||
|
Otis Worldwide Corp. 0.58% (ICE LIBOR USD 3 Month+0.45%), 04/05/23 |
1,375 | 1,375,108 | ||||||
|
Pacific Gas and Electric Co. 1.60% (ICE LIBOR USD 3 Month+1.48%), 06/16/22 |
800 | 800,161 | ||||||
| PNC Bank NA | ||||||||
| 0.45% (ICE LIBOR USD 3 Month+0.33%), 02/24/23 | 1,650 | 1,651,769 | ||||||
| 0.55% (ICE LIBOR USD 3 Month+0.43%), 12/09/22 | 1,275 | 1,275,567 | ||||||
| 0.63% (ICE LIBOR USD 3 Month+0.50%), 07/27/22 | 850 | 852,673 | ||||||
|
PPL Electric Utilities Corp. 0.38% (United States Secured Overnight Financing Rate+0.33%), 06/24/24 † |
5,150 | 5,153,502 | ||||||
|
Public Storage 0.52% (United States Secured Overnight Financing Rate+0.47%), 04/23/24 |
5,550 | 5,555,007 | ||||||
|
QUALCOMM, Inc. 0.86% (ICE LIBOR USD 3 Month+0.73%), 01/30/23 |
900 | 907,434 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 0.40% (United States Secured Overnight Financing Rate+0.35%), 04/18/23 | 2,600 | 2,599,072 | ||||||
| 0.44% (United States Secured Overnight Financing Rate+0.39%), 10/18/23 | 1,300 | 1,301,008 | ||||||
| 0.58% (United States Secured Overnight Financing Rate+0.53%), 10/18/24 | 4,000 | 4,006,741 | ||||||
|
Toyota Motor Credit Corp. 0.20% (United States Secured Overnight Financing Rate+0.15%), 08/15/22 |
2,600 | 2,600,259 | ||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 0.25% (United States Secured Overnight Financing Rate+0.20%), 02/13/23 | $ | 1,575 | $ | 1,575,306 | ||||
| 0.34% (United States Secured Overnight Financing Rate+0.29%), 09/13/24 | 4,675 | 4,689,862 | ||||||
| 0.37% (United States Secured Overnight Financing Rate+0.32%), 04/06/23 | 1,950 | 1,955,221 | ||||||
| 0.38% (United States Secured Overnight Financing Rate+0.33%), 01/11/24 | 1,965 | 1,971,174 | ||||||
| 0.39% (United States Secured Overnight Financing Rate+0.34%), 10/14/22 | 950 | 952,237 | ||||||
| Truist Bank | ||||||||
| 0.25% (United States Secured Overnight Financing Rate+0.20%), 01/17/24 | 3,300 | 3,300,980 | ||||||
| 0.71% (ICE LIBOR USD 3 Month+0.59%), 05/17/22 | 975 | 977,313 | ||||||
| 0.78% (United States Secured Overnight Financing Rate+0.73%), 03/09/23 | 1,175 | 1,184,446 | ||||||
|
Truist Financial Corp. 0.45% (United States Secured Overnight Financing Rate+0.40%), 06/09/25 |
7,800 | 7,811,210 | ||||||
|
United Parcel Service, Inc. 0.58% (ICE LIBOR USD 3 Month+0.45%), 04/01/23 |
1,345 | 1,349,276 | ||||||
| US Bank NA | ||||||||
| 0.27% (Bloomberg 3 Month Short Term Bank Yield Index+0.17%), 06/02/23 | 2,600 | 2,601,846 | ||||||
| 0.52% (ICE LIBOR USD 3 Month+0.40%), 12/09/22 | 1,000 | 1,004,206 | ||||||
| 0.57% (ICE LIBOR USD 3 Month+0.44%), 05/23/22 | 1,050 | 1,051,992 | ||||||
| Verizon Communications, Inc. | ||||||||
| 0.84% (United States Secured Overnight Financing Rate+0.79%), 03/20/26 | 5,850 | 5,958,607 | ||||||
| 1.22% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | 13,982 | 14,303,420 | ||||||
|
Walt Disney Co. 0.51% (ICE LIBOR USD 3 Month+0.39%), 09/01/22 |
950 | 952,798 | ||||||
| Wells Fargo & Co. | ||||||||
| 1.23% (ICE LIBOR USD 3 Month+1.11%), 01/24/23 | 1,000 | 1,002,530 | ||||||
| 1.36% (ICE LIBOR USD 3 Month+1.23%), 10/31/23 | 5,050 | 5,107,363 | ||||||
| 460,761,802 | ||||||||
|
Total Floating Rate Notes
(Cost: $743,028,708) |
745,798,542 | |||||||
See Notes to Financial Statements
| 68 |
|
|
|
Number
of Shares |
Value | |||||||
|
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.1%
|
||||||||
| Money Market Fund: 0.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 1,026,544 | $ | 1,026,544 | |||||
|
Total Investments: 99.7%
(Cost: $744,055,252) |
746,825,086 | |||||||
| Other assets less liabilities: 0.3% | 2,098,248 | |||||||
| NET ASSETS: 100.0% | $ | 748,923,334 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $5,495,498. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $154,739,690, or 20.7% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | |||||||
| Consumer Cyclicals | 2.9 | % | $ | 21,352,542 | |||||
| Consumer Non-Cyclicals | 2.5 | 18,955,699 | |||||||
| Energy | 0.8 | 5,644,693 | |||||||
| Financials | 77.8 | 580,442,248 | |||||||
| Healthcare | 2.3 | 16,835,012 | |||||||
| Industrials | 2.0 | 15,245,342 | |||||||
| Real Estate | 0.7 | 5,555,007 | |||||||
| Technology | 7.1 | 53,054,808 | |||||||
| Utilities | 3.9 | 28,713,191 | |||||||
| 100.0 | % | $ | 745,798,542 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Floating Rate Notes * | $ | — | $ | 745,798,542 | $ | — | $ | 745,798,542 | ||||||||
| Money Market Fund | 1,026,544 | — | — | 1,026,544 | ||||||||||||
| Total Investments | $ | 1,026,544 | $ | 745,798,542 | $ | — | $ | 746,825,086 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 69 |
|
|
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| CORPORATE BONDS: 4.5% | ||||||||
| Colombia: 0.0% | ||||||||
|
Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24 |
COP | 3,596,000 | $ | 943,125 | ||||
| Germany: 0.0% | ||||||||
|
Kreditanstalt fuer Wiederaufbau 7.75%, 06/06/23 |
ZAR | 8,300 | 562,270 | |||||
| Mexico: 0.1% | ||||||||
| Petróleos Mexicanos Reg S | ||||||||
|
7.19%, 09/12/24 |
MXN | 28,330 | 1,318,617 | |||||
| 7.65%, 11/24/21 | MXN | 21,555 | 1,052,148 | |||||
| 2,370,765 | ||||||||
| Philippines: 0.0% | ||||||||
|
Asian Development Bank 12.00%, 05/13/22 |
TRY | 9,400 | 944,129 | |||||
| Russia: 0.1% | ||||||||
|
RusHydro Via RusHydro Capital Markets DAC Reg S 8.12%, 09/28/22 |
RUB | 134,900 | 1,893,340 | |||||
| South Africa: 0.4% | ||||||||
| Eskom Holdings SOC Ltd. | ||||||||
|
0.01%, 08/18/27 |
ZAR | 82,330 | 2,515,693 | |||||
| 7.50%, 09/15/33 | ZAR | 11,000 | 537,925 | |||||
| 7.85%, 04/02/26 | ZAR | 25,350 | 1,599,750 | |||||
| Transnet SOC Ltd. | ||||||||
|
9.50%, 08/19/25 |
ZAR | 21,000 | 1,406,802 | |||||
| 10.80%, 11/06/23 | ZAR | 85,800 | 6,025,003 | |||||
| 13.50%, 04/18/28 | ZAR | 5,000 | 386,408 | |||||
| 12,471,581 | ||||||||
| Supranational: 3.9% | ||||||||
| European Bank for Reconstruction & Development | ||||||||
|
0.20%, 12/23/22 |
PLN | 7,400 | 1,822,041 | |||||
| 0.25%, 11/20/23 | PLN | 8,500 | 2,054,967 | |||||
|
European Bank for Reconstruction & Development Reg S 6.00%, 07/24/23 |
RUB | 62,000 | 843,280 | |||||
| European Investment Bank | ||||||||
|
4.25%, 10/25/22 |
PLN | 40,070 | 10,304,794 | |||||
| 7.25%, 02/28/23 | ZAR | 5,200 | 349,807 | |||||
| 7.62%, 01/12/22 | MXN | 44,420 | 2,174,619 | |||||
| 7.75%, 01/30/25 | MXN | 17,210 | 845,219 | |||||
| 8.12%, 12/21/26 | ZAR | 214,265 | 14,373,376 | |||||
|
European Investment Bank 144A 5.75%, 01/24/25 |
IDR | 51,750,000 | 3,752,975 | |||||
| European Investment Bank Reg S | ||||||||
|
2.75%, 08/25/26 |
PLN | 39,253 | 9,974,111 | |||||
| 3.00%, 05/24/24 | PLN | 47,602 | 12,161,844 | |||||
|
Par
(000’s |
) | Value | ||||||
| Supranational (continued) | ||||||||
| 8.00%, 05/05/27 | ZAR | 17,500 | $ | 1,166,417 | ||||
| 8.50%, 09/17/24 | ZAR | 7,600 | 523,889 | |||||
| Inter-American Development Bank | ||||||||
|
7.50%, 12/05/24 |
MXN | 129,870 | 6,318,068 | |||||
| 7.88%, 03/14/23 | IDR | 53,740,000 | 3,959,899 | |||||
|
Inter-American Development Bank Reg S 7.70%, 02/12/24 |
MXN | 52,500 | 2,549,737 | |||||
| International Bank for Reconstruction & Development | ||||||||
|
2.00%, 07/23/25 |
PHP | 34,800 | 641,332 | |||||
| 5.00%, 01/28/25 | RUB | 160,000 | 2,140,026 | |||||
| 6.00%, 07/31/24 | RUB | 467,400 | 6,277,778 | |||||
| 6.14%, 06/27/22 | RUB | 198,500 | 2,760,323 | |||||
| 6.75%, 11/14/22 | RUB | 474,000 | 6,588,858 | |||||
| 7.25%, 03/15/24 | IDR | 32,100,000 | 2,394,783 | |||||
| International Finance Corp. | ||||||||
|
5.50%, 03/20/23 |
RUB | 540,000 | 7,353,337 | |||||
| 6.38%, 04/11/22 | RUB | 37,300 | 521,839 | |||||
| 6.50%, 02/04/26 | RUB | 537,100 | 7,318,767 | |||||
| 7.00%, 02/14/24 | BRL | 1,800 | 294,469 | |||||
| 7.00%, 07/20/27 | MXN | 175,100 | 8,283,220 | |||||
| 7.25%, 02/02/24 | MXN | 2,500 | 120,990 | |||||
| 7.50%, 01/18/28 | MXN | 104,600 | 5,043,387 | |||||
| 7.75%, 01/18/30 | MXN | 122,880 | 6,038,425 | |||||
| 8.00%, 10/09/23 | IDR | 17,500,000 | 1,309,335 | |||||
| 8.00%, 07/27/27 | ZAR | 3,000 | 193,501 | |||||
|
International Finance Corp. Reg S 8.38%, 05/31/29 |
MXN | 50,500 | 2,540,364 | |||||
| 132,995,777 | ||||||||
| United Kingdom: 0.0% | ||||||||
| European Bank for Reconstruction & Development | ||||||||
|
5.00%, 11/05/24 |
RUB | 34,200 | 446,723 | |||||
| 8.00%, 10/17/22 | TRY | 810 | 77,993 | |||||
| 12.50%, 02/09/23 | TRY | 8,100 | 778,711 | |||||
|
European Bank for Reconstruction & Development Reg S 10.00%, 09/28/22 |
TRY | 5,400 | 531,287 | |||||
| 1,834,714 | ||||||||
| United States: 0.0% | ||||||||
|
International Finance Corp. 8.80%, 10/11/22 |
TRY | 1,000 | 98,824 | |||||
|
Total Corporate Bonds
(Cost: $177,468,345) |
154,114,525 | |||||||
See Notes to Financial Statements
| 70 |
|
|
|
Par
(000’s |
) | Value | ||||||
| GOVERNMENT OBLIGATIONS: 93.1% | ||||||||
| Brazil: 8.1% | ||||||||
| Brazil Letras do Tesouro Nacional | ||||||||
|
0.00%, 01/01/24 ^ |
BRL | 467,940 | $ | 64,721,660 | ||||
| 0.00%, 07/01/24 ^ | BRL | 148,350 | 19,485,673 | |||||
| 0.00%, 07/01/23 ^ | BRL | 276,040 | 40,359,481 | |||||
| 0.01%, 07/01/22 | BRL | 178,740 | 29,560,270 | |||||
| Brazil Notas do Tesouro Nacional, Series F | ||||||||
|
10.00%, 01/01/23 |
BRL | 231,143 | 40,122,976 | |||||
| 10.00%, 01/01/25 | BRL | 179,255 | 30,107,349 | |||||
| 10.00%, 01/01/27 | BRL | 174,360 | 28,636,309 | |||||
| 10.00%, 01/01/29 | BRL | 100,120 | 16,095,768 | |||||
| 10.00%, 01/01/31 | BRL | 57,760 | 9,116,340 | |||||
| Brazilian Government International Bond | ||||||||
|
8.50%, 01/05/24 |
BRL | 5,240 | 893,691 | |||||
| 10.25%, 01/10/28 | BRL | 8,520 | 1,488,831 | |||||
| 280,588,348 | ||||||||
| Chile: 3.0% | ||||||||
| Bonos de la Tesoreria de la Republica de Chile | ||||||||
|
2.50%, 03/01/25 |
CLP | 20,280,000 | 22,701,904 | |||||
| 4.50%, 03/01/26 | CLP | 13,180,000 | 15,509,196 | |||||
| 5.00%, 03/01/35 | CLP | 14,960,000 | 16,448,878 | |||||
| 6.00%, 01/01/43 | CLP | 11,795,000 | 13,844,566 | |||||
| Bonos de la Tesoreria de la Republica de Chile 144A Reg S | ||||||||
|
2.30%, 10/01/28 |
CLP | 3,770,000 | 3,685,239 | |||||
| 4.00%, 03/01/23 | CLP | 6,640,000 | 8,092,294 | |||||
| 4.70%, 09/01/30 | CLP | 13,540,000 | 15,211,398 | |||||
| 5.00%, 10/01/28 | CLP | 5,425,000 | 6,312,696 | |||||
| 101,806,171 | ||||||||
| China: 9.9% | ||||||||
| China Government Bond | ||||||||
|
1.99%, 04/09/25 |
CNY | 112,920 | 17,194,303 | |||||
| 2.36%, 07/02/23 | CNY | 88,310 | 13,759,530 | |||||
| 2.47%, 09/02/24 | CNY | 12,640 | 1,964,223 | |||||
| 2.68%, 05/21/30 | CNY | 159,490 | 24,178,089 | |||||
| 2.69%, 08/12/26 | CNY | 7,100 | 1,102,878 | |||||
| 2.84%, 04/08/24 | CNY | 60,810 | 9,555,959 | |||||
| 2.85%, 06/04/27 | CNY | 167,830 | 26,160,216 | |||||
| 2.88%, 11/05/23 | CNY | 106,940 | 16,811,470 | |||||
| 2.94%, 10/17/24 | CNY | 95,000 | 14,958,837 | |||||
| 3.01%, 05/13/28 | CNY | 48,480 | 7,602,761 | |||||
| 3.02%, 10/22/25 | CNY | 113,920 | 17,952,106 | |||||
| 3.02%, 05/27/31 | CNY | 46,040 | 7,226,433 | |||||
| 3.03%, 03/11/26 | CNY | 81,110 | 12,794,221 | |||||
| 3.12%, 12/05/26 | CNY | 102,620 | 16,249,520 | |||||
| 3.13%, 11/21/29 | CNY | 80,430 | 12,664,355 | |||||
| 3.19%, 04/11/24 | CNY | 130,510 | 20,690,341 | |||||
| 3.22%, 12/06/25 | CNY | 68,390 | 10,850,961 | |||||
| 3.25%, 06/06/26 | CNY | 127,120 | 20,254,486 | |||||
| 3.25%, 11/22/28 | CNY | 62,900 | 10,021,774 | |||||
| 3.27%, 11/19/30 | CNY | 115,410 | 18,416,221 | |||||
| 3.28%, 12/03/27 | CNY | 88,190 | 14,098,814 | |||||
| 3.29%, 10/18/23 | CNY | 56,280 | 8,930,805 | |||||
|
Par
(000’s |
) | Value | ||||||
| China (continued) | ||||||||
| 3.29%, 05/23/29 | CNY | 93,150 | $ | 14,883,415 | ||||
| 3.72%, 04/12/51 | CNY | 22,420 | 3,641,108 | |||||
| 3.81%, 09/14/50 | CNY | 123,600 | 20,303,989 | |||||
| 342,266,815 | ||||||||
| Colombia: 3.9% | ||||||||
| Colombia Government International Bond | ||||||||
|
4.38%, 03/21/23 |
COP | 2,825,000 | 740,026 | |||||
| 9.85%, 06/28/27 | COP | 4,334,000 | 1,314,593 | |||||
| Colombian TES | ||||||||
|
5.75%, 11/03/27 |
COP | 44,555,000 | 10,784,868 | |||||
| 6.00%, 04/28/28 | COP | 69,008,100 | 16,699,054 | |||||
| 6.25%, 11/26/25 | COP | 44,221,000 | 11,402,767 | |||||
| 6.25%, 07/09/36 | COP | 21,250,000 | 4,619,595 | |||||
| 7.00%, 03/26/31 | COP | 26,260,000 | 6,448,767 | |||||
| 7.00%, 06/30/32 | COP | 61,956,700 | 15,076,706 | |||||
| 7.25%, 10/18/34 | COP | 63,600,000 | 15,519,431 | |||||
| 7.25%, 10/26/50 | COP | 31,384,000 | 7,085,476 | |||||
| 7.50%, 08/26/26 | COP | 63,831,700 | 17,047,405 | |||||
| 7.75%, 09/18/30 | COP | 48,442,100 | 12,739,604 | |||||
| 10.00%, 07/24/24 | COP | 41,973,800 | 12,110,438 | |||||
|
Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24 |
COP | 12,300,000 | 3,350,146 | |||||
| 134,938,876 | ||||||||
| Czech Republic: 4.1% | ||||||||
| Czech Republic Government Bond | ||||||||
|
0.05%, 11/29/29 |
CZK | 119,620 | 4,387,489 | |||||
| 0.25%, 02/10/27 | CZK | 256,250 | 10,133,904 | |||||
| 1.20%, 03/13/31 | CZK | 235,740 | 9,340,067 | |||||
| 1.25%, 02/14/25 | CZK | 229,990 | 9,866,642 | |||||
| 1.50%, 04/24/40 | CZK | 60,810 | 2,282,326 | |||||
| 1.75%, 06/23/32 | CZK | 133,040 | 5,520,372 | |||||
| 2.00%, 10/13/33 | CZK | 260,550 | 10,956,271 | |||||
| 2.75%, 07/23/29 | CZK | 235,100 | 10,610,487 | |||||
| Czech Republic Government Bond Reg S | ||||||||
|
0.45%, 10/25/23 |
CZK | 230,750 | 9,941,588 | |||||
| 0.95%, 05/15/30 | CZK | 261,360 | 10,231,784 | |||||
| 1.00%, 06/26/26 | CZK | 281,480 | 11,703,401 | |||||
| 2.40%, 09/17/25 | CZK | 247,820 | 11,008,276 | |||||
| 2.50%, 08/25/28 | CZK | 267,680 | 11,883,709 | |||||
| 4.20%, 12/04/36 | CZK | 153,970 | 8,251,029 | |||||
| 4.70%, 09/12/22 | CZK | 168,940 | 7,760,988 | |||||
| 5.70%, 05/25/24 | CZK | 152,780 | 7,383,355 | |||||
| 141,261,688 | ||||||||
| Dominican Republic: 1.6% | ||||||||
|
Dominican Republic International Bond 144A 9.75%, 06/05/26 |
DOP | 1,367,400 | 28,834,594 | |||||
|
Dominican Republic International Bond Reg S 8.90%, 02/15/23 |
DOP | 1,038,540 | 19,597,527 | |||||
See Notes to Financial Statements
| 71 |
|
|
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Dominican Republic (continued) | ||||||||
| 9.75%, 06/05/26 | DOP | 391,740 | $ | 8,260,688 | ||||
| 56,692,809 | ||||||||
| Hungary: 3.7% | ||||||||
| Hungary Government Bond | ||||||||
|
1.00%, 11/26/25 |
HUF | 3,162,780 | 9,443,094 | |||||
| 1.50%, 08/23/23 | HUF | 922,050 | 2,955,611 | |||||
| 1.50%, 04/22/26 | HUF | 3,085,390 | 9,244,090 | |||||
| 1.50%, 08/26/26 | HUF | 1,721,660 | 5,107,402 | |||||
| 1.75%, 10/26/22 | HUF | 1,371,410 | 4,415,426 | |||||
| 2.00%, 05/23/29 | HUF | 1,884,830 | 5,408,563 | |||||
| 2.25%, 04/20/33 | HUF | 2,479,540 | 6,720,614 | |||||
| 2.50%, 10/24/24 | HUF | 2,678,300 | 8,578,437 | |||||
| 2.75%, 12/22/26 | HUF | 2,349,570 | 7,357,353 | |||||
| 3.00%, 06/26/24 | HUF | 2,162,180 | 7,048,676 | |||||
| 3.00%, 10/27/27 | HUF | 2,922,750 | 9,136,620 | |||||
| 3.00%, 08/21/30 | HUF | 2,646,050 | 8,078,031 | |||||
| 3.00%, 10/27/38 | HUF | 1,744,790 | 4,809,096 | |||||
| 3.25%, 10/22/31 | HUF | 3,401,820 | 10,451,592 | |||||
| 5.50%, 06/24/25 | HUF | 2,824,870 | 9,888,899 | |||||
| 6.00%, 11/24/23 | HUF | 2,359,290 | 8,224,587 | |||||
| 6.75%, 10/22/28 | HUF | 1,541,220 | 5,913,951 | |||||
| 7.00%, 06/24/22 | HUF | 1,102,990 | 3,668,973 | |||||
| 126,451,015 | ||||||||
| Indonesia: 9.5% | ||||||||
| Indonesia Treasury Bond | ||||||||
|
5.12%, 04/15/27 |
IDR | 32,500,000 | 2,318,207 | |||||
| 5.50%, 04/15/26 | IDR | 164,370,000 | 11,800,298 | |||||
| 5.62%, 05/15/23 | IDR | 122,540,000 | 8,878,582 | |||||
| 6.12%, 05/15/28 | IDR | 175,561,000 | 12,689,216 | |||||
| 6.25%, 06/15/36 | IDR | 26,910,000 | 1,898,373 | |||||
| 6.38%, 04/15/32 | IDR | 8,920,000 | 645,665 | |||||
| 6.50%, 06/15/25 | IDR | 245,090,000 | 18,242,273 | |||||
| 6.50%, 02/15/31 | IDR | 162,790,000 | 11,777,642 | |||||
| 6.62%, 05/15/33 | IDR | 123,373,000 | 8,773,481 | |||||
| 7.00%, 05/15/27 | IDR | 206,028,000 | 15,596,614 | |||||
| 7.00%, 09/15/30 | IDR | 262,280,000 | 19,512,484 | |||||
| 7.12%, 06/15/42 | IDR | 43,270,000 | 3,148,853 | |||||
| 7.50%, 08/15/32 | IDR | 97,440,000 | 7,386,664 | |||||
| 7.50%, 06/15/35 | IDR | 211,140,000 | 15,789,859 | |||||
| 7.50%, 05/15/38 | IDR | 110,830,000 | 8,194,419 | |||||
| 7.50%, 04/15/40 | IDR | 193,100,000 | 14,338,535 | |||||
| 8.12%, 05/15/24 | IDR | 134,230,000 | 10,355,630 | |||||
| 8.25%, 05/15/29 | IDR | 150,010,000 | 11,917,152 | |||||
| 8.25%, 06/15/32 | IDR | 112,514,000 | 8,990,207 | |||||
| 8.25%, 05/15/36 | IDR | 148,475,000 | 11,805,688 | |||||
| 8.38%, 03/15/24 | IDR | 172,633,000 | 13,318,360 | |||||
| 8.38%, 09/15/26 | IDR | 227,247,000 | 18,181,364 | |||||
| 8.38%, 03/15/34 | IDR | 222,984,000 | 17,808,816 | |||||
| 8.38%, 04/15/39 | IDR | 155,240,000 | 12,373,726 | |||||
| 8.75%, 05/15/31 | IDR | 105,897,000 | 8,752,807 | |||||
| 9.00%, 03/15/29 | IDR | 158,582,000 | 13,107,431 | |||||
| 9.50%, 07/15/31 | IDR | 102,631,000 | 8,805,422 | |||||
| 10.50%, 08/15/30 | IDR | 25,642,000 | 2,332,259 | |||||
| 11.00%, 09/15/25 | IDR | 48,962,000 | 4,181,927 | |||||
| Perusahaan Penerbit SBSN | ||||||||
|
6.50%, 05/15/23 |
IDR | 56,820,000 | 4,168,705 | |||||
|
Par
(000’s |
) | Value | ||||||
| Indonesia (continued) | ||||||||
| 6.62%, 10/15/24 | IDR | 42,440,000 | $ | 3,170,884 | ||||
| 8.25%, 09/15/23 | IDR | 53,999,000 | 4,094,568 | |||||
| 8.75%, 08/15/23 | IDR | 33,370,000 | 2,544,012 | |||||
| 8.88%, 11/15/31 | IDR | 112,280,000 | 9,332,234 | |||||
| 326,232,357 | ||||||||
| Malaysia: 5.9% | ||||||||
| Malaysia Government Bond | ||||||||
|
2.63%, 04/15/31 |
MYR | 33,435 | 7,455,573 | |||||
| 3.48%, 03/15/23 | MYR | 33,601 | 8,257,631 | |||||
| 3.48%, 06/14/24 | MYR | 32,080 | 7,897,086 | |||||
| 3.50%, 05/31/27 | MYR | 31,737 | 7,726,643 | |||||
| 3.73%, 06/15/28 | MYR | 35,263 | 8,659,428 | |||||
| 3.76%, 04/20/23 | MYR | 5,693 | 1,403,662 | |||||
| 3.76%, 05/22/40 | MYR | 40,685 | 9,255,474 | |||||
| 3.80%, 08/17/23 | MYR | 18,256 | 4,514,469 | |||||
| 3.83%, 07/05/34 | MYR | 35,835 | 8,389,138 | |||||
| 3.88%, 08/15/29 | MYR | 36,847 | 9,077,091 | |||||
| 3.90%, 11/30/26 | MYR | 24,544 | 6,120,020 | |||||
| 3.90%, 11/16/27 | MYR | 27,405 | 6,799,880 | |||||
| 3.91%, 07/15/26 | MYR | 15,065 | 3,755,577 | |||||
| 3.96%, 09/15/25 | MYR | 48,261 | 12,061,972 | |||||
| 4.06%, 09/30/24 | MYR | 14,019 | 3,511,323 | |||||
| 4.07%, 06/15/50 | MYR | 31,028 | 7,115,490 | |||||
| 4.18%, 07/15/24 | MYR | 17,745 | 4,445,901 | |||||
| 4.25%, 05/31/35 | MYR | 22,361 | 5,508,268 | |||||
| 4.76%, 04/07/37 | MYR | 27,945 | 7,190,189 | |||||
| Malaysia Government Investment Issue | ||||||||
|
3.15%, 05/15/23 |
MYR | 24,090 | 5,884,628 | |||||
| 3.42%, 09/30/27 | MYR | 28,051 | 6,822,116 | |||||
| 3.45%, 07/15/36 | MYR | 18,890 | 4,201,742 | |||||
| 3.46%, 10/15/30 | MYR | 43,857 | 10,402,598 | |||||
| 3.65%, 10/15/24 | MYR | 23,831 | 5,911,342 | |||||
| 3.73%, 03/31/26 | MYR | 45,206 | 11,191,546 | |||||
| 4.09%, 11/30/23 | MYR | 10,229 | 2,555,423 | |||||
| 4.13%, 08/15/25 | MYR | 20,520 | 5,146,544 | |||||
| 4.13%, 07/09/29 | MYR | 22,545 | 5,669,404 | |||||
| 4.26%, 07/26/27 | MYR | 20,699 | 5,255,701 | |||||
| 4.37%, 10/31/28 | MYR | 28,983 | 7,407,024 | |||||
| 4.42%, 09/30/41 | MYR | 9,740 | 2,394,895 | |||||
| 201,987,778 | ||||||||
| Mexico: 7.0% | ||||||||
| Mexican Bonos | ||||||||
|
5.75%, 03/05/26 |
MXN | 644,129 | 29,632,723 | |||||
| 6.50%, 06/09/22 | MXN | 424,233 | 20,689,521 | |||||
| 6.75%, 03/09/23 | MXN | 325,768 | 15,918,892 | |||||
| 7.50%, 06/03/27 | MXN | 269,273 | 13,173,082 | |||||
| 7.75%, 05/29/31 | MXN | 334,584 | 16,553,123 | |||||
| 7.75%, 11/23/34 | MXN | 144,219 | 7,117,233 | |||||
| 7.75%, 11/13/42 | MXN | 324,160 | 15,514,122 | |||||
| 8.00%, 12/07/23 | MXN | 382,683 | 19,027,827 | |||||
| 8.00%, 09/05/24 | MXN | 420,959 | 20,971,287 | |||||
| 8.00%, 11/07/47 | MXN | 346,253 | 16,962,790 | |||||
| 8.50%, 05/31/29 | MXN | 431,597 | 22,282,545 | |||||
| 8.50%, 11/18/38 | MXN | 373,154 | 19,201,117 | |||||
| 10.00%, 12/05/24 | MXN | 325,266 | 17,107,071 | |||||
See Notes to Financial Statements
| 72 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Mexico (continued) | ||||||||
| 10.00%, 11/20/36 | MXN | 117,776 | $ | 6,924,033 | ||||
| 241,075,366 | ||||||||
| Peru: 3.0% | ||||||||
| Peru Government Bond | ||||||||
|
5.35%, 08/12/40 |
PEN | 29,280 | 6,221,566 | |||||
| 5.40%, 08/12/34 | PEN | 39,945 | 9,158,966 | |||||
| 5.70%, 08/12/24 | PEN | 23,033 | 5,957,181 | |||||
| 5.94%, 02/12/29 | PEN | 55,760 | 14,484,251 | |||||
| 6.15%, 08/12/32 | PEN | 51,950 | 13,221,639 | |||||
| 6.35%, 08/12/28 | PEN | 53,685 | 14,298,978 | |||||
| 6.90%, 08/12/37 | PEN | 50,245 | 12,779,608 | |||||
| 6.95%, 08/12/31 | PEN | 51,122 | 13,888,054 | |||||
| 8.20%, 08/12/26 | PEN | 42,735 | 12,210,446 | |||||
| 102,220,689 | ||||||||
| Philippines: 1.6% | ||||||||
| Philippine Government International Bond | ||||||||
|
3.90%, 11/26/22 |
PHP | 881,200 | 17,611,280 | |||||
| 6.25%, 01/14/36 | PHP | 1,656,500 | 38,371,429 | |||||
| 55,982,709 | ||||||||
| Poland: 4.8% | ||||||||
| Republic of Poland Government Bond | ||||||||
|
0.25%, 10/25/26 |
PLN | 56,579 | 12,802,708 | |||||
| 0.75%, 04/25/25 | PLN | 51,422 | 12,302,647 | |||||
| 1.25%, 10/25/30 | PLN | 61,412 | 13,629,793 | |||||
| 2.25%, 10/25/24 | PLN | 63,341 | 15,960,809 | |||||
| 2.50%, 01/25/23 | PLN | 49,772 | 12,607,320 | |||||
| 2.50%, 04/25/24 | PLN | 9,901 | 2,510,609 | |||||
| 2.50%, 07/25/26 | PLN | 46,491 | 11,782,960 | |||||
| 2.50%, 07/25/27 | PLN | 58,212 | 14,673,301 | |||||
| 2.75%, 04/25/28 | PLN | 64,881 | 16,536,587 | |||||
| 2.75%, 10/25/29 | PLN | 87,259 | 22,082,602 | |||||
| 3.25%, 07/25/25 | PLN | 72,491 | 18,868,044 | |||||
| 4.00%, 10/25/23 | PLN | 41,614 | 10,851,696 | |||||
| 5.75%, 09/23/22 | PLN | 2,973 | 774,114 | |||||
| 165,383,190 | ||||||||
| Romania: 3.3% | ||||||||
| Romania Government Bond | ||||||||
|
3.25%, 04/29/24 |
RON | 30,555 | 7,026,121 | |||||
| 3.25%, 06/24/26 | RON | 20,615 | 4,576,460 | |||||
| 3.50%, 12/19/22 | RON | 27,255 | 6,368,792 | |||||
| 3.65%, 07/28/25 | RON | 30,815 | 7,044,876 | |||||
| 3.65%, 09/24/31 | RON | 28,110 | 5,939,620 | |||||
| 3.70%, 11/25/24 | RON | 26,480 | 6,112,860 | |||||
| 4.00%, 10/25/23 | RON | 28,625 | 6,715,617 | |||||
| 4.15%, 01/26/28 | RON | 27,760 | 6,321,632 | |||||
| 4.15%, 10/24/30 | RON | 21,120 | 4,697,215 | |||||
| 4.25%, 06/28/23 | RON | 27,515 | 6,477,183 | |||||
| 4.40%, 09/25/23 | RON | 27,700 | 6,548,379 | |||||
| 4.50%, 06/17/24 | RON | 30,545 | 7,216,420 | |||||
| 4.75%, 02/24/25 | RON | 27,575 | 6,537,241 | |||||
| 4.75%, 10/11/34 | RON | 13,480 | 3,080,927 | |||||
| 4.85%, 04/22/26 | RON | 27,610 | 6,558,577 | |||||
| 5.00%, 02/12/29 | RON | 30,730 | 7,278,267 | |||||
| 5.80%, 07/26/27 | RON | 28,800 | 7,127,046 | |||||
|
Par
(000’s |
) | Value | ||||||
| Romania (continued) | ||||||||
| 5.85%, 04/26/23 | RON | 27,920 | $ | 6,718,574 | ||||
| 112,345,807 | ||||||||
| Russia: 4.8% | ||||||||
| Russian Federal Bond | ||||||||
|
4.50%, 07/16/25 |
RUB | 759,043 | 9,441,621 | |||||
| 5.70%, 05/17/28 | RUB | 902,714 | 11,199,893 | |||||
| 6.00%, 10/06/27 | RUB | 855,664 | 10,857,696 | |||||
| 6.10%, 07/18/35 | RUB | 802,175 | 9,541,034 | |||||
| 6.50%, 02/28/24 | RUB | 490,206 | 6,657,939 | |||||
| 6.90%, 05/23/29 | RUB | 662,638 | 8,725,778 | |||||
| 6.90%, 07/23/31 | RUB | 590,500 | 7,694,006 | |||||
| 7.00%, 08/16/23 | RUB | 413,423 | 5,708,440 | |||||
| 7.05%, 01/19/28 | RUB | 624,345 | 8,342,197 | |||||
| 7.10%, 10/16/24 | RUB | 287,003 | 3,926,162 | |||||
| 7.15%, 11/12/25 | RUB | 440,677 | 5,982,348 | |||||
| 7.25%, 05/10/34 | RUB | 660,168 | 8,772,656 | |||||
| 7.40%, 12/07/22 | RUB | 164,765 | 2,303,572 | |||||
| 7.40%, 07/17/24 | RUB | 441,658 | 6,096,191 | |||||
| 7.65%, 04/10/30 | RUB | 820,939 | 11,301,248 | |||||
| 7.70%, 03/23/33 | RUB | 623,773 | 8,578,837 | |||||
| 7.70%, 03/16/39 | RUB | 568,575 | 7,806,551 | |||||
| 7.75%, 09/16/26 | RUB | 630,150 | 8,741,668 | |||||
| 7.95%, 10/07/26 | RUB | 620,508 | 8,669,748 | |||||
| 8.15%, 02/03/27 | RUB | 645,366 | 9,098,594 | |||||
| 8.50%, 09/17/31 | RUB | 475,262 | 6,914,217 | |||||
| 166,360,396 | ||||||||
| Serbia: 1.7% | ||||||||
| Serbia Treasury Bonds | ||||||||
|
4.50%, 01/11/26 |
RSD | 2,067,450 | 21,449,695 | |||||
| 4.50%, 08/20/32 | RSD | 2,043,630 | 20,919,208 | |||||
| 5.88%, 02/08/28 | RSD | 1,537,500 | 17,159,858 | |||||
| 59,528,761 | ||||||||
| South Africa: 6.2% | ||||||||
| Republic of South Africa Government Bond | ||||||||
|
6.25%, 03/31/36 |
ZAR | 180,744 | 8,176,698 | |||||
| 6.50%, 02/28/41 | ZAR | 160,740 | 6,883,509 | |||||
| 7.00%, 02/28/31 | ZAR | 249,923 | 13,521,328 | |||||
| 7.75%, 02/28/23 | ZAR | 36,831 | 2,489,951 | |||||
| 8.00%, 01/31/30 | ZAR | 494,512 | 29,553,601 | |||||
| 8.25%, 03/31/32 | ZAR | 381,541 | 22,026,565 | |||||
| 8.50%, 01/31/37 | ZAR | 388,229 | 21,282,340 | |||||
| 8.75%, 01/31/44 | ZAR | 335,545 | 18,191,194 | |||||
| 8.75%, 02/28/48 | ZAR | 574,133 | 31,013,720 | |||||
| 8.88%, 02/28/35 | ZAR | 357,308 | 20,743,438 | |||||
| 9.00%, 01/31/40 | ZAR | 261,229 | 14,658,709 | |||||
| 10.50%, 12/21/26 | ZAR | 358,058 | 25,829,629 | |||||
| 214,370,682 | ||||||||
| Thailand: 6.6% | ||||||||
| Thailand Government Bond | ||||||||
|
0.75%, 06/17/24 |
THB | 394,164 | 11,859,344 | |||||
| 0.95%, 06/17/25 | THB | 420,970 | 12,670,612 | |||||
| 1.00%, 06/17/27 | THB | 121,810 | 3,608,894 | |||||
| 1.45%, 12/17/24 | THB | 435,317 | 13,329,540 | |||||
| 1.58%, 12/17/35 | THB | 197,154 | 5,333,890 | |||||
| 1.60%, 12/17/29 | THB | 372,196 | 11,113,104 | |||||
| 1.60%, 06/17/35 | THB | 147,574 | 4,041,789 | |||||
See Notes to Financial Statements
| 73 |
|
|
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| Thailand (continued) | ||||||||
| 1.88%, 06/17/22 | THB | 207,958 | $ | 6,319,784 | ||||
| 2.00%, 12/17/22 | THB | 303,938 | 9,304,902 | |||||
| 2.00%, 12/17/31 | THB | 97,949 | 2,955,660 | |||||
| 2.00%, 06/17/42 | THB | 128,037 | 3,444,036 | |||||
| 2.12%, 12/17/26 | THB | 433,354 | 13,642,434 | |||||
| 2.40%, 12/17/23 | THB | 417,875 | 13,040,222 | |||||
| 2.88%, 12/17/28 | THB | 346,951 | 11,358,856 | |||||
| 2.88%, 06/17/46 | THB | 324,829 | 10,013,084 | |||||
| 3.30%, 06/17/38 | THB | 457,702 | 15,047,358 | |||||
| 3.40%, 06/17/36 | THB | 372,517 | 12,354,954 | |||||
| 3.62%, 06/16/23 | THB | 319,026 | 10,077,320 | |||||
| 3.65%, 06/20/31 | THB | 349,777 | 12,110,995 | |||||
| 3.77%, 06/25/32 | THB | 508,272 | 17,838,981 | |||||
| 3.85%, 12/12/25 | THB | 367,613 | 12,296,827 | |||||
| 4.75%, 12/20/24 | THB | 824 | 27,758 | |||||
| 4.88%, 06/22/29 | THB | 396,820 | 14,591,868 | |||||
| 226,382,212 | ||||||||
| Turkey: 2.8% | ||||||||
| Turkey Government Bond | ||||||||
|
7.10%, 03/08/23 |
TRY | 82,064 | 7,514,948 | |||||
| 8.00%, 03/12/25 | TRY | 60,438 | 4,701,708 | |||||
| 8.50%, 09/14/22 | TRY | 35,846 | 3,493,206 | |||||
| 9.00%, 07/24/24 | TRY | 79,637 | 6,700,502 | |||||
| 10.40%, 03/20/24 | TRY | 30,713 | 2,734,261 | |||||
|
Par
(000’s |
) | Value | ||||||
| Turkey (continued) | ||||||||
| 10.50%, 08/11/27 | TRY | 67,522 | $ | 4,957,856 | ||||
| 10.60%, 02/11/26 | TRY | 103,169 | 8,272,705 | |||||
| 10.70%, 08/17/22 | TRY | 53,329 | 5,316,148 | |||||
| 11.00%, 02/24/27 | TRY | 71,445 | 5,465,104 | |||||
| 11.70%, 11/13/30 | TRY | 149,927 | 10,759,024 | |||||
| 12.20%, 01/18/23 | TRY | 79,286 | 7,808,910 | |||||
| 12.40%, 03/08/28 | TRY | 50,092 | 3,969,788 | |||||
| 12.60%, 10/01/25 | TRY | 172,722 | 15,053,435 | |||||
| 16.20%, 06/14/23 | TRY | 85,215 | 8,729,638 | |||||
| 95,477,233 | ||||||||
| Uruguay: 1.6% | ||||||||
|
Uruguay Government International Bond 8.25%, 05/21/31 |
UYU | 1,527,592 | 34,481,170 | |||||
|
Uruguay Government International Bond 144A 8.50%, 03/15/28 |
UYU | 128,113 | 3,022,451 | |||||
|
Uruguay Government International Bond Reg S 8.50%, 03/15/28 |
UYU | 810,098 | 19,111,887 | |||||
| 56,615,508 | ||||||||
|
Total Government Obligations
(Cost: $3,467,418,400) |
3,207,968,410 | |||||||
|
Total Investments: 97.6%
(Cost: $3,644,886,745) |
3,362,082,935 | |||||||
| Other assets less liabilities: 2.4% | 82,526,679 | |||||||
| NET ASSETS: 100.0% | $ | 3,444,609,614 | ||||||
Definitions:
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |
Footnotes:
| ^ | Zero Coupon Bond |
| Reg S |
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
See Notes to Financial Statements
| 74 |
|
|
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $68,911,647, or 2.0% of net assets. |
| Summary of Investments by Sector |
% of
Investments |
Value | |||||||
| Energy | 0.1 | % | $ | 2,370,765 | |||||
| Financials | 4.1 | 138,329,054 | |||||||
| Government Activity | 95.4 | 3,207,968,410 | |||||||
| Industrials | 0.2 | 7,818,212 | |||||||
| Utilities | 0.2 | 5,596,494 | |||||||
| 100.0 | % | $ | 3,362,082,935 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 154,114,525 | $ | — | $ | 154,114,525 | ||||||||
| Government Obligations * | — | 3,207,968,410 | — | 3,207,968,410 | ||||||||||||
| Total Investments | $ | — | $ | 3,362,082,935 | $ | — | $ | 3,362,082,935 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 75 |
|
|
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| CORPORATE BONDS: 98.8% | ||||||||
| Brazil: 1.5% | ||||||||
| Vale Overseas Ltd. | ||||||||
|
3.75%, 07/08/30 |
$ | 50 | $ | 50,936 | ||||
| 6.88%, 11/21/36 | 75 | 98,162 | ||||||
| 149,098 | ||||||||
| Canada: 5.7% | ||||||||
|
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 |
50 | 54,183 | ||||||
|
Bank of Nova Scotia 4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) |
50 | 53,484 | ||||||
|
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
50 | 66,936 | ||||||
|
CI Financial Corp. 4.10%, 06/15/51 |
40 | 43,971 | ||||||
|
Enbridge, Inc. 3.12%, 11/15/29 |
75 | 79,423 | ||||||
| 5.50%, 07/15/77 | 50 | 53,963 | ||||||
|
Spectra Energy Partners LP 4.75%, 03/15/24 |
50 | 53,892 | ||||||
|
Suncor Energy, Inc. 6.50%, 06/15/38 |
50 | 69,539 | ||||||
|
TransCanada PipeLines Ltd. 7.62%, 01/15/39 |
50 | 77,541 | ||||||
|
Transcanada Trust 5.50% (United States Secured Overnight Financing Rate+4.42%), 09/15/79 |
25 | 27,344 | ||||||
| 580,276 | ||||||||
| China: 1.0% | ||||||||
|
Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o) |
50 | 53,136 | ||||||
|
Meituan 144A 3.05%, 10/28/30 |
50 | 46,487 | ||||||
| 99,623 | ||||||||
| Denmark: 1.0% | ||||||||
|
Danske Bank AS 144A 1.17% (US Treasury Yield Curve Rate T 1 Year+1.03%), 12/08/23 |
100 | 100,309 | ||||||
| France: 6.2% | ||||||||
| BNP Paribas SA 144A | ||||||||
|
4.62%, 03/13/27 |
50 | 55,595 | ||||||
|
7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) † |
125 | 129,844 | ||||||
|
Credit Agricole SA 144A 4.38%, 03/17/25 |
100 | 108,476 | ||||||
| Societe Generale SA 144A | ||||||||
| 3.00%, 01/22/30 † | 50 | 51,580 | ||||||
| 4.25%, 04/14/25 | 50 | 53,567 | ||||||
| 4.75%, 09/14/28 | 100 | 114,780 | ||||||
|
Par
(000’s |
) | Value | ||||||
| France (continued) | ||||||||
| 5.00%, 01/17/24 | $ | 100 | $ | 107,406 | ||||
| 621,248 | ||||||||
| Germany: 1.4% | ||||||||
|
Deutsche Bank AG 3.30%, 11/16/22 |
100 | 102,685 | ||||||
|
E.ON International Finance BV 144A 6.65%, 04/30/38 |
25 | 36,337 | ||||||
| 139,022 | ||||||||
| India: 0.5% | ||||||||
|
Bharti Airtel Ltd. 144A 4.38%, 06/10/25 |
50 | 53,447 | ||||||
| Italy: 3.5% | ||||||||
| Enel Finance International NV 144A | ||||||||
| 3.62%, 05/25/27 | 200 | 218,398 | ||||||
| 6.00%, 10/07/39 | 50 | 68,517 | ||||||
|
Intesa Sanpaolo SpA 144A 3.38%, 01/12/23 |
50 | 51,500 | ||||||
| 338,415 | ||||||||
| Luxembourg: 1.5% | ||||||||
|
DH Europe Finance II Sarl 3.25%, 11/15/39 |
50 | 53,526 | ||||||
|
Gazprom PJSC Via Gaz Capital SA 144A 7.29%, 08/16/37 |
75 | 101,365 | ||||||
| 154,891 | ||||||||
| Mexico: 1.2% | ||||||||
|
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27 |
50 | 52,938 | ||||||
|
Southern Copper Corp. 6.75%, 04/16/40 |
50 | 69,507 | ||||||
| 122,445 | ||||||||
| Netherlands: 1.8% | ||||||||
|
Heineken NV 144A 2.75%, 04/01/23 |
25 | 25,701 | ||||||
|
Lukoil Securities BV 144A 3.88%, 05/06/30 |
50 | 51,963 | ||||||
| Prosus NV 144A | ||||||||
| 3.06%, 07/13/31 | 50 | 48,573 | ||||||
| 3.68%, 01/21/30 | 50 | 51,449 | ||||||
| 177,686 | ||||||||
| Saudi Arabia: 0.6% | ||||||||
|
Motiva Enterprises LLC 144A 6.85%, 01/15/40 |
50 | 62,974 | ||||||
| Spain: 1.6% | ||||||||
|
Banco Santander SA 2.75%, 12/03/30 |
50 | 49,106 | ||||||
| Santander Holdings USA, Inc. | ||||||||
| 4.40%, 07/13/27 | 50 | 55,652 | ||||||
| 4.50%, 07/17/25 | 50 | 54,760 | ||||||
| 159,518 | ||||||||
| Switzerland: 2.4% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
See Notes to Financial Statements
| 76 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Switzerland (continued) | ||||||||
| 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | $ | 100 | $ | 101,893 | ||||
| 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 125 | 138,401 | ||||||
| 240,294 | ||||||||
| United Kingdom: 6.0% | ||||||||
| Barclays Plc | ||||||||
| 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 200 | 200,694 | ||||||
| 5.20%, 05/12/26 | 100 | 113,143 | ||||||
|
Lloyds Bank Plc 144A 12.00% (ICE LIBOR USD 3 Month+11.76%), 12/29/49 (o) |
50 | 51,563 | ||||||
|
Standard Chartered Plc 144A 4.30%, 02/19/27 |
200 | 215,263 | ||||||
| 580,663 | ||||||||
| United States: 62.9% | ||||||||
|
7-Eleven, Inc. 144A 0.62%, 02/10/23 |
25 | 24,966 | ||||||
| Altria Group, Inc. | ||||||||
| 4.00%, 02/04/61 | 50 | 47,959 | ||||||
| 4.25%, 08/09/42 | 100 | 103,173 | ||||||
| 4.80%, 02/14/29 | 125 | 142,499 | ||||||
| Ares Capital Corp. | ||||||||
| 3.50%, 02/10/23 | 50 | 51,547 | ||||||
| 3.88%, 01/15/26 | 50 | 53,059 | ||||||
| AT&T, Inc. | ||||||||
| 4.12%, 02/17/26 | 75 | 82,749 | ||||||
| 4.30%, 02/15/30 | 100 | 113,623 | ||||||
| 4.35%, 03/01/29 | 100 | 113,595 | ||||||
| 4.45%, 04/01/24 | 50 | 53,809 | ||||||
| 5.25%, 03/01/37 | 100 | 124,344 | ||||||
|
Bayer US Finance II LLC 144A 3.88%, 12/15/23 |
50 | 52,813 | ||||||
|
Becton Dickinson and Co. 3.36%, 06/06/24 |
75 | 79,114 | ||||||
|
Berry Global, Inc. 144A 4.88%, 07/15/26 |
25 | 26,219 | ||||||
|
Brighthouse Financial, Inc. 4.70%, 06/22/47 |
50 | 57,459 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.50%, 02/01/24 | 25 | 26,825 | ||||||
| 4.91%, 07/23/25 | 125 | 139,051 | ||||||
| 5.05%, 03/30/29 | 125 | 145,838 | ||||||
| 5.12%, 07/01/49 | 20 | 23,707 | ||||||
| 5.38%, 05/01/47 | 75 | 91,077 | ||||||
| 6.48%, 10/23/45 | 50 | 69,079 | ||||||
|
CoStar Group, Inc. 144A 2.80%, 07/15/30 |
25 | 25,349 | ||||||
|
Enterprise Products Operating LLC 5.95%, 02/01/41 |
50 | 68,000 | ||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
|
Exelon Corp. 4.05%, 04/15/30 |
$ | 100 | $ | 112,652 | ||||
|
Exelon Generation Co. LLC 3.25%, 06/01/25 |
50 | 52,866 | ||||||
|
Fifth Third Bancorp 8.25%, 03/01/38 |
35 | 57,864 | ||||||
|
FS KKR Capital Corp. 3.40%, 01/15/26 |
25 | 25,708 | ||||||
|
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 |
175 | 213,085 | ||||||
| General Electric Co. | ||||||||
| 3.45%, 05/01/27 | 75 | 81,801 | ||||||
| 4.35%, 05/01/50 | 50 | 63,749 | ||||||
| 5.88%, 01/14/38 | 50 | 69,112 | ||||||
| 6.75%, 03/15/32 | 50 | 68,770 | ||||||
|
GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26 |
50 | 56,447 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 75 | 83,113 | ||||||
| 5.00%, 03/15/24 | 100 | 108,858 | ||||||
| 5.12%, 06/15/39 | 50 | 62,008 | ||||||
| 5.25%, 06/15/26 | 50 | 56,710 | ||||||
| 5.50%, 06/15/47 | 50 | 66,084 | ||||||
|
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 |
75 | 105,899 | ||||||
|
L3Harris Technologies, Inc. 4.40%, 06/15/28 |
25 | 28,538 | ||||||
|
Lowe’s Cos, Inc. 4.00%, 04/15/25 |
25 | 27,231 | ||||||
|
McDonald’s Corp. 2.62%, 09/01/29 |
35 | 36,272 | ||||||
| 3.60%, 07/01/30 | 50 | 55,479 | ||||||
| 4.45%, 03/01/47 | 50 | 62,437 | ||||||
| 4.45%, 09/01/48 | 50 | 62,783 | ||||||
| 4.88%, 12/09/45 | 50 | 65,273 | ||||||
| 6.30%, 03/01/38 | 50 | 71,482 | ||||||
|
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 |
50 | 52,106 | ||||||
| Mondelez International, Inc. | ||||||||
|
1.50%, 05/04/25 |
25 | 25,218 | ||||||
| 2.75%, 04/13/30 | 25 | 26,059 | ||||||
|
Northrop Grumman Corp. 2.93%, 01/15/25 |
25 | 26,230 | ||||||
| Oracle Corp. | ||||||||
| 2.50%, 04/01/25 | 125 | 129,665 | ||||||
| 2.88%, 03/25/31 | 75 | 76,994 | ||||||
| 3.60%, 04/01/40 | 75 | 78,282 | ||||||
| 3.80%, 11/15/37 | 50 | 53,711 | ||||||
| 4.00%, 07/15/46 | 50 | 54,075 | ||||||
| 6.50%, 04/15/38 | 75 | 104,921 | ||||||
|
Owl Rock Capital Corp. 3.40%, 07/15/26 |
50 | 51,404 | ||||||
| Prudential Financial, Inc. | ||||||||
See Notes to Financial Statements
| 77 |
|
|
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48 † | $ | 50 | $ | 56,762 | ||||
|
Raytheon Technologies Corp. 3.95%, 08/16/25 |
50 | 54,600 | ||||||
|
Sabine Pass Liquefaction LLC 5.00%, 03/15/27 |
25 | 28,358 | ||||||
| Sherwin-Williams Co. | ||||||||
| 3.45%, 06/01/27 | 50 | 54,275 | ||||||
| 4.50%, 06/01/47 | 25 | 31,317 | ||||||
|
Southern Co. 3.70%, 04/30/30 |
25 | 27,115 | ||||||
|
Stellantis NV 5.25%, 04/15/23 |
50 | 53,201 | ||||||
| Synchrony Financial | ||||||||
|
3.95%, 12/01/27 |
50 | 54,613 | ||||||
| 4.25%, 08/15/24 | 50 | 53,670 | ||||||
| Sysco Corp. | ||||||||
| 3.30%, 07/15/26 | 25 | 26,798 | ||||||
| 5.95%, 04/01/30 | 75 | 94,989 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 2.80%, 10/15/41 | 25 | 25,141 | ||||||
| 2.95%, 09/19/26 | 50 | 53,265 | ||||||
| 4.10%, 08/15/47 | 50 | 61,984 | ||||||
| 4.50%, 03/25/30 | 50 | 58,893 | ||||||
|
Time Warner Cable LLC 7.30%, 07/01/38 |
100 | 144,097 | ||||||
| Time Warner Entertainment Co. LP | ||||||||
| 8.38%, 03/15/23 | 75 | 82,756 | ||||||
| 8.38%, 07/15/33 | 50 | 73,555 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 3.50%, 04/15/25 | 150 | 160,036 | ||||||
| 3.75%, 04/15/27 | 155 | 168,237 | ||||||
| 3.88%, 04/15/30 | 35 | 38,295 | ||||||
|
Valero Energy Corp. 6.62%, 06/15/37 |
50 | 68,397 | ||||||
|
Verizon Communications, Inc. 1.45%, 03/20/26 |
100 | 99,795 | ||||||
| 3.38%, 02/15/25 | 50 | 53,437 | ||||||
| 3.50%, 11/01/24 | 50 | 53,344 | ||||||
| 4.02%, 12/03/29 | 50 | 56,067 | ||||||
| 4.12%, 03/16/27 | 100 | 111,790 | ||||||
| 4.33%, 09/21/28 | 100 | 114,202 | ||||||
| Wells Fargo & Co. | ||||||||
|
4.65%, 11/04/44 |
50 | 61,819 | ||||||
| 5.38%, 11/02/43 | 100 | 133,565 | ||||||
|
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 |
50 | 57,548 | ||||||
| 6,300,661 | ||||||||
|
Total Corporate Bonds
(Cost: $9,876,112) |
9,880,570 | |||||||
See Notes to Financial Statements
| 78 |
|
|
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| (o) | Perpetual Maturity — the date shown is the next call date |
| † | Security fully or partially on loan. Total market value of securities on loan is $224,414. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,387,098, or 23.9% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | |||||||
| Basic Materials | 3.3 | % | $ | 330,415 | |||||
| Consumer Cyclicals | 9.4 | 929,734 | |||||||
| Consumer Non-Cyclicals | 8.1 | 800,794 | |||||||
| Energy | 8.2 | 814,520 | |||||||
| Financials | 31.4 | 3,105,499 | |||||||
| Healthcare | 7.2 | 707,982 | |||||||
| Industrials | 2.8 | 272,547 | |||||||
| Real Estate | 0.6 | 56,447 | |||||||
| Technology | 24.0 | 2,366,683 | |||||||
| Utilities | 5.0 | 495,949 | |||||||
| 100.0 | % | $ | 9,880,570 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 9,880,570 | $ | — | $ | 9,880,570 | ||||||||
| Money Market Fund | 183,085 | — | — | 183,085 | ||||||||||||
| Total Investments | $ | 183,085 | $ | 9,880,570 | $ | — | $ | 10,063,655 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 79 |
|
|
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Par
(000’s |
) | Value | ||||||
| CORPORATE BONDS: 98.6% | ||||||||
| Brazil: 1.0% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 3.75%, 07/08/30 | $ | 50 | $ | 50,936 | ||||
| 6.88%, 11/21/36 | 75 | 98,162 | ||||||
| 149,098 | ||||||||
| Canada: 7.8% | ||||||||
|
Alimentation Couche-Tard, Inc. 144A 2.95%, 01/25/30 † |
100 | 103,822 | ||||||
| Bank of Nova Scotia | ||||||||
| 3.40%, 02/11/24 | 50 | 52,783 | ||||||
| 4.50%, 12/16/25 | 50 | 55,693 | ||||||
|
4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) |
100 | 106,968 | ||||||
|
Brookfield Finance, Inc. 4.35%, 04/15/30 |
100 | 114,132 | ||||||
|
Canadian Imperial Bank of Commerce 3.10%, 04/02/24 † |
100 | 105,241 | ||||||
|
Canadian Natural Resources Ltd. 6.25%, 03/15/38 |
50 | 66,936 | ||||||
|
CI Financial Corp. 3.20%, 12/17/30 |
40 | 41,014 | ||||||
| Enbridge, Inc. | ||||||||
| 3.12%, 11/15/29 | 100 | 105,897 | ||||||
| 5.50%, 07/15/77 | 100 | 107,926 | ||||||
|
Suncor Energy, Inc. 6.80%, 05/15/38 |
75 | 106,760 | ||||||
|
Toronto-Dominion Bank 3.25%, 03/11/24 |
50 | 52,749 | ||||||
|
TotalEnergies Capital Canada Ltd. 2.75%, 07/15/23 |
25 | 25,976 | ||||||
|
TransCanada PipeLines Ltd. 6.20%, 10/15/37 |
75 | 102,308 | ||||||
| 1,148,205 | ||||||||
| China: 1.7% | ||||||||
|
Bank of China Hong Kong Ltd. 144A 5.90% (US Treasury Yield Curve Rate T 5 Year+3.04%), 09/14/23 (o) |
100 | 106,273 | ||||||
|
Meituan 144A 3.05%, 10/28/30 |
50 | 46,487 | ||||||
|
Tencent Holdings Ltd. 144A 3.28%, 04/11/24 |
100 | 104,723 | ||||||
| 257,483 | ||||||||
| Denmark: 1.0% | ||||||||
|
Danske Bank A/S 144A 1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26 |
150 | 149,019 | ||||||
| France: 5.5% | ||||||||
| BNP Paribas SA 144A | ||||||||
|
Par
(000’s |
) | Value | ||||||
| France (continued) | ||||||||
| 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | $ | 50 | $ | 48,213 | ||||
| 2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32 | 50 | 50,901 | ||||||
| 3.50%, 03/01/23 | 50 | 51,877 | ||||||
| 4.38%, 05/12/26 | 75 | 82,108 | ||||||
| 7.20% (ICE LIBOR USD 3 Month+1.29%), 06/25/37 (o) † | 100 | 103,875 | ||||||
|
Credit Agricole SA 144A 3.25%, 01/14/30 |
100 | 104,103 | ||||||
| Societe Generale SA 144A | ||||||||
| 3.00%, 01/22/30 † | 100 | 103,161 | ||||||
| 4.25%, 04/14/25 | 200 | 214,270 | ||||||
|
TotalEnergies Capital International SA 3.70%, 01/15/24 |
75 | 79,667 | ||||||
| 838,175 | ||||||||
| Germany: 1.6% | ||||||||
| Deutsche Bank AG | ||||||||
| 3.30%, 11/16/22 | 100 | 102,685 | ||||||
| 3.70%, 05/30/24 | 50 | 52,946 | ||||||
|
E.ON International Finance BV 144A 6.65%, 04/30/38 |
50 | 72,674 | ||||||
| 228,305 | ||||||||
| Guernsey: 0.4% | ||||||||
|
Credit Suisse Group AG 4.88%, 05/15/45 |
50 | 63,536 | ||||||
| Italy: 2.9% | ||||||||
| Enel Finance International NV 144 | ||||||||
| 3.50%, 04/06/28 | 100 | 108,537 | ||||||
| 3.62%, 05/25/27 | 50 | 54,600 | ||||||
| 6.80%, 09/15/37 | 100 | 144,832 | ||||||
|
Eni SpA 144A 4.75%, 09/12/28 |
100 | 116,420 | ||||||
| 424,389 | ||||||||
| Japan: 1.2% | ||||||||
|
Mitsui Sumitomo Insurance Co. Ltd. 144A 4.95% (USD Swap Semi 30/360 5 Year+3.26%), 12/31/99 (o) |
50 | 56,688 | ||||||
|
Nomura Holdings, Inc. 2.65%, 01/16/25 |
50 | 51,772 | ||||||
|
NTT Finance Corp. 144A 0.37%, 03/03/23 |
25 | 24,978 | ||||||
|
Sumitomo Mitsui Financial Group, Inc. 2.78%, 10/18/22 |
50 | 51,125 | ||||||
| 184,563 | ||||||||
| Luxembourg: 0.7% | ||||||||
|
Gazprom PJSC Via Gaz Capital SA 144A 4.95%, 02/06/28 |
100 | 110,155 | ||||||
See Notes to Financial Statements
| 80 |
|
|
|
Par
(000’s |
) | Value | ||||||
| Mexico: 1.1% | ||||||||
|
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 144A 4.38%, 04/11/27 |
$ | 50 | $ | 52,938 | ||||
|
Southern Copper Corp. 6.75%, 04/16/40 |
75 | 104,260 | ||||||
| 157,198 | ||||||||
| Saudi Arabia: 3.4% | ||||||||
|
Motiva Enterprises LLC 144A 6.85%, 01/15/40 |
50 | 62,974 | ||||||
| Saudi Arabian Oil Co. 144A | ||||||||
| 3.50%, 04/16/29 | 200 | 213,865 | ||||||
| 4.25%, 04/16/39 | 100 | 112,252 | ||||||
| 4.38%, 04/16/49 | 100 | 115,193 | ||||||
| 504,284 | ||||||||
| Spain: 1.1% | ||||||||
| Santander Holdings USA, Inc. | ||||||||
| 4.40%, 07/13/27 | 50 | 55,652 | ||||||
| 4.50%, 07/17/25 | 100 | 109,521 | ||||||
| 165,173 | ||||||||
| Switzerland: 2.5% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| 3.57%, 01/09/23 | 100 | 100,553 | ||||||
| 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 250 | 276,803 | ||||||
| 377,356 | ||||||||
| United Kingdom: 8.5% | ||||||||
| Barclays Plc | ||||||||
| 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 200 | 200,695 | ||||||
| 5.20%, 05/12/26 | 200 | 226,285 | ||||||
| Credit Agricole SA 144A | ||||||||
| 1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26 | 50 | 50,513 | ||||||
| 4.12%, 01/10/27 | 100 | 110,645 | ||||||
|
HSBC Holdings Plc 6.10%, 01/14/42 |
50 | 72,010 | ||||||
|
Lloyds Banking Group Plc 4.55%, 08/16/28 |
200 | 228,387 | ||||||
|
Sky Ltd. 144A 3.75%, 09/16/24 |
50 | 53,882 | ||||||
| Standard Chartered Plc 144A | ||||||||
| 5.20%, 01/26/24 | 200 | 215,574 | ||||||
| 5.30%, 01/09/43 | 125 | 154,009 | ||||||
| 1,312,000 | ||||||||
| United States: 58.2% | ||||||||
|
Ally Financial, Inc. 8.00%, 11/01/31 |
50 | 71,643 | ||||||
| Altria Group, Inc. | ||||||||
| 4.25%, 08/09/42 | 100 | 103,173 | ||||||
| 4.80%, 02/14/29 | 100 | 113,999 | ||||||
|
Amazon.com, Inc. 5.20%, 12/03/25 |
50 | 57,371 | ||||||
|
Apple, Inc. 2.75%, 01/13/25 |
50 | 52,562 | ||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 3.20%, 05/11/27 | $ | 100 | $ | 108,572 | ||||
| 3.25%, 02/23/26 | 100 | 107,888 | ||||||
| 3.35%, 02/09/27 | 75 | 81,738 | ||||||
| 4.45%, 05/06/44 † | 25 | 31,988 | ||||||
| 4.65%, 02/23/46 | 50 | 66,164 | ||||||
|
Ares Capital Corp. 4.20%, 06/10/24 |
100 | 106,483 | ||||||
| AT&T, Inc. | ||||||||
| 3.40%, 05/15/25 | 50 | 53,439 | ||||||
| 3.80%, 02/15/27 | 100 | 109,379 | ||||||
| 4.30%, 02/15/30 | 150 | 170,434 | ||||||
| 5.25%, 03/01/37 | 100 | 124,344 | ||||||
| Bank of America Corp. | ||||||||
| 4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51 | 125 | 151,161 | ||||||
| 4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48 | 100 | 126,368 | ||||||
|
BBVA Bancomer SA 144A 4.38%, 04/10/24 |
50 | 53,688 | ||||||
|
Becton Dickinson and Co. 3.36%, 06/06/24 |
50 | 52,742 | ||||||
| Berkshire Hathaway Energy Co. | ||||||||
| 2.85%, 05/15/51 | 25 | 24,541 | ||||||
| 3.70%, 07/15/30 | 100 | 111,832 | ||||||
| 4.25%, 10/15/50 | 50 | 62,367 | ||||||
| 6.12%, 04/01/36 | 75 | 103,217 | ||||||
|
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 |
110 | 136,152 | ||||||
|
Berkshire Hathaway, Inc. 3.12%, 03/15/26 |
125 | 134,605 | ||||||
|
Booking Holdings, Inc. 4.62%, 04/13/30 |
50 | 59,008 | ||||||
|
Capital One Financial Corp. 3.75%, 07/28/26 |
75 | 81,134 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.91%, 07/23/25 | 100 | 111,241 | ||||||
| 5.05%, 03/30/29 | 100 | 116,670 | ||||||
| 5.38%, 04/01/38 | 75 | 90,167 | ||||||
| 6.48%, 10/23/45 | 100 | 138,158 | ||||||
|
Chevron Corp. 2.90%, 03/03/24 |
50 | 52,288 | ||||||
|
Chevron USA, Inc. 6.00%, 03/01/41 |
50 | 74,181 | ||||||
|
DH Europe Finance II Sarl 2.60%, 11/15/29 † |
75 | 78,078 | ||||||
|
DuPont de Nemours, Inc. 5.32%, 11/15/38 |
50 | 64,582 | ||||||
|
Enterprise Products Operating LLC 5.95%, 02/01/41 |
40 | 54,400 | ||||||
| Exelon Generation Co. LLC | ||||||||
| 3.25%, 06/01/25 | 50 | 52,866 | ||||||
| 6.25%, 10/01/39 | 50 | 64,035 | ||||||
| Exxon Mobil Corp. | ||||||||
See Notes to Financial Statements
| 81 |
|
|
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 2.99%, 03/19/25 | $ | 150 | $ | 158,627 | ||||
| 3.48%, 03/19/30 | 50 | 55,408 | ||||||
|
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 |
175 | 213,086 | ||||||
| General Electric Co. | ||||||||
| 6.75%, 03/15/32 | 40 | 55,016 | ||||||
| 6.88%, 01/10/39 | 125 | 190,450 | ||||||
|
GlaxoSmithKline Capital, Inc. 2.80%, 03/18/23 |
50 | 51,598 | ||||||
|
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 |
75 | 83,292 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 75 | 83,113 | ||||||
| 5.00%, 03/15/24 | 100 | 108,858 | ||||||
| 5.25%, 04/15/25 | 75 | 84,125 | ||||||
| 5.50%, 06/15/47 | 125 | 165,206 | ||||||
| Home Depot, Inc. | ||||||||
| 3.75%, 02/15/24 | 75 | 79,582 | ||||||
| 5.88%, 12/16/36 | 75 | 105,763 | ||||||
|
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 |
75 | 105,899 | ||||||
|
Lockheed Martin Corp. 2.90%, 03/01/25 |
50 | 52,765 | ||||||
|
Marathon Petroleum Corp. 6.50%, 03/01/41 |
50 | 69,565 | ||||||
| McDonald’s Corp. | ||||||||
| 3.80%, 04/01/28 | 25 | 27,898 | ||||||
| 4.70%, 12/09/35 | 50 | 61,574 | ||||||
| 4.88%, 12/09/45 | 50 | 65,273 | ||||||
| 6.30%, 10/15/37 | 50 | 71,772 | ||||||
| Microsoft Corp. | ||||||||
| 2.70%, 02/12/25 | 50 | 52,729 | ||||||
| 2.88%, 02/06/24 | 50 | 52,331 | ||||||
| 3.12%, 11/03/25 | 100 | 107,339 | ||||||
| 3.30%, 02/06/27 | 120 | 131,145 | ||||||
|
Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 |
50 | 52,106 | ||||||
|
Mondelez International, Inc. 2.75%, 04/13/30 |
25 | 26,059 | ||||||
| Oracle Corp. | ||||||||
| 2.95%, 04/01/30 | 50 | 51,862 | ||||||
| 3.85%, 07/15/36 | 75 | 81,132 | ||||||
| 4.12%, 05/15/45 | 100 | 109,959 | ||||||
| 4.30%, 07/08/34 | 50 | 56,613 | ||||||
| 5.38%, 07/15/40 | 75 | 95,088 | ||||||
| 6.50%, 04/15/38 | 50 | 69,947 | ||||||
|
PepsiCo, Inc. 2.75%, 04/30/25 |
100 | 105,384 | ||||||
|
Prudential Financial, Inc. 5.70% (ICE LIBOR USD 3 Month+2.67%), 09/15/48 † |
50 | 56,762 | ||||||
|
Sherwin-Williams Co. 3.45%, 06/01/27 |
50 | 54,275 | ||||||
| Synchrony Financial | ||||||||
|
Par
(000’s |
) | Value | ||||||
| United States (continued) | ||||||||
| 4.25%, 08/15/24 | $ | 50 | $ | 53,670 | ||||
| 4.50%, 07/23/25 | 75 | 82,083 | ||||||
| Sysco Corp. | ||||||||
| 3.30%, 07/15/26 | 50 | 53,596 | ||||||
| 5.95%, 04/01/30 | 100 | 126,652 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 2.00%, 10/15/31 | 50 | 48,964 | ||||||
| 2.95%, 09/19/26 | 50 | 53,265 | ||||||
| 4.10%, 08/15/47 | 50 | 61,984 | ||||||
| 4.50%, 03/25/30 | 50 | 58,893 | ||||||
| Time Warner Cable LLC | ||||||||
| 6.55%, 05/01/37 | 100 | 134,538 | ||||||
| 6.75%, 06/15/39 | 75 | 102,827 | ||||||
|
Time Warner Entertainment Co. LP 8.38%, 03/15/23 |
75 | 82,756 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 3.50%, 04/15/25 | 50 | 53,345 | ||||||
| 3.75%, 04/15/27 | 150 | 162,810 | ||||||
| 3.88%, 04/15/30 | 200 | 218,826 | ||||||
|
United Parcel Service, Inc. 3.90%, 04/01/25 |
20 | 21,751 | ||||||
|
Valero Energy Corp. 7.50%, 04/15/32 |
50 | 69,686 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.38%, 02/15/25 | 50 | 53,437 | ||||||
| 4.02%, 12/03/29 | 150 | 168,202 | ||||||
| 4.12%, 03/16/27 | 125 | 139,738 | ||||||
| Walmart, Inc. | ||||||||
| 2.85%, 07/08/24 | 50 | 52,658 | ||||||
| 3.30%, 04/22/24 | 50 | 52,885 | ||||||
| 3.55%, 06/26/25 | 60 | 65,536 | ||||||
| Wells Fargo & Co. | ||||||||
| 4.90%, 11/17/45 | 100 | 128,828 | ||||||
| 5.01% (United States Secured Overnight Financing Rate+4.50%), 04/04/51 | 150 | 207,499 | ||||||
|
Westinghouse Air Brake Technologies Corp. 4.95%, 09/15/28 |
50 | 57,548 | ||||||
| 8,656,236 | ||||||||
|
Total Corporate
Bonds
|
14,725,175 | |||||||
|
Number
of Shares |
Value | |||||||
|
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 1.5% (Cost: $216,883) |
||||||||
| Money Market Fund: 1.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 216,883 | 216,883 | ||||||
See Notes to Financial Statements
| 82 |
|
|
| Value | ||||||||
|
Total Investments: 100.1%
(Cost: $15,024,412) |
$ | 14,942,058 | ||||||
| Liabilities in excess of other assets: (0.1)% | (17,144) | |||||||
| NET ASSETS: 100.0% | $ | 14,924,914 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $432,059. |
| (o) | Perpetual Maturity — the date shown is the next call date |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,582,711, or 24.0% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | |||||||
| Basic Materials | 2.5 | % | $ | 372,215 | |||||
| Consumer Cyclicals | 7.1 | 1,038,359 | |||||||
| Consumer Non-Cyclicals | 10.3 | 1,518,123 | |||||||
| Energy | 13.3 | 1,960,050 | |||||||
| Financials | 36.1 | 5,312,155 | |||||||
| Healthcare | 5.2 | 768,748 | |||||||
| Industrials | 1.8 | 262,248 | |||||||
| Real Estate | 0.6 | 83,292 | |||||||
| Technology | 20.4 | 3,007,323 | |||||||
| Utilities | 2.7 | 402,662 | |||||||
| 100.0 | % | $ | 14,725,175 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 14,725,175 | $ | — | $ | 14,725,175 | ||||||||
| Money Market Fund | 216,883 | — | — | 216,883 | ||||||||||||
| Total Investments | $ | 216,883 | $ | 14,725,175 | $ | — | $ | 14,942,058 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 83 |
|
|
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Number
of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Real Estate Investment Trusts: 99.8% | ||||||||
| AGNC Investment Corp. | 1,729,951 | $ | 27,540,820 | |||||
| Annaly Capital Management, Inc. | 4,817,269 | 40,754,096 | ||||||
| Apollo Commercial Real Estate Finance, Inc. | 831,378 | 12,587,063 | ||||||
| Arbor Realty Trust, Inc. † | 772,168 | 15,528,298 | ||||||
| Ares Commercial Real Estate Corp. † | 395,356 | 6,175,461 | ||||||
| ARMOUR Residential REIT, Inc. † | 562,227 | 5,914,628 | ||||||
| Blackstone Mortgage Trust, Inc. | 484,525 | 15,940,872 | ||||||
| BrightSpire Capital, Inc. | 605,054 | 5,935,580 | ||||||
| Broadmark Realty Capital, Inc. | 861,044 | 8,885,974 | ||||||
| Chimera Investment Corp. | 1,034,822 | 16,153,571 | ||||||
| Dynex Capital, Inc. | 265,666 | 4,649,155 | ||||||
| Ellington Financial, Inc. | 446,299 | 8,113,716 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 267,679 | 16,167,812 | ||||||
| Invesco Mortgage Capital, Inc. † | 1,853,975 | 5,821,481 | ||||||
| KKR Real Estate Finance Trust, Inc. † | 269,606 | 5,853,146 | ||||||
| Ladder Capital Corp. | 911,814 | 10,941,768 | ||||||
| MFA Financial, Inc. | 2,660,011 | 11,996,650 | ||||||
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $27,604,213. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Financials | 100.0 | % | $ | 317,490,252 | ||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks * | $ | 317,490,252 | $ | — | $ | — | $ | 317,490,252 | ||||||||
| Money Market Fund | 7,259,944 | — | — | 7,259,944 | ||||||||||||
| Total Investments | $ | 324,750,196 | $ | — | $ | — | $ | 324,750,196 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 84 |
|
|
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
October 31, 2021 (unaudited)
|
Number
of Shares |
Value | |||||||
| PREFERRED SECURITIES: 99.7% | ||||||||
| Basic Materials: 3.5% | ||||||||
|
ArcelorMittal SA 5.50%, 05/18/23 † |
471,619 | $ | 38,078,518 | |||||
| Consumer Cyclicals: 7.0% | ||||||||
|
Aptiv Plc 5.50%, 06/15/23 |
135,591 | 26,196,181 | ||||||
| Ford Motor Co. | ||||||||
| 6.00%, 12/01/59 | 377,296 | 10,292,635 | ||||||
| 6.20%, 06/01/59 † | 353,715 | 9,727,162 | ||||||
|
Qurate Retail, Inc. 8.00%, 03/15/31 |
147,381 | 16,091,058 | ||||||
|
QVC, Inc. 6.25%, 11/26/68 † |
235,904 | 6,168,890 | ||||||
|
ViacomCBS, Inc. 5.75%, 04/01/24 † |
117,905 | 7,148,580 | ||||||
| 75,624,506 | ||||||||
| Consumer Non-Cyclicals: 3.2% | ||||||||
|
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 † |
117,905 | 3,046,665 | ||||||
| CHS, Inc. | ||||||||
| 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 † | 232,273 | 6,531,517 | ||||||
| 7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | 198,080 | 5,518,509 | ||||||
| 7.50%, 01/21/25 | 244,063 | 7,075,386 | ||||||
| 7.88%, 09/26/23 † | 253,024 | 7,216,244 | ||||||
| 8.00%, 07/18/23 † | 144,693 | 4,427,606 | ||||||
| 33,815,927 | ||||||||
| Energy: 3.6% | ||||||||
|
Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 |
282,972 | 7,600,628 | ||||||
| Energy Transfer LP | ||||||||
| 7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † | 212,229 | 5,356,660 | ||||||
| 7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 | 377,296 | 9,628,594 | ||||||
| 7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 209,871 | 5,255,170 | ||||||
|
NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 |
148,371 | 2,065,324 | ||||||
|
NuStar Energy LP 7.62% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 |
181,573 | 4,112,629 | ||||||
|
NuStar Logistics LP 6.87% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 |
189,827 | 4,789,335 | ||||||
| 38,808,340 | ||||||||
| Financials: 2.2% | ||||||||
| Qwest Corp. | ||||||||
| 6.50%, 09/01/56 | 461,008 | 11,834,075 | ||||||
| 6.75%, 06/15/57 | 311,269 | 8,189,487 | ||||||
| SCE Trust IV | ||||||||
|
Number
of Shares |
Value | |||||||
| Financials (continued) | ||||||||
| 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 † | 153,276 | $ | 3,841,097 | |||||
| 23,864,659 | ||||||||
| Healthcare: 6.4% | ||||||||
|
Avantor, Inc. 6.25%, 05/15/22 |
244,063 | 30,210,118 | ||||||
|
Becton Dickinson and Co. 6.00%, 06/01/23 † |
353,715 | 18,605,409 | ||||||
|
Boston Scientific Corp. 5.50%, 06/01/23 |
118,636 | 13,885,157 | ||||||
|
Elanco Animal Health, Inc. 5.00%, 02/01/23 † |
129,695 | 6,572,943 | ||||||
| 69,273,627 | ||||||||
| Industrials: 6.0% | ||||||||
|
Clarivate Plc 5.25%, 06/01/24 |
169,488 | 15,584,422 | ||||||
|
Crestwood Equity Partners LP 9.25% † |
840,190 | 8,595,144 | ||||||
|
GFL Environmental, Inc. 6.00%, 03/15/23 |
170,019 | 16,039,592 | ||||||
|
RBC Bearings, Inc. 5.00%, 10/15/24 |
54,236 | 6,486,083 | ||||||
|
Stanley Black & Decker, Inc. 5.25%, 11/15/22 † |
88,429 | 9,543,258 | ||||||
|
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 |
254,816 | 8,001,222 | ||||||
| 64,249,721 | ||||||||
| Real Estate Investment Trusts: 16.3% | ||||||||
| AGNC Investment Corp. | ||||||||
| 6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 | 271,181 | 6,869,015 | ||||||
| 6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 189,827 | 4,922,214 | ||||||
| 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 † | 153,276 | 3,890,145 | ||||||
| Annaly Capital Management, Inc. | ||||||||
| 6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 | 200,438 | 5,099,143 | ||||||
| 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 † | 208,692 | 5,486,513 | ||||||
| 6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | 339,566 | 8,607,998 | ||||||
| Chimera Investment Corp. | ||||||||
| 7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 | 122,621 | 3,147,681 | ||||||
| 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 | 153,276 | 3,952,988 | ||||||
|
Digital Realty Trust, Inc. 5.20%, 10/10/24 |
162,709 | 4,456,599 | ||||||
| DigitalBridge Group, Inc. | ||||||||
| 7.12% † | 284,151 | 7,356,174 | ||||||
| 7.15%, 06/05/22 | 162,709 | 4,230,434 | ||||||
|
Diversified Healthcare Trust 5.62%, 08/01/42 † |
165,067 | 4,002,875 | ||||||
See Notes to Financial Statements
| 85 |
|
|
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Number
of Shares |
Value | |||||||
| Real Estate Investment Trusts (continued) | ||||||||
| 6.25%, 02/01/46 † | 117,905 | $ | 2,968,848 | |||||
|
Franklin BSP Realty Trust, Inc. 7.50% † |
121,772 | 3,060,130 | ||||||
|
Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 † |
135,591 | 3,473,841 | ||||||
|
Kimco Realty Corp. 5.25%, 12/20/22 † |
124,743 | 3,329,391 | ||||||
|
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 † |
129,695 | 3,126,946 | ||||||
|
Monmouth Real Estate Investment Corp. 6.12%, 09/15/21 |
259,202 | 6,612,243 | ||||||
| New Residential Investment Corp. | ||||||||
| 6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 | 189,827 | 4,459,036 | ||||||
| 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 | 219,303 | 5,537,401 | ||||||
| 7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 133,232 | 3,344,123 | ||||||
|
Pebblebrook Hotel Trust 5.70%, 07/27/26 |
117,905 | 3,069,067 | ||||||
|
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 |
117,905 | 2,994,787 | ||||||
|
PS Business Parks, Inc. 4.88%, 11/04/24 |
153,276 | 4,153,780 | ||||||
| Public Storage | ||||||||
| 3.88%, 10/06/25 † | 133,232 | 3,392,087 | ||||||
| 4.00%, 06/16/26 | 284,764 | 7,215,920 | ||||||
| 4.62%, 06/17/25 | 266,465 | 7,202,549 | ||||||
| 4.70%, 11/15/24 † | 122,055 | 3,256,427 | ||||||
| 4.88%, 09/12/24 † | 149,126 | 4,023,419 | ||||||
| 4.90%, 10/14/21 | 165,067 | 4,182,798 | ||||||
| 5.05%, 08/09/22 | 141,486 | 3,749,379 | ||||||
| 5.15%, 06/02/22 † | 132,053 | 3,418,852 | ||||||
| 5.60%, 03/11/24 † | 134,412 | 3,727,245 | ||||||
|
RLJ Lodging Trust 1.95% † |
151,861 | 4,400,932 | ||||||
| Two Harbors Investment Corp. | ||||||||
| 7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 | 139,128 | 3,506,026 | ||||||
| 7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 † | 135,591 | 3,495,536 | ||||||
| Vornado Realty Trust | ||||||||
| 4.45%, 09/22/26 | 141,486 | 3,527,246 | ||||||
| 5.25%, 11/24/25 | 292,168 | 7,858,563 | ||||||
| 5.40% | 141,486 | 3,684,295 | ||||||
| 174,792,646 | ||||||||
| Technology: 17.3% | ||||||||
| AT&T, Inc. | ||||||||
| 4.75%, 02/18/25 † | 825,334 | 21,491,697 | ||||||
| 5.00%, 12/12/24 | 565,943 | 15,054,084 | ||||||
| 5.35%, 11/01/66 | 623,717 | 16,291,488 | ||||||
|
Number
of Shares |
Value | |||||||
| Technology (continued) | ||||||||
| 5.62%, 08/01/67 † | 389,086 | $ | 10,478,086 | |||||
|
Broadcom, Inc. 8.00%, 09/30/22 |
47,162 | 79,106,709 | ||||||
|
Pitney Bowes, Inc. 6.70%, 03/07/43 † |
200,438 | 5,059,055 | ||||||
|
Sabre Corp. 6.50%, 09/01/23 † |
39,380 | 5,371,826 | ||||||
| Telephone and Data Systems, Inc. | ||||||||
| 6.00%, 09/30/26 † | 325,417 | 8,532,434 | ||||||
| 6.62%, 03/31/26 | 198,080 | 5,433,334 | ||||||
| United States Cellular Corp. | ||||||||
| 5.50%, 03/01/70 | 235,810 | 6,274,904 | ||||||
| 5.50%, 06/01/70 † | 235,810 | 6,244,249 | ||||||
| 6.25%, 09/01/69 | 235,810 | 6,475,343 | ||||||
| 185,813,209 | ||||||||
| Utilities: 34.2% | ||||||||
|
AES Corp. 6.88%, 02/15/24 |
122,975 | 12,421,705 | ||||||
|
Alabama Power Co. 5.00%, 10/01/22 |
117,905 | 3,071,425 | ||||||
| Algonquin Power & Utilities Corp. | ||||||||
| 6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 † | 165,067 | 4,610,321 | ||||||
| 6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 | 135,591 | 3,740,956 | ||||||
|
Algonquin Power & Utilities Corp. (USD) 7.75%, 06/15/24 |
271,181 | 13,076,348 | ||||||
| American Electric Power Co., Inc. | ||||||||
| 6.12%, 03/15/22 | 189,827 | 9,440,097 | ||||||
| 6.12%, 08/15/23 | 200,438 | 10,350,618 | ||||||
|
Brookfield BRP Holdings Canada, Inc. 4.62%, 04/30/26 |
165,067 | 4,123,374 | ||||||
| CMS Energy Corp. | ||||||||
| 5.88%, 10/15/78 † | 132,053 | 3,591,842 | ||||||
| 5.88%, 03/01/79 | 297,120 | 8,170,800 | ||||||
|
Dominion Energy, Inc. 7.25%, 06/01/22 |
189,827 | 19,014,971 | ||||||
| DTE Energy Co. | ||||||||
| 5.25%, 12/01/77 | 188,648 | 4,936,918 | ||||||
| 6.00%, 12/15/76 † | 132,053 | 3,368,672 | ||||||
| 6.25%, 11/01/22 | 306,553 | 15,474,795 | ||||||
| Duke Energy Corp. | ||||||||
| 5.62%, 09/15/78 † | 235,810 | 6,520,146 | ||||||
| 5.75%, 06/15/24 † | 471,619 | 13,111,008 | ||||||
|
Entergy Arkansas LLC 4.88%, 09/01/66 |
193,364 | 4,878,574 | ||||||
|
Entergy Mississippi LLC 4.90%, 10/01/66 † |
122,621 | 3,137,871 | ||||||
|
Essential Utilities, Inc. 6.00%, 04/30/22 |
89,655 | 5,178,473 | ||||||
|
Georgia Power Co. 5.00%, 10/01/77 |
127,337 | 3,337,503 | ||||||
See Notes to Financial Statements
| 86 |
|
|
See Notes to Financial Statements
| 87 |
|
|
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $68,113,946. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | |||||||
| Basic Materials | 3.5 | % | $ | 38,078,518 | |||||
| Consumer Cyclicals | 7.1 | 75,624,506 | |||||||
| Consumer Non-Cyclicals | 3.2 | 33,815,927 | |||||||
| Energy | 3.6 | 38,808,340 | |||||||
| Financials | 2.2 | 23,864,659 | |||||||
| Healthcare | 6.5 | 69,273,627 | |||||||
| Industrials | 6.0 | 64,249,721 | |||||||
| Real Estate | 16.3 | 174,792,646 | |||||||
| Technology | 17.3 | 185,813,209 | |||||||
| Utilities | 34.3 | 368,073,475 | |||||||
| 100.0 | % | $ | 1,072,394,628 | ||||||
The summary of inputs used to value the Fund’s investments as of October 31, 2021 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||
| Preferred Securities * | $ | 1,072,394,628 | $ | — | $ | — | $ | 1,072,394,628 | ||||||||
| Money Market Fund | 46,100,229 | — | — | 46,100,229 | ||||||||||||
| Total Investments | $ | 1,118,494,857 | $ | — | $ | — | $ | 1,118,494,857 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 88 |
|
|
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021 (unaudited)
| BDC Income ETF | China Bond ETF |
Emerging
Markets High Yield Bond ETF |
Fallen Angel High
Yield Bond ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) Unaffiliated issuers (2) | $ | 519,019,843 | $ | 106,380,494 | $ | 1,257,395,485 | $ | 5,197,536,669 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 52,615,975 | — | 33,912,101 | 195,344,301 | ||||||||||||
| Cash | 17,612 | 249,943 | 15,068,297 | 98,939,678 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 6,265,753 | (a) | — | — | |||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | 1,611,129 | 36,883,139 | 112,380,338 | ||||||||||||
| Shares of beneficial interest sold | — | 3,456 | — | 26,464,328 | ||||||||||||
| Dividends and interest | 1,363,091 | 1,622,313 | 19,408,792 | 62,926,840 | ||||||||||||
| Prepaid expenses | — | 1,870 | — | — | ||||||||||||
| Other assets | — | 506 | 235 | — | ||||||||||||
| Total assets | 573,016,521 | 116,135,464 | 1,362,668,049 | 5,693,592,154 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | 523,811 | 28,780,315 | 232,001,978 | ||||||||||||
| Collateral for securities loaned | 52,615,975 | — | 33,912,101 | 195,344,301 | ||||||||||||
| Line of credit | 936,513 | 229,375 | — | — | ||||||||||||
| Due to Adviser | 172,481 | 39,025 | 439,850 | 1,547,487 | ||||||||||||
| Deferred Trustee fees | 9,396 | 897 | 40,196 | 67,963 | ||||||||||||
| Accrued expenses | 17,106 | 47,900 | 11,185 | 8,089 | ||||||||||||
| Total liabilities | 53,751,471 | 841,008 | 63,183,647 | 428,969,818 | ||||||||||||
| NET ASSETS | $ | 519,265,050 | $ | 115,294,456 | $ | 1,299,484,402 | $ | 5,264,622,336 | ||||||||
| Shares outstanding | 29,575,000 | 4,700,000 | 57,000,000 | 159,150,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 17.56 | $ | 24.53 | $ | 22.80 | $ | 33.08 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 510,639,918 | $ | 111,610,974 | $ | 1,395,664,807 | $ | 4,957,324,011 | ||||||||
| Total distributable earnings (loss) | 8,625,132 | 3,683,482 | (96,180,405 | ) | 307,298,325 | |||||||||||
| NET ASSETS | $ | 519,265,050 | $ | 115,294,456 | $ | 1,299,484,402 | $ | 5,264,622,336 | ||||||||
| (1) Value of securities on loan | $ | 75,888,723 | $ | — | $ | 41,108,243 | $ | 214,967,597 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 456,194,448 | $ | 103,553,413 | $ | 1,295,036,026 | $ | 4,926,351,575 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 52,615,975 | $ | — | $ | 33,912,101 | $ | 195,344,301 | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 6,257,789 | $ | — | $ | — | ||||||||
| (a) | Includes $107,408 on foreign investor minimum settlement reserve funds (see Note 2G). |
See Notes to Financial Statements
| 89 |
|
|
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021 (unaudited)
| Green Bond ETF |
International
High Yield Bond ETF |
Investment
Grade
Floating Rate ETF |
J.P.
Morgan EM
Local Currency Bond ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) Unaffiliated issuers (2) | $ | 98,442,290 | $ | 107,870,113 | $ | 745,798,542 | $ | 3,362,082,935 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 1,539,910 | 2,943,810 | 1,026,544 | — | ||||||||||||
| Cash | — | 1,792,563 | 2,878,688 | 58,114 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 324,591 | — | 6,797,267 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 1,288,541 | 2,205,697 | 38,271,330 | 89,335,351 | ||||||||||||
| Dividends and interest | 674,781 | 1,585,934 | 850,234 | 63,089,635 | ||||||||||||
| Prepaid expenses | — | — | — | 13,912 | ||||||||||||
| Total assets | 101,945,522 | 116,722,708 | 788,825,338 | 3,521,377,214 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 903,630 | 3,342,321 | 38,750,107 | 73,427,413 | ||||||||||||
| Collateral for securities loaned | 1,539,910 | 2,943,810 | 1,026,544 | — | ||||||||||||
| Due to Adviser | 16,808 | 37,676 | 87,736 | 764,680 | ||||||||||||
| Due to custodian | 9,660 | — | — | — | ||||||||||||
| Deferred Trustee fees | 1,073 | 33,385 | 21,618 | 255,166 | ||||||||||||
| Accrued expenses | 16,216 | 10,897 | 15,999 | 2,320,341 | ||||||||||||
| Total liabilities | 2,487,297 | 6,368,089 | 39,902,004 | 76,767,600 | ||||||||||||
| NET ASSETS | $ | 99,458,225 | $ | 110,354,619 | $ | 748,923,334 | $ | 3,444,609,614 | ||||||||
| Shares outstanding | 3,700,000 | 4,500,000 | 29,550,000 | 116,722,682 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 26.88 | $ | 24.52 | $ | 25.34 | $ | 29.51 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 100,507,123 | $ | 122,717,259 | $ | 747,003,311 | $ | 4,055,020,903 | ||||||||
| Total distributable earnings (loss) | (1,048,898 | ) | (12,362,640 | ) | 1,920,023 | (610,411,289 | ) | |||||||||
| NET ASSETS | $ | 99,458,225 | $ | 110,354,619 | $ | 748,923,334 | $ | 3,444,609,614 | ||||||||
| (1) Value of securities on loan | $ | 5,729,642 | $ | 3,078,104 | $ | 5,495,498 | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 99,425,973 | $ | 109,550,164 | $ | 743,028,708 | $ | 3,644,886,745 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 1,539,910 | $ | 2,943,810 | $ | 1,026,544 | $ | — | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 324,582 | $ | — | $ | 6,798,385 | ||||||||
See Notes to Financial Statements
| 90 |
|
|
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
October 31, 2021 (unaudited)
|
Moody’s Analytics
BBB Corporate Bond ETF |
Moody’s Analytics
IG Corporate Bond ETF |
Mortgage REIT
Income ETF |
Preferred
Securities ex Financials ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) Unaffiliated issuers (2) | $ | 9,880,570 | $ | 14,725,175 | $ | 317,490,252 | $ | 1,072,394,628 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 183,085 | 216,883 | 7,259,944 | 46,100,229 | ||||||||||||
| Cash | 26,393 | 50,279 | 380,712 | 23,435,164 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | 119,647 | — | 11,351,519 | ||||||||||||
| Dividends and interest | 98,560 | 131,118 | 444,073 | 2,582,318 | ||||||||||||
| Total assets | 10,188,608 | 15,243,102 | 325,574,981 | 1,155,863,858 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | 98,776 | — | 33,890,438 | ||||||||||||
| Collateral for securities loaned | 183,085 | 216,883 | 7,259,944 | 46,100,229 | ||||||||||||
| Due to Adviser | 2,120 | 2,529 | 107,523 | 357,403 | ||||||||||||
| Deferred Trustee fees | — | — | 16,359 | 36,282 | ||||||||||||
| Accrued expenses | — | — | 18,665 | 7,095 | ||||||||||||
| Total liabilities | 185,205 | 318,188 | 7,402,491 | 80,391,447 | ||||||||||||
| NET ASSETS | $ | 10,003,403 | $ | 14,924,914 | $ | 318,172,490 | $ | 1,075,472,411 | ||||||||
| Shares outstanding | 400,000 | 600,000 | 16,450,000 | 49,450,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 25.01 | $ | 24.87 | $ | 19.34 | $ | 21.75 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 10,000,000 | $ | 15,000,000 | $ | 354,906,859 | $ | 1,024,210,112 | ||||||||
| Total distributable earnings (loss) | 3,403 | (75,086 | ) | (36,734,369 | ) | 51,262,299 | ||||||||||
| NET ASSETS | $ | 10,003,403 | $ | 14,924,914 | $ | 318,172,490 | $ | 1,075,472,411 | ||||||||
| (1) Value of securities on loan | $ | 224,414 | $ | 432,059 | $ | 27,604,213 | $ | 68,113,946 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 9,876,112 | $ | 14,807,529 | $ | 288,057,600 | $ | 978,885,097 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 183,085 | $ | 216,883 | $ | 7,259,944 | $ | 46,100,229 | ||||||||
See Notes to Financial Statements
| 91 |
|
|
VANECK ETF TRUST
For the Period Ended October 31, 2021 (unaudited)
| BDC Income ETF | China Bond ETF |
Emerging
Markets High Yield Bond ETF |
Fallen
Angel
High Yield Bond ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 20,194,345 | $ | — | $ | — | $ | — | ||||||||
| Interest | 159 | 1,870,732 | 32,083,418 | 102,355,866 | ||||||||||||
| Securities lending income | 142,337 | — | 88,790 | 463,907 | ||||||||||||
| Foreign taxes withheld | — | (1,286 | ) | (13,237 | ) | — | ||||||||||
| Total income | 20,336,841 | 1,869,446 | 32,158,971 | 102,819,773 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 934,435 | 231,704 | 2,332,956 | 8,873,118 | ||||||||||||
| Professional fees | — | 27,524 | — | — | ||||||||||||
| Custody and accounting fees | — | 20,520 | — | — | ||||||||||||
| Reports to shareholders | — | 6,221 | — | — | ||||||||||||
| Trustees’ fees and expenses | — | 721 | — | — | ||||||||||||
| Registration fees | — | 5,044 | — | — | ||||||||||||
| Insurance | — | 1,217 | — | — | ||||||||||||
| Interest | 8,672 | 3,887 | 11 | 947 | ||||||||||||
| Other | — | 2,097 | — | — | ||||||||||||
| Total expenses | 943,107 | 298,935 | 2,332,967 | 8,874,065 | ||||||||||||
| Net investment income | 19,393,734 | 1,570,511 | 29,826,004 | 93,945,708 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (7,375,781 | ) | 289,922 | (5,063,200 | ) | 19,232,253 | ||||||||||
| In-kind redemptions | 12,223,839 | — | 496,623 | 157,061,405 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | 73,687 | — | — | ||||||||||||
| Net realized gain (loss) | 4,848,058 | 363,609 | (4,566,577 | ) | 176,293,658 | |||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 14,839,639 | 1,361,646 | (46,908,380 | ) | (41,212,155 | ) | ||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (7,171 | ) | 1 | — | |||||||||||
| Net change in unrealized appreciation (depreciation) | 14,839,639 | 1,354,475 | (46,908,379 | ) | (41,212,155 | ) | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 39,081,431 | $ | 3,288,595 | $ | (21,648,952 | ) | $ | 229,027,211 | |||||||
See Notes to Financial Statements
| 92 |
|
|
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (unaudited)
| Green Bond ETF |
International
High Yield Bond ETF |
Investment
Grade Floating Rate ETF |
J.P. Morgan EM
Local Currency Bond ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 4,047 | $ | 8 | $ | — | $ | — | ||||||||
| Interest | 1,044,811 | 2,535,952 | 2,193,341 | 94,947,421 | ||||||||||||
| Securities lending income | 2,924 | 6,960 | 4,462 | — | ||||||||||||
| Foreign taxes withheld | (587 | ) | (2,150 | ) | — | (1,383,758 | ) | |||||||||
| Total income | 1,051,195 | 2,540,770 | 2,197,803 | 93,563,663 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 95,577 | 224,282 | 464,795 | 4,866,564 | ||||||||||||
| Professional fees | — | — | — | 30,976 | ||||||||||||
| Custody and accounting fees | — | — | — | 343,606 | ||||||||||||
| Reports to shareholders | — | — | — | 220,740 | ||||||||||||
| Trustees’ fees and expenses | — | — | — | 29,913 | ||||||||||||
| Registration fees | — | — | — | 10,072 | ||||||||||||
| Insurance | — | — | — | 27,622 | ||||||||||||
| Interest | — | 542 | 897 | 15,968 | ||||||||||||
| Other | — | — | — | 21,241 | ||||||||||||
| Total expenses | 95,577 | 224,824 | 465,692 | 5,566,702 | ||||||||||||
| Waiver of management fees | — | — | — | (143,440 | ) | |||||||||||
| Net expenses | 95,577 | 224,824 | 465,692 | 5,423,262 | ||||||||||||
| Net investment income | 955,618 | 2,315,946 | 1,732,111 | 88,140,401 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | 10,308 | 149,121 | 349,960 | (45,555,597 | )(a) | |||||||||||
| In-kind redemptions | — | — | 57,775 | 1,089,710 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | 3,504 | — | (692,585 | ) | |||||||||||
| Net realized gain (loss) | 10,308 | 152,625 | 407,735 | (45,158,472 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (1,108,112 | ) | (5,853,810 | ) | 23,516 | (163,471,202 | )(b) | |||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (20,544 | ) | — | (1,011,636 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (1,108,112 | ) | (5,874,354 | ) | 23,516 | (164,482,838 | ) | |||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (142,186 | ) | $ | (3,405,783 | ) | $ | 2,163,362 | $ | (121,500,909 | ) | |||||
| (a) | Net of foreign taxes of $312,779 |
| (b) | Net of foreign taxes of $225,900 |
See Notes to Financial Statements
| 93 |
|
|
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2021 (unaudited)
|
Moody’s
Analytics BBB Corporate Bond ETF |
Moody’s
Analytics IG Corporate Bond ETF |
Mortgage REIT
Income ETF |
Preferred
Securities ex Financials ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | — | $ | — | $ | 9,483,351 | $ | 25,562,782 | ||||||||
| Interest | 119,375 | 168,507 | 115 | 3,105 | ||||||||||||
| Securities lending income | 396 | 444 | 43,705 | 432,826 | ||||||||||||
| Foreign taxes withheld | — | — | — | (11,430 | ) | |||||||||||
| Total income | 119,771 | 168,951 | 9,527,171 | 25,987,283 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 12,658 | 15,098 | 652,371 | 2,027,240 | ||||||||||||
| Interest | — | — | 7,911 | 5,893 | ||||||||||||
| Total expenses | 12,658 | 15,098 | 660,282 | 2,033,133 | ||||||||||||
| Net investment income | 107,113 | 153,853 | 8,866,889 | 23,954,150 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | 7,499 | 18,284 | (6,691,670 | ) | 6,584,857 | |||||||||||
| Capital gain distributions received | — | — | 1,862,130 | 540,455 | ||||||||||||
| In-kind redemptions | — | — | 13,357,357 | 617,742 | ||||||||||||
| Net realized gain | 7,499 | 18,284 | 8,527,817 | 7,743,054 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 107,938 | 166,172 | (8,673,870 | ) | 27,573,813 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 107,938 | 166,172 | (8,673,870 | ) | 27,573,813 | |||||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 222,550 | $ | 338,309 | $ | 8,720,836 | $ | 59,271,017 | ||||||||
See Notes to Financial Statements
| 94 |
|
|
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| BDC Income ETF | China Bond ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
Period Ended
October 31, 2021 |
Year
Ended
April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 19,393,734 | $ | 27,418,231 | $ | 1,570,511 | $ | 1,245,084 | ||||||||
| Net realized gain (loss) | 4,848,058 | (11,700,465 | ) | 363,609 | 258,931 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 14,839,639 | 129,739,736 | 1,354,475 | 1,676,722 | ||||||||||||
| Net increase in net assets resulting from operations | 39,081,431 | 145,457,502 | 3,288,595 | 3,180,737 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (18,755,903 | ) | (28,249,128 | ) | (1,268,581 | ) | (1,233,560 | ) | ||||||||
| Return of capital | — | (102,755 | ) | — | — | |||||||||||
| Total distributions | (18,755,903 | ) | (28,351,883 | ) | (1,268,581 | ) | (1,233,560 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 123,907,641 | 167,364,489 | 21,909,643 | 97,077,772 | (a) | |||||||||||
| Cost of shares redeemed | (36,928,412 | ) | (42,308,818 | ) | (12,138,553 | ) | — | |||||||||
| Increase in net assets resulting from share transactions | 86,979,229 | 125,055,671 | 9,771,090 | 97,077,772 | ||||||||||||
| Total increase in net assets | 107,304,757 | 242,161,290 | 11,791,104 | 99,024,949 | ||||||||||||
| Net Assets, beginning of period | 411,960,293 | 169,799,003 | 103,503,352 | 4,478,403 | ||||||||||||
| Net Assets, end of period | $ | 519,265,050 | $ | 411,960,293 | $ | 115,294,456 | $ | 103,503,352 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 7,175,000 | 11,800,000 | 900,000 | 4,100,000 | ||||||||||||
| Shares redeemed | (2,175,000 | ) | (3,025,000 | ) | (500,000 | ) | — | |||||||||
| Net increase | 5,000,000 | 8,775,000 | 400,000 | 4,100,000 | ||||||||||||
| (a) | Includes $79,000 for reimbursement by the Adviser (See Note 3) |
See Notes to Financial Statements
| 95 |
|
|
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 29,826,004 | $ | 27,488,746 | $ | 93,945,708 | $ | 163,045,166 | ||||||||
| Net realized gain (loss) | (4,566,577 | ) | (9,350,449 | ) | 176,293,658 | 97,287,752 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (46,908,379 | ) | 56,587,045 | (41,212,155 | ) | 387,013,556 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (21,648,952 | ) | 74,725,342 | 229,027,211 | 647,346,474 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (28,559,259 | ) | (25,900,330 | ) | (97,958,810 | ) | (155,216,155 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 597,488,251 | 446,230,645 | 1,326,524,933 | 3,595,864,787 | ||||||||||||
| Cost of shares redeemed | (32,202,688 | ) | (18,741,366 | ) | (1,108,387,232 | ) | (855,370,459 | ) | ||||||||
| Increase in net assets resulting from share transactions | 565,285,563 | 427,489,279 | 218,137,701 | 2,740,494,328 | ||||||||||||
| Total increase in net assets | 515,077,352 | 476,314,291 | 349,206,102 | 3,232,624,647 | ||||||||||||
| Net Assets, beginning of period | 784,407,050 | 308,092,759 | 4,915,416,234 | 1,682,791,587 | ||||||||||||
| Net Assets, end of period | $ | 1,299,484,402 | $ | 784,407,050 | $ | 5,264,622,336 | $ | 4,915,416,234 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 25,200,000 | 19,000,000 | 40,450,000 | 117,100,000 | ||||||||||||
| Shares redeemed | (1,400,000 | ) | (800,000 | ) | (33,950,000 | ) | (27,150,000 | ) | ||||||||
| Net increase | 23,800,000 | 18,200,000 | 6,500,000 | 89,950,000 | ||||||||||||
See Notes to Financial Statements
| 96 |
|
|
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Green Bond ETF | International High Yield Bond ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 955,618 | $ | 1,015,009 | $ | 2,315,946 | $ | 4,541,412 | ||||||||
| Net realized gain (loss) | 10,308 | (63,236 | ) | 152,625 | (1,085,616 | ) | ||||||||||
|
Net change in unrealized appreciation (depreciation) |
(1,108,112 | ) | (435,542 | ) | (5,874,354 | ) | 15,170,428 | |||||||||
| Net increase (decrease) in net assets resulting from operations | (142,186 | ) | 516,231 | (3,405,783 | ) | 18,626,224 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (942,485 | ) | (902,645 | ) | (2,015,270 | ) | (4,423,249 | ) | ||||||||
| Return of capital | — | — | — | (264,741 | ) | |||||||||||
| Total distributions | (942,485 | ) | (902,645 | ) | (2,015,270 | ) | (4,687,990 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 16,344,307 | 52,359,723 | 15,502,481 | 10,278,340 | ||||||||||||
| Cost of shares redeemed | — | — | — | (12,776,583 | ) | |||||||||||
| Increase (decrease) in net assets resulting from share transactions | 16,344,307 | 52,359,723 | 15,502,481 | (2,498,243 | ) | |||||||||||
| Total increase in net assets | 15,259,636 | 51,973,309 | 10,081,428 | 11,439,991 | ||||||||||||
| Net Assets, beginning of period | 84,198,589 | 32,225,280 | 100,273,191 | 88,833,200 | ||||||||||||
| Net Assets, end of period | $ | 99,458,225 | $ | 84,198,589 | $ | 110,354,619 | $ | 100,273,191 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 600,000 | 1,900,000 | 600,000 | 400,000 | ||||||||||||
| Shares redeemed | — | — | — | (500,000 | ) | |||||||||||
| Net increase (decrease) | 600,000 | 1,900,000 | 600,000 | (100,000 | ) | |||||||||||
See Notes to Financial Statements
| 97 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 1,732,111 | $ | 4,385,467 | $ | 88,140,401 | $ | 163,087,052 | ||||||||
| Net realized gain (loss) | 407,735 | 790,351 | (45,158,472 | ) | (150,551,636 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | 23,516 | 13,202,820 | (164,482,838 | ) | 329,006,362 | |||||||||||
| Net increase (decrease) in net assetsresulting from operations | 2,163,362 | 18,378,638 | (121,500,909 | ) | 341,541,778 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (1,931,610 | ) | (5,073,095 | ) | (73,167,891 | ) | (524,709 | ) | ||||||||
| Return of capital | — | — | — | (161,805,238 | ) | |||||||||||
| Total distributions | (1,931,610 | ) | (5,073,095 | ) | (73,167,891 | ) | (162,329,947 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 195,220,307 | 125,423,479 | 351,071,375 | 690,250,396 | ||||||||||||
| Cost of shares redeemed | (6,337,388 | ) | (40,336,816 | ) | (91,663,611 | ) | (828,095,691 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 188,882,919 | 85,086,663 | 259,407,764 | (137,845,295 | ) | |||||||||||
| Total increase in net assets | 189,114,671 | 98,392,206 | 64,738,964 | 41,366,536 | ||||||||||||
| Net Assets, beginning of period | 559,808,663 | 461,416,457 | 3,379,870,650 | 3,338,504,114 | ||||||||||||
| Net Assets, end of period | $ | 748,923,334 | $ | 559,808,663 | $ | 3,444,609,614 | $ | 3,379,870,650 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 7,700,000 | 4,950,000 | 11,200,000 | 21,600,000 | ||||||||||||
| Shares redeemed | (250,000 | ) | (1,600,000 | ) | (3,000,000 | ) | (26,800,000 | ) | ||||||||
| Net increase (decrease) | 7,450,000 | 3,350,000 | 8,200,000 | (5,200,000 | ) | |||||||||||
See Notes to Financial Statements
| 98 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Period Ended
April 30, 2021 (a) |
Period Ended
October 31, 2021 |
Period Ended
April 30, 2021 (a) |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 107,113 | $ | 87,490 | $ | 153,853 | $ | 128,135 | ||||||||
| Net realized gain (loss) | 7,499 | (15,478 | ) | 18,284 | (25,943 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | 107,938 | (103,480 | ) | 166,172 | (248,527 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 222,550 | (31,468 | ) | 338,309 | (146,335 | ) | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (112,079 | ) | (75,600 | ) | (161,520 | ) | (105,540 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | — | 10,000,000 | — | 15,000,000 | ||||||||||||
| Increase in net assets resulting from share transactions | — | 10,000,000 | — | 15,000,000 | ||||||||||||
| Total increase in net assets | 110,471 | 9,892,932 | 176,789 | 14,748,125 | ||||||||||||
| Net Assets, beginning of period | 9,892,932 | — | 14,748,125 | — | ||||||||||||
| Net Assets, end of period | $ | 10,003,403 | $ | 9,892,932 | $ | 14,924,914 | $ | 14,748,125 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | — | 400,000 | — | 600,000 | ||||||||||||
| Net increase | — | 400,000 | — | 600,000 | ||||||||||||
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
See Notes to Financial Statements
| 99 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||||
|
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
Period Ended
October 31, 2021 |
Year Ended
April 30, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 8,866,889 | $ | 11,672,426 | $ | 23,954,150 | $ | 39,050,098 | ||||||||
| Net realized gain (loss) | 8,527,817 | (17,949,177 | ) | 7,743,054 | (5,620,005 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (8,673,870 | ) | 130,769,388 | 27,573,813 | 113,139,493 | |||||||||||
| Net increase in net assets resulting from operations | 8,720,836 | 124,492,637 | 59,271,017 | 146,569,586 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (8,864,324 | ) | (11,675,560 | ) | (22,578,935 | ) | (38,058,255 | ) | ||||||||
| Return of capital | (3,089,456 | ) | (6,729,745 | ) | — | — | ||||||||||
| Total distributions | (11,953,780 | ) | (18,405,305 | ) | (22,578,935 | ) | (38,058,255 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 50,681,819 | 118,718,711 | 95,120,524 | 183,940,174 | ||||||||||||
| Cost of shares redeemed | (39,560,559 | ) | (33,825,342 | ) | (4,235,387 | ) | (33,585,352 | ) | ||||||||
| Increase in net assets resulting from share transactions | 11,121,260 | 84,893,369 | 90,885,137 | 150,354,822 | ||||||||||||
| Total increase in net assets | 7,888,316 | 190,980,701 | 127,577,219 | 258,866,153 | ||||||||||||
| Net Assets, beginning of period | 310,284,174 | 119,303,473 | 947,895,192 | 689,029,039 | ||||||||||||
| Net Assets, end of period | $ | 318,172,490 | $ | 310,284,174 | $ | 1,075,472,411 | $ | 947,895,192 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 2,550,000 | 7,700,000 | 4,450,000 | 9,150,000 | ||||||||||||
| Shares redeemed | (2,050,000 | ) | (2,200,000 | ) | (200,000 | ) | (1,750,000 | ) | ||||||||
| Net increase | 500,000 | 5,500,000 | 4,250,000 | 7,400,000 | ||||||||||||
See Notes to Financial Statements
| 100 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (f) | Annualized |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 101 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 102 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 103 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 104 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period March 3, 2017 (commencement of operations) through April 30, 2017. |
| (b) | Calculated based upon average shares outstanding |
| (c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (d) | Amount represents less than $0.005 per share. |
| (e) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (f) | Not Annualized |
| (g) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (h) | Annualized |
| (i) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 105 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 106 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 107 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| # | On October 26, 2018, the Fund effected a 1 for 2 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 108 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 109 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period December 2, 2020 (commencement of operations) through April 30, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 110 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 111 |
|
|
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 112 |
|
|
VANECK ETF TRUST
October 31, 2021 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) (formerly known as Vaneck Vectors ETF Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001.The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| Fund | Diversification Classification |
| BDC Income ETF (“BDC Income”) | Diversified |
| China Bond ETF (“China Bond”)* | Non-Diversified |
| Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”) | Diversified |
| Fallen Angel High Yield Bond ETF (“Fallen Angel”) | Diversified |
| Green Bond ETF (“Green Bond”) | Non-Diversified |
| International High Yield Bond ETF (“International High Yield”) | Diversified |
| Investment Grade Floating Rate ETF (“Floating Rate”) | Non-Diversified |
| J.P. Morgan EM Local Currency Bond ETF (“J.P. Morgan EM”) | Non-Diversified |
| Moody’s Analytics BBB Corporate Bond ETF (“Moody’s Analytics BBB”) | Non-Diversified |
| Moody’s Analytics IG Corporate Bond ETF (“Moody’s Analytics IG”) | Non-Diversified |
| Mortgage REIT Income ETF (“Mortgage REIT”) | Non-Diversified |
| Preferred Securities ex Financials ETF (“Preferred Securities”) | Non-Diversified |
*Formerly known as ChinaAMC China Bond ETF
Each Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index. The Funds (except BDC Income, Mortgage REIT and Preferred Securities) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the “Adviser”) uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Bond. China Bond seeks to achieve its investment objective by primarily investing in bonds issued in the People’s Republic of China (“PRC”) via the Sub-Adviser. BDC Income, Mortgage REIT and Preferred Securities each seek to achieve their investment objective through a portfolio of securities in substantially the same weighting as their index.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy (described below).Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value |
| 113 |
|
|
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
and are categorized as Level 1 in the fair value hierarchy. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. |
| C. | Distributions to Shareholders—Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund (except BDC Income and Mortgage REIT, which are declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. |
| 114 |
|
|
| D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| F. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at October 31, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
| G. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Dividend income is recorded on the ex-dividend date. |
| The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
| The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. | |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. | |
| China Bond is required to hold foreign investor minimum settlement reserve funds by the China Securities Depository and Clearing Corporation Limited. Refer to cash denominated in foreign currency, at value on the Statement of Assets and Liabilities for the amount held at October 31, 2021. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least September 1, 2022, to waive management fees and assume expenses to prevent total annual operating expenses (excluding
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The expense limitations and management fee rates for the period ended October 31, 2021, are as follows:
| Fund |
Management
Fees |
Expense
Limitations |
|||
| China Bond | 0.40% | 0.50% | |||
| J.P. Morgan EM | 0.27 | 0.30 | |||
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
The Funds listed in the table below utilize a unitary management fee structure where the Adviser is responsible for all Fund expenses, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
| Fund |
Unitary
Management Fee Rate |
|||
| BDC Income | 0.40 | % | ||
| Emerging Markets High Yield | 0.40 | |||
| Fallen Angel | 0.35 | |||
| Floating Rate | 0.14 | |||
| Green Bond | 0.20 | |||
| International High Yield | 0.40 | |||
| Moody’s Analytics BBB | 0.25 | |||
| Moody’s Analytics IG | 0.20 | |||
| Mortgage REIT | 0.40 | |||
| Preferred Securities | 0.40 | |||
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
During the year ended April 30, 2021, the Adviser voluntarily reimbursed the China Bond ETF $79,000 for capital share transaction losses. This amount is reflected in Proceeds from sale of shares in the Statements of Changes in Net Assets.
At October 31, 2021, the Adviser owned approximately 94%, 87%, and 2% of Moody’s Analytics IG, Moody’s Analytics BBB, and Floating Rate, respectively.
Note 4—Capital Share Transactions—As of October 31, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation
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Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended October 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| BDC Income | $ | 75,014,575 | $ | 74,638,148 | $ | 123,969,178 | $ | 36,791,511 | ||||||||
| China Bond | 29,401,352 | 14,176,949 | — | — | ||||||||||||
| Emerging Markets High Yield | 533,333,786 | 204,530,219 | 243,026,293 | 32,227,397 | ||||||||||||
| Fallen Angel | 861,988,869 | 811,061,805 | 1,235,956,717 | 1,060,214,943 | ||||||||||||
| Floating Rate | 299,146,489 | 258,483,183 | 160,776,410 | 6,323,007 | ||||||||||||
| Green Bond | 12,593,107 | 8,572,125 | 13,541,076 | — | ||||||||||||
| International High Yield | 28,368,374 | 16,368,443 | 2,649,276 | — | ||||||||||||
| J.P. Morgan EM | 614,143,977 | 488,321,146 | 184,672,143 | 50,601,641 | ||||||||||||
| Moody’s Analytics BBB | 1,573,142 | 1,522,310 | — | — | ||||||||||||
| Moody’s Analytics IG | 3,265,843 | 3,206,717 | — | — | ||||||||||||
| Mortgage REIT | 25,124,253 | 24,486,727 | 50,680,921 | 39,594,861 | ||||||||||||
| Preferred Securities | 247,645,061 | 247,125,664 | 86,729,246 | 4,146,948 | ||||||||||||
Note 6—Income Taxes—As of October 31, 2021, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund |
Tax Cost of
Investments |
Gross
Unrealized Appreciation |
Gross
Unrealized Depreciation |
Net Unrealized
Appreciation (Depreciation) |
||||||||||||
| BDC Income | $ | 513,144,743 | $ | 63,839,019 | $ | (5,347,944 | ) | $ | 58,491,075 | |||||||
| China Bond | 103,554,943 | 3,060,079 | (234,528 | ) | 2,825,551 | |||||||||||
| Emerging Markets High Yield | 1,329,895,951 | 14,955,559 | (53,543,924 | ) | (38,588,365 | ) | ||||||||||
| Fallen Angel | 5,129,494,224 | 281,621,915 | (18,235,169 | ) | 263,386,746 | |||||||||||
| Floating Rate | 744,424,196 | 2,935,369 | (534,479 | ) | 2,400,890 | |||||||||||
| Green Bond | 101,013,127 | 859,154 | (1,890,081 | ) | (1,030,927 | ) | ||||||||||
| International High Yield | 112,700,143 | 3,651,247 | (5,537,467 | ) | (1,886,220 | ) | ||||||||||
| J.P. Morgan EM | 3,726,514,127 | 60,058,550 | (424,489,742 | ) | (364,431,192 | ) | ||||||||||
| Moody’s Analytics BBB | 10,064,771 | 121,562 | (122,678 | ) | (1,116 | ) | ||||||||||
| Moody’s Analytics IG | 15,032,519 | 127,554 | (218,015 | ) | (90,461 | ) | ||||||||||
| Mortgage REIT | 297,777,940 | 37,291,916 | (10,319,660 | ) | 26,972,256 | |||||||||||
| Preferred Securities | 1,032,153,360 | 101,701,562 | (15,360,065 | ) | 86,341,497 | |||||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
At April 30, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund |
Short-Term
Capital Losses with No Expiration |
Long-Term
Capital Losses with No Expiration |
Total | |||||||||
| BDC Income | $ | (15,292,216 | ) | $ | (40,453,382 | ) | $ | (55,745,598 | ) | |||
| China Bond | (166,013 | ) | (20,335 | ) | (186,348 | ) | ||||||
| Emerging Markets High Yield | (10,986,853 | ) | (47,017,404 | ) | (58,004,257 | ) | ||||||
| Fallen Angel | (59,502,467 | ) | (85,944,985 | ) | (145,447,452 | ) | ||||||
| Floating Rate | (652,541 | ) | (366,518 | ) | (1,019,059 | ) | ||||||
| Green Bond | (176,498 | ) | – | (176,498 | ) | |||||||
| International High Yield | (521,673 | ) | (10,367,976 | ) | (10,889,649 | ) | ||||||
| J.P. Morgan EM | (57,138,194 | ) | (111,427,299 | ) | (168,565,493 | ) | ||||||
| Moody’s Analytics BBB | (16,133 | ) | – | (16,133 | ) | |||||||
| Moody’s Analytics IG | (23,543 | ) | – | (23,543 | ) | |||||||
| Mortgage REIT | (19,518,810 | ) | (53,829,257 | ) | (73,348,067 | ) | ||||||
| Preferred Securities | (12,267,153 | ) | (33,098,379 | ) | (45,365,532 | ) | ||||||
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds’ fiscal year and may result in a tax return of capital. For the period May 1, 2021 to October 31, 2021, the net realized gains (losses) from foreign currency translations were as follows:
| China Bond | $ | 205,932 | ||
| International High Yield | 363,210 | |||
| J.P. Morgan EM | (43,772,765 | ) |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended October 31, 2021, the Funds did not incur any interest or penalties.
Prior to November 2018, there were uncertainties in the Chinese tax rules governing the taxation of interest income on corporate bonds due to the lack of formal guidance from the PRC’s tax authorities. China generally imposes withholding tax (“WHT”) at a rate of 10% (which may be reduced by the double taxation agreement/arrangement) on interest income derived by nonresidents in the Chinese corporate bond market, including Qualified Foreign Institutional Investors (“QFII”), Renminbi Qualified Foreign Institutional Investors (“RQFIIs”) and investors in the China Bond Connect Program.
On November 7, 2018, the PRC issued guidance (Circular 108) clarifying that nonresidents (including QFIIs, and RQFIIs) are exempted from withholding income tax and value added tax with respect to bond interest income derived in the Chinese domestic bond market from November 7, 2018 to November 6, 2021. On November 26, 2021, the PRC Ministry of Finance and PRC State Taxation Administration jointly issued Caishui [2021] No. 34 (“Circular 34”) to formally extend the tax exemption period provided in Circular 108 to December 31, 2025.
Additionally, under the PRC Corporate Income Tax regime, China also imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. However, capital gains derived by a nonresident pursuant to an RQFII license and investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.
PRC rules for taxation of RQFIIs (and QFIIs) and investment through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents, even if such rules are adverse to China Bond and J.P. Morgan EM and their shareholders. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bonds to RQFIIs, which is the Sub-Adviser in this case, and begin collecting capital gains tax, China Bond could be subject to a tax liability via the Sub-Adviser. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, China Bond and J.P. Morgan EM could be subject to a tax liability. The impact of any such tax liability on the return for China Bond and J.P. Morgan EM could be substantial.
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Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Investments in bonds or in Funds holding bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.
The Funds (except BDC Income, China Bond, Floating Rate, Mortgage REIT and Preferred Securities) may directly or indirectly invest in non-investment grade securities, often referred to as “junk bonds.” Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.
Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result. Russia and Ukraine have experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe.
BDC Income invests in business development companies which generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies.
China Bond, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, J.P. Morgan EM, Moody’s Analytics BBB, and Moody’s Analytics IG invest in foreign securities. Investments in foreign securities may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.
Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.
Moody’s Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or “junk” bond) universe, which could negatively affect their value.
Mortgage REIT invests directly in mortgage real estate investment trusts (“mortgage REITs”) and is exposed to the risks specific to the real estate market as well as the risks that relate specifically to the way in which mortgage REITs are organized and operated. Mortgage REITs receive principal and interest payments from the owners of the mortgaged properties. Accordingly, mortgage REITs are subject to the credit risk of the borrowers to whom they extend credit. To the extent that a mortgage REIT invests in mortgage-backed
| 119 |
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
securities, it may be subject to default risk or interest rate risk. Mortgage REIT may invest in mortgage REITs that may trade at a discount or premium to their net asset value.
Preferred Securities invests in preferred securities which are essentially contractual obligations that declare distributions but permit the issuer to defer or suspend distributions. For tax purposes, this may require the Fund to account for the distribution that has been deferred or suspended, even though it may not have received this income. Preferred securities are also subject to credit risk. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely distributions of dividends. In addition, preferred securities are subject to interest rate risk. Preferred securities interest rates may move in an inverse direction to that of general interest rates.
Preferred Securities may invest directly in real estate investment trusts (“REITs”) and is exposed to the risk of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. REITs generally invest directly in real estate, in mortgages or in some combination of the two. The Fund indirectly bears management expenses along with the direct expenses of the Fund. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers and self-liquidation.
The Funds (except for BDC Income, China Bond, J.P. Morgan EM, and Mortgage REIT) invest in certain financial instruments that may pay interest based on, or otherwise have payments tied to, the London Inter-bank Offered Rate (“LIBOR”). Due to the uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate, the potential effect of a transition away from LIBOR on a fund or the financial instruments in which the Funds invest cannot yet be determined.
Should the Chinese government impose restrictions on the ability of China Bond to repatriate funds associated with direct investment in bonds issued in the PRC, the Fund may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the Fund may therefore be subject to Fund-level U.S. federal taxes.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on May 1, 2021, for BDC Income, Emerging Markets High Yield, Fallen Angel, Green Bond, International High Yield, Floating Rate, Mortgage REIT, and Preferred Securities. For these Funds, the liability for the Plan shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Moody’s Analytics BBB and Moody’s Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
For China Bond and J.P. Morgan EM, the expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations, and the liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to
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33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at October 31, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2021:
| Fund |
Market Value
of Securities on Loan |
Cash
Collateral |
Non-Cash
Collateral |
Total
Collateral |
||||||||||||
| BDC Income | $ | 75,888,723 | $ | 52,615,975 | $ | 25,366,289 | $ | 77,982,264 | ||||||||
| Emerging Markets High Yield | 41,108,243 | 33,912,101 | 10,187,159 | 44,099,260 | ||||||||||||
| Fallen Angel | 214,967,597 | 195,344,301 | 33,913,151 | 229,257,452 | ||||||||||||
| Floating Rate | 5,495,498 | 1,026,544 | 4,586,136 | 5,612,680 | ||||||||||||
| Green Bond | 5,729,642 | 1,539,910 | 4,340,339 | 5,880,249 | ||||||||||||
| International High Yield | 3,078,104 | 2,943,810 | 569,834 | 3,513,644 | ||||||||||||
| Moody’s Analytics BBB | 224,414 | 183,085 | 50,094 | 233,179 | ||||||||||||
| Moody’s Analytics IG | 432,059 | 216,883 | 230,260 | 447,143 | ||||||||||||
| Mortgage REIT | 27,604,213 | 7,259,944 | 21,316,736 | 28,576,680 | ||||||||||||
| Preferred Securities | 68,113,946 | 46,100,229 | 28,558,445 | 74,658,674 | ||||||||||||
The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2021:
|
Gross Amount of Recognized Liabilities
for
Securities Lending Transactions* in the Statements of Assets and Liabilities |
||||||||
| Fund | Corporate Bonds | Equity Securities | ||||||
| BDC Income | $ | – | $ | 52,615,975 | ||||
| Emerging Markets High Yield | 33,912,101 | – | ||||||
| Fallen Angel | 195,344,301 | – | ||||||
| Green Bond | 1,539,910 | – | ||||||
| International High Yield | 2,943,810 | – | ||||||
| Floating Rate | 1,026,544 | – | ||||||
| Moody’s Analytics BBB | 183,085 | – | ||||||
| Moody’s Analytics IG | 216,883 | – | ||||||
| Mortgage REIT | – | 7,259,944 | ||||||
| Preferred Securities | – | 46,100,229 | ||||||
* Remaining contractual maturity: overnight and continuous
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended October 31, 2021, the following Funds borrowed under this Facility:
| Fund |
Days
Outstanding |
Average
Daily Loan Balance |
Average
Interest Rate |
|||||||||
| BDC Income | 163 | $ | 1,399,266 | 1.44 | % | |||||||
| China Bond | 19 | 163,724 | 1.44 | |||||||||
| Fallen Angel | 6 | 980,429 | 1.45 | |||||||||
| Floating Rate | 15 | 1,592,708 | 1.45 | |||||||||
| International High Yield | 5 | 2,221,323 | 1.42 | |||||||||
| Mortgage REIT | 64 | 2,778,147 | 1.44 | |||||||||
| Preferred Securities | 35 | 2,480,050 | 1.42 | |||||||||
Outstanding loan balances as of October 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split— In 2018, the Board of Trustees approved a 1 for 2 reverse share split for J.P Morgan EM Local Currency Bond ETF. On October 26, 2018 shares began trading on a split-adjusted basis. The Financial Highlights prior to October 26, 2018 have been adjusted to reflect the 1 for 2 reverse share split.
Note 12—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited)
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck BDC Income ETF, China Bond ETF (the “China Fund”), Emerging Markets Aggregate Bond ETF1, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, J.P. Morgan EM Local Currency Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the China Fund. The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Fund) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. They also considered the fact that each of the VanEck Moody’s Analytics BBB Corporate Bond ETF and Moody’s Analytics IG Corporate Bond ETF had only recently commenced operations and therefore each had a limited operational history that could be used for comparative purposes, since expense information, tracking error measurements and the performance comparisons provided by Broadridge were not available for each Fund. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub- Adviser (with respect to the China Fund), including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and Sub-Adviser (with respect to the China Fund) provide under, the Agreements, including, where applicable, (i) (with respect to the VanEck BDC Income ETF, Emerging Markets Aggregate Bond ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, International High Yield Bond ETF, Investment Grade Floating Rate ETF, Mortgage REIT Income ETF and Preferred Securities ex Financials ETF, the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF)
| 1 | Pursuant to a Plan of Liquidation and Dissolution, the Fund liquidated on October 22, 2021. |
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited) (continued)
the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Fund and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Fund) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub- Adviser (with respect to the China Fund) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Fund) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds and each of the VanEck Fallen Angel High Yield Bond ETF and Moody’s Analytics IG Corporate Bond ETF had management fees (after the effect of any applicable fee waiver) equal to the average and below the median of its respective peer group of funds, while the VanEck Mortgage REIT Income ETF had management fees (after the effect of any applicable fee waiver) greater than the average but equal to the median of its peer group of funds and the VanEck Moody’s Analytics BBB Corporate Bond ETF had management fees (after the effect of any applicable fee waiver) above the average and median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, the VanEck Fallen Angel High Yield Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) equal to the average and below the median of its peer group of funds and the VanEck BDC Income ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average but below the median of its peer group of funds, while each of the Mortgage REIT Income ETF and Moody’s Analytics BBB Corporate Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and median of its respective peer group of funds and the VanEck International High Yield Bond ETF had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and equal to the median of its peer group of funds. With respect to these Funds, the Trustees reviewed the amount by which these Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefit.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets
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of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the China Fund and VanEck J.P. Morgan EM Local Currency Bond ETF since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rate for the China Fund are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Fund.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Dynamic Put Write ETF
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Dynamic Put Write ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2021 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
October 31, 2021 (unaudited) (continued)
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | ||
| Distributor: | VanEck Securities Corporation | ||
| 666 Third Avenue, New York, NY 10017 | |||
| vaneck.com | |||
| Account Assistance: | 800.826.2333 | INCOMEAR |
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| Item 2. | CODE OF ETHICS. |
Not applicable.
| Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| Item 6. | SCHEDULE OF INVESTMENTS. |
Information included in Item 1.
| Item 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 9. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| Item 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Not applicable.
| Item 11. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| Item 13. | EXHIBITS. |
| (b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) VANECK ETF TRUST
| By | (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer |
| Date | January 7, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By | (Signature and Title) /s/ Jan F. van Eck, Chief Executive Officer |
| Date | January 7, 2022 |
| By | (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer |
| Date | January 7, 2022 |