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
(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: APRIL 30, 2022
| Item 1. | REPORTS TO SHAREHOLDERS |
 |
ANNUAL REPORT April 30, 2022 |
| 800.826.2333 | vaneck.com |
Certain information contained in this report 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 April 30, 2022.
VANECK ETFs
April 30, 2022 (unaudited)
Dear Fellow Shareholders:
At the start of the year, we believed three themes1 would shape the investment world in 2022: sell growth, buy commodity equities and the Fed tightening will hurt—not crash—the markets. I discussed these themes in an October talk2 While these thoughts seemed obvious, I had forgotten how much damage could be done to investment grade bonds and how far growth stocks could fall. This sell-off, while painful, has been orderly. But the market adjustments are probably not over, so we like to focus on the longer term trends of resource transition and blockchain disruption as the markets adjust to higher interest rates and higher commodity prices.
The Economy
The global economy remains “hot”, fueled by the biggest stimulus seen since WWII. While commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, a key driver of persistent inflation. It tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down, and we won’t really know the answer to the inflation-persistency question until the second half of 2022.
While China has been a large driver of global growth over the past 20 years, its economy has slowed. The jury remains out on just how long China’s slow-down may last and its depth. The question, then, is Will Chinese policymakers stimulate the economy if growth slows too much? And, if they do, will they stimulate enough to keep being a driver of global growth.
Turning to the Fed, the question revolves around its possible actions. Short term, markets do not like Fed uncertainty and may continue to correct. However, I do not think the Fed will hit the brakes too hard by raising rates further than they have already indicated. If market seizes up, though, we may see positive Fed statements and a relief rally. We live in an era in which the Fed keeps an eye on the financial markets. We still see little reason why that would change.
Multi-Year Investment Themes
We continue to focus on two multi-year investment themes.
Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting 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.
As the economy 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 this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.
The second theme is crypto, in particular, the use of blockchain in a large variety of industries and most especially in the field of “smart contracts.” 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. Of course, as with all growth, there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
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VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck ETF Trust
May 3, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. 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.
1 VanEck: 2022 Outlook Q&A: Crypto, Inflation and Energy Transition, December 31, 2021, https://www.vaneck.com/us/en/blogs/investment-outlook/2022-outlook-qa-crypto-inflation-and-energy-transition/
2 Capital Link Inc.: 2021 Capital Link’s 20th Annual CEF & Global ETFs Forum - Keynote Address - Jan van Eck, October 6, 2021, https://www.youtube.com/watch?v=HQxm6B7umNA
| 2 |
VANECK ETFs
April 30, 2022 (unaudited) (unaudited)
CEF Muni Income ETF
The CEF Muni Income ETF lost 15.82% over the prior 12 months due both to widening municipal closed-end fund (CEF) discounts and price decreases in the underlying bonds themselves. During the period the discount at which CEFs traded fluctuated hugely. Starting the fund’s fiscal year at a discount of 2.49% on May 3, 2021, this then narrowed and “flipped” to become a premium and reach a high of 0.94% on August 27, 2021. Thereafter, having remained at a premium for most of the month, from September 23, the premium became a discount and started to widen in fits and starts, before widening significantly from early-January, to 5.86% on January 24, 2022. Then, fluctuating wildly, the discount continued to widen, hitting a high on April 18 of 8.60% and ending the 12 month period at 6.64%.
High Yield Muni ETF/Short High Yield Muni ETF
In the High Yield Muni ETF, the industrial revenue, healthcare and housing sectors contributed the most to the fund’s loss of 8.62%. In terms of state/U.S. territory, the three states detracting the most from performance were California, Illinois and New York. A single state/U.S. territory, the Virgin Islands, contributed positively to performance.
The industrial revenue, healthcare and special tax sectors were the largest contributors to the 6.58% loss recorded by the Short High Yield Muni ETF. A single state/U.S. territory, the Virgin Islands, contributed positively to performance. Grouped by state/U.S. territory, Illinois, New York and New Jersey were the greatest detractors from the fund’s performance.
HIP Sustainable Muni ETF
The HIP Sustainable Muni ETF commenced on September 8, 2021 and had, therefore, not traded for a full 12 months by April 30, 2022. However, in the period in which it did trade before its fiscal year end, the fund was down 8.26%.
Intermediate Muni ETF
In terms of state/U.S. territory, municipal bonds from California, New York and Texas contributed the most to the fund’s negative total return of 9.99%. Kansas was the only state or U.S. territory to contribute positively to the fund’s total return. California, New York and Texas detracted the most. The state, local and transportation sectors detracted the most from the fund’s performance.
Long Muni ETF
The healthcare, local and special tax sectors contributed most to the fund’s loss of 13.26% for the 12 month period. No one sector contributed positively to performance. In terms of state/U.S. territory, municipal bonds issued by New York, California and Texas detracted the most from performance. Not one state or U.S. territory made any significant positive contribution to performance.
Muni Allocation ETF
The Muni Allocation ETF returned -11.03% over the 12 month period versus -7.88% for the Bloomberg Barclays Municipal Bond Index. The largest detractors from the fund’s performance were intermediate-term investment grade bonds, followed by high yield bonds. Those bonds detracting least from performance were short-term investment grade bonds and long-term investment grade bonds.
The fund introduced individual closed-end funds to the portfolio in June 2021 due to the attractive yields that this segment of the municipal bond universe offers. The fund started to get more defensive in October 2021, as interest rate risk started to rise and put downward pressure on bonds with longer duration. Since then, interest rates have moved significantly. The yield on the U.S 10-year Treasury note increased from 1.46% at the beginning of October 2021 to 2.93% on April 30, 2022. The doubling of this key benchmark rate, in reaction to the extremely high inflation in the U.S., has put significant downward pressure on fixed income investments.
| 3 |
VANECK ETFs
MANAGEMENT DISCUSSION (unaudited) (continued)
Short Muni ETF
Among short municipal bonds, the state, industrial revenue and local sectors detracted most from the return of the fund, which overall lost 5.27% for the year. No one sector contributed positively to performance. In terms of state/U.S. territory, no one state contributed positively to the total return of the fund. The three states to detract the most from performance were California, New York and Texas.
Returns based on funds’ net asset values (NAVs).
| 4 |
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | CEFMXTR1 | LBUSTRUU2 | |
| One Year | (16.02)% | (15.82)% | (15.51)% | (8.51)% |
| Five Year | 1.78% | 1.88% | 2.25% | 1.20% |
| Ten Year | 3.16% | 3.24% | 3.61% | 1.73% |
| 1 | S-Network Municipal Bond Closed-End Fund IndexSM (CEFMXTR) is a rules based index intended to serve as a benchmark for closed-end funds listed in the U.S. that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The Index employs a modified total net assets weighting methodology designed to provide investment exposure across the various business segments that together comprise the federally tax-exempt annual yield sector of the closed-end fund market. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 13 for more information.
| 5 |
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | |||||
| Share Price | NAV | MXYT1 | LBUSTRUU2 | LMEHTR3 | |
| One Year | (9.26)% | (8.62)% | (6.61)% | (8.51)% | (6.88)% |
| Five Year | 1.86% | 1.87% | 4.10% | 1.20% | 4.04% |
| Ten Year | 3.13% | 3.19% | 5.02% | 1.73% | 4.99% |
| 1 | ICE High Yield Crossover Municipal Bond Transition Index (MXYT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Broad High Yield Crossover Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR). |
| ICE Broad High Yield Crossover Municipal Index, the final index effective December 1, 2022, tracks the performance of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. | |
| Index data prior to March 1, 2022 reflects that of the LMEHTR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MXYT. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
| 3 | LMEHTR is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 13 for more information.
| 6 |
VANECK HIP SUSTAINABLE MUNI ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | |||
| Share Price | NAV | MUNI1 | |
| Life* | (8.21)% | (8.26)% | (8.06)% |
| * | Commencement of Fund: 9/8/21; First Day of Secondary Market Trading: 9/9/21. |
| 1 | ICE US Broad Municipal Index (MUNI) tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by the United States and its territories, and their political subdivisions, in the US domestic market. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 13 for more information.
| 7 |
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | |||||
| Share Price | NAV | MIBT1 | LBUSTRUU2 | LMT2TR3 | |
| One Year | (10.35)% | (9.99)% | (9.61)% | (8.51)% | (9.92)% |
| Five Year | 1.39% | 1.40% | 1.95% | 1.20% | 1.88% |
| Ten Year | 2.08% | 2.12% | 2.75% | 1.73% | 2.72% |
| 1 | ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Intermediate AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR). |
| ICE Intermediate AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance of intermediate maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. | |
| Index data prior to March 1, 2022 reflects that of LMT2TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MIBT. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
| 3 | LMT2TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 13 for more information.
| 8 |
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | |||||
| Share Price | NAV | MLBT1 | LBUSTRUU2 | LMT3TR3 | |
| One Year | (13.98)% | (13.26)% | (11.63)% | (8.51)% | (11.84)% |
| Five Year | 1.27% | 1.45% | 2.37% | 1.20% | 2.32% |
| Ten Year | 2.43% | 2.56% | 3.45% | 1.73% | 3.42% |
| 1 | ICE Long AMT-Free Broad National Municipal Transition Index (MLBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Long AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR). |
| ICE Long AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance of long maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. | |
| Index data prior to March 1, 2022 reflects that of LMT3TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MLBT. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
| 3 | LMT3TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 13 for more information.
| 9 |
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | |||
| Share Price | NAV | LMBITR1 | |
| One Year | (10.95)% | (11.03)% | (7.88)% |
| Life* | (2.28)% | (2.32)% | 0.15% |
| * | Commencement of Fund: 5/15/19; First Day of Secondary Market Trading: 5/16/19. |
| 1 | Bloomberg Barclays Municipal Bond Index (LMBITR) is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 13 for more information.
| 10 |
VANECK SHORT HIGH YIELD MUNI ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | |||||
| Share Price | NAV | MXIT1 | LBUSTRUU2 | BMHYTR3 | |
| One Year | (7.83)% | (6.58)% | (3.32)% | (8.51)% | (3.50)% |
| Five Year | 1.72% | 1.81% | 3.63% | 1.20% | 3.59% |
| Life* | 1.83% | 1.94% | 3.79% | 1.90% | 3.77% |
| * | Commencement of Fund: 1/13/14; First Day of Secondary Market Trading: 1/14/14. |
| 1 | ICE 1-12 Year Broad High Yield Crossover Municipal Bond Transition Index (MXIT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE 1-12 Year Broad High Yield Crossover Municipal Bond Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays Municipal High Yield Short Duration Index (BMHYTR). |
| ICE 1-12 Year Broad High Yield Crossover Municipal Index, the final index effective December 1, 2022, tracks the performance of lower-rated and unrated U.S. dollar denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. | |
| Index data prior to March 1, 2022 reflects that of BMHYTR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MXIT. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
| 3 | BMHYTR is a market size weighted index composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 13 for more information.
| 11 |
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | |||||
| Share Price | NAV | MSBT1 | LBUSTRUU2 | LMT1TR3 | |
| One Year | (5.78)% | (5.27)% | (5.42)% | (8.51)% | (5.55)% |
| Five Year | 0.64% | 0.67% | 0.95% | 1.20% | 0.92% |
| Ten Year | 0.78% | 0.84% | 1.25% | 1.73% | 1.24% |
| 1 | ICE Short AMT-Free Broad National Municipal Transition Index (MSBT) is an interim index that, beginning on March 1, 2022, gradually increases exposure to securities based on their weightings in the ICE Short AMT-Free Broad National Municipal Index while proportionally reducing exposure to certain component securities of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR). |
| ICE Short AMT-Free Broad National Municipal Index, the final index effective December 1, 2022, tracks the performance of short maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. | |
| Index data prior to March 1, 2022 reflects that of LMT1TR. From March 1, 2022 forward, the index data reflects that of the Fund’s underlying transition index, MSBT. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
| 3 | LMT1TR is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 13 for more information.
| 12 |
VANECK ETF TRUST
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
CEFMX is published by S-Network Global Indexes, LLC (“S-Network”). MXYT, MIBT, MLBT, MXIT and MSBT are published by ICE Data Indices, LLC (“ICE Data”) and its affiliates. LMEHTR, LMT2TR, LMT3TR, LMBITR, BMHYTR, LMT1TR and LBUSTRUU are published by Bloomberg Finance L.P. and its affiliates (“Bloomberg”). Bloomberg, ICE Data and S-Network are referred to herein as the “Index Providers”. Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
| 13 |
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, November 1, 2021, to April 30, 2022.
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 November 1, 2021 |
Ending Account Value April 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period November 1, 2021 - April 30, 2022(a) | |||||
| CEF Muni Income ETF | ||||||||
| Actual | $1,000.00 | $827.80 | 0.40% | $1.81 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| High Yield Muni ETF | ||||||||
| Actual | $1,000.00 | $905.20 | 0.35% | $1.65 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
| HIP Sustainable Muni ETF | ||||||||
| Actual | $1,000.00 | $923.90 | 0.24% | $1.14 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
| Intermediate Muni ETF | ||||||||
| Actual | $1,000.00 | $903.20 | 0.24% | $1.13 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
| Long Muni ETF | ||||||||
| Actual | $1,000.00 | $866.80 | 0.24% | $1.11 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.60 | 0.24% | $1.20 | ||||
| Muni Allocation ETF | ||||||||
| Actual | $1,000.00 | $888.60 | 0.09% | $0.42 | ||||
| Hypothetical (b) | $1,000.00 | $1,024.35 | 0.09% | $0.45 | ||||
| Short High Yield Muni ETF | ||||||||
| Actual | $1,000.00 | $926.40 | 0.35% | $1.67 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.06 | 0.35% | $1.76 |
| 14 |
| Beginning Account Value November 1, 2021 |
Ending Account Value April 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period November 1, 2021 - April 30, 2022(a) | |||||
| Short Muni ETF | ||||||||
| Actual | $1,000.00 | $949.00 | 0.20% | $0.97 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.80 | 0.20% | $1.00 |
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2022), 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). |
| (b) | Assumes annual return of 5% before expenses |
| 15 |
April 30, 2022
| Number of Shares | Value | |||||||
| CLOSED-END FUNDS: 99.8% (a) | ||||||||
| Alliance Bernstein National Municipal Income Fund, Inc. | 145,062 | $ | 1,687,071 | |||||
| Blackrock Investment Quality Municipal Trust, Inc. | 49,040 | 742,466 | ||||||
| BlackRock Long-Term Municipal Advantage Trust | 46,330 | 483,222 | ||||||
| BlackRock MuniAssets Fund, Inc. | 149,813 | 1,782,775 | ||||||
| BlackRock Municipal 2030 Target Term Trust | 272,037 | 6,041,942 | ||||||
| BlackRock Municipal Income Fund, Inc. | 399,682 | 4,900,101 | ||||||
| BlackRock Municipal Income Quality Trust | 131,683 | 1,609,166 | ||||||
| BlackRock Municipal Income Trust | 157,659 | 1,843,034 | ||||||
| BlackRock Municipal Income Trust II | 201,661 | 2,290,869 | ||||||
| BlackRock MuniHoldings Fund, Inc. | 270,300 | 3,478,761 | ||||||
| BlackRock MuniHoldings Quality Fund II, Inc. | 113,357 | 1,235,591 | ||||||
| BlackRock MuniVest Fund II, Inc. | 86,639 | 1,030,138 | ||||||
| BlackRock MuniVest Fund, Inc. | 328,701 | 2,517,850 | ||||||
| BlackRock MuniYield Fund, Inc. | 261,184 | 2,985,333 | ||||||
| BlackRock MuniYield Quality Fund II, Inc. | 111,954 | 1,240,450 | ||||||
| BlackRock MuniYield Quality Fund III, Inc. | 378,111 | 4,465,491 | ||||||
| BlackRock MuniYield Quality Fund, Inc. | 364,882 | 4,670,490 | ||||||
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 90,550 | 1,049,475 | ||||||
| BNY Mellon Municipal Income, Inc. | 117,528 | 830,923 | ||||||
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 245,256 | 1,633,405 | ||||||
| BNY Mellon Strategic Municipals, Inc. | 315,815 | 2,207,547 | ||||||
| DWS Municipal Income Trust | 218,468 | 2,112,586 | ||||||
| Eaton Vance Municipal Bond Fund | 369,211 | 3,972,710 | ||||||
| Eaton Vance Municipal Income 2028 Term Trust | 36,704 | 766,012 | ||||||
| Eaton Vance Municipal Income Trust | 194,873 | 2,194,270 | ||||||
| Number of Shares | Value | |||||||
| Eaton Vance National Municipal Opportunities Trust | 62,640 | $ | 1,125,641 | |||||
| Invesco Advantage Municipal Income Trust II | 174,988 | 1,641,387 | ||||||
| Invesco Municipal Income Opportunities Trust | 177,428 | 1,130,216 | ||||||
| Invesco Municipal Opportunity Trust | 342,709 | 3,574,455 | ||||||
| Invesco Municipal Trust | 282,508 | 2,943,733 | ||||||
| Invesco Quality Municipal Income Trust | 268,399 | 2,780,614 | ||||||
| Invesco Trust for Investment Grade Municipals | 275,972 | 2,994,296 | ||||||
| Invesco Value Municipal Income Trust | 189,908 | 2,453,611 | ||||||
| MainStay MacKay DefinedTerm Municipal Opportunities Fund | 93,482 | 1,701,372 | ||||||
| MFS High Income Municipal Trust | 176,302 | 698,156 | ||||||
| MFS Municipal Income Trust | 230,333 | 1,276,045 | ||||||
| Neuberger Berman Municipal Fund, Inc. | 63,238 | 756,959 | ||||||
| Nuveen AMT-Free Municipal Credit Income Fund | 842,010 | 11,602,898 | ||||||
| Nuveen AMT-Free Municipal Value Fund | 87,817 | 1,264,565 | ||||||
| Nuveen AMT-Free Quality Municipal Income Fund | 1,102,643 | 13,738,932 | ||||||
| Nuveen Dynamic Municipal Opportunities Fund | 208,665 | 2,393,388 | ||||||
| Nuveen Enhanced Municipal Value Fund | 125,211 | 1,502,532 | ||||||
| Nuveen Intermediate Duration Municipal Term Fund | 181,480 | 2,400,980 | ||||||
| Nuveen Intermediate Duration Quality Municipal Term Fund | 50,386 | 650,987 | ||||||
| Nuveen Municipal Credit Income Fund | 569,323 | 7,515,064 | ||||||
| Nuveen Municipal Credit Opportunities Fund | 210,080 | 2,668,016 | ||||||
| Nuveen Municipal High Income Opportunity Fund | 333,211 | 4,071,838 | ||||||
| Nuveen Municipal Value Fund, Inc. | 1,006,343 | 9,248,292 | ||||||
See Notes to Financial Statements
| 16 |
| Number of Shares | Value | |||||||
| Nuveen Quality Municipal Income Fund | 1,063,308 | $ | 13,610,342 | |||||
| Nuveen Select Tax-Free Income Portfolio | 226,838 | 3,107,681 | ||||||
| PIMCO Municipal Income Fund | 72,172 | 797,501 | ||||||
| PIMCO Municipal Income Fund II | 175,456 | 1,901,943 | ||||||
| PIMCO Municipal Income Fund III | 93,661 | 858,871 | ||||||
| Pioneer Municipal High Income Advantage Fund, Inc. | 133,672 | 1,196,364 | ||||||
| Pioneer Municipal High Income Fund Trust | 129,386 | 1,238,224 | ||||||
| Pioneer Municipal High Income Opportunities Fund, Inc. | 98,948 | 1,247,734 | ||||||
| Putnam Managed Municipal Income Trust | 194,344 | 1,251,575 | ||||||
| Putnam Municipal Opportunities Trust | 136,333 | 1,457,400 | ||||||
| RiverNorth Flexible Municipal Income Fund II, Inc. | 124,302 | 1,864,530 | ||||||
| Western Asset Managed Municipals Fund, Inc. | 242,189 | 2,688,298 | ||||||
| Total Closed-End Funds: 99.8% (Cost: $209,245,916) | 169,126,118 | |||||||
| Other assets less liabilities: 0.2% | 281,078 | |||||||
| NET ASSETS: 100.0% | $ | 169,407,196 | ||||||
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 | % | $ | 169,126,118 | ||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Closed-End Funds | $ | 169,126,118 | $ | — | $ | — | $ | 169,126,118 | ||||||||
See Notes to Financial Statements
| 17 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.0% | ||||||||
| Alabama: 1.7% | ||||||||
| Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) | ||||||||
| 5.25%, 06/01/25 | $ | 410 | $ | 411,121 | ||||
| 5.75%, 06/01/26 (c) | 2,000 | 1,967,281 | ||||||
| 5.75%, 06/01/26 (c) | 1,400 | 1,401,937 | ||||||
| 6.00%, 06/01/26 (c) | 5,900 | 5,910,476 | ||||||
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) | 1,500 | 1,717,232 | ||||||
| Jefferson County, Sewer Revenue, Series D (RB) | ||||||||
| 6.00%, 10/01/23 (c) | 10,000 | 10,969,015 | ||||||
| 6.50%, 10/01/23 (c) | 9,000 | 9,927,623 | ||||||
| Jefferson County, Sewer Revenue, Series E (RB) | ||||||||
| 0.00%, 10/01/23 (c) ^ | 60 | 23,715 | ||||||
| 0.00%, 10/01/23 (c) ^ | 100 | 46,579 | ||||||
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) | ||||||||
| 4.50%, 05/01/29 (c) | 11,148 | 10,730,660 | ||||||
| 5.25%, 05/01/29 (c) | 7,000 | 6,919,014 | ||||||
| 50,024,653 | ||||||||
| Alaska: 0.1% | ||||||||
Northern Tobacco Securitization Corp., Series A (RB) 4.00%, 06/01/31 (c) | 1,000 | 928,235 | ||||||
Northern Tobacco Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c) | 1,000 | 910,316 | ||||||
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^ | 3,000 | 366,029 | ||||||
| 2,204,580 | ||||||||
| American Samoa: 0.1% | ||||||||
| American Samoa Economic Development Authority, Series A (RB) | ||||||||
| 5.00%, 09/01/31 (c) | 2,750 | 2,992,217 | ||||||
| 6.50%, 09/01/28 | 250 | 280,859 | ||||||
| 6.62%, 09/01/25 (c) | 1,000 | 1,091,537 | ||||||
| 4,364,613 | ||||||||
| Arizona: 2.2% | ||||||||
Arizona Industrial Development Authority Education Facility, Leman Academy of Excellence Projects, Series A (RB) 4.50%, 07/01/29 (c) | 1,000 | 923,349 | ||||||
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 01/01/27 (c) | $ | 200 | $ | 207,298 | ||||
| Arizona Industrial Development Authority, American Charter School Foundation Project (RB) | ||||||||
| 6.00%, 07/01/27 (c) | 2,940 | 3,183,596 | ||||||
| 6.00%, 07/01/27 (c) | 1,320 | 1,445,793 | ||||||
| Arizona Industrial Development Authority, Basis School Project, Series A (RB) | ||||||||
| 5.12%, 07/01/26 (c) | 250 | 259,504 | ||||||
| 5.25%, 07/01/26 (c) | 500 | 516,353 | ||||||
| Arizona Industrial Development Authority, Basis School Project, Series D (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 515 | 525,997 | ||||||
| 5.00%, 07/01/27 (c) | 270 | 276,390 | ||||||
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM) 5.00%, 07/01/27 (c) | 500 | 511,833 | ||||||
| Arizona Industrial Development Authority, Doral Academy - Fire Mesa and Red Rock Campus, Series A (RB) | ||||||||
| 5.00%, 07/15/27 (c) | 400 | 410,647 | ||||||
| 5.00%, 07/15/27 (c) | 300 | 304,919 | ||||||
| Arizona Industrial Development Authority, Education Facility, Series A (RB) | ||||||||
| 5.25%, 07/01/23 (c) | 1,050 | 1,100,122 | ||||||
| 5.50%, 07/01/23 (c) | 2,100 | 2,186,793 | ||||||
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/26 (c) | 1,000 | 1,062,149 | ||||||
| Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) | ||||||||
| 6.62%, 07/01/27 | 1,000 | 1,058,132 | ||||||
| 7.75%, 07/01/27 (c) | 2,000 | 2,208,672 | ||||||
Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) | 4,000 | 4,293,563 | ||||||
Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) | 500 | 488,405 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) | 445 | 403,096 | ||||||
See Notes to Financial Statements
| 18 |
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c) | $ | 500 | $ | 487,955 | ||||
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/29 (c) | 600 | 511,883 | ||||||
Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/24 (c) | 250 | 246,580 | ||||||
| Glendale Industrial Development Authority, Glencroft Retirement Community Project (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 600 | 496,410 | ||||||
| 5.25%, 11/15/26 (c) | 700 | 542,504 | ||||||
| Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) | ||||||||
| 4.00%, 07/01/25 | 400 | 402,751 | ||||||
| 5.00%, 07/01/25 (c) | 900 | 923,201 | ||||||
| 5.00%, 07/01/25 (c) | 1,000 | 1,018,355 | ||||||
| 5.00%, 07/01/25 (c) | 500 | 509,325 | ||||||
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/28 (c) | 750 | 795,180 | ||||||
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/25 (c) | 675 | 689,389 | ||||||
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/26 (c) | 750 | 775,831 | ||||||
Industrial Development Authority of the City of Phoenix, Oro Valley Project, Series A (RB) 5.25%, 07/01/22 (c) | 1,000 | 1,016,358 | ||||||
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 01/01/26 (c) | 3,830 | 3,498,098 | ||||||
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/28 (c) | 1,000 | 1,089,397 | ||||||
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) | ||||||||
| 5.00%, 07/01/29 (c) | $ | 1,400 | $ | 1,499,849 | ||||
| 5.00%, 07/01/29 (c) | 1,300 | 1,397,161 | ||||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) | ||||||||
| 5.00%, 07/01/29 (c) | 500 | 511,136 | ||||||
| 5.00%, 07/01/29 (c) | 500 | 509,609 | ||||||
| 5.00%, 07/01/29 (c) | 500 | 518,539 | ||||||
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/26 (c) | 1,750 | 1,794,088 | ||||||
Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24 | 255 | 249,374 | ||||||
| Pima County Industrial Development Authority, American Leadership Academy Project (RB) | ||||||||
| 4.12%, 06/15/22 (c) | 1,250 | 1,253,981 | ||||||
| 4.75%, 06/15/22 (c) | 2,000 | 2,007,817 | ||||||
| 5.00%, 06/15/22 (c) | 2,000 | 2,008,397 | ||||||
| 5.62%, 06/15/25 (c) | 1,250 | 1,285,276 | ||||||
Pima County Industrial Development Authority, American Leadership Academy Project (RB) (SD CRED PROG) 5.00%, 06/15/25 (c) | 500 | 502,262 | ||||||
| Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) | ||||||||
| 5.25%, 07/01/26 (c) | 250 | 252,815 | ||||||
| 5.38%, 07/01/26 (c) | 250 | 250,979 | ||||||
| 5.50%, 07/01/26 (c) | 250 | 250,464 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5.00%, 12/01/37 | 9,355 | 10,248,083 | ||||||
| 5.25%, 12/01/23 | 290 | 300,304 | ||||||
| 5.25%, 12/01/24 | 305 | 320,742 | ||||||
| 5.25%, 12/01/25 | 265 | 282,727 | ||||||
| 5.25%, 12/01/27 | 215 | 233,985 | ||||||
| 5.25%, 12/01/28 | 245 | 268,370 | ||||||
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/26 (c) | 355 | 360,128 | ||||||
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) (AGM) 5.00%, 12/01/26 (c) | 250 | 254,247 | ||||||
See Notes to Financial Statements
| 19 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
| Tempe Industrial Development Authority, Mirabella at ASU Project, Series A (RB) | ||||||||
| 6.12%, 10/01/27 (c) | $ | 3,900 | $ | 3,907,659 | ||||
| 6.12%, 10/01/27 (c) | 600 | 599,548 | ||||||
| 65,437,368 | ||||||||
| Arkansas: 0.3% | ||||||||
Arkansas Development Finance Authority Healthcare Facilities, Carti Surgery Center Project, Series B (RB) 3.50%, 07/01/28 (c) | 1,085 | 860,572 | ||||||
Arkansas Development Finance Authority, Academics Plus Charter Schools Project (RB) 4.00%, 12/01/27 (c) | 815 | 664,338 | ||||||
Arkansas Development Finance Authority, Big River Steel Project (RB) 4.50%, 09/01/26 (c) | 7,820 | 7,253,607 | ||||||
Arkansas Development Finance Authority, Charter School Project, Series A (RB) 3.62%, 12/01/28 (c) | 1,000 | 719,941 | ||||||
| 9,498,458 | ||||||||
| California: 13.4% | ||||||||
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 5,000 | 5,270,310 | ||||||
| 5.00%, 10/01/26 (c) | 1,650 | 1,742,490 | ||||||
| 5.00%, 10/01/26 (c) | 2,055 | 2,167,883 | ||||||
| 5.00%, 10/01/26 (c) | 3,000 | 3,170,405 | ||||||
| Anaheim Community Facilities District No. 08-1 (ST) | ||||||||
| 4.00%, 09/01/23 (c) | 420 | 394,365 | ||||||
| 4.00%, 09/01/23 (c) | 615 | 593,743 | ||||||
| 4.00%, 09/01/23 (c) | 160 | 158,641 | ||||||
| Antelope Valley Healthcare District, Series A (RB) | ||||||||
| 5.00%, 03/01/26 (c) | 300 | 308,374 | ||||||
| 5.25%, 03/01/26 (c) | 1,480 | 1,551,959 | ||||||
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/28 (c) | 695 | 701,038 | ||||||
California Community Housing Agency, Essential Housing, Arbors, Series A (RB) 5.00%, 08/01/30 (c) | 3,100 | 2,951,255 | ||||||
California Community Housing Agency, Essential Housing, Creekwood, Series A (RB) 4.00%, 08/01/31 (c) | 11,735 | 9,691,939 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 08/01/31 (c) | $ | 6,000 | $ | 5,292,386 | ||||
| California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) | ||||||||
| 3.00%, 08/01/31 (c) | 1,000 | 709,302 | ||||||
| 4.00%, 08/01/31 (c) | 2,000 | 1,616,261 | ||||||
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) (AGM) 4.00%, 08/01/32 (c) | 3,000 | 2,313,097 | ||||||
California Community Housing Agency, Essential Housing, Mira Vista Hills Apartments, Series A (RB) 4.00%, 08/01/31 (c) | 4,000 | 3,289,169 | ||||||
California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) 5.00%, 02/01/30 (c) | 10,000 | 9,454,777 | ||||||
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 08/01/32 (c) | 2,000 | 1,521,722 | ||||||
California Community Housing Agency, Series A-1 (RB) 4.00%, 08/01/31 (c) | 4,500 | 4,004,066 | ||||||
California Community Housing Agency, Stoneridge Apartments, Series A (RB) 4.00%, 02/01/31 (c) | 6,000 | 4,847,764 | ||||||
California County Tobacco Securitization Agency, Alameda County Tobacco Asset Securitization Corp. (RB) 5.88%, 05/31/22 (c) | 25 | 25,349 | ||||||
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 05/16/22 (c) | 15 | 14,703 | ||||||
| California County Tobacco Securitization Agency, Series A (RB) | ||||||||
| 4.00%, 06/01/30 (c) | 4,740 | 4,602,342 | ||||||
| 5.00%, 05/16/22 (c) | 4,115 | 4,026,758 | ||||||
California Enterprise Development Authority Charter School, Rocketship Public Schools Group No. 2, Series A (RB) 4.00%, 06/01/31 (c) | 1,000 | 907,213 | ||||||
See Notes to Financial Statements
| 20 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Health Facilities Financing Authority, Children’s Hospital, Series A (RB) | ||||||||
| 4.00%, 08/15/27 (c) | $ | 250 | $ | 253,470 | ||||
| 4.20%, 08/15/27 (c) | 500 | 515,706 | ||||||
| 4.25%, 11/15/22 (c) | 80 | 80,503 | ||||||
| 5.00%, 08/15/27 (c) | 460 | 500,380 | ||||||
| 5.00%, 08/15/27 (c) | 990 | 1,070,843 | ||||||
| California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) | ||||||||
| 3.00%, 04/01/30 (c) | 1,000 | 813,043 | ||||||
| 4.00%, 04/01/30 (c) | 1,715 | 1,681,993 | ||||||
| 4.00%, 04/01/30 (c) | 6,325 | 5,978,284 | ||||||
| California Housing Finance Agency, Series A (RB) | ||||||||
| 3.50%, 11/20/35 | 984 | 985,185 | ||||||
| 4.00%, 03/20/33 | 964 | 990,380 | ||||||
| California Infrastructure & Economic Development Bank, Wonderful Foundations Charter School Portfolio Project, Series A-1 (RB) | ||||||||
| 5.00%, 01/01/31 (c) | 5,000 | 4,727,853 | ||||||
| 5.00%, 07/01/30 (c) | 1,000 | 947,645 | ||||||
| California Municipal Finance Authority, California Baptist University, Series A (RB) | ||||||||
| 5.50%, 11/01/25 (c) | 500 | 529,921 | ||||||
| 6.12%, 11/01/23 (c) | 1,000 | 1,045,784 | ||||||
California Municipal Finance Authority, Charter School Santa Rosa Academy Project, (RB) 5.00%, 07/01/32 (c) | 1,000 | 984,598 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 11/15/28 (c) | 500 | 531,148 | ||||||
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c) | 150 | 146,724 | ||||||
| California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) | ||||||||
| 3.00%, 05/15/31 (c) | 5,150 | 3,937,447 | ||||||
| 4.00%, 05/15/31 (c) | 5,000 | 4,915,458 | ||||||
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 | 1,504,053 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 250 | $ | 270,739 | ||||
| 5.00%, 07/01/27 (c) | 200 | 217,252 | ||||||
California Municipal Finance Authority, Holy Names University (RB) 7.00%, 10/01/29 (c) | 2,500 | 2,568,420 | ||||||
| California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 500 | 481,919 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 500,682 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 473,825 | ||||||
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/25 (c) | 2,390 | 2,349,092 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
| 5.00%, 06/30/28 (c) | 600 | 643,304 | ||||||
| 5.00%, 06/30/28 | 65 | 70,074 | ||||||
| 5.00%, 06/30/28 (c) | 2,490 | 2,604,469 | ||||||
| 5.00%, 06/30/28 (c) | 500 | 535,286 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) | ||||||||
| 3.00%, 06/30/28 (c) | 1,950 | 1,792,214 | ||||||
| 5.00%, 06/30/28 (c) | 700 | 739,009 | ||||||
| 5.00%, 06/30/28 (c) | 3,405 | 3,539,902 | ||||||
| 5.00%, 06/30/28 (c) | 1,035 | 1,100,787 | ||||||
| 5.00%, 06/30/28 (c) | 1,000 | 1,053,452 | ||||||
| 5.00%, 06/30/28 (c) | 2,040 | 2,151,759 | ||||||
California Municipal Finance Authority, Multifamily Housing, Series A (RB) 4.00%, 11/01/31 (c) | 1,000 | 912,242 | ||||||
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/26 (c) | 230 | 246,202 | ||||||
| California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 500 | 510,502 | ||||||
| 5.00%, 07/01/28 (c) | 130 | 133,950 | ||||||
| 5.00%, 07/01/28 (c) | 1,000 | 1,016,359 | ||||||
California Municipal Finance Authority, Rocketship Education, Series A (RB) 7.00%, 06/01/22 (c) | 930 | 952,711 | ||||||
See Notes to Financial Statements
| 21 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c) | $ | 1,500 | $ | 1,511,368 | ||||
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) 4.00%, 11/15/28 (c) | 250 | 244,540 | ||||||
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | 10,500 | 10,154,502 | ||||||
| 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 | 1,578,400 | ||||||
| California Public Finance Authority, Enso Village Project, Series A (RB) | ||||||||
| 5.00%, 11/15/29 (c) | 1,000 | 1,001,484 | ||||||
| 5.00%, 11/15/29 (c) | 1,500 | 1,536,549 | ||||||
| 5.00%, 11/15/29 (c) | 500 | 492,708 | ||||||
| 5.00%, 06/01/27 (c) | 400 | 417,084 | ||||||
| California Public Finance Authority, NCCD-Claremont Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 1,000 | 773,722 | ||||||
| 5.00%, 07/01/27 (c) | 485 | 400,942 | ||||||
| 5.00%, 07/01/27 | 210 | 181,278 | ||||||
| 5.00%, 07/01/27 (c) | 300 | 240,904 | ||||||
California School Finance Authority, Charter School Ivy Academia, Series A (RB) 4.00%, 06/01/28 (c) | 1,150 | 995,533 | ||||||
| California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) | ||||||||
| 4.00%, 11/01/31 (c) | 1,000 | 871,313 | ||||||
| 4.00%, 11/01/31 (c) | 2,700 | 2,306,009 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California School Finance Authority, River Springs Charter School Project, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 1,000 | $ | 977,528 | ||||
| 6.38%, 07/01/25 (c) | 2,000 | 2,111,613 | ||||||
| California School Finance Authority, Rocketship Education, Series A (RB) | ||||||||
| 5.12%, 06/01/26 (c) | 250 | 255,566 | ||||||
| 5.25%, 06/01/26 (c) | 250 | 256,250 | ||||||
California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 3.50%, 03/01/28 (c) | 1,050 | 1,012,072 | ||||||
| California Statewide Communities Development Authority, Baptist University, Series A (RB) | ||||||||
| 3.50%, 11/01/27 | 2,500 | 2,552,061 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,057,984 | ||||||
| 6.38%, 11/01/23 (c) | 1,000 | 1,043,586 | ||||||
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/29 (c) | 250 | 226,239 | ||||||
| California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) | ||||||||
| 5.50%, 05/31/22 (c) | 167 | 157,304 | ||||||
| 5.75%, 05/31/22 (c) | 32 | 30,096 | ||||||
California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB) 5.75%, 05/31/22 (c) | 5 | 4,414 | ||||||
California Statewide Communities Development Authority, Infrastructure Program, Series B (SA) 5.00%, 09/02/28 (c) | 920 | 960,606 | ||||||
| California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 385 | 412,077 | ||||||
| 5.00%, 05/15/26 (c) | 545 | 579,291 | ||||||
| California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) (BAM) | ||||||||
| 3.00%, 05/15/31 (c) | 1,000 | 763,561 | ||||||
| 3.00%, 05/15/31 (c) | 1,000 | 781,387 | ||||||
See Notes to Financial Statements
| 22 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) | ||||||||
| 5.00%, 06/01/29 (c) | $ | 435 | $ | 451,515 | ||||
| 5.00%, 06/01/29 (c) | 1,940 | 1,984,003 | ||||||
California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.62%, 11/01/23 (c) | 75 | 77,217 | ||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) | ||||||||
| 5.00%, 06/01/26 (c) | 1,595 | 1,665,822 | ||||||
| 5.00%, 06/01/26 (c) | 350 | 379,852 | ||||||
| 5.00%, 06/01/26 (c) | 2,445 | 2,539,440 | ||||||
| 5.00%, 06/01/26 (c) | 1,100 | 1,164,599 | ||||||
| 5.25%, 12/01/24 (c) | 690 | 712,561 | ||||||
| 5.25%, 12/01/24 (c) | 1,740 | 1,810,963 | ||||||
| 5.25%, 06/01/26 (c) | 8,380 | 8,687,214 | ||||||
| 5.25%, 06/01/28 (c) | 1,000 | 1,050,425 | ||||||
| 5.50%, 12/01/24 (c) | 9,705 | 10,026,595 | ||||||
| 5.50%, 06/01/28 (c) | 6,500 | 6,884,502 | ||||||
| California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) | ||||||||
| 5.00%, 06/01/26 (c) | 3,230 | 3,332,979 | ||||||
| 5.75%, 01/15/23 (c) | 125 | 126,219 | ||||||
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) 3.50%, 05/15/26 (c) | 615 | 591,824 | ||||||
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments, Phase IV-A (RB) 5.00%, 05/15/27 (c) | 3,170 | 3,333,840 | ||||||
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 05/31/22 (c) | 3,175 | 3,227,652 | ||||||
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/31/22 (c) | 900 | 914,923 | ||||||
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/28 (c) | 500 | 456,227 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/25 (c) | $ | 250 | $ | 259,416 | ||||
| City of Irvine, Community Facilities District No. 2013-3 (ST) | ||||||||
| 4.00%, 09/01/23 (c) | 230 | 234,158 | ||||||
| 4.00%, 09/01/23 (c) | 1,000 | 1,016,101 | ||||||
| 4.00%, 09/01/23 (c) | 250 | 254,237 | ||||||
| 4.00%, 09/01/23 (c) | 250 | 254,029 | ||||||
City of Irvine, Reassessment District No. 15-2 (SA) 5.00%, 09/02/25 (c) | 750 | 783,315 | ||||||
City of Oroville Hospital (RB) 5.25%, 04/01/29 (c) | 6,000 | 6,126,048 | ||||||
City of Rancho Cordova, Sunridge Anatolia community Facilities District No. 2003-1 (ST) 4.00%, 09/01/26 (c) | 180 | 177,942 | ||||||
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c) | 840 | 873,584 | ||||||
| City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) | ||||||||
| 3.75%, 09/01/27 (c) | 500 | 468,319 | ||||||
| 5.00%, 09/01/27 (c) | 135 | 142,795 | ||||||
| 5.00%, 09/01/27 (c) | 155 | 164,243 | ||||||
City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c) | 200 | 208,246 | ||||||
City of San Clemente, Facilities District No. 2006-1 (ST) 5.00%, 09/01/25 (c) | 1,045 | 1,085,683 | ||||||
| CMFA Special Finance Agency (RB) | ||||||||
| 3.00%, 12/01/31 (c) | 6,000 | 4,124,757 | ||||||
| 4.00%, 02/01/32 (c) | 2,500 | 2,195,681 | ||||||
CMFA Special Finance Agency I (RB) 4.00%, 04/01/31 (c) | 6,000 | 5,111,080 | ||||||
CMFA Special Finance Agency VII (RB) 4.00%, 08/01/31 (c) | 2,000 | 1,565,633 | ||||||
CMFA Special Finance Agency XII (RB) 4.38%, 02/01/32 (c) | 1,000 | 793,325 | ||||||
| Compton Public Finance Authority (RB) | ||||||||
| 4.00%, 09/01/24 (c) | 1,000 | 1,009,930 | ||||||
| 4.50%, 09/01/24 (c) | 1,585 | 1,603,776 | ||||||
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-1 (RB) 3.50%, 10/01/31 (c) | 1,000 | 809,259 | ||||||
See Notes to Financial Statements
| 23 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
CSCDA Community Improvement Authority, Atlanta-Glendale, Series A-2 (RB) 4.00%, 10/01/31 (c) | $ | 8,750 | $ | 7,257,397 | ||||
CSCDA Community Improvement Authority, City Anaheim, Series A (RB) 5.00%, 01/01/31 (c) | 11,800 | 11,416,882 | ||||||
| CSCDA Community Improvement Authority, Essential Housing Mezzanine Lien, Series B (RB) | ||||||||
| 4.00%, 04/01/32 (c) | 1,000 | 734,010 | ||||||
| 4.00%, 05/01/32 (c) | 1,500 | 1,117,020 | ||||||
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-1 (RB) 2.88%, 08/01/31 (c) | 995 | 861,933 | ||||||
CSCDA Community Improvement Authority, Jefferson-Anaheim, Series A-2 (RB) 3.12%, 08/01/31 (c) | 7,000 | 5,094,707 | ||||||
CSCDA Community Improvement Authority, Link- Glendale, Series A-2 (RB) 4.00%, 07/01/31 (c) | 5,350 | 4,380,089 | ||||||
CSCDA Community Improvement Authority, Millennium South Bay- Hawthorne, Series A-1 (RB) 3.25%, 07/01/32 (c) | 8,000 | 5,922,758 | ||||||
CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-1 (RB) 3.40%, 10/01/31 (c) | 2,000 | 1,657,834 | ||||||
CSCDA Community Improvement Authority, Moda at Monrovia Station, Series A-2 (RB) 4.00%, 10/01/31 (c) | 7,075 | 6,162,073 | ||||||
CSCDA Community Improvement Authority, Monterey Station Apartments, Series A-1 (RB) 3.00%, 07/01/32 (c) | 2,500 | 1,900,469 | ||||||
CSCDA Community Improvement Authority, Parallel-Anaheim, Series A (RB) 4.00%, 08/01/31 (c) | 2,000 | 1,769,482 | ||||||
CSCDA Community Improvement Authority, Park Crossing Apartments, Series A (RB) 3.25%, 06/01/32 (c) | 3,500 | 2,466,730 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
CSCDA Community Improvement Authority, Park Crossing Apartments, Series B (RB) 4.00%, 06/01/32 (c) | $ | 1,000 | $ | 758,627 | ||||
CSCDA Community Improvement Authority, Pasadena Portfolio, Series A-1 (RB) 2.65%, 12/01/31 (c) | 2,000 | 1,614,152 | ||||||
CSCDA Community Improvement Authority, Pasadena Portfolio, Series B (RB) 4.00%, 12/01/31 (c) | 1,000 | 752,859 | ||||||
CSCDA Community Improvement Authority, Union South Bay, Series A-1 (RB) 3.10%, 07/01/31 (c) | 3,000 | 2,351,939 | ||||||
CSCDA Community Improvement Authority, Union South Bay, Series A-2 (RB) 4.00%, 07/01/31 (c) | 15,000 | 12,993,788 | ||||||
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series A (RB) 3.25%, 04/01/32 (c) | 2,200 | 1,617,636 | ||||||
CSCDA Community Improvement Authority, Vineyard Gardens Apartments, Series B (RB) 4.00%, 04/01/32 (c) | 4,000 | 3,294,747 | ||||||
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-1 (RB) 3.00%, 06/01/32 (c) | 1,000 | 704,866 | ||||||
CSCDA Community Improvement Authority, Wood Creek Apartments, Series A-2 (RB) 4.00%, 06/01/32 (c) | 5,780 | 4,738,919 | ||||||
| Dublin Community Facilities District No 2015-1 (ST) | ||||||||
| 5.00%, 09/01/26 (c) | 500 | 528,293 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 537,289 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 532,015 | ||||||
| 5.00%, 09/01/27 (c) | 1,150 | 1,223,303 | ||||||
| 5.00%, 09/01/27 (c) | 1,840 | 1,930,040 | ||||||
Elk Grove Finance Authority (ST) 5.00%, 09/01/26 (c) | 1,300 | 1,361,967 | ||||||
| Folsom Ranch Financing Authority (ST) | ||||||||
| 5.00%, 09/01/27 (c) | 2,000 | 2,127,483 | ||||||
| 5.00%, 09/01/27 (c) | 1,100 | 1,175,941 | ||||||
See Notes to Financial Statements
| 24 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 09/01/27 (c) | $ | 1,000 | $ | 1,047,956 | ||||
| Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A (RB) | ||||||||
| 5.75%, 01/15/24 (c) | 1,000 | 1,058,129 | ||||||
| 6.00%, 01/15/24 (c) | 2,860 | 3,036,622 | ||||||
| Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) | ||||||||
| 3.95%, 07/15/27 (c) | 100 | 91,666 | ||||||
| 6.00%, 01/15/24 (c) | 1,115 | 1,183,858 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-2 (RB) 3.50%, 07/15/29 (c) | 475 | 388,824 | ||||||
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series C (RB) 6.50%, 01/15/24 (c) | 1,000 | 1,061,582 | ||||||
| Hastings Campus Housing Finance Authority, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 4,350 | 4,581,963 | ||||||
| 5.00%, 07/01/30 (c) | 3,000 | 3,107,552 | ||||||
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/26 (c) | 250 | 212,136 | ||||||
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/27 (c) | 1,000 | 1,047,008 | ||||||
Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/25 (c) | 405 | 420,639 | ||||||
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 05/31/22 (c) | 46 | 46,156 | ||||||
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/24 (c) | 1,600 | 1,680,543 | ||||||
| MSR Energy Authority, Series A (RB) | ||||||||
| 6.12%, 11/01/29 | 485 | 541,167 | ||||||
| 6.50%, 11/01/39 | 1,575 | 1,957,988 | ||||||
Ontario California Special Tax, Community Facilities District No. 53 (ST) (FHA 542(C)) 4.00%, 09/01/28 (c) | 1,375 | 1,242,246 | ||||||
| Orange County Community Facilities District No. 1, Series A (ST) | ||||||||
| 4.25%, 08/15/25 (c) | 975 | 981,318 | ||||||
| 5.25%, 08/15/25 (c) | 455 | 475,403 | ||||||
Palomar Health (RB) 5.00%, 11/01/26 (c) | 250 | 270,003 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Palomar Pomerado Health, Series A (GO) (NATL) 0.00%, 08/01/25 ^ | $ | 125 | $ | 111,979 | ||||
Perris Union High School District Financing Authority (ST) 5.00%, 03/01/25 (c) | 1,000 | 1,033,626 | ||||||
Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c) | 750 | 783,250 | ||||||
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) | ||||||||
| 5.00%, 09/01/26 (c) | 500 | 525,694 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 535,088 | ||||||
| 5.50%, 09/01/22 (c) | 3,000 | 3,074,089 | ||||||
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) (AGM) 5.00%, 09/01/26 (c) | 500 | 529,652 | ||||||
River Islands Public Financing Authority, Community Facilities District No. 2019-1 (ST) 4.00%, 09/01/28 (c) | 1,000 | 913,967 | ||||||
| River Islands Public Financing Authority, Phase 2 Public Improvements (ST) | ||||||||
| 4.00%, 09/01/26 (c) | 1,000 | 929,085 | ||||||
| 5.00%, 09/01/26 (c) | 750 | 797,035 | ||||||
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/25 (c) | 500 | 527,746 | ||||||
| Sacramento County, Community Facilities District No. 2005-2 (ST) | ||||||||
| 5.00%, 09/01/26 (c) | 495 | 516,809 | ||||||
| 5.00%, 09/01/26 (c) | 345 | 362,159 | ||||||
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/31 (c) | 745 | 809,969 | ||||||
San Diego County Regional Airport Authority, Series B (RB) 4.00%, 07/01/31 (c) | 1,500 | 1,401,900 | ||||||
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/26 (c) | 300 | 317,755 | ||||||
San Joaquin Hills Transportation Corridor Agency (RB) (NATL) 0.00%, 01/15/25 ^ | 1,000 | 915,720 | ||||||
See Notes to Financial Statements
| 25 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) 5.00%, 01/15/25 (c) | $ | 500 | $ | 533,304 | ||||
| San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series A (RB) (NATL) | ||||||||
| 0.00%, 01/15/32 ^ | 145 | 96,742 | ||||||
| 0.00%, 01/15/36 ^ | 105 | 57,396 | ||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/25 (c) | 200 | 208,421 | ||||||
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Series A (RB) 4.00%, 01/15/32 (c) | 2,000 | 1,892,223 | ||||||
| Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) | ||||||||
| 5.00%, 03/01/26 (c) | 500 | 521,452 | ||||||
| 5.00%, 03/01/26 (c) | 500 | 518,790 | ||||||
Silicon Valley Tobacco Securitization Authority, Series A (RB) 0.00%, 05/31/22 (c) ^ | 7,000 | 3,206,376 | ||||||
Silicon Valley Tobacco Securitization Authority, Series C (RB) 0.00%, 05/16/22 (c) ^ | 8,015 | 955,349 | ||||||
South California Tobacco Securitization Authority, Series C (RB) 0.00%, 05/16/22 (c) ^ | 3,055 | 469,282 | ||||||
Thousand Oaks, California Community Facilities, District No. 1994-1 (ST) 5.38%, 09/01/22 (c) | 1,035 | 1,040,788 | ||||||
Three Rivers Levee Improvement Authority. Community Facilities District Nos. 2006-1 and 2006-2, Series A (ST) 4.00%, 09/01/28 (c) | 1,290 | 1,193,113 | ||||||
Tobacco Securitization Authority of Northern California (RB) 4.00%, 12/01/30 (c) | 3,000 | 2,969,056 | ||||||
Tobacco Securitization Authority of Southern California, Series D (RB) 0.00%, 05/16/22 (c) ^ | 8,440 | 1,108,569 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Transbay Joint Powers Authority, Tax Allocation, Series B (TA) 2.40%, 04/01/30 (c) | $ | 3,920 | $ | 3,768,644 | ||||
| Tustin Community Facilities District, Series A (ST) | ||||||||
| 5.00%, 09/01/25 (c) | 100 | 104,020 | ||||||
| 5.00%, 09/01/25 (c) | 100 | 103,577 | ||||||
Val Verde Unified School District (ST) 5.00%, 03/01/25 (c) | 750 | 777,120 | ||||||
| Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) | ||||||||
| 4.00%, 09/01/21 (d) * | 850 | 442,000 | ||||||
| 5.30%, 09/01/22 (c) (d) * | 530 | 275,600 | ||||||
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/26 (c) | 445 | 464,622 | ||||||
| 403,190,754 | ||||||||
| Colorado: 3.7% | ||||||||
| Arista Metropolitan District in the City and County of Broomfield, Series A (GO) | ||||||||
| 5.00%, 12/01/23 (c) | 500 | 506,382 | ||||||
| 5.12%, 12/01/23 (c) | 750 | 754,426 | ||||||
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/28 (c) | 2,010 | 2,138,332 | ||||||
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 05/31/22 (c) | 1,000 | 1,017,888 | ||||||
| Brighton Crossing Metropolitan District No. 6, Series A (GO) | ||||||||
| 5.00%, 12/01/25 (c) | 500 | 506,690 | ||||||
| 5.00%, 12/01/25 (c) | 500 | 500,257 | ||||||
| Broadway Station Metropolitan District No. 3, Series A (GO) | ||||||||
| 5.00%, 06/01/24 (c) | 2,500 | 2,492,476 | ||||||
| 5.00%, 06/01/24 (c) | 1,249 | 1,267,412 | ||||||
Canyon Pines Metropolitan District, Colorado Special Improvement District No. 1, Series A (SA) 3.75%, 09/01/26 (c) | 1,000 | 811,080 | ||||||
| Centerra Metropolitan District No. 1 (TA) | ||||||||
| 5.00%, 12/01/22 (c) | 500 | 509,574 | ||||||
| 5.00%, 12/01/22 (c) | 500 | 503,066 | ||||||
| 5.00%, 12/01/22 (c) | 500 | 497,193 | ||||||
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/23 (c) | 5,195 | 5,309,500 | ||||||
See Notes to Financial Statements
| 26 |
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/28 (c) | $ | 4,250 | $ | 4,287,244 | ||||
City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c) | 1,035 | 1,036,540 | ||||||
Colorado Educational and Cultural Facilities Authority, Loveland Classical Schools Project, Thompson School District R2-J (RB) 5.00%, 07/01/26 (c) | 1,000 | 992,998 | ||||||
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/27 (c) | 500 | 503,274 | ||||||
Colorado Health Facilities Authority, Christian Living Neighborhoods Project (RB) 5.00%, 01/01/26 (c) | 605 | 625,021 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) | ||||||||
| 4.00%, 08/01/29 (c) | 510 | 495,381 | ||||||
| 5.00%, 08/01/29 | 1,000 | 1,105,754 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) | ||||||||
| 3.25%, 08/01/29 (c) | 5 | 4,006 | ||||||
| 4.00%, 08/01/29 (c) | 7,000 | 6,635,047 | ||||||
| 5.00%, 08/01/29 (c) | 1,045 | 1,126,931 | ||||||
Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.30%, 05/31/22 (c) | 1,160 | 971,706 | ||||||
| Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) | ||||||||
| 5.00%, 12/31/24 (c) | 350 | 361,957 | ||||||
| 5.00%, 12/31/24 (c) | 250 | 258,494 | ||||||
Colorado International Center, Metropolitan District No 7 (GO) 5.25%, 12/01/26 (c) | 5,000 | 3,109,807 | ||||||
Colorado International Center, Metropolitan District No. 14 (GO) 5.88%, 12/01/23 (c) | 2,500 | 2,552,011 | ||||||
| Creekwalk Marketplace Business Improvement District, Series A (RB) | ||||||||
| 5.50%, 12/01/26 (c) | 500 | 454,321 | ||||||
| 5.75%, 12/01/26 (c) | 500 | 446,318 | ||||||
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
| Crowfoot Valley Ranch Metropolitan District No. 2, Series A (GO) | ||||||||
| 5.62%, 12/01/23 (c) | $ | 1,000 | $ | 1,027,471 | ||||
| 5.75%, 12/01/23 (c) | 1,500 | 1,533,042 | ||||||
| Dominion Water and Sanitation District (RB) | ||||||||
| 5.25%, 05/31/22 (c) | 785 | 801,986 | ||||||
| 5.75%, 05/31/22 (c) | 3,500 | 3,575,593 | ||||||
| 6.00%, 05/31/22 (c) | 397 | 405,558 | ||||||
| Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) | ||||||||
| 4.50%, 11/01/25 (c) | 870 | 827,408 | ||||||
| 5.25%, 11/01/25 (c) | 2,345 | 2,228,101 | ||||||
| 5.50%, 11/01/25 (c) | 1,865 | 1,795,184 | ||||||
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 09/01/25 (c) | 1,000 | 1,002,014 | ||||||
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/23 (c) | 1,000 | 907,628 | ||||||
Johnstown Plaza Metropolitan District, in the Town of Johnstown Larimer County, Colorado (GO) (SAW) 4.25%, 03/01/27 (c) | 1,000 | 864,643 | ||||||
North Range Metropolitan District No. 3 (GO) 5.00%, 12/01/25 (c) | 2,000 | 2,010,921 | ||||||
| Painted Prairie Public Improvement Authority (RB) | ||||||||
| 5.00%, 12/01/24 (c) | 1,500 | 1,488,840 | ||||||
| 5.00%, 12/01/24 (c) | 1,000 | 1,008,333 | ||||||
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 03/01/26 (c) | 540 | 481,612 | ||||||
Pueblo Urban Renewal Authority, Evraz Project, Series A (TA) 4.75%, 12/01/30 (c) | 4,030 | 3,774,441 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) 3.62%, 06/01/26 (c) | 1,000 | 783,161 | ||||||
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 10/01/26 (c) | 5,750 | 4,482,769 | ||||||
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series B (RB) 4.00%, 07/15/40 | 615 | 596,900 | ||||||
See Notes to Financial Statements
| 27 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
Rocky Mountain Rail Park Metropolitan District, Series A (GO) 5.00%, 03/01/26 (c) | $ | 6,850 | $ | 5,749,455 | ||||
Siena Lake Metropolitan District, in the Town of Gypsum, Colorado (GO) 4.00%, 09/01/26 (c) | 1,000 | 809,207 | ||||||
Southglenn Metropolitan District (GO) 5.00%, 05/31/22 (c) | 1,000 | 983,286 | ||||||
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/27 (c) | 1,200 | 1,201,687 | ||||||
| Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) | ||||||||
| 4.25%, 12/01/25 (c) | 1,000 | 863,264 | ||||||
| 5.00%, 12/01/22 (c) | 1,000 | 1,025,809 | ||||||
| 5.00%, 12/01/22 (c) | 500 | 510,395 | ||||||
| 5.00%, 12/01/22 (c) | 5,000 | 5,077,052 | ||||||
| Transport Metropolitan District No. 3 (GO) | ||||||||
| 5.00%, 03/01/26 (c) | 4,000 | 3,926,921 | ||||||
| 5.00%, 03/01/26 (c) | 4,200 | 4,268,423 | ||||||
| Velocity Metropolitan District No. 3 (GO) | ||||||||
| 5.12%, 12/01/23 (c) | 500 | 511,407 | ||||||
| 5.38%, 12/01/23 (c) | 1,500 | 1,535,627 | ||||||
| 5.50%, 12/01/23 (c) | 3,500 | 3,576,446 | ||||||
Verve Metropolitan District No 1 (GO) 5.00%, 03/01/26 (c) | 1,025 | 1,039,726 | ||||||
Village Metropolitan District (GO) 5.00%, 12/01/25 (c) | 1,250 | 1,290,228 | ||||||
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.12%, 09/01/26 (c) | 4,980 | 3,854,406 | ||||||
Windler Public Improvement Authority, Series A-2 (RB) 4.63%, 09/01/26 (c) | 7,375 | 4,321,022 | ||||||
| 111,921,052 | ||||||||
| Connecticut: 0.8% | ||||||||
Bridgeport Housing Authority, Energy Performance Equipment (RB) 5.60%, 05/10/22 (c) | 630 | 606,237 | ||||||
Connecticut Airport Authority, Ground Transportation Center Project, Series A (RB) (AMBAC) 4.00%, 07/01/29 (c) | 2,000 | 1,830,151 | ||||||
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) | ||||||||
5.00%, 09/01/26 (c) | 2,500 | 2,526,949 | ||||||
| Par (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
| 5.00%, 09/01/26 (c) | $ | 3,000 | $ | 3,022,997 | ||||
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/24 (c) | 3,000 | 3,052,519 | ||||||
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/26 (c) | 2,000 | 2,034,366 | ||||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 4.00%, 07/01/29 (c) | 2,000 | 1,877,656 | ||||||
| Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series J (RB) | ||||||||
| 4.25%, 07/01/22 (c) | 935 | 939,313 | ||||||
| 4.50%, 07/01/22 (c) | 655 | 658,284 | ||||||
| 5.00%, 07/01/22 (c) | 380 | 382,209 | ||||||
| 5.00%, 07/01/22 (c) | 4,470 | 4,495,985 | ||||||
| 5.00%, 07/01/22 (c) | 100 | 100,581 | ||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/29 (c) | 250 | 230,164 | ||||||
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/29 (c) | 250 | 224,096 | ||||||
Connecticut State Health and Educational Facilities, Nuvance Health, Series A (RB) 4.00%, 07/01/29 (c) | 500 | 501,351 | ||||||
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c) | 500 | 485,129 | ||||||
| 22,967,987 | ||||||||
| Delaware: 0.1% | ||||||||
| Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) | ||||||||
| 5.00%, 06/01/26 (c) | 250 | 257,227 | ||||||
| 5.00%, 06/01/26 (c) | 1,000 | 1,018,776 | ||||||
Delaware River and Bay Authority, Series A (RB) 5.00%, 01/01/23 (c) | 730 | 743,812 | ||||||
| 2,019,815 | ||||||||
See Notes to Financial Statements
| 28 |
| Par (000’s | ) | Value | ||||||
| District of Columbia: 1.1% | ||||||||
District of Columbia Tobacco Settlement Financing Corp. (RB) 0.00%, 05/31/22 (c) ^ | $ | 24,055 | $ | 5,048,098 | ||||
| District of Columbia, Ingleside at Rock Creek Project, Series A (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 1,180 | 1,159,331 | ||||||
| 5.00%, 07/01/24 (c) | 250 | 252,701 | ||||||
| District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) | ||||||||
| 5.00%, 06/01/30 (c) | 500 | 515,049 | ||||||
| 5.00%, 06/01/30 (c) | 2,500 | 2,536,386 | ||||||
District of Columbia, Rocketship Education Public Charter School, Series A (RB) 5.00%, 06/01/29 (c) | 1,000 | 1,021,108 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^ | 11,825 | 5,588,120 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) | ||||||||
| 0.00%, 10/01/37 ^ | 5,520 | 2,873,750 | ||||||
| 4.00%, 10/01/29 (c) | 7,315 | 7,360,085 | ||||||
| 4.00%, 10/01/29 (c) | 250 | 254,979 | ||||||
| 5.00%, 10/01/29 (c) | 3,150 | 3,396,123 | ||||||
| 6.50%, 10/01/28 (c) | 245 | 290,380 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (SAW) 4.00%, 10/01/29 (c) | 1,675 | 1,654,233 | ||||||
| 31,950,343 | ||||||||
| 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 | 313,607 | ||||||
Aqua One Community Development District (SA) 5.75%, 05/01/28 (c) | 1,000 | 1,021,513 | ||||||
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/25 (c) | 295 | 295,475 | ||||||
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/31 (c) | 5,500 | 5,576,256 | ||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 07/15/26 (c) | 250 | 252,906 | ||||||
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 07/15/26 (c) | $ | 500 | $ | 502,595 | ||||
| Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) | ||||||||
| 4.50%, 01/01/29 (c) | 500 | 502,129 | ||||||
| 5.12%, 01/01/29 (c) | 500 | 506,578 | ||||||
| 5.25%, 01/01/29 (c) | 500 | 502,193 | ||||||
| 5.38%, 01/01/29 (c) | 500 | 504,276 | ||||||
| Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) | ||||||||
| 4.38%, 06/15/27 | 390 | 391,220 | ||||||
| 5.25%, 06/15/27 (c) | 500 | 507,652 | ||||||
Capital Trust Agency, First Mortgage, American Eagle Portfolio Project, Series B (RB) 6.00%, 07/01/25 (c) | 1,000 | 300,000 | ||||||
| Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) | ||||||||
| 4.00%, 12/01/28 | 2,200 | 2,184,864 | ||||||
| 5.25%, 12/01/28 (c) | 2,000 | 2,090,302 | ||||||
| 5.25%, 12/01/28 (c) | 2,200 | 2,271,418 | ||||||
| Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) | ||||||||
| 5.00%, 01/01/31 (c) | 1,850 | 1,708,758 | ||||||
| 5.00%, 07/01/30 (c) | 2,250 | 2,083,257 | ||||||
| City of Orlando, Tourist Development Tax, Series A (RB) (AGM) | ||||||||
| 5.00%, 11/01/27 | 1,100 | 1,236,364 | ||||||
| 5.00%, 11/01/27 (c) | 500 | 549,603 | ||||||
City of Pompano Beach, John Knox Village Project, Series A (RB) 4.00%, 09/01/27 (c) | 1,000 | 889,144 | ||||||
| City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) | ||||||||
| 4.00%, 06/01/25 (c) | 230 | 230,353 | ||||||
| 5.00%, 06/01/25 (c) | 460 | 487,775 | ||||||
| 5.00%, 06/01/25 (c) | 300 | 317,208 | ||||||
City of Tampa, Florida, H. Lee Moffitt Cancer Center Project, Series A (RB) (AGC) 0.00%, 09/01/30 (c) ^ | 1,000 | 462,395 | ||||||
Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) | ||||||||
7.00%, 05/15/24 (d) * | 590 | 401,200 | ||||||
See Notes to Financial Statements
| 29 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| 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) | 19,035 | 19,498,375 | ||||||
Florida Development Finance Corp., Florida Charter Foundation, Inc., Series A (RB) 6.12%, 06/15/27 (c) | 1,000 | 971,852 | ||||||
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/28 (c) | 425 | 419,367 | ||||||
| Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB) | ||||||||
| 4.00%, 06/01/28 (c) | 1,600 | 1,388,649 | ||||||
| 4.00%, 06/01/28 (c) | 1,250 | 999,335 | ||||||
| Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) | ||||||||
| 5.75%, 06/15/24 (c) | 1,000 | 1,041,529 | ||||||
| 6.00%, 06/15/25 (c) | 500 | 524,519 | ||||||
| 6.12%, 06/15/22 (c) | 3,000 | 3,017,189 | ||||||
| 6.12%, 06/15/25 (c) | 685 | 715,778 | ||||||
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series C (RB) 5.00%, 09/15/27 (c) | 1,000 | 1,021,160 | ||||||
Florida Development Finance Corp., The Mayl Ower Retirement Community Project, Series A (RB) 5.25%, 06/01/27 (c) | 1,000 | 1,023,746 | ||||||
| Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
| 6.25%, 01/01/24 (c) (p) | 11,000 | 10,962,965 | ||||||
| 6.38%, 01/01/26 (c) (p) | 15,195 | 14,991,817 | ||||||
| 6.50%, 01/01/29 (c) (p) | 28,000 | 27,348,300 | ||||||
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 3.00%, 06/01/24 (c) | 1,000 | 927,156 | ||||||
| FRERC Community Development District (SA) (AGM) | ||||||||
| 5.38%, 11/01/29 (c) | 1,500 | 1,477,597 | ||||||
| 5.50%, 11/01/29 (c) | 2,450 | 2,385,796 | ||||||
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 02/01/31 (c) | 7,500 | 7,242,879 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series B (RB) 4.25%, 05/31/22 (c) | $ | 3,500 | $ | 3,447,746 | ||||
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/22 (c) | 500 | 500,448 | ||||||
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/29 (c) | 1,000 | 988,842 | ||||||
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) 5.00%, 11/15/24 (c) | 380 | 395,383 | ||||||
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM) | ||||||||
| 3.00%, 11/15/31 (c) | 3,170 | 2,289,323 | ||||||
| 4.00%, 11/15/31 (c) | 2,530 | 2,354,524 | ||||||
| Miami World Center Community Development District (SA) | ||||||||
| 5.12%, 11/01/27 (c) | 750 | 785,159 | ||||||
| 5.25%, 11/01/27 (c) | 250 | 260,024 | ||||||
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/26 (c) | 1,360 | 1,490,782 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
| 5.00%, 10/01/25 (c) | 500 | 521,724 | ||||||
| 5.00%, 10/01/25 (c) | 500 | 523,853 | ||||||
Mid-Bay Bridge Authority, Second Senior Lien, Series C (RB) 5.00%, 10/01/25 (c) | 1,000 | 1,036,945 | ||||||
| Midtown Miami Community Development District, Parking Garage Project, Series A (SA) | ||||||||
| 4.25%, 05/01/23 (c) | 1,035 | 1,042,318 | ||||||
| 5.00%, 05/01/23 (c) | 1,480 | 1,488,739 | ||||||
North Broward Hospital District, Series B (RB) 5.00%, 01/01/28 (c) | 155 | 169,044 | ||||||
| Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) | ||||||||
| 5.00%, 08/01/27 (c) | 200 | 208,884 | ||||||
| 5.00%, 08/01/27 (c) | 200 | 205,643 | ||||||
See Notes to Financial Statements
| 30 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c) | $ | 310 | $ | 317,662 | ||||
Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series B (RB) 2.62%, 06/01/25 | 550 | 533,408 | ||||||
Palm Beach County, Lynn University Housing Project, Series A (RB) 5.00%, 06/01/31 (c) | 3,920 | 4,032,216 | ||||||
| Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) | ||||||||
| 5.00%, 04/01/29 (c) | 2,500 | 2,499,888 | ||||||
| 5.00%, 04/01/29 (c) | 1,000 | 1,015,128 | ||||||
Palm Cost Park Community Development District (SA) 5.70%, 05/31/22 (c) | 180 | 180,118 | ||||||
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 | 5,000 | 5,327,962 | ||||||
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) 5.50%, 11/15/26 (c) | 500 | 466,503 | ||||||
Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series B-1 (RB) 4.25%, 05/31/22 (c) | 2,600 | 2,471,104 | ||||||
Sumter County, Florida Village Community Development District No. 9 (SA) 5.50%, 05/01/22 (c) | 750 | 750,000 | ||||||
| Village Community Development District No. 12 (SA) | ||||||||
| 3.25%, 05/01/26 | 245 | 242,249 | ||||||
| 3.62%, 05/01/26 (c) | 2,365 | 2,288,240 | ||||||
| 3.88%, 05/01/26 (c) | 2,420 | 2,213,186 | ||||||
| 4.25%, 05/01/28 (c) | 935 | 909,623 | ||||||
Village Community Development District No. 12 (SA) (SAW) 4.38%, 05/01/28 (c) | 1,170 | 1,145,310 | ||||||
| Village Community Development District No. 13 (SA) | ||||||||
| 3.00%, 05/01/29 | 730 | 692,017 | ||||||
| 3.38%, 05/01/29 (c) | 980 | 899,409 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| 3.55%, 05/01/29 (c) | $ | 2,820 | $ | 2,525,173 | ||||
Village Community Development District No. 13 (SA) (SBG) 3.70%, 05/01/29 (c) | 4,625 | 3,972,858 | ||||||
| 172,551,285 | ||||||||
| Georgia: 1.1% | ||||||||
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 02/01/28 (c) | 1,000 | 959,576 | ||||||
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 | 760,404 | ||||||
| Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) | ||||||||
| 6.25%, 12/01/24 (c) | 4,000 | 3,522,610 | ||||||
| 6.50%, 12/01/24 (c) | 1,000 | 893,885 | ||||||
Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) | 1,250 | 1,201,295 | ||||||
| Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) | ||||||||
| 4.00%, 04/01/28 (c) | 1,000 | 863,116 | ||||||
| 4.00%, 04/01/28 (c) | 1,500 | 1,213,107 | ||||||
| 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 | 499,270 | ||||||
| 5.00%, 04/01/26 (c) | 1,000 | 987,383 | ||||||
Gainesville & Hall County Development Authority (RB) 5.00%, 03/01/27 (c) | 1,500 | 1,146,061 | ||||||
Gainesville & Hall County Development Authority (RB) (BAM) 5.00%, 03/01/27 (c) | 700 | 572,991 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 4.00%, 02/15/30 (c) | 1,050 | 1,037,127 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) (AGM) 4.00%, 02/15/31 (c) | 1,175 | 1,146,867 | ||||||
See Notes to Financial Statements
| 31 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/31 (c) | $ | 1,000 | $ | 903,487 | ||||
George L Smith II World Congress Center Authority, Series B (RB) 5.00%, 01/01/31 (c) | 4,780 | 4,574,769 | ||||||
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | 416 | 437,916 | ||||||
| Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) | ||||||||
| 5.75%, 06/15/27 (c) | 250 | 258,928 | ||||||
| 6.00%, 06/15/27 (c) | 1,000 | 1,031,396 | ||||||
Main Street Natural Gas, Inc. (RB) 5.00%, 05/15/49 | 1,000 | 1,104,562 | ||||||
Marietta Development Authority, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 (c) | 1,000 | 1,013,893 | ||||||
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 1,250 | 1,335,961 | ||||||
| 5.00%, 07/01/25 (c) | 375 | 393,165 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series B (RB) 5.00%, 07/01/28 (c) | 1,000 | 1,050,169 | ||||||
Oconee County Industrial Development Authority, Series A-1 (RB) 6.25%, 12/01/25 (c) | 1,000 | 825,291 | ||||||
Paulding County Hospital Authority, WellStar Health System, Inc., Series A (RB) 4.00%, 04/01/32 (c) | 1,085 | 1,086,382 | ||||||
Rockdale County Development Authority, Pratt Paper LLC Project (RB) 4.00%, 01/01/28 (c) | 3,850 | 3,639,261 | ||||||
| White County Development Authority, Truett McConnell University Project, Series A (RB) | ||||||||
| 5.12%, 10/01/26 (c) | 500 | 456,635 | ||||||
| 5.25%, 10/01/26 (c) | 500 | 438,321 | ||||||
| 33,353,828 | ||||||||
| Guam: 0.5% | ||||||||
| Guam Government, Business Privilege Tax, Series D (RB) | ||||||||
| 4.00%, 11/15/25 (c) | 600 | 599,234 | ||||||
| 5.00%, 11/15/25 (c) | 1,100 | 1,157,182 | ||||||
| 5.00%, 11/15/25 (c) | 500 | 526,634 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Guam (continued) | ||||||||
| 5.00%, 11/15/25 (c) | $ | 585 | $ | 614,116 | ||||
Guam Government, Business Privilege Tax, Series F (RB) 4.00%, 01/01/31 (c) | 3,000 | 2,746,026 | ||||||
| Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) | ||||||||
| 4.25%, 02/01/30 | 500 | 496,665 | ||||||
| 5.00%, 02/01/30 (c) | 500 | 511,787 | ||||||
Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/30 | 750 | 799,626 | ||||||
Guam Government, Limited Obligation, Series A (RB) 5.00%, 12/01/26 (c) | 620 | 652,801 | ||||||
| Guam Government, Waterworks Authority, Water and Wastewater System (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 1,375 | 1,454,086 | ||||||
| 5.25%, 07/01/23 (c) | 550 | 568,802 | ||||||
| 5.50%, 07/01/23 (c) | 1,000 | 1,037,033 | ||||||
Guam Government, Waterworks Authority, Water and Wastewater System, Series A (RB) 5.00%, 07/01/30 (c) | 3,205 | 3,466,524 | ||||||
| Guam Power Authority, Series A (RB) | ||||||||
| 5.00%, 10/01/22 (c) | 345 | 349,851 | ||||||
| 5.00%, 10/01/27 (c) | 500 | 522,038 | ||||||
| 15,502,405 | ||||||||
| Hawaii: 0.2% | ||||||||
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 05/31/22 (c) | 1,775 | 1,686,250 | ||||||
| State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
| 6.25%, 07/01/23 (c) | 1,400 | 1,439,479 | ||||||
| 6.62%, 07/01/23 (c) | 2,085 | 2,143,714 | ||||||
| 5,269,443 | ||||||||
| Idaho: 0.1% | ||||||||
| Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) | ||||||||
| 3.50%, 09/01/26 (c) | 450 | 413,620 | ||||||
| 5.00%, 09/01/26 (c) | 1,135 | 1,200,859 | ||||||
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/28 (c) | 100 | 87,773 | ||||||
| 1,702,252 | ||||||||
| Illinois: 13.1% | ||||||||
Chicago Board of Education, Series A (GO) | ||||||||
| 4.00%, 12/01/31 (c) | 4,500 | 4,034,904 | ||||||
See Notes to Financial Statements
| 32 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 4.00%, 12/01/31 (c) | $ | 8,500 | $ | 7,440,308 | ||||
| 5.00%, 12/01/22 (c) | 10,055 | 10,167,945 | ||||||
| 5.00%, 12/01/28 (c) | 250 | 263,116 | ||||||
| 5.00%, 12/01/29 | 1,000 | 1,067,888 | ||||||
| 5.00%, 12/01/29 (c) | 4,000 | 4,256,451 | ||||||
| 5.00%, 12/01/30 (c) | 1,600 | 1,673,787 | ||||||
| 5.00%, 12/01/30 (c) | 395 | 415,813 | ||||||
| 5.00%, 12/01/30 (c) | 4,100 | 4,324,969 | ||||||
| 5.00%, 12/01/30 (c) | 100 | 105,022 | ||||||
| 5.00%, 12/01/30 (c) | 7,850 | 8,198,350 | ||||||
| 5.00%, 12/01/30 (c) | 5,950 | 6,234,939 | ||||||
| 5.00%, 12/01/30 (c) | 2,300 | 2,398,427 | ||||||
| 5.00%, 12/01/30 (c) | 3,475 | 3,677,079 | ||||||
| 5.00%, 12/01/30 (c) | 100 | 105,147 | ||||||
| 5.00%, 12/01/30 (c) | 2,860 | 3,002,075 | ||||||
| 5.00%, 12/01/31 (c) | 5,000 | 5,169,006 | ||||||
| 7.00%, 12/01/25 (c) | 5,200 | 5,835,822 | ||||||
| 7.00%, 12/01/25 (c) | 14,210 | 15,662,158 | ||||||
| 7.00%, 12/01/27 (c) | 2,250 | 2,573,563 | ||||||
| Chicago Board of Education, Series A (GO) (AGM) | ||||||||
| 5.00%, 12/01/23 | 300 | 311,917 | ||||||
| 5.00%, 12/01/25 | 1,000 | 1,072,144 | ||||||
| 5.00%, 12/01/28 (c) | 250 | 273,879 | ||||||
| Chicago Board of Education, Series A (GO) (AMBAC) | ||||||||
| 5.50%, 12/01/25 | 145 | 156,985 | ||||||
| 5.50%, 12/01/26 | 175 | 192,691 | ||||||
| 5.50%, 12/01/30 | 2,500 | 2,886,702 | ||||||
| Chicago Board of Education, Series A (GO) (NATL) | ||||||||
| 0.00%, 12/01/27 ^ | 760 | 620,014 | ||||||
| 0.00%, 12/01/28 ^ | 390 | 304,704 | ||||||
| 0.00%, 12/01/30 ^ | 55 | 39,208 | ||||||
| 5.50%, 12/01/26 | 355 | 379,727 | ||||||
| Chicago Board of Education, Series B (GO) | ||||||||
| 4.00%, 12/01/22 (c) | 150 | 150,631 | ||||||
| 5.00%, 12/01/22 (c) | 1,105 | 1,117,666 | ||||||
| 5.00%, 12/01/22 (c) | 3,235 | 3,271,150 | ||||||
| 5.00%, 12/01/27 | 1,500 | 1,599,920 | ||||||
| 5.00%, 12/01/29 (c) | 200 | 211,347 | ||||||
| 5.00%, 12/01/30 | 1,650 | 1,765,829 | ||||||
| 5.00%, 12/01/30 (c) | 100 | 105,022 | ||||||
| 5.00%, 12/01/30 (c) | 100 | 106,153 | ||||||
| 6.50%, 12/01/26 (c) | 1,100 | 1,216,559 | ||||||
| Chicago Board of Education, Series C (GO) | ||||||||
| 5.00%, 12/01/23 | 500 | 517,386 | ||||||
| 5.00%, 12/01/27 (c) | 2,625 | 2,756,594 | ||||||
| 5.00%, 12/01/27 | 2,000 | 2,133,227 | ||||||
| 5.25%, 12/01/24 (c) | 4,430 | 4,587,669 | ||||||
| 5.25%, 12/01/24 (c) | 3,485 | 3,616,051 | ||||||
| 6.00%, 12/01/24 (c) | 1,160 | 1,227,246 | ||||||
Chicago Board of Education, Series D (GO) (AGM) 5.00%, 12/01/28 (c) | 2,500 | 2,591,097 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
Chicago Board of Education, Series E (GO) 5.12%, 12/01/24 (c) | $ | 2,415 | $ | 2,501,809 | ||||
Chicago Board of Education, Series G (GO) 5.00%, 12/01/27 (c) | 1,100 | 1,155,144 | ||||||
Chicago Board of Education, Series H (GO) 5.00%, 12/01/27 (c) | 12,080 | 12,508,635 | ||||||
| Chicago Illinois Board of Education Unlimited Tax, Series B (GO) | ||||||||
| 4.00%, 12/01/31 (c) | 5,000 | 4,569,162 | ||||||
| 4.00%, 12/01/31 (c) | 2,380 | 2,163,360 | ||||||
| 4.00%, 12/01/31 (c) | 5,000 | 4,601,750 | ||||||
Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c) | 4,000 | 4,105,154 | ||||||
Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c) | 400 | 407,649 | ||||||
| Chicago School Reform Board of Trustees, Series A (GO) (NATL) | ||||||||
| 0.00%, 12/01/23 ^ | 300 | 285,886 | ||||||
| 0.00%, 12/01/25 ^ | 355 | 313,960 | ||||||
| 0.00%, 12/01/29 ^ | 1,460 | 1,090,980 | ||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
| 0.00%, 12/01/24 ^ | 1,165 | 1,069,962 | ||||||
| 0.00%, 12/01/25 ^ | 1,650 | 1,459,250 | ||||||
| 0.00%, 12/01/26 ^ | 1,630 | 1,386,683 | ||||||
| 0.00%, 12/01/27 ^ | 1,030 | 840,282 | ||||||
| 0.00%, 12/01/28 ^ | 690 | 539,093 | ||||||
| 0.00%, 12/01/29 ^ | 645 | 481,974 | ||||||
| 0.00%, 12/01/31 ^ | 520 | 352,773 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
| 5.00%, 06/01/26 | 100 | 107,399 | ||||||
| 5.00%, 06/01/29 | 1,000 | 1,110,231 | ||||||
| City of Chicago, City Colleges (GO) (NATL) | ||||||||
| 0.00%, 01/01/28 ^ | 345 | 281,430 | ||||||
| 0.00%, 01/01/30 ^ | 420 | 314,379 | ||||||
| 0.00%, 01/01/33 ^ | 1,985 | 1,292,480 | ||||||
| 0.00%, 01/01/34 ^ | 760 | 471,835 | ||||||
City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) 5.00%, 01/01/25 | 235 | 246,198 | ||||||
City of Chicago, O’Hare International Airport, Senior Lien (RB) 5.75%, 01/01/23 (c) | 1,585 | 1,615,256 | ||||||
City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/27 | 1,000 | 1,062,784 | ||||||
See Notes to Financial Statements
| 33 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 01/01/27 | $ | 200 | $ | 212,559 | ||||
| 5.00%, 01/01/31 (c) | 3,000 | 3,208,554 | ||||||
| 5.00%, 01/01/31 (c) | 3,000 | 3,198,841 | ||||||
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^ | 140 | 109,509 | ||||||
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 | 2,775 | 2,969,855 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 0.00%, 01/01/32 ^ | 195 | 127,401 | ||||||
| 5.00%, 01/01/24 | 1,110 | 1,147,252 | ||||||
| 5.00%, 01/01/25 | 1,760 | 1,843,863 | ||||||
| 5.00%, 01/01/26 (c) | 250 | 263,826 | ||||||
| 5.00%, 01/01/26 | 380 | 400,799 | ||||||
City of Chicago, Water Revenue, Second Lien (RB) (AMBAC) 5.75%, 11/01/30 | 1,020 | 1,133,413 | ||||||
| City of Harvey, Series A (GO) | ||||||||
| 5.50%, 05/31/22 (c) (d) * | 465 | 390,600 | ||||||
| 5.62%, 05/31/22 (c) (d) * | 3,600 | 3,024,000 | ||||||
Cook County, Illinois, Series B (GO) 4.00%, 11/15/26 | 1,200 | 1,256,694 | ||||||
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/31 (c) | 1,000 | 889,856 | ||||||
Illinois Finance Authority, Admiral Lake Project (RB) | ||||||||
| 5.00%, 05/15/24 (c) | 1,120 | 1,035,648 | ||||||
| 5.12%, 05/15/24 (c) | 390 | 351,811 | ||||||
| 5.25%, 05/15/24 (c) | 2,350 | 1,975,471 | ||||||
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 05/31/22 (c) | 35 | 35,017 | ||||||
Illinois Finance Authority, Charter Schools, Art in Motion Project, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 808,191 | ||||||
| Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB) | ||||||||
| 5.00%, 07/01/25 (c) | 1,000 | 916,153 | ||||||
| 5.00%, 07/01/25 (c) | 1,000 | 866,984 | ||||||
| Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB) | ||||||||
| 4.75%, 05/15/23 (c) | 615 | 620,111 | ||||||
| 5.12%, 05/15/23 (c) | 230 | 232,079 | ||||||
| 5.25%, 05/15/23 (c) | 750 | 757,114 | ||||||
| Illinois Finance Authority, Friendship Village of Schaumburg (RB) | ||||||||
| 5.00%, 02/15/27 (c) | 6,500 | 4,277,645 | ||||||
| 5.00%, 02/15/27 | 3,000 | 2,177,178 | ||||||
| 5.12%, 02/15/27 (c) | 6,130 | 3,895,090 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
Illinois Finance Authority, Greenfields of Geneva Project (RB) 7.10%, 11/01/27 (c) | $ | 100 | $ | 77,257 | ||||
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/25 (c) | 500 | 527,381 | ||||||
| Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) | ||||||||
| 5.00%, 11/01/26 (c) | 250 | 260,460 | ||||||
| 5.00%, 11/01/26 (c) | 1,525 | 1,544,962 | ||||||
| 5.00%, 11/01/26 (c) | 500 | 511,284 | ||||||
| 5.00%, 11/01/26 (c) | 500 | 525,162 | ||||||
| 5.00%, 11/01/26 (c) | 4,710 | 4,702,994 | ||||||
Illinois Finance Authority, Park Place Elmhurst Project (RB) 5.12%, 05/15/26 (c) | 1,616 | 1,342,630 | ||||||
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 05/31/22 (c) | 475 | 475,147 | ||||||
| Illinois Finance Authority, Roosevelt University, Series A (RB) | ||||||||
| 6.00%, 10/01/28 (c) | 1,600 | 1,691,487 | ||||||
| 6.12%, 10/01/28 (c) | 8,000 | 8,467,380 | ||||||
| 6.12%, 10/01/28 (c) | 4,500 | 4,738,827 | ||||||
Illinois Finance Authority, Westminster Village, Series A (RB) (AGM) 5.25%, 05/01/25 (c) | 2,695 | 2,483,771 | ||||||
| Illinois Sports Facilities Authority (RB) | ||||||||
| 5.00%, 06/15/28 | 1,000 | 1,051,659 | ||||||
| 5.00%, 06/15/29 (c) | 3,055 | 3,238,126 | ||||||
| 5.00%, 06/15/29 | 1,000 | 1,053,655 | ||||||
| 5.00%, 06/15/30 | 1,000 | 1,056,119 | ||||||
Illinois Sports Facilities Authority (RB) (AGM) 5.00%, 06/15/24 (c) | 1,000 | 1,038,703 | ||||||
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | 690 | 596,760 | ||||||
Illinois State, Series A (GO) 4.00%, 03/01/31 (c) | 1,000 | 928,855 | ||||||
Illinois State, Series C 4.00%, 10/01/40 | 1,000 | 943,188 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) | ||||||||
| 0.00%, 12/15/31 (c) ^ | 1,500 | 773,211 | ||||||
| 0.00%, 12/15/56 ^ | 1,300 | 198,715 | ||||||
| 3.00%, 12/15/24 (c) | 2,000 | 1,989,943 | ||||||
| 4.00%, 12/15/29 (c) | 16,000 | 14,730,541 | ||||||
| 4.00%, 12/15/31 (c) | 3,000 | 2,822,810 | ||||||
| 5.00%, 12/15/27 (c) | 250 | 258,113 | ||||||
See Notes to Financial Statements
| 34 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 12/15/29 (c) | $ | 8,225 | $ | 8,543,375 | ||||
| 5.00%, 06/15/22 (c) | 3,210 | 3,222,903 | ||||||
| 5.50%, 12/15/25 (c) | 1,400 | 1,461,503 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) | ||||||||
| 0.00%, 12/15/30 ^ | 475 | 334,343 | ||||||
| 0.00%, 12/15/34 ^ | 590 | 340,734 | ||||||
| 0.00%, 06/15/29 ^ | 840 | 635,171 | ||||||
| 0.00%, 06/15/30 ^ | 745 | 537,111 | ||||||
| 0.00%, 06/15/31 ^ | 125 | 85,808 | ||||||
| 0.00%, 06/15/34 ^ | 190 | 112,538 | ||||||
| 0.00%, 06/15/37 ^ | 800 | 405,803 | ||||||
| 0.00%, 06/15/38 ^ | 2,325 | 1,116,132 | ||||||
| 0.00%, 06/15/39 ^ | 115 | 52,183 | ||||||
| 0.00%, 06/15/40 ^ | 1,500 | 642,727 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | ||||||||
| 0.00%, 12/15/54 ^ | 5,540 | 949,910 | ||||||
| 4.25%, 06/15/22 (c) | 1,000 | 1,003,151 | ||||||
| 5.00%, 06/15/22 (c) | 3,765 | 3,780,133 | ||||||
| 5.00%, 06/15/22 (c) | 290 | 291,166 | ||||||
| 5.00%, 06/15/22 (c) | 1,450 | 1,455,828 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) | ||||||||
| 0.00%, 06/15/28 ^ | 1,080 | 854,613 | ||||||
| 5.70%, 06/15/23 | 410 | 425,431 | ||||||
Northeastern Illinois University (CP) 4.00%, 10/01/22 (c) | 585 | 509,288 | ||||||
Southwestern Illinois Development Authority (RB) 5.35%, 05/31/22 (c) | 230 | 130,530 | ||||||
Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c) | 1,500 | 1,505,684 | ||||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/26 (c) | 935 | 929,185 | ||||||
| 3.50%, 06/01/26 (c) | 175 | 168,390 | ||||||
| 4.00%, 01/01/26 (c) | 500 | 503,634 | ||||||
| 4.00%, 03/01/31 (c) | 1,000 | 944,163 | ||||||
| 4.00%, 05/01/24 | 660 | 673,928 | ||||||
| 4.00%, 06/01/26 (c) | 360 | 351,874 | ||||||
| 4.00%, 06/01/26 (c) | 270 | 262,217 | ||||||
| 4.00%, 06/01/26 (c) | 460 | 440,753 | ||||||
| 4.00%, 06/01/26 (c) | 1,220 | 1,206,452 | ||||||
| 4.00%, 06/01/26 (c) | 220 | 219,161 | ||||||
| 4.00%, 08/01/22 (c) | 150 | 150,816 | ||||||
| 4.12%, 11/01/26 (c) | 600 | 605,762 | ||||||
| 4.12%, 05/31/22 (c) | 160 | 160,263 | ||||||
| 5.00%, 01/01/26 (c) | 1,200 | 1,231,458 | ||||||
| 5.00%, 11/01/24 | 200 | 209,594 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 12/01/24 | $ | 820 | $ | 859,747 | ||||
| 5.00%, 02/01/24 (c) | 375 | 387,200 | ||||||
| 5.00%, 02/01/24 (c) | 350 | 361,068 | ||||||
| 5.00%, 02/01/26 | 2,750 | 2,926,237 | ||||||
| 5.00%, 02/01/27 | 500 | 537,250 | ||||||
| 5.00%, 03/01/28 | 805 | 870,326 | ||||||
| 5.00%, 03/01/31 (c) | 1,500 | 1,624,458 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,063,533 | ||||||
| 5.00%, 04/01/24 (c) | 1,470 | 1,513,396 | ||||||
| 5.00%, 05/01/23 | 335 | 342,986 | ||||||
| 5.00%, 05/01/24 (c) | 175 | 179,070 | ||||||
| 5.00%, 05/01/24 (c) | 100 | 103,164 | ||||||
| 5.00%, 05/01/24 (c) | 2,005 | 2,073,604 | ||||||
| 5.00%, 05/01/24 (c) | 5,035 | 5,131,294 | ||||||
| 5.00%, 05/01/24 (c) | 1,025 | 1,061,687 | ||||||
| 5.00%, 05/01/24 (c) | 275 | 282,532 | ||||||
| 5.00%, 05/31/22 (c) | 250 | 250,627 | ||||||
| 5.00%, 05/31/22 (c) | 100 | 100,246 | ||||||
| 5.00%, 05/31/22 (c) | 140 | 140,389 | ||||||
| 5.00%, 05/31/22 (c) | 305 | 305,726 | ||||||
| 5.00%, 06/01/26 (c) | 800 | 851,706 | ||||||
| 5.00%, 06/01/26 | 125 | 133,485 | ||||||
| 5.00%, 06/01/26 (c) | 1,040 | 1,100,802 | ||||||
| 5.00%, 07/01/23 | 475 | 487,895 | ||||||
| 5.00%, 08/01/22 (c) | 1,830 | 1,846,783 | ||||||
| 5.25%, 07/01/23 (c) | 510 | 523,994 | ||||||
| 5.25%, 07/01/23 (c) | 290 | 297,783 | ||||||
| 5.25%, 07/01/23 (c) | 550 | 565,116 | ||||||
| 5.50%, 07/01/23 (c) | 1,165 | 1,201,419 | ||||||
| 5.50%, 07/01/23 (c) | 560 | 576,108 | ||||||
| 6.00%, 05/01/25 | 500 | 541,458 | ||||||
| 6.00%, 05/01/26 | 880 | 971,704 | ||||||
| State of Illinois (GO) (AGC) | ||||||||
| 5.50%, 05/01/30 | 1,500 | 1,673,788 | ||||||
| 5.75%, 05/01/30 (c) | 3,710 | 4,070,876 | ||||||
State of Illinois Sales Tax (RB) 3.00%, 06/15/26 (c) | 100 | 89,308 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 4.00%, 03/01/31 (c) | 1,000 | 933,775 | ||||||
| 4.00%, 05/31/22 (c) | 100 | 100,147 | ||||||
| 4.00%, 05/31/22 (c) | 320 | 320,529 | ||||||
| 5.00%, 10/01/28 | 500 | 542,125 | ||||||
| 5.00%, 12/01/27 (c) | 100 | 104,748 | ||||||
| 5.00%, 03/01/30 | 2,740 | 2,984,682 | ||||||
| 5.00%, 03/01/31 (c) | 1,250 | 1,308,959 | ||||||
| 5.00%, 03/01/31 (c) | 3,000 | 3,227,987 | ||||||
| 5.00%, 04/01/23 (c) | 110 | 111,902 | ||||||
| 5.00%, 05/01/28 (c) | 365 | 379,778 | ||||||
| 5.00%, 05/01/28 (c) | 1,000 | 1,047,196 | ||||||
| 5.00%, 05/01/28 (c) | 270 | 281,239 | ||||||
| State of Illinois, Series C (GO) | ||||||||
| 5.00%, 11/01/27 (c) | 8,425 | 8,999,802 | ||||||
| State of Illinois, Series D (GO) | ||||||||
| 3.25%, 11/01/26 | 1,755 | 1,747,362 | ||||||
| 5.00%, 11/01/23 | 1,270 | 1,312,300 | ||||||
| 5.00%, 11/01/25 | 3,955 | 4,196,662 | ||||||
| 5.00%, 11/01/26 | 12,715 | 13,632,984 | ||||||
| 5.00%, 11/01/27 | 7,000 | 7,557,006 | ||||||
See Notes to Financial Statements
| 35 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 11/01/27 (c) | $ | 9,700 | $ | 10,421,539 | ||||
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/28 (c) | 500 | 468,159 | ||||||
Village of Bridgeview (GO) 5.00%, 12/01/22 (c) | 360 | 323,965 | ||||||
| Will County Community High School District No. 210, Series B (GO) | ||||||||
| 0.00%, 01/01/29 ^ | 90 | 68,807 | ||||||
| 0.00%, 01/01/31 ^ | 245 | 170,075 | ||||||
| 0.00%, 01/01/33 ^ | 540 | 340,053 | ||||||
| 394,390,700 | ||||||||
| Indiana: 0.4% | ||||||||
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/22 (c) | 215 | 199,441 | ||||||
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/23 (c) | 50 | 51,308 | ||||||
Indiana Finance Authority, Baptist Healthcare System (RB) 5.00%, 08/15/27 (c) | 4,000 | 4,313,053 | ||||||
Indiana Finance Authority, Deaconess Health System Obligated Group, Series A (RB) 5.00%, 09/01/26 (c) | 1,000 | 1,095,488 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB) 5.00%, 06/01/22 (c) | 1,620 | 1,621,770 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30 | 3,500 | 3,144,082 | ||||||
Valparaiso, Indiana Exempt Facilities, Pratt Paper, LLC Project (RB) 5.88%, 01/01/24 | 400 | 410,397 | ||||||
| 10,835,539 | ||||||||
| Iowa: 1.4% | ||||||||
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) | 1,025 | 999,415 | ||||||
Iowa Finance Authority, Drake West Village Project, Series A (RB) 4.50%, 06/01/26 (c) | 1,500 | 1,159,573 | ||||||
| Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) | ||||||||
5.00%, 12/01/42 (c) (p) | 10,000 | 10,272,011 | ||||||
|
5.25%, 12/01/23 (c) | 5,195 | 5,483,343 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Iowa (continued) | ||||||||
Iowa Finance Authority, Iowa Fertilizer Co. Project, Series B (RB) 5.25%, 12/01/37 (c) (p) | $ | 8,550 | $ | 9,101,895 | ||||
| Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) | ||||||||
| 5.00%, 05/15/27 (c) | 655 | 660,784 | ||||||
| 5.00%, 05/15/27 (c) | 4,960 | 4,966,460 | ||||||
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) | ||||||||
| 4.00%, 10/01/25 | 2,095 | 2,087,672 | ||||||
| 5.00%, 10/01/25 (c) | 990 | 996,739 | ||||||
| 5.00%, 10/01/25 (c) | 2,115 | 2,121,016 | ||||||
Iowa Tobacco Settlement Authority, Series A-2 (RB) 4.00%, 06/01/31 (c) | 1,000 | 920,689 | ||||||
Iowa Tobacco Settlement Authority, Series B-1 (RB) 4.00%, 06/01/31 (c) | 5,300 | 5,026,955 | ||||||
| 43,796,552 | ||||||||
| Kansas: 0.4% | ||||||||
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/26 (c) | 250 | 257,571 | ||||||
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/28 (c) | 1,000 | 887,803 | ||||||
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/26 (c) | 250 | 247,767 | ||||||
Kansas Development Finance Authority, Village Shalom Project, Series A (RB) (AGC) 5.25%, 11/15/23 (c) | 1,000 | 766,254 | ||||||
Overland Park, Prairiefire at LionsGate Project (RB) 6.00%, 12/15/22 (c) | 2,550 | 1,335,831 | ||||||
Wyandotte County, Kansas City Unified Government, Legends Apartments Garage and West Lawn Project (RB) 4.50%, 12/01/26 (c) | 850 | 770,582 | ||||||
| Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 1 and 2A, Series A (RB) | ||||||||
| 5.00%, 09/01/25 (c) | 315 | 297,906 | ||||||
| 6.00%, 09/01/25 (c) | 2,125 | 1,949,415 | ||||||
Wyandotte County, Kansas City Unified Government, Vacation Village Project Area 4 (RB) 0.00%, 09/01/34 ^ | 7,500 | 2,165,430 | ||||||
See Notes to Financial Statements
| 36 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Kansas (continued) | ||||||||
Wyandotte County-Kansas City Unified Government (RB) 5.75%, 09/01/25 (c) | $ | 4,565 | $ | 4,193,900 | ||||
| 12,872,459 | ||||||||
| Kentucky: 0.4% | ||||||||
| Christian County, Jennie Stuart Medical Center (RB) | ||||||||
| 5.38%, 02/01/26 (c) | 1,100 | 1,172,597 | ||||||
| 5.50%, 02/01/26 (c) | 1,000 | 1,065,114 | ||||||
Kentucky Economic Development Finance Authority, Christian Care Communities, Inc. (RB) 5.12%, 07/01/29 (c) | 1,000 | 918,854 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 350 | 343,558 | ||||||
| 5.00%, 05/15/26 (c) | 250 | 233,753 | ||||||
| 5.00%, 05/15/26 (c) | 545 | 545,579 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) | ||||||||
| 5.38%, 11/15/22 (c) | 400 | 384,598 | ||||||
| 5.50%, 11/15/22 (c) | 250 | 226,188 | ||||||
Kentucky Economic Development Finance Authority, Next Generation Kentucky Information Highway Project, Series A (RB) 4.25%, 07/01/25 (c) | 4,365 | 4,483,758 | ||||||
| Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) | ||||||||
| 5.00%, 06/01/26 | 175 | 188,855 | ||||||
| 5.00%, 06/01/27 (c) | 990 | 1,056,423 | ||||||
| 5.25%, 06/01/27 (c) | 750 | 812,588 | ||||||
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/27 (c) | 500 | 534,525 | ||||||
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/23 | 265 | 273,908 | ||||||
Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c) | 335 | 348,754 | ||||||
| 12,589,052 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Louisiana: 0.7% | ||||||||
| Calcasieu Parish Memorial Hospital Service District (RB) | ||||||||
| 5.00%, 12/01/29 (c) | $ | 3,950 | $ | 4,137,450 | ||||
| 5.00%, 12/01/29 (c) | 1,750 | 1,855,337 | ||||||
| City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) | ||||||||
| 4.00%, 12/01/28 (c) | 3,235 | 3,370,151 | ||||||
| 4.00%, 12/01/28 (c) | 1,470 | 1,527,857 | ||||||
| 5.00%, 12/01/25 | 100 | 108,206 | ||||||
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 | 449,315 | ||||||
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 | 931,925 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/30 (c) | 2,000 | 1,626,741 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/22 (c) | 175 | 141,471 | ||||||
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 | 1,015,438 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, University of Louisiana at Monroe Project, Series A (RB) 5.00%, 07/01/29 (c) | 500 | 416,164 | ||||||
Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c) (d) * | 1,647 | 16 | ||||||
See Notes to Financial Statements
| 37 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(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) * | $ | 2,259 | $ | 22 | ||||
| 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 | 794,684 | ||||||
| 6.35%, 06/01/30 (c) | 1,000 | 1,140,072 | ||||||
Parish of St James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 06/01/30 (c) | 3,000 | 3,420,217 | ||||||
| 20,935,080 | ||||||||
| Maine: 0.3% | ||||||||
Maine Finance Authority, GO Lab Madison, LLC Project (RB) 8.00%, 12/01/36 (c) | 1,000 | 810,242 | ||||||
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 | 1,220,177 | ||||||
| 5.00%, 07/01/26 (c) | 645 | 672,950 | ||||||
| 5.00%, 07/01/26 (c) | 1,000 | 1,055,826 | ||||||
Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 05/31/22 (c) | 2,000 | 2,000,207 | ||||||
| 8,234,402 | ||||||||
| Maryland: 0.9% | ||||||||
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/27 (c) | 500 | 514,798 | ||||||
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/26 (c) | 250 | 253,984 | ||||||
County of Prince George’s, Chesapeake Lighthouse Chapter School Project, Series A (RB) 7.00%, 11/01/25 (c) | 500 | 529,565 | ||||||
Frederick County, Education Facilities Project, Series A (RB) 5.00%, 09/01/27 (c) | 2,000 | 2,018,475 | ||||||
Howard County, Series A (TA) 4.50%, 02/15/26 (c) | 500 | 474,898 | ||||||
Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 05/31/22 (c) | 7,785 | 7,802,149 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
| Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) | ||||||||
| 3.75%, 01/01/27 (c) | $ | 100 | $ | 99,624 | ||||
| 4.38%, 01/01/27 (c) | 470 | 469,385 | ||||||
| 4.50%, 01/01/27 (c) | 530 | 523,504 | ||||||
| Maryland Economic Development Corp., Port Covington Project (TA) | ||||||||
| 3.25%, 09/01/30 | 500 | 466,769 | ||||||
| 4.00%, 09/01/30 (c) | 500 | 465,738 | ||||||
| 4.00%, 09/01/30 (c) | 6,500 | 5,732,930 | ||||||
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Inc., Series A (RB) 5.50%, 01/01/27 (c) | 2,000 | 2,155,272 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 400 | 400,866 | ||||||
| 5.00%, 07/01/26 (c) | 250 | 265,432 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) | ||||||||
| 4.00%, 07/01/25 (c) | 210 | 216,769 | ||||||
| 4.25%, 07/01/25 (c) | 145 | 150,560 | ||||||
| 5.00%, 07/01/25 (c) | 500 | 529,101 | ||||||
| 5.00%, 07/01/25 (c) | 1,500 | 1,580,830 | ||||||
| 5.00%, 07/01/25 (c) | 625 | 664,168 | ||||||
Maryland Health and Higher Educational facilities, Stevenson University, Series A (RB) 4.00%, 06/01/31 (c) | 750 | 708,761 | ||||||
| Prince George County, Collington Episcopal Life Care Community, Inc. (RB) | ||||||||
| 5.25%, 04/01/27 (c) | 1,000 | 967,103 | ||||||
| 5.25%, 04/01/27 (c) | 1,000 | 932,922 | ||||||
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 01/01/26 (c) | 500 | 512,115 | ||||||
| 28,435,718 | ||||||||
| Massachusetts: 1.0% | ||||||||
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) | 365 | 368,628 | ||||||
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/25 | 1,220 | 1,304,999 | ||||||
Massachusetts Development Finance Agency, Ascentria Care Alliance Project (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 1,000 | 889,655 | ||||||
See Notes to Financial Statements
| 38 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
| 5.00%, 07/01/28 (c) | $ | 1,300 | $ | 1,181,521 | ||||
| 5.00%, 07/01/28 (c) | 1,000 | 957,140 | ||||||
| Massachusetts Development Finance Agency, Boston Medical Center Issue , Series D (RB) | ||||||||
| 4.00%, 07/01/25 (c) | 285 | 286,563 | ||||||
| 5.00%, 07/01/25 (c) | 2,105 | 2,195,219 | ||||||
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) | 1,000 | 1,018,955 | ||||||
Massachusetts Development Finance Agency, Emerson College (RB) 5.00%, 01/01/25 (c) | 500 | 521,462 | ||||||
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/26 (c) | 1,035 | 1,097,245 | ||||||
Massachusetts Development Finance Agency, Lasell University (RB) 4.00%, 07/01/31 (c) | 1,000 | 899,183 | ||||||
| Massachusetts Development Finance Agency, Lawrence General Hospital (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 1,000 | 895,324 | ||||||
| 5.00%, 07/01/27 (c) | 1,900 | 1,601,879 | ||||||
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/24 (c) | 350 | 326,393 | ||||||
| Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) | ||||||||
| 5.00%, 11/15/25 (c) | 500 | 525,556 | ||||||
| 5.12%, 11/15/25 (c) | 500 | 527,933 | ||||||
| Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) | ||||||||
| 4.00%, 10/01/22 (c) | 1,000 | 1,054,139 | ||||||
| 5.00%, 10/01/22 (c) | 3,820 | 4,041,470 | ||||||
| 5.00%, 10/01/22 (c) | 1,400 | 1,481,470 | ||||||
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM) 4.00%, 06/01/30 (c) | 5 | 4,648 | ||||||
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/26 (c) | 1,930 | 1,979,786 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/28 (c) | $ | 4,000 | $ | 4,012,874 | ||||
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 510 | 538,524 | ||||||
| 5.00%, 07/01/26 (c) | 190 | 204,225 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 01/01/29 (c) | 1,000 | 1,084,057 | ||||||
| 28,998,848 | ||||||||
| Michigan: 0.7% | ||||||||
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/27 (c) | 290 | 306,582 | ||||||
| City of Detroit County of Wayne, State of Michigan (GO) | ||||||||
| 5.50%, 04/01/30 (c) | 250 | 272,151 | ||||||
| 5.50%, 04/01/30 (c) | 1,000 | 1,082,796 | ||||||
Flint Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/30 (c) | 500 | 492,475 | ||||||
Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c) | 425 | 432,648 | ||||||
Grand Rapids Economic Development Corp., Beacon Hill at EastGate Project, Series A (RB) 5.00%, 11/01/24 (c) | 500 | 505,259 | ||||||
| Michigan Finance Authority, Presbyterian Villages of Michigan (RB) | ||||||||
| 5.25%, 11/15/25 (c) | 250 | 252,399 | ||||||
| 5.50%, 11/15/25 (c) | 300 | 302,192 | ||||||
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) | ||||||||
| 5.00%, 07/01/23 | 110 | 112,668 | ||||||
| 5.00%, 07/01/24 (c) | 215 | 219,084 | ||||||
| 5.00%, 07/01/24 (c) | 3,575 | 3,630,122 | ||||||
Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) (AGM) 5.00%, 07/01/24 (c) | 165 | 170,623 | ||||||
Michigan Finance Authority, Series B-1 (RB) 5.00%, 12/01/30 (c) | 4,000 | 4,158,204 | ||||||
See Notes to Financial Statements
| 39 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
Michigan Finance Authority, Thomas M. Cooley Law School Project (RB) 5.00%, 07/01/24 (c) | $ | 795 | $ | 813,242 | ||||
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 12/01/30 (c) ^ | 15,500 | 1,601,051 | ||||||
Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 05/31/22 (c) | 1,000 | 1,033,353 | ||||||
Michigan State Building Authority, Series F (RB) 4.00%, 10/01/24 | 100 | 100,691 | ||||||
| Michigan Strategic Fund, Evangelical Homes Project (RB) | ||||||||
| 5.25%, 06/01/22 (c) | 2,650 | 2,651,083 | ||||||
| 5.50%, 06/01/22 (c) | 2,000 | 2,000,294 | ||||||
| Michigan Strategic Fund, I-75 Improvement Project (RB) | ||||||||
| 5.00%, 12/31/28 (c) | 1,250 | 1,277,054 | ||||||
| 5.00%, 12/31/28 (c) | 700 | 728,275 | ||||||
| 5.00%, 12/31/28 (c) | 600 | 627,939 | ||||||
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 05/16/22 (c) ^ | 260 | 28,775 | ||||||
| 22,798,960 | ||||||||
| Minnesota: 0.9% | ||||||||
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/26 (c) | 135 | 129,715 | ||||||
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 500 | 489,925 | ||||||
| City of Bethel, The Lodge at the Lakes at Stillwater Project (RB) | ||||||||
| 5.00%, 06/01/23 (c) | 350 | 330,039 | ||||||
| 5.00%, 06/01/23 (c) | 500 | 436,224 | ||||||
| 5.00%, 06/01/23 (c) | 750 | 665,216 | ||||||
| City of Blaine, Crest View Senior Communities Project, Series A (RB) | ||||||||
| 5.75%, 07/01/25 (c) | 1,975 | 1,590,938 | ||||||
| 6.12%, 07/01/25 (c) | 400 | 312,417 | ||||||
| 6.12%, 07/01/25 (c) | 1,055 | 802,725 | ||||||
City of Brooklyn Center, Minnesota Multifamily Housing, Series A (RB) 5.50%, 05/31/22 (c) | 1,900 | 1,259,406 | ||||||
City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) | ||||||||
| 5.50%, 07/01/25 (c) | 245 | 246,531 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Minnesota (continued) | ||||||||
| 5.50%, 07/01/25 (c) | $ | 250 | $ | 253,158 | ||||
| 5.75%, 07/01/25 (c) | 500 | 504,404 | ||||||
| City of Crookston, Health Care Facilities, Riverview Health Project (RB) | ||||||||
| 5.00%, 05/01/29 (c) | 3,000 | 2,898,972 | ||||||
| 5.00%, 05/01/29 (c) | 2,000 | 1,831,581 | ||||||
| City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) | ||||||||
| 5.25%, 07/01/25 (c) | 500 | 513,275 | ||||||
| 5.50%, 07/01/25 (c) | 1,000 | 1,027,315 | ||||||
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/27 (c) | 500 | 515,527 | ||||||
City of Ham Lake, Charter School, DaVinci Academy Project, Series A (RB) 5.00%, 07/01/24 (c) | 750 | 760,914 | ||||||
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/27 (c) | 115 | 114,365 | ||||||
City of Minneapolis, Charter School, Hiawatha Academies Project, Series A (RB) 5.00%, 07/01/24 (c) | 500 | 502,202 | ||||||
City of St Louis Park MN (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 | 1,014,139 | ||||||
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) 5.75%, 09/01/26 (c) | 325 | 340,141 | ||||||
City of Wayzata, Folkestone Senior Living Community (RB) 4.00%, 08/01/24 (c) | 350 | 312,395 | ||||||
City of West St. Paul, Housing and Health Care Facilities, Walker Westwood Ridge Campus Project (RB) 5.00%, 11/01/25 (c) | 500 | 431,867 | ||||||
Duluth Independent School District No. 709, Series A (CP) 4.20%, 03/01/27 (c) | 665 | 629,271 | ||||||
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/26 (c) | 3,730 | 3,739,350 | ||||||
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/20/22 (c) | 1,000 | 917,246 | ||||||
See Notes to Financial Statements
| 40 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Minnesota (continued) | ||||||||
Saint Paul, Minnesota Housing and Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c) | $ | 1,500 | $ | 1,503,596 | ||||
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/26 (c) | 250 | 228,823 | ||||||
| 26,201,677 | ||||||||
| Mississippi: 0.1% | ||||||||
Mississippi Development Bank, Magnolia Regional Health Center Project (RB) 4.00%, 10/01/31 (c) | 3,500 | 3,424,005 | ||||||
Mississippi Development Bank, Water and Sewer System (RB) (AGM) 6.88%, 12/01/23 (c) | 1,000 | 1,053,104 | ||||||
| 4,477,109 | ||||||||
| Missouri: 0.9% | ||||||||
| Boone County, Boone Hospital Center (RB) | ||||||||
| 3.00%, 08/01/26 (c) | 410 | 371,641 | ||||||
| 4.00%, 08/01/26 (c) | 565 | 565,068 | ||||||
| 5.00%, 08/01/26 (c) | 1,000 | 1,068,560 | ||||||
| 5.00%, 08/01/26 (c) | 1,000 | 1,064,723 | ||||||
Cape Girardeau County Industrial Development Authority, Missouri Health Facilities (RB) 3.00%, 03/01/31 (c) | 3,750 | 2,911,243 | ||||||
Cape Girardeau County Industrial Development Authority, Series A (RB) 5.00%, 03/01/27 (c) | 1,000 | 1,062,827 | ||||||
City of Blue Springs, Adams Farm Project, Series A (TA) 4.00%, 06/01/24 (c) | 175 | 169,097 | ||||||
City of Lees Summit (TA) 4.88%, 11/01/27 (c) | 2,500 | 2,130,925 | ||||||
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/25 (c) | 500 | 474,436 | ||||||
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 05/31/22 (c) | 40 | 38,063 | ||||||
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/27 (c) | 1,000 | 979,037 | ||||||
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/26 (c) | 250 | 212,715 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Missouri (continued) | ||||||||
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/29 (c) | $ | 475 | $ | 453,703 | ||||
| I-470 Western Gateway Transportation Development District, Series A (RB) | ||||||||
| 4.50%, 12/01/26 (c) | 400 | 403,919 | ||||||
| 5.25%, 12/01/26 (c) | 1,100 | 1,121,894 | ||||||
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46 | 5,352 | 4,307,064 | ||||||
Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AGM) 5.00%, 02/01/28 (c) | 4,475 | 3,675,594 | ||||||
Kansas City Missouri, International Airport Terminal Modernization Project, Series B (RB) (AMBAC) 5.00%, 03/01/29 (c) | 1,000 | 1,071,313 | ||||||
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) 5.25%, 05/15/27 (c) | 500 | 505,492 | ||||||
| Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) | ||||||||
| 5.00%, 08/15/24 (c) | 1,550 | 1,589,495 | ||||||
| 5.00%, 08/15/25 (c) | 2,000 | 2,044,183 | ||||||
Rolla Industrial Development Authority, Westside Marketplace Redevelopment Project, Series A (TA) 5.38%, 05/01/25 (c) | 860 | 781,181 | ||||||
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/26 (c) | 1,000 | 876,689 | ||||||
St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c) | 500 | 511,667 | ||||||
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/25 (c) | 150 | 153,293 | ||||||
| 28,543,822 | ||||||||
See Notes to Financial Statements
| 41 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Montana: 0.0% | ||||||||
Montana Facility Finance Authority, Kalispell Regional Medical Center, Series B (RB) 4.12%, 07/01/28 (c) | $ | 500 | $ | 503,481 | ||||
| Nebraska: 0.2% | ||||||||
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) 5.00%, 09/01/36 | 500 | 555,349 | ||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 5.00%, 09/01/34 | 1,000 | 1,112,650 | ||||||
| 5.00%, 09/01/42 | 2,850 | 3,125,775 | ||||||
| 4,793,774 | ||||||||
| Nevada: 0.3% | ||||||||
| City of Las Vegas, Special Improvement District No. 814 (SA) | ||||||||
| 4.00%, 06/01/29 (c) | 555 | 499,876 | ||||||
| 4.00%, 06/01/29 (c) | 250 | 230,933 | ||||||
City of Reno, Sales Tax, Transportation Rail Access Corridor Project (RB) (AGM) 0.00%, 07/01/38 (c) ^ | 6,000 | 676,489 | ||||||
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 05/31/22 (c) | 1,380 | 1,215,739 | ||||||
Clark County, Nevada Airport System Subordinate Lien, Series A-2 (RB) 5.00%, 07/01/27 (c) | 1,050 | 1,135,935 | ||||||
Clark County, Nevada School District, Series B (GO) (BAM) 3.00%, 06/15/31 (c) | 2,000 | 1,794,520 | ||||||
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/25 (c) | 170 | 173,906 | ||||||
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/26 (c) | 625 | 598,067 | ||||||
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 12/01/28 (c) | 235 | 234,151 | ||||||
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 12/01/28 (c) | 485 | 487,819 | ||||||
| State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) | ||||||||
| 5.00%, 12/15/25 (c) | 1,000 | 1,035,363 | ||||||
| 5.00%, 12/15/25 (c) | 400 | 412,512 | ||||||
| 5.00%, 12/15/25 (c) | 500 | 509,404 | ||||||
| 5.12%, 12/15/25 (c) | 1,000 | 1,023,948 | ||||||
| 10,028,662 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Hampshire: 0.4% | ||||||||
National Finance Authority, Ascentria Care Alliance Project (RB) 5.00%, 07/01/28 (c) | $ | 1,220 | $ | 1,099,176 | ||||
National Finance Authority, Covanta Project, Series B (RB) 4.62%, 07/01/23 (c) | 4,000 | 3,843,731 | ||||||
National Finance Authority, Resource Recovery, Series A (RB) 3.62%, 07/02/40 (c) (p) | 5 | 4,276 | ||||||
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c) | 2,000 | 1,824,728 | ||||||
| National Finance Authority, The Vista Project, Series A (RB) | ||||||||
| 5.62%, 07/01/25 (c) | 1,600 | 1,551,588 | ||||||
| 5.75%, 07/01/25 (c) | 2,750 | 2,675,172 | ||||||
| New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) | ||||||||
| 6.12%, 07/01/24 (c) (d) * | 1,500 | 750,000 | ||||||
| 6.12%, 07/01/24 (c) (d) * | 1,000 | 500,000 | ||||||
| 6.25%, 07/01/24 (c) (d) * | 500 | 250,000 | ||||||
| 12,498,671 | ||||||||
| New Jersey: 7.2% | ||||||||
Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c) | 150 | 156,072 | ||||||
| Casino Reinvestment Development Authority (RB) | ||||||||
| 5.25%, 11/01/24 (c) | 1,410 | 1,466,733 | ||||||
| 5.25%, 11/01/24 (c) | 2,450 | 2,543,660 | ||||||
City of Atlantic City, New Jersey (GO) 5.00%, 12/01/23 (c) | 65 | 65,283 | ||||||
Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 1,395 | 1,448,576 | ||||||
New Jersey Economic Development Authority (RB) 4.00%, 12/15/30 (c) | 1,000 | 944,723 | ||||||
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/26 (c) | 470 | 483,055 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5.12%, 08/20/22 (c) | 4,870 | 4,951,867 | ||||||
| 5.25%, 08/20/22 (c) | 1,000 | 1,014,664 | ||||||
| 5.50%, 06/20/23 (c) | 60 | 61,962 | ||||||
| 5.62%, 03/05/24 (c) | 285 | 298,585 | ||||||
| 5.62%, 03/05/24 (c) | 2,035 | 2,131,999 | ||||||
See Notes to Financial Statements
| 42 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.75%, 09/15/22 (c) | $ | 4,825 | $ | 4,865,075 | ||||
| New Jersey Economic Development Authority, Health Department and Taxation Division Office Project, Series A (RB) | ||||||||
| 5.00%, 12/15/27 (c) | 1,130 | 1,192,512 | ||||||
| 5.00%, 12/15/27 (c) | 500 | 522,905 | ||||||
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31 | 55 | 52,239 | ||||||
| New Jersey Economic Development Authority, Lions Gate Project (RB) | ||||||||
| 4.88%, 01/01/24 (c) | 655 | 652,199 | ||||||
| 5.00%, 01/01/24 (c) | 500 | 487,040 | ||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 4.00%, 07/01/27 (c) | 2,000 | 1,982,049 | ||||||
| 4.00%, 07/01/27 (c) | 1,640 | 1,653,414 | ||||||
| 5.00%, 07/01/27 (c) | 1,890 | 2,017,188 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^ | 515 | 448,321 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27 | 1,250 | 1,299,027 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
| 4.00%, 11/01/25 | 120 | 124,157 | ||||||
| 5.00%, 11/01/24 | 500 | 525,829 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 2,000 | 2,164,773 | ||||||
New Jersey Economic Development Authority, Rowan University Student Housing Project, Series A (RB) 5.00%, 01/01/25 (c) | 1,000 | 1,005,124 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) | ||||||||
| 5.00%, 12/15/26 (c) | 305 | 325,395 | ||||||
| 5.00%, 12/15/26 (c) | 725 | 773,986 | ||||||
| 5.00%, 12/15/26 (c) | 2,185 | 2,307,544 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) | ||||||||
| 4.75%, 12/15/26 (c) | $ | 2,545 | $ | 2,791,648 | ||||
| 5.50%, 12/15/26 (c) | 165 | 186,353 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
| 4.00%, 06/15/27 (c) | 1,000 | 982,197 | ||||||
| 5.00%, 06/15/27 (c) | 780 | 869,417 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series II (RB) | ||||||||
| 5.00%, 05/25/22 (c) | 10 | 10,038 | ||||||
| 5.00%, 05/25/22 (c) | 470 | 470,704 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series KK (RB) 5.00%, 09/01/22 (c) | 125 | 125,977 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) | ||||||||
| 5.00%, 12/15/29 (c) | 1,000 | 1,047,014 | ||||||
| 5.00%, 12/15/29 (c) | 600 | 640,671 | ||||||
| 5.00%, 12/15/29 (c) | 2,125 | 2,258,334 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | 500 | 493,625 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
| 5.00%, 03/01/23 (c) | 15 | 15,278 | ||||||
| 5.00%, 03/01/23 (c) | 1,750 | 1,783,084 | ||||||
| 5.00%, 03/01/23 (c) | 1,565 | 1,595,565 | ||||||
| 5.00%, 03/01/23 (c) | 285 | 292,089 | ||||||
| 5.00%, 03/01/23 (c) | 1,335 | 1,359,947 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 100 | 104,402 | ||||||
| 5.00%, 06/15/24 (c) | 580 | 611,269 | ||||||
| 5.00%, 06/15/24 (c) | 920 | 960,498 | ||||||
| 5.00%, 06/15/24 (c) | 140 | 147,548 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) | ||||||||
| 4.00%, 12/15/29 (c) | 205 | 191,516 | ||||||
| 4.00%, 12/15/30 (c) | 2,690 | 2,648,670 | ||||||
| 4.00%, 12/15/30 (c) | 600 | 587,083 | ||||||
See Notes to Financial Statements
| 43 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| 4.00%, 12/15/30 (c) | $ | 600 | $ | 581,675 | ||||
| 4.00%, 12/15/30 (c) | 700 | 691,075 | ||||||
| 4.00%, 12/15/30 (c) | 2,380 | 2,316,513 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series RR (RB) 5.00%, 06/15/24 (c) | 620 | 653,426 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 2,500 | 2,570,706 | ||||||
| 5.00%, 06/15/24 (c) | 875 | 904,607 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) | ||||||||
| 5.00%, 06/15/25 (c) | 765 | 802,960 | ||||||
| 5.00%, 06/15/25 (c) | 680 | 714,228 | ||||||
| 5.00%, 06/15/25 (c) | 1,235 | 1,297,824 | ||||||
| 5.00%, 06/15/25 (c) | 630 | 659,134 | ||||||
| 5.25%, 06/15/25 (c) | 1,055 | 1,141,691 | ||||||
| 5.25%, 06/15/25 (c) | 435 | 463,845 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 4.00%, 06/15/24 | 220 | 225,345 | ||||||
| 4.25%, 06/15/25 (c) | 885 | 918,527 | ||||||
| 4.38%, 06/15/25 (c) | 420 | 436,599 | ||||||
| 5.00%, 06/15/24 | 1,080 | 1,128,274 | ||||||
| 5.00%, 06/15/25 (c) | 105 | 111,411 | ||||||
New Jersey Economic Development Authority, Stevens Institute of Technology, Series A (RB) 3.00%, 07/01/30 (c) | 1,000 | 773,063 | ||||||
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) | ||||||||
| 5.12%, 01/01/24 (c) | 350 | 359,764 | ||||||
| 5.25%, 01/01/24 (c) | 1,000 | 1,037,402 | ||||||
| 5.38%, 01/01/24 (c) | 900 | 925,327 | ||||||
| 5.50%, 01/01/24 (c) | 500 | 520,103 | ||||||
New Jersey Economic Development Authority, United Airlines Inc. (RB) 5.50%, 05/31/22 (c) | 1,000 | 1,000,438 | ||||||
| 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 | 140,327 | ||||||
| 5.00%, 07/01/25 (c) | 2,065 | 2,035,585 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
| 5.00%, 06/15/23 | $ | 515 | $ | 530,837 | ||||
| 5.00%, 06/15/24 | 1,565 | 1,634,953 | ||||||
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement, Series A (RB) 5.00%, 09/01/24 (c) | 330 | 345,793 | ||||||
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/27 (c) | 1,490 | 1,458,519 | ||||||
| New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) | ||||||||
| 5.00%, 10/01/25 | 1,000 | 1,066,361 | ||||||
| 5.00%, 04/01/28 (c) | 500 | 543,862 | ||||||
| 5.00%, 04/01/28 (c) | 1,000 | 1,061,647 | ||||||
New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 6.00%, 05/31/22 (c) | 170 | 170,280 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 0.00%, 12/15/25 ^ | 230 | 202,766 | ||||||
| 0.00%, 12/15/25 ^ | 270 | 238,030 | ||||||
| 0.00%, 12/15/26 ^ | 575 | 487,341 | ||||||
| 0.00%, 12/15/28 ^ | 4,440 | 3,454,427 | ||||||
| 0.00%, 12/15/29 ^ | 1,905 | 1,417,955 | ||||||
| 0.00%, 12/15/30 ^ | 3,210 | 2,282,471 | ||||||
| 0.00%, 12/15/32 ^ | 2,500 | 1,609,047 | ||||||
| 0.00%, 12/15/33 ^ | 1,190 | 726,861 | ||||||
| 0.00%, 12/15/33 ^ | 705 | 430,620 | ||||||
| 0.00%, 12/15/34 ^ | 1,265 | 734,174 | ||||||
| 0.00%, 12/15/34 ^ | 915 | 531,043 | ||||||
| 0.00%, 12/15/35 ^ | 1,535 | 845,684 | ||||||
| 0.00%, 12/15/37 ^ | 1,115 | 553,877 | ||||||
| 0.00%, 12/15/38 ^ | 605 | 284,358 | ||||||
| 0.00%, 12/15/38 ^ | 1,500 | 705,021 | ||||||
| 4.00%, 12/15/28 (c) | 695 | 706,793 | ||||||
| 4.00%, 06/15/31 (c) | 3,140 | 3,099,966 | ||||||
| 5.00%, 12/15/26 | 2,850 | 3,084,148 | ||||||
| 5.00%, 12/15/28 (c) | 6,400 | 6,834,462 | ||||||
| 5.00%, 12/15/28 (c) | 1,500 | 1,594,475 | ||||||
| 5.00%, 12/15/28 (c) | 1,240 | 1,329,435 | ||||||
| 5.00%, 12/15/28 | 200 | 219,230 | ||||||
| 5.00%, 12/15/28 (c) | 2,070 | 2,233,609 | ||||||
| 5.00%, 12/15/29 (c) | 385 | 409,157 | ||||||
| 5.00%, 06/15/22 (c) | 6,835 | 6,864,918 | ||||||
| 5.00%, 06/15/24 | 1,100 | 1,149,169 | ||||||
| 5.00%, 06/15/31 (c) | 1,370 | 1,478,051 | ||||||
| 5.00%, 06/15/31 | 1,000 | 1,097,264 | ||||||
| 5.00%, 06/15/31 (c) | 1,600 | 1,741,347 | ||||||
| 5.25%, 12/15/23 | 100 | 104,101 | ||||||
See Notes to Financial Statements
| 44 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.50%, 12/15/23 | $ | 205 | $ | 214,212 | ||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) (BAM) 4.25%, 12/15/28 (c) | 1,180 | 1,184,369 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 3.75%, 12/15/28 (c) | 525 | 511,384 | ||||||
| 4.00%, 12/15/30 (c) | 7,000 | 6,650,308 | ||||||
| 4.00%, 06/15/22 (c) | 220 | 220,695 | ||||||
| 4.25%, 06/15/24 (c) | 1,045 | 1,033,987 | ||||||
| 4.50%, 12/15/28 (c) | 4,600 | 4,621,140 | ||||||
| 4.75%, 06/15/25 (c) | 1,375 | 1,402,755 | ||||||
| 4.75%, 06/15/25 (c) | 150 | 153,469 | ||||||
| 5.00%, 12/15/30 (c) | 2,000 | 2,109,569 | ||||||
| 5.00%, 06/15/22 (c) | 425 | 426,835 | ||||||
| 5.00%, 06/15/22 (c) | 265 | 266,144 | ||||||
| 5.00%, 06/15/22 (c) | 2,375 | 2,385,254 | ||||||
| 5.00%, 06/15/22 (c) | 5,810 | 5,835,085 | ||||||
| 5.00%, 06/15/23 (c) | 135 | 138,356 | ||||||
| 5.00%, 06/15/23 (c) | 640 | 653,163 | ||||||
| 5.00%, 06/15/23 (c) | 200 | 205,008 | ||||||
| 5.00%, 06/15/23 (c) | 1,330 | 1,354,571 | ||||||
| 5.00%, 06/15/24 (c) | 1,620 | 1,670,967 | ||||||
| 5.00%, 06/15/24 (c) | 1,195 | 1,226,346 | ||||||
| 5.00%, 06/15/25 (c) | 665 | 689,505 | ||||||
| 5.00%, 06/15/25 (c) | 340 | 352,268 | ||||||
| 5.25%, 12/15/28 (c) | 5,040 | 5,369,077 | ||||||
| 5.25%, 06/15/23 (c) | 925 | 948,299 | ||||||
| 5.25%, 06/15/23 (c) | 130 | 133,126 | ||||||
| 5.25%, 06/15/25 (c) | 505 | 529,093 | ||||||
| New Jersey Transportation Trust Fund Authority, Series BB (RB) | ||||||||
| 4.00%, 12/15/28 (c) | 1,140 | 1,122,485 | ||||||
| 4.00%, 12/15/31 (c) | 5,000 | 4,723,612 | ||||||
| 5.00%, 12/15/28 (c) | 505 | 552,080 | ||||||
| 5.00%, 12/15/28 (c) | 1,000 | 1,087,875 | ||||||
| 5.00%, 06/15/31 (c) | 1,500 | 1,632,512 | ||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) 5.25%, 12/15/24 (c) | 2,245 | 2,355,773 | ||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) | ||||||||
| 0.00%, 12/15/24 ^ | 430 | 395,707 | ||||||
| 0.00%, 12/15/25 ^ | 250 | 221,813 | ||||||
| 0.00%, 12/15/26 ^ | 1,210 | 1,033,944 | ||||||
| 0.00%, 12/15/28 ^ | 185 | 145,532 | ||||||
| 0.00%, 12/15/35 ^ | 5,475 | 3,081,373 | ||||||
| New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^ | 365 | 250,251 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 5.00%, 12/15/24 | $ | 960 | $ | 1,011,859 | ||||
| 5.00%, 12/15/24 (c) | 1,620 | 1,689,858 | ||||||
| 5.25%, 12/15/23 | 675 | 702,681 | ||||||
| Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27 | 100 | 108,188 | ||||||
| South Jersey Port Corp., Marine Terminal, Series B (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 360 | 378,181 | ||||||
| 5.00%, 01/01/28 (c) | 2,000 | 2,068,735 | ||||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,026,633 | ||||||
| 5.00%, 01/01/28 (c) | 750 | 784,487 | ||||||
| South Jersey Transportation Authority, Series A (RB) (BAM) 5.00%, 11/01/30 (c) | 500 | 556,488 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c) | 5,410 | 5,686,211 | ||||||
| Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/28 (c) | 12,330 | 12,874,042 | ||||||
| 217,586,089 | ||||||||
| New Mexico: 0.1% | ||||||||
| New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/26 (c) | 4,480 | 4,343,710 | ||||||
| New York: 8.8% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center (RB) | ||||||||
| 0.00%, 07/15/32 ^ | 395 | 253,902 | ||||||
| 0.00%, 07/15/33 ^ | 370 | 226,503 | ||||||
| 0.00%, 07/15/47 ^ | 180 | 54,738 | ||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 5,040 | 5,286,737 | ||||||
| 5.00%, 07/15/26 | 345 | 371,176 | ||||||
| Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) | ||||||||
| 5.00%, 12/31/28 | 5,610 | 5,528,525 | ||||||
| 5.25%, 12/31/28 (c) | 9,700 | 9,363,075 | ||||||
| 5.50%, 12/31/28 (c) | 4,700 | 4,407,809 | ||||||
| Build NYC Resource Corp., Metropolitan College of New York Project (RB) 5.25%, 11/01/24 (c) | 250 | 261,581 | ||||||
See Notes to Financial Statements
| 45 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 5.00%, 11/01/24 (c) | $ | 1,560 | $ | 1,607,897 | ||||
| Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/28 (c) | 5,200 | 5,309,937 | ||||||
| Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/31 (c) | 2,000 | 2,039,512 | ||||||
| Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 | 300 | 289,743 | ||||||
| City of Albany Capital Resources Corp., College of Saint Rose Project (RB) 4.00%, 07/01/31 (c) | 1,000 | 850,055 | ||||||
| City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/30 (c) | 1,250 | 1,231,860 | ||||||
| Dormitory Authority of the State of New York, Montefiore Medical Center, Series A (RB) | ||||||||
| 4.00%, 08/01/28 (c) | 2,000 | 1,935,058 | ||||||
| 4.00%, 08/01/28 (c) | 2,000 | 1,910,957 | ||||||
| 4.00%, 08/01/28 (c) | 1,000 | 960,071 | ||||||
| Dutchess County Local Development Corp., Bard College Project, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,578,929 | ||||||
| 5.00%, 07/01/30 (c) | 8,370 | 8,687,467 | ||||||
| 5.00%, 07/01/30 (c) | 1,000 | 1,043,496 | ||||||
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c) | 910 | 960,896 | ||||||
| Erie Tobacco Asset Securitization Corp., Series A (RB) 5.00%, 05/31/22 (c) | 5 | 5,121 | ||||||
| Erie Tobacco Asset Securitization Corp., Series C (RB) 0.00%, 05/31/22 (c) ^ | 19,750 | 2,434,154 | ||||||
| Glen Cove Local Economic Assistance Corp., Garvies Point Public Improvement Project, Series A (RB) 5.00%, 01/01/27 (c) | 2,050 | 1,985,016 | ||||||
| Metropolitan Transportation Authority, Series A (RB) 4.00%, 05/15/30 (c) | 3,500 | 3,309,562 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) | ||||||||
| 3.00%, 12/01/30 (c) | $ | 5 | $ | 3,845 | ||||
| 5.00%, 12/01/30 (c) | 500 | 562,943 | ||||||
| Nassau County Tobacco Settlement Corp., Series A-2 (RB) 5.25%, 05/16/22 (c) | 3,285 | 3,365,563 | ||||||
| Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 05/16/22 (c) | 3,905 | 3,964,700 | ||||||
| New Rochelle Industrial Development Agency (RB) | ||||||||
| 5.25%, 07/01/22 (c) (d) * | 1,352 | 27,032 | ||||||
| 5.50%, 07/01/19 (c) (d) * | 62 | 1,238 | ||||||
| New York City Housing Development Corp., Multi- Family Housing, Series F (RB) 4.50%, 05/15/24 (c) | 4,500 | 4,445,151 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 3.00%, 01/01/31 (c) | 1,000 | 811,819 | ||||||
| New York Counties Tobacco Trust IV, Series A (RB) | ||||||||
| 0.00%, 05/16/22 (c) ^ | 46,000 | 3,326,816 | ||||||
| 0.00%, 05/16/22 (c) ^ | 1,640 | 634,147 | ||||||
| 3.75%, 06/01/26 (c) | 500 | 415,573 | ||||||
| 5.00%, 05/16/22 (c) | 5 | 4,991 | ||||||
| New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 05/16/22 (c) ^ | 5 | 351 | ||||||
| New York Counties Tobacco Trust VI (RB) 5.00%, 06/01/26 (c) | 2,000 | 2,051,786 | ||||||
| New York Liberty Development Corp., 3 World Trade Center Project (RB) | ||||||||
| 5.00%, 11/15/24 (c) | 22,275 | 22,511,919 | ||||||
| 5.15%, 11/15/24 (c) | 5,710 | 5,847,262 | ||||||
| 5.38%, 11/15/24 (c) | 3,700 | 3,790,874 | ||||||
| 7.25%, 11/15/24 (c) | 10,000 | 10,232,977 | ||||||
| New York Liberty Development Corp., 4 World Trade Center Project, Series A (RB) 2.88%, 11/15/31 (c) | 1,000 | 774,706 | ||||||
| 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 | 6,464,120 | ||||||
| New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35 | 480 | 520,822 | ||||||
See Notes to Financial Statements
| 46 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31 | $ | 150 | $ | 156,022 | ||||
| New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) | ||||||||
| 5.00%, 08/01/27 | 3,500 | 3,688,248 | ||||||
| 5.00%, 08/01/28 (c) | 800 | 840,029 | ||||||
| New York State Dormitory Authority, Pace University, Series A (RB) 4.25%, 05/01/23 (c) | 200 | 200,479 | ||||||
| New York State Dormitory Authority, Series A (RB) 5.00%, 01/01/27 (c) | 1,370 | 1,474,671 | ||||||
| New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 05/31/22 (c) | 50 | 48,474 | ||||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 2.25%, 08/01/26 | 2,000 | 1,870,875 | ||||||
| 5.00%, 05/20/22 (c) | 8,640 | 8,544,936 | ||||||
| 5.00%, 05/20/22 (c) | 7,350 | 7,307,860 | ||||||
| 5.25%, 08/01/30 (c) | 3,050 | 3,225,215 | ||||||
| 5.38%, 08/01/30 (c) | 2,650 | 2,912,281 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 10/01/30 | 8,665 | 8,549,040 | ||||||
| 4.38%, 10/01/30 (c) | 4,550 | 4,370,522 | ||||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,049,902 | ||||||
| 5.00%, 01/01/28 (c) | 160 | 168,274 | ||||||
| 5.00%, 01/01/28 (c) | 1,600 | 1,687,922 | ||||||
| 5.00%, 10/01/30 (c) | 8,500 | 8,915,918 | ||||||
| 5.00%, 10/01/30 (c) | 8,650 | 9,164,137 | ||||||
| New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 | 2,000 | 1,855,549 | ||||||
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) | ||||||||
| 4.00%, 07/01/24 (c) | 1,000 | 1,003,853 | ||||||
| 5.00%, 07/01/24 (c) | 420 | 438,655 | ||||||
| 5.00%, 07/01/24 (c) | 230 | 238,421 | ||||||
| 5.00%, 07/01/24 (c) | 8,130 | 8,382,812 | ||||||
| 5.25%, 07/01/24 (c) | 2,225 | 2,290,013 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York Transportation Development Corp., New York State Thruway Service Areas Project (RB) 4.00%, 10/31/31 (c) | $ | 1,000 | $ | 978,376 | ||||
| Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 07/01/23 (c) | 4,000 | 3,907,770 | ||||||
| Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/25 (c) | 355 | 318,438 | ||||||
| Suffolk Tobacco Asset Securitization Corp., Series A-2 (RB) 4.00%, 06/01/31 (c) | 3,250 | 3,153,764 | ||||||
| Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c) | 4,600 | 4,290,843 | ||||||
| Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/31 (c) ^ | 10,515 | 1,192,453 | ||||||
| Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) 5.00%, 01/01/26 (c) | 200 | 157,655 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/23 | 1,500 | 1,496,987 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 17,535 | 17,761,624 | ||||||
| 5.00%, 06/01/27 (c) | 9,860 | 9,943,132 | ||||||
| Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) | ||||||||
| 4.00%, 09/15/24 (c) | 725 | 681,975 | ||||||
| 5.00%, 09/15/24 (c) | 400 | 341,162 | ||||||
| 5.25%, 09/15/24 (c) | 1,000 | 841,995 | ||||||
| 5.25%, 09/15/24 (c) | 180 | 142,449 | ||||||
| Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/25 (c) | 255 | 271,091 | ||||||
| Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 1,000 | 937,330 | ||||||
| 5.00%, 07/01/27 (c) | 3,000 | 2,739,770 | ||||||
| 5.00%, 07/01/27 (c) | 1,000 | 960,612 | ||||||
| Westchester Tobacco Asset Securitization Corp., Series C (RB) 5.00%, 06/01/23 (c) | 4,575 | 4,599,595 | ||||||
See Notes to Financial Statements
| 47 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/29 (c) | $ | 275 | $ | 275,162 | ||||
| Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM) 5.00%, 10/15/29 (c) | 315 | 321,072 | ||||||
| 265,349,775 | ||||||||
| North Carolina: 0.5% | ||||||||
| North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) | ||||||||
| 5.00%, 06/30/25 (c) | 1,000 | 1,023,947 | ||||||
| 5.00%, 06/30/25 (c) | 1,430 | 1,448,642 | ||||||
| North Carolina Medical Care Commission Health Care Facilities, Series A (RB) 4.00%, 01/01/30 (c) | 1,455 | 1,429,513 | ||||||
| North Carolina Medical Care Commission, Pennybyrn at Maryfield (RB) 5.00%, 10/01/25 | 120 | 122,969 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities (RB) | ||||||||
| 4.70%, 07/01/25 (c) | 550 | 551,408 | ||||||
| 5.00%, 10/01/24 (c) | 250 | 255,945 | ||||||
| 5.00%, 10/01/24 (c) | 250 | 253,543 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) 5.00%, 10/01/24 (c) | 165 | 169,723 | ||||||
| North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM) | ||||||||
| 5.00%, 07/01/26 (c) | 385 | 389,362 | ||||||
| 5.00%, 07/01/26 (c) | 250 | 254,196 | ||||||
| North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/25 (c) | 465 | 474,716 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
| 4.00%, 01/01/30 (c) | 1,250 | 1,214,369 | ||||||
| 5.00%, 01/01/27 (c) | 1,000 | 1,074,778 | ||||||
| 5.00%, 01/01/30 (c) | 1,400 | 1,504,384 | ||||||
| 5.00%, 01/01/30 (c) | 1,705 | 1,815,612 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) | ||||||||
| 5.00%, 01/01/29 (c) | 100 | 112,667 | ||||||
| 5.00%, 01/01/30 (c) | 1,250 | 1,375,223 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| North Carolina (continued) | ||||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 | $ | 3,000 | $ | 3,114,623 | ||||
| 16,585,620 | ||||||||
| North Dakota: 0.2% | ||||||||
| City of Grand Forks, Altru Health System (RB) (AGM) 4.00%, 12/01/31 (c) | 1,000 | 980,796 | ||||||
| City of Williston, Eagle Crest Apartments LLC Project (RB) | ||||||||
| 6.25%, 09/01/23 (d) * | 615 | 307,500 | ||||||
| 7.75%, 09/01/23 (c) (d) * | 1,285 | 642,500 | ||||||
| County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 06/15/26 (c) | 5,500 | 3,291,180 | ||||||
| County of Ward, Health Care Facilities, Trinity Obligated Group, Series C (RB) 5.00%, 06/01/28 (c) | 750 | 793,914 | ||||||
| University of North Dakota, Certificates of Participation, Housing Infrastructure Project, Series A (CP) (AGM) 3.00%, 06/01/30 (c) | 1,290 | 927,612 | ||||||
| 6,943,502 | ||||||||
| Northern Mariana Islands: 0.1% | ||||||||
| Commonwealth of the Northern Mariana Islands, Series A (GO) (AGM) 5.00%, 05/31/22 (c) | 4,900 | 4,547,013 | ||||||
| Ohio: 4.1% | ||||||||
| Akron Bath Copley Joint Township Hospital District, Summa Health System (RB) 5.25%, 11/15/26 (c) | 500 | 533,127 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
| 3.00%, 06/01/30 (c) | 1,480 | 1,089,628 | ||||||
| 4.00%, 06/01/30 (c) | 1,000 | 936,808 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/30 (c) | 79,350 | 77,290,836 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series B-3 (RB) 0.00%, 06/01/30 (c) ^ | 35,000 | 4,646,642 | ||||||
| Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28 | 900 | 941,199 | ||||||
| Columbus-Franklin County Finance Authority (RB) (SBG) 6.50%, 03/01/25 (c) | 3,900 | 3,385,801 | ||||||
See Notes to Financial Statements
| 48 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 4.75%, 02/15/27 (c) | $ | 340 | $ | 346,815 | ||||
| 5.25%, 02/15/27 (c) | 1,750 | 1,863,022 | ||||||
| County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AGM) 5.25%, 11/15/28 (c) | 5,410 | 5,850,982 | ||||||
| County of Montgomery, Premier Health Partners Obligated Group, Series A (RB) | ||||||||
| 4.00%, 11/15/29 (c) | 3,940 | 3,863,123 | ||||||
| 4.00%, 11/15/29 (c) | 2,250 | 2,172,390 | ||||||
| Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/31/22 (c) | 3,000 | 2,983,837 | ||||||
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB) | ||||||||
| 5.00%, 02/15/23 (c) | 1,530 | 1,530,492 | ||||||
| 5.00%, 02/15/23 (c) | 490 | 490,511 | ||||||
| 5.00%, 02/15/23 (c) | 490 | 491,872 | ||||||
| Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 10/01/29 (c) (p) | 2,500 | 2,330,423 | ||||||
| Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/29 (c) | 4,315 | 4,251,641 | ||||||
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | 5,500 | 5,120,982 | ||||||
| Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) 4.25%, 01/15/28 (c) | 500 | 483,817 | ||||||
| Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 05/31/22 (c) | 1,100 | 1,101,533 | ||||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB) | ||||||||
| 5.00%, 12/01/24 (c) | 250 | 252,302 | ||||||
| 5.00%, 12/01/24 (c) | 245 | 248,861 | ||||||
| 5.50%, 12/01/24 (c) | 70 | 71,914 | ||||||
| 5.75%, 12/01/22 (c) | 710 | 717,844 | ||||||
| 6.00%, 12/01/22 (c) | 570 | 576,060 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| Southern Ohio Port Authority, PureCycle Project, Series A (RB) 7.00%, 12/01/27 (c) | $ | 1,065 | $ | 983,399 | ||||
| 124,555,861 | ||||||||
| Oklahoma: 1.0% | ||||||||
| Comanche County Hospital Authority, Series A (RB) | ||||||||
| 4.25%, 07/01/22 (c) | 300 | 301,433 | ||||||
| 5.00%, 07/01/22 (c) | 210 | 211,255 | ||||||
| Holdenville Public Works Authority, Series A (RB) 4.38%, 11/01/24 (c) | 605 | 430,405 | ||||||
| Holdenville Public Works Authority, Series A (RB) (AGM) 4.30%, 11/01/24 (c) | 780 | 569,932 | ||||||
| Norman Regional Hospital Authority (RB) | ||||||||
| 3.25%, 09/01/29 (c) | 340 | 305,690 | ||||||
| 4.00%, 09/01/26 (c) | 150 | 150,166 | ||||||
| 4.00%, 09/01/29 (c) | 2,000 | 1,939,963 | ||||||
| Oklahoma County Finance Authority, Epworth Villa Project, Series A (RB) | ||||||||
| 5.00%, 04/01/23 (d) * | 90 | 76,500 | ||||||
| 5.00%, 05/31/22 (c) | 825 | 701,250 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| 5.00%, 08/15/28 (c) | 700 | 718,851 | ||||||
| 5.25%, 08/15/28 (c) | 2,900 | 3,002,367 | ||||||
| 5.25%, 08/15/28 (c) | 6,000 | 6,191,214 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM) | ||||||||
| 5.50%, 08/15/28 (c) | 1,300 | 1,368,908 | ||||||
| 5.50%, 08/15/28 (c) | 10,070 | 10,581,290 | ||||||
| Rogers County Industrial Development Authority (RB) 3.62%, 04/01/25 (c) | 375 | 348,156 | ||||||
| Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) | 2,125 | 2,186,517 | ||||||
| 29,083,897 | ||||||||
| Oregon: 0.2% | ||||||||
| Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 4.00%, 08/15/30 (c) | 1,300 | 1,274,271 | ||||||
| Yamhill County Hospital Authority, Friendsview Retirement Community, Series A (RB) | ||||||||
5.00%, 11/15/24 (c) | 1,000 | 963,046 | ||||||
See Notes to Financial Statements
| 49 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Oregon (continued) | ||||||||
| 5.00%, 11/15/28 (c) | $ | 3,500 | $ | 3,195,476 | ||||
| 5,432,793 | ||||||||
| Pennsylvania: 3.5% | ||||||||
| Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Issue, Series A (RB) 5.00%, 04/01/28 (c) | 5,000 | 5,366,623 | ||||||
| Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) 4.88%, 11/01/24 | 200 | 206,080 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 5.00%, 05/01/27 (c) | 2,000 | 2,085,132 | ||||||
| 5.00%, 05/01/27 (c) | 250 | 263,543 | ||||||
| 5.00%, 05/01/28 | 895 | 955,551 | ||||||
| 5.00%, 05/01/28 | 1,000 | 1,070,295 | ||||||
| 5.00%, 05/01/28 (c) | 250 | 264,955 | ||||||
| 5.38%, 05/01/28 (c) | 1,000 | 1,064,092 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, Series A (RB) 5.00%, 05/01/22 (c) | 150 | 150,000 | ||||||
| Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
| 5.00%, 11/01/24 | 500 | 513,161 | ||||||
| 5.00%, 11/01/26 | 120 | 124,950 | ||||||
| 5.00%, 11/01/27 (c) | 110 | 111,492 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,029,455 | ||||||
| 5.00%, 11/01/27 (c) | 470 | 489,373 | ||||||
| Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB) 5.00%, 05/20/22 (c) | 1,000 | 995,585 | ||||||
| Berks County Municipal Authority, Tower Health Project (RB) 4.00%, 11/01/27 (c) | 3,130 | 2,504,736 | ||||||
| Berks County Municipal Authority, Tower Health Project, Series A (RB) 5.00%, 02/01/30 | 860 | 905,523 | ||||||
| Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) | 6,000 | 6,123,093 | ||||||
| Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p) | 670 | 684,045 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Bucks County Industrial Development Authority Hospital (RB) | ||||||||
| 4.00%, 07/01/31 (c) | $ | 3,500 | $ | 3,159,828 | ||||
| 5.00%, 07/01/31 (c) | 1,500 | 1,542,078 | ||||||
| Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/24 (c) | 1,000 | 1,043,856 | ||||||
| Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/27 (c) | 430 | 362,571 | ||||||
| Chester County Health and Education Facilities Authority, Simpson Senior Services Project (RB) 5.00%, 12/01/25 (c) | 3,925 | 3,639,701 | ||||||
| Chester County Health and Education Facilities Authority, Simpson Senior Services Project, Series A (RB) 5.25%, 12/01/25 (c) | 440 | 432,389 | ||||||
| Chester County Industrial Development Authority, Woodland at Greystone Project (SA) | ||||||||
| 5.00%, 03/01/28 (c) | 1,400 | 1,441,233 | ||||||
| 5.12%, 03/01/28 (c) | 5,287 | 5,435,304 | ||||||
| City of Philadelphia, Series A (GO) 5.00%, 08/01/23 | 1,345 | 1,392,218 | ||||||
| County of Cumberland, Diakon Lutheran Social Ministries (RB) | ||||||||
| 4.00%, 01/01/25 (c) | 185 | 187,183 | ||||||
| 4.00%, 01/01/25 (c) | 245 | 254,304 | ||||||
| Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) | ||||||||
| 6.00%, 06/01/26 (c) | 440 | 459,799 | ||||||
| 6.00%, 06/01/26 (c) | 1,440 | 1,501,465 | ||||||
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
| 5.00%, 10/15/27 | 500 | 514,491 | ||||||
| 6.25%, 10/15/28 (c) | 3,200 | 3,489,774 | ||||||
| Delaware County Authority, Eastern University (RB) 5.25%, 10/01/22 (c) | 315 | 315,351 | ||||||
| Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/26 (c) | 395 | 399,688 | ||||||
See Notes to Financial Statements
| 50 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Delaware River Port Authority, Port District Project (RB) | ||||||||
| 5.00%, 01/01/23 (c) | $ | 1,080 | $ | 1,099,674 | ||||
| 5.00%, 01/01/23 (c) | 840 | 854,731 | ||||||
| Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28 | 1,000 | 1,130,399 | ||||||
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 215 | 205,999 | ||||||
| 5.00%, 12/01/25 (c) | 500 | 483,994 | ||||||
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) (NATL) 5.00%, 12/01/25 (c) | 1,900 | 1,824,229 | ||||||
| Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/27 (c) | 1,000 | 1,020,590 | ||||||
| Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB) | ||||||||
| 5.00%, 03/01/27 (c) | 425 | 408,315 | ||||||
| 5.00%, 03/01/27 (c) | 425 | 420,032 | ||||||
| 5.00%, 03/01/27 (c) | 310 | 302,152 | ||||||
| Mercer County, Industrial Development Authority, Thiel College Project (RB) 6.12%, 10/01/25 (c) | 810 | 791,287 | ||||||
| Montgomery County Industrial Development Authority Health System, Albert Einstein Healthcare Network Issue, Series A (RB) 5.25%, 01/15/25 (c) | 1,485 | 1,584,318 | ||||||
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) | ||||||||
| 5.00%, 01/01/25 (c) | 150 | 152,870 | ||||||
| 5.25%, 01/01/25 (c) | 870 | 884,392 | ||||||
| 5.38%, 01/01/25 (c) | 820 | 831,591 | ||||||
| Moon Industrial Development Authority, Baptist Homes Society (RB) | ||||||||
| 5.62%, 07/01/25 (c) | 300 | 306,012 | ||||||
| 5.75%, 07/01/25 (c) | 2,000 | 2,033,273 | ||||||
| 6.00%, 07/01/25 (c) | 590 | 598,742 | ||||||
| Pennsylvania Economic Development Financing Authority, Energy Supply LLC Project, Series A (RB) 6.40%, 09/01/25 (c) | 8,300 | 5,450,065 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 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 | 1,692,562 | ||||||
| 5.00%, 12/31/23 | 125 | 130,479 | ||||||
| 5.00%, 12/31/24 | 550 | 575,402 | ||||||
| 5.00%, 12/31/25 | 1,105 | 1,171,314 | ||||||
| 5.00%, 06/30/26 (c) | 575 | 608,725 | ||||||
| 5.00%, 06/30/26 (c) | 500 | 520,472 | ||||||
| 5.00%, 06/30/26 (c) | 1,485 | 1,581,243 | ||||||
| 5.00%, 06/30/26 (c) | 410 | 431,979 | ||||||
| Pennsylvania Higher Educational Facilities Authority, Delaware Valley College of Science and Agriculture Project, Series LL (RB) | ||||||||
| 4.00%, 11/01/22 (c) | 425 | 429,831 | ||||||
| 5.00%, 11/01/22 (c) | 250 | 254,068 | ||||||
| Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) | ||||||||
| 5.00%, 11/01/22 (c) | 1,000 | 1,000,795 | ||||||
| 5.00%, 11/01/22 (c) | 1,915 | 1,918,228 | ||||||
| Pennsylvania Turnpike Commission, Turnpike Subordinate Bonds, Series A (RB) 3.00%, 12/01/30 (c) | 1,000 | 855,334 | ||||||
| Pennsylvania Turnpike Commission, Turnpike Subordinate Bonds, Series B (RB) 4.00%, 12/01/31 (c) | 1,625 | 1,551,114 | ||||||
| Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 7.25%, 06/15/24 (c) | 1,000 | 1,072,425 | ||||||
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) | ||||||||
| 6.38%, 06/01/25 (c) | 440 | 446,775 | ||||||
| 6.50%, 06/01/25 (c) | 440 | 446,380 | ||||||
| 6.62%, 06/01/25 (c) | 415 | 421,631 | ||||||
See Notes to Financial Statements
| 51 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 12/15/26 (c) | $ | 355 | $ | 360,680 | ||||
| Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) (SAW) 4.00%, 12/15/26 (c) | 350 | 348,273 | ||||||
| Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB) | ||||||||
| 5.00%, 06/15/28 (c) | 1,000 | 1,000,034 | ||||||
| 5.00%, 06/15/28 (c) | 500 | 506,277 | ||||||
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group (RB) 5.00%, 07/01/27 (c) | 1,000 | 1,062,487 | ||||||
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 220 | 233,745 | ||||||
| 5.00%, 07/01/27 (c) | 1,240 | 1,321,007 | ||||||
| 5.62%, 07/01/22 (c) | 5,020 | 5,055,031 | ||||||
| 5.62%, 07/01/22 (c) | 2,190 | 2,205,282 | ||||||
| School District of Philadelphia, Series A (GO) (AGM-CR FGIC ST AID WITHHLDG) 5.00%, 06/01/24 | 1,055 | 1,106,905 | ||||||
| Scranton Redevelopment Authority, Series A (RB) 5.00%, 05/15/24 (c) | 250 | 238,592 | ||||||
| Susquehanna Area Regional Airport Authority, Series B (RB) 4.00%, 01/01/23 (c) | 1,210 | 1,212,967 | ||||||
| 104,425,619 | ||||||||
| Puerto Rico: 4.6% | ||||||||
| Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^ | 80 | 27,344 | ||||||
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) | ||||||||
| 4.00%, 07/01/31 (c) | 7,365 | 6,935,898 | ||||||
| 5.00%, 07/01/22 (c) | 5,365 | 5,394,865 | ||||||
| 5.12%, 07/01/22 (c) | 1,050 | 1,056,055 | ||||||
| 5.25%, 07/01/22 (c) | 6,970 | 7,011,586 | ||||||
| 5.75%, 07/01/22 (c) | 4,025 | 4,052,232 | ||||||
| 6.00%, 07/01/22 (c) | 4,550 | 4,582,528 | ||||||
| 6.12%, 07/01/24 | 155 | 160,283 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Puerto Rico (continued) | ||||||||
| Puerto Rico Commonwealth, Series A-1 (GO) | ||||||||
| 4.00%, 07/01/31 (c) | $ | 7,000 | $ | 6,158,250 | ||||
| 4.00%, 07/01/31 (c) | 5,000 | 4,508,040 | ||||||
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) | ||||||||
| 4.00%, 07/01/31 (c) | 2,000 | 1,854,351 | ||||||
| 4.00%, 07/01/31 (c) | 2,000 | 1,802,910 | ||||||
| 4.00%, 07/01/31 (c) | 2,000 | 1,859,602 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.62%, 05/31/22 (c) | 100 | 103,371 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) | ||||||||
| 5.12%, 05/31/22 (c) | 100 | 100,306 | ||||||
| 5.38%, 05/31/22 (c) | 100 | 100,325 | ||||||
| Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 07/01/22 (c) | 20 | 20,114 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) | ||||||||
| 0.00%, 07/01/24 ^ | 7,480 | 7,034,006 | ||||||
| 4.50%, 07/01/25 (c) | 2,000 | 2,051,075 | ||||||
| 5.00%, 07/01/28 (c) | 20,700 | 21,268,422 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC) 4.55%, 07/01/28 (c) | 6,662 | 6,715,058 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/28 (c) | 21,399 | 21,701,813 | ||||||
| Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) | ||||||||
| 4.33%, 07/01/28 (c) | 14,258 | 14,131,566 | ||||||
| 4.33%, 07/01/28 (c) | 10,960 | 10,862,811 | ||||||
| 4.55%, 07/01/28 (c) | 5,000 | 5,039,822 | ||||||
| 4.78%, 07/01/28 (c) | 5,869 | 5,962,533 | ||||||
| 140,495,166 | ||||||||
| Rhode Island: 0.5% | ||||||||
| Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) | ||||||||
| 5.00%, 09/01/26 (c) | 3,750 | 3,909,816 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 526,663 | ||||||
| 5.00%, 09/01/26 | 100 | 106,553 | ||||||
See Notes to Financial Statements
| 52 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Rhode Island (continued) | ||||||||
| Rhode Island Health and Educational Building Corp., Lifespan Obligated Group Issue (RB) | ||||||||
| 5.00%, 05/15/23 | $ | 250 | $ | 256,778 | ||||
| 5.00%, 05/15/26 (c) | 690 | 728,606 | ||||||
| 5.00%, 05/15/26 (c) | 1,000 | 1,063,829 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 0.00%, 05/16/22 (c) ^ | 15,580 | 2,426,487 | ||||||
| 5.00%, 06/01/25 (c) | 1,650 | 1,701,626 | ||||||
| Tobacco Settlement Financing Corp., Series B (RB) | ||||||||
| 4.50%, 06/01/25 (c) | 2,000 | 2,014,221 | ||||||
| 5.00%, 06/01/25 (c) | 2,000 | 2,049,742 | ||||||
| 14,784,321 | ||||||||
| South Carolina: 0.4% | ||||||||
| Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/29 (c) | 800 | 787,966 | ||||||
| South Carolina Jobs-Economic Development Authority (RB) (AGM) 5.00%, 04/01/24 (c) | 1,000 | 1,015,607 | ||||||
| South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB) | ||||||||
| 5.00%, 11/01/24 (c) | 500 | 523,642 | ||||||
| 5.00%, 11/01/24 (c) | 650 | 684,214 | ||||||
| 5.00%, 11/01/24 (c) | 500 | 527,234 | ||||||
| South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) | ||||||||
| 5.75%, 12/15/26 (c) | 500 | 532,840 | ||||||
| 5.75%, 12/15/26 (c) | 500 | 527,043 | ||||||
| South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) | ||||||||
| 5.00%, 04/01/25 (c) | 1,750 | 1,775,778 | ||||||
| 5.00%, 04/01/25 (c) | 5,000 | 5,080,231 | ||||||
| South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/23 (c) | 320 | 282,082 | ||||||
| South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c) | 305 | 298,329 | ||||||
| 12,034,966 | ||||||||
| South Dakota: 0.1% | ||||||||
| City of Sioux Falls, Dow Rummel Village Project (RB) | ||||||||
| 5.00%, 11/01/26 (c) | 750 | 755,696 | ||||||
| 5.00%, 11/01/26 (c) | 500 | 455,321 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| South Dakota (continued) | ||||||||
| Lincoln County, South Dakota Economic Development Bonds, The Augustana College Association Project, Series A (RB) | ||||||||
| 4.00%, 08/01/31 (c) | $ | 1,000 | $ | 859,162 | ||||
| 4.00%, 08/01/31 (c) | 1,100 | 961,031 | ||||||
| 3,031,210 | ||||||||
| Tennessee: 0.6% | ||||||||
| Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) | 740 | 493,793 | ||||||
| Bristol Industrial Development Board, Pinnacle Project, Series A (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 2,000 | 1,974,933 | ||||||
| 5.12%, 12/01/26 (c) | 1,000 | 981,002 | ||||||
| Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/29 (c) | 310 | 334,305 | ||||||
| Chattanooga-Hamilton County Hospital, Erlanger Health System, Series A (RB) 5.00%, 10/01/24 (c) | 540 | 568,235 | ||||||
| Knox County Health Educational and Housing Facility Board (RB) | ||||||||
| 4.00%, 09/01/26 (c) | 295 | 291,468 | ||||||
| 4.00%, 09/01/26 (c) | 290 | 277,473 | ||||||
| 5.00%, 04/01/27 (c) | 380 | 407,972 | ||||||
| Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 5.50%, 07/01/27 (c) | 1,100 | 867,994 | ||||||
| Metropolitan Government of Nashville & Davidson County, South Nashville Central Business Improvement District, Series B (SA) 0.00%, 06/01/43 ^ | 1,000 | 317,488 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, The Farms at Bailey Station, Series A (RB) | ||||||||
| 5.50%, 10/01/25 (c) | 250 | 239,457 | ||||||
| 5.75%, 10/01/25 (c) | 1,595 | 1,502,843 | ||||||
| 5.75%, 10/01/25 (c) | 5,755 | 5,233,017 | ||||||
| Tennessee Energy Acquisition Corp., Series B (RB) 5.62%, 09/01/26 | 4,200 | 4,573,060 | ||||||
See Notes to Financial Statements
| 53 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Tennessee (continued) | ||||||||
| The Health, Educational and Housing Facility Board of the City of Chattanooga, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | $ | 200 | $ | 194,842 | ||||
| 18,257,882 | ||||||||
| Texas: 5.2% | ||||||||
| 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 | 1,248,471 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27 | 280 | 294,002 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) | ||||||||
| 5.00%, 01/01/26 | 715 | 723,605 | ||||||
| 5.00%, 01/01/27 (c) | 500 | 496,482 | ||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) (AGM) 5.00%, 01/01/23 | 800 | 805,549 | ||||||
| Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 215 | 216,862 | ||||||
| 5.00%, 12/01/25 (c) | 610 | 618,080 | ||||||
| 5.25%, 12/01/25 (c) | 700 | 722,849 | ||||||
| Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/26 (c) | 5,320 | 4,859,723 | ||||||
| Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/26 (c) | 1,850 | 1,875,737 | ||||||
| Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) | 2,700 | 2,630,116 | ||||||
| Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) | ||||||||
| 4.00%, 01/01/30 (c) | 5,690 | 5,314,048 | ||||||
| 4.00%, 01/01/30 (c) | 1,500 | 1,428,324 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | $ | 775 | $ | 809,498 | ||||
| City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB) | ||||||||
| 5.00%, 07/15/27 | 3,140 | 3,329,384 | ||||||
| 5.00%, 07/15/28 | 2,000 | 2,127,732 | ||||||
| City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 05/31/22 (c) | 2,050 | 2,058,314 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 4.75%, 07/01/24 | 2,375 | 2,417,524 | ||||||
| 5.00%, 07/15/28 | 1,000 | 1,061,032 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) | ||||||||
| 5.00%, 07/15/25 (c) | 2,600 | 2,700,378 | ||||||
| 5.00%, 07/15/25 (c) | 650 | 674,498 | ||||||
| City of Houston, Texas Airport System, Series A (RB) 4.00%, 07/01/31 (c) | 1,600 | 1,539,570 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 5.12%, 08/15/25 (c) | 730 | 767,844 | ||||||
| 5.50%, 08/15/25 (c) | 610 | 645,747 | ||||||
| Clifton Higher Education Finance Corp., Series D (RB) | ||||||||
| 5.75%, 08/15/25 (c) | 500 | 534,739 | ||||||
| 6.00%, 08/15/25 (c) | 500 | 535,855 | ||||||
| Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/23 (c) | 850 | 851,372 | ||||||
| Dallas Fort Worth International Airport, Series B (RB) 4.12%, 11/01/22 (c) | 6,800 | 6,800,603 | ||||||
| Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 2,265 | 2,264,681 | ||||||
| Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) | ||||||||
| 0.00%, 11/15/23 ^ | 250 | 237,209 | ||||||
| 0.00%, 11/15/23 ^ | 675 | 650,146 | ||||||
| 0.00%, 11/15/25 ^ | 495 | 432,577 | ||||||
| 0.00%, 11/15/27 ^ | 590 | 472,096 | ||||||
| 0.00%, 11/15/29 ^ | 1,405 | 1,023,513 | ||||||
| 0.00%, 11/15/30 ^ | 115 | 79,770 | ||||||
| 0.00%, 11/15/31 (c) ^ | 170 | 62,621 | ||||||
| 0.00%, 11/15/31 (c) ^ | 120 | 60,838 | ||||||
| 0.00%, 11/15/31 (c) ^ | 350 | 156,281 | ||||||
| 0.00%, 11/15/31 (c) ^ | 705 | 432,544 | ||||||
See Notes to Financial Statements
| 54 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| 0.00%, 11/15/31 (c) ^ | $ | 145 | $ | 56,991 | ||||
| 0.00%, 11/15/31 (c) ^ | 1,140 | 393,567 | ||||||
| Harris County, Houston Sports Authority, Third Lien, Series A-3 (RB) (NATL) | ||||||||
| 0.00%, 11/15/24 (c) ^ | 335 | 157,438 | ||||||
| 0.00%, 11/15/24 (c) ^ | 100 | 59,698 | ||||||
| Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) | ||||||||
| 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%, 05/20/22 (c) | 11,500 | 11,895,794 | ||||||
| New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/25 (c) | 235 | 117,500 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Cardinal Bay, Inc., Series C (RB) 5.50%, 07/01/26 (c) | 1,595 | 797,500 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/24 (c) | 230 | 208,857 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c) | 225 | 231,700 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project (RB) (SAW) 6.25%, 01/01/23 (c) | 100 | 102,761 | ||||||
| New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) | ||||||||
| 5.38%, 11/15/26 (c) | 975 | 949,580 | ||||||
| 5.50%, 11/15/26 (c) | 750 | 714,141 | ||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/24 | 115 | 109,250 | ||||||
| 5.00%, 07/01/25 (c) | 440 | 418,000 | ||||||
| 5.00%, 07/01/25 (c) | 100 | 95,000 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/25 (c) | $ | 200 | $ | 195,724 | ||||
| New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation of East Texas, Series A-1 (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 1,000 | 953,651 | ||||||
| 5.00%, 12/01/26 (c) | 2,045 | 1,956,512 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) | ||||||||
| 5.25%, 01/01/28 (c) | 4,500 | 4,191,604 | ||||||
| 5.50%, 01/01/28 (c) | 8,045 | 7,427,373 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 250 | 208,178 | ||||||
| 5.00%, 01/01/26 (c) | 250 | 211,983 | ||||||
| North East Texas Regional Mobility Authority, Series A (RB) 5.00%, 01/01/26 (c) | 1,050 | 1,088,949 | ||||||
| North East Texas Regional Mobility Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 600 | 619,774 | ||||||
| 5.00%, 01/01/26 (c) | 400 | 415,493 | ||||||
| Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/26 (c) | 2,825 | 2,849,255 | ||||||
| Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) | ||||||||
| 2.75%, 07/01/23 (c) | 2,000 | 1,615,315 | ||||||
| 2.88%, 07/01/23 (c) | 3,080 | 2,285,565 | ||||||
| 3.00%, 07/01/23 (c) | 6,000 | 4,135,815 | ||||||
| Port Beaumont Navigation District, Jefferson Gulf Coast Energy Project, Series A (RB) (BAM) | ||||||||
| 3.62%, 05/31/22 (c) | 1,000 | 908,068 | ||||||
| 4.00%, 05/31/22 (c) | 8,835 | 7,425,156 | ||||||
| Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) | ||||||||
| 5.00%, 08/15/26 (c) | 400 | 397,189 | ||||||
| 5.00%, 08/15/26 (c) | 400 | 403,189 | ||||||
| Reagan Hospital District, Series A (GO) 5.12%, 02/01/24 (c) | 1,000 | 1,024,310 | ||||||
See Notes to Financial Statements
| 55 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
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 | 127,326 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Buckner Senior Living, Ventana Project, Series A (RB) | ||||||||
| 6.62%, 05/15/27 (c) | 3,850 | 4,076,179 | ||||||
| 6.75%, 05/15/27 (c) | 2,100 | 2,218,715 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/27 (c) (d) * | 535 | 363,800 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/28 | 925 | 989,944 | ||||||
| 5.00%, 12/15/29 | 1,375 | 1,478,060 | ||||||
| 5.00%, 12/15/31 | 1,670 | 1,808,607 | ||||||
| 5.00%, 12/15/32 | 2,120 | 2,304,917 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., Blueridge Transportation Group LLC Project (RB) | ||||||||
| 5.00%, 12/31/25 (c) | 230 | 241,642 | ||||||
| 5.00%, 12/31/25 (c) | 460 | 480,873 | ||||||
| 5.00%, 12/31/25 (c) | 250 | 260,622 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project (RB) | ||||||||
| 5.00%, 06/30/29 (c) | 9,420 | 9,734,083 | ||||||
| 7.00%, 09/01/23 (c) | 515 | 545,300 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) | ||||||||
| 4.00%, 12/31/29 (c) | 500 | 502,577 | ||||||
| 5.00%, 12/31/29 (c) | 1,300 | 1,412,265 | ||||||
| Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) | ||||||||
| 5.00%, 08/15/24 (c) | 7,360 | 7,593,194 | ||||||
| 5.00%, 08/15/24 (c) | 850 | 878,029 | ||||||
| 5.00%, 08/15/24 (c) | 600 | 620,443 | ||||||
| 5.00%, 08/15/24 (c) | 1,500 | 1,543,832 | ||||||
| Town of Westlake, Solana Public Improvement District (SA) | ||||||||
| 6.12%, 09/01/25 (c) | 1,000 | 959,062 | ||||||
| 6.25%, 09/01/25 (c) | 1,000 | 946,746 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| 6.38%, 09/01/25 (c) | $ | 1,000 | $ | 945,092 | ||||
Woodloch Health Facilities Development Corp., Series A-1 (RB) 6.75%, 12/01/24 (c) (d) * | 4,980 | 2,755,434 | ||||||
| 156,479,236 | ||||||||
| Utah: 0.5% | ||||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 (SA) 4.00%, 08/01/31 (c) | 5,000 | 3,930,145 | ||||||
| Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) | ||||||||
| 4.50%, 08/01/30 (c) | 2,500 | 2,478,675 | ||||||
| 5.00%, 08/01/30 (c) | 4,000 | 3,990,132 | ||||||
Salt Lake City, International Airport, Series A (RB) 5.00%, 07/01/31 (c) | 760 | 839,280 | ||||||
| Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) | ||||||||
| 5.25%, 06/15/27 (c) | 1,500 | 1,541,172 | ||||||
| 5.38%, 06/15/27 (c) | 3,195 | 3,261,318 | ||||||
| 16,040,722 | ||||||||
| Vermont: 0.0% | ||||||||
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 5.00%, 05/01/27 (c) | 1,160 | 1,167,122 | ||||||
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) (FHLMC COLL) 4.00%, 05/01/28 (c) | 500 | 451,613 | ||||||
| 1,618,735 | ||||||||
| Virgin Islands: 0.5% | ||||||||
| Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) | ||||||||
| 5.00%, 10/01/32 (c) | 2,500 | 2,561,026 | ||||||
| 5.00%, 10/01/32 | 1,000 | 1,045,392 | ||||||
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 05/31/22 (c) | 720 | 727,028 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
| 4.50%, 10/01/24 (c) | 550 | 478,652 | ||||||
| 5.00%, 10/01/24 (c) | 4,250 | 4,064,444 | ||||||
| 5.00%, 10/01/24 (c) | 1,000 | 986,668 | ||||||
See Notes to Financial Statements
| 56 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Virgin Islands (continued) | ||||||||
| Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
| 5.00%, 05/31/22 (c) | $ | 1,170 | $ | 1,127,371 | ||||
| 5.00%, 05/31/22 (c) | 1,070 | 1,022,310 | ||||||
| 5.00%, 05/31/22 (c) | 330 | 325,934 | ||||||
| 5.00%, 05/31/22 (c) | 65 | 63,301 | ||||||
| 5.00%, 05/31/22 (c) | 170 | 161,312 | ||||||
| 5.00%, 05/31/22 (c) | 2,560 | 2,371,051 | ||||||
| 14,934,489 | ||||||||
| Virginia: 1.9% | ||||||||
| Albemarle County, Virginia Economic Development Authority, Series A (RB) | ||||||||
| 4.62%, 01/01/23 (c) | 640 | 651,394 | ||||||
| 5.00%, 01/01/23 (c) | 1,000 | 1,020,253 | ||||||
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/24 (c) | 250 | 151,239 | ||||||
| Cherry Hill Community Development Authority, Potomac Shores Project (SA) | ||||||||
| 5.15%, 03/01/25 (c) | 200 | 202,502 | ||||||
| 5.40%, 03/01/25 (c) | 495 | 500,514 | ||||||
| Chesapeake Bay Bridge and Tunnel District, First Tier (RB) | ||||||||
| 5.00%, 11/01/23 | 1,000 | 1,032,845 | ||||||
| 5.00%, 07/01/26 (c) | 6,000 | 6,269,392 | ||||||
| 5.00%, 07/01/26 (c) | 1,025 | 1,066,955 | ||||||
City of Chesapeake, Chesapeake Transportation System, Series A (RB) 5.00%, 07/15/22 (c) | 380 | 381,484 | ||||||
City of Hopewell, Sewer System, Series A (RB) 5.00%, 05/31/22 (c) | 240 | 240,539 | ||||||
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/31 (c) | 7,170 | 6,545,266 | ||||||
Farms New Kent Community Development Authority, Series B (SA) 0.00%, 03/01/36 ^ | 9,500 | 4,274,333 | ||||||
| Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 2,800 | 2,877,239 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,551,701 | ||||||
| Hanover County, Economic Development Authority, Series A (RB) | ||||||||
| 5.00%, 07/01/22 (c) | 1,500 | 1,508,596 | ||||||
| 5.00%, 07/01/22 (c) | 1,500 | 1,508,597 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Virginia (continued) | ||||||||
| Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community, Series A (RB) | ||||||||
| 5.00%, 01/01/24 (c) | $ | 1,000 | $ | 1,023,679 | ||||
| 5.25%, 01/01/24 (c) | 2,400 | 2,426,740 | ||||||
| Peninsula Town Center Community Development Authority (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 500 | 501,379 | ||||||
| 5.00%, 09/01/27 (c) | 3,850 | 3,851,443 | ||||||
Riverside County Transportation Commission, Series A (RB) 5.38%, 09/01/26 (c) | 3,500 | 2,553,886 | ||||||
Roanoke County Economic Development Authority, Series B (RB) 4.62%, 09/01/29 (c) (p) | 1,000 | 848,226 | ||||||
Roanoke Economic Development Authority, Residential Care Facility (RB) 5.00%, 09/01/27 (c) | 500 | 374,895 | ||||||
Virginia College Building Authority, Marymount University Project, Series A (RB) 5.00%, 07/01/25 (c) | 1,000 | 1,010,703 | ||||||
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) | 2,300 | 2,350,157 | ||||||
| Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB) | ||||||||
| 5.50%, 07/01/22 (c) | 760 | 764,713 | ||||||
| 6.00%, 07/01/22 (c) | 1,550 | 1,560,825 | ||||||
| Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) | ||||||||
| 4.00%, 01/01/32 (c) | 2,925 | 2,738,396 | ||||||
| 4.00%, 01/01/32 (c) | 1,250 | 1,203,398 | ||||||
| 5.00%, 01/01/32 (c) | 500 | 549,589 | ||||||
Virginia Small Business Financing Authority, Senior Lien Revenue and Refunding Bonds (RB) 5.00%, 12/31/32 (c) | 2,000 | 2,127,388 | ||||||
Virginia Small Business Financing Authority, Solid Waste Disposal Facility (RB) 5.00%, 07/01/38 (c) (p) | 2,000 | 2,000,311 | ||||||
See Notes to Financial Statements
| 57 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Virginia (continued) | ||||||||
| Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) | $ | 1,000 | $ | 926,980 | ||||
| 56,595,557 | ||||||||
| Washington: 1.4% | ||||||||
| Kalispel Tribe Indians Priority, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 250 | 269,981 | ||||||
| 5.25%, 01/01/28 (c) | 250 | 270,500 | ||||||
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) | ||||||||
| 5.75%, 12/01/25 (c) | 500 | 515,838 | ||||||
| 6.00%, 12/01/25 (c) | 500 | 519,393 | ||||||
| 6.25%, 12/01/25 (c) | 250 | 260,918 | ||||||
| Klickitat County Public Hospital District No. 2 (RB) 5.00%, 12/01/27 (c) | 1,230 | 1,085,613 | ||||||
| Washington Economic Development Finance Authority, Series A (RB) 5.62%, 12/01/30 (c) | 1,500 | 1,559,376 | ||||||
| Washington Health Care Facilities Authority, CommonSpirit Health, Series A-1 (RB) 4.00%, 08/01/29 (c) | 100 | 95,546 | ||||||
| Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) | 205 | 218,151 | ||||||
| Washington State Convention Center Public Facilities District (RB) | ||||||||
| 3.00%, 07/01/31 (c) | 2,500 | 1,637,057 | ||||||
| 3.00%, 07/01/31 (c) | 4,400 | 2,881,220 | ||||||
| 3.00%, 07/01/31 (c) | 3,000 | 2,102,936 | ||||||
| 4.00%, 07/01/31 (c) | 5,945 | 5,104,847 | ||||||
| 4.00%, 07/01/31 | 5,200 | 5,032,647 | ||||||
| 4.00%, 07/01/31 (c) | 3,745 | 3,307,335 | ||||||
| Washington State Convention Center Public Facilities District, Series B (RB) 3.00%, 07/01/31 (c) | 1,000 | 856,388 | ||||||
| Washington State Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) | 1,000 | 981,159 | ||||||
| Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 2,000 | 1,950,562 | ||||||
| 5.00%, 07/01/24 (c) | 150 | 150,773 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25 | $ | 170 | $ | 176,713 | ||||
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 3.75%, 07/01/26 | 150 | 148,004 | ||||||
| 5.00%, 01/01/25 (c) | 825 | 824,135 | ||||||
| 5.00%, 01/01/25 (c) | 2,495 | 2,343,228 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series A (RB) 5.00%, 01/01/26 (c) | 2,000 | 1,698,856 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 07/01/26 (c) | 7,000 | 6,511,266 | ||||||
| Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 1,250 | 1,164,766 | ||||||
| 5.00%, 07/01/26 (c) | 500 | 475,738 | ||||||
| 42,142,946 | ||||||||
| West Virginia: 0.5% | ||||||||
| County of Ohio, Fort Henry Centre Tax Increment Financing District No. 1, The Highlands Project (TA) | ||||||||
| 3.00%, 06/01/22 (c) | 210 | 206,300 | ||||||
| 4.00%, 06/01/22 (c) | 760 | 725,177 | ||||||
| Harrison County Building Commission, General Services Administration Building Project (RB) | ||||||||
| 3.12%, 10/01/27 (c) | 700 | 518,653 | ||||||
| 3.25%, 10/01/27 (c) | 820 | 599,396 | ||||||
| 3.50%, 10/01/27 (c) | 1,000 | 906,095 | ||||||
Monongalia County Commission Excise Tax District, Series A (RB) 4.12%, 06/01/31 (c) | 2,500 | 2,376,374 | ||||||
Ohio County Development Authority, Sports Complex Project (RB) 4.60%, 09/01/28 (c) | 2,130 | 1,861,717 | ||||||
West Virginia Economic Development Authority, Arch Resources Project (RB) 5.00%, 07/01/25 (c) (p) | 5,000 | 5,148,969 | ||||||
See Notes to Financial Statements
| 58 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| West Virginia (continued) | ||||||||
West Virginia Economic Development Authority, Arch Resources Project (RB) (SAW) 4.12%, 07/01/25 (c) (p) | $ | 1,500 | $ | 1,508,011 | ||||
| 13,850,692 | ||||||||
| Wisconsin: 2.9% | ||||||||
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/27 (c) | 2,500 | 2,456,047 | ||||||
Public Finance Authority Health Care Facilities, Appalachian Regional Healthcare System, Series A (RB) 4.00%, 01/01/31 (c) | 1,100 | 1,011,618 | ||||||
Public Finance Authority Hospital, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/31 (c) | 3,250 | 2,913,970 | ||||||
| Public Finance Authority, American Dream at Meadowlands Project (RB) | ||||||||
| 6.75%, 12/01/27 (c) | 500 | 471,410 | ||||||
| 7.00%, 12/01/27 (c) | 5,000 | 4,780,293 | ||||||
Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31 | 7,825 | 7,244,374 | ||||||
Public Finance Authority, American Preparatory Academy, Series A (RB) 5.38%, 07/15/27 (c) | 1,000 | 1,032,609 | ||||||
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/26 (c) | 250 | 253,614 | ||||||
| Public Finance Authority, Cornerstone Charter Academy, Series A (RB) | ||||||||
| 5.00%, 02/01/26 (c) | 495 | 497,646 | ||||||
| 5.12%, 02/01/26 (c) | 500 | 500,550 | ||||||
| Public Finance Authority, Corvian Community School Project, Series A (RB) | ||||||||
| 4.25%, 06/15/24 (c) | 500 | 487,682 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 495,434 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 476,449 | ||||||
| Public Finance Authority, Educational Facilities, Charter Day School, Inc. Project (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 500 | 498,922 | ||||||
| 5.00%, 12/01/27 (c) | 1,390 | 1,421,077 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/29 (c) | $ | 1,000 | $ | 881,825 | ||||
| Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) | ||||||||
| 5.00%, 02/01/32 (c) | 1,000 | 1,018,457 | ||||||
| 5.00%, 02/01/32 (c) | 2,000 | 2,013,638 | ||||||
| 5.75%, 02/01/32 (c) | 1,000 | 937,814 | ||||||
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series B (RB) 6.00%, 02/01/32 (c) | 1,000 | 947,963 | ||||||
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) 5.00%, 09/01/25 | 85 | 86,951 | ||||||
Public Finance Authority, Higher Educational Facilities, Wittenberg University Project (RB) 5.25%, 12/01/24 (c) | 2,500 | 2,544,453 | ||||||
| Public Finance Authority, Living Community First Mortgage (RB) | ||||||||
| 4.25%, 05/01/27 (c) | 435 | 376,913 | ||||||
| 5.00%, 03/01/28 (c) | 1,250 | 1,258,075 | ||||||
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 03/15/28 (c) (d) * | 890 | 459,527 | ||||||
Public Finance Authority, Maryland Proton Treatment Center, Series A-1 (RB) 6.25%, 01/01/28 (c) | 500 | 307,500 | ||||||
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/25 (c) | 1,000 | 1,011,427 | ||||||
Public Finance Authority, McLemore Hotel & Conference Center, Series A (RB) 4.50%, 06/01/28 (c) | 4,000 | 3,220,980 | ||||||
| Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) | ||||||||
| 5.00%, 06/15/26 (c) | 1,250 | 1,041,669 | ||||||
| 5.00%, 06/15/26 (c) | 2,000 | 1,767,646 | ||||||
| Public Finance Authority, Penick Village (RB) | ||||||||
| 4.00%, 09/01/26 (c) | 455 | 423,897 | ||||||
See Notes to Financial Statements
| 59 |
VANECK HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
| 5.00%, 09/01/26 (c) | $ | 500 | $ | 473,329 | ||||
| 5.00%, 09/01/26 (c) | 500 | 450,499 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 443,844 | ||||||
Public Finance Authority, Rider University Project, Series A (RB) 4.50%, 01/01/31 (c) | 2,920 | 2,621,667 | ||||||
| Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) | ||||||||
| 4.00%, 07/01/31 (c) | 500 | 432,446 | ||||||
| 4.00%, 09/01/31 (c) | 1,500 | 1,195,711 | ||||||
| 4.25%, 07/01/31 (c) | 5,890 | 4,915,908 | ||||||
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/31 (c) | 1,060 | 826,498 | ||||||
Public Finance Authority, Triad Educational Services, Inc., Series A (RB) 5.50%, 06/15/25 (c) | 300 | 311,725 | ||||||
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/30 (c) | 4,265 | 3,828,267 | ||||||
| Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) | ||||||||
| 5.00%, 10/01/29 (c) | 1,950 | 2,029,491 | ||||||
| 5.00%, 10/01/29 (c) | 2,000 | 2,093,139 | ||||||
Public Finance Authority, UNC Health Southeastern, Series A (RB) 4.00%, 02/01/31 (c) | 1,000 | 947,102 | ||||||
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/31 (c) | 1,000 | 865,306 | ||||||
| Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB) | ||||||||
| 5.00%, 01/01/31 (c) | 1,555 | 1,436,280 | ||||||
| 5.00%, 07/01/30 (c) | 8,695 | 8,050,630 | ||||||
Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) 5.00%, 08/01/24 (c) | 750 | 745,167 | ||||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/23 (c) | 105 | 92,697 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/23 (c) | $ | 850 | $ | 636,698 | ||||
Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.25%, 02/01/23 (c) | 1,150 | 1,158,597 | ||||||
| Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) | ||||||||
| 5.00%, 11/01/26 (c) | 1,950 | 1,973,077 | ||||||
| 5.00%, 11/01/26 (c) | 2,925 | 2,874,244 | ||||||
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc., (RB) 4.00%, 12/15/29 (c) | 1,800 | 1,742,176 | ||||||
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.12%, 02/01/23 (c) | 3,950 | 3,975,955 | ||||||
| 86,960,883 | ||||||||
| Total Municipal Bonds: 98.0% (Cost: $3,248,494,841) | 2,958,974,026 | |||||||
| Other assets less liabilities: 2.0% | 58,974,833 | |||||||
| NET ASSETS: 100.0% | $ | 3,017,948,859 | ||||||
See Notes to Financial Statements
| 60 |
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 |
| (d) | Security in default |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
| % of | ||||||||
| Summary of Investments by Sector | Investments | Value | ||||||
| Airport | 2.1 | % | $ | 62,056,874 | ||||
| Education | 3.7 | 109,006,525 | ||||||
| Health | 8.9 | 264,386,823 | ||||||
| Hospitals | 9.6 | 285,494,140 | ||||||
| Industrial Development Revenue | 11.8 | 348,509,213 | ||||||
| Industrial Revenue | 1.2 | 35,198,237 | ||||||
| Leasing COPS & Appropriations | 9.2 | 273,609,451 | ||||||
| Local GO | 8.2 | 242,751,452 | ||||||
| Misc | 3.8 | 114,240,694 | ||||||
| Multi-Family Housing | 5.1 | 150,801,729 | ||||||
| Pollution Control | 0.5 | 15,309,606 | ||||||
| Power | 1.7 | 49,987,990 | ||||||
| Refunded | 0.7 | 20,262,265 | ||||||
| Single Family Housing | 0.0 | 329,636 | ||||||
| State GO | 4.1 | 120,281,026 | ||||||
| Tax | 11.0 | 325,932,467 | ||||||
| Tobacco | 7.1 | 209,866,549 | ||||||
| Toll & Turnpike | 2.9 | 84,656,040 | ||||||
| Transportation | 5.3 | 156,484,709 | ||||||
| Unassigned | 0.8 | 22,794,414 | ||||||
| Utilities - Other | 0.7 | 19,683,386 | ||||||
| Water & Sewer | 1.6 | 47,330,800 | ||||||
| 100.0 | % | $ | 2,958,974,026 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 2,958,974,026 | $ | — | $ | 2,958,974,026 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 61 |
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.0% | ||||||||
| Arizona: 2.5% | ||||||||
Arizona Industrial Development Authority, Educational Facility, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB) 4.00%, 07/01/31 (c) | $ | 400 | $ | 345,926 | ||||
| California: 30.2% | ||||||||
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 3.00%, 03/01/26 (c) | 275 | 236,460 | ||||||
California Statewide Communities Development Authority, Cottage Health System Obligated Group (RB) 5.00%, 11/01/24 (c) | 300 | 318,607 | ||||||
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/31 | 475 | 511,347 | ||||||
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/25 (c) | 250 | 267,805 | ||||||
Orange County Local Transportation Authority, Measure M2 Sales Tax (RB) 5.00%, 02/15/23 | 250 | 256,237 | ||||||
San Francisco City & County, International Airport, Series E (RB) 5.00%, 05/01/29 (c) | 370 | 399,948 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 5.00%, 02/01/25 (c) | 410 | 437,337 | ||||||
| 5.00%, 08/01/27 | 300 | 334,822 | ||||||
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/30 (c) | 250 | 279,315 | ||||||
University of California, Series BB (RB) 5.00%, 05/15/29 (c) | 250 | 274,057 | ||||||
University of California, Series BH (RB) 4.00%, 05/15/31 (c) | 280 | 279,082 | ||||||
Val Verde Unified School District, Series A (GO) (BAM) 2.75%, 08/01/28 (c) | 720 | 542,481 | ||||||
| 4,137,498 | ||||||||
| Connecticut: 1.9% | ||||||||
State of Connecticut, Series A (GO) 4.00%, 04/15/28 (c) | 250 | 259,497 | ||||||
| Massachusetts: 6.6% | ||||||||
Commonwealth of Massachusetts Federal Highway Grant Anticipation Notes, Series A (RB) 5.00%, 06/15/24 (c) | 250 | 262,610 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
Commonwealth of Massachusetts, Series B (GO) 5.00%, 11/01/24 | $ | 360 | $ | 382,959 | ||||
Massachusetts Development Finance Agency, Mass General Brigham Issue, Series A-2 (RB) (SAW) 5.00%, 07/01/23 | 255 | 263,318 | ||||||
| 908,887 | ||||||||
| Minnesota: 1.9% | ||||||||
State of Minnesota, State Trunk Highway, Series B (GO) 5.00%, 08/01/22 | 250 | 252,249 | ||||||
| Nevada: 1.9% | ||||||||
Truckee Meadows Water Authority (RB) 5.00%, 07/01/23 | 250 | 258,536 | ||||||
| New York: 32.0% | ||||||||
City of New York, Series B-1 (GO) 5.00%, 10/01/27 (c) | 250 | 273,102 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 4.25%, 11/15/22 (c) | 350 | 350,422 | ||||||
| 4.25%, 11/15/22 (c) | 330 | 330,078 | ||||||
Nassau County Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/24 | 250 | 266,736 | ||||||
New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB) 5.00%, 12/15/22 (c) | 255 | 259,592 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Series GG (RB) 5.00%, 06/15/25 (c) | 400 | 424,919 | ||||||
New York City Transitional Finance Authority Future Tax, Series B-1 (RB) 5.00%, 08/01/24 (c) | 300 | 312,888 | ||||||
New York City Transitional Finance Authority Future Tax, Series E-1 (RB) 5.00%, 02/01/25 (c) | 250 | 263,062 | ||||||
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 01/01/27 (c) | 250 | 271,709 | ||||||
New York State Dormitory Authority, Series A (RB) 5.00%, 03/15/27 (c) | 275 | 298,959 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/25 (c) | 250 | 266,537 | ||||||
See Notes to Financial Statements
| 62 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York State Dormitory Authority, State University Educational Facilities Issue, Series A (RB) 4.00%, 05/15/22 | $ | 270 | $ | 270,261 | ||||
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/31 (c) | 275 | 275,540 | ||||||
New York State Urban Development Corp., Personal Income, Series A (RB) 5.00%, 09/15/30 (c) | 250 | 275,614 | ||||||
Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnel, Series A (RB) 4.00%, 11/15/31 (c) | 250 | 247,658 | ||||||
| 4,387,077 | ||||||||
| North Carolina: 2.2% | ||||||||
University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 | 265 | 302,907 | ||||||
| Ohio: 2.8% | ||||||||
County of Franklin, Ohio Hospital Facilities (RB) 5.00%, 05/15/23 (c) | 375 | 386,462 | ||||||
| Oregon: 2.0% | ||||||||
Oregon State, Department of Administrative Services, State Lottery, Series D (RB) 5.00%, 04/01/25 (c) | 250 | 266,618 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania: 4.5% | ||||||||
Commonwealth of Pennsylvania (GO) 5.00%, 03/15/23 | $ | 250 | $ | 256,746 | ||||
Pennsylvania Turnpike Commission, Series B (RB) 5.00%, 06/01/31 (c) | 330 | 363,539 | ||||||
| 620,285 | ||||||||
| Washington: 7.7% | ||||||||
County of King, Washington Unlimited Tax (GO) 5.00%, 12/01/22 | 250 | 254,925 | ||||||
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 5.00%, 07/01/22 | 285 | 286,727 | ||||||
Port of Seattle, Series B (RB) 5.00%, 08/01/22 | 250 | 252,181 | ||||||
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/24 (c) | 250 | 261,164 | ||||||
| 1,054,997 | ||||||||
| Wisconsin: 1.8% | ||||||||
Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB) 4.00%, 08/15/23 (c) | 250 | 250,312 | ||||||
| Total Municipal Bonds: 98.0% (Cost: $14,712,851) | 13,431,251 | |||||||
| Other assets less liabilities: 2.0% | 267,297 | |||||||
| NET ASSETS: 100.0% | $ | 13,698,548 | ||||||
Definitions:
| BAM | Build America Assurance Co. |
| 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 |
See Notes to Financial Statements
| 63 |
VANECK HIP SUSTAINABLE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| % of | ||||||||
| Summary of Investments by Sector | Investments | Value | ||||||
| Airport | 6.8 | % | $ | 911,295 | ||||
| Education | 6.1 | 824,848 | ||||||
| Hospitals | 7.8 | 1,052,997 | ||||||
| Leasing COPS & Appropriations | 6.5 | 878,798 | ||||||
| Local GO | 10.0 | 1,338,312 | ||||||
| Misc | 2.0 | 266,618 | ||||||
| Power | 2.1 | 286,727 | ||||||
| Refunded | 5.3 | 705,069 | ||||||
| State GO | 18.4 | 2,464,089 | ||||||
| Tax | 18.3 | 2,463,231 | ||||||
| Toll & Turnpike | 2.7 | 363,539 | ||||||
| Transportation | 7.0 | 932,681 | ||||||
| Water & Sewer | 7.0 | 943,047 | ||||||
| 100.0 | % | $ | 13,431,251 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 13,431,251 | $ | — | $ | 13,431,251 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 64 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.6% | ||||||||
| Alabama: 1.3% | ||||||||
| Alabama Federal Aid Highway Finance Authority, Series A (RB) | ||||||||
| 5.00%, 09/01/26 (c) | $ | 340 | $ | 374,661 | ||||
| 5.00%, 09/01/26 (c) | 10 | 11,019 | ||||||
| 5.00%, 09/01/27 | 150 | 168,092 | ||||||
| Alabama Public School and College Authority, Series A (RB) | ||||||||
| 4.00%, 11/01/30 (c) | 2,000 | 2,095,181 | ||||||
| 5.00%, 11/01/30 (c) | 2,015 | 2,312,476 | ||||||
| 5.00%, 11/01/30 (c) | 525 | 610,053 | ||||||
| 5.00%, 11/01/30 (c) | 1,750 | 2,018,333 | ||||||
| 5.00%, 11/01/30 (c) | 1,500 | 1,739,332 | ||||||
| Auburn University, Series A (RB) | ||||||||
| 5.00%, 06/01/26 (c) | 25 | 27,311 | ||||||
| 5.00%, 06/01/26 (c) | 10 | 10,912 | ||||||
| Black Belt Energy Gas District, Series A (RB) 4.00%, 12/01/31 (c) (p) | 4,000 | 4,114,535 | ||||||
| Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/27 (c) | 860 | 847,976 | ||||||
| County of Jefferson (RB) | ||||||||
| 4.00%, 03/15/27 (c) | 1,750 | 1,792,787 | ||||||
| 5.00%, 03/15/27 (c) | 800 | 883,730 | ||||||
| 5.00%, 03/15/27 (c) | 100 | 109,159 | ||||||
| 5.00%, 03/15/27 (c) | 525 | 581,307 | ||||||
| Southeast Energy Authority A Cooperative District (RB) 4.00%, 10/01/28 (c) (p) | 1,000 | 1,016,221 | ||||||
| State of Alabama, Series A (GO) 5.00%, 11/01/28 (c) | 675 | 764,765 | ||||||
| UAB Medicine Finance Authority, Series B (RB) | ||||||||
| 5.00%, 09/01/26 (c) | 150 | 162,343 | ||||||
| 5.00%, 09/01/26 (c) | 225 | 243,705 | ||||||
| UAB Medicine Finance Authority, Series B-1 (RB) 5.00%, 03/01/27 (c) | 280 | 305,423 | ||||||
| University of Alabama, Board of Trustee, Series A (RB) | ||||||||
| 3.00%, 07/01/29 (c) | 415 | 396,666 | ||||||
| 4.00%, 07/01/29 (c) | 820 | 854,763 | ||||||
| 21,440,750 | ||||||||
| Alaska: 0.2% | ||||||||
| Alaska Housing Finance Corp., Series A (RB) | ||||||||
| 4.00%, 06/01/27 (c) | 900 | 945,868 | ||||||
| 4.00%, 06/01/27 (c) | 125 | 131,491 | ||||||
| 5.00%, 06/01/27 (c) | 590 | 648,021 | ||||||
| State of Alaska, International Airports System, Series A (RB) | ||||||||
| 5.00%, 10/01/25 (c) | 305 | 325,178 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Alaska (continued) | ||||||||
| State of Alaska, International Airports System, Series B (RB) 5.00%, 10/01/25 (c) | $ | 635 | $ | 675,735 | ||||
| State of Alaska, Series B (GO) | ||||||||
| 5.00%, 08/01/25 (c) | 250 | 268,629 | ||||||
| 5.00%, 08/01/25 (c) | 205 | 219,614 | ||||||
| 3,214,536 | ||||||||
| Arizona: 1.2% | ||||||||
| Arizona Transportation Board, Highway Revenue (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 835 | 910,764 | ||||||
| 5.00%, 07/01/26 (c) | 1,050 | 1,143,111 | ||||||
| City of Mesa, Utility System (RB) 5.00%, 07/01/26 (c) | 270 | 294,944 | ||||||
| City of Phoenix Civic Improvement Corp., Junior Lien Wastewater System (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 150 | 163,178 | ||||||
| 5.00%, 07/01/26 (c) | 620 | 677,534 | ||||||
| 5.00%, 07/01/26 (c) | 860 | 940,161 | ||||||
| 5.00%, 07/01/26 (c) | 120 | 130,938 | ||||||
| City of Phoenix Civic Improvement Corp., Junior Lien Water System, Series A (RB) 5.00%, 07/01/31 (c) | 1,000 | 1,156,039 | ||||||
| City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) | ||||||||
| 5.00%, 07/01/29 (c) | 1,000 | 1,113,700 | ||||||
| 5.00%, 07/01/29 (c) | 1,275 | 1,415,592 | ||||||
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series B (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 250 | 275,190 | ||||||
| 5.00%, 07/01/27 (c) | 100 | 109,446 | ||||||
| 5.00%, 07/01/27 (c) | 250 | 272,979 | ||||||
| City of Phoenix Civic Improvement Corp., Senior Lien Airport Revenue, Series D (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 550 | 597,297 | ||||||
| 5.00%, 07/01/27 (c) | 120 | 131,700 | ||||||
| City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/31 (c) | 800 | 933,559 | ||||||
| Maricopa County High School District No. 210 (GO) 5.00%, 07/01/27 (c) | 250 | 277,146 | ||||||
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) | ||||||||
| 3.12%, 01/01/27 (c) | 20 | 19,397 | ||||||
| 5.00%, 01/01/27 (c) | 605 | 658,139 | ||||||
| 5.00%, 01/01/28 | 215 | 237,934 | ||||||
| 5.00%, 01/01/29 | 710 | 794,137 | ||||||
See Notes to Financial Statements
| 65 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
| Maricopa County Special Health Care District, Series C (GO) | ||||||||
| 5.00%, 07/01/25 | $ | 190 | $ | 203,771 | ||||
| 5.00%, 07/01/26 | 240 | 262,172 | ||||||
| 5.00%, 07/01/27 | 295 | 326,433 | ||||||
| Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 12/01/31 (c) | 1,150 | 963,197 | ||||||
| Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 12/01/31 (c) | 1,500 | 1,256,344 | ||||||
| Maricopa County, Industrial Development Authority, Honor Health, Series A (RB) 5.00%, 09/01/28 (c) | 550 | 608,525 | ||||||
| Salt River Project Agricultural Improvement and Power District, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 2,380 | 2,652,963 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 277,909 | ||||||
| Salt Verde Financial Corp. (RB) 5.00%, 12/01/37 | 1,000 | 1,095,466 | ||||||
| 19,899,665 | ||||||||
| Arkansas: 0.1% | ||||||||
| City of Fayetteville, Sales and Use Tax Capital Improvements, Series A (RB) 2.00%, 11/01/26 (c) | 305 | 289,006 | ||||||
| City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/28 (c) | 280 | 306,530 | ||||||
| City of Rogers, Sales and Use Tax, Series B (RB) 5.00%, 11/01/26 (c) | 1,000 | 1,092,376 | ||||||
| Little Rock School District of Pulaski County, Series A (GO) (AGM) 2.00%, 02/01/27 (c) | 1,000 | 779,697 | ||||||
| 2,467,609 | ||||||||
| California: 16.1% | ||||||||
| Anaheim Housing and Public Improvements Authority, Series B (RB) | ||||||||
| 5.00%, 04/01/23 (c) | 270 | 277,152 | ||||||
| 5.00%, 04/01/23 (c) | 1,000 | 1,026,488 | ||||||
| Bay Area Toll Authority, Series S-7 (RB) | ||||||||
| 3.25%, 04/01/27 (c) | 1,270 | 1,212,153 | ||||||
| 4.00%, 04/01/27 (c) | 1,085 | 1,124,976 | ||||||
| California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB) 4.00%, 08/01/31 (c) (p) | 3,500 | 3,553,941 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Health Facilities Financial Authority, Series C (RB) 5.00%, 11/01/29 (p) | $ | 2,000 | $ | 2,268,488 | ||||
| California Health Facilities Financing Authority, Adventist Health System West, Series A (RB) 4.00%, 03/01/26 (c) | 90 | 93,846 | ||||||
| California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/26 (c) | 310 | 337,638 | ||||||
| California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB) 3.00%, 08/15/26 (c) | 400 | 380,439 | ||||||
| California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) | ||||||||
| 4.00%, 04/01/30 (c) | 500 | 497,330 | ||||||
| 4.00%, 04/01/30 (c) | 1,060 | 1,060,624 | ||||||
| 4.00%, 04/01/30 (c) | 450 | 451,781 | ||||||
| California Health Facilities Financing Authority, El Camino Hospital (RB) 3.75%, 02/01/27 (c) | 175 | 179,921 | ||||||
| California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/27 (c) | 750 | 830,384 | ||||||
| California Health Facilities Financing Authority, Sutter Health, Series A (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 450 | 493,886 | ||||||
| 5.00%, 11/15/27 (c) | 1,575 | 1,719,384 | ||||||
| 5.00%, 11/15/27 (c) | 150 | 163,910 | ||||||
| California Housing Finance Agency, Series A (RB) 3.50%, 11/20/35 | 1,232 | 1,233,006 | ||||||
| California Infrastructure and Economic Development Bank, Clean Water State (RB) | ||||||||
| 5.00%, 10/01/25 | 100 | 108,477 | ||||||
| 5.00%, 10/01/25 | 100 | 108,477 | ||||||
| 5.00%, 10/01/26 | 150 | 165,608 | ||||||
| 5.00%, 04/01/26 (c) | 550 | 601,402 | ||||||
| 5.00%, 04/01/26 (c) | 55 | 59,883 | ||||||
| 5.00%, 04/01/27 (c) | 170 | 186,709 | ||||||
| 5.00%, 08/01/29 (c) | 775 | 871,836 | ||||||
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) 5.00%, 02/01/27 (c) | 840 | 922,631 | ||||||
See Notes to Financial Statements
| 66 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 5.00%, 07/01/27 (c) | $ | 925 | $ | 1,004,789 | ||||
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) | ||||||||
| 3.00%, 09/01/27 (c) | 360 | 352,001 | ||||||
| 3.00%, 09/01/27 (c) | 500 | 494,951 | ||||||
| 5.00%, 09/01/24 (c) | 270 | 285,223 | ||||||
| California State Public Works Board, Department of General Services, Series F (RB) 5.00%, 05/01/25 (c) | 330 | 352,784 | ||||||
| California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 120 | 132,979 | ||||||
| 5.00%, 10/01/27 (c) | 1,835 | 2,045,160 | ||||||
| 5.00%, 10/01/27 (c) | 340 | 377,854 | ||||||
| California State Public Works Board, Various Capital Projects, Series C (RB) | ||||||||
| 3.38%, 03/01/27 (c) | 100 | 98,607 | ||||||
| 4.00%, 11/01/26 (c) | 425 | 442,382 | ||||||
| 5.00%, 11/01/26 (c) | 30 | 32,771 | ||||||
| 5.00%, 11/01/26 (c) | 30 | 32,904 | ||||||
| 5.00%, 11/01/26 (c) | 45 | 49,257 | ||||||
| California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 10/01/26 (c) | 400 | 438,116 | ||||||
| California State Public Works Board, Various Correctional Facilities, Series C (RB) 5.00%, 11/01/28 (c) | 950 | 1,064,291 | ||||||
| California State University, Series A (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 35 | 37,522 | ||||||
| 5.00%, 05/01/26 (c) | 10 | 10,810 | ||||||
| 5.00%, 05/01/26 (c) | 160 | 175,173 | ||||||
| 5.00%, 05/01/27 (c) | 510 | 558,574 | ||||||
| 5.00%, 05/01/27 (c) | 225 | 245,556 | ||||||
| California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 4.00%, 04/01/31 (c) | 1,400 | 1,425,673 | ||||||
| California Statewide Communities Development Authority, Kaiser Permanente, Series C (RB) 5.00%, 11/01/29 (p) | 1,675 | 1,899,859 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Statewide Communities Development Authority, Kaiser Permanente, Series D (RB) 5.00%, 11/01/29 (p) | $ | 2,000 | $ | 2,268,488 | ||||
| California Statewide Communities Development Authority, Kaiser Permanente, Series L (RB) 5.00%, 11/01/29 (p) | 1,500 | 1,701,366 | ||||||
| California Statewide Communities Development Authority, Methodist Hospital of Southern California (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,083,859 | ||||||
| 5.00%, 01/01/28 (c) | 315 | 342,691 | ||||||
| 5.00%, 01/01/28 (c) | 760 | 825,562 | ||||||
| California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 11/19/26 (c) | 3,000 | 2,639,904 | ||||||
| California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) (BAM) 4.00%, 05/15/31 (c) | 1,000 | 1,016,692 | ||||||
| Chabot-Las Positas Community College District (GO) 4.00%, 08/01/26 (c) | 140 | 143,286 | ||||||
| City and County of San Francisco, 49 South Van Ness Project (CP) (AGM) 4.00%, 04/01/27 (c) | 1,000 | 1,030,330 | ||||||
| City and County of San Francisco, Series B (CP) 3.00%, 10/01/25 (c) | 255 | 254,565 | ||||||
| City of Bakersfield, Wastewater Revenue, Series A (RB) 5.00%, 09/15/25 (c) | 15 | 16,145 | ||||||
| City of Concord, Capital Improvement Project (CP) 2.00%, 04/01/31 (c) | 1,400 | 1,051,546 | ||||||
| City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) | ||||||||
| 4.00%, 05/15/30 (c) | 1,000 | 1,031,703 | ||||||
| 5.00%, 05/15/31 (c) | 1,400 | 1,577,499 | ||||||
| 5.00%, 05/15/31 (c) | 500 | 564,790 | ||||||
| City of Los Angeles, Solid Waste Resources, Series A (RB) 4.00%, 02/01/28 (c) | 405 | 415,499 | ||||||
| City of Los Angeles, Wastewater System, Series A (RB) 5.00%, 06/01/27 (c) | 565 | 623,933 | ||||||
See Notes to Financial Statements
| 67 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| City of San Jose, Refunding, Libraries, Parks and Public Safety Projects, Series C (GO) (AGM) 5.00%, 03/01/29 (c) | $ | 200 | $ | 226,306 | ||||
| Contra Costa Transportation Authority (RB) 5.00%, 03/01/25 (c) | 20 | 21,262 | ||||||
| County of Sacramento, Airport System, Series E (RB) | ||||||||
| 5.00%, 07/01/27 | 275 | 302,495 | ||||||
| 5.00%, 07/01/28 (c) | 150 | 164,638 | ||||||
| County of Santa Clara, Series C (GO) | ||||||||
| 3.00%, 08/01/27 (c) | 245 | 238,139 | ||||||
| 5.00%, 08/01/27 (c) | 125 | 139,250 | ||||||
| 5.00%, 08/01/27 (c) | 525 | 579,975 | ||||||
| Desert Community College District (GO) 5.00%, 08/01/27 (c) | 145 | 158,924 | ||||||
| East Bay Municipal Utility District, Water System, Series A (RB) 5.00%, 06/01/27 (c) | 460 | 506,835 | ||||||
| East Bay Municipal Utility District, Water System, Series B (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 220 | 243,387 | ||||||
| 5.00%, 06/01/27 (c) | 145 | 161,651 | ||||||
| East Side Union High School District, Series B (GO) (AGM) 3.00%, 08/01/27 (c) | 2,590 | 2,438,179 | ||||||
| Eastern Municipal Water District Financing Authority, Water and Wastewater, Series A (RB) 5.00%, 07/01/30 (c) | 1,070 | 1,222,951 | ||||||
| Eastern Municipal Water District, Financing Authority, California Water and Wastewater, Series B (RB) (SAW) 5.00%, 07/01/26 (c) | 140 | 152,645 | ||||||
| Eastern Municipal Water District, Water and Wastewater Revenue, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 25 | 27,372 | ||||||
| 5.00%, 07/01/26 (c) | 100 | 109,238 | ||||||
| Eastern Municipal Water District, Water and Wastewater Revenue, Series B (RB) (SAW) 5.00%, 07/01/26 (c) | 5 | 5,468 | ||||||
| El Camino Healthcare District (GO) 4.00%, 02/01/27 (c) | 250 | 257,162 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| El Dorado Irrigation District, Series C (RB) 5.00%, 03/01/26 (c) | $ | 250 | $ | 273,016 | ||||
| Fontana Redevelopment Agency Successor Agency (TA) | ||||||||
| 5.00%, 10/01/26 | 205 | 225,341 | ||||||
| 5.00%, 10/01/27 (c) | 760 | 840,685 | ||||||
| Foothill-De Anza Community College District (GO) 3.00%, 08/01/31 (c) | 1,500 | 1,366,226 | ||||||
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) 5.00%, 06/01/25 (c) | 220 | 236,581 | ||||||
| Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1 (RB) | ||||||||
| 5.00%, 06/01/28 (c) | 1,000 | 1,137,633 | ||||||
| 5.00%, 06/01/28 (c) | 2,380 | 2,707,565 | ||||||
| Kern High School District, Series A (GO) (AGM) 2.00%, 08/01/30 (c) | 3,000 | 2,562,652 | ||||||
| Kern High School District, Series C (GO) (AGM) 2.00%, 08/01/30 (c) | 1,600 | 1,404,045 | ||||||
| Long Beach Unified School District (GO) 5.00%, 08/01/26 (c) | 105 | 115,306 | ||||||
| Los Angeles Community College District, Series A (GO) | ||||||||
| 5.00%, 08/01/24 (c) | 175 | 185,255 | ||||||
| 5.00%, 08/01/24 (c) | 330 | 349,339 | ||||||
| Los Angeles Community College District, Series G (GO) 5.00%, 08/01/24 (c) | 170 | 179,962 | ||||||
| Los Angeles Community College District, Series I (GO) | ||||||||
| 4.00%, 08/01/26 (c) | 170 | 174,861 | ||||||
| 4.00%, 08/01/26 | 25 | 26,558 | ||||||
| 4.00%, 08/01/26 (c) | 135 | 142,510 | ||||||
| Los Angeles Community College District, Series J (GO) | ||||||||
| 4.00%, 08/01/27 (c) | 750 | 780,160 | ||||||
| 4.00%, 08/01/27 (c) | 400 | 418,034 | ||||||
| 5.00%, 08/01/27 (c) | 100 | 111,556 | ||||||
| Los Angeles County Metropolitan Transportation Authority (RB) | ||||||||
| 4.00%, 06/01/30 (c) | 1,000 | 1,025,623 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,137,286 | ||||||
| 5.00%, 07/01/31 (c) | 2,000 | 2,305,165 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Series A (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 50 | 52,132 | ||||||
| 5.00%, 06/01/26 (c) | 115 | 125,958 | ||||||
| 5.00%, 06/01/26 (c) | 375 | 409,061 | ||||||
| 5.00%, 06/01/26 (c) | 165 | 179,188 | ||||||
See Notes to Financial Statements
| 68 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 795 | $ | 880,517 | ||||
| 5.00%, 07/01/27 (c) | 285 | 318,274 | ||||||
| 5.00%, 07/01/31 (c) | 900 | 1,042,019 | ||||||
| 5.00%, 07/01/31 (c) | 705 | 815,299 | ||||||
Los Angeles County Public Works Financing Authority, Series E-1 (RB) 5.00%, 12/01/29 (c) | 450 | 507,237 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 155 | 167,923 | ||||||
| 5.00%, 01/01/27 (c) | 1,010 | 1,102,851 | ||||||
| 5.00%, 01/01/28 (c) | 500 | 556,384 | ||||||
| 5.00%, 01/01/28 (c) | 500 | 553,356 | ||||||
| 5.00%, 01/01/28 (c) | 115 | 129,465 | ||||||
| 5.00%, 07/01/29 | 1,000 | 1,146,805 | ||||||
| Los Angeles Department of Water and Power, Series B (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 35 | 37,969 | ||||||
| 5.00%, 01/01/27 (c) | 1,000 | 1,090,108 | ||||||
| 5.00%, 01/01/27 (c) | 275 | 299,154 | ||||||
| 5.00%, 06/01/25 (c) | 180 | 193,567 | ||||||
| 5.00%, 07/01/23 (c) | 1,000 | 1,029,007 | ||||||
| 5.00%, 07/01/27 | 110 | 122,674 | ||||||
| 5.00%, 07/01/28 (c) | 110 | 123,408 | ||||||
| Los Angeles Department of Water and Power, Series C (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 250 | 263,557 | ||||||
| 5.00%, 07/01/24 (c) | 100 | 105,185 | ||||||
| 5.00%, 07/01/27 (c) | 500 | 547,481 | ||||||
| 5.00%, 07/01/27 (c) | 1,100 | 1,218,884 | ||||||
| 5.00%, 07/01/27 (c) | 200 | 218,592 | ||||||
| 5.00%, 07/01/29 (c) | 1,680 | 1,883,607 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,706,916 | ||||||
| 5.00%, 07/01/30 (c) | 1,125 | 1,285,860 | ||||||
Los Angeles Department of Water and Power, Series D (RB) 5.00%, 07/01/28 (c) | 125 | 138,516 | ||||||
| Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO) | ||||||||
| 4.00%, 01/01/32 (c) | 1,500 | 1,544,727 | ||||||
| 5.00%, 01/01/32 (c) | 1,300 | 1,501,371 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
| 4.00%, 07/01/29 (c) | 1,580 | 1,656,216 | ||||||
| 5.00%, 07/01/25 (c) | 135 | 144,954 | ||||||
| 5.00%, 07/01/25 (c) | 695 | 744,279 | ||||||
| 5.00%, 07/01/25 (c) | 25 | 26,781 | ||||||
| 5.00%, 07/01/26 | 120 | 131,433 | ||||||
| 5.00%, 07/01/28 | 250 | 282,188 | ||||||
| 5.00%, 07/01/29 (c) | 1,720 | 1,953,902 | ||||||
| 5.00%, 07/01/30 | 500 | 578,793 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| Los Angeles Unified School District, Series B (GO) | ||||||||
| 2.00%, 07/01/26 (c) | $ | 270 | $ | 248,565 | ||||
| 5.00%, 07/01/26 (c) | 915 | 999,154 | ||||||
| 5.00%, 07/01/26 (c) | 885 | 966,760 | ||||||
| Los Angeles Unified School District, Series B-1 (GO) | ||||||||
| 5.00%, 01/01/28 (c) | 645 | 715,794 | ||||||
| 5.00%, 01/01/28 (c) | 585 | 645,173 | ||||||
| 5.00%, 01/01/28 (c) | 295 | 322,617 | ||||||
| Los Angeles Unified School District, Series C (GO) | ||||||||
| 3.00%, 07/01/30 (c) | 1,880 | 1,751,218 | ||||||
| 4.00%, 07/01/30 (c) | 360 | 374,508 | ||||||
| 4.00%, 07/01/30 (c) | 2,000 | 2,063,882 | ||||||
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/30 (c) | 1,000 | 1,025,835 | ||||||
Los Angeles Unified School District, Series RYQ (GO) (BAM) 5.00%, 07/01/29 | 3,675 | 4,204,226 | ||||||
Metropolitan Water District of Southern California, Series B (RB) 5.00%, 07/01/28 (c) | 100 | 112,942 | ||||||
| Municipal Improvement Corp. of Los Angeles, Series B (RB) | ||||||||
| 5.00%, 11/01/26 (c) | 135 | 148,069 | ||||||
| 5.00%, 11/01/26 (c) | 615 | 672,627 | ||||||
Norman Y Mineta San Jose International Airport (RB) (BAM) 4.00%, 03/01/31 (c) | 325 | 333,420 | ||||||
| Northern California Transmission Agency Project, Series A (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 45 | 49,178 | ||||||
| 5.00%, 05/01/26 (c) | 40 | 43,634 | ||||||
| Oakland Unified School District (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 385 | 420,518 | ||||||
| 5.00%, 08/01/26 (c) | 625 | 678,214 | ||||||
| 5.00%, 08/01/26 (c) | 175 | 190,631 | ||||||
Oakland Unified School District, Series C (GO) 5.00%, 08/01/27 (c) | 400 | 438,411 | ||||||
| Palm Springs Unified School District, Series A (GO) (AGM) | ||||||||
| 1.25%, 08/01/29 (c) | 4,000 | 3,283,755 | ||||||
| 1.25%, 08/01/29 (c) | 1,265 | 1,006,358 | ||||||
| 1.50%, 08/01/29 (c) | 3,000 | 2,317,706 | ||||||
| 1.50%, 08/01/29 (c) | 2,500 | 1,971,942 | ||||||
| 1.75%, 08/01/29 (c) | 3,000 | 2,335,769 | ||||||
Palm Springs Unified School District, Series D (GO) 3.00%, 08/01/26 (c) | 160 | 160,071 | ||||||
See Notes to Financial Statements
| 69 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Placentia-Yorba Linda Unified School District, Series A (CP) (AGM) 4.00%, 10/01/25 (c) | $ | 260 | $ | 270,452 | ||||
| Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) | ||||||||
| 4.00%, 11/01/26 (c) | 100 | 104,343 | ||||||
| 5.00%, 11/01/26 (c) | 25 | 27,365 | ||||||
| 5.00%, 11/01/26 (c) | 170 | 187,366 | ||||||
| 5.00%, 05/01/25 (c) | 230 | 246,360 | ||||||
| Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 785 | 862,877 | ||||||
| 5.00%, 11/01/27 (c) | 255 | 285,502 | ||||||
Regents of the University of California, Medical Center Pooled Revenue, Series L (RB) 5.00%, 05/15/26 (c) | 650 | 699,975 | ||||||
Riverside Community College District (GO) 5.00%, 08/01/25 (c) | 170 | 183,880 | ||||||
Riverside County Transportation Commission, Series B (RB) 5.00%, 12/01/27 (c) | 560 | 617,926 | ||||||
Riverside Redevelopment Agency Successor Agency, Series A (TA) (AGM) 5.00%, 09/01/26 | 125 | 136,508 | ||||||
| Sacramento City Financing Authority, Master Lease Program Facilities (RB) (BAM) | ||||||||
| 5.00%, 12/01/25 (c) | 110 | 119,066 | ||||||
| 5.00%, 12/01/25 (c) | 210 | 227,606 | ||||||
| Sacramento County Sanitation Districts Financing Authority, Series A (RB) 5.00%, 06/01/24 (c) | 170 | 178,931 | ||||||
| San Diego Association of Governments, South Bay Expressway, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 500 | 547,451 | ||||||
| 5.00%, 07/01/27 (c) | 705 | 769,836 | ||||||
| San Diego Community College District (GO) 5.00%, 08/01/26 (c) | 65 | 71,738 | ||||||
| San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | 535 | 586,830 | ||||||
| San Diego County Regional Airport Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/30 (c) | 1,630 | 1,818,186 | ||||||
| 5.00%, 07/01/30 (c) | 2,075 | 2,300,378 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 07/01/30 (c) | $ | 1,295 | $ | 1,430,759 | ||||
| San Diego County Regional Transportation Commission, Series A (RB) 5.00%, 04/01/26 (c) | 105 | 113,996 | ||||||
| San Diego County Water Authority, Series A (RB) 5.00%, 05/01/25 (c) | 75 | 80,514 | ||||||
| San Diego County Water Authority, Series B (RB) 4.00%, 05/01/31 (c) | 2,000 | 2,110,325 | ||||||
| San Diego County, Edgemoor and RCS Refunding, Series A (CP) 5.00%, 10/15/24 (c) | 150 | 158,822 | ||||||
| San Diego Public Facilities Financing Authority (RB) 5.00%, 10/15/25 (c) | 150 | 161,762 | ||||||
| San Diego Public Facilities Financing Authority, Series A (RB) 5.00%, 05/15/26 (c) | 135 | 147,854 | ||||||
| San Diego Regional Building Authority, Series A (RB) 5.00%, 10/15/25 (c) | 555 | 597,559 | ||||||
| San Diego Unified School District, Series I (GO) 5.00%, 07/01/27 (c) | 650 | 715,645 | ||||||
| San Diego Unified School District, Series R-5 (GO) 4.00%, 07/01/26 (c) | 20 | 20,905 | ||||||
| San Francisco Bay Area Rapid Transit District, Series F-1 (GO) | ||||||||
| 5.00%, 08/01/28 | 900 | 1,024,831 | ||||||
| 5.00%, 08/01/29 (c) | 140 | 157,905 | ||||||
| 5.00%, 08/01/29 (c) | 110 | 125,052 | ||||||
San Francisco Community College District (GO) 5.00%, 06/15/25 | 140 | 150,236 | ||||||
| San Francisco County Transportation Authority (RB) | ||||||||
| 3.00%, 02/01/27 (c) | 500 | 489,697 | ||||||
| 3.00%, 02/01/27 (c) | 135 | 134,139 | ||||||
| 4.00%, 02/01/27 | 105 | 111,653 | ||||||
| 4.00%, 02/01/27 (c) | 325 | 341,816 | ||||||
| San Francisco Unified School District, Series B (GO) 4.00%, 06/15/28 (c) | 2,000 | 2,075,850 | ||||||
| San Joaquin County Transportation Authority (RB) 5.00%, 03/01/27 (c) | 165 | 180,292 | ||||||
| San Joaquin County, Administration Building Project (CP) (AGM) | ||||||||
| 5.00%, 11/15/27 (c) | 520 | 581,089 | ||||||
| 5.00%, 11/15/27 (c) | 500 | 560,103 | ||||||
See Notes to Financial Statements
| 70 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| San Joaquin Delta Community College District, Series A (GO) 5.00%, 08/01/25 (c) | $ | 25 | $ | 27,001 | ||||
| San Jose Redevelopment Agency, Series A (TA) 5.00%, 08/01/27 (c) | 230 | 252,839 | ||||||
| San Marcos Unified School District (GO) | ||||||||
| 4.00%, 08/01/27 (c) | 400 | 415,497 | ||||||
| 5.00%, 08/01/27 (c) | 350 | 383,610 | ||||||
| 5.00%, 08/01/27 (c) | 360 | 398,622 | ||||||
| 5.00%, 08/01/27 (c) | 515 | 571,579 | ||||||
| San Mateo Union High School District, Series C (GO) 4.00%, 09/01/26 (c) | 770 | 796,170 | ||||||
| Santa Clara County Financing Authority, Capital Facilities, Series A (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 840 | 869,400 | ||||||
| 5.00%, 05/01/31 (c) | 3,855 | 4,423,802 | ||||||
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) | ||||||||
| 4.00%, 05/15/25 (c) | 400 | 409,916 | ||||||
| 4.00%, 05/15/25 (c) | 760 | 780,638 | ||||||
| Santa Clara County, San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c) | 785 | 762,780 | ||||||
| Santa Clara Unified School District (GO) | ||||||||
| 3.00%, 07/01/26 (c) | 100 | 96,814 | ||||||
| 3.00%, 07/01/26 (c) | 1,535 | 1,443,673 | ||||||
| Santa Clara Valley Water District, Series A (RB) 5.00%, 12/01/25 (c) | 25 | 26,963 | ||||||
| Sequoia Union High School District (GO) 3.00%, 07/01/26 (c) | 500 | 503,879 | ||||||
| Southern California Public Power Authority, Milford Wind Corridor Phase I Project (RB) 5.00%, 07/01/29 | 100 | 114,681 | ||||||
| State of California (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 2,000 | 1,879,020 | ||||||
| 4.00%, 04/01/31 (c) | 2,000 | 2,089,163 | ||||||
| 5.00%, 10/01/30 | 2,000 | 2,307,155 | ||||||
| 5.00%, 11/01/28 (c) | 2,585 | 2,863,761 | ||||||
| 5.00%, 09/01/29 | 1,000 | 1,141,379 | ||||||
| State of California, Department of Water Resources, Central Valley Project, Series AW (RB) 5.00%, 12/01/26 (c) | 50 | 54,755 | ||||||
| State of California, Department of Water Resources, Central Valley Project, Series AX (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 100 | 111,159 | ||||||
| 5.00%, 12/01/27 (c) | 915 | 1,020,101 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| State of California, Department of Water Resources, Central Valley Project, Series BA (RB) (AGM) 5.00%, 06/01/29 (c) | $ | 365 | $ | 412,761 | ||||
| State of California, Series CL (GO) 3.75%, 12/01/24 (c) | 10 | 9,991 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 350 | 315,752 | ||||||
| 3.12%, 04/01/29 (c) | 1,575 | 1,486,411 | ||||||
| 4.00%, 11/01/27 (c) | 100 | 105,082 | ||||||
| 4.00%, 11/01/30 (c) | 3,445 | 3,592,040 | ||||||
| 4.00%, 03/01/29 | 2,000 | 2,148,080 | ||||||
| 4.00%, 03/01/30 (c) | 9,500 | 9,802,983 | ||||||
| 4.00%, 03/01/30 (c) | 2,000 | 2,047,097 | ||||||
| 4.00%, 08/01/26 (c) | 700 | 725,101 | ||||||
| 4.00%, 08/01/26 (c) | 130 | 134,030 | ||||||
| 5.00%, 10/01/28 | 1,300 | 1,469,286 | ||||||
| 5.00%, 10/01/28 (c) | 300 | 338,616 | ||||||
| 5.00%, 10/01/29 | 4,500 | 5,141,260 | ||||||
| 5.00%, 10/01/29 | 1,000 | 1,142,502 | ||||||
| 5.00%, 10/01/29 (c) | 2,340 | 2,674,494 | ||||||
| 5.00%, 10/01/29 (c) | 3,425 | 3,892,261 | ||||||
| 5.00%, 10/01/31 | 4,000 | 4,666,722 | ||||||
| 5.00%, 11/01/27 (c) | 2,645 | 2,931,405 | ||||||
| 5.00%, 11/01/27 (c) | 2,480 | 2,769,921 | ||||||
| 5.00%, 11/01/27 (c) | 1,020 | 1,134,285 | ||||||
| 5.00%, 11/01/27 (c) | 1,000 | 1,115,822 | ||||||
| 5.00%, 11/01/28 | 400 | 452,605 | ||||||
| 5.00%, 11/01/30 (c) | 1,610 | 1,838,615 | ||||||
| 5.00%, 11/01/30 | 1,000 | 1,154,602 | ||||||
| 5.00%, 12/01/28 | 1,000 | 1,132,752 | ||||||
| 5.00%, 12/01/30 (c) | 2,000 | 2,278,898 | ||||||
| 5.00%, 03/01/30 (c) | 1,250 | 1,416,362 | ||||||
| 5.00%, 04/01/24 (c) | 500 | 521,826 | ||||||
| 5.00%, 04/01/26 (c) | 1,075 | 1,168,353 | ||||||
| 5.00%, 04/01/28 | 710 | 796,984 | ||||||
| 5.00%, 04/01/29 (c) | 150 | 168,478 | ||||||
| 5.00%, 04/01/29 | 1,735 | 1,970,382 | ||||||
| 5.00%, 04/01/29 (c) | 3,500 | 3,914,215 | ||||||
| 5.00%, 04/01/30 | 2,590 | 2,971,795 | ||||||
| 5.00%, 04/01/31 | 380 | 440,908 | ||||||
| 5.00%, 04/01/32 | 4,270 | 4,996,649 | ||||||
| 5.00%, 08/01/26 (c) | 190 | 205,782 | ||||||
| 5.00%, 08/01/26 (c) | 1,165 | 1,273,457 | ||||||
| 5.00%, 08/01/26 (c) | 115 | 124,504 | ||||||
| 5.00%, 08/01/26 (c) | 905 | 982,431 | ||||||
| 5.00%, 08/01/26 (c) | 150 | 164,280 | ||||||
| 5.00%, 08/01/27 (c) | 3,785 | 4,212,564 | ||||||
| 5.00%, 08/01/27 (c) | 2,445 | 2,718,663 | ||||||
| 5.00%, 08/01/27 (c) | 950 | 1,052,898 | ||||||
| 5.00%, 08/01/28 (c) | 275 | 308,789 | ||||||
| 5.00%, 08/01/28 | 750 | 845,724 | ||||||
| 5.00%, 08/01/28 (c) | 2,745 | 3,036,137 | ||||||
| 5.00%, 09/01/23 (c) | 345 | 356,873 | ||||||
| 5.00%, 09/01/25 (c) | 30 | 32,377 | ||||||
See Notes to Financial Statements
| 71 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 09/01/26 (c) | $ | 150 | $ | 164,516 | ||||
| 5.00%, 09/01/26 (c) | 125 | 136,455 | ||||||
| State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 1,500 | 1,532,362 | ||||||
| 4.00%, 05/01/31 (c) | 2,000 | 2,046,961 | ||||||
| Stockton Unified School District (GO) | ||||||||
| 5.00%, 02/01/26 (c) | 100 | 107,911 | ||||||
| 5.00%, 02/01/26 (c) | 100 | 108,134 | ||||||
| Successor Agency to the Redevelopment Agency of the City of San Diego, Series A (TA) 5.00%, 09/01/25 (c) | 335 | 361,580 | ||||||
| Trustees of the California State University, Series A (RB) | ||||||||
| 4.00%, 05/01/26 (c) | 250 | 264,090 | ||||||
| 5.00%, 05/01/26 (c) | 410 | 446,437 | ||||||
| Tuolumne Wind Project Authority, Series A (RB) 5.00%, 01/01/27 | 125 | 138,273 | ||||||
| Turlock Irrigation District (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,131,050 | ||||||
| 5.00%, 01/01/30 (c) | 500 | 563,755 | ||||||
| University of California, Series AO (RB) 5.00%, 05/15/25 (c) | 130 | 139,198 | ||||||
| University of California, Series AR (RB) 5.00%, 05/15/26 (c) | 10 | 10,880 | ||||||
| University of California, Series AY (RB) 5.00%, 05/15/27 (c) | 625 | 691,322 | ||||||
| University of California, Series AZ (RB) | ||||||||
| 5.00%, 05/15/28 (c) | 310 | 346,037 | ||||||
| 5.00%, 05/15/28 (c) | 275 | 310,459 | ||||||
| University of California, Series BE (RB) 5.00%, 05/15/30 (c) | 1,500 | 1,702,088 | ||||||
| University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,170 | 1,288,554 | ||||||
| West Basin Municipal Water District, Series A (RB) | ||||||||
| 5.00%, 02/01/26 (c) | 100 | 108,990 | ||||||
| 5.00%, 02/01/26 (c) | 155 | 168,587 | ||||||
| West Contra Costa Unified School District, Series A (GO) 5.00%, 08/01/25 (c) | 20 | 21,426 | ||||||
| 272,873,882 | ||||||||
| Colorado: 2.2% | ||||||||
| Adams and Arapahoe Joint School District No. 28J, Series A (GO) (SAW) 5.00%, 12/01/26 (c) | 540 | 595,266 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
| Board of Governors of Colorado State University System (RB) | ||||||||
| 5.00%, 03/01/28 (c) | $ | 510 | $ | 566,432 | ||||
| 5.00%, 03/01/28 (c) | 935 | 1,031,138 | ||||||
| Board of Water Commissioners City & County of Denver/The (RB) 5.00%, 12/15/31 (c) | 1,500 | 1,762,793 | ||||||
| Cherry Creek School District No. 5 (GO) (SAW) 5.00%, 12/15/25 (c) | 1,000 | 1,082,482 | ||||||
| City and County of Denver, Acting By and Through its Board of Water Commissioners, Series A (RB) 5.00%, 12/15/29 | 5,700 | 6,616,359 | ||||||
| City and County of Denver, Series A (RB) | ||||||||
| 4.00%, 08/01/31 (c) | 1,255 | 1,323,346 | ||||||
| 5.00%, 08/01/26 (c) | 150 | 164,027 | ||||||
| City and County of Denver, Series A-2 (RB) 0.00%, 08/01/26 (c) ^ | 200 | 127,092 | ||||||
| City of Colorado Springs, Utilities System, Series A-1 (RB) | ||||||||
| 5.00%, 11/15/27 (c) | 100 | 111,639 | ||||||
| 5.00%, 11/15/27 (c) | 110 | 123,223 | ||||||
| 5.00%, 11/15/27 (c) | 120 | 133,966 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-1 (RB) 5.00%, 08/01/29 (c) | 155 | 168,650 | ||||||
| Colorado Higher Education, Series A (CP) 5.00%, 11/01/26 | 115 | 126,337 | ||||||
| Denver City and County School District No. 1 (GO) (SAW) | ||||||||
| 4.00%, 12/01/30 (c) | 3,000 | 3,153,231 | ||||||
| 5.00%, 12/01/30 (c) | 1,000 | 1,148,746 | ||||||
| Denver Convention Center Hotel Authority (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 250 | 264,824 | ||||||
| 5.00%, 12/01/26 (c) | 570 | 601,970 | ||||||
| El Paso County School District No. 20 (GO) (SAW) 5.00%, 12/15/26 (c) | 295 | 324,861 | ||||||
| Jefferson County School District R-1 (GO) 5.00%, 12/15/28 (c) | 1,110 | 1,263,210 | ||||||
| Mesa County Valley School District No. 51 (GO) (SAW) | ||||||||
| 5.00%, 12/01/27 (c) | 500 | 560,452 | ||||||
| 5.00%, 12/01/27 (c) | 500 | 561,832 | ||||||
| 5.25%, 12/01/27 (c) | 200 | 226,536 | ||||||
| Metro Wastewater Reclamation District (RB) (SAW) 3.00%, 04/01/30 (c) | 2,000 | 1,823,876 | ||||||
See Notes to Financial Statements
| 72 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
| Pueblo City Schools No. 60 (GO) (SAW) 3.00%, 12/15/29 (c) | $ | 500 | $ | 458,189 | ||||
| Regional Transportation District, Fastracks Project, Series B (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 1,995 | 2,205,679 | ||||||
| 5.00%, 11/01/27 (c) | 100 | 110,936 | ||||||
| 5.00%, 11/01/28 | 1,000 | 1,139,800 | ||||||
| State of Colorado, Series A (CP) | ||||||||
| 4.00%, 12/15/31 (c) | 1,750 | 1,827,588 | ||||||
| 5.00%, 12/15/31 (c) | 2,000 | 2,292,482 | ||||||
| State of Colorado, Series K (CP) 5.00%, 03/15/27 (c) | 410 | 451,567 | ||||||
| State of Colorado, Series M (CP) 5.00%, 03/15/28 (c) | 190 | 212,808 | ||||||
| University of Colorado, Series A-2 (RB) | ||||||||
| 3.00%, 06/01/24 (c) | 800 | 793,462 | ||||||
| 4.00%, 06/01/28 (c) | 500 | 538,487 | ||||||
| 5.00%, 06/01/28 | 155 | 174,566 | ||||||
| Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/29 (c) | 2,165 | 2,440,375 | ||||||
| Windy Gap Firming Project Water Activity Enterprise (RB) 5.00%, 07/15/31 (c) | 1,000 | 1,148,456 | ||||||
| 37,656,683 | ||||||||
| Connecticut: 2.4% | ||||||||
| Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/30 (c) | 1,290 | 1,062,670 | ||||||
| Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series C-1 (RB) 2.05%, 11/15/29 (c) | 260 | 209,275 | ||||||
| Connecticut Housing Finance Authority, Series A-1 (RB) | ||||||||
| 3.65%, 11/15/26 (c) | 95 | 94,707 | ||||||
| 3.88%, 11/15/26 (c) | 35 | 35,065 | ||||||
| Connecticut Housing Finance Authority, Series D-1 (RB) 3.20%, 11/15/26 (c) | 260 | 251,584 | ||||||
| Connecticut Housing Finance Authority, Series F-1 (RB) 3.05%, 05/15/26 (c) | 140 | 137,129 | ||||||
| Connecticut State Health and Educational Facilities Authority, Hardford Health Issue, Series A (RB) (SD CRED PROG) 5.00%, 01/01/30 (c) | 335 | 369,200 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
| Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) | $ | 250 | $ | 254,016 | ||||
| Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) | ||||||||
| 4.00%, 07/01/29 (c) | 525 | 528,258 | ||||||
| 4.00%, 07/01/29 (c) | 625 | 629,613 | ||||||
| 5.00%, 07/01/29 (c) | 2,200 | 2,381,325 | ||||||
| Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series B-1 (RB) (AGM) 5.00%, 07/01/29 | 1,000 | 1,155,247 | ||||||
| Metropolitan District, Series A (GO) 4.00%, 09/01/31 (c) | 800 | 847,203 | ||||||
| South Central Connecticut Regional Water Authority, Series B (RB) 5.00%, 08/01/26 (c) | 25 | 27,254 | ||||||
| State of Connecticut Special Tax, Series A (RB) | ||||||||
| 4.00%, 05/01/31 (c) | 1,500 | 1,540,453 | ||||||
| 4.00%, 09/01/26 (c) | 785 | 813,084 | ||||||
| 5.00%, 01/01/28 (c) | 190 | 209,275 | ||||||
| 5.00%, 05/01/31 (c) | 1,500 | 1,708,752 | ||||||
| 5.00%, 05/01/31 | 1,650 | 1,902,009 | ||||||
| 5.00%, 09/01/26 (c) | 200 | 215,951 | ||||||
| 5.00%, 09/01/26 (c) | 475 | 513,685 | ||||||
| State of Connecticut Special Tax, Series A (ST) 5.00%, 05/01/30 (c) |
2,500 | 2,798,215 | ||||||
| State of Connecticut, Series A (GO) | ||||||||
| 3.00%, 01/15/31 (c) | 1,000 | 934,813 | ||||||
| 3.00%, 01/15/31 (c) | 2,200 | 2,128,464 | ||||||
| 3.00%, 01/15/31 (c) | 1,000 | 910,366 | ||||||
| 4.00%, 01/15/31 | 1,780 | 1,906,722 | ||||||
| 5.00%, 04/15/27 (c) | 680 | 747,917 | ||||||
| 5.00%, 04/15/28 (c) | 1,000 | 1,098,461 | ||||||
| State of Connecticut, Series A (GO) (SBG) 5.00%, 04/15/29 | 1,000 | 1,133,522 | ||||||
| State of Connecticut, Series A (RB) 5.00%, 05/01/27 (c) | 350 | 384,017 | ||||||
| State of Connecticut, Series B (GO) 5.00%, 04/15/27 | 135 | 149,404 | ||||||
| State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29 | 1,000 | 995,941 | ||||||
| State of Connecticut, Series C (GO) 4.00%, 06/01/30 (c) | 850 | 880,041 | ||||||
See Notes to Financial Statements
| 73 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
| 4.00%, 06/15/28 (c) | $ | 1,205 | $ | 1,251,713 | ||||
| State of Connecticut, Series E (GO) | ||||||||
| 3.00%, 10/15/26 (c) | 395 | 380,567 | ||||||
| 5.00%, 09/15/28 (c) | 1,665 | 1,862,315 | ||||||
| State of Connecticut, Special Tax, Series B (RB) | ||||||||
| 5.00%, 10/01/28 | 1,505 | 1,695,331 | ||||||
| 5.00%, 09/01/26 (c) | 275 | 300,670 | ||||||
| 5.00%, 09/01/26 (c) | 335 | 365,126 | ||||||
| State of Connecticut, State Revolving Fund, Series A (RB) | ||||||||
| 5.00%, 02/01/29 (c) | 275 | 308,314 | ||||||
| 5.00%, 05/01/27 (c) | 1,000 | 1,098,168 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 745 | 810,886 | ||||||
| 5.00%, 01/15/27 (c) | 335 | 366,099 | ||||||
| 5.00%, 11/01/28 (c) | 730 | 808,922 | ||||||
| 5.00%, 11/01/28 (c) | 500 | 552,264 | ||||||
| 5.00%, 04/15/28 (c) | 1,000 | 1,110,120 | ||||||
| 39,864,133 | ||||||||
| Delaware: 0.4% | ||||||||
| State of Delaware (GO) | ||||||||
| 2.00%, 02/01/31 (c) | 1,000 | 817,019 | ||||||
| 2.00%, 02/01/31 (c) | 1,000 | 793,697 | ||||||
| 3.00%, 02/01/31 (c) | 1,000 | 974,973 | ||||||
| 3.12%, 03/01/27 (c) | 505 | 495,615 | ||||||
| 4.00%, 03/01/27 (c) | 500 | 525,828 | ||||||
| State of Delaware, Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 3.00%, 07/01/27 (c) | 180 | 177,055 | ||||||
| State of Delaware, Series A (GO) | ||||||||
| 2.00%, 01/01/30 (c) | 650 | 520,723 | ||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,163,504 | ||||||
| 5.00%, 10/01/28 | 810 | 927,248 | ||||||
| 5.00%, 02/01/28 (c) | 500 | 564,726 | ||||||
| 6,960,388 | ||||||||
| District of Columbia: 1.9% | ||||||||
| District of Columbia (RB) (SAW) 5.00%, 12/01/29 (c) | 2,250 | 2,520,807 | ||||||
| District of Columbia, Georgetown University Issue (RB) | ||||||||
| 5.00%, 04/01/27 (c) | 105 | 113,919 | ||||||
| 5.00%, 04/01/27 (c) | 645 | 693,082 | ||||||
| District of Columbia, Series A (GO) | ||||||||
| 5.00%, 06/01/26 (c) | 30 | 32,435 | ||||||
| 5.00%, 06/01/26 (c) | 290 | 313,308 | ||||||
| 5.00%, 06/01/26 (c) | 250 | 270,193 | ||||||
| 5.00%, 06/01/26 (c) | 210 | 227,551 | ||||||
| 5.00%, 06/01/27 (c) | 580 | 633,029 | ||||||
| 5.00%, 06/01/27 (c) | 170 | 185,962 | ||||||
| 5.00%, 06/01/27 (c) | 2,500 | 2,726,115 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| District of Columbia (continued) | ||||||||
| 5.00%, 06/01/28 (c) | $ | 750 | $ | 839,036 | ||||
| District of Columbia, Series A (RB) 5.00%, 09/01/29 (c) | 1,000 | 1,128,576 | ||||||
| District of Columbia, Series C (RB) | ||||||||
| 5.00%, 10/01/27 | 225 | 252,213 | ||||||
| 5.00%, 05/01/30 (c) | 1,000 | 1,133,459 | ||||||
| 5.00%, 05/01/30 | 250 | 289,044 | ||||||
| District of Columbia, Series D (GO) | ||||||||
| 4.00%, 06/01/27 (c) | 500 | 520,443 | ||||||
| 5.00%, 12/01/26 (c) | 160 | 174,857 | ||||||
| 5.00%, 12/01/26 (c) | 20 | 21,803 | ||||||
| 5.00%, 12/01/26 (c) | 125 | 137,340 | ||||||
| 5.00%, 06/01/27 (c) | 500 | 546,946 | ||||||
| 5.00%, 06/01/27 (c) | 1,500 | 1,658,705 | ||||||
| District of Columbia, Series E (GO) 5.00%, 12/01/26 (c) | 25 | 27,254 | ||||||
| Metropolitan Washington Airports Authority, Airport System, Series B (RB) 5.00%, 10/01/28 | 560 | 629,772 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) 4.00%, 10/01/29 (c) | 250 | 254,979 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) (AGM) 4.00%, 10/01/29 (c) | 250 | 255,254 | ||||||
| Washington Convention & Sports Authority (RB) 5.00%, 10/01/27 (c) | 2,545 | 2,802,805 | ||||||
| Washington Metropolitain Area Transit Authority, Series A (RB) | ||||||||
| 5.00%, 07/15/30 (c) | 1,400 | 1,580,338 | ||||||
| 5.00%, 07/15/31 (c) | 2,000 | 2,262,569 | ||||||
| Washington Metropolitan Area Transit Authority (RB) | ||||||||
| 4.00%, 07/15/31 (c) | 4,000 | 4,152,459 | ||||||
| 5.00%, 07/01/27 (c) | 175 | 194,002 | ||||||
| 5.00%, 07/01/27 | 275 | 306,262 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-1 (RB) 5.00%, 07/01/27 (c) | 140 | 154,139 | ||||||
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 300 | 329,542 | ||||||
| 5.00%, 07/01/27 (c) | 550 | 601,678 | ||||||
| 5.00%, 07/01/27 (c) | 810 | 884,085 | ||||||
| Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 880 | 960,487 | ||||||
See Notes to Financial Statements
| 74 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| District of Columbia (continued) | ||||||||
| 5.00%, 07/01/27 | $ | 240 | $ | 267,283 | ||||
| 5.00%, 07/01/27 (c) | 650 | 715,645 | ||||||
| 5.00%, 07/01/27 (c) | 1,205 | 1,318,223 | ||||||
| 5.00%, 07/01/27 (c) | 555 | 612,171 | ||||||
| 32,727,770 | ||||||||
| Florida: 3.4% | ||||||||
| Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series B-1 (RB) 5.00%, 12/01/29 (c) | 490 | 538,250 | ||||||
| Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c) | 1,000 | 1,018,030 | ||||||
| Broward County. Florida School Board, Series B (CP) 5.00%, 07/01/25 (c) | 1,005 | 1,066,525 | ||||||
| Central Florida Expressway Authority (RB) (BAM) 3.00%, 07/01/27 (c) | 520 | 498,892 | ||||||
| City of Cape Coral, Water and Sewer (RB) 5.00%, 10/01/27 (c) | 175 | 193,280 | ||||||
| City of Gainesville, Utilities System, Series A (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 500 | 554,077 | ||||||
| 5.00%, 10/01/27 (c) | 195 | 216,711 | ||||||
| City of Jacksonville, Florida Transportation (RB) 5.00%, 10/01/25 (c) | 210 | 225,873 | ||||||
| City of Jacksonville, Series A (RB) 5.00%, 10/01/29 (c) | 1,095 | 1,234,307 | ||||||
| City of Jacksonville, Series A (RB) (AGM) 5.00%, 10/01/29 | 1,000 | 1,137,492 | ||||||
| City of Jacksonville, Series B (RB) 5.00%, 10/01/26 (c) | 250 | 273,932 | ||||||
| City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/27 (c) | 560 | 616,747 | ||||||
| City of Tampa, Florida Capital Improvement, Cigarette Tax, H. Lee Moffit Cancer Center Project, Series A (RB) 0.00%, 09/01/30 (c) ^ | 1,050 | 536,455 | ||||||
| County of Miami-Dade (RB) | ||||||||
| 0.00%, 10/01/26 (c) ^ | 400 | 277,662 | ||||||
| 0.00%, 10/01/26 (c) ^ | 565 | 408,820 | ||||||
| 5.00%, 10/01/26 (c) | 1,615 | 1,759,068 | ||||||
| 5.00%, 10/01/26 (c) | 510 | 558,154 | ||||||
| County of Miami-Dade, Aviation Revenue, Series A (RB) | ||||||||
5.00%, 10/01/26 (c) | 460 | 499,542 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| 5.00%, 10/01/26 (c) | $ | 100 | $ | 108,592 | ||||
| County of Miami-Dade, Building Better Communities Program, Series A (GO) | ||||||||
| 5.00%, 07/01/25 (c) | 100 | 106,371 | ||||||
| 5.00%, 07/01/26 (c) | 520 | 562,917 | ||||||
| 5.00%, 07/01/26 (c) | 100 | 108,991 | ||||||
| 5.00%, 07/01/26 (c) | 280 | 302,424 | ||||||
| 5.00%, 07/01/26 (c) | 555 | 599,222 | ||||||
| County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/30 (c) | 1,600 | 1,673,053 | ||||||
| County of Miami-Dade, Capital Asset Acquisition, Series B (RB) | ||||||||
| 3.12%, 04/01/26 (c) | 260 | 242,187 | ||||||
| 5.00%, 04/01/26 (c) | 520 | 565,157 | ||||||
| County of Miami-Dade, Expressway Authority Toll System, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 25 | 27,104 | ||||||
| 5.00%, 07/01/26 (c) | 105 | 114,484 | ||||||
| County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/26 (c) | 250 | 260,598 | ||||||
| County of Miami-Dade, Water and Sewer System (RB) | ||||||||
| 4.00%, 04/01/31 (c) | 1,475 | 1,537,802 | ||||||
| 5.00%, 10/01/27 (c) | 800 | 889,919 | ||||||
| 5.00%, 10/01/28 | 1,000 | 1,125,217 | ||||||
| 5.00%, 04/01/31 (c) | 3,500 | 4,023,825 | ||||||
| County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
| 3.00%, 10/01/27 (c) | 370 | 338,592 | ||||||
| 5.00%, 10/01/25 (c) | 605 | 645,227 | ||||||
| County of Orange, Water and Wastewater Utility System (RB) | ||||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,139,636 | ||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,140,498 | ||||||
| Florida Department of Environmental Protection, Series A (RB) 5.00%, 07/01/27 | 125 | 139,530 | ||||||
| Florida Department of Management Services, Series A (CP) | ||||||||
| 3.00%, 11/01/31 (c) | 1,000 | 879,018 | ||||||
| 5.00%, 11/01/27 | 175 | 194,137 | ||||||
| 5.00%, 11/01/31 (c) | 500 | 576,002 | ||||||
| 5.00%, 08/01/25 | 105 | 113,164 | ||||||
| Florida Department of Management Services, Series A (RB) 5.00%, 09/01/27 (c) | 425 | 475,585 | ||||||
See Notes to Financial Statements
| 75 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/31 (c) | $ | 2,000 | $ | 2,032,516 | ||||
| Florida Housing Finance Corp., Series 1 (RB) | ||||||||
| 3.25%, 01/01/27 (c) | 160 | 158,264 | ||||||
| 3.60%, 01/01/27 (c) | 300 | 298,903 | ||||||
| Florida Housing Finance Corp., Series 2 (RB) | ||||||||
| 2.10%, 01/01/30 (c) | 970 | 825,038 | ||||||
| 3.20%, 07/01/25 (c) | 255 | 253,092 | ||||||
| Florida Municipal Power Agency, All-Requirements Power Supply, Series A (RB) 5.00%, 10/01/26 (c) | 125 | 135,988 | ||||||
| JEA Electric System, Series B (RB) | ||||||||
| 3.38%, 10/01/22 (c) | 175 | 174,290 | ||||||
| 5.00%, 10/01/27 (c) | 885 | 976,511 | ||||||
| JEA Electric System, Series Three B (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 610 | 681,164 | ||||||
| 5.00%, 10/01/27 (c) | 850 | 947,350 | ||||||
| Lee Memorial Health System, Series A-1 (RB) 5.00%, 04/01/29 (c) | 605 | 669,841 | ||||||
| Manatee County School District (RB) (AGM) 5.00%, 04/01/27 (c) | 160 | 177,196 | ||||||
| Orange County Health Facilities Authority (RB) 5.00%, 08/01/23 (c) | 420 | 446,747 | ||||||
| Orange County School Board, Series C (CP) 5.00%, 08/01/26 (c) | 410 | 440,998 | ||||||
| Orange County School Board, Series D (CP) 5.00%, 08/01/25 (c) | 310 | 332,999 | ||||||
| Orange County, Tourist Development Tax (RB) | ||||||||
| 5.00%, 10/01/25 (c) | 100 | 106,311 | ||||||
| 5.00%, 10/01/26 | 190 | 208,437 | ||||||
| 5.00%, 10/01/27 | 360 | 400,081 | ||||||
| 5.00%, 10/01/29 | 280 | 318,098 | ||||||
| 5.00%, 10/01/30 | 490 | 562,497 | ||||||
| Orlando Utilities Commission, Series A (RB) 5.00%, 10/01/27 (c) | 120 | 132,915 | ||||||
| Palm Beach County Health Facilities Authority, Act Retirement - Life Communities, Inc. (RB) 5.00%, 11/15/26 (c) | 350 | 377,612 | ||||||
| Palm Beach County School Board, Series A (CP) | ||||||||
| 5.00%, 08/01/27 | 120 | 132,319 | ||||||
| 5.00%, 08/01/30 (c) | 275 | 305,723 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| Palm Beach County School Board, Series C (CP) 5.00%, 08/01/28 (c) | $ | 695 | $ | 768,027 | ||||
| Pasco County School Board, Series C (CP) (AGM) 5.00%, 08/01/30 (c) | 1,000 | 1,140,335 | ||||||
| Polk County School District (RB) (SAW) 5.00%, 10/01/29 (c) | 1,000 | 1,140,079 | ||||||
| Polk County, School District (RB) 5.00%, 10/01/29 (c) | 100 | 113,714 | ||||||
| Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/27 (c) | 175 | 194,744 | ||||||
| School Board of Miami-Dade County (GO) 3.25%, 03/15/27 (c) | 125 | 123,733 | ||||||
| School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 | 165 | 178,910 | ||||||
| South Miami Health Facilities Authority (RB) | ||||||||
| 5.00%, 08/15/27 (c) | 710 | 773,818 | ||||||
| 5.00%, 08/15/27 (c) | 800 | 866,639 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) | ||||||||
| 4.00%, 06/01/28 (c) | 650 | 689,313 | ||||||
| 5.00%, 06/01/28 (c) | 795 | 894,555 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/27 (c) | 400 | 445,129 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) | ||||||||
| 4.00%, 06/01/26 (c) | 500 | 520,695 | ||||||
| 4.00%, 06/01/27 (c) | 780 | 814,128 | ||||||
| 5.00%, 06/01/28 (c) | 145 | 163,578 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AMBAC) 3.00%, 06/01/29 (c) | 510 | 481,196 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) | ||||||||
| 5.00%, 06/01/26 (c) | 10 | 10,940 | ||||||
| 5.00%, 06/01/28 | 105 | 119,325 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series E (GO) 2.38%, 06/01/26 (c) | 590 | 559,913 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series F (GO) 5.00%, 06/01/26 (c) | 135 | 147,700 | ||||||
See Notes to Financial Statements
| 76 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| State of Florida, Department of Transportation Financing Corp. (RB) | ||||||||
| 3.00%, 07/01/30 (c) | $ | 1,000 | $ | 990,430 | ||||
| 3.00%, 07/01/30 (c) | 1,000 | 926,409 | ||||||
| State of Florida, Department of Transportation Financing Corp., Series B (RB) 5.00%, 07/01/28 (c) | 115 | 129,503 | ||||||
| State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30 | 880 | 1,013,136 | ||||||
| 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 | 575,645 | ||||||
| 3.00%, 07/01/27 (c) | 555 | 556,731 | ||||||
| 5.00%, 07/01/26 (c) | 40 | 43,944 | ||||||
| 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 | 845,892 | ||||||
| State of Florida, Department of Transportation, Turnpike, Series A (RB) 5.00%, 07/01/28 (c) | 580 | 656,616 | ||||||
| Volusia County School Board, Master Lease Program, Series B (CP) 5.00%, 08/01/24 (c) | 280 | 295,211 | ||||||
| West Palm Beach Community Redevelopment Agency Tax (TA) (SBG) 5.00%, 03/01/29 (c) | 1,000 | 1,122,643 | ||||||
| 57,900,590 | ||||||||
| Georgia: 2.2% | ||||||||
| Augusta, Water and Sewer (RB) 3.00%, 10/01/27 (c) | 420 | 416,395 | ||||||
| City of Atlanta, Airport Passenger Facility Charge (RB) 5.00%, 07/01/29 (c) | 800 | 884,507 | ||||||
| City of Atlanta, Water and Wastewater (RB) 4.00%, 11/01/29 (c) | 200 | 208,090 | ||||||
| Clarke County Hospital Authority, Series A (RB) 5.00%, 07/01/26 (c) | 250 | 269,209 | ||||||
| Cobb County Kennestone Hospital Authority, Series A (RB) 5.00%, 04/01/27 (c) | 750 | 816,892 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
| County of Fulton, Water and Sewerage, Series A (RB) 3.00%, 01/01/30 (c) | $ | 3,000 | $ | 2,799,572 | ||||
| Forsyth County School District (GO) | ||||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,129,183 | ||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,123,660 | ||||||
| 5.00%, 02/01/29 | 1,045 | 1,201,548 | ||||||
| Fulton County, Georgia Water and Sewerage (RB) 5.00%, 01/01/23 (c) | 1,350 | 1,373,247 | ||||||
| Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) | ||||||||
| 5.00%, 02/15/27 (c) | 225 | 245,591 | ||||||
| 5.00%, 02/15/27 (c) | 425 | 465,284 | ||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) 2.90%, 12/01/25 (c) | 925 | 895,376 | ||||||
| Georgia State Road and Tollway Authority (RB) | ||||||||
| 5.00%, 06/01/28 | 500 | 561,924 | ||||||
| 5.00%, 06/01/30 (c) | 2,550 | 2,911,766 | ||||||
| 5.00%, 06/01/30 (c) | 2,000 | 2,274,731 | ||||||
| Georgia State Road and Tollway Authority, Series A (RB) 4.00%, 07/15/31 (c) | 3,255 | 3,466,384 | ||||||
| Main Street Natural Gas, Inc., Gas Supply, Series A (RB) 5.00%, 05/15/38 | 1,000 | 1,103,047 | ||||||
| Municipal Electric Authority of Georgia, Series A (RB) | ||||||||
| 5.00%, 01/01/32 (c) | 1,000 | 1,111,995 | ||||||
| 5.00%, 07/01/26 (c) | 200 | 216,017 | ||||||
| Private Colleges and Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/29 (c) | 500 | 563,057 | ||||||
| Private Colleges and Universities Authority, Emory University, Series B (RB) 4.00%, 09/01/30 (c) | 350 | 357,997 | ||||||
| Richmond County Hospital Authority, University Health Services, Inc. Project (RB) 3.00%, 07/01/26 (c) | 345 | 335,290 | ||||||
| State of Georgia, Series A (GO) | ||||||||
| 4.00%, 08/01/30 (c) | 935 | 998,446 | ||||||
| 5.00%, 02/01/26 (c) | 680 | 740,223 | ||||||
| 5.00%, 02/01/26 | 125 | 136,707 | ||||||
| 5.00%, 02/01/27 (c) | 350 | 387,809 | ||||||
| 5.00%, 02/01/27 (c) | 150 | 165,884 | ||||||
| 5.00%, 02/01/27 (c) | 1,200 | 1,320,518 | ||||||
| 5.00%, 08/01/28 | 2,815 | 3,214,166 | ||||||
| 5.00%, 08/01/29 | 2,500 | 2,893,160 | ||||||
| State of Georgia, Series C (GO) | ||||||||
5.00%, 07/01/27 | 130 | 145,980 | ||||||
See Notes to Financial Statements
| 77 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
| 5.00%, 07/01/27 (c) | $ | 3,000 | $ | 3,340,339 | ||||
| 38,073,994 | ||||||||
| Hawaii: 1.1% | ||||||||
| City and County of Honolulu Wastewater System (RB) 5.00%, 07/01/29 (c) | 875 | 987,269 | ||||||
| City and County of Honolulu, Rail Transit Project, Series B (GO) 5.00%, 03/01/30 (c) | 1,930 | 2,216,654 | ||||||
| City and County of Honolulu, Rail Transit Project, Series B (GO) (SD CRED PROG) 5.00%, 03/01/30 | 350 | 403,346 | ||||||
| City and County of Honolulu, Series B (GO) 5.00%, 09/01/27 (c) | 1,015 | 1,124,084 | ||||||
| City and County of Honolulu, Series C (GO) 4.00%, 08/01/29 (c) | 750 | 783,708 | ||||||
| City and County of Honolulu, Series C (GO) (BAM) 4.00%, 08/01/29 (c) | 120 | 126,314 | ||||||
| City and County of Honolulu, Wastewater System, Series A (RB) 4.00%, 07/01/26 (c) | 970 | 1,004,951 | ||||||
| City and County of Honolulu, Wastewater System, Series B (RB) | ||||||||
| 4.00%, 07/01/26 (c) | 100 | 103,524 | ||||||
| 5.00%, 07/01/29 (c) | 395 | 450,178 | ||||||
State of Hawaii (RB) 5.00%, 01/01/31 (c) | 2,250 | 2,556,534 | ||||||
| State of Hawaii, Department of Budget and Finance, Series A (RB) | ||||||||
| 5.00%, 07/01/25 | 175 | 187,849 | ||||||
| 6.00%, 07/01/23 (c) | 1,000 | 1,042,964 | ||||||
| State of Hawaii, Series B (RB) 5.00%, 07/01/26 (c) | 295 | 322,132 | ||||||
| State of Hawaii, Series FH (GO) 5.00%, 10/01/26 (c) | 15 | 16,469 | ||||||
| State of Hawaii, Series FK (GO) | ||||||||
| 5.00%, 05/01/27 (c) | 130 | 143,270 | ||||||
| 5.00%, 05/01/27 (c) | 690 | 758,073 | ||||||
| State of Hawaii, Series FN (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 500 | 556,466 | ||||||
| 5.00%, 10/01/27 (c) | 105 | 117,137 | ||||||
| State of Hawaii, Series FT (GO) | ||||||||
| 4.00%, 01/01/28 (c) | 295 | 311,114 | ||||||
| 5.00%, 01/01/28 (c) | 280 | 313,559 | ||||||
| 5.00%, 01/01/28 (c) | 1,150 | 1,280,975 | ||||||
| 5.00%, 01/01/28 (c) | 405 | 450,328 | ||||||
| 5.00%, 10/01/27 (c) | 1,020 | 1,133,022 | ||||||
| State of Hawaii, Series FW (GO) 5.00%, 01/01/29 | 1,180 | 1,341,948 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Hawaii (continued) | ||||||||
| University of Hawaii, Series E (RB) | ||||||||
| 5.00%, 10/01/26 (c) | $ | 240 | $ | 262,452 | ||||
| 5.00%, 10/01/26 (c) | 285 | 311,909 | ||||||
| 18,306,229 | ||||||||
| Idaho: 0.0% | ||||||||
| Ada and Boise Counties Independent School District (GO) 5.00%, 02/01/27 (c) | 500 | 549,886 | ||||||
| Illinois: 3.9% | ||||||||
| Board of Trustees of the University of Illinois, Auxiliary Facilities Sytem, Series A (RB) 5.00%, 04/01/30 | 1,000 | 1,121,123 | ||||||
| Chicago Board of Education (ST) 5.75%, 04/01/27 (c) | 235 | 256,148 | ||||||
| Chicago O’Hare International Airport, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 175 | 189,662 | ||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,098,575 | ||||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 470 | 505,810 | ||||||
| 5.00%, 01/01/27 (c) | 365 | 392,407 | ||||||
| Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26 (c) | 135 | 144,558 | ||||||
| City of Chicago, Board of Education, Dedicated Capital Improvement Tax (ST) 5.75%, 04/01/27 (c) | 100 | 109,067 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/30 | 2,000 | 2,151,010 | ||||||
| 5.00%, 01/01/31 (c) | 1,000 | 1,072,314 | ||||||
| City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29 | 200 | 214,044 | ||||||
| City of Chicago, Series B (GO) 4.00%, 01/01/30 | 358 | 354,543 | ||||||
| City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/27 (c) | 750 | 807,408 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) 5.00%, 11/01/27 (c) | 1,390 | 1,534,560 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) (AGM) 5.25%, 11/01/27 (c) | 180 | 201,182 | ||||||
| City of Springfield, Electric Revenue, Senior Lien (RB) (AGM) 5.00%, 03/01/25 (c) | 15 | 15,800 | ||||||
See Notes to Financial Statements
| 78 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| Community Unit School District No. 300, Kane, McHenry, Cook and DeKalb Counties (GO) 5.00%, 01/01/25 (c) | $ | 210 | $ | 223,067 | ||||
| Cook County, Series A (GO) | ||||||||
| 5.00%, 11/15/26 (c) | 325 | 352,347 | ||||||
| 5.00%, 11/15/26 (c) | 250 | 272,032 | ||||||
| Illinois Finance Authority, Carle Foundation, Series A (RB) 5.00%, 08/15/31 (c) | 1,000 | 1,112,007 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
| 4.00%, 01/01/26 (c) | 100 | 104,832 | ||||||
| 4.00%, 01/01/26 (c) | 165 | 172,150 | ||||||
| 4.00%, 01/01/31 (c) | 750 | 796,264 | ||||||
| 5.00%, 01/01/26 (c) | 685 | 742,362 | ||||||
| 5.00%, 01/01/26 | 135 | 146,010 | ||||||
| 5.00%, 01/01/27 (c) | 400 | 444,147 | ||||||
| 5.00%, 01/01/27 (c) | 140 | 154,348 | ||||||
| 5.00%, 01/01/27 (c) | 700 | 767,233 | ||||||
| 5.00%, 01/01/31 (c) | 750 | 845,924 | ||||||
| 5.00%, 07/01/29 (c) | 1,155 | 1,277,309 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/29 (c) | 1,400 | 1,559,104 | ||||||
| Illinois Finance Authority, Mercy Health Corp. (RB) | ||||||||
| 4.00%, 06/01/26 (c) | 160 | 160,744 | ||||||
| 4.00%, 06/01/26 (c) | 90 | 90,191 | ||||||
| 5.00%, 06/01/26 (c) | 130 | 140,240 | ||||||
| 5.00%, 06/01/26 (c) | 250 | 266,719 | ||||||
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) | ||||||||
| 5.00%, 08/15/30 (c) | 1,000 | 1,118,295 | ||||||
| 5.00%, 08/15/30 (c) | 1,365 | 1,531,564 | ||||||
| 5.00%, 08/15/30 (c) | 1,295 | 1,444,145 | ||||||
| Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 3.00%, 01/15/28 (c) | 1,325 | 1,221,942 | ||||||
| Illinois Finance Authority, Presence Health Network, Series C (RB) 5.00%, 02/15/27 (c) | 1,000 | 1,081,301 | ||||||
| Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A (RB) 5.00%, 05/15/25 (c) | 125 | 132,753 | ||||||
| Illinois Housing Development Authority, Series B (RB) 3.45%, 04/01/27 (c) | 500 | 493,550 | ||||||
| Illinois Housing Development Authority, Series C (RB) | ||||||||
| 2.80%, 10/01/28 (c) | 540 | 496,281 | ||||||
| 3.10%, 02/01/26 (c) | 285 | 282,198 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| Illinois State Toll Highway Authority, Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | $ | 510 | $ | 561,461 | ||||
| 5.00%, 01/01/29 | 175 | 196,636 | ||||||
| Illinois State Toll Highway Authority, Series C (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 1,000 | 1,127,977 | ||||||
| Kane, Cook, and Dupage Counties, School District No. U-46, Series A (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 120 | 124,284 | ||||||
| 5.00%, 01/01/24 (c) | 215 | 222,462 | ||||||
| Kane, Cook, and Dupage Counties, School District No. U-46, Series D (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 190 | 197,129 | ||||||
| 5.00%, 01/01/24 (c) | 335 | 347,901 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) | ||||||||
| 5.00%, 12/01/26 (c) | 780 | 851,377 | ||||||
| 5.00%, 12/01/26 (c) | 115 | 126,145 | ||||||
| Northern Illinois Municipal Power Agency, Series A (RB) | ||||||||
| 4.00%, 12/01/26 (c) | 1,235 | 1,280,849 | ||||||
| 5.00%, 12/01/26 (c) | 990 | 1,085,943 | ||||||
| 5.00%, 12/01/26 (c) | 555 | 609,789 | ||||||
| Regional Transportation Authority of Illinois, Series A (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 500 | 555,819 | ||||||
| 5.00%, 07/01/27 (c) | 1,645 | 1,833,686 | ||||||
| Sales Tax Securitization Corp., Series A (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 570 | 618,722 | ||||||
| 5.00%, 01/01/28 (c) | 585 | 641,267 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 271,701 | ||||||
| 5.00%, 01/01/28 (c) | 1,150 | 1,257,181 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 272,112 | ||||||
| Sales Tax Securitization Corp., Series A (RB) (BAM) 5.00%, 01/01/30 (c) | 155 | 171,918 | ||||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/26 (c) | 685 | 680,739 | ||||||
| 4.00%, 03/01/31 (c) | 1,000 | 944,162 | ||||||
| 4.12%, 11/01/26 (c) | 360 | 363,457 | ||||||
| 5.00%, 11/01/26 (c) | 305 | 316,955 | ||||||
| 5.00%, 06/01/26 (c) | 370 | 391,632 | ||||||
| State of Illinois (GO) (AGC) 5.50%, 05/01/30 | 800 | 892,687 | ||||||
| State of Illinois (RB) | ||||||||
| 3.00%, 06/15/26 (c) | 680 | 596,957 | ||||||
| 3.00%, 06/15/26 (c) | 320 | 274,471 | ||||||
| State of Illinois Sales Tax (RB) | ||||||||
| 5.00%, 06/15/30 | 1,000 | 1,089,913 | ||||||
| 5.00%, 06/15/31 | 1,500 | 1,643,160 | ||||||
See Notes to Financial Statements
| 79 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| State of Illinois Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c) | $ | 3,000 | $ | 2,601,529 | ||||
| State of Illinois, Series A (GO) | ||||||||
| 5.00%, 12/01/27 (c) | 1,000 | 1,046,588 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,070,338 | ||||||
| 5.00%, 03/01/31 | 500 | 545,115 | ||||||
| 5.00%, 05/01/28 (c) | 2,250 | 2,360,528 | ||||||
| 5.25%, 12/01/27 (c) | 1,200 | 1,294,517 | ||||||
| State of Illinois, Series A (RB) 5.00%, 06/15/26 (c) | 100 | 106,213 | ||||||
| State of Illinois, Series B (GO) 5.00%, 11/01/29 (c) | 1,000 | 1,083,691 | ||||||
| State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | 4,105 | 4,385,067 | ||||||
| State of Illinois, Series D (GO) 5.00%, 11/01/27 (c) | 3,910 | 4,200,847 | ||||||
| State of Illinois, Series D (RB) 5.00%, 06/15/26 (c) | 620 | 654,127 | ||||||
| 66,494,322 | ||||||||
| Indiana: 0.9% | ||||||||
| Carmel Local Public Improvement Bond Bank (RB) 5.00%, 07/15/26 (c) | 15 | 16,278 | ||||||
| Duneland School Building Corp., AD Valorem Property Tax (RB) 3.00%, 01/15/32 (c) | 1,000 | 904,320 | ||||||
| Indiana Finance Authority Highway, Series C (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 160 | 177,249 | ||||||
| 5.00%, 12/01/26 (c) | 340 | 375,725 | ||||||
| 5.00%, 06/01/28 | 420 | 473,268 | ||||||
| Indiana Finance Authority, Environmental Facilities, Indianapolis Power & Light Company Project, Series A (RB) (SAW) 1.40%, 08/01/26 (c) | 2,000 | 1,685,714 | ||||||
| Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/31 (c) | 2,500 | 2,619,255 | ||||||
| Indiana Finance Authority, Parkview Health, Series A (RB) 5.00%, 11/01/27 | 250 | 278,685 | ||||||
| Indiana Finance Authority, Series A (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 200 | 222,876 | ||||||
| 5.00%, 02/01/29 (c) | 175 | 197,567 | ||||||
| 5.00%, 02/01/29 (c) | 220 | 248,133 | ||||||
| Indiana Finance Authority, Series B (RB) 5.00%, 02/01/26 (c) | 130 | 141,105 | ||||||
| Indiana Finance Authority, Series C (RB) | ||||||||
| 5.00%, 02/01/28 (c) | 1,000 | 1,124,633 | ||||||
| 5.00%, 02/01/28 (c) | 610 | 683,772 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Indiana (continued) | ||||||||
| Indiana Finance Authority, Series E (RB) | ||||||||
| 5.00%, 02/01/29 (c) | $ | 1,250 | $ | 1,409,844 | ||||
| 5.00%, 02/01/29 (c) | 105 | 118,842 | ||||||
| 5.00%, 06/01/29 | 935 | 1,067,898 | ||||||
| 5.00%, 08/01/26 (c) | 160 | 175,367 | ||||||
| 5.00%, 08/01/26 (c) | 100 | 109,351 | ||||||
| Indiana Housing and Community Development Authority, Single Family Mortgage, Series A-1 (RB) 2.85%, 07/01/25 (c) | 20 | 19,959 | ||||||
| Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/28 (c) | 250 | 274,544 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Courhouse and Jail Project, Series A (RB) | ||||||||
| 5.00%, 02/01/29 | 710 | 809,285 | ||||||
| 5.00%, 02/01/29 (c) | 1,715 | 1,939,340 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series C (RB) 4.00%, 01/01/28 (c) | 160 | 167,844 | ||||||
| Trustees of the Indiana State University, Series A (RB) 5.00%, 06/01/26 (c) | 185 | 202,328 | ||||||
| 15,443,182 | ||||||||
| Iowa: 0.3% | ||||||||
| Iowa Finance Authority (RB) | ||||||||
| 5.00%, 08/01/26 | 110 | 121,263 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,115,036 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,109,345 | ||||||
| Iowa Finance Authority, Series A (RB) | ||||||||
| 5.00%, 08/01/31 (c) | 500 | 579,889 | ||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,157,682 | ||||||
| Southeast Polk Community School District, Series A (GO) 2.00%, 05/01/28 (c) | 1,000 | 809,275 | ||||||
| State of Iowa, IJob Program, Series A (RB) 5.00%, 06/01/26 (c) | 125 | 136,708 | ||||||
| 5,029,198 | ||||||||
| Kansas: 0.5% | ||||||||
| Butler County Unified School District No. 385 (GO) | ||||||||
| 4.00%, 09/01/27 (c) | 300 | 315,069 | ||||||
| 4.00%, 09/01/27 (c) | 500 | 526,880 | ||||||
| County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/27 (c) | 750 | 787,294 | ||||||
| Johnson and Miami Counties Unified School District No. 230 (GO) 4.00%, 09/01/26 (c) | 210 | 215,626 | ||||||
See Notes to Financial Statements
| 80 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Kansas (continued) | ||||||||
| Kansas Development Finance Authority, AdventHealth Obligated Group, Series A (RB) 5.00%, 11/15/31 (p) | $ | 3,950 | $ | 4,477,674 | ||||
| Seward County Unified School District No. 480, Series B (GO) 5.00%, 09/01/25 (c) | 125 | 135,111 | ||||||
| State of Kansas, Department of Transportation, Highway Revenue, Series A (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 150 | 165,808 | ||||||
| 5.00%, 09/01/27 (c) | 775 | 857,483 | ||||||
| 5.00%, 09/01/27 (c) | 630 | 698,036 | ||||||
| State of Kansas, Department of Transportation, Highway Revenue, Series B (RB) 5.00%, 09/01/25 (c) | 295 | 317,783 | ||||||
| Wyandotte County, Unified School District No. 500, Series A (GO) 4.00%, 09/01/26 (c) | 250 | 263,715 | ||||||
| 8,760,479 | ||||||||
| Kentucky: 0.3% | ||||||||
| Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) | 200 | 212,682 | ||||||
| Kentucky State Property and Building Commission No. 119 (RB) 5.00%, 05/01/28 | 100 | 110,973 | ||||||
| Kentucky State Property and Building Commission No. 119 (RB) (BAM) 5.00%, 05/01/28 (c) | 1,285 | 1,411,209 | ||||||
| Kentucky Turnpike Authority, Series A (RB) 5.00%, 07/01/26 (c) | 165 | 180,039 | ||||||
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 55 | 60,002 | ||||||
| 5.00%, 10/01/26 (c) | 290 | 315,744 | ||||||
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series D (RB) 5.00%, 10/01/29 (c) (p) | 1,000 | 1,118,406 | ||||||
| Louisville and Jefferson County, Metropolitan Sewer District, Kentucky Sewer and Drainage System, Series A (RB) 4.00%, 05/15/23 (c) | 1,000 | 1,010,411 | ||||||
| Paducah Electric Plant Board, Series A (RB) (AGM) 5.00%, 10/01/26 | 20 | 21,681 | ||||||
| University of Kentucky, Series A (RB) | ||||||||
| 3.00%, 04/01/26 (c) | 770 | 742,432 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Kentucky (continued) | ||||||||
| 4.00%, 04/01/26 (c) | $ | 500 | $ | 519,297 | ||||
| 5,702,876 | ||||||||
| Louisiana: 1.0% | ||||||||
| City of New Orleans, Louisiana Public Improvement, Series A (GO) 5.00%, 12/01/30 (c) | 1,000 | 1,135,607 | ||||||
| City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 4.00%, 12/01/28 (c) | 250 | 260,444 | ||||||
| Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) 5.00%, 12/01/29 (c) | 615 | 694,773 | ||||||
| Jefferson Sales Tax District, Series B (RB) (AGM) | ||||||||
| 4.00%, 12/01/29 (c) | 500 | 519,012 | ||||||
| 5.00%, 12/01/27 (c) | 280 | 310,634 | ||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/27 (c) | 2,620 | 2,563,600 | ||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) | ||||||||
| 3.25%, 10/01/27 (c) | 200 | 198,818 | ||||||
| 5.00%, 10/01/27 (c) | 990 | 1,089,246 | ||||||
| Louisiana Local Government Environmental Facilities and Community Development, Series B (RB) 2.50%, 04/01/26 (c) | 1,000 | 835,334 | ||||||
| Louisiana Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 04/01/30 (c) | 1,000 | 1,109,347 | ||||||
| Louisiana Public Facilities Authority, Tulane University, Series A (RB) (AGM) 5.00%, 04/01/30 (c) | 1,000 | 1,110,809 | ||||||
| State of Louisiana, Series A (GO) | ||||||||
| 3.50%, 04/01/27 (c) | 150 | 150,320 | ||||||
| 5.00%, 03/01/29 (c) | 115 | 130,166 | ||||||
| 5.00%, 03/01/30 (c) | 930 | 1,060,226 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,136,150 | ||||||
| 5.00%, 03/01/31 (c) | 750 | 871,896 | ||||||
| 5.00%, 04/01/27 (c) | 565 | 618,091 | ||||||
| 5.00%, 09/01/26 (c) | 640 | 695,648 | ||||||
| State of Louisiana, Series A (GO) (BAM) | ||||||||
| 5.00%, 03/01/30 (c) | 425 | 478,184 | ||||||
| 5.00%, 03/01/30 (c) | 910 | 1,036,543 | ||||||
See Notes to Financial Statements
| 81 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Louisiana (continued) | ||||||||
| State of Louisiana, Series B (GO) | ||||||||
| 5.00%, 10/01/27 | $ | 150 | $ | 167,259 | ||||
| 5.00%, 08/01/26 (c) | 200 | 217,948 | ||||||
| 5.00%, 08/01/26 (c) | 205 | 224,171 | ||||||
| State of Louisiana, Series D (GO) | ||||||||
| 3.00%, 09/01/26 (c) | 200 | 196,769 | ||||||
| 5.00%, 09/01/26 (c) | 100 | 109,121 | ||||||
| 16,920,116 | ||||||||
| Maryland: 3.1% | ||||||||
| City of Baltimore, Consolidated Public Improvement, Series B (GO) 5.00%, 10/15/27 (c) | 250 | 280,560 | ||||||
| County of Baltimore (GO) | ||||||||
| 4.00%, 03/01/30 (c) | 1,140 | 1,206,438 | ||||||
| 5.00%, 03/01/30 | 945 | 1,098,402 | ||||||
| 5.00%, 03/01/30 (c) | 325 | 377,225 | ||||||
| County of Baltimore (GO) (AGC) 4.00%, 03/01/29 (c) | 1,925 | 2,024,331 | ||||||
| County of Baltimore (GO) (FANNIE MAE) 5.00%, 03/01/28 | 1,250 | 1,414,567 | ||||||
| County of Montgomery, Series A (GO) | ||||||||
| 3.00%, 08/01/30 (c) | 750 | 749,184 | ||||||
| 5.00%, 12/01/24 (c) | 20 | 21,269 | ||||||
| County of Montgomery, Series C (GO) 4.00%, 10/01/27 (c) | 1,070 | 1,136,990 | ||||||
| Maryland Economic Development Corp., College Park Projects (RB) (AGM) 5.00%, 06/01/26 (c) | 15 | 16,269 | ||||||
| Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 250 | 272,631 | ||||||
| 5.00%, 05/01/26 (c) | 250 | 271,282 | ||||||
| Maryland Stadium Authority, Baltimore City Public School Construction and Revitalization Program, Series A (RB) 5.00%, 05/01/28 (c) | 1,000 | 1,112,709 | ||||||
| Maryland Transportation Authority (RB) 3.00%, 09/01/27 (c) | 500 | 499,773 | ||||||
| Maryland Transportation Authority Transportation Facilities Projects (RB) | ||||||||
| 3.00%, 07/01/27 (c) | 300 | 292,488 | ||||||
| 3.00%, 07/01/27 (c) | 510 | 503,402 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
| Maryland Transportation Authority, Transportation Facilities Projects, Series A (RB) 5.00%, 07/01/30 | $ | 1,900 | $ | 2,190,436 | ||||
| Prince George’s County, Series A (GO) | ||||||||
| 5.00%, 07/15/28 | 1,000 | 1,137,931 | ||||||
| 5.00%, 07/15/28 (c) | 2,500 | 2,811,547 | ||||||
| 5.00%, 07/15/28 (c) | 1,150 | 1,307,695 | ||||||
| Prince George’s County, Series A (GO) (SAW) 4.00%, 07/15/28 (c) | 1,000 | 1,071,602 | ||||||
| State of Maryland, Department of Transportation (RB) | ||||||||
| 2.12%, 10/01/29 (c) | 2,000 | 1,559,723 | ||||||
| 3.00%, 11/01/24 (c) | 1,000 | 1,009,524 | ||||||
| 3.00%, 11/01/24 (c) | 520 | 522,479 | ||||||
| 3.12%, 05/01/25 (c) | 855 | 859,846 | ||||||
| 4.00%, 05/01/25 (c) | 780 | 809,732 | ||||||
| 4.00%, 05/01/28 (c) | 750 | 796,557 | ||||||
| State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/27 (c) | 2,340 | 2,057,066 | ||||||
| State of Maryland, State and Local Facilities Loan, First Series (GO) | ||||||||
| 5.00%, 03/15/28 (c) | 1,000 | 1,130,202 | ||||||
| 5.00%, 03/15/29 (c) | 3,000 | 3,409,474 | ||||||
| State of Maryland, State and Local Facilities Loan, First Series A (GO) | ||||||||
| 3.12%, 03/15/28 (c) | 250 | 251,908 | ||||||
| 4.00%, 03/15/27 (c) | 1,185 | 1,250,989 | ||||||
| 5.00%, 03/15/28 | 680 | 770,348 | ||||||
| 5.00%, 03/15/29 | 1,000 | 1,149,147 | ||||||
| 5.00%, 03/15/30 (c) | 5,500 | 6,374,247 | ||||||
| State of Maryland, State and Local Facilities Loan, Second Series (GO) | ||||||||
| 4.00%, 08/01/28 (c) | 530 | 558,039 | ||||||
| 5.00%, 08/01/27 | 125 | 140,291 | ||||||
| 5.00%, 08/01/28 (c) | 1,000 | 1,132,041 | ||||||
| State of Maryland, State and Local Facilities Loan, Second Series A (GO) | ||||||||
| 3.00%, 08/01/27 (c) | 1,000 | 1,003,210 | ||||||
| 5.00%, 08/01/30 (c) | 1,125 | 1,302,355 | ||||||
| 5.00%, 08/01/31 (c) | 1,400 | 1,644,160 | ||||||
| State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/28 | 2,895 | 3,298,333 | ||||||
| Washington Suburban Sanitary District, Second Series (GO) | ||||||||
| 5.00%, 06/01/26 (c) | 750 | 816,210 | ||||||
| 5.00%, 06/01/27 (c) | 550 | 613,676 | ||||||
See Notes to Financial Statements
| 82 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
| Washington Suburban Sanitary District, Second Series (RB) 4.00%, 12/01/30 (c) | $ | 525 | $ | 561,458 | ||||
| 52,817,746 | ||||||||
| Massachusetts: 2.3% | ||||||||
| City of Boston, Series A (GO) 5.00%, 03/01/29 | 100 | 115,189 | ||||||
| Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/24 (c) | 980 | 1,021,748 | ||||||
| Commonwealth of Massachusetts, Series A (GO) 5.00%, 09/01/28 | 2,000 | 2,267,787 | ||||||
| Commonwealth of Massachusetts, Series B (GO) | ||||||||
| 5.00%, 07/01/26 (c) | 155 | 169,073 | ||||||
| 5.00%, 07/01/26 (c) | 1,860 | 2,015,018 | ||||||
| 5.00%, 07/01/26 (c) | 600 | 651,963 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
| 3.00%, 02/01/24 (c) | 400 | 392,429 | ||||||
| 5.00%, 05/01/23 (c) | 350 | 357,998 | ||||||
| 5.00%, 05/01/23 (c) | 205 | 209,787 | ||||||
| 5.00%, 05/01/30 | 1,000 | 1,158,504 | ||||||
| Commonwealth of Massachusetts, Series C (GO) (AGM) 5.00%, 05/01/31 | 2,665 | 3,122,349 | ||||||
| Commonwealth of Massachusetts, Series D (GO) | ||||||||
| 4.00%, 11/01/30 (c) | 2,000 | 2,071,320 | ||||||
| 5.00%, 07/01/30 (c) | 365 | 416,481 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
| 3.00%, 11/01/27 (c) | 1,275 | 1,181,879 | ||||||
| 5.00%, 11/01/27 (c) | 100 | 111,185 | ||||||
| 5.00%, 11/01/30 (c) | 1,000 | 1,155,478 | ||||||
| Commonwealth of Massachusetts, Series I (GO) 5.00%, 12/01/26 (c) | 10 | 11,037 | ||||||
| Commonwealth of Massachusetts, Transportation Fund, Series A (GO) 5.00%, 12/01/26 (c) | 500 | 545,861 | ||||||
| Commonwealth of Massachusetts, Transportation Fund, Series A (RB) | ||||||||
| 4.00%, 12/01/27 (c) | 450 | 461,445 | ||||||
| 5.00%, 06/01/26 (c) | 20 | 21,892 | ||||||
| 5.00%, 06/01/31 (c) | 800 | 920,075 | ||||||
| Massachusetts Bay Transportation Authority, Series A (RB) | ||||||||
| 0.00%, 07/01/26 (c) ^ | 130 | 99,734 | ||||||
| 2.00%, 07/01/26 (c) | 210 | 196,196 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Massachusetts Clean Water Trust , Series 23-A (RB) 5.00%, 02/01/31 (c) | $ | 540 | $ | 618,676 | ||||
| Massachusetts Clean Water Trust, Series 21 (RB) 5.00%, 08/01/28 (c) | 1,000 | 1,121,425 | ||||||
| Massachusetts Commonwealth, Series D (GO) (SBG) 5.00%, 07/01/30 (c) | 2,000 | 2,275,841 | ||||||
| Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/29 | 1,000 | 1,139,203 | ||||||
| Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) (SAW) 5.00%, 01/01/29 (c) | 1,000 | 1,123,451 | ||||||
| Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/29 (c) | 255 | 280,402 | ||||||
| Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c) | 200 | 216,262 | ||||||
| Massachusetts Development Finance Agency, CareGroup Issue, Series J-2 (RB) (SBG) 5.00%, 07/01/28 (c) | 130 | 141,844 | ||||||
| Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 07/15/26 (c) | 480 | 522,497 | ||||||
| Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | 500 | 532,456 | ||||||
| Massachusetts Development Finance Agency, Williams College, Series P (RB) 5.00%, 07/01/23 (c) | 1,500 | 1,544,383 | ||||||
| Massachusetts Housing Finance Agency, Series 178 (RB) 3.70%, 06/01/25 (c) | 100 | 100,242 | ||||||
| Massachusetts Housing Finance Agency, Series B-1 (RB) (FHA) 2.75%, 12/01/28 (c) | 150 | 138,364 | ||||||
| Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB) 5.00%, 11/15/26 (c) | 125 | 136,367 | ||||||
See Notes to Financial Statements
| 83 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
| Massachusetts Water Resources Authority, Series B (RB) 5.00%, 08/01/30 (c) | $ | 1,500 | $ | 1,698,780 | ||||
| Massachusetts Water Resources Authority, Series B (RB) (AGM) 5.25%, 08/01/30 | 2,000 | 2,365,183 | ||||||
| Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/27 (c) | 2,115 | 2,342,254 | ||||||
| University of Massachusetts Building Authority, Series 1 (RB) | ||||||||
| 5.00%, 11/01/29 (c) | 475 | 539,143 | ||||||
| 5.00%, 11/01/29 (c) | 750 | 850,178 | ||||||
| 5.00%, 05/01/29 (c) | 1,220 | 1,375,623 | ||||||
| University of Massachusetts Building Authority, Series 1 (RB) (SD CRED PROG) 5.00%, 11/01/29 (c) | 500 | 568,468 | ||||||
| University of Massachusetts Building Authority, Series 3 (RB) 5.00%, 11/01/27 (c) | 1,020 | 1,135,150 | ||||||
| 39,440,620 | ||||||||
| Michigan: 1.0% | ||||||||
| Board of Governors of Wayne State University, Series A (RB) 5.00%, 05/15/26 (c) | 285 | 310,535 | ||||||
| Board of Trustees of Michigan State University, Series B (RB) 5.00%, 02/15/29 (c) | 340 | 379,246 | ||||||
| Brighton Area Schools County of Livingston (GO) 5.00%, 05/01/29 | 985 | 1,125,865 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 250 | 270,633 | ||||||
| 5.00%, 07/01/26 (c) | 250 | 272,067 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 290 | 314,883 | ||||||
| 5.00%, 07/01/26 (c) | 570 | 621,719 | ||||||
| 5.00%, 07/01/26 (c) | 500 | 545,574 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 1,025 | 1,112,950 | ||||||
| 5.00%, 07/01/26 (c) | 30 | 32,796 | ||||||
| Great Lakes Water Authority, Water Supply System, Second Lien, Series D (RB) 5.00%, 07/01/26 (c) | 130 | 141,635 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
| Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) 5.00%, 07/01/26 (c) | $ | 155 | $ | 169,896 | ||||
| Michigan Finance Authority, Charter County of Wayne Criminal Justice Center Project (RB) (SAW) 5.00%, 11/01/28 (c) | 2,645 | 3,008,974 | ||||||
| Michigan Finance Authority, Clean Water, Series B (RB) | ||||||||
| 5.00%, 10/01/25 | 110 | 118,912 | ||||||
| 5.00%, 10/01/26 | 100 | 110,141 | ||||||
| Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/26 (c) | 140 | 135,509 | ||||||
| Michigan Finance Authority, Local Government Loan Program, Series H-1 (RB) | ||||||||
| 5.00%, 10/01/24 (c) | 725 | 763,022 | ||||||
| 5.00%, 11/15/26 (c) | 150 | 163,152 | ||||||
| Michigan Finance Authority, Tabaco Settlement, Series A (RB) 5.00%, 12/01/30 (c) | 500 | 546,120 | ||||||
| Michigan Finance Authority, Trinity Health Credit Group, Series MI (RB) | ||||||||
| 5.00%, 12/01/27 (c) | 260 | 283,820 | ||||||
| 5.00%, 06/01/27 (c) | 75 | 81,784 | ||||||
| Michigan State Building Authority, Series I (RB) | ||||||||
| 5.00%, 10/15/25 (c) | 5 | 5,418 | ||||||
| 5.00%, 10/15/25 (c) | 25 | 27,091 | ||||||
| 5.00%, 10/15/25 (c) | 10 | 10,750 | ||||||
| 5.00%, 10/15/26 (c) | 570 | 622,216 | ||||||
| 5.00%, 10/15/26 (c) | 125 | 136,342 | ||||||
| 5.00%, 10/15/26 (c) | 120 | 130,573 | ||||||
| Michigan State Hospital Finance Authority, Series C (RB) 5.00%, 12/01/27 | 100 | 110,723 | ||||||
| Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
| 3.10%, 06/01/26 (c) | 1,370 | 1,331,979 | ||||||
| 3.35%, 06/01/26 (c) | 170 | 164,582 | ||||||
| State of Michigan Trunk Line, Series A (RB) 5.00%, 11/15/31 (c) | 1,900 | 2,210,452 | ||||||
| State of Michigan, Environmental Program (GO)
3.00%, 05/01/26 (c) | 410 | 410,375 | ||||||
| State of Michigan, Environmental Program, Series A (GO) | ||||||||
|
3.00%, 05/15/30 (c) | 750 | 694,093 | ||||||
See Notes to Financial Statements
| 84 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
| 5.00%, 12/01/25 (c) | $ | 10 | $ | 10,853 | ||||
| Wayne County Airport Authority, Deroit Metropolitan Airport, Series A (RB) 5.00%, 12/01/28 (c) | 560 | 626,674 | ||||||
| 17,001,354 | ||||||||
| Minnesota: 1.1% | ||||||||
| City of Maple Grove, Minnesota Health Care Facilities (RB) | ||||||||
| 3.38%, 05/01/27 (c) | 180 | 179,006 | ||||||
| 3.50%, 05/01/27 (c) | 460 | 457,901 | ||||||
| City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/28 (c) | 125 | 136,572 | ||||||
| County of Hennepin, Series B (GO) 5.00%, 12/15/28 (c) | 1,000 | 1,139,496 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 07/01/29 (c) | 200 | 220,376 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission, Series B (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 325 | 353,668 | ||||||
| 5.00%, 01/01/27 (c) | 515 | 561,185 | ||||||
| Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | 1,000 | 1,116,009 | ||||||
| Roseville Independent School District No. 623 (GO) (SD CRED PROG) 5.00%, 02/01/27 (c) | 500 | 549,419 | ||||||
| State of Minnesota, State Trunk Highway, Series B (GO) | ||||||||
| 3.00%, 08/01/26 (c) | 500 | 508,579 | ||||||
| 5.00%, 08/01/28 | 100 | 113,747 | ||||||
| State of Minnesota, State Trunk Highway, Series E (GO) 3.00%, 10/01/27 (c) | 120 | 122,536 | ||||||
| State of Minnesota, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 400 | 447,307 | ||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,137,205 | ||||||
| 5.00%, 08/01/29 | 400 | 461,478 | ||||||
| 5.00%, 08/01/29 (c) | 1,000 | 1,140,418 | ||||||
| 5.00%, 08/01/30 (c) | 2,000 | 2,291,596 | ||||||
| 5.00%, 08/01/30 (c) | 2,000 | 2,293,794 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
| 2.25%, 08/01/26 (c) | 925 | 893,344 | ||||||
| 3.00%, 10/01/27 (c) | 1,000 | 1,016,877 | ||||||
| 3.00%, 10/01/27 (c) | 1,000 | 1,013,655 | ||||||
| University of Minnesota, Series B (RB) 5.00%, 12/01/27 (c) | 805 | 901,698 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Minnesota (continued) | ||||||||
| Virginia Independent School District No. 706, Series A (GO) (SD CRED PROG) 3.00%, 02/01/28 (c) | $ | 1,000 | $ | 979,418 | ||||
| 18,035,284 | ||||||||
| Mississippi: 0.2% | ||||||||
| State of Mississippi, Series A (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 430 | 479,637 | ||||||
| 5.00%, 10/01/27 (c) | 880 | 979,059 | ||||||
| State of Mississippi, Series A (RB) | ||||||||
| 5.00%, 10/15/28 (c) | 400 | 446,626 | ||||||
| 5.00%, 10/15/28 (c) | 550 | 613,015 | ||||||
| 5.00%, 10/15/28 (c) | 1,000 | 1,114,868 | ||||||
| State of Mississippi, Series B (GO) | ||||||||
| 4.00%, 10/01/29 (c) | 295 | 304,548 | ||||||
| 5.00%, 12/01/26 (c) | 155 | 171,569 | ||||||
| 4,109,322 | ||||||||
| Missouri: 0.6% | ||||||||
| City of Kansas, Series C (RB) 5.00%, 09/01/27 (c) | 745 | 832,101 | ||||||
| Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30 | 1,400 | 1,639,398 | ||||||
| Health and Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 12/01/28 (c) | 250 | 279,194 | ||||||
| Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 06/01/26 (c) | 15 | 15,603 | ||||||
| Platte County Park Hill School District (GO) (SAW) | ||||||||
| 3.00%, 03/01/26 (c) | 225 | 217,284 | ||||||
| 3.00%, 03/01/26 (c) | 105 | 102,376 | ||||||
| Springfield School District No. R-12 (GO) 4.00%, 03/01/29 (c) | 650 | 687,637 | ||||||
| Springfield School District No. R-12 (GO) (SAW) | ||||||||
| 4.00%, 03/01/28 (c) | 1,035 | 1,097,538 | ||||||
| 4.00%, 03/01/28 (c) | 615 | 654,050 | ||||||
| 4.00%, 03/01/29 (c) | 1,415 | 1,495,157 | ||||||
| 5.00%, 03/01/29 (c) | 450 | 506,667 | ||||||
| St. Louis County, Series A (RB) | ||||||||
| 2.00%, 12/01/28 (c) | 1,045 | 862,999 | ||||||
| 4.00%, 12/01/28 (c) | 1,345 | 1,436,977 | ||||||
| 9,826,981 | ||||||||
| Montana: 0.0% | ||||||||
| Montana Facility Finance Authority, SCL Health System, Series A (RB) 5.00%, 01/01/29 | 150 | 167,680 | ||||||
See Notes to Financial Statements
| 85 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Nebraska: 0.4% | ||||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 5.00%, 09/01/32 | $ | 1,280 | $ | 1,414,196 | ||||
| 5.00%, 09/01/34 | 3,300 | 3,671,745 | ||||||
| Douglas County Hospital Authority No. 2 (RB) 4.00%, 05/15/26 (c) | 115 | 116,644 | ||||||
| Omaha Public Power District, Electric System, Series A (RB) 5.00%, 12/01/27 (c) | 100 | 110,615 | ||||||
| Omaha Public Power District, Electric System, Series A (RB) (SAW) 5.00%, 02/01/29 (c) | 1,125 | 1,272,162 | ||||||
| 6,585,362 | ||||||||
| Nevada: 1.2% | ||||||||
| Clark County Limited Tax Bond Bank, Series B (GO) 5.00%, 11/01/26 (c) | 300 | 327,713 | ||||||
| Clark County School District, Series A (GO) 5.00%, 06/15/31 | 530 | 610,359 | ||||||
| Clark County School District, Series A (GO) (AGM) | ||||||||
| 5.00%, 06/15/30 (c) | 915 | 1,031,919 | ||||||
| 5.00%, 06/15/30 (c) | 1,000 | 1,138,608 | ||||||
| Clark County School District, Series B (GO) | ||||||||
| 4.00%, 11/01/26 (c) | 250 | 262,066 | ||||||
| 4.00%, 11/01/26 (c) | 155 | 162,614 | ||||||
| Clark County School District, Series B (GO) (AGM) 5.00%, 06/15/29 | 1,000 | 1,128,895 | ||||||
| Clark County School District, Series B (GO) (BAM) 3.00%, 06/15/30 (c) | 1,500 | 1,345,890 | ||||||
| Clark County School District, Series C (GO) | ||||||||
| 5.00%, 12/15/25 (c) | 200 | 215,063 | ||||||
| 5.00%, 12/15/27 (c) | 1,050 | 1,157,398 | ||||||
| Clark County Water Reclamation District (GO) 3.00%, 07/01/26 (c) | 630 | 639,223 | ||||||
| Clark County, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) | 1,200 | 1,329,978 | ||||||
| Clark County, Limited Tax (GO) 4.00%, 06/01/29 (c) | 1,000 | 1,051,722 | ||||||
| Clark County, Limited Tax, Series A (GO) | ||||||||
| 5.00%, 06/01/28 (c) | 150 | 166,916 | ||||||
| 5.00%, 06/01/28 (c) | 1,110 | 1,243,624 | ||||||
| Clark County, Limited Tax, Series C (GO) | ||||||||
| 3.00%, 07/01/27 (c) | 305 | 295,416 | ||||||
| 3.00%, 07/01/27 (c) | 500 | 482,124 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Nevada (continued) | ||||||||
| 3.00%, 07/01/27 (c) | $ | 270 | $ | 256,424 | ||||
| Clark County, McCarran International Airport, Series B (RB) 5.00%, 07/01/29 (c) | 275 | 306,268 | ||||||
| Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31 | 1,500 | 1,299,608 | ||||||
| County of Clark, Las Vegas McCarran International Airport Passenger Facility, Series E (RB) 5.00%, 07/01/29 (c) | 470 | 523,439 | ||||||
| Las Vegas Valley Water District, Series A (GO) | ||||||||
| 4.00%, 02/01/27 (c) | 500 | 522,796 | ||||||
| 5.00%, 06/01/26 (c) | 190 | 207,951 | ||||||
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) | ||||||||
| 4.00%, 06/01/27 (c) | 1,000 | 1,052,414 | ||||||
| 5.00%, 06/01/27 (c) | 795 | 881,101 | ||||||
| State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM) | ||||||||
| 3.38%, 06/01/28 (c) | 325 | 326,889 | ||||||
| 4.00%, 06/01/28 (c) | 760 | 807,456 | ||||||
| 4.00%, 06/01/28 (c) | 760 | 802,004 | ||||||
| Truckee Meadows Water Authority (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 355 | 386,480 | ||||||
| 5.00%, 07/01/26 (c) | 30 | 32,772 | ||||||
| 19,995,130 | ||||||||
| New Hampshire: 0.1% | ||||||||
| New Hampshire Municipal Bond Bank, Series C (RB) 5.00%, 08/15/29 | 2,000 | 2,295,721 | ||||||
| New Jersey: 4.0% | ||||||||
| Board of Education of the Toms River Regional School District (GO) 3.00%, 07/15/26 (c) | 500 | 461,201 | ||||||
| City of Ocean City (GO) 2.25%, 09/15/26 (c) | 250 | 212,670 | ||||||
| County of Hudson (GO) | ||||||||
| 2.00%, 11/15/28 (c) | 685 | 526,395 | ||||||
| 2.00%, 11/15/28 (c) | 2,000 | 1,567,873 | ||||||
| 2.12%, 11/15/28 (c) | 265 | 203,136 | ||||||
| County of Union, Technical School Bonds, Series A (GO) 3.00%, 09/01/25 (c) | 600 | 604,524 | ||||||
| New Jersey Economic Development Authority, Montclair State University Student Housing Project (RB) (AGM) 4.00%, 06/01/27 (c) | 275 | 287,108 | ||||||
See Notes to Financial Statements
| 86 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/27 (c) | $ | 755 | $ | 724,297 | ||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 260 | 282,359 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 1,000 | 1,082,386 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) | 380 | 414,822 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) | 275 | 310,588 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) | ||||||||
| 5.00%, 06/15/27 (c) | 615 | 654,996 | ||||||
| 5.00%, 06/15/27 (c) | 935 | 997,466 | ||||||
| 5.00%, 06/15/27 | 245 | 265,813 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 12/15/29 (c) | 1,250 | 1,342,470 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB) 4.00%, 12/15/29 (c) | 1,080 | 1,063,407 | ||||||
| New Jersey Economic Development Authority, State House Project, Series B (RB) | ||||||||
| 4.00%, 12/15/28 (c) | 1,290 | 1,328,512 | ||||||
| 5.00%, 12/15/28 (c) | 315 | 339,058 | ||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) 5.00%, 06/15/24 (c) | 230 | 239,265 | ||||||
| New Jersey Educational Facilities Authority, Princeton University, Series C (RB) | ||||||||
| 2.00%, 03/01/31 (c) | 1,975 | 1,596,240 | ||||||
| 2.00%, 03/01/31 (c) | 1,000 | 821,146 | ||||||
| 2.00%, 03/01/31 (c) | 6,000 | 4,751,554 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/27 (c) | $ | 500 | $ | 556,071 | ||||
| New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health Obligated Group Issue, Series A (RB) 5.00%, 07/01/27 (c) | 1,000 | 1,101,496 | ||||||
| New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group Issue, Series A (RB) 3.38%, 07/01/27 (c) | 360 | 357,315 | ||||||
| New Jersey Health Care Facilities Financing Authority, Robert Wood Jonson University Hospital, Series A (RB) 5.25%, 07/01/23 (c) | 1,355 | 1,389,980 | ||||||
| New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group Issue, Series A (RB) 4.00%, 07/01/26 (c) | 1,590 | 1,633,544 | ||||||
| New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Issue (RB) | ||||||||
| 3.00%, 07/01/26 (c) | 115 | 112,044 | ||||||
| 3.12%, 07/01/26 (c) | 150 | 145,793 | ||||||
| New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/29 (c) | 1,000 | 1,136,915 | ||||||
| New Jersey Housing and Mortgage Finance Agency, Series A (RB) 3.75%, 10/01/27 (c) | 870 | 865,258 | ||||||
| New Jersey State Turnpike Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 2,900 | 3,172,937 | ||||||
| 5.00%, 01/01/28 (c) | 1,080 | 1,182,505 | ||||||
| 5.00%, 01/01/28 (c) | 115 | 126,043 | ||||||
| New Jersey State, COVID-19, Series A (GO) 4.00%, 06/01/32 | 1,135 | 1,184,110 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 4.00%, 12/15/28 (c) | 2,830 | 2,878,019 | ||||||
| 5.00%, 12/15/28 (c) | 1,395 | 1,500,665 | ||||||
| 5.00%, 12/15/28 (c) | 1,000 | 1,067,885 | ||||||
| 5.00%, 12/15/28 (c) | 1,100 | 1,179,338 | ||||||
| 5.00%, 12/15/28 | 500 | 548,075 | ||||||
| 5.00%, 06/15/26 (c) | 435 | 464,410 | ||||||
See Notes to Financial Statements
| 87 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.00%, 06/15/31 (c) | $ | 500 | $ | 539,435 | ||||
| New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/26 (c) | 780 | 799,899 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) 5.00%, 12/15/30 (c) | 1,200 | 1,284,904 | ||||||
| New Jersey Turnpike Authority, Series A (RB) | ||||||||
| 4.00%, 01/01/27 (c) | 135 | 138,709 | ||||||
| 5.00%, 01/01/27 (c) | 270 | 292,858 | ||||||
| 5.00%, 01/01/27 (c) | 1,625 | 1,772,165 | ||||||
| New Jersey Turnpike Authority, Series E (RB) | ||||||||
| 5.00%, 01/01/28 (c) | 115 | 127,192 | ||||||
| 5.00%, 01/01/28 (c) | 200 | 219,205 | ||||||
| New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/28 (c) | 1,000 | 1,093,193 | ||||||
| New Jersey Turnpike Authority, Series G (RB) (AGM) 4.00%, 01/01/28 (c) | 2,130 | 2,214,691 | ||||||
| State of New Jersey, Series A (GO) 3.00%, 06/01/32 | 250 | 238,526 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,252,044 | ||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,358,015 | ||||||
| 2.00%, 12/01/29 (c) | 3,000 | 2,603,828 | ||||||
| 5.00%, 12/01/29 (c) | 5,000 | 5,553,057 | ||||||
| 5.00%, 06/01/27 (c) | 400 | 436,398 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/27 | 360 | 387,517 | ||||||
| 5.00%, 06/01/28 (c) | 2,500 | 2,681,645 | ||||||
| 5.00%, 06/01/28 (c) | 195 | 210,116 | ||||||
| 5.00%, 06/01/28 (c) | 225 | 240,283 | ||||||
| 5.00%, 06/01/28 (c) | 250 | 267,660 | ||||||
| 5.00%, 06/01/28 (c) | 500 | 537,247 | ||||||
| 66,928,276 | ||||||||
| New York: 16.3% | ||||||||
| City of New York Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/25 (c) | 500 | 483,843 | ||||||
| City of New York, Series A (GO) | ||||||||
| 4.00%, 08/01/26 (c) | 485 | 498,815 | ||||||
| 4.00%, 08/01/31 (c) | 600 | 604,795 | ||||||
| 5.00%, 08/01/26 (c) | 1,810 | 1,958,835 | ||||||
| 5.00%, 08/01/27 (c) | 540 | 597,656 | ||||||
| 5.00%, 08/01/27 | 550 | 609,290 | ||||||
| 5.00%, 08/01/30 | 415 | 473,639 | ||||||
| City of New York, Series A-1 (GO) 5.00%, 08/01/29 | 1,000 | 1,133,255 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| City of New York, Series B-1 (GO) | ||||||||
| 4.00%, 12/01/26 (c) | $ | 250 | $ | 256,807 | ||||
| 5.00%, 10/01/27 (c) | 100 | 109,397 | ||||||
| 5.00%, 10/01/29 (c) | 1,125 | 1,263,367 | ||||||
| 5.00%, 10/01/29 (c) | 500 | 564,307 | ||||||
| 5.00%, 11/01/30 | 1,000 | 1,144,089 | ||||||
| 5.00%, 12/01/26 (c) | 395 | 429,554 | ||||||
| 5.25%, 10/01/27 (c) | 920 | 1,027,541 | ||||||
| City of New York, Series C (GO) 5.00%, 02/01/27 (c) | 225 | 247,238 | ||||||
| City of New York, Series C and D (GO) | ||||||||
| 5.00%, 02/01/26 (c) | 110 | 119,151 | ||||||
| 5.00%, 02/01/28 (c) | 820 | 915,534 | ||||||
| 5.00%, 02/01/28 (c) | 1,250 | 1,367,766 | ||||||
| City of New York, Series C-1 (GO) (SBG) 5.00%, 08/01/28 | 1,000 | 1,120,928 | ||||||
| City of New York, Series C-1 (GO) (SD CRED PROG) 5.00%, 08/01/30 | 2,000 | 2,282,599 | ||||||
| City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/30 (c) | 1,565 | 1,732,260 | ||||||
| City of New York, Series E (GO) 5.00%, 08/01/26 (c) | 540 | 584,404 | ||||||
| City of New York, Series E-1 (GO) | ||||||||
| 5.00%, 03/01/28 (c) | 1,015 | 1,117,087 | ||||||
| 5.25%, 03/01/28 (c) | 1,500 | 1,686,193 | ||||||
| 5.25%, 03/01/28 (c) | 1,000 | 1,113,586 | ||||||
| City of New York, Series F-1 (GO) 5.00%, 04/01/28 (c) | 250 | 273,276 | ||||||
| City of New York, Series I-A (GO) 4.00%, 10/01/30 (c) | 2,000 | 2,026,951 | ||||||
| City of New York, Series L (GO) 5.00%, 04/01/29 (c) | 400 | 446,630 | ||||||
| City of New York, Series L-5 (GO) 5.00%, 04/01/31 (c) | 1,865 | 2,111,808 | ||||||
| City of New York, Series L-6 (GO) | ||||||||
| 5.00%, 04/01/28 | 175 | 195,327 | ||||||
| 5.00%, 04/01/29 (c) | 1,000 | 1,127,239 | ||||||
| City of Troy Capital Resource Corp., Series A (RB) 5.00%, 09/01/30 (c) | 500 | 554,101 | ||||||
| County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 05/15/31 (c) | 1,500 | 1,748,090 | ||||||
| County of Nassau, Series C (GO) | ||||||||
| 5.00%, 10/01/27 | 310 | 344,021 | ||||||
| 5.00%, 10/01/27 (c) | 600 | 658,576 | ||||||
See Notes to Financial Statements
| 88 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| County of Suffolk, Series D (GO) (BAM) 4.00%, 10/15/27 (c) | $ | 1,520 | $ | 1,610,557 | ||||
| Hudson Yards Infrastructure Corp., Series A (RB) | ||||||||
| 5.00%, 02/15/27 (c) | 1,700 | 1,861,933 | ||||||
| 5.00%, 02/15/27 (c) | 1,400 | 1,536,642 | ||||||
| 5.00%, 02/15/27 (c) | 3,025 | 3,324,510 | ||||||
| 5.00%, 02/15/27 (c) | 460 | 503,817 | ||||||
| Long Island Power Authority, Electric System (RB) | ||||||||
| 5.00%, 09/01/27 (c) | 500 | 551,134 | ||||||
| 5.00%, 09/01/27 (c) | 305 | 338,417 | ||||||
| 5.00%, 09/01/27 (c) | 750 | 826,311 | ||||||
| 5.00%, 09/01/28 (c) | 1,035 | 1,151,511 | ||||||
| Long Island Power Authority, Electric System, Series A (RB) 3.00%, 09/01/28 (c) | 450 | 427,330 | ||||||
| Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/26 (c) | 40 | 43,888 | ||||||
| Metropolitan Transportation Authority, Series A (RB) 4.00%, 11/15/26 (c) | 340 | 340,628 | ||||||
| Metropolitan Transportation Authority, Series A-2 (RB) 5.00%, 05/15/27 (c) | 155 | 166,892 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
| 4.00%, 11/15/26 (c) | 215 | 215,136 | ||||||
| 5.00%, 11/15/26 (c) | 310 | 333,089 | ||||||
| 5.00%, 11/15/28 | 380 | 412,750 | ||||||
| 5.00%, 11/15/28 | 380 | 412,750 | ||||||
| Metropolitan Transportation Authority, Series B-2 (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 15 | 16,221 | ||||||
| 5.00%, 11/15/27 (c) | 200 | 218,304 | ||||||
| 5.00%, 11/15/27 | 400 | 446,127 | ||||||
| 5.00%, 11/15/27 (c) | 1,185 | 1,288,271 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
| 4.00%, 05/15/28 (c) | 1,240 | 1,245,250 | ||||||
| 4.00%, 05/15/28 (c) | 395 | 395,325 | ||||||
| 4.00%, 05/15/28 (c) | 410 | 409,535 | ||||||
| 5.00%, 11/15/26 (c) | 155 | 166,544 | ||||||
| 5.00%, 05/15/28 (c) | 1,260 | 1,361,125 | ||||||
| 5.00%, 05/15/28 (c) | 470 | 505,635 | ||||||
| 5.00%, 05/15/28 (c) | 810 | 860,267 | ||||||
| 5.00%, 05/15/28 (c) | 1,445 | 1,545,627 | ||||||
| 5.00%, 05/15/28 (c) | 1,540 | 1,652,265 | ||||||
| 5.00%, 05/15/28 (c) | 2,540 | 2,703,309 | ||||||
| Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^ | 1,035 | 660,152 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 3.12%, 11/15/26 (c) | 265 | 235,277 | ||||||
| 4.00%, 11/15/26 (c) | 400 | 401,308 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 05/15/28 (c) | $ | 1,570 | $ | 1,674,949 | ||||
| 5.00%, 05/15/28 (c) | 535 | 569,398 | ||||||
| 5.00%, 05/15/28 (c) | 1,085 | 1,164,095 | ||||||
| Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/30 | 1,000 | 1,097,775 | ||||||
| Monroe County Industrial Development Corp. (RB) 3.00%, 12/01/30 (c) | 865 | 707,491 | ||||||
| New York City Housing Development Corp. (RB) (FHA 542(C)) 2.10%, 05/01/29 (c) | 2,000 | 1,603,976 | ||||||
| New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB) 2.35%, 05/01/28 (c) | 1,100 | 934,461 | ||||||
| New York City Housing Development Corp., Multi- Family Housing, Series C-1 (RB) 2.10%, 05/01/29 (c) | 1,340 | 1,068,210 | ||||||
| New York City Industrial Development Agency (RB) (AGM) | ||||||||
| 4.00%, 01/01/31 (c) | 500 | 515,322 | ||||||
| 4.00%, 09/01/30 (c) | 1,500 | 1,548,296 | ||||||
| 5.00%, 01/01/31 | 2,700 | 3,002,534 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 2.00%, 01/01/31 (c) | 1,250 | 891,694 | ||||||
| New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM) 5.00%, 03/01/30 | 2,145 | 2,395,250 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) | ||||||||
| 3.00%, 07/15/31 (c) | 1,400 | 1,228,949 | ||||||
| 4.00%, 07/15/31 (c) | 1,375 | 1,417,034 | ||||||
| 5.00%, 07/15/31 (c) | 1,000 | 1,150,099 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) | ||||||||
| 5.00%, 07/15/25 (c) | 135 | 144,677 | ||||||
| 5.00%, 07/15/28 (c) | 1,010 | 1,116,739 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) 5.00%, 07/15/28 (c) | 1,605 | 1,765,268 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) | ||||||||
| 5.00%, 07/15/28 (c) | 100 | 110,568 | ||||||
| 5.00%, 07/15/28 (c) | 500 | 549,928 | ||||||
See Notes to Financial Statements
| 89 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 5.25%, 07/15/28 (c) | $ | 415 | $ | 461,991 | ||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) | ||||||||
3.00%, 11/01/30 (c) | 2,000 | 1,787,174 | ||||||
| 5.00%, 11/01/30 (c) | 3,000 | 3,353,543 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) | ||||||||
4.00%, 05/01/26 (c) | 630 | 656,420 | ||||||
| 5.00%, 11/01/31 (c) | 1,000 | 1,151,683 | ||||||
| 5.00%, 05/01/26 (c) | 160 | 172,518 | ||||||
| 5.00%, 05/01/26 (c) | 280 | 303,888 | ||||||
| 5.00%, 05/01/26 (c) | 450 | 486,442 | ||||||
| 5.00%, 05/01/26 (c) | 880 | 949,883 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) | ||||||||
5.00%, 11/01/22 (c) | 1,000 | 1,015,723 | ||||||
| 5.00%, 08/01/24 (c) | 260 | 273,542 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) | ||||||||
4.00%, 08/01/27 (c) | 115 | 117,750 | ||||||
| 5.00%, 08/01/26 (c) | 530 | 577,562 | ||||||
| 5.00%, 08/01/26 (c) | 895 | 971,202 | ||||||
| 5.00%, 08/01/26 (c) | 690 | 749,900 | ||||||
| 5.00%, 08/01/26 (c) | 540 | 586,653 | ||||||
| 5.00%, 08/01/27 (c) | 350 | 381,128 | ||||||
| 5.00%, 08/01/27 (c) | 125 | 137,513 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,092,475 | ||||||
| 5.00%, 08/01/28 (c) | 780 | 855,994 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,140,924 | ||||||
| 5.00%, 08/01/31 (c) | 1,000 | 1,135,992 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) | ||||||||
5.00%, 11/01/25 (c) | 20 | 21,656 | ||||||
| 5.00%, 05/01/27 (c) | 2,280 | 2,494,937 | ||||||
| 5.00%, 05/01/27 (c) | 900 | 977,873 | ||||||
| 5.00%, 08/01/30 (c) | 855 | 976,801 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/30 (c) | 4,500 | 5,020,020 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB) 3.50%, 05/01/27 (c) | 100 | 100,974 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) | ||||||||
5.00%, 02/01/25 (c) | $ | 155 | $ | 163,601 | ||||
| 5.00%, 02/01/27 (c) | 1,190 | 1,297,658 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series G-1 (RB) 4.00%, 11/01/30 | 6,000 | 6,451,268 | ||||||
| New York City Trust for Cultural Resources, The Museum of Modern Art, Series 1-E (RB) | ||||||||
4.00%, 10/01/26 (c) | 850 | 899,867 | ||||||
| 4.00%, 10/01/26 (c) | 745 | 784,887 | ||||||
New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c) | 1,000 | 1,128,845 | ||||||
| New York City Water and Sewer System, Series BB (RB) | ||||||||
5.00%, 06/15/27 (c) | 595 | 661,297 | ||||||
| 5.00%, 06/15/27 (c) | 310 | 342,822 | ||||||
New York City Water and Sewer System, Series DD (RB) 5.00%, 06/15/31 | 1,865 | 2,163,852 | ||||||
New York City Water and Sewer System, Series EE (RB) 5.00%, 06/15/27 (c) | 215 | 237,872 | ||||||
New York City Water and Sewer System, Series FF-2 (RB) 5.00%, 06/15/29 (c) | 500 | 558,261 | ||||||
New York State Dormitory Authority, Columbia University (RB) 5.00%, 04/01/26 (c) | 170 | 186,087 | ||||||
New York State Dormitory Authority, Columbia University, Series A (RB) (FHA) 5.00%, 10/01/28 | 115 | 131,281 | ||||||
New York State Dormitory Authority, Columbia University, Series B (RB) 5.00%, 10/01/27 | 25 | 28,131 | ||||||
New York State Dormitory Authority, Cornell University, Series A (RB) 4.00%, 07/01/26 (c) | 200 | 208,478 | ||||||
| New York State Dormitory Authority, Cornell University, Series D (RB) | ||||||||
5.00%, 07/01/33 | 110 | 131,085 | ||||||
| 5.00%, 07/01/34 | 1,100 | 1,318,981 | ||||||
New York State Dormitory Authority, Fordham University (RB) 4.00%, 07/01/27 (c) | 800 | 808,181 | ||||||
See Notes to Financial Statements
| 90 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/29 (c) | $ | 1,000 | $ | 1,018,000 | ||||
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
5.00%, 08/01/28 (c) | 1,000 | 1,052,560 | ||||||
| 5.00%, 08/01/28 | 545 | 576,978 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/28 (c) | 1,890 | 1,984,569 | ||||||
New York State Dormitory Authority, New School University, Series A (RB) 5.00%, 01/01/27 (c) | 250 | 270,844 | ||||||
New York State Dormitory Authority, New York State University, Series B (RB) 5.00%, 07/01/25 (c) | 20 | 21,544 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
4.00%, 07/01/31 (c) | 1,000 | 1,012,558 | ||||||
| 5.00%, 07/01/26 (c) | 260 | 281,884 | ||||||
| 5.00%, 07/01/27 (c) | 250 | 275,248 | ||||||
| 5.00%, 07/01/27 (c) | 200 | 219,896 | ||||||
| 5.00%, 07/01/27 (c) | 445 | 491,515 | ||||||
| 5.00%, 07/01/27 (c) | 475 | 525,854 | ||||||
| 5.00%, 07/01/28 (c) | 385 | 434,949 | ||||||
| 5.00%, 07/01/29 (c) | 100 | 114,224 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) | ||||||||
3.00%, 09/15/30 (c) | 3,120 | 2,781,259 | ||||||
| 4.00%, 02/15/27 (c) | 475 | 483,795 | ||||||
| 4.00%, 09/15/30 (c) | 1,135 | 1,149,405 | ||||||
| 5.00%, 02/15/27 (c) | 1,000 | 1,094,318 | ||||||
| 5.00%, 02/15/27 (c) | 1,375 | 1,507,910 | ||||||
| 5.00%, 03/15/28 | 930 | 1,043,863 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series E (RB) | ||||||||
4.00%, 03/15/32 (c) | 2,000 | 2,029,155 | ||||||
| 4.00%, 03/15/32 (c) | 1,500 | 1,516,352 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM) | ||||||||
5.00%, 10/01/27 (c) | 635 | 695,997 | ||||||
| 5.00%, 10/01/27 (c) | 100 | 109,085 | ||||||
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) | ||||||||
| 5.00%, 10/01/26 (c) | 1,325 | 1,450,683 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 10/01/26 (c) | $ | 200 | $ | 218,710 | ||||
| 5.00%, 10/01/26 (c) | 650 | 713,358 | ||||||
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) 4.00%, 07/01/27 (c) | 525 | 533,545 | ||||||
New York State Dormitory Authority, Sloan-Kettering Cancer Center, Series 1 (RB) (AGM) 2.00%, 07/01/29 (c) | 850 | 680,846 | ||||||
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c) | 500 | 511,965 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
4.00%, 03/15/31 (c) | 2,795 | 2,822,870 | ||||||
| 5.00%, 02/15/27 (c) | 595 | 647,787 | ||||||
| 5.00%, 03/15/25 (c) | 150 | 160,093 | ||||||
| 5.00%, 03/15/25 (c) | 195 | 207,121 | ||||||
| 5.00%, 03/15/29 (c) | 2,030 | 2,235,914 | ||||||
| 5.00%, 03/15/29 (c) | 1,950 | 2,144,057 | ||||||
| 5.00%, 03/15/29 | 2,085 | 2,365,118 | ||||||
| 5.00%, 03/15/29 (c) | 3,910 | 4,292,561 | ||||||
| 5.00%, 03/15/29 | 100 | 113,435 | ||||||
| 5.00%, 03/15/30 | 3,000 | 3,433,733 | ||||||
| 5.00%, 03/15/31 (c) | 4,000 | 4,527,329 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) | ||||||||
5.00%, 08/15/27 (c) | 2,270 | 2,443,104 | ||||||
| 5.00%, 08/15/27 (c) | 2,000 | 2,203,308 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/24 (c) | 385 | 400,873 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) | ||||||||
5.00%, 02/15/30 | 1,435 | 1,640,974 | ||||||
| 5.00%, 02/15/30 (c) | 2,000 | 2,249,238 | ||||||
| 5.00%, 08/15/26 (c) | 315 | 343,084 | ||||||
| 5.00%, 08/15/26 (c) | 940 | 1,019,058 | ||||||
New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/30 (c) | 115 | 129,932 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
5.00%, 01/01/27 (c) | 250 | 267,817 | ||||||
| 5.00%, 03/15/24 (c) | 115 | 120,127 | ||||||
| 5.00%, 03/15/24 (c) | 340 | 355,157 | ||||||
| 5.00%, 03/15/27 (c) | 2,110 | 2,309,822 | ||||||
| 5.00%, 03/15/27 (c) | 305 | 335,630 | ||||||
| 5.00%, 03/15/27 (c) | 1,000 | 1,095,654 | ||||||
See Notes to Financial Statements
| 91 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| 5.00%, 03/15/27 (c) | $ | 515 | $ | 565,489 | ||||
| 5.00%, 09/15/26 (c) | 60 | 65,101 | ||||||
| 5.00%, 09/15/26 (c) | 140 | 152,143 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series B (RB) | ||||||||
5.00%, 09/15/25 (c) | 170 | 181,679 | ||||||
| 5.00%, 09/15/25 (c) | 120 | 128,883 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
5.00%, 03/15/28 (c) | 520 | 574,969 | ||||||
| 5.00%, 03/15/28 (c) | 1,700 | 1,851,598 | ||||||
New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/27 (c) | 2,560 | 2,821,122 | ||||||
New York State Dormitory Authority, Supported Debt Montefiore, Series A (RB) 5.00%, 08/01/28 (c) | 1,000 | 1,045,607 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) | ||||||||
| 5.00%, 06/15/26 (c) | 765 | 834,723 | ||||||
| 5.00%, 06/15/26 (c) | 415 | 452,146 | ||||||
| 5.00%, 06/15/27 (c) | 150 | 164,755 | ||||||
| 5.00%, 06/15/27 (c) | 405 | 450,947 | ||||||
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/29 (c) | 1,250 | 1,407,859 | ||||||
| New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) | ||||||||
| 3.00%, 06/15/27 (c) | 495 | 491,648 | ||||||
| 5.00%, 06/15/27 (c) | 1,000 | 1,104,369 | ||||||
| 5.00%, 06/15/27 (c) | 500 | 549,681 | ||||||
New York State Housing Finance Agency, Series H (RB) (AGM) 2.10%, 05/01/29 (c) | 900 | 753,736 | ||||||
| New York State Thruway Authority, Series A (RB) | ||||||||
5.00%, 01/01/26 (c) | 650 | 700,420 | ||||||
| 5.00%, 01/01/26 (c) | 600 | 645,024 | ||||||
New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) | 800 | 804,650 | ||||||
| New York State Thruway Authority, Series L (RB) | ||||||||
3.50%, 01/01/28 (c) | 1,120 | 1,143,601 | ||||||
| 5.00%, 01/01/28 (c) | 1,300 | 1,427,628 | ||||||
| 5.00%, 01/01/28 (c) | 1,500 | 1,651,396 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Thruway Authority, State Personal Income, Series A-1 (RB) | ||||||||
5.00%, 03/15/31 (c) | $ | 800 | $ | 904,165 | ||||
| 5.00%, 03/15/31 (c) | 2,000 | 2,268,605 | ||||||
New York State Urban Development Corp. (RB) 5.00%, 09/15/31 (c) | 4,500 | 5,092,465 | ||||||
New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 5.00%, 03/15/23 (c) | 1,800 | 1,839,467 | ||||||
| 5.00%, 03/15/27 (c) | 325 | 353,622 | ||||||
| 5.00%, 03/15/27 (c) | 750 | 819,602 | ||||||
| 5.00%, 09/15/30 (c) | 1,475 | 1,640,907 | ||||||
New York State Urban Development Corp., State Personal Income, Series C (RB) | ||||||||
| 4.00%, 09/15/30 (c) | 1,000 | 1,021,069 | ||||||
| 4.00%, 09/15/30 (c) | 1,000 | 1,008,408 | ||||||
| 5.00%, 03/15/28 | 500 | 561,216 | ||||||
| 5.00%, 09/15/27 (c) | 4,295 | 4,702,937 | ||||||
| 5.00%, 09/15/27 (c) | 350 | 383,969 | ||||||
| 5.00%, 09/15/30 (c) | 250 | 279,405 | ||||||
New York State Urban Development Corp., State Sales Tax, Series A (RB) 5.00%, 09/15/29 (c) | 1,000 | 1,110,736 | ||||||
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) | ||||||||
5.00%, 12/01/30 (c) | 1,000 | 1,062,211 | ||||||
| 5.00%, 12/01/30 (c) | 750 | 799,178 | ||||||
| 5.00%, 12/01/30 | 1,150 | 1,254,138 | ||||||
Port Authority of New York & New Jersey (RB) 5.00%, 07/15/30 (c) | 1,000 | 1,128,793 | ||||||
Port Authority of New York and New Jersey, Series 198 (RB) 5.00%, 11/15/26 (c) | 300 | 324,979 | ||||||
| Port Authority of New York and New Jersey, Series 205 (RB) | ||||||||
5.00%, 11/15/27 (c) | 1,000 | 1,103,412 | ||||||
| 5.00%, 11/15/27 (c) | 2,500 | 2,743,810 | ||||||
| 5.00%, 11/15/27 (c) | 840 | 931,844 | ||||||
| Port Authority of New York and New Jersey, Series 209 (RB) | ||||||||
5.00%, 07/15/28 | 255 | 288,611 | ||||||
| 5.00%, 07/15/28 (c) | 500 | 557,187 | ||||||
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/28 (c) | 500 | 559,562 | ||||||
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/29 (c) | 500 | 558,789 | ||||||
See Notes to Financial Statements
| 92 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Port Authority of New York and New Jersey, Series 222 (RB) | ||||||||
| 4.00%, 07/15/30 (c) | $ | 2,600 | $ | 2,642,455 | ||||
| 4.00%, 07/15/30 (c) | 3,975 | 4,032,956 | ||||||
| 5.00%, 07/15/30 (c) | 1,000 | 1,134,292 | ||||||
State of New York Mortgage Agency, Series 197 (RB) 2.60%, 04/01/25 (c) | 615 | 573,867 | ||||||
State of New York Mortgage Agency, Series 195 (RB) 3.00%, 04/01/25 (c) | 615 | 596,880 | ||||||
State of New York Mortgage Agency, Series 205 (RB) 3.12%, 10/01/26 (c) | 460 | 444,370 | ||||||
Suffolk County Water Authority (RB) 4.00%, 06/01/25 (c) | 10 | 10,420 | ||||||
Triborough Bridge and Tunnel Authority, Series A (RB) 5.00%, 05/15/26 (c) | 20 | 21,800 | ||||||
| Triborough Bridge and Tunnel Authority, Series B (RB) | ||||||||
| 5.00%, 11/15/31 | 1,000 | 1,168,252 | ||||||
| 5.00%, 05/15/27 (c) | 1,255 | 1,375,796 | ||||||
| 5.00%, 05/15/27 (c) | 1,070 | 1,174,566 | ||||||
| 5.00%, 05/15/27 (c) | 1,550 | 1,702,998 | ||||||
| 5.00%, 05/15/27 (c) | 1,350 | 1,484,585 | ||||||
| 5.00%, 05/15/27 (c) | 1,035 | 1,141,244 | ||||||
Triborough Bridge and Tunnel Authority, Series C (RB) 5.00%, 11/15/28 | 500 | 566,362 | ||||||
Triborough Bridge and Tunnel Authority, Series D (RB) 5.00%, 11/15/30 (c) | 1,000 | 1,128,885 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 5.00%, 06/01/27 (c) | 285 | 304,245 | ||||||
| 5.00%, 06/01/27 (c) | 845 | 890,303 | ||||||
| 5.00%, 06/01/27 (c) | 130 | 139,222 | ||||||
| 5.00%, 06/01/27 (c) | 500 | 528,891 | ||||||
| 5.00%, 06/01/27 (c) | 1,140 | 1,207,950 | ||||||
| Utility Debt Securitization Authority (RB) | ||||||||
| 5.00%, 12/15/25 (c) | 1,500 | 1,617,800 | ||||||
| 5.00%, 12/15/25 (c) | 2,500 | 2,689,181 | ||||||
| 5.00%, 12/15/25 (c) | 200 | 216,856 | ||||||
| Utility Debt Securitization Authority, Series A (RB) | ||||||||
5.00%, 06/15/25 (c) | 360 | 386,544 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 543,331 | ||||||
| 5.00%, 06/15/26 (c) | 610 | 665,098 | ||||||
Utility Debt Securitization Authority, Series B (RB) 5.00%, 06/15/26 (c) | 1,135 | 1,239,372 | ||||||
| 276,768,567 | ||||||||
| Par (000’s | ) | Value | ||||||
| North Carolina: 1.8% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Atrium Health Variable Rate Health Care, Series D (RB) 5.00%, 12/01/31 (p) | $ | 3,000 | $ | 3,396,743 | ||||
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/26 (c) | 100 | 101,643 | ||||||
County of Forsyth, Public Improvement, Series B (GO) 3.00%, 03/01/27 (c) | 590 | 587,522 | ||||||
| County of Mecklenburg, Series A (GO) | ||||||||
4.00%, 04/01/27 (c) | 1,000 | 1,063,429 | ||||||
| 4.00%, 04/01/27 (c) | 900 | 952,571 | ||||||
County of Mecklenburg, Series B (GO) 2.00%, 12/01/26 (c) | 250 | 225,196 | ||||||
County of Union, Enterprise Systems (RB) 4.00%, 06/01/31 (c) | 1,000 | 1,071,794 | ||||||
| County of Wake (RB) | ||||||||
3.00%, 03/01/31 (c) | 1,500 | 1,434,660 | ||||||
| 4.00%, 03/01/31 (c) | 850 | 901,672 | ||||||
| County of Wake, Series A (RB) | ||||||||
3.12%, 08/01/28 (c) | 150 | 147,935 | ||||||
| 5.00%, 12/01/26 (c) | 500 | 550,056 | ||||||
North Carolina Capital Facilities Finance Agency, Wake Forest Univeristy (RB) 5.00%, 07/01/26 (c) | 130 | 142,494 | ||||||
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/31 (c) | 1,000 | 1,028,139 | ||||||
North Carolina Medical Care Commission, Duke University Health System, Series D (RB) 4.00%, 06/01/26 (c) | 10 | 10,174 | ||||||
North Carolina Medical Care Commission, Health Care Facilities, Series A (RB) 5.00%, 06/01/27 | 365 | 405,263 | ||||||
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/30 (c) | 1,000 | 1,131,210 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/27 (c) | 500 | 534,978 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 380 | 428,136 | ||||||
See Notes to Financial Statements
| 93 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| North Carolina (continued) | ||||||||
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) | ||||||||
4.00%, 01/01/28 (c) | $ | 800 | $ | 829,927 | ||||
| 4.00%, 01/01/28 (c) | 890 | 932,434 | ||||||
| 4.00%, 01/01/28 (c) | 360 | 374,794 | ||||||
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/29 (c) | 625 | 513,683 | ||||||
| State of North Carolina, Grant Anticipation Revenue Vehicle (RB) | ||||||||
5.00%, 03/01/29 (c) | 2,500 | 2,817,015 | ||||||
| 5.00%, 03/01/31 (c) | 1,000 | 1,145,756 | ||||||
| State of North Carolina, Series A (GO) | ||||||||
3.00%, 06/01/28 (c) | 1,000 | 996,807 | ||||||
| 3.00%, 06/01/28 (c) | 380 | 372,855 | ||||||
| 5.00%, 06/01/28 (c) | 1,140 | 1,293,579 | ||||||
| 5.00%, 06/01/30 (c) | 1,100 | 1,284,384 | ||||||
| State of North Carolina, Series A (RB) | ||||||||
5.00%, 05/01/28 | 1,440 | 1,629,230 | ||||||
| 5.00%, 05/01/29 (c) | 1,000 | 1,135,070 | ||||||
| State of North Carolina, Series B (RB) | ||||||||
3.00%, 05/01/27 (c) | 800 | 798,380 | ||||||
| 5.00%, 05/01/27 (c) | 880 | 974,873 | ||||||
| 5.00%, 05/01/27 | 215 | 239,707 | ||||||
| 5.00%, 05/01/28 | 1,200 | 1,357,692 | ||||||
| 30,809,801 | ||||||||
| North Dakota: 0.1% | ||||||||
County of Ward, North Dakota Health Care Facilities, Series C (RB) 5.00%, 06/01/28 (c) | 410 | 442,729 | ||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 3.55%, 07/01/27 (c) | 180 | 179,906 | ||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series D (RB) (SAW) 3.55%, 01/01/28 (c) | 175 | 176,423 | ||||||
North Dakota Public Finance Authority, Series A (RB) 5.00%, 10/01/24 (c) | 365 | 385,894 | ||||||
| 1,184,952 | ||||||||
| Ohio: 2.9% | ||||||||
| Akron Bath Copley Joint Township Hospital District (RB) | ||||||||
4.00%, 11/15/30 (c) | 1,000 | 987,790 | ||||||
| 4.00%, 11/15/30 (c) | 1,000 | 990,191 | ||||||
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) | ||||||||
5.00%, 06/01/30 (c) | $ | 2,000 | $ | 2,148,259 | ||||
| 5.00%, 06/01/30 (c) | 3,000 | 3,215,948 | ||||||
| 5.00%, 06/01/30 (c) | 500 | 538,859 | ||||||
City of Cincinnati (GO) 4.00%, 12/01/27 (c) | 975 | 1,040,558 | ||||||
City of Cleveland, Bridges and Roadways Improvements, Series B-2 (RB) 5.00%, 04/01/28 (c) | 500 | 562,789 | ||||||
| City of Columbus, Series 1 (GO) | ||||||||
4.00%, 10/01/27 (c) | 200 | 212,800 | ||||||
| 5.00%, 10/01/27 (c) | 250 | 280,773 | ||||||
| 5.00%, 10/01/27 (c) | 750 | 839,503 | ||||||
City of Columbus, Various Purpose, Series A (GO) 5.00%, 04/01/30 | 1,000 | 1,159,670 | ||||||
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/29 (c) | 1,245 | 1,422,565 | ||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
5.00%, 12/01/29 | 1,250 | 1,406,386 | ||||||
| 5.00%, 02/01/28 (c) | 1,030 | 1,128,903 | ||||||
| 5.00%, 02/01/28 (c) | 445 | 492,115 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,121,542 | ||||||
| County of Butler (RB) | ||||||||
4.00%, 11/15/27 (c) | 400 | 404,053 | ||||||
| 5.00%, 11/15/27 (c) | 1,805 | 1,974,302 | ||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
5.00%, 02/15/27 (c) | 250 | 272,227 | ||||||
| 5.00%, 02/15/27 (c) | 100 | 107,901 | ||||||
| County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) | ||||||||
5.00%, 11/01/27 (c) | 125 | 139,343 | ||||||
| 5.00%, 11/01/27 (c) | 145 | 161,637 | ||||||
| 5.00%, 11/01/27 (c) | 120 | 133,834 | ||||||
County of Hamilton, Sewer System, Series A (RB) 5.00%, 12/01/29 (c) | 1,000 | 1,146,138 | ||||||
County of Scioto, Southern Ohio Medical Center (RB) 3.38%, 02/15/26 (c) | 165 | 161,838 | ||||||
| Cuyahoga Community College District (GO) | ||||||||
4.00%, 06/01/26 (c) | 350 | 365,859 | ||||||
| 4.00%, 06/01/26 (c) | 500 | 521,674 | ||||||
Kent State University (RB) 5.00%, 05/01/26 (c) | 20 | 21,849 | ||||||
Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) | 1,000 | 946,602 | ||||||
See Notes to Financial Statements
| 94 |
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| Ohio Turnpike and Infrastructure Commission, Series A (RB) | ||||||||
5.00%, 02/15/28 (c) | $ | 1,845 | $ | 2,064,022 | ||||
| 5.00%, 02/15/28 (c) | 500 | 558,177 | ||||||
| 5.00%, 02/15/28 (c) | 500 | 557,253 | ||||||
| Ohio Water Development Authority, Fresh Water (RB) | ||||||||
5.00%, 12/01/29 (c) | 1,200 | 1,360,629 | ||||||
| 5.00%, 03/01/28 (c) | 1,020 | 1,151,472 | ||||||
| Ohio Water Development Authority, Fresh Water, Series A (RB) 5.00%, 06/01/26 (c) | 125 | 136,759 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) | ||||||||
5.00%, 06/01/27 (c) | 960 | 1,062,530 | ||||||
| 5.00%, 06/01/30 (c) | 1,000 | 1,156,671 | ||||||
| 5.00%, 06/01/30 (c) | 1,100 | 1,251,611 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series B (RB) | ||||||||
5.00%, 12/01/25 (c) | 40 | 43,525 | ||||||
| 5.00%, 12/01/25 (c) | 20 | 21,720 | ||||||
State of Ohio Hospital, Cleveland Clinic Health System, Series A (GO) 5.00%, 03/15/24 (c) | 480 | 501,398 | ||||||
| State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) | ||||||||
4.00%, 01/01/28 (c) | 760 | 769,582 | ||||||
| 5.00%, 01/01/28 (c) | 140 | 154,710 | ||||||
| 5.00%, 01/01/28 (c) | 425 | 473,340 | ||||||
| 5.00%, 01/01/28 (c) | 135 | 149,871 | ||||||
| 5.00%, 01/01/28 (c) | 130 | 142,763 | ||||||
State of Ohio Hospital, Cleveland Clinic Health System, Series B (RB) 5.00%, 01/01/32 | 775 | 900,270 | ||||||
| State of Ohio, Capital Facilities Lease Appropriation Bonds, Series A (RB) | ||||||||
5.00%, 04/01/28 (c) | 640 | 714,285 | ||||||
| 5.00%, 04/01/28 (c) | 615 | 687,449 | ||||||
| 5.00%, 04/01/28 (c) | 805 | 896,985 | ||||||
State of Ohio, Common Schools, Series A (GO) 5.00%, 03/15/24 (c) | 25 | 26,100 | ||||||
State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 3.25%, 12/01/25 (c) | 165 | 159,084 | ||||||
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/27 (c) | 1,000 | 1,103,554 | ||||||
| Par (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/28 | $ | 1,255 | $ | 1,419,920 | ||||
| State of Ohio, Infrastructure Project, Series 1 (RB) | ||||||||
5.00%, 12/15/30 | 200 | 232,525 | ||||||
| 5.00%, 12/15/31 | 1,225 | 1,434,619 | ||||||
| State of Ohio, Infrastructure Project, Series A (GO) | ||||||||
4.00%, 03/01/32 (c) | 1,000 | 1,055,247 | ||||||
| 4.00%, 03/01/32 (c) | 1,000 | 1,057,378 | ||||||
| 5.00%, 09/01/28 (c) | 1,000 | 1,133,402 | ||||||
State of Ohio, Infrastructure Project, Series A (RB) 5.00%, 12/15/32 | 500 | 591,633 | ||||||
State of Ohio, Major New State Infrastructure Improvement Bonds (RB) 5.00%, 06/15/26 (c) | 225 | 245,598 | ||||||
State of Ohio, Parks and Recreation Improvement, Series A (RB) 5.00%, 12/01/27 (c) | 100 | 111,541 | ||||||
The Ohio State University, Multiyear Debt Issuance Program, Series A (RB) 5.00%, 12/01/29 | 2,225 | 2,553,469 | ||||||
Village of Bluffton, Blanchard Valley Health System (RB) 4.00%, 12/01/27 (c) | 100 | 101,456 | ||||||
| 49,886,456 | ||||||||
| Oklahoma: 0.2% | ||||||||
Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 3.00%, 09/01/26 (c) | 330 | 327,030 | ||||||
| Grand River Dam Authority, Series A (RB) | ||||||||
5.00%, 12/01/26 (c) | 410 | 450,104 | ||||||
| 5.00%, 12/01/26 (c) | 515 | 562,821 | ||||||
| 5.00%, 12/01/26 (c) | 100 | 109,466 | ||||||
Norman Regional Hospital Authority (RB) 3.25%, 09/01/29 (c) | 750 | 674,316 | ||||||
Oklahoma Capitol Improvement Authority (RB) 4.00%, 07/01/26 (c) | 155 | 161,139 | ||||||
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/27 (c) | 565 | 620,564 | ||||||
| Oklahoma Turnpike Authority, Series E (RB) | ||||||||
5.00%, 01/01/27 (c) | 300 | 331,023 | ||||||
| 5.00%, 01/01/27 (c) | 155 | 171,029 | ||||||
| 3,407,492 | ||||||||
See Notes to Financial Statements
| 95 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| 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 | $ | 807,385 | ||||
Asante Health System Obligated Group, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM) 5.00%, 08/15/30 (c) | 700 | 782,764 | ||||||
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 09/01/30 (c) | 2,350 | 2,175,687 | ||||||
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/28 (c) | 1,285 | 1,433,037 | ||||||
Deschutes Public Library District (GO) 4.00%, 06/01/31 (c) | 2,000 | 2,095,305 | ||||||
| Hillsboro School District No. 1J (GO) (SBG) | ||||||||
4.00%, 06/15/30 (c) | 870 | 906,050 | ||||||
| 5.00%, 06/15/27 (c) | 1,000 | 1,105,876 | ||||||
| 5.00%, 06/15/27 (c) | 590 | 649,803 | ||||||
Metro Oregon, Series A (GO) 5.00%, 06/01/30 (c) | 1,045 | 1,214,397 | ||||||
| Multnomah and Clackamas Counties School District No. 10JT (GO) (SBG) | ||||||||
0.00%, 06/15/27 (c) ^ | 1,215 | 847,940 | ||||||
| 0.00%, 06/15/27 (c) ^ | 1,010 | 672,126 | ||||||
Multnomah and Clackamas Counties School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c) | 500 | 526,449 | ||||||
Multnomah County School District No. 1J, Series B (GO) (SBG) 3.00%, 06/15/30 (c) | 1,280 | 1,251,676 | ||||||
Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB) 5.00%, 10/01/26 (c) | 195 | 207,039 | ||||||
Oregon State Lottery, Department of Administrative Services, Series C (RB) 5.00%, 04/01/27 (c) | 120 | 133,364 | ||||||
Portland Community College District (GO) 5.00%, 06/15/26 (c) | 115 | 125,622 | ||||||
| Salem-Keizer School District No. 24J (GO) (SBG) | ||||||||
4.00%, 06/15/28 (c) | 740 | 769,352 | ||||||
| 4.00%, 06/15/30 (c) | 2,000 | 2,079,306 | ||||||
| 5.00%, 06/15/28 (c) | 545 | 613,321 | ||||||
| Par (000’s | ) | Value | ||||||
| Oregon (continued) | ||||||||
Sherwood School District No. 88J, Series B (GO) (SBG) 5.00%, 06/15/27 (c) | $ | 125 | $ | 138,486 | ||||
| State of Oregon Department of Transportation, Highway User Tax, Series A (RB) | ||||||||
5.00%, 11/15/29 (c) | 1,650 | 1,870,741 | ||||||
| 5.00%, 11/15/30 (c) | 1,000 | 1,141,306 | ||||||
State of Oregon Housing & Community Services Department (RB) (AGM) 3.55%, 07/01/27 (c) | 245 | 243,375 | ||||||
State of Oregon, Department of Administrative Services, Lottery Revenue, Series A (RB) 5.00%, 04/01/27 (c) | 690 | 764,828 | ||||||
State of Oregon, Higher Education, Series I (GO) 4.00%, 08/01/27 (c) | 450 | 473,096 | ||||||
State of Oregon, Housing and Community Services Department, Series D (RB) 3.80%, 01/01/28 (c) | 700 | 709,507 | ||||||
State of Oregon, Seismic Project and Article XI-Q, Series A (GO) 5.00%, 05/01/27 (c) | 145 | 160,015 | ||||||
State of Oregon, Seismic Project and Article XI-Q, Series F (GO) 5.00%, 05/01/26 (c) | 10 | 10,913 | ||||||
Tri-County Metropolitan Transportation District of Oregon (RB) 5.00%, 09/01/29 (c) | 1,220 | 1,372,081 | ||||||
| Tri-County Metropolitan Transportation District of Oregon, Series A (RB) | ||||||||
3.25%, 04/01/28 (c) | 570 | 569,112 | ||||||
| 5.00%, 09/01/29 (c) | 1,000 | 1,129,889 | ||||||
| 26,979,848 | ||||||||
| Pennsylvania: 3.7% | ||||||||
| Allegheny County Hospital Development Authority, Series A (RB) | ||||||||
5.00%, 04/01/28 (c) | 1,120 | 1,223,149 | ||||||
| 5.00%, 04/01/28 (c) | 1,000 | 1,101,597 | ||||||
| 5.00%, 07/15/28 | 290 | 322,616 | ||||||
| 5.00%, 07/15/29 (c) | 360 | 402,195 | ||||||
| 5.00%, 07/15/29 (c) | 810 | 899,204 | ||||||
Allegheny County Sanitary Authority, Sewer Revenue (RB) (AGM) 4.00%, 12/01/26 (c) | 100 | 103,799 | ||||||
City of Philadelphia (GO) (AGM) 5.00%, 08/01/27 (c) | 380 | 422,140 | ||||||
See Notes to Financial Statements
| 96 |
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
City of Philadelphia, Gas Works, Series 14 (RB) 5.00%, 10/01/26 (c) | $ | 880 | $ | 960,410 | ||||
City of Philadelphia, Gas Works, Sixteenth Series A (RB) (AGM) 5.00%, 08/01/30 (c) | 825 | 923,854 | ||||||
| City of Philadelphia, Series A (GO) | ||||||||
5.00%, 08/01/27 (c) | 750 | 823,167 | ||||||
| 5.00%, 08/01/27 (c) | 100 | 108,944 | ||||||
| 5.00%, 08/01/27 (c) | 750 | 824,696 | ||||||
City of Philadelphia, Series A (RB) 5.00%, 07/01/29 | 1,500 | 1,678,776 | ||||||
City of Philadelphia, Series A (RB) (AGC) 4.00%, 07/01/30 (c) | 1,000 | 1,014,211 | ||||||
| City of Philadelphia, Series B (GO) | ||||||||
5.00%, 08/01/29 (c) | 300 | 340,015 | ||||||
| 5.00%, 08/01/29 (c) | 100 | 111,815 | ||||||
| 5.00%, 08/01/29 (c) | 1,500 | 1,671,143 | ||||||
| Commonwealth Financing Authority, Series A (RB) | ||||||||
| 5.00%, 06/01/28 | 800 | 891,499 | ||||||
| 5.00%, 06/01/29 | 1,000 | 1,124,356 | ||||||
| 5.00%, 06/01/30 (c) | 250 | 281,079 | ||||||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) | ||||||||
5.00%, 06/01/28 (c) | 265 | 287,973 | ||||||
| 5.00%, 06/01/28 (c) | 415 | 449,336 | ||||||
| 5.00%, 06/01/28 (c) | 775 | 844,783 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
3.00%, 01/01/27 (c) | 510 | 483,028 | ||||||
| 3.00%, 05/01/30 (c) | 900 | 799,045 | ||||||
| 4.00%, 01/01/27 (c) | 600 | 623,052 | ||||||
| 4.00%, 05/15/31 (c) | 2,000 | 2,107,693 | ||||||
Commonwealth of Pennsylvania, First Series (GO) (SBG) 5.00%, 07/15/28 | 1,300 | 1,461,862 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| 3.00%, 09/15/26 (c) | 1,055 | 951,866 | ||||||
| 4.00%, 09/15/26 (c) | 170 | 173,744 | ||||||
| 5.00%, 01/15/27 (c) | 430 | 473,171 | ||||||
| 5.00%, 09/15/26 (c) | 400 | 436,411 | ||||||
Commonwealth of Pennsylvania, Second Series (GO) (AGM) 3.00%, 09/15/26 (c) | 395 | 376,325 | ||||||
Dauphin County General Authority, Pinnacle Health System Project, Series A (RB) 4.00%, 06/01/26 (c) | 20 | 20,385 | ||||||
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) | $ | 2,000 | $ | 2,239,614 | ||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/28 (c) | 630 | 697,401 | ||||||
Montour County, Geisinger Health System, Series A-2 (RB) 5.00%, 02/15/27 (c) | 1,990 | 2,158,232 | ||||||
| Pennsylvania Economic Development Financing Authority, UPMC (RB) | ||||||||
4.00%, 09/15/26 (c) | 100 | 100,713 | ||||||
| 4.00%, 09/15/26 (c) | 215 | 216,844 | ||||||
| 5.00%, 09/15/26 (c) | 385 | 419,549 | ||||||
| Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) | ||||||||
3.38%, 11/15/27 (c) | 1,000 | 1,001,883 | ||||||
| 4.00%, 11/15/27 (c) | 205 | 207,255 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania (RB) 5.00%, 05/01/26 (c) | 125 | 132,528 | ||||||
Pennsylvania Higher Educational Facilities Authority, Commonwealth of Pennsylvania, Series AT-1 (RB) 4.00%, 06/15/26 (c) | 775 | 799,989 | ||||||
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series A (RB) | ||||||||
3.12%, 08/15/27 (c) | 150 | 147,678 | ||||||
| 5.00%, 08/15/27 (c) | 270 | 298,701 | ||||||
| 5.00%, 08/15/27 (c) | 275 | 305,088 | ||||||
| 5.00%, 08/15/27 (c) | 1,000 | 1,111,489 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 119 (RB) 3.20%, 04/01/25 (c) | 425 | 418,610 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 121 (RB) 2.80%, 10/01/25 (c) | 700 | 664,356 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 122 (RB) 3.65%, 04/01/26 (c) | 525 | 515,282 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 123B (RB) 3.45%, 10/01/26 (c) | 1,620 | 1,603,549 | ||||||
See Notes to Financial Statements
| 97 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 124-B (RB) 3.20%, 10/01/26 (c) | $ | 300 | $ | 290,479 | ||||
Pennsylvania State University, Series B (RB) 5.00%, 09/01/26 (c) | 20 | 21,816 | ||||||
| Pennsylvania Turnpike Commission (RB) | ||||||||
5.00%, 12/01/25 (c) | 430 | 465,285 | ||||||
| 5.00%, 12/01/26 (c) | 110 | 121,508 | ||||||
| 5.00%, 12/01/27 (c) | 300 | 328,287 | ||||||
| 5.00%, 12/01/27 (c) | 250 | 276,537 | ||||||
| 5.00%, 12/01/28 (c) | 895 | 1,011,089 | ||||||
| 5.00%, 06/01/31 (c) | 700 | 795,707 | ||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax Subordinate (RB) 5.00%, 12/01/26 (c) | 875 | 964,155 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
5.00%, 12/01/26 (c) | 310 | 340,323 | ||||||
| 5.00%, 12/01/26 (c) | 15 | 16,225 | ||||||
| 5.00%, 12/01/26 (c) | 750 | 823,022 | ||||||
| 5.00%, 12/01/29 (c) | 500 | 558,165 | ||||||
| Pennsylvania Turnpike Commission, Series A-2 (RB) | ||||||||
5.00%, 12/01/27 (c) | 175 | 195,485 | ||||||
| 5.00%, 12/01/27 (c) | 100 | 112,090 | ||||||
Pennsylvania Turnpike Commission, Series B (RB) (AGM) 5.00%, 06/01/27 (c) | 510 | 563,196 | ||||||
Pennsylvania Turnpike Commission, Series B-1 (RB) 5.00%, 06/01/27 (c) | 760 | 829,112 | ||||||
Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/27 (c) | 205 | 223,441 | ||||||
Philadelphia Authority for Industrial Development, Children’s Hospital of Philadelphia Project (RB) 4.00%, 07/01/27 (c) | 110 | 111,589 | ||||||
Philadelphia Authority for Industrial Development, Temple University, Second Series (RB) 5.00%, 04/01/25 (c) | 10 | 10,627 | ||||||
| Philadelphia Gas Works Co., Fourteenth Series (RB) | ||||||||
5.00%, 10/01/26 (c) | 680 | 741,250 | ||||||
| 5.00%, 10/01/26 (c) | 970 | 1,058,212 | ||||||
| 5.00%, 10/01/26 (c) | 735 | 802,160 | ||||||
| Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) | ||||||||
5.00%, 09/01/31 | 1,460 | 1,672,288 | ||||||
| 5.00%, 09/01/32 | 2,000 | 2,311,592 | ||||||
| 5.00%, 09/01/33 | 2,000 | 2,330,861 | ||||||
| Par (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Reading School District of Berks County (GO) (AGM) 5.00%, 03/01/27 (c) | $ | 170 | $ | 182,820 | ||||
| School District of Philadelphia, Series A (GO) (SAW) | ||||||||
5.00%, 09/01/28 (c) | 450 | 497,532 | ||||||
| 5.00%, 09/01/28 (c) | 660 | 727,424 | ||||||
| 5.00%, 09/01/28 (c) | 250 | 277,056 | ||||||
School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26 (c) | 485 | 521,844 | ||||||
School District of the City of Erie (GO) (AGM) 5.00%, 04/01/29 (c) | 220 | 244,441 | ||||||
Southeastern Pennsylvania Transportation Authority (RB) 5.00%, 06/01/27 (c) | 845 | 937,363 | ||||||
Sports & Exhibition Authority, Regional Asset District Sales Tax (RB) (AGM) 5.00%, 08/01/29 (c) | 1,000 | 1,117,473 | ||||||
| State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM) | ||||||||
5.00%, 12/01/26 (c) | 1,750 | 1,903,088 | ||||||
| 5.00%, 12/01/26 (c) | 260 | 282,512 | ||||||
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/25 (c) | 765 | 822,117 | ||||||
| 62,244,271 | ||||||||
| Rhode Island: 0.2% | ||||||||
| Rhode Island Commerce Corp., Department of Transportation, Series B (RB) | ||||||||
5.00%, 06/15/26 (c) | 230 | 251,056 | ||||||
| 5.00%, 06/15/26 (c) | 380 | 413,086 | ||||||
Rhode Island Health and Educational Building Corp., Pooled Issue, Series A (RB) 5.00%, 05/15/26 (c) | 110 | 119,592 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Series 73-A (RB) (AGM) 2.10%, 10/01/29 (c) | 1,000 | 828,914 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Series 75-A (RB) 2.05%, 04/01/30 (c) | 1,000 | 812,049 | ||||||
State of Rhode Island and Providence Plantations, Series A (GO) 3.00%, 04/01/28 (c) | 345 | 336,096 | ||||||
State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/27 (c) | 250 | 277,594 | ||||||
See Notes to Financial Statements
| 98 |
| Par (000’s | ) | Value | ||||||
| Rhode Island (continued) | ||||||||
State of Rhode Island and Providence Plantations, Series D (GO) 5.00%, 08/01/24 (c) | $ | 180 | $ | 190,345 | ||||
| 3,228,732 | ||||||||
| South Carolina: 0.8% | ||||||||
| Aiken County Consolidated School District, Series A (GO) | ||||||||
| 4.00%, 04/01/29 (c) | 535 | 556,590 | ||||||
| 4.00%, 04/01/29 (c) | 1,000 | 1,044,494 | ||||||
Beaufort County School District (GO) 3.00%, 03/01/31 (c) | 2,000 | 1,967,093 | ||||||
County of York (GO) (SAW) 5.00%, 04/01/24 (c) | 185 | 193,853 | ||||||
| Lancaster County School District (GO) | ||||||||
3.25%, 03/01/27 (c) | 325 | 327,896 | ||||||
| 4.00%, 03/01/27 (c) | 1,000 | 1,055,953 | ||||||
Lexington County Health Services District, Inc. (RB) (AGM) 5.00%, 11/01/27 (c) | 100 | 110,133 | ||||||
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,141,293 | ||||||
South Carolina Public Service Authority, Series A (RB) (SAW) 5.00%, 12/01/30 (c) | 3,000 | 3,408,795 | ||||||
South Carolina State, Clemson University, Series A (GO) (SAW) 4.00%, 10/01/27 (c) | 1,000 | 1,058,723 | ||||||
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/28 (c) | 100 | 111,599 | ||||||
South Carolina Transportation Infrastructure Bank, Series B (RB) 5.00%, 10/01/29 | 1,000 | 1,143,220 | ||||||
| York County, South Carolina Fort Mill School District No. 4, Series B (GO) | ||||||||
3.00%, 03/01/27 (c) | 325 | 319,653 | ||||||
| 3.00%, 03/01/27 (c) | 500 | 487,625 | ||||||
| 12,926,920 | ||||||||
| South Dakota: 0.1% | ||||||||
| South Dakota Health and Educational Facilities Authority (RB) | ||||||||
4.00%, 09/01/27 (c) | 1,075 | 1,084,801 | ||||||
| 5.00%, 09/01/27 (c) | 100 | 109,040 | ||||||
| 5.00%, 09/01/27 (c) | 255 | 278,577 | ||||||
South Dakota Housing Development Authority (RB) 3.70%, 11/01/26 (c) | 245 | 245,948 | ||||||
| 1,718,366 | ||||||||
| Par (000’s | ) | Value | ||||||
| Tennessee: 1.4% | ||||||||
Chattanooga Health, Educational and Housing Facility Board, Series A-1 (RB) 5.00%, 08/01/28 | $ | 250 | $ | 274,680 | ||||
City of Memphis (GO) 5.00%, 05/01/31 (c) | 1,105 | 1,287,157 | ||||||
County of Hamilton, Series A (GO) 5.00%, 04/01/28 | 500 | 566,213 | ||||||
| Greeneville Health and Educational Facilities Board, Ballad Health, Series A (RB) | ||||||||
5.00%, 07/01/23 (c) | 810 | 826,753 | ||||||
| 5.00%, 07/01/23 (c) | 915 | 934,450 | ||||||
| 5.00%, 07/01/23 (c) | 550 | 562,008 | ||||||
| 5.00%, 07/01/28 (c) | 525 | 577,790 | ||||||
Memphis-Shelby County Industrial Development Board (RB) 5.00%, 11/01/26 (c) | 150 | 164,172 | ||||||
| Metropolitan Government of Nashville and Davidson County (GO) | ||||||||
4.00%, 07/01/26 (c) | 580 | 602,632 | ||||||
| 4.00%, 07/01/26 (c) | 545 | 568,124 | ||||||
| 4.00%, 07/01/27 (c) | 590 | 625,951 | ||||||
| 4.00%, 07/01/27 (c) | 275 | 286,188 | ||||||
| 5.00%, 07/01/26 (c) | 235 | 255,077 | ||||||
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Center, Series A (RB) 5.00%, 07/01/26 (c) | 130 | 139,778 | ||||||
New Memphis Arena Public Building Authority (RB) 0.00%, 04/01/31 (c) ^ | 2,625 | 1,394,429 | ||||||
| Shelby County, Public Improvement, Series B (GO) | ||||||||
4.00%, 04/01/30 (c) | 1,000 | 1,055,125 | ||||||
| 4.00%, 04/01/30 (c) | 1,000 | 1,050,147 | ||||||
| 4.00%, 04/01/30 (c) | 3,000 | 3,191,724 | ||||||
Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/27 (c) | 200 | 217,112 | ||||||
Tennergy Corporation Gas Supply Revenue Bonds Series A (RB) 4.00%, 09/01/28 (c) (p) | 2,000 | 2,034,297 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p) | 4,000 | 4,352,927 | ||||||
See Notes to Financial Statements
| 99 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Tennessee (continued) | ||||||||
Tennessee Housing Development Agency, Series 2 (RB) 3.50%, 07/01/27 (c) | $ | 295 | $ | 293,857 | ||||
Tennessee Housing Development Agency, Series 2B (RB) 3.70%, 07/01/26 (c) | 95 | 95,336 | ||||||
| Tennessee State School Bond Authority, Higher Education Facilities Second Program, Series A (RB) | ||||||||
| 5.00%, 11/01/27 (c) | 750 | 830,370 | ||||||
| 5.00%, 11/01/27 (c) | 285 | 312,767 | ||||||
| 5.00%, 11/01/27 (c) | 395 | 432,505 | ||||||
| 22,931,569 | ||||||||
| Texas: 8.5% | ||||||||
| Aldine Independent School District, Series A (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 910 | 951,706 | ||||||
| 4.00%, 02/15/27 (c) | 675 | 705,629 | ||||||
| 5.00%, 02/15/25 (c) | 140 | 149,216 | ||||||
| 5.00%, 02/15/27 (c) | 700 | 773,273 | ||||||
| Arlington Independent School District (GO) | ||||||||
| 4.00%, 02/15/29 (c) | 1,000 | 1,060,761 | ||||||
| 4.00%, 02/15/29 (c) | 500 | 529,753 | ||||||
| Austin Independent School District (GO) | ||||||||
| 4.00%, 08/01/26 (c) | 100 | 104,300 | ||||||
| 4.00%, 08/01/26 (c) | 500 | 520,891 | ||||||
| Bexar County Hospital District (GO) | ||||||||
| 4.00%, 02/15/26 (c) | 115 | 119,112 | ||||||
| 4.00%, 02/15/26 (c) | 250 | 257,764 | ||||||
| 5.00%, 02/15/26 (c) | 1,315 | 1,422,918 | ||||||
| Board of Regents of the University of Texas System, Series A (RB) | ||||||||
| 3.00%, 05/15/31 (c) | 1,000 | 898,976 | ||||||
| 5.00%, 08/15/30 | 2,500 | 2,907,973 | ||||||
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) | 850 | 969,750 | ||||||
| Board of Regents of the University of Texas System, Series B (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 125 | 137,220 | ||||||
| 5.00%, 08/15/29 | 830 | 953,315 | ||||||
Board of Regents of the University of Texas System, Series D (RB) 5.00%, 08/15/25 | 200 | 215,652 | ||||||
| Board of Regents of the University of Texas System, Series J (RB) | ||||||||
| 5.00%, 08/15/25 | 215 | 231,827 | ||||||
| 5.00%, 08/15/26 (c) | 25 | 27,494 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) | $ | 930 | $ | 1,030,131 | ||||
| City of Arlington, Senior Lien Special Tax (ST) (AGM) | ||||||||
| 5.00%, 02/15/25 (c) | 305 | 323,979 | ||||||
| 5.00%, 02/15/25 (c) | 150 | 159,666 | ||||||
City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c) | 100 | 108,882 | ||||||
City of Austin, Public Improvement (GO) 5.00%, 09/01/25 (c) | 15 | 16,168 | ||||||
City of Austin, Texas Electric Utility System, Series A (RB) 5.00%, 11/15/30 | 615 | 712,868 | ||||||
| City of Austin, Water and Wastewater System (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 995 | 1,091,105 | ||||||
| 5.00%, 11/15/26 (c) | 360 | 395,094 | ||||||
| 5.00%, 11/15/27 (c) | 235 | 262,863 | ||||||
| City of Dallas, Series A (GO) | ||||||||
| 3.00%, 02/15/29 (c) | 600 | 551,925 | ||||||
| 5.00%, 02/15/30 | 2,600 | 2,967,364 | ||||||
| City of Dallas, Series B (GO) | ||||||||
| 3.00%, 02/15/29 (c) | 415 | 382,273 | ||||||
| 4.00%, 02/15/29 (c) | 500 | 523,496 | ||||||
| City of Dallas, Waterworks and Sewer System, Series A (RB) | ||||||||
| 5.00%, 10/01/26 (c) | 565 | 622,796 | ||||||
| 5.00%, 10/01/26 (c) | 600 | 660,586 | ||||||
| 5.00%, 10/01/26 (c) | 900 | 992,461 | ||||||
| City of Dallas, Waterworks and Sewer System, Series C (RB) | ||||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,136,531 | ||||||
| 5.00%, 10/01/30 (c) | 1,000 | 1,142,517 | ||||||
| City of Denton, Utility System (RB) | ||||||||
| 5.00%, 12/01/26 (c) | 1,000 | 1,083,020 | ||||||
| 5.00%, 12/01/26 (c) | 965 | 1,048,986 | ||||||
| City of El Paso (GO) | ||||||||
| 4.00%, 08/15/26 (c) | 110 | 114,221 | ||||||
| 4.00%, 08/15/26 (c) | 100 | 103,960 | ||||||
| 5.00%, 08/15/25 (c) | 125 | 134,578 | ||||||
City of Houston, Airport System, Series B (RB) 5.00%, 07/01/28 (c) | 235 | 260,220 | ||||||
| City of Houston, Airport System, Series D (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 1,000 | 1,088,492 | ||||||
| 5.00%, 07/01/28 (c) | 125 | 137,629 | ||||||
City of Houston, Combined Utility System, First Lien, Series A (RB) 5.00%, 11/15/30 (c) | 4,500 | 5,174,103 | ||||||
City of Houston, Combined Utility System, First Lien, Series B (RB) 5.00%, 11/15/26 (c) | 105 | 114,813 | ||||||
See Notes to Financial Statements
| 100 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/30 (c) | $ | 1,500 | $ | 1,577,257 | ||||
| City of Houston, Combined Utility System, First Lien, Series D (RB) | ||||||||
| 5.00%, 11/15/28 (c) | 750 | 839,094 | ||||||
| 5.00%, 11/15/28 (c) | 1,000 | 1,121,171 | ||||||
| City of Houston, Public Improvement, Series A (GO) | ||||||||
| 4.00%, 03/01/27 (c) | 2,000 | 2,066,763 | ||||||
| 5.00%, 03/01/27 (c) | 1,000 | 1,100,725 | ||||||
| 5.00%, 03/01/29 (c) | 1,215 | 1,377,106 | ||||||
| 5.00%, 03/01/29 (c) | 1,000 | 1,126,589 | ||||||
| City of Houston, Series A (GO) | ||||||||
| 5.00%, 03/01/26 (c) | 180 | 194,178 | ||||||
| 5.00%, 03/01/26 (c) | 515 | 556,342 | ||||||
| 5.00%, 03/01/27 (c) | 520 | 569,175 | ||||||
| 5.00%, 03/01/27 (c) | 500 | 547,992 | ||||||
City of Lubbock (GO) 5.00%, 02/15/25 (c) | 105 | 112,029 | ||||||
| City of San Antonio (GO) 5.00%, 08/01/28 (c) | 205 | 231,014 | ||||||
| City of San Antonio, Electric and Gas Systems (RB) | ||||||||
| 4.00%, 02/01/30 | 1,000 | 1,069,219 | ||||||
| 5.00%, 08/01/26 (c) | 125 | 136,322 | ||||||
| 5.00%, 08/01/26 (c) | 110 | 119,457 | ||||||
| 5.00%, 08/01/27 (c) | 100 | 110,011 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,101,128 | ||||||
City of San Antonio, General Improvement (GO) 5.00%, 08/01/29 (c) | 325 | 372,654 | ||||||
| Collin County Community College District (GO) | ||||||||
| 3.25%, 08/15/27 (c) | 500 | 491,073 | ||||||
| 4.00%, 08/15/27 (c) | 925 | 968,494 | ||||||
Colorado River Municipal Water District (RB) 5.00%, 01/01/28 | 190 | 211,630 | ||||||
| Conroe Independent School District (GO) | ||||||||
| 5.00%, 02/15/27 (c) | 665 | 733,037 | ||||||
| 5.00%, 02/15/28 (c) | 100 | 111,501 | ||||||
Corpus Christi Independent School District (GO) 4.00%, 08/15/28 (c) | 320 | 338,879 | ||||||
| County of Bexar (GO) | ||||||||
| 4.00%, 06/15/25 (c) | 150 | 157,198 | ||||||
| 5.00%, 06/15/26 (c) | 290 | 318,955 | ||||||
| County of Dallas, Texas Combination Tax and Parking Garage (GO) | ||||||||
| 5.00%, 08/15/26 (c) | 250 | 275,155 | ||||||
| 5.00%, 08/15/26 (c) | 260 | 287,052 | ||||||
County of Denton, Series A (GO) 4.00%, 07/15/28 (c) | 750 | 803,924 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| County of Fort Bend, Series B (GO) | ||||||||
| 4.00%, 03/01/26 (c) | $ | 500 | $ | 521,363 | ||||
| 5.00%, 03/01/26 (c) | 20 | 21,803 | ||||||
| County of Harris, Toll Road, Senior Lien, Series A (RB) | ||||||||
| 5.00%, 08/15/26 (c) | 695 | 760,787 | ||||||
| 5.00%, 08/15/26 (c) | 195 | 214,288 | ||||||
| 5.00%, 08/15/26 | 115 | 126,572 | ||||||
| 5.00%, 08/15/26 (c) | 190 | 208,308 | ||||||
| 5.00%, 08/15/26 (c) | 160 | 175,077 | ||||||
| 5.00%, 08/15/26 (c) | 670 | 732,284 | ||||||
| 5.00%, 08/15/26 (c) | 675 | 737,177 | ||||||
| County of Harris, Unlimited Tax Road, Series A (GO) | ||||||||
| 5.00%, 10/01/25 (c) | 645 | 693,534 | ||||||
| 5.00%, 10/01/25 (c) | 395 | 425,525 | ||||||
| Cypress-Fairbanks Independent School District (GO) | ||||||||
| 3.00%, 02/15/26 (c) | 360 | 359,642 | ||||||
| 4.00%, 02/15/30 (c) | 1,275 | 1,330,819 | ||||||
| 4.00%, 02/15/31 (c) | 1,500 | 1,579,342 | ||||||
| 5.00%, 02/15/26 (c) | 125 | 135,775 | ||||||
| 5.00%, 02/15/28 | 250 | 281,295 | ||||||
| Cypress-Fairbanks Independent School District, Series A (GO) | ||||||||
| 3.00%, 02/15/31 (c) | 500 | 480,730 | ||||||
| 5.00%, 02/15/29 (c) | 1,805 | 2,055,209 | ||||||
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/29 (c) | 1,835 | 2,101,042 | ||||||
| Dallas Area Rapid Transit, Senior Lien, Series A (RB) | ||||||||
| 5.00%, 12/01/25 (c) | 165 | 178,952 | ||||||
| 5.00%, 12/01/25 (c) | 130 | 140,992 | ||||||
Dallas County Hospital District (GO) 5.00%, 08/15/28 | 575 | 649,441 | ||||||
Dallas Independent School District (GO) 4.00%, 02/15/30 (c) | 1,000 | 1,074,266 | ||||||
| Eagle Mountain and Saginaw Independent School District (GO) | ||||||||
| 4.00%, 02/15/26 (c) | 335 | 347,587 | ||||||
| 4.00%, 08/15/30 (c) | 1,150 | 1,222,368 | ||||||
| 5.00%, 02/15/26 (c) | 10 | 10,828 | ||||||
El Paso County Hospital District (GO) 4.00%, 08/15/27 (c) | 250 | 255,394 | ||||||
El Paso Independent School District (GO) 5.00%, 08/15/24 (c) | 115 | 121,642 | ||||||
| Fort Bend Independent School District (GO) | ||||||||
| 4.00%, 08/15/27 (c) | 635 | 669,941 | ||||||
| 5.00%, 08/15/27 (c) | 100 | 111,514 | ||||||
| 5.00%, 08/15/27 (c) | 255 | 283,695 | ||||||
See Notes to Financial Statements
| 101 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
Fort Bend Independent School District, Series E (GO) 5.00%, 02/15/26 | $ | 110 | $ | 119,730 | ||||
Fort Worth Independent School District (GO) 5.00%, 02/15/26 (c) | 500 | 543,852 | ||||||
| Frisco Independent School District (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 500 | 523,370 | ||||||
| 4.00%, 02/15/27 (c) | 880 | 923,941 | ||||||
| 4.00%, 08/15/30 (c) | 1,345 | 1,429,859 | ||||||
| 4.00%, 08/15/30 (c) | 1,350 | 1,451,565 | ||||||
| 5.00%, 02/15/29 (c) | 2,000 | 2,263,751 | ||||||
| Garland Independent School District (GO) | ||||||||
| 4.00%, 02/15/25 (c) | 165 | 170,019 | ||||||
| 5.00%, 02/15/25 (c) | 120 | 127,900 | ||||||
Grand Parkway Transportation Corp., Series A (RB) 5.00%, 04/01/28 (c) | 200 | 222,584 | ||||||
Grapevine-Colleyville Independent School District (GO) 5.00%, 08/15/25 (c) | 250 | 269,566 | ||||||
Harris County Flood Control District, Series A (GO) 5.00%, 10/01/25 (c) | 480 | 516,768 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., TECO Project (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 950 | 994,643 | ||||||
| 5.00%, 11/15/27 (c) | 850 | 950,320 | ||||||
| 5.00%, 11/15/27 (c) | 300 | 336,554 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/29 | 330 | 375,844 | ||||||
Harris County, Flood Control District, Series A (GO) 5.00%, 10/01/25 (c) | 275 | 296,252 | ||||||
| Harris County, Flood Control District, Series A (RB) | ||||||||
| 5.00%, 10/01/27 (c) | 210 | 231,936 | ||||||
| 5.00%, 10/01/27 (c) | 250 | 277,834 | ||||||
Harris County, Flood Control District, Series B (GO) 5.00%, 10/01/25 (c) | 400 | 430,911 | ||||||
Harris County, Toll Road, First Lien (RB) 4.00%, 08/15/30 (c) | 1,100 | 1,139,943 | ||||||
Harris County, Toll Road, Senior Lien, Series A (RB) 5.00%, 02/15/28 (c) | 260 | 289,719 | ||||||
| Hays Consolidated Independent School District (GO) | ||||||||
| 4.00%, 02/15/27 (c) | 800 | 836,301 | ||||||
| 4.00%, 02/15/27 (c) | 500 | 522,916 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Houston Independent School District, Limited Tax School House (GO) | ||||||||
| 5.00%, 02/15/27 (c) | $ | 540 | $ | 592,451 | ||||
| 5.00%, 02/15/27 (c) | 750 | 827,796 | ||||||
Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/28 (c) | 605 | 679,124 | ||||||
Humble Independent School District, Series C (GO) 4.00%, 02/15/26 (c) | 210 | 217,967 | ||||||
Katy Independent School District, Fort Bend, Harris and Waller Counties, Series D (GO) 5.00%, 02/15/27 (c) | 120 | 131,938 | ||||||
Lamar Consolidated Indecent School District, Unlimited Tax, Series A (GO) 5.00%, 02/15/25 (c) | 100 | 106,500 | ||||||
Lewisville Independent School District, Series A (GO) 4.00%, 08/15/25 (c) | 400 | 418,517 | ||||||
| Lewisville Independent School District, Series B (GO) | ||||||||
| 5.00%, 08/15/25 (c) | 550 | 592,504 | ||||||
| 5.00%, 08/15/25 (c) | 145 | 156,824 | ||||||
Lone Star College System (GO) 5.00%, 02/15/26 (c) | 400 | 431,630 | ||||||
Lower Colorado River Authority (RB) 5.00%, 05/15/30 | 1,000 | 1,137,419 | ||||||
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 275 | 298,651 | ||||||
| 5.00%, 05/15/30 (c) | 1,250 | 1,385,765 | ||||||
Metropolitan Transit Authority of Harris County, Series A (RB) 5.00%, 11/01/26 (c) | 90 | 99,758 | ||||||
Montgomery Independent School District (GO) 5.00%, 02/15/25 (c) | 100 | 106,583 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (AGC) 4.00%, 08/15/27 (c) | 250 | 254,136 | ||||||
New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) (NATL) 5.00%, 08/15/27 (c) | 250 | 276,834 | ||||||
| North Harris County Regional Water Authority (RB) | ||||||||
| 5.00%, 12/15/26 (c) | 250 | 273,599 | ||||||
| 5.00%, 12/15/26 (c) | 245 | 270,136 | ||||||
See Notes to Financial Statements
| 102 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| 5.00%, 12/15/26 (c) | $ | 205 | $ | 225,377 | ||||
| North Texas Municipal Water District, Water System (RB) | ||||||||
| 5.00%, 09/01/26 (c) | 715 | 778,995 | ||||||
| 5.00%, 09/01/26 (c) | 400 | 438,367 | ||||||
| 5.00%, 09/01/26 (c) | 45 | 49,258 | ||||||
| 5.00%, 09/01/26 (c) | 500 | 546,673 | ||||||
| North Texas Tollway Authority System, Series B (RB) | ||||||||
| 4.00%, 01/01/31 (c) | 2,250 | 2,317,117 | ||||||
| 4.00%, 01/01/31 (c) | 1,975 | 2,082,112 | ||||||
| 4.00%, 01/01/31 (c) | 2,000 | 2,076,063 | ||||||
| North Texas Tollway Authority, First Tier, Series A (RB) | ||||||||
| 5.00%, 01/01/23 (c) | 1,000 | 1,016,133 | ||||||
| 5.00%, 01/01/26 (c) | 425 | 454,751 | ||||||
| 5.00%, 01/01/26 (c) | 635 | 679,452 | ||||||
| 5.00%, 01/01/26 (c) | 575 | 614,015 | ||||||
| 5.00%, 01/01/26 (c) | 460 | 493,193 | ||||||
| 5.00%, 01/01/26 (c) | 295 | 316,286 | ||||||
| 5.00%, 01/01/26 (c) | 500 | 532,318 | ||||||
| North Texas Tollway Authority, Second Tier, Series B (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 185 | 199,083 | ||||||
| 5.00%, 01/01/26 (c) | 875 | 937,509 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) (AGM) 4.00%, 01/01/27 (c) | 450 | 466,497 | ||||||
Northside Independent School District (GO) 5.00%, 08/15/27 (c) | 880 | 977,653 | ||||||
Northwest Independent School District (GO) 5.00%, 02/15/25 (c) | 105 | 112,087 | ||||||
Northwest Independent School District, Series A (GO) 4.00%, 08/15/28 (c) | 545 | 574,458 | ||||||
Plano Independent School District, Series A (GO) 5.00%, 02/15/26 (c) | 100 | 108,846 | ||||||
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/30 (c) | 740 | 853,003 | ||||||
San Antonio Independent School District (GO) 4.00%, 08/15/28 (c) | 500 | 528,049 | ||||||
| San Antonio Water System, Junior Lien, Series A (RB) | ||||||||
| 5.00%, 05/15/28 (c) | 500 | 558,123 | ||||||
| 5.00%, 05/15/30 (c) | 500 | 576,036 | ||||||
| Socorro Independent School District, Series B (GO) | ||||||||
| 4.00%, 08/15/27 (c) | 225 | 236,253 | ||||||
| 5.00%, 08/15/27 (c) | 780 | 869,401 | ||||||
| 5.00%, 08/15/27 (c) | 800 | 889,191 | ||||||
Spring Independent School District (GO) 5.00%, 08/15/25 (c) | 45 | 48,374 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
State of Texas, Finance Authority (GO) 5.00%, 10/01/26 | $ | 15 | $ | 16,541 | ||||
State of Texas, Finance Authority, Series A (GO) 5.00%, 10/01/27 (c) | 130 | 143,991 | ||||||
| State of Texas, Transportation Commission, Highway Improvement (GO) | ||||||||
| 5.00%, 04/01/26 (c) | 125 | 134,937 | ||||||
| 5.00%, 04/01/26 (c) | 70 | 75,484 | ||||||
| State of Texas, Transportation Commission, Highway Improvement, Series A (GO) | ||||||||
| 5.00%, 04/01/26 (c) | 500 | 540,712 | ||||||
| 5.00%, 04/01/26 (c) | 400 | 431,800 | ||||||
State of Texas, Transportation Commission, Mobility Fund, Series A (GO) 5.00%, 10/01/27 (c) | 150 | 165,116 | ||||||
| State of Texas, Transportation Commission, Mobility Fund, Series B (GO) | ||||||||
| 5.00%, 10/01/27 (c) | 465 | 513,082 | ||||||
| 5.00%, 10/01/27 (c) | 240 | 264,186 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. (RB) 5.00%, 05/15/26 (c) | 80 | 86,944 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series A (RB) 5.00%, 07/01/28 | 140 | 156,341 | ||||||
Tarrant Regional Water District, Texas Water Transmission Facility, Series A (RB) 2.00%, 03/01/30 (c) | 820 | 712,455 | ||||||
| Texas A&M University, Series D (RB) | ||||||||
| 4.00%, 05/15/26 (c) | 110 | 116,582 | ||||||
| 4.00%, 05/15/26 (c) | 10 | 10,512 | ||||||
Texas A&M University, Series E (RB) 5.00%, 05/15/27 (c) | 100 | 110,599 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/29 | 2,250 | 2,418,644 | ||||||
| 5.00%, 12/15/31 | 1,475 | 1,597,423 | ||||||
| 5.00%, 12/15/32 | 1,000 | 1,087,225 | ||||||
| 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) | 1,390 | 1,408,728 | ||||||
| 4.00%, 12/31/30 (c) | 1,150 | 1,162,486 | ||||||
See Notes to Financial Statements
| 103 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Texas State University System, Board of Regents, Series A (RB) | ||||||||
| 5.00%, 03/15/25 (c) | $ | 160 | $ | 170,995 | ||||
| 5.00%, 03/15/27 (c) | 100 | 110,234 | ||||||
Texas State University System, Board of Regents, Series A (RB) (FHA) 4.00%, 03/15/29 (c) | 650 | 673,677 | ||||||
| Texas Water Development Board (RB) | ||||||||
| 3.00%, 10/15/30 (c) | 500 | 485,481 | ||||||
| 3.00%, 10/15/30 (c) | 950 | 888,445 | ||||||
| 3.00%, 10/15/30 (c) | 750 | 708,255 | ||||||
| 3.00%, 10/15/30 (c) | 500 | 463,371 | ||||||
| 4.00%, 10/15/30 (c) | 2,000 | 2,150,008 | ||||||
| 5.00%, 10/15/26 (c) | 600 | 660,772 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,107,284 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 4.00%, 10/15/25 (c) | 45 | 46,437 | ||||||
| 4.00%, 10/15/27 (c) | 2,000 | 2,083,173 | ||||||
| 4.00%, 10/15/27 (c) | 400 | 418,062 | ||||||
| 4.00%, 04/15/28 (c) | 600 | 633,287 | ||||||
| 4.00%, 04/15/28 (c) | 180 | 188,602 | ||||||
| 5.00%, 10/15/25 (c) | 165 | 179,189 | ||||||
| 5.00%, 10/15/27 (c) | 200 | 221,849 | ||||||
| 5.00%, 10/15/27 (c) | 250 | 277,978 | ||||||
| Texas Water Development Board, Series B (RB) | ||||||||
| 4.00%, 10/15/28 (c) | 1,000 | 1,055,473 | ||||||
| 4.00%, 10/15/28 (c) | 120 | 125,192 | ||||||
| 5.00%, 10/15/28 (c) | 1,000 | 1,131,593 | ||||||
| Trinity River Authority, Regional Wastewater System (RB) | ||||||||
| 5.00%, 08/01/27 (c) | 670 | 746,032 | ||||||
| 5.00%, 08/01/27 (c) | 285 | 316,605 | ||||||
| University of North Texas, Series A (RB) | ||||||||
| 5.00%, 04/15/27 (c) | 75 | 82,332 | ||||||
| 5.00%, 04/15/27 (c) | 445 | 489,656 | ||||||
| 5.00%, 04/15/27 (c) | 140 | 152,634 | ||||||
Via Metropolitan Transit Authority, Sales Tax (RB) 5.00%, 01/15/27 (c) | 135 | 147,680 | ||||||
| 143,237,540 | ||||||||
| Utah: 0.3% | ||||||||
Central Utah Water Conservancy District (RB) 4.00%, 10/01/27 (c) | 395 | 416,613 | ||||||
| State of Utah (GO) | ||||||||
| 5.00%, 01/01/29 (c) | 250 | 285,007 | ||||||
| 5.00%, 07/01/28 | 500 | 570,160 | ||||||
| State of Utah, Series B (GO) | ||||||||
| 5.00%, 01/01/29 (c) | 1,275 | 1,462,796 | ||||||
| 5.00%, 07/01/28 | 750 | 855,241 | ||||||
University of Utah, Series A (RB) 5.00%, 08/01/27 (c) | 365 | 402,158 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Utah (continued) | ||||||||
| Utah Transit Authority, Subordinated Sales Tax (RB) | ||||||||
| 0.00%, 06/15/26 (c) ^ | $ | 130 | $ | 90,659 | ||||
| 3.00%, 06/15/26 (c) | 865 | 873,360 | ||||||
| 4.00%, 06/15/26 (c) | 850 | 888,105 | ||||||
| 5,844,099 | ||||||||
| Virginia: 2.1% | ||||||||
Arlington County, Public Improvement, Series A (GO) (SAW) 5.00%, 08/01/28 | 2,400 | 2,735,855 | ||||||
City of Richmond, Public Utility, Series A (RB) 5.00%, 01/15/26 (c) | 1,520 | 1,643,448 | ||||||
| County of Arlington (GO) | ||||||||
| 4.00%, 06/15/29 (c) | 1,990 | 2,105,035 | ||||||
| 5.00%, 08/15/27 (c) | 1,130 | 1,260,107 | ||||||
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 04/01/31 (c) | 375 | 318,387 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
| 5.00%, 04/01/28 (c) | 750 | 839,398 | ||||||
| 5.00%, 04/01/29 (c) | 1,755 | 1,989,272 | ||||||
Fairfax County Water Authority (RB) 4.00%, 04/01/27 (c) | 550 | 580,565 | ||||||
Loudoun County Economic Development Authority, Loudon County Public Facilities Project, Series A (RB) 3.00%, 12/01/29 (c) | 1,500 | 1,449,399 | ||||||
Loudoun County, Series A (GO) (SAW) 5.00%, 12/01/29 (c) | 750 | 869,019 | ||||||
Virginia Beach Development Authority, Series A (RB) 3.00%, 04/15/30 (c) | 1,000 | 957,174 | ||||||
Virginia Beach Development Authority, Series A (RB) (AGM) 3.00%, 04/15/30 (c) | 1,000 | 954,206 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) | ||||||||
| 3.00%, 02/01/31 (c) | 2,750 | 2,499,786 | ||||||
| 4.00%, 02/01/30 (c) | 1,500 | 1,551,638 | ||||||
| 5.00%, 02/01/26 (c) | 110 | 119,930 | ||||||
| 5.00%, 02/01/26 | 130 | 141,396 | ||||||
| 5.00%, 02/01/30 (c) | 1,950 | 2,218,841 | ||||||
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 3.00%, 02/01/27 (c) | 110 | 109,104 | ||||||
See Notes to Financial Statements
| 104 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Virginia (continued) | ||||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) | ||||||||
| 5.00%, 02/01/28 (c) | $ | 450 | $ | 501,838 | ||||
| 5.00%, 02/01/28 (c) | 120 | 134,549 | ||||||
| 5.00%, 02/01/28 (c) | 880 | 983,941 | ||||||
| Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series A (RB) | ||||||||
| 3.00%, 09/01/27 (c) | 775 | 758,243 | ||||||
| 5.00%, 09/01/26 (c) | 20 | 21,996 | ||||||
| 5.00%, 09/01/26 (c) | 30 | 32,993 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 5.00%, 05/15/26 (c) | 100 | 109,722 | ||||||
| 5.00%, 05/15/27 (c) | 400 | 442,446 | ||||||
| 5.00%, 09/15/26 (c) | 20 | 21,985 | ||||||
| Virginia Commonwealth Transportation Board, Series A (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 180 | 186,140 | ||||||
| 5.00%, 11/15/27 (c) | 800 | 881,871 | ||||||
| 5.00%, 11/15/27 (c) | 120 | 132,474 | ||||||
| Virginia Public Building Authority, Series A (RB) | ||||||||
| 3.00%, 08/01/26 (c) | 695 | 691,815 | ||||||
| 3.00%, 08/01/28 (c) | 400 | 389,120 | ||||||
| 3.12%, 08/01/28 (c) | 1,050 | 1,035,550 | ||||||
| 4.00%, 08/01/27 (c) | 250 | 262,211 | ||||||
| 5.00%, 08/01/28 (c) | 700 | 791,793 | ||||||
| 5.00%, 08/01/28 | 870 | 980,507 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,148,142 | ||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,142,684 | ||||||
Virginia Public Building Authority, Series A-2 (RB) 4.00%, 08/01/31 (c) | 1,000 | 1,039,921 | ||||||
| Virginia Public School Authority (RB) (SAW) | ||||||||
| 5.00%, 08/01/26 (c) | 750 | 822,666 | ||||||
| 5.00%, 08/01/26 (c) | 30 | 32,818 | ||||||
Virginia Public School Authority, Series A (RB) (SAW) 5.00%, 08/01/25 (c) | 365 | 392,670 | ||||||
| 35,280,655 | ||||||||
| Washington: 3.4% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S-1 (RB) 5.00%, 11/01/31 (c) | 2,000 | 2,330,802 | ||||||
| Central Puget Sound Regional Transit Authority, Series S-1 (RB) | ||||||||
| 5.00%, 11/01/25 (c) | 110 | 119,301 | ||||||
| 5.00%, 11/01/26 (c) | 110 | 121,532 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
City of Seattle, Drainage and Wastewater System (RB) 4.00%, 07/01/27 (c) | $ | 500 | $ | 524,719 | ||||
| City of Seattle, Municipal Light and Power Improvement, Series A (RB) | ||||||||
| 4.00%, 01/01/28 (c) | 915 | 956,455 | ||||||
| 4.00%, 07/01/31 (c) | 1,000 | 1,045,986 | ||||||
| City of Seattle, Water System Improvement (RB) | ||||||||
| 4.00%, 02/01/27 (c) | 115 | 120,920 | ||||||
| 5.00%, 08/01/26 | 20 | 22,005 | ||||||
County of King (GO) 5.00%, 01/01/29 (c) | 750 | 842,964 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 185 | 202,244 | ||||||
| 5.00%, 07/01/27 (c) | 400 | 441,406 | ||||||
| 5.00%, 07/01/28 (c) | 125 | 140,012 | ||||||
| 5.00%, 07/01/30 (c) | 1,500 | 1,722,786 | ||||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) | ||||||||
| 5.00%, 07/01/29 (c) | 1,000 | 1,118,054 | ||||||
| 5.00%, 07/01/29 (c) | 500 | 557,659 | ||||||
| 5.00%, 07/01/30 (c) | 1,415 | 1,597,118 | ||||||
Energy Northwest, Project 1 Electric, Series A (RB) 5.00%, 07/01/27 (c) | 655 | 728,123 | ||||||
| Energy Northwest, Project 3 Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 130 | 142,278 | ||||||
| 5.00%, 07/01/27 (c) | 725 | 805,938 | ||||||
Energy Northwest, Project 3 Electric, Series C (RB) 5.00%, 07/01/28 | 270 | 304,927 | ||||||
Energy Northwest, Project 3 Electric, Series C (RB) (AGM) 5.00%, 07/01/30 (c) | 1,000 | 1,133,784 | ||||||
Grant and Douglas Counties School District No. 144-101 (GO) (SBG) 4.00%, 06/01/26 (c) | 125 | 130,566 | ||||||
King County School District No. 210 (GO) (SBG) 4.00%, 12/01/27 (c) | 880 | 932,146 | ||||||
| King County School District No. 401 (GO) (SBG) | ||||||||
| 3.12%, 12/01/26 (c) | 690 | 683,991 | ||||||
| 5.00%, 12/01/26 (c) | 700 | 771,006 | ||||||
King County School District No. 405 (GO) (SBG) 5.00%, 12/01/26 (c) | 515 | 568,176 | ||||||
King County School District No. 411 (GO) (SBG) 4.00%, 06/01/26 (c) | 635 | 663,274 | ||||||
See Notes to Financial Statements
| 105 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
King County School District No. 414 (GO) (SBG) 5.00%, 06/01/27 (c) | $ | 835 | $ | 923,345 | ||||
King County, Washington Limited Tax (GO) 4.00%, 07/01/27 (c) | 840 | 893,116 | ||||||
King County, Washington Limited Tax, Series A (GO) 5.00%, 01/01/25 (c) | 245 | 261,223 | ||||||
King County, Washington Limited Tax, Series E (GO) 5.00%, 12/01/25 (c) | 500 | 541,920 | ||||||
| Kitsap County School District No. 401 (GO) (SBG) | ||||||||
| 4.00%, 06/01/26 (c) | 250 | 260,739 | ||||||
| 4.00%, 06/01/26 (c) | 15 | 15,780 | ||||||
Pasco School District No. 1, Franklin County (GO) (SBG) 5.00%, 12/01/27 (c) | 845 | 946,700 | ||||||
| Pierce County School District No. 403 (GO) (SBG) | ||||||||
| 5.00%, 06/01/29 (c) | 500 | 569,737 | ||||||
| 5.00%, 06/01/29 (c) | 200 | 226,790 | ||||||
Pierce County School District No. 416 (GO) (SBG) 4.00%, 06/01/26 (c) | 175 | 183,205 | ||||||
| Port of Seattle, Intermediate Lien (RB) | ||||||||
| 5.00%, 02/01/26 (c) | 130 | 141,008 | ||||||
| 5.00%, 02/01/26 (c) | 30 | 32,473 | ||||||
Port of Tacoma, Series A (GO) 5.00%, 12/01/26 (c) | 110 | 121,058 | ||||||
| Puyallup School District No. 3 (GO) (SBG) | ||||||||
| 5.00%, 06/01/27 (c) | 100 | 110,931 | ||||||
| 5.00%, 06/01/27 (c) | 970 | 1,073,113 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/26 (c) | 825 | 897,998 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/30 (c) | 1,000 | 1,155,832 | ||||||
State of Washington, Motor Vehicle Fuel Tax, Series R-B (GO) 5.00%, 08/01/26 (c) | 135 | 147,171 | ||||||
| State of Washington, Series A (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 755 | 819,912 | ||||||
| 5.00%, 08/01/26 (c) | 115 | 124,792 | ||||||
| State of Washington, Series C (GO) | ||||||||
| 5.00%, 02/01/25 (c) | 175 | 186,668 | ||||||
| 5.00%, 02/01/28 (c) | 170 | 190,559 | ||||||
| 5.00%, 08/01/27 (c) | 880 | 973,505 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
| State of Washington, Series D (GO) | ||||||||
| 5.00%, 02/01/27 (c) | $ | 100 | $ | 109,604 | ||||
| 5.00%, 08/01/27 (c) | 880 | 974,863 | ||||||
| State of Washington, Series E (GO) | ||||||||
| 5.00%, 06/01/31 (c) | 750 | 869,218 | ||||||
| 5.00%, 06/01/31 (c) | 1,000 | 1,157,137 | ||||||
| State of Washington, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/26 (c) | 580 | 633,752 | ||||||
| 5.00%, 08/01/26 (c) | 495 | 538,799 | ||||||
| 5.00%, 08/01/26 (c) | 245 | 267,089 | ||||||
| 5.00%, 08/01/26 (c) | 200 | 218,031 | ||||||
| 5.00%, 08/01/27 (c) | 500 | 553,128 | ||||||
| 5.00%, 08/01/27 (c) | 500 | 552,100 | ||||||
State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/31 (c) | 1,000 | 1,146,843 | ||||||
State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/26 (c) | 25 | 27,149 | ||||||
| State of Washington, Various Purpose, Series R-B (GO) | ||||||||
| 5.00%, 01/01/26 (c) | 105 | 113,678 | ||||||
| 5.00%, 08/01/26 (c) | 145 | 158,743 | ||||||
| State of Washington, Various Purpose, Series R-C (GO) | ||||||||
| 5.00%, 01/01/25 (c) | 360 | 382,305 | ||||||
| 5.00%, 08/01/27 (c) | 1,000 | 1,112,445 | ||||||
| 5.00%, 08/01/27 (c) | 420 | 465,276 | ||||||
| 5.00%, 08/01/27 (c) | 880 | 971,697 | ||||||
State of Washington, Various Purpose, Series R-D (GO) 5.00%, 08/01/27 (c) | 1,320 | 1,465,017 | ||||||
University of Washington, Series C (RB) (AGC) 5.00%, 04/01/30 | 1,250 | 1,439,988 | ||||||
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) 5.00%, 02/15/28 (c) | 2,000 | 2,188,512 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 10/01/22 (c) | 1,820 | 1,823,591 | ||||||
| Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) | ||||||||
| 4.00%, 10/01/30 (p) | 1,000 | 1,052,034 | ||||||
| 5.00%, 10/01/28 (c) | 225 | 246,598 | ||||||
| 5.00%, 10/01/28 (c) | 250 | 276,400 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series B (RB) (ACA) 5.00%, 10/01/28 | 645 | 720,158 | ||||||
See Notes to Financial Statements
| 106 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/27 (c) | $ | 760 | $ | 809,535 | ||||
Washington State Housing Finance Commission, Series A (RB) 3.50%, 12/20/35 | 1,708 | 1,559,280 | ||||||
Washington State, Motor vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/30 (c) | 1,050 | 1,196,096 | ||||||
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/28 (c) | 1,000 | 1,059,083 | ||||||
| Washington State, Various Purpose, Series A (GO) | ||||||||
| 5.00%, 08/01/30 (c) | 1,000 | 1,134,479 | ||||||
| 5.00%, 08/01/31 (c) | 1,250 | 1,438,398 | ||||||
| 5.00%, 08/01/31 (c) | 1,500 | 1,722,858 | ||||||
| 57,909,631 | ||||||||
| West Virginia: 0.4% | ||||||||
State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/27 (c) | 270 | 300,714 | ||||||
| State of West Virginia, Series A (GO) | ||||||||
| 5.00%, 06/01/29 (c) | 500 | 561,510 | ||||||
| 5.00%, 06/01/29 (c) | 1,000 | 1,130,582 | ||||||
| State of West Virginia, Series B (GO) | ||||||||
| 5.00%, 06/01/28 (c) | 200 | 222,575 | ||||||
| 5.00%, 06/01/28 (c) | 675 | 753,254 | ||||||
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26 (c) | 240 | 259,289 | ||||||
| West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) | ||||||||
| 5.00%, 06/01/31 (c) | 1,000 | 1,160,145 | ||||||
| 5.00%, 06/01/31 (c) | 1,500 | 1,742,271 | ||||||
| 6,130,340 | ||||||||
| Wisconsin: 1.4% | ||||||||
City of Madison, Series A (GO) 2.00%, 10/01/27 (c) | 1,000 | 908,883 | ||||||
| City of Milwaukee, Series N4 (GO) | ||||||||
| 5.00%, 04/01/26 | 200 | 216,131 | ||||||
| 5.00%, 04/01/27 | 100 | 109,780 | ||||||
| 5.00%, 04/01/28 | 1,500 | 1,668,190 | ||||||
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/27 (c) | 350 | 349,620 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Public Finance Authority, KU Campus Development Corp., Central District Development Project (RB) | ||||||||
| 5.00%, 03/01/26 (c) | $ | 180 | $ | 193,230 | ||||
| 5.00%, 03/01/26 (c) | 165 | 177,004 | ||||||
Public Finance Authority, Providence St. Joseph Health, Series C (RB) 4.00%, 10/01/30 (p) | 2,335 | 2,365,943 | ||||||
State of West Virginia, Series B (GO) 5.00%, 05/01/28 | 1,000 | 1,129,043 | ||||||
| State of Wisconsin, Environmental Improvement Fund, Series A (RB) | ||||||||
| 5.00%, 06/01/25 (c) | 220 | 234,090 | ||||||
| 5.00%, 06/01/25 (c) | 150 | 159,789 | ||||||
| 5.00%, 06/01/25 (c) | 185 | 196,848 | ||||||
| 5.00%, 06/01/25 (c) | 185 | 196,624 | ||||||
| 5.00%, 06/01/25 (c) | 100 | 106,253 | ||||||
| State of Wisconsin, General Fund Annual Appropriation, Series B (RB) | ||||||||
| 5.00%, 05/01/26 (c) | 10 | 10,857 | ||||||
| 5.00%, 05/01/26 (c) | 20 | 21,714 | ||||||
| State of Wisconsin, Series 1 (GO) | ||||||||
| 5.00%, 05/01/25 (c) | 15 | 16,085 | ||||||
| 5.00%, 05/01/27 (c) | 460 | 507,409 | ||||||
| 5.00%, 05/01/27 (c) | 250 | 276,749 | ||||||
| State of Wisconsin, Series 2 (GO) | ||||||||
| 5.00%, 11/01/26 | 315 | 347,600 | ||||||
| 5.00%, 05/01/26 (c) | 150 | 163,212 | ||||||
| State of Wisconsin, Series 3 (GO) | ||||||||
| 5.00%, 11/01/22 (c) | 145 | 147,468 | ||||||
| 5.00%, 05/01/27 (c) | 295 | 327,583 | ||||||
| 5.00%, 05/01/27 (c) | 450 | 496,378 | ||||||
| 5.00%, 05/01/27 (c) | 500 | 550,796 | ||||||
| State of Wisconsin, Series A (GO) | ||||||||
| 4.00%, 05/01/26 (c) | 100 | 103,772 | ||||||
| 5.00%, 05/01/25 (c) | 890 | 945,895 | ||||||
| 5.00%, 05/01/25 (c) | 250 | 268,381 | ||||||
| 5.00%, 05/01/25 (c) | 930 | 988,682 | ||||||
| 5.00%, 05/01/28 | 400 | 451,617 | ||||||
State of Wisconsin, Series A (RB) 5.00%, 05/01/26 | 160 | 174,473 | ||||||
State of Wisconsin, Series B (GO) 5.00%, 05/01/25 (c) | 210 | 225,440 | ||||||
State of Wisconsin, Series D (GO) 4.00%, 05/01/24 (c) | 500 | 512,773 | ||||||
See Notes to Financial Statements
| 107 |
VANECK INTERMEDIATE MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
Sun Prairie Area School District (GO) 4.00%, 03/01/25 (c) | $ | 500 | $ | 516,920 | ||||
Wisconsin Center District, Series C (RB) (AGM) 0.00%, 12/15/30 (c) ^ | 2,705 | 1,861,610 | ||||||
| Wisconsin Department of Transportation, Series 2 (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 115 | 127,546 | ||||||
| 5.00%, 07/01/27 (c) | 480 | 530,659 | ||||||
| Wisconsin Department of Transportation, Series A (RB) | ||||||||
| 5.00%, 07/01/24 (c) | 510 | 536,774 | ||||||
| 5.00%, 07/01/24 (c) | 940 | 988,536 | ||||||
| 5.00%, 07/01/24 (c) | 140 | 147,441 | ||||||
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group, Series A (RB) 5.00%, 08/15/28 (c) | 1,020 | 1,144,951 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) | ||||||||
| 4.00%, 05/15/26 (c) | $ | 1,000 | $ | 1,008,098 | ||||
| 4.00%, 05/15/26 (c) | 1,500 | 1,507,478 | ||||||
| 5.00%, 05/15/26 (c) | 100 | 108,044 | ||||||
| 5.00%, 05/15/26 (c) | 35 | 37,885 | ||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/27 (c) | 500 | 510,874 | ||||||
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 5.00%, 04/01/27 (c) | 125 | 134,669 | ||||||
| Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Series A (RB) 5.00%, 11/15/24 (c) | 155 | 164,667 | ||||||
| 23,874,464 | ||||||||
| Total Municipal Bonds: 98.6% (Cost: $1,815,653,750) | 1,671,853,467 | |||||||
| Other assets less liabilities: 1.4% | 23,298,090 | |||||||
| NET ASSETS: 100.0% | $ | 1,695,151,557 | ||||||
| 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 |
See Notes to Financial Statements
| 108 |
| % of | ||||||||
| Summary of Investments by Sector | Investments | Value | ||||||
| Airport | 1.7 | % | $ | 28,718,877 | ||||
| Education | 4.7 | 79,132,750 | ||||||
| Health | 0.3 | 4,478,360 | ||||||
| Hospitals | 7.0 | 116,918,702 | ||||||
| Industrial Development Revenue | 1.7 | 28,489,386 | ||||||
| Industrial Revenue | 0.1 | 1,095,466 | ||||||
| Leasing | 0.2 | 2,568,676 | ||||||
| Leasing COPS & Appropriations | 4.7 | 78,723,120 | ||||||
| Local | 0.1 | 1,171,448 | ||||||
| Local GO | 17.9 | 299,755,499 | ||||||
| Misc | 3.1 | 51,312,383 | ||||||
| Multi-Family Housing | 0.7 | 11,290,686 | ||||||
| Pollution Control | 0.2 | 3,470,812 | ||||||
| Power | 3.9 | 64,854,551 | ||||||
| Refunded | 0.7 | 10,933,912 | ||||||
| Single Family Housing | 0.9 | 14,877,428 | ||||||
| State | 0.0 | 217,948 | ||||||
| State GO | 18.1 | 302,539,031 | ||||||
| Tax | 14.1 | 235,744,213 | ||||||
| Tobacco | 0.9 | 15,426,357 | ||||||
| Toll & Turnpike | 4.0 | 67,636,874 | ||||||
| Transportation | 6.3 | 106,219,179 | ||||||
| Unassigned | 0.0 | 60,457 | ||||||
| Utilities - Other | 1.0 | 16,782,923 | ||||||
| Water & Sewer | 7.7 | 129,434,429 | ||||||
| 100.0 | % | $ | 1,671,853,467 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 1,671,853,467 | $ | — | $ | 1,671,853,467 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 109 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.6% | ||||||||
| Alabama: 0.6% | ||||||||
| City of Decatur, Water and Sewer, Series A (RB) 4.00%, 02/15/31 (c) | $ | 600 | $ | 584,508 | ||||
| Tuscaloosa City Board of Education (RB) 4.00%, 08/01/26 (c) | 210 | 211,918 | ||||||
| UAB Medicine Finance Authority, Series B (RB) 5.00%, 09/01/26 (c) | 220 | 236,713 | ||||||
| UAB Medicine Finance Authority, Series B2 (RB) 4.00%, 03/01/27 (c) | 280 | 280,223 | ||||||
| 1,313,362 | ||||||||
| Arizona: 1.9% | ||||||||
| City of Phoenix Civic Improvement Corp., Series A (RB) 5.00%, 07/01/29 (c) | 1,000 | 1,079,946 | ||||||
| City of Phoenix Civic Improvement Corp., Series D (RB) 4.00%, 07/01/27 (c) | 215 | 216,156 | ||||||
| City of Phoenix Civic Improvement Corp., Subordinated Excise Tax, Series A (RB) 4.00%, 07/01/30 (c) | 325 | 335,904 | ||||||
| County of Maricopa, Industrial Development Authority, Banner Health, Series F (RB) 3.00%, 07/01/30 (c) | 1,350 | 1,050,341 | ||||||
| Glendale, Industrial Development Authority, Sun Health Services, Series A (RB) 5.00%, 11/15/26 (c) | 625 | 665,544 | ||||||
| Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/31 (c) | 750 | 728,439 | ||||||
| 4,076,330 | ||||||||
| Arkansas: 0.0% | ||||||||
| City of Rogers, Sales and Use Tax, Series B (RB) 3.25%, 11/01/26 (c) | 75 | 74,766 | ||||||
| California: 15.7% | ||||||||
| Abag Finance Authority for Nonprofit Corp., Sharp Healthcare, Series A (RB) 5.00%, 08/01/23 (c) | 500 | 513,626 | ||||||
| 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) | 995 | 1,063,543 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 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 | $ | 538,593 | ||||
| Beverly Hills Unified School District (GO) 0.00%, 08/01/26 (c) ^ | 315 | 158,575 | ||||||
| California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/30 (c) | 1,350 | 1,310,794 | ||||||
| California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/26 (c) | 750 | 802,922 | ||||||
| California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/30 (c) | 750 | 715,176 | ||||||
| California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) | ||||||||
| 3.00%, 10/01/26 (c) | 570 | 445,090 | ||||||
| 3.00%, 10/01/26 (c) | 680 | 568,094 | ||||||
| California Health Facilities Financing Authority, Series A (RB) | ||||||||
| 4.00%, 11/15/27 (c) | 230 | 224,571 | ||||||
| 4.00%, 03/01/26 (c) | 320 | 320,773 | ||||||
| California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) 4.00%, 07/01/27 (c) | 160 | 157,973 | ||||||
| California Municipal Finance Authority, Orange County Civic Center Infrastructure Improvement Program - Phase I, Series A (RB) 4.00%, 06/01/27 (c) | 200 | 199,344 | ||||||
| California State Educational Facilities Authority, Stanford University, Series V-1 (RB) (BAM) 5.00%, 05/01/49 | 250 | 305,317 | ||||||
| California State, Department of Veterans Affairs, Home Purchase, Series A (RB) | ||||||||
| 2.30%, 06/01/29 (c) | 300 | 242,758 | ||||||
| 3.00%, 06/01/29 (c) | 440 | 435,830 | ||||||
| California Statewide Communities Development Authority, Adventist Health System/West, Series A (RB) 5.00%, 03/01/28 (c) | 330 | 357,364 | ||||||
See Notes to Financial Statements
| 110 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Statewide Communities Development Authority, Marin General Hospital, Series A (RB) 4.00%, 08/01/23 (c) | $ | 200 | $ | 201,216 | ||||
| Cerritos Community College District, Series D (GO) 2.38%, 08/01/31 (c) | 500 | 363,567 | ||||||
| Chaffey Joint Union High School District, Series C (GO) 5.25%, 02/01/27 (c) | 500 | 545,867 | ||||||
| City of Los Angeles Department of Airports (RB) 4.00%, 05/15/30 (c) | 750 | 753,179 | ||||||
| City of San Jose, California International Airport, Series B (RB) 5.00%, 03/01/27 (c) | 500 | 536,888 | ||||||
| El Dorado Irrigation District, Series A (CP) (AGM) 4.00%, 03/01/30 (c) | 690 | 680,186 | ||||||
| Glendale Community College District, Series A (GO) 4.00%, 08/01/27 (c) | 130 | 129,567 | ||||||
| Glendale Community College District, Series B (GO) 3.00%, 08/01/29 (c) | 325 | 272,699 | ||||||
| Grossmont Union High School District, Series B (GO) 3.00%, 08/01/26 (c) | 105 | 87,819 | ||||||
| Hayward Area Recreation and Park District, Series A (GO) 4.00%, 08/01/27 (c) | 185 | 185,414 | ||||||
| Irvine Unified School District Community Facilities District No. 09-1, Series A (ST) (BAM) 4.00%, 09/01/29 (c) | 140 | 141,386 | ||||||
| Livermore Valley Joint Unified School District (GO) 3.00%, 08/01/26 (c) | 215 | 178,149 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 07/01/28 (c) | 440 | 484,390 | ||||||
| Los Angeles Department of Water and Power, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 500 | 537,823 | ||||||
| 5.00%, 01/01/28 (c) | 250 | 272,777 | ||||||
| 5.00%, 01/01/29 (c) | 775 | 851,092 | ||||||
| 5.00%, 07/01/30 (c) | 800 | 897,549 | ||||||
| Los Angeles Department of Water and Power, Series C (RB) | ||||||||
| 5.00%, 07/01/27 (c) | 275 | 298,238 | ||||||
| 5.00%, 07/01/31 (c) | 500 | 570,098 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| Metropolitan Water District of Southern California, Series A (RB) | ||||||||
| 5.00%, 01/01/29 (c) | $ | 500 | $ | 557,392 | ||||
| 5.00%, 04/01/31 (c) | 1,200 | 1,375,991 | ||||||
| Miracosta Community College District, Series A (GO) 4.00%, 08/01/27 (c) | 530 | 538,709 | ||||||
| Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series A (RB) 5.00%, 11/01/30 (c) | 325 | 361,672 | ||||||
| Public Utilities Commission of the City and County of San Francisco, Water Revenue, Series D (RB) 3.00%, 11/01/30 (c) | 500 | 401,765 | ||||||
| Riverside County, Perris Union High School District, Series A (GO) (AGM) 4.00%, 09/01/29 (c) | 570 | 567,543 | ||||||
| Sacramento City Unified School District, Series G (GO) (AGM) 4.00%, 08/01/30 (c) | 500 | 492,030 | ||||||
| Sacramento County, Sanitation Districts, Finance Authority, Series A (RB) 5.00%, 12/01/30 (c) | 450 | 511,995 | ||||||
| Sacramento Municipal Utility District, Series H (RB) 4.00%, 08/15/30 (c) | 250 | 255,062 | ||||||
| San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/29 (c) | 750 | 811,153 | ||||||
| San Diego Unified School District, Series I (GO) | ||||||||
| 3.12%, 07/01/27 (c) | 240 | 215,939 | ||||||
| 4.00%, 07/01/27 (c) | 595 | 593,969 | ||||||
| San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/29 (c) | 600 | 497,567 | ||||||
| San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/29 (c) | 610 | 619,071 | ||||||
| San Francisco City & County, International Airport, Series B (RB) 5.00%, 05/01/27 (c) | 700 | 747,377 | ||||||
| San Francisco Municipal Transportation Agency (RB) 4.00%, 03/01/27 (c) | 150 | 149,506 | ||||||
| San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/28 (c) | 825 | 722,553 | ||||||
See Notes to Financial Statements
| 111 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| Santa Clara County, Foothill-De Anza Community College District, Series A (GO) 3.00%, 08/01/31 (c) | $ | 800 | $ | 723,226 | ||||
| Santa Clara Unified School District (GO) 4.00%, 07/01/26 (c) | 310 | 312,974 | ||||||
| Santa Clara Unified School District, Series A (GO) 4.00%, 08/01/28 (c) | 1,000 | 989,083 | ||||||
| Santa Monica Community College District, Series A (GO) 5.00%, 08/01/28 (c) | 250 | 273,565 | ||||||
| Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/30 (c) | 1,000 | 726,849 | ||||||
| State of California, Various Purpose (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 500 | 420,266 | ||||||
| 3.00%, 12/01/30 (c) | 400 | 347,319 | ||||||
| 4.00%, 10/01/29 (c) | 110 | 112,047 | ||||||
| 5.00%, 10/01/28 (c) | 935 | 1,017,816 | ||||||
| 5.00%, 11/01/27 (c) | 515 | 559,839 | ||||||
| Trustees of the California State University, Series A (RB) 5.00%, 05/01/27 (c) | 335 | 360,773 | ||||||
| University of California, Series BE (RB) 4.00%, 05/15/30 (c) | 1,000 | 1,017,667 | ||||||
| University of California, Series O (RB) 5.00%, 05/15/28 (c) | 1,000 | 1,076,983 | ||||||
| West Valley-Mission Community College District, Series A (GO) 4.00%, 08/01/29 (c) | 250 | 254,192 | ||||||
| 33,960,140 | ||||||||
| Colorado: 2.8% | ||||||||
| Board of Governors of Colorado State University System (RB) 4.00%, 03/01/28 (c) | 550 | 553,654 | ||||||
| City and County of Denver, Board of Water Commissioners, Series A (RB) 2.00%, 12/15/31 (c) | 850 | 573,824 | ||||||
| City and County of Denver, Board of Water Commissioners, Series B (RB) 4.00%, 09/15/27 (c) | 230 | 238,582 | ||||||
| City and County of Denver, Series A (CP) 4.00%, 06/01/26 (c) | 285 | 291,393 | ||||||
| City of Loveland, Electric and Communications Enterprise, Series A (RB) 5.00%, 12/01/28 (c) | 750 | 825,144 | ||||||
| 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 | $ | 169,683 | ||||
| Colorado Health Facilities Authority, Adventist Health System Series A (RB) 4.00%, 05/15/28 (c) | 320 | 311,427 | ||||||
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 3.25%, 08/01/29 (c) | 500 | 400,568 | ||||||
| Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/29 (c) | 500 | 542,102 | ||||||
| Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) | ||||||||
| 5.00%, 12/31/24 (c) | 250 | 258,541 | ||||||
| 5.00%, 12/31/24 (c) | 250 | 258,494 | ||||||
| Denver Health and Hospital Authority, Series A (RB) 4.00%, 12/01/29 (c) | 160 | 156,642 | ||||||
| Regional Transportation District, Fastracks Project, Series B (RB) 2.00%, 05/01/31 (c) | 850 | 603,409 | ||||||
| Weld County School District No. 6 (GO) (SAW) 4.00%, 06/01/31 (c) | 800 | 823,147 | ||||||
| 6,006,610 | ||||||||
| Connecticut: 0.3% | ||||||||
| Connecticut Housing Finance Authority, Series C-1 (RB) 3.50%, 11/15/24 (c) | 5 | 5,042 | ||||||
| Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue, Series K (RB) 4.00%, 07/01/30 (c) | 300 | 292,335 | ||||||
| University of Connecticut, Series A (RB) 5.00%, 02/15/30 (c) | 250 | 275,273 | ||||||
| 572,650 | ||||||||
| Delaware: 0.2% | ||||||||
| County of New Castle (GO) 4.00%, 04/01/27 (c) | 150 | 151,791 | ||||||
| Delaware State Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/27 (c) | 115 | 115,659 | ||||||
| Delaware State Health Facilities Authority, Christiana Care Health System, Series A (RB) 4.00%, 10/01/29 (c) | 280 | 279,652 | ||||||
| 547,102 | ||||||||
See Notes to Financial Statements
| 112 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| District of Columbia: 1.5% | ||||||||
| District of Columbia, Series A (GO) | ||||||||
| 4.00%, 04/15/29 (c) | $ | 500 | $ | 519,272 | ||||
| 4.00%, 04/15/29 (c) | 100 | 104,630 | ||||||
| District of Columbia, Series A (RB) | ||||||||
| 2.62%, 03/01/30 (c) | 575 | 436,330 | ||||||
| 3.00%, 03/01/30 (c) | 275 | 245,432 | ||||||
| District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien, Series B (RB) 5.00%, 04/01/28 (c) | 750 | 832,158 | ||||||
| Metropolitan Washington Airport Authority, Dulles Metrorail and Capital Improvement Project, Series B (RB) (AGM) 3.00%, 10/01/29 (c) | 650 | 521,915 | ||||||
| Washington Metropolitan Area Transit Authority, Series A (RB) 3.00%, 07/15/31 (c) | 750 | 634,937 | ||||||
| 3,294,674 | ||||||||
| Florida: 5.5% | ||||||||
| Central Florida Expressway Authority (RB) (BAM) 4.00%, 07/01/27 (c) | 345 | 352,914 | ||||||
| City of Jacksonville, Health Care Facililities, Brooks Rehabilitation (RB) 5.00%, 11/01/29 (c) | 500 | 539,971 | ||||||
| City of Jacksonville, Series A (RB) 5.25%, 10/01/27 (c) | 250 | 276,584 | ||||||
| City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) 3.25%, 07/01/26 (c) | 200 | 176,898 | ||||||
| City of Port St. Lucie, Southwest Annexation Special Assessment District No. 1 (SA) (BAM) 3.00%, 07/01/26 (c) | 180 | 161,170 | ||||||
| City of South Miami Health Facilities Authority, Inc. (RB) | ||||||||
| 5.00%, 08/15/27 (c) | 275 | 292,957 | ||||||
| 5.00%, 08/15/27 (c) | 255 | 273,426 | ||||||
| City of Tampa, Central and Lower Basin Stormwater Improvements (SA) 5.25%, 05/01/28 (c) | 275 | 313,318 | ||||||
| County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/29 (c) | 500 | 551,914 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/31 (c) | $ | 510 | $ | 502,789 | ||||
| County of Broward, Half-Cent Sales Tax (RB) 4.00%, 10/01/30 (c) | 275 | 284,670 | ||||||
| County of Miami-Dade, Water and Sewer System, Series A (RB) 4.00%, 10/01/27 (c) | 210 | 211,114 | ||||||
| County of Miami-Dade, Water and Sewer System, Series B (RB) | ||||||||
| 3.00%, 10/01/29 (c) | 310 | 246,009 | ||||||
| 3.12%, 10/01/27 (c) | 140 | 122,367 | ||||||
| County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 11/15/26 (c) | 330 | 266,297 | ||||||
| Florida Department of Management Services, Series A (CP) 2.00%, 11/01/31 (c) | 500 | 365,844 | ||||||
| Florida Development Finance Corp. Healthcare Facilities, Jacksonville Project, Series A (RB) (AGM) 4.00%, 02/01/32 (c) | 1,000 | 978,759 | ||||||
| Florida Housing Finance Corp., Series 1 (RB) 3.20%, 07/01/28 (c) | 55 | 54,588 | ||||||
| Greater Orlando Aviation Authority, Airport Facilities, Series B (RB) 5.00%, 10/01/26 (c) | 125 | 135,567 | ||||||
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 3.50%, 02/01/31 (c) | 1,000 | 794,241 | ||||||
| Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 02/01/31 (c) | 500 | 324,011 | ||||||
| Miami-Dade County Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/31 (c) | 500 | 487,929 | ||||||
| Miami-Dade County, Florida Transit System, Sales Surtax, Series A (RB) 4.00%, 07/01/30 (c) | 500 | 510,004 | ||||||
| Orlando Utilities Commission, Series A (RB) 2.38%, 04/01/31 (c) | 750 | 528,683 | ||||||
See Notes to Financial Statements
| 113 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| School District of Broward County (GO) | ||||||||
| 5.00%, 07/01/28 (c) | $ | 300 | $ | 328,667 | ||||
| 5.00%, 07/01/31 (c) | 665 | 744,380 | ||||||
| South Broward Hospital District, Series A (RB) 3.00%, 05/01/31 (c) | 750 | 610,018 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) 3.00%, 06/01/27 (c) | 500 | 440,384 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO) (AGM) 3.00%, 06/01/29 (c) | 145 | 129,328 | ||||||
| State of Florida, Board of Education, Public Education Capital Outlay, Series D (GO) 3.00%, 06/01/29 (c) | 500 | 442,299 | ||||||
| State of Florida, Department of Transportation, Series B (RB) 2.00%, 07/01/30 (c) | 500 | 331,016 | ||||||
| 11,778,116 | ||||||||
| Georgia: 2.1% | ||||||||
| Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/29 (c) | 660 | 663,939 | ||||||
| Burke County Development Authority, Series D (RB) 4.12%, 02/01/28 (c) | 260 | 249,490 | ||||||
| County of Fulton, Georgia Water and Sewerage, Series A (RB) | ||||||||
| 2.25%, 01/01/30 (c) | 500 | 360,645 | ||||||
| 2.38%, 01/01/30 (c) | 900 | 654,418 | ||||||
| Dahlonega Downtown Development Authority, North Georgia Mac, LLC Projecty (RB) 3.12%, 07/01/23 (c) | 90 | 83,388 | ||||||
| Dalton-Whitfield County Joint Development Authority, Hamilton Health Care System (RB) (AGC) 4.00%, 02/15/28 (c) | 185 | 185,012 | ||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series A (RB) (AGM) 3.35%, 06/01/28 (c) | 165 | 155,334 | ||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B (RB) 3.55%, 12/01/26 (c) | 150 | 142,985 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) | ||||||||
| 3.35%, 12/01/25 (c) | $ | 230 | $ | 217,807 | ||||
| 3.35%, 12/01/25 (c) | 215 | 203,030 | ||||||
| Georgia State Road & Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/31 (c) | 500 | 413,417 | ||||||
| Gwinnett County School District (GO) (SAW) 5.00%, 02/01/29 (c) | 335 | 378,169 | ||||||
| Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/30 (c) | 1,000 | 826,258 | ||||||
| 4,533,892 | ||||||||
| Hawaii: 0.5% | ||||||||
| City and County of Honolulu, Series C (GO) | ||||||||
| 4.00%, 08/01/29 (c) | 750 | 775,458 | ||||||
| 5.00%, 08/01/29 (c) | 200 | 223,352 | ||||||
| 998,810 | ||||||||
| Illinois: 3.3% | ||||||||
| Chicago O’Hare International Airport, Series B (RB) (AGM) 4.00%, 01/01/29 (c) | 890 | 879,085 | ||||||
| Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/27 (c) | 150 | 160,232 | ||||||
| Chicago O’Hare International Airport, Series D (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 265 | 280,535 | ||||||
| 5.00%, 01/01/27 (c) | 150 | 158,468 | ||||||
| Chicago O’Hare International Airport, Series F (RB) 5.00%, 01/01/27 (c) | 250 | 264,113 | ||||||
| City of Chicago, Seires B (GO) 4.00%, 01/01/32 (c) | 1,064 | 981,168 | ||||||
| County of Cook, Illinois Sales Tax (RB) 4.00%, 11/15/27 (c) | 160 | 164,641 | ||||||
| Illinois Finance Authority (RB) (AGM) 5.00%, 07/01/29 (c) | 330 | 363,513 | ||||||
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) 4.00%, 08/15/30 (c) | 500 | 506,530 | ||||||
| Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/31 (c) | 1,000 | 1,104,678 | ||||||
| State of Illinois (GO) (AGC) 5.75%, 05/01/30 (c) | 750 | 822,953 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 4.00%, 03/01/31 (c) | 500 | 466,887 | ||||||
| 5.00%, 05/01/28 (c) | 250 | 260,407 | ||||||
| 5.00%, 05/01/28 (c) | 630 | 655,506 | ||||||
| 7,068,716 | ||||||||
See Notes to Financial Statements
| 114 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Indiana: 0.9% | ||||||||
| Indiana Finance Authority, CWA Authority Project (RB) 5.00%, 10/01/31 (c) | $ | 300 | $ | 339,563 | ||||
| Indiana Finance Authority, Water Utility, Citizen Energy Group Project, Series A (RB) 4.00%, 10/01/31 (c) | 500 | 503,388 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) 5.00%, 02/01/29 (c) | 1,000 | 1,089,986 | ||||||
| 1,932,937 | ||||||||
| Iowa: 0.3% | ||||||||
| Iowa Higher Education Loan Authority, Grinnell College Project (RB) 5.00%, 12/01/26 (c) | 300 | 327,318 | ||||||
| Iowa Higher Education Loan Authority, Grinnell College Project, Series A (RB) 5.00%, 12/01/26 (c) | 250 | 273,102 | ||||||
| 600,420 | ||||||||
| Kansas: 0.2% | ||||||||
| Lyon County Unified School District No. 253 (GO) 3.00%, 09/01/27 (c) | 270 | 228,711 | ||||||
| Sedgwick County Unified School District No. 260, Series B (GO) 4.00%, 10/01/26 (c) | 150 | 155,374 | ||||||
| 384,085 | ||||||||
| Kentucky: 0.9% | ||||||||
| Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/28 (c) | 920 | 924,677 | ||||||
| Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM) 4.00%, 12/01/27 (c) | 750 | 779,507 | ||||||
| Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB) 3.25%, 11/15/26 (c) | 235 | 206,700 | ||||||
| 1,910,884 | ||||||||
| Louisiana: 0.9% | ||||||||
| City of New Orleans, Louisiana Public Improvement, Series A (GO) | ||||||||
| 5.00%, 12/01/30 (c) | 320 | 355,512 | ||||||
| 5.00%, 12/01/30 (c) | 450 | 505,877 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Louisiana (continued) | ||||||||
| Louisiana Local Government Environmental Facilities and Community Development Authority, Woman’s Hospital Foundation Project, Series A (RB) 4.00%, 10/01/27 (c) | $ | 230 | $ | 230,394 | ||||
| Louisiana Public Facilities Authority Hospital, Children’s Medical Center, Series A (RB) (AGM) 3.00%, 06/01/30 (c) | 500 | 392,944 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 4.00%, 05/15/27 (c) | 230 | 227,435 | ||||||
| New Orleans Aviation Board, North Terminal Project, Series A (RB) 5.00%, 01/01/27 (c) | 240 | 253,363 | ||||||
| 1,965,525 | ||||||||
| Maryland: 1.3% | ||||||||
| City of Baltimore, Water Projects, Series A (RB) (SAW) 4.00%, 07/01/29 (c) | 225 | 223,245 | ||||||
| County of Baltimore, Metropolitan District (GO) 4.00%, 03/01/28 (c) | 250 | 254,784 | ||||||
| Maryland Community Development Administration, Series A (RB) (AGM) 1.95%, 03/01/30 (c) | 310 | 233,620 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/32 (c) | 500 | 461,233 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/31 (c) | 500 | 397,497 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue, Series A (RB) 4.00%, 05/15/27 (c) | 260 | 254,328 | ||||||
| Maryland Health and Higher Educational Facilities Authority, Univeristy of Maryland Medical System Issue, Series D (RB) 4.00%, 01/01/28 (c) | 150 | 146,241 | ||||||
| Maryland Stadium Authority Built to Learn (RB) 2.75%, 06/01/31 (c) | 850 | 652,148 | ||||||
See Notes to Financial Statements
| 115 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
| Prince George’s County, Regional Medical Center (CP) 3.25%, 10/01/27 (c) | $ | 100 | $ | 95,476 | ||||
| 2,718,572 | ||||||||
| Massachusetts: 2.4% | ||||||||
| Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/01/28 (c) | 315 | 342,316 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
| 5.00%, 01/01/28 (c) | 1,000 | 1,089,090 | ||||||
| 5.00%, 01/01/28 (c) | 200 | 218,141 | ||||||
| 5.00%, 04/01/27 (c) | 275 | 298,209 | ||||||
| Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/30 (c) | 360 | 302,463 | ||||||
| Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/27 (c) | 100 | 108,829 | ||||||
| Massachusetts Development Finance Agency, Northeastern Institute, Series A (RB) 5.00%, 03/01/24 (c) | 500 | 518,491 | ||||||
| Massachusetts Development Finance Agency, Suffolk University (RB) 4.00%, 07/01/27 (c) | 250 | 244,813 | ||||||
| Massachusetts Development Finance Agency, The Broad Institute Issue (RB) 4.00%, 10/01/27 (c) | 250 | 254,206 | ||||||
| Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/29 (c) | 305 | 332,272 | ||||||
| The Commonwealth of Massachusetts Transportation Fund, Series A (RB) 3.00%, 06/01/30 (c) | 800 | 642,449 | ||||||
| The Commonwealth of Massachusetts, Series B (GO) 2.12%, 04/01/31 (c) | 1,300 | 832,320 | ||||||
| 5,183,599 | ||||||||
| Michigan: 2.2% | ||||||||
| Bloomfield Hills School District (GO) 4.00%, 05/01/30 (c) | 700 | 704,491 | ||||||
| Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/26 (c) | 390 | 418,229 | ||||||
| Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/26 (c) | 320 | 344,328 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
| Michigan Finance Authority Hospital, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/27 (c) | $ | 500 | $ | 540,235 | ||||
| Michigan Finance Authority, Henry Ford Health System, Series A (RB) | ||||||||
| 4.00%, 11/15/26 (c) | 225 | 221,149 | ||||||
| 4.00%, 11/02/29 (c) | 250 | 243,117 | ||||||
| 5.00%, 11/02/29 (c) | 135 | 147,343 | ||||||
| Michigan State Housing Development Authority, Series A-1 (RB) 3.35%, 10/01/28 (c) | 500 | 420,566 | ||||||
| Michigan State Housing Development Authority, Single-Family Mortgage, Series B (RB) | ||||||||
| 2.95%, 12/01/28 (c) | 425 | 375,958 | ||||||
| 3.50%, 06/01/22 (c) | 15 | 15,027 | ||||||
| Muskegon Public Schools (GO) 5.00%, 05/01/31 (c) | 305 | 337,242 | ||||||
| Saginaw City School District (GO) 4.00%, 05/01/31 (c) | 750 | 721,167 | ||||||
| Wayne County Airport Authority, Series A (RB) 5.00%, 12/01/27 (c) | 190 | 204,005 | ||||||
| 4,692,857 | ||||||||
| Minnesota: 1.0% | ||||||||
| City of Minneapolis, Allina Health Care System (RB) 4.00%, 11/15/31 (c) | 500 | 509,128 | ||||||
| Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/30 (c) | 530 | 408,154 | ||||||
| Minnesota Housing Finance Agency Residential Housing, Series I (RB) | ||||||||
| 2.15%, 01/01/30 (c) | 910 | 665,966 | ||||||
| 3.00%, 01/01/30 (c) | 485 | 478,572 | ||||||
| 2,061,820 | ||||||||
| Missouri: 0.7% | ||||||||
| Health and Educational Facilities Authority, Saint Louis University, Series A (RB) 5.00%, 04/01/29 (c) | 100 | 109,705 | ||||||
| Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/24 (c) | 250 | 263,490 | ||||||
| Missouri State Health and Educational Facilities Authority, Mercy Health (RB) 3.00%, 06/01/30 (c) | 600 | 459,665 | ||||||
See Notes to Financial Statements
| 116 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Missouri (continued) | ||||||||
| Missouri State Health and Educational Facilities Authority, Saint Luke’s Health System (RB) 3.00%, 11/15/30 (c) | $ | 750 | $ | 573,899 | ||||
| Missouri State Housing Development Commission Single Family Mortgage, First Place Homeownership Loan, Series C (RB) 3.05%, 05/01/29 (c) | 210 | 202,940 | ||||||
| 1,609,699 | ||||||||
| Nebraska: 0.8% | ||||||||
| City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/29 (c) | 550 | 553,145 | ||||||
| Douglas County School District No. 0001 (GO) 2.00%, 03/30/31 (c) | 500 | 345,698 | ||||||
| Omaha Public Power District, Nebraska Electric System, Series A (RB) 4.00%, 08/01/30 (c) | 750 | 754,530 | ||||||
| 1,653,373 | ||||||||
| Nevada: 1.2% | ||||||||
| City of Carson, Tahoe Regional Healthcare Project (RB) 5.00%, 09/01/27 (c) | 390 | 415,206 | ||||||
| City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/30 (c) | 675 | 688,740 | ||||||
| County of Clark , Limited Tax, Series A (GO) 5.00%, 06/01/28 (c) | 485 | 526,227 | ||||||
| County of Clark , Limited Tax, Series C (GO) 3.00%, 07/01/29 (c) | 280 | 245,244 | ||||||
| County of Washoe, Nevada Highway, Fuel Tax (RB) 5.00%, 02/01/29 (c) | 250 | 274,991 | ||||||
| County of Washoe, School District, Series C (GO) (AGM) 3.12%, 10/01/27 (c) | 100 | 94,388 | ||||||
| Las Vegas Convention and Visitors Authority, Series B (RB) (NATL) 5.00%, 07/01/28 (c) | 275 | 300,772 | ||||||
| 2,545,568 | ||||||||
| New Hampshire: 0.5% | ||||||||
| National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM) 3.00%, 08/15/31 (c) | 500 | 392,216 | ||||||
| National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/26 (c) | 500 | 480,863 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Hampshire (continued) | ||||||||
| New Hampshire Municipal Bond Bank, Series B (RB) 4.00%, 08/15/27 (c) | $ | 265 | $ | 271,594 | ||||
| 1,144,673 | ||||||||
| New Jersey: 2.8% | ||||||||
| Clifton Board Of Education (GO) (AGM) 2.00%, 08/15/28 (c) | 500 | 351,366 | ||||||
| New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) | ||||||||
| 2.00%, 03/01/31 (c) | 500 | 389,913 | ||||||
| 2.00%, 03/01/31 (c) | 500 | 378,380 | ||||||
| New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/31 (c) | 490 | 327,716 | ||||||
| New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health, Series A (RB) | ||||||||
| 4.00%, 07/01/31 (c) | 555 | 556,500 | ||||||
| 5.00%, 07/01/26 (c) | 55 | 58,561 | ||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 4.50%, 12/15/28 (c) | 910 | 914,182 | ||||||
| 5.00%, 12/15/30 (c) | 250 | 263,696 | ||||||
| 5.00%, 12/15/30 (c) | 250 | 266,777 | ||||||
| New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.50%, 12/15/28 (c) | 365 | 307,646 | ||||||
| New Jersey Turnpike Authority, Series A (RB) 4.00%, 01/01/29 (c) | 1,280 | 1,274,295 | ||||||
| New Jersey Turnpike Authority, Series B (RB) 5.00%, 01/01/28 (c) | 100 | 108,799 | ||||||
| New Jersey Turnpike Authority, Series G (RB) 4.00%, 01/01/28 (c) | 210 | 210,673 | ||||||
| State of New Jersey, Various Purposes (GO) 5.00%, 12/01/27 (c) | 400 | 435,648 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/28 (c) | 205 | 215,466 | ||||||
| 6,059,618 | ||||||||
| New Mexico: 0.3% | ||||||||
| New Mexico Hospital Equipment, Presbyterian Healthcare Services, Series A (RB) 4.00%, 08/01/29 (c) | 250 | 250,022 | ||||||
See Notes to Financial Statements
| 117 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| 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) | $ | 190 | $ | 189,233 | ||||
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I, Series F (RB) 3.05%, 01/01/29 (c) | 325 | 285,444 | ||||||
| 724,699 | ||||||||
| New York: 20.8% | ||||||||
| Battery Park City Authority, Series A (RB) 4.00%, 11/01/29 (c) | 1,000 | 1,015,351 | ||||||
| City of New York, Series C (GO) 5.00%, 08/01/30 (c) | 500 | 549,695 | ||||||
| City of New York, Series D-1 (GO) | ||||||||
| 4.00%, 12/01/28 (c) | 470 | 470,919 | ||||||
| 5.00%, 12/01/28 (c) | 100 | 109,049 | ||||||
| City of New York, Subseries B-1 (GO) | ||||||||
| 3.00%, 10/01/29 (c) | 110 | 91,538 | ||||||
| 5.00%, 10/01/29 (c) | 250 | 272,659 | ||||||
| City of New York, Subseries D-1 (GO) (BAM) 5.00%, 03/01/30 (c) | 1,000 | 1,095,039 | ||||||
| County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/30 (c) | 900 | 888,602 | ||||||
| Dormitory Authority of the State of New York University, Personal Income Tax, Series D (RB) 5.00%, 02/15/30 (c) | 520 | 565,776 | ||||||
| Dormitory Authority of the State of New York University, Series A (RB) 5.00%, 07/01/29 (c) | 350 | 387,420 | ||||||
| Dormitory Authority of the State of New York, A (RB) 5.00%, 03/15/27 (c) | 380 | 411,142 | ||||||
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) 5.00%, 07/01/26 (c) | 255 | 269,262 | ||||||
| Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/27 (c) | 645 | 700,724 | ||||||
| Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project, Series A (RB) 4.00%, 11/01/27 (c) | 330 | 310,087 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Long Island Power Authority, Electric System (RB) 5.00%, 09/01/27 (c) | $ | 300 | $ | 325,435 | ||||
| Metropolitan Transportation Authority, Series A (RB) (AGM) 5.00%, 11/15/28 (c) | 715 | 766,355 | ||||||
| Metropolitan Transportation Authority, Series A-1 (RB) 4.00%, 05/15/27 (c) | 400 | 388,405 | ||||||
| Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/27 (c) | 350 | 375,470 | ||||||
| Metropolitan Transportation Authority, Series C (RB) 5.00%, 11/15/29 (c) | 550 | 582,521 | ||||||
| Metropolitan Transportation Authority, Series C (RB) (AGM) 4.00%, 11/15/29 (c) | 1,000 | 989,926 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 4.00%, 05/15/28 (c) | 250 | 240,415 | ||||||
| 4.00%, 05/15/28 (c) | 1,245 | 1,210,683 | ||||||
| New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/29 (c) | 500 | 505,317 | ||||||
| New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB) 3.00%, 05/01/28 (c) | 275 | 213,069 | ||||||
| New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 05/01/29 (c) | 800 | 597,833 | ||||||
| New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB) 3.00%, 03/01/27 (c) | 500 | 448,620 | ||||||
| New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) | ||||||||
| 2.35%, 02/01/29 (c) | 525 | 410,594 | ||||||
| 2.80%, 02/01/29 (c) | 455 | 316,003 | ||||||
| New York City Housing Development Corp., Multi-Family Housing, Series J (RB) 3.05%, 09/01/27 (c) | 565 | 451,952 | ||||||
| New York City Housing Development Corp., Sustainable Development Bonds, Series C (RB) 2.75%, 02/01/29 (c) | 1,000 | 727,981 | ||||||
See Notes to Financial Statements
| 118 |
| 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 | $ | 219,430 | ||||
| New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) | ||||||||
| 4.00%, 06/15/27 (c) | 175 | 179,507 | ||||||
| 5.00%, 12/15/27 (c) | 750 | 825,491 | ||||||
| New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/29 (c) | 350 | 287,432 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) 5.00%, 08/01/28 (c) | 260 | 281,663 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-2 (RB) 5.00%, 08/01/27 (c) | 200 | 216,680 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-3 (RB) 5.00%, 08/01/27 (c) | 510 | 552,023 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) 4.00%, 08/01/27 (c) | 400 | 400,052 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) | ||||||||
| 4.00%, 11/01/30 (c) | 1,775 | 1,787,323 | ||||||
| 4.00%, 11/01/30 (c) | 500 | 501,288 | ||||||
| 4.00%, 05/01/29 (c) | 1,120 | 1,116,592 | ||||||
| 5.00%, 02/01/32 (c) | 565 | 629,349 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 2.25%, 02/01/31 (c) | 650 | 429,215 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) 5.00%, 05/01/27 (c) | 420 | 452,111 | ||||||
| New York City Water and Sewer System, Series AA (RB) 5.00%, 12/15/29 (c) | 200 | 221,546 | ||||||
| New York City Water and Sewer System, Series AA-1 (RB) 3.00%, 12/15/30 (c) | 350 | 287,822 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 12/15/30 (c) | $ | 660 | $ | 573,403 | ||||
| New York City Water and Sewer System, Series BB (RB) 4.00%, 12/15/30 (c) | 640 | 629,800 | ||||||
| New York City Water and Sewer System, Series EE (RB) (AGC) 5.00%, 06/15/29 (c) | 300 | 330,440 | ||||||
| New York City Water and Sewer System, Series FF (RB) 5.00%, 06/15/28 (c) | 250 | 272,012 | ||||||
| New York Convention Center Development Corp., Series A (RB) | ||||||||
| 0.00%, 11/15/47 ^ | 230 | 62,000 | ||||||
| 0.00%, 11/15/54 ^ | 170 | 30,803 | ||||||
| New York Liberty Development Corp., 4 World Trade Center Project (RB) 3.00%, 11/15/31 (c) | 1,500 | 1,175,635 | ||||||
| New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series A (RB) 5.00%, 03/15/29 (c) | 285 | 308,973 | ||||||
| New York State Dormitory Authority, New York Columbia University, Series A (RB) 5.00%, 10/01/47 | 250 | 302,728 | ||||||
| New York State Dormitory Authority, New York Columbia University, Series A (RB) (FHA) 5.00%, 10/01/48 | 700 | 848,811 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) | ||||||||
| 5.00%, 07/01/28 (c) | 400 | 448,429 | ||||||
| 5.00%, 07/01/28 (c) | 235 | 263,778 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) 3.00%, 09/15/30 (c) | 500 | 429,918 | ||||||
| New York State Dormitory Authority, Rochester Institute of Technology, Series A (RB) 5.00%, 07/01/29 (c) | 250 | 271,953 | ||||||
| New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/31 (c) | 550 | 540,528 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) | ||||||||
| 4.00%, 03/15/27 (c) | 250 | 249,513 | ||||||
| 4.00%, 03/15/27 (c) | 800 | 792,408 | ||||||
| 5.00%, 03/15/27 (c) | 150 | 160,823 | ||||||
See Notes to Financial Statements
| 119 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| 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 | $ | 1,075,579 | ||||
| New York State Dormitory Authority, The New School, Series A (RB) | ||||||||
| 4.00%, 01/01/27 (c) | 475 | 467,280 | ||||||
| 5.00%, 01/01/27 (c) | 420 | 446,463 | ||||||
| New York State Housing Finance Agency (RB) 2.50%, 05/01/30 (c) | 1,250 | 1,001,880 | ||||||
| New York State Housing Finance Agency, Series D (RB) 3.70%, 05/01/28 (c) | 225 | 216,895 | ||||||
| New York State Housing Finance Agency, Series M (RB) 3.75%, 11/01/26 (c) | 195 | 176,503 | ||||||
| New York State Power Authority, Series A (RB) 4.00%, 05/15/30 (c) | 500 | 494,472 | ||||||
| New York State Thruway Authority, Series B (RB) (AGM) 4.00%, 01/01/30 (c) | 500 | 501,186 | ||||||
| New York State Urban Development Corp., Sales Tax, Series A (RB) 3.00%, 09/15/31 (c) | 1,000 | 819,714 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 3.00%, 09/15/30 (c) | 950 | 766,477 | ||||||
| 5.00%, 09/15/28 (c) | 500 | 540,216 | ||||||
| New York State Urban Development Corp., State Personal Income, Series C (RB) 3.00%, 09/15/30 (c) | 550 | 449,366 | ||||||
| New York Transportation Development Corp., Terminal 4 John Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/30 (c) | 925 | 884,656 | ||||||
| State of New York Mortgage Agency Homeowner Mortgage (RB) 3.50%, 04/01/26 (c) | 190 | 180,863 | ||||||
| State of New York Mortgage Agency Homeowner Mortgage (RB) (SBG) 2.55%, 10/01/29 (c) | 330 | 238,558 | ||||||
| Suffolk Tobacco Asset Securitization Corp., Series B-1 (RB) 4.00%, 06/01/31 (c) | 500 | 466,396 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A (RB) | ||||||||
| 5.00%, 11/15/30 (c) | $ | 750 | $ | 817,906 | ||||
| 5.00%, 11/15/30 (c) | 1,500 | 1,636,130 | ||||||
| Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series B (RB) 5.00%, 05/15/28 (c) | 500 | 555,096 | ||||||
| Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series C (RB) 4.00%, 11/15/31 (c) | 750 | 740,733 | ||||||
| Utility Debt Securitization Authority (RB) 5.00%, 12/15/27 (c) | 550 | 608,953 | ||||||
| 44,852,643 | ||||||||
| North Carolina: 1.5% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, Atrium HealthCare, Series A (RB) 4.00%, 01/15/32 (c) | 600 | 605,966 | ||||||
| North Carolina Housing Finance Agency Home Ownership, Series B (RB) | ||||||||
| 3.85%, 07/01/27 (c) | 85 | 85,613 | ||||||
| 4.00%, 07/01/27 (c) | 125 | 126,288 | ||||||
| North Carolina Medical Care Commission, Novant Health, Series A (RB) 3.12%, 11/01/29 (c) | 220 | 179,659 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) | ||||||||
| 5.00%, 01/01/30 (c) | 500 | 535,995 | ||||||
| 5.00%, 01/01/30 (c) | 750 | 798,656 | ||||||
| University of North Carolina, Hospitals at Chapel Hill (RB) 5.00%, 02/01/45 | 800 | 914,435 | ||||||
| 3,246,612 | ||||||||
| Ohio: 2.8% | ||||||||
| American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/26 (c) | 220 | 232,288 | ||||||
| City of Chillicothe, Hospital Facilities, Adena Health System (RB) 4.00%, 12/01/27 (c) | 440 | 437,428 | ||||||
| City of Cleveland, Airport System Revenue, Series B (RB) 5.00%, 07/01/28 (c) | 100 | 106,601 | ||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) 4.00%, 02/01/28 (c) | 510 | 501,943 | ||||||
See Notes to Financial Statements
| 120 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48 | $ | 1,000 | $ | 1,147,000 | ||||
| County of Ross, Adena Health System (RB) 5.00%, 12/01/29 (c) | 1,000 | 1,074,433 | ||||||
| Euclid City School District, Series A (GO) (SD CRED PROG) 4.00%, 01/15/26 (c) | 150 | 153,263 | ||||||
| Hamilton County, Life Enriching Communities Project (RB) 5.00%, 01/01/26 (c) | 250 | 254,668 | ||||||
| North Royalton City School District (GO) 5.00%, 06/01/25 (c) | 190 | 201,189 | ||||||
| Northeast Ohio Regional Sewer District (RB) 3.00%, 11/15/29 (c) | 350 | 308,508 | ||||||
| Ohio Housing Finance Agency, Series D (RB) 3.62%, 09/01/26 (c) | 90 | 89,688 | ||||||
| Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/29 (c) | 500 | 560,374 | ||||||
| State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/29 (c) | 335 | 335,881 | ||||||
| State of Ohio, Water Pollution Control, Series A (RB) 5.00%, 12/01/31 (c) | 500 | 567,047 | ||||||
| 5,970,311 | ||||||||
| Oklahoma: 0.3% | ||||||||
| Edmond Public Works Authority, Sales Tax and Utility System (RB)
4.00%, 07/01/27 (c) | 250 | 257,403 | ||||||
| Oklahoma Turnpike Authority, Series A (RB) 4.00%, 01/01/26 (c) | 350 | 354,665 | ||||||
| 612,068 | ||||||||
| Oregon: 1.4% | ||||||||
| Lake Oswego School District No. 7J (GO) (SBG) 4.00%, 06/01/27 (c) | 190 | 197,406 | ||||||
| Multnomah County School District No. 1J, Series B (GO) (SBG) | ||||||||
| 2.00%, 06/15/30 (c) | 550 | 390,066 | ||||||
| 3.25%, 06/15/27 (c) | 295 | 276,997 | ||||||
| North Clackamas School District No. 12, Series A (GO) (SBG) 0.00%, 06/15/27 (c) ^ | 175 | 85,577 | ||||||
| Oregon Health and Science University, Series A (RB) 4.00%, 01/01/32 (c) | 1,000 | 980,884 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Oregon (continued) | ||||||||
| Sherwood School District No. 88J, Series A (GO) (SBG) 0.00%, 06/15/28 (c) ^ | $ | 510 | $ | 173,727 | ||||
| Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/29 (c) | 935 | 819,105 | ||||||
| 2,923,762 | ||||||||
| Pennsylvania: 4.7% | ||||||||
| Allegheny County Sanitary Authority, Sewer Revenue (RB) 5.00%, 06/01/28 (c) | 685 | 764,798 | ||||||
| Allegheny County, Series C-77 (GO) 5.00%, 11/01/28 (c) | 220 | 243,525 | ||||||
| Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) | ||||||||
| 4.00%, 10/01/27 (c) | 180 | 176,314 | ||||||
| 4.00%, 09/01/30 (c) | 645 | 625,199 | ||||||
| Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) (SBG) 4.00%, 09/01/30 (c) | 210 | 207,927 | ||||||
| Commonwealth of Pennsylvania (GO) 2.00%, 05/01/30 (c) | 500 | 360,702 | ||||||
| Commonwealth of Pennsylvania, Delaware County Authority, Series A (RB) 5.00%, 04/01/27 (c) | 170 | 185,967 | ||||||
| Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 01/30/28 (c) | 1,170 | 1,178,828 | ||||||
| DuBois Hospital Authority, Penn Highlands Healthcare (RB) 5.00%, 01/15/28 (c) | 280 | 301,437 | ||||||
| Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/30 (c) | 1,000 | 1,070,308 | ||||||
| Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/24 (c) | 145 | 151,443 | ||||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) | ||||||||
| 2.28%, 10/01/30 (c) | 500 | 387,305 | ||||||
| 3.20%, 10/01/25 (c) | 270 | 242,586 | ||||||
| 3.20%, 10/01/25 (c) | 150 | 148,010 | ||||||
See Notes to Financial Statements
| 121 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 04/01/27 (c) | $ | 260 | $ | 258,386 | ||||
| Pennsylvania Turnpike Commission, Motor License (RB) 5.00%, 12/01/27 (c) | 155 | 169,118 | ||||||
| Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM) 5.00%, 12/01/28 (c) | 290 | 313,270 | ||||||
| Pennsylvania Turnpike Commission, Oil Franchise Tax, Series B (RB) 4.00%, 12/01/31 (c) | 550 | 527,522 | ||||||
| Pennsylvania Turnpike Commission, Series A (RB) | ||||||||
| 4.00%, 06/01/31 (c) | 900 | 887,235 | ||||||
| 5.00%, 12/01/29 (c) | 220 | 237,040 | ||||||
| Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/27 (c) | 150 | 163,263 | ||||||
| Pennsylvania Turnpike Commission, Series B-1 (RB) 5.25%, 06/01/27 (c) | 700 | 759,820 | ||||||
| Philadelphia Gas Works (RB) 5.00%, 08/01/27 (c) | 805 | 861,313 | ||||||
| 10,221,316 | ||||||||
| Tennessee: 0.5% | ||||||||
| Sullivan County (GO) 4.00%, 05/01/26 (c) | 230 | 227,853 | ||||||
| Tennessee Housing Development Agency, Residential Finance Program (RB) | ||||||||
| 2.95%, 01/01/29 (c) | 385 | 369,453 | ||||||
| 3.60%, 01/01/27 (c) | 250 | 249,180 | ||||||
| Tennessee Housing Development Agency, Series B (RB) 3.45%, 01/01/27 (c) | 205 | 203,799 | ||||||
| 1,050,285 | ||||||||
| Texas: 10.2% | ||||||||
| Alvin Independent School District (GO) 3.38%, 02/15/28 (c) | 350 | 342,725 | ||||||
| Arlington Higher Education Finance Corp. (RB) | ||||||||
| 3.00%, 02/15/31 (c) | 1,000 | 812,558 | ||||||
| 4.00%, 08/15/29 (c) | 675 | 688,098 | ||||||
| Board of Regents of the University of Texas System, Series A (RB) | ||||||||
| 2.25%, 08/15/31 (c) | 1,400 | 970,788 | ||||||
| 3.00%, 08/15/31 (c) | 525 | 471,843 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Board of Regents of the University of Texas System, Series E (RB) 4.00%, 08/15/27 (c) | $ | 650 | $ | 667,643 | ||||
| Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/30 (c) | 750 | 799,395 | ||||||
| City of Arlington, Senior Lien Special Tax, Series A (ST) (AGM) 4.00%, 02/15/28 (c) | 165 | 163,499 | ||||||
| City of Austin, Airport System, Series A (RB) 5.00%, 11/15/26 (c) | 280 | 302,779 | ||||||
| City of Austin, Texas Electricity Utility System, Series A (RB) | ||||||||
| 5.00%, 11/15/29 (c) | 1,375 | 1,513,649 | ||||||
| 5.00%, 11/15/30 (c) | 500 | 557,924 | ||||||
| City of Corpus Christi, Utility System, Series A (RB) (SBG) 4.00%, 07/15/30 (c) | 295 | 304,937 | ||||||
| City of Denton (GO) 4.00%, 02/15/27 (c) | 120 | 123,019 | ||||||
| City of El Paso (GO) 4.00%, 08/15/29 (c) | 950 | 951,572 | ||||||
City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/28 (c) | 220 | 243,650 | ||||||
| College of the Mainland (GO) 3.75%, 08/15/28 (c) | 250 | 241,792 | ||||||
| Coppell Independent School District (GO) 4.00%, 08/15/28 (c) | 250 | 259,305 | ||||||
| County of Bexar, Political Subdivision, Limited Tax (GO) 4.00%, 06/15/26 (c) | 220 | 227,266 | ||||||
| Crowley Independent School District (GO) 4.00%, 02/01/29 (c) | 500 | 522,745 | ||||||
| Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/31 (c) | 600 | 431,383 | ||||||
| Frisco Independent School District (GO) 4.00%, 02/15/27 (c) | 460 | 470,347 | ||||||
| Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 04/01/30 (c) | 770 | 758,950 | ||||||
| Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 04/01/28 (c) | 640 | 687,738 | ||||||
See Notes to Financial Statements
| 122 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) | ||||||||
| 3.00%, 10/01/29 (c) | $ | 350 | $ | 307,735 | ||||
| 3.00%, 10/01/31 (c) | 1,145 | 995,083 | ||||||
| 3.00%, 10/01/31 (c) | 1,000 | 808,050 | ||||||
| Lamar Consolidated Independent School District (GO) 3.00%, 02/15/31 (c) | 290 | 236,094 | ||||||
| Leander Independent School District, Series A (GO) | ||||||||
| 0.00%, 08/16/26 (c) ^ | 900 | 403,581 | ||||||
| 0.00%, 08/16/26 (c) ^ | 95 | 39,088 | ||||||
| Leander Independent School District, Unlimited Tax School Building, Series A (GO) 3.00%, 08/15/30 (c) | 500 | 408,490 | ||||||
| New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare of Texas, Series A (RB) 4.00%, 08/15/27 (c) | 555 | 560,424 | ||||||
| North Fort Bend Water Authority, Series A (RB) 4.00%, 12/15/29 (c) | 250 | 256,885 | ||||||
| North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/28 (c) | 500 | 502,542 | ||||||
| Northside Independent School District (GO) 3.00%, 06/01/29 (c) | 745 | 631,525 | ||||||
| San Jacinto College District, Series A (GO) 5.00%, 02/15/29 (c) | 500 | 556,302 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 01/01/29 (c) | 250 | 268,936 | ||||||
| Tarrant Regional Water District, Texas Water Transmission Facility Contract, Series A (RB) | ||||||||
| 2.00%, 03/01/30 (c) | 750 | 504,872 | ||||||
| 2.00%, 03/01/30 (c) | 750 | 513,952 | ||||||
| Texas Water Development Board, Series A (RB) | ||||||||
| 3.00%, 10/15/29 (c) | 500 | 454,651 | ||||||
| 4.00%, 04/15/28 (c) | 325 | 331,767 | ||||||
| 5.00%, 04/15/28 (c) | 840 | 921,053 | ||||||
| Texas Water Development Board, Series B (RB) 5.00%, 10/15/28 (c) | 225 | 246,134 | ||||||
| West Harris County Regional Water Authority (RB) 3.00%, 12/15/29 (c) | 250 | 193,310 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| West Travis County Public Utility Agency (RB) (BAM) 4.00%, 08/15/27 (c) | $ | 230 | $ | 238,197 | ||||
| 21,892,276 | ||||||||
| Utah: 0.5% | ||||||||
| Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/28 (c) | 360 | 386,264 | ||||||
| Utah County, IHC Health Services, Inc., Series A (RB) 5.00%, 05/15/30 (c) | 250 | 273,208 | ||||||
| Utah County, IHC Health Services, Inc., Series B (RB) | ||||||||
| 3.00%, 05/15/26 (c) | 210 | 185,283 | ||||||
| 4.00%, 05/15/24 (c) | 350 | 350,127 | ||||||
| 1,194,882 | ||||||||
| Virginia: 1.5% | ||||||||
| Fairfax County Industrial Development Authority, Inova Health System Project, Series B (RB) 4.00%, 05/15/28 (c) | 250 | 250,027 | ||||||
| Hampton Roads Transportation Accountability Commission, Series A (RB) | ||||||||
| 4.00%, 07/01/30 (c) | 665 | 678,768 | ||||||
| 5.00%, 07/01/30 (c) | 500 | 546,873 | ||||||
| Norfolk Economic Development Authority, Series B (RB) 4.00%, 11/01/28 (c) | 250 | 250,031 | ||||||
| Virginia College Building Authority, Virginia Educational Facilities, Series A (RB) 3.00%, 02/01/31 (c) | 1,000 | 863,293 | ||||||
| Virginia Commonwealth Transportation Board (RB) (AGM) 3.25%, 05/15/28 (c) | 150 | 145,028 | ||||||
| Virginia Small Business Financing Authority, National senior Campuses, Inc., Series A (RB) 4.00%, 07/01/27 (c) | 500 | 490,267 | ||||||
| 3,224,287 | ||||||||
| Washington: 2.1% | ||||||||
| City of Seattle, Municipal Light and Power Improvement, Series A (RB) 4.00%, 01/01/28 (c) | 450 | 460,255 | ||||||
| Energy Northwest, Columbia Generating Station Electric, Series A (RB) | ||||||||
| 4.00%, 07/01/31 (c) | 1,000 | 1,028,427 | ||||||
| 5.00%, 07/01/31 (c) | 455 | 516,353 | ||||||
| King & Snohomish Counties, Northshore School District No. 417 (GO) (SBG) 4.00%, 06/01/29 (c) | 500 | 525,611 | ||||||
See Notes to Financial Statements
| 123 |
VANECK LONG MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
| King County Public Hospital District No. 1, Valley Medical Center (GO) (SAW) 5.00%, 12/01/28 (c) | $ | 150 | $ | 162,057 | ||||
| King County Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/29 (c) | 650 | 674,841 | ||||||
| State of Washington, Convention Center Public Facilities District (RB) 4.00%, 07/01/28 (c) | 125 | 113,261 | ||||||
| State of Washington, Various Purpose, Series C (GO) 5.00%, 02/01/28 (c) | 800 | 877,974 | ||||||
| Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 4.00%, 08/15/27 (c) | 205 | 200,198 | ||||||
| 4,558,977 | ||||||||
| West Virginia: 0.4% | ||||||||
| State of West Virginia, Series B (GO) | ||||||||
| 4.00%, 06/01/28 (c) | 150 | 152,708 | ||||||
| 5.00%, 06/01/28 (c) | 100 | 110,606 | ||||||
| West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) (NATL) 4.00%, 06/01/28 (c) | 700 | 660,559 | ||||||
| 923,873 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin: 0.8% | ||||||||
| Public Finance Authority Health Care Facilities, Series A (RB) 3.00%, 01/01/30 (c) | $ | 250 | $ | 188,583 | ||||
| Public Finance Authority Retirement Communities, Series A (RB) 5.00%, 11/15/27 (c) | 750 | 820,316 | ||||||
| Village of Mount Pleasant, Series A (TA) 5.00%, 04/01/28 (c) | 250 | 271,002 | ||||||
| Wisconsin Center District, Series D (RB) (AGM) 0.00%, 12/15/30 (c) ^ | 250 | 86,539 | ||||||
| Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Series A (RB) 4.00%, 04/01/27 (c) | 205 | 207,089 | ||||||
| Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C (RB) | ||||||||
| 4.00%, 02/15/27 (c) | 105 | 105,031 | ||||||
| 4.00%, 02/15/27 (c) | 115 | 111,874 | ||||||
| 1,790,434 | ||||||||
| Wyoming: 0.3% | ||||||||
| University of Wyoming, Series C (RB) (AGM) 4.00%, 06/01/31 (c) | 700 | 697,693 | ||||||
| Total Municipal Bonds: 98.6% (Cost: $241,779,794) | 212,572,916 | |||||||
| Other assets less liabilities: 1.4% | 2,994,756 | |||||||
| NET ASSETS: 100.0% | $ | 215,567,672 | ||||||
Definitions:
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal 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 |
| 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 |
Footnotes:
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| ^ | Zero Coupon Bond |
See Notes to Financial Statements
| 124 |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Airport | 4.2 | % | $ | 8,877,844 | ||||
| Education | 7.2 | 15,388,424 | ||||||
| Health | 2.2 | 4,635,363 | ||||||
| Hospitals | 15.7 | 33,278,706 | ||||||
| Housing | 0.1 | 217,807 | ||||||
| Industrial Development Revenue | 0.4 | 884,656 | ||||||
| Leasing COPS & Appropriations | 4.0 | 8,477,187 | ||||||
| Local GO | 15.7 | 33,471,995 | ||||||
| Misc | 1.7 | 3,530,661 | ||||||
| Multi-Family Housing | 2.4 | 5,206,368 | ||||||
| Pollution Control | 0.3 | 567,047 | ||||||
| Power | 4.1 | 8,716,266 | ||||||
| Single Family Housing | 3.1 | 6,669,166 | ||||||
| State GO | 4.9 | 10,352,912 | ||||||
| Tax | 11.5 | 24,381,099 | ||||||
| Tobacco | 0.9 | 1,992,656 | ||||||
| Toll & Turnpike | 6.5 | 13,927,347 | ||||||
| Transportation | 4.3 | 9,080,403 | ||||||
| Unassigned | 0.3 | 584,508 | ||||||
| Utilities - Other | 1.3 | 2,777,479 | ||||||
| Water & Sewer | 9.2 | 19,555,022 | ||||||
| 100.0 | % | $ | 212,572,916 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 212,572,916 | $ | — | $ | 212,572,916 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 125 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Number | ||||||||
| of Shares | Value | |||||||
| CLOSED-END FUNDS: 13.7% (a) | ||||||||
| BlackRock MuniYield Quality Fund III, Inc. | 2,908 | $ | 34,343 | |||||
| BNY Mellon Municipal Income, Inc. | 4,724 | 33,399 | ||||||
| Delaware Investments National Municipal Income Fund | 3,052 | 35,830 | ||||||
| DWS Municipal Income Trust | 6,969 | 67,390 | ||||||
| Eaton Vance New York Municipal Bond Fund | 3,456 | 33,178 | ||||||
| MFS High Yield Municipal Trust | 9,323 | 32,631 | ||||||
| MFS Investment Grade Municipal Trust | 4,336 | 34,168 | ||||||
| MFS Municipal Income Trust | 5,949 | 32,957 | ||||||
| Neuberger Berman California Municipal Fund, Inc. | 3,013 | 34,951 | ||||||
| Nuveen New Jersey Quality Municipal Income Fund | 2,687 | 34,098 | ||||||
| Nuveen Ohio Quality Municipal Income Fund | 2,631 | 33,756 | ||||||
| Nuveen Pennsylvania Quality Municipal Income Fund | 2,748 | 32,976 | ||||||
| Number | ||||||||
| of Shares | Value | |||||||
| Pioneer Municipal High Income Fund Trust | 3,358 | $ | 32,136 | |||||
| Western Asset Managed Municipals Fund, Inc. | 3,155 | 35,021 | ||||||
| Total Closed-End Funds (Cost: $634,296) | 506,834 | |||||||
| EXCHANGE TRADED FUNDS: 86.3% (a) | ||||||||
| VanEck High Yield Muni ETF ‡ | 17,100 | 939,816 | ||||||
| VanEck Intermediate Muni ETF ‡ | 28,445 | 1,295,527 | ||||||
| VanEck Long Muni ETF ‡ | 9,721 | 176,436 | ||||||
| VanEck Short High Yield Muni ETF ‡ | 8,579 | 194,314 | ||||||
| VanEck Short Muni ETF ‡ | 33,887 | 570,318 | ||||||
| Total Exchange Traded Funds (Cost: $3,425,288) | 3,176,411 | |||||||
| Total Investments: 100.0% (Cost: $4,059,584) | 3,683,245 | |||||||
| Other assets less liabilities: 0.0% | 1,544 | |||||||
| NET ASSETS: 100.0% | $ | 3,684,789 | ||||||
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 April 30, 2022:
| Net Change in | ||||||||||||||||||||||||||||
| Unrealized | ||||||||||||||||||||||||||||
| Value | Sales | Realized Gain | Dividend | Appreciation | Value | |||||||||||||||||||||||
| 4/30/2021 | Purchases | Proceeds | (Loss) | Income | (Depreciation) | 4/30/2022 | ||||||||||||||||||||||
| VanEck High Yield Muni ETF | $ | 1,519,551 | $ | 778,654 | $ | (1,211,019 | ) | $ | 52,000 | $ | 39,025 | $ | (199,370) | $ | 939,816 | |||||||||||||
| VanEck Intermediate Muni ETF | 1,470,825 | 987,550 | (990,549 | ) | 12,835 | * | 23,955 | (185,134) | 1,295,527 | |||||||||||||||||||
| VanEck Long Muni ETF | 1,740,869 | 555,951 | (2,048,134 | ) | 41,040 | † | 17,798 | (113,290) | 176,436 | |||||||||||||||||||
| VanEck Short High Yield Muni ETF | 253,940 | 25,548 | (63,531 | ) | 4,866 | 4,779 | (26,509) | 194,314 | ||||||||||||||||||||
| VanEck Short Muni ETF | – | 1,214,987 | (628,527 | ) | (906 | )‡ | 1,565 | (15,236) | 570,318 | |||||||||||||||||||
| $ | 4,985,185 | $ | 3,562,690 | $ | (4,941,760 | ) | $ | 109,835 | $ | 87,122 | $ | (539,539) | $ | 3,176,411 | ||||||||||||||
| * | Includes $26 of capital gains distributions from the underlying affiliated investment company. |
| † | Includes $937 of capital gains distributions from the underlying affiliated investment company. |
| ‡ | Includes $278 of capital gains distributions from the underlying affiliated investment company. |
See Notes to Financial Statements
| 126 |
| % of | ||||||||
| Summary of Investments by Sector | Investments | Value | ||||||
| Exchange Traded Funds | 86.2 | % | $ | 3,176,411 | ||||
| Financials | 13.8 | 506,834 | ||||||
| 100.0 | % | $ | 3,683,245 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Closed-End Funds | $ | 506,834 | $ | — | $ | — | $ | 506,834 | ||||||||
| Exchange Traded Funds | 3,176,411 | — | — | 3,176,411 | ||||||||||||
| Total Investments | $ | 3,683,245 | $ | — | $ | — | $ | 3,683,245 | ||||||||
See Notes to Financial Statements
| 127 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.0% | ||||||||
| Alabama: 1.3% | ||||||||
| Alabama Special Care Facilities Financing Authority-Birmingham, Methodist Home (RB) 5.50%, 06/01/26 (c) | $ | 500 | $ | 496,441 | ||||
| Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/30 (p) | 500 | 572,411 | ||||||
| Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) | 1,000 | 1,019,498 | ||||||
| Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 04/01/24 (c) (p) | 1,000 | 1,011,776 | ||||||
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 4.50%, 05/01/29 (c) | 2,578 | 2,481,465 | ||||||
| 5,581,591 | ||||||||
| American Samoa: 0.1% | ||||||||
| American Samoa Economic Development Authority, Series A (RB) 6.50%, 09/01/28 | 250 | 280,859 | ||||||
| Arizona: 1.9% | ||||||||
| Arizona Industrial Development Authority Economic Development Revenue Bonds (Linder Village Project), Series (Meridian, Ada County, Idaho) (RB) (AGM) 5.00%, 06/01/31 | 1,000 | 1,034,990 | ||||||
| Arizona Industrial Development Authority Education Facility Revenue Bonds (Leman Academy Of Excellence Projects) Series A (RB) 4.00%, 07/01/29 (c) | 1,000 | 973,901 | ||||||
| Arizona Industrial Development Authority, Basis School Projects, Series A (RB) | ||||||||
| 4.75%, 07/01/23 (c) | 210 | 215,237 | ||||||
| 5.00%, 07/01/26 | 200 | 205,841 | ||||||
| Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series A (RB) (AGM) 6.75%, 07/01/27 (c) | 500 | 534,392 | ||||||
| Arizona Industrial Development Authority, Legacy Cares, Inc. Project, Series C (RB) (AGM) 6.75%, 07/01/27 (c) | 1,000 | 1,073,391 | ||||||
| Arizona Industrial Development Authority, Leman Academy of Excellence - East Tucson and Central Tucson Projects, Series A (RB) 4.00%, 07/01/24 (c) | 500 | 488,405 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
| Arizona Industrial Development Authority, Pinecrest Academy of Nevada-Cadence Campus Project, Series A (RB) 4.00%, 07/15/28 (c) | $ | 520 | $ | 506,483 | ||||
| Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series A (RB) 4.50%, 07/15/25 (c) | 500 | 487,955 | ||||||
| Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33 | 478 | 470,466 | ||||||
| City Of Phoenix Civic Improvement Corporation Junior Lien Airport Revenue Refunding Bonds, Series D (Non-Amt) (RB) 5.00%, 07/01/27 (c) | 500 | 545,617 | ||||||
| Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) 4.00%, 07/01/25 | 425 | 427,914 | ||||||
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29 | 240 | 241,192 | ||||||
| Pima County Industrial Development Authority, American Leadership Academy Project (RB) 4.12%, 06/15/22 (c) | 250 | 250,796 | ||||||
| Salt Verde Financial Corp. (RB) | ||||||||
| 5.25%, 12/01/23 | 200 | 207,106 | ||||||
| 5.25%, 12/01/24 | 65 | 68,355 | ||||||
| 5.25%, 12/01/28 | 10 | 10,954 | ||||||
| 5.50%, 12/01/29 | 370 | 413,594 | ||||||
| 8,156,589 | ||||||||
| Arkansas: 0.5% | ||||||||
| Arkansas Development Finance Authority Health Care Revenue Refunding Bonds, Baptist Memorial Health Care Corporation, Series B-2 (RB) 5.00%, 09/01/27 (c) (p) | 2,000 | 2,194,199 | ||||||
| California: 7.3% | ||||||||
| 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 | 257,033 | ||||||
See Notes to Financial Statements
| 128 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 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 | $ | 534,832 | ||||
| 5.00%, 05/01/27 | 500 | 539,183 | ||||||
| 5.00%, 05/01/29 | 500 | 548,797 | ||||||
| Antelope Valley Healthcare District, Series A (RB) 5.00%, 03/01/26 | 575 | 609,853 | ||||||
| California Community Choice Financing Authority Clean Energy Project Revenue Bonds Series A (Green Bonds - Climate Bond Certified) (RB) 4.00%, 12/01/27 (c) (p) | 1,000 | 1,025,618 | ||||||
| California Health Facilities Financing Authority Revenue Bonds (Commonspirit Health) Series A (RB) 5.00%, 04/01/30 (c) | 1,275 | 1,414,322 | ||||||
| California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 5.00%, 04/01/30 (c) | 2,000 | 2,213,968 | ||||||
| California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB) 5.00%, 11/15/28 (c) | 1,340 | 1,447,527 | ||||||
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) | ||||||||
| 5.00%, 02/01/27 (c) | 50 | 55,082 | ||||||
| 5.00%, 02/01/27 | 50 | 55,294 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) | ||||||||
| 5.00%, 06/30/27 | 610 | 654,321 | ||||||
| 5.00%, 06/30/28 | 220 | 237,172 | ||||||
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) 5.00%, 06/30/28 (c) | 260 | 276,526 | ||||||
| California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29 | 3,210 | 3,104,376 | ||||||
| California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) * | 1,000 | 600,000 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 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 | 401,838 | ||||||
| 3.62%, 07/01/25 (c) | 2,000 | 2,024,097 | ||||||
| California Public Finance Authority, Charter Grimmway School Facility, Series A (RB) 4.25%, 07/01/26 (c) | 1,000 | 1,016,543 | ||||||
| California Public Finance Authority, Enso Village Project, Series B (RB) 3.12%, 11/15/23 (c) | 1,500 | 1,408,777 | ||||||
| California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) 5.75%, 05/31/22 (c) | 15 | 14,446 | ||||||
| California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.50%, 05/31/22 (c) | 44 | 41,332 | ||||||
| California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/26 (c) | 300 | 318,876 | ||||||
| California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 07/01/24 | 200 | 199,825 | ||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.00%, 06/01/26 (c) | 350 | 379,852 | ||||||
| California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29 | 250 | 243,673 | ||||||
See Notes to Financial Statements
| 129 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| California Statewide Communities Development Authority, Southern California Edison Company, Series C (RB) 2.62%, 12/01/23 (p) | $ | 500 | $ | 495,394 | ||||
| City of Modesto, Community Center Refinancing Project, Series A (CP) (AMBAC) 5.00%, 11/01/23 | 15 | 14,866 | ||||||
| City of Oroville Hospital (RB) 5.00%, 04/01/29 (c) | 500 | 519,780 | ||||||
| Compton Public Finance Authority (RB) 4.50%, 09/01/24 (c) | 1,000 | 1,011,846 | ||||||
| County of Sacramento, Airport System, Series C (RB) 5.00%, 07/01/27 | 250 | 270,014 | ||||||
| County of Sacramento, Airport System, Series E (RB) 5.00%, 07/01/28 | 115 | 128,012 | ||||||
| County of Santa Barbara, Solid Waste System, Series B (CP) (AMBAC) 5.00%, 12/01/28 (c) | 520 | 573,977 | ||||||
| El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/26 (c) | 580 | 577,558 | ||||||
| Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series B-1 (RB) 6.00%, 01/15/24 (c) | 450 | 477,790 | ||||||
| Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26 | 110 | 119,098 | ||||||
| Lake Elsinore Public Financing Authority, Local Agency (ST) 5.00%, 09/01/24 | 230 | 240,627 | ||||||
| Long Beach Bond Finance Authority, Natural Gas Purchase, Series A (RB) 5.50%, 11/15/30 | 265 | 300,606 | ||||||
| Los Angeles Unified School District, Series B (CP) 5.00%, 10/01/22 (c) | 165 | 167,183 | ||||||
| MSR Energy Authority, Series A (RB) 6.12%, 11/01/29 | 280 | 312,426 | ||||||
| Northern California Energy Authority, Series A (RB) 4.00%, 07/01/24 (p) | 1,250 | 1,271,795 | ||||||
| Oakland Unified School District (GO) 5.00%, 08/01/26 | 380 | 416,176 | ||||||
| Palomar Health (RB) | ||||||||
5.00%, 11/01/25 | 250 | 266,386 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| 5.00%, 11/01/26 (c) | $ | 90 | $ | 97,411 | ||||
| Port Oakland Calif Rev Inter Lien Ref Rev Bds D* (RB) 5.00%, 11/01/23 | 195 | 202,219 | ||||||
| Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24 | 110 | 115,209 | ||||||
| Riverside County Public Financing Authority, Capital Facilities Project (RB) 5.00%, 11/01/23 | 110 | 114,564 | ||||||
| San Francisco Community College District (GO) | ||||||||
| 5.00%, 06/15/25 | 1,000 | 1,073,111 | ||||||
| 5.00%, 06/15/25 (c) | 205 | 219,860 | ||||||
| San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c) | 120 | 120,710 | ||||||
| San Joaquin Hills Transportation Corridor Agency Senior Lien Toll Road Refunding Revenue Bonds Series A (RB) (SAW) 5.00%, 01/15/32 (c) | 585 | 648,666 | ||||||
| Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21 (d) * | 370 | 192,400 | ||||||
| 30,726,847 | ||||||||
| Colorado: 1.9% | ||||||||
| Arista Metropolitan District in the City and County of Broomfield, Series A (GO) 4.38%, 12/01/23 (c) | 500 | 503,341 | ||||||
| City & County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/28 (c) | 295 | 321,657 | ||||||
| Colorado Health Facilities Authority Revenue Bonds (Aberdeen Ridge) Series B-1 Tax Exempt Mandatory Paydown Securities-85 (Temps-85) (RB) 3.50%, 05/15/23 (c) | 1,000 | 916,054 | ||||||
| Colorado Public Authority, Natural Gas Purchase (RB) 6.12%, 11/15/23 | 70 | 72,533 | ||||||
| Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/26 (c) | 600 | 635,578 | ||||||
| Dominion Water and Sanitation District (RB) 5.25%, 05/31/22 (c) | 1,180 | 1,205,533 | ||||||
See Notes to Financial Statements
| 130 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Colorado (continued) | ||||||||
| Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/25 (c) | $ | 615 | $ | 584,892 | ||||
| Painted Prairie Public Improvement Authority (RB) 4.00%, 12/01/24 (c) | 500 | 489,423 | ||||||
| Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28 | 140 | 157,256 | ||||||
| Rocky Mountain Rail Park Metropolitan District (GO) 5.00%, 03/01/26 (c) | 500 | 473,312 | ||||||
| Southlands Metropolitan District No. 1, Series A-1 (GO) 3.50%, 12/01/27 | 200 | 194,326 | ||||||
| STC Metropolitan District No. 2, Series A (GO) 4.00%, 12/01/24 (c) | 500 | 490,636 | ||||||
| Transport Metropolitan District No. 3 (GO) 4.12%, 03/01/26 (c) | 1,000 | 963,251 | ||||||
| Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 09/01/26 (c) | 1,000 | 903,507 | ||||||
| 7,911,299 | ||||||||
| Connecticut: 0.6% | ||||||||
| City of Hartford, Series A (GO) 5.00%, 04/01/23 (c) | 405 | 415,531 | ||||||
| Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/26 (c) | 120 | 121,928 | ||||||
| Harbor Point Infrastructure Improvement District Special Obligation Revenue Refunding Bonds (Harbor Point Project) Series (TA) 5.00%, 04/01/27 (c) | 1,000 | 1,073,177 | ||||||
| Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/26 (c) | 500 | 503,910 | ||||||
| University of Connecticut, Series A (RB) 5.00%, 03/15/25 | 380 | 405,244 | ||||||
| 2,519,790 | ||||||||
| Delaware: 0.1% | ||||||||
| Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) | 500 | 463,868 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| District of Columbia: 0.4% | ||||||||
| District of Columbia, Ingleside at Rock Creek Project, Series A (RB) 4.12%, 07/01/24 (c) | $ | 1,250 | $ | 1,251,400 | ||||
| District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) 4.00%, 06/01/30 | 500 | 500,210 | ||||||
| 1,751,610 | ||||||||
| Florida: 6.1% | ||||||||
| Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities, Series A-1 (RB) (NATL) 5.00%, 10/01/30 | 500 | 537,615 | ||||||
| Capital Trust Agency Revenue Bonds (The Marie Selby Botanical Gardens, Inc. Project), Series (Sustainability Bonds) (RB) 4.00%, 06/15/26 (c) | 535 | 491,391 | ||||||
| Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 3.38%, 07/01/31 | 1,540 | 1,430,795 | ||||||
| Capital Trust Agency, Inc., Elim Senior Housing, Inc. Project (RB) 5.00%, 08/01/24 (c) | 500 | 453,407 | ||||||
| Central Florida Expressway Authority, Series D (RB) (AGM) 5.00%, 07/01/31 (c) | 500 | 573,552 | ||||||
| City Of Orlando, Florida Senior Tourist Development Tax Refunding Revenue Bonds (6Th Cent Contract Payments), Series A (RB) (AGM) 5.00%, 11/01/27 (c) | 500 | 560,350 | ||||||
| City of Orlando, Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 | 600 | 674,380 | ||||||
| City Of Pompano Beach, Florida Revenue Bonds (John Knox Village Project), Entrance Fee Principal Redemption Bonds Series B-1 (RB) 2.00%, 01/01/29 | 1,000 | 882,955 | ||||||
| County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/25 (c) | 290 | 305,268 | ||||||
| County of Miami-Dade (RB) 0.00%, 10/01/26 (c) ^ | 265 | 191,748 | ||||||
| County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29 | 500 | 513,207 | ||||||
See Notes to Financial Statements
| 131 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group, Series A (RB) (SAW) 5.00%, 02/15/30 (c) | $ | 500 | $ | 553,413 | ||||
| Florida Development Finance Corp., Renaissance Chapter School, Inc. Project, Series C (RB) 4.00%, 09/15/27 (c) | 470 | 462,755 | ||||||
| Florida Development Finance Corp., Southwest Charter Foundation Inc. Project, Series A (RB) 5.12%, 06/15/27 | 250 | 246,837 | ||||||
| Florida Development Finance Corp., The Glenridge on Palmer Ranch Project (RB) (SAW) 5.00%, 06/01/28 (c) | 625 | 625,426 | ||||||
| Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project, Series A (RB) | ||||||||
| 6.25%, 01/01/24 (c) (p) | 2,015 | 2,008,216 | ||||||
| 6.38%, 01/01/26 (c) (p) | 2,730 | 2,693,495 | ||||||
| 6.50%, 01/01/29 (c) (p) | 4,750 | 4,639,444 | ||||||
| Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 5.00%, 05/31/22 (c) | 500 | 515,127 | ||||||
| Hillsborough County Aviation Authority, Florida Tampa International Airport Subordinated Revenue Refunding Bonds, Series A (Amt) (RB) 5.00%, 10/01/23 (c) | 500 | 518,092 | ||||||
| JEA Electric System, Series Three B (RB) 5.00%, 10/01/27 (c) | 110 | 122,833 | ||||||
| Miami-Dade County Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/25 (c) | 315 | 321,192 | ||||||
| Mid-Bay Bridge Authority, First Senior Lien, Series A (RB) | ||||||||
| 5.00%, 10/01/23 | 250 | 258,658 | ||||||
| 5.00%, 10/01/24 | 250 | 261,264 | ||||||
| Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24 | 125 | 126,715 | ||||||
| Orlando-Orange County Expressway Authority, Series A (RB) 5.00%, 07/01/23 (c) | 500 | 516,837 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
| Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 | $ | 2,000 | $ | 2,131,185 | ||||
| School Board of Miami-Dade County, Series D (CP) 5.00%, 02/01/26 (c) | 120 | 128,477 | ||||||
| School District of Broward County, Series B (CP) 5.00%, 07/01/27 (c) | 315 | 344,913 | ||||||
| School District of St. Lucie County, Sales Tax (RB) (AGM) 5.00%, 10/01/25 | 250 | 268,727 | ||||||
| State of Florida Department of Transportation, Federal Highway, Series A (RB) (SAW) 5.00%, 07/01/23 | 1,000 | 1,032,622 | ||||||
| Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28 | 475 | 473,098 | ||||||
| Village Community Development District No. 13 (SA) | ||||||||
| 2.62%, 05/01/24 | 370 | 364,308 | ||||||
| 3.00%, 05/01/29 | 245 | 232,253 | ||||||
| 25,460,555 | ||||||||
| Georgia: 1.4% | ||||||||
| Atlanta Development Authorities Senior Health Care Facilities, Proton Treatment Center Project, Series A-1 (RB) 6.00%, 01/01/23 | 250 | 132,500 | ||||||
| Burke County Development Authority, Georgia Power Company Plant Vogtle Project (RB) | ||||||||
| 2.25%, 05/25/23 (p) | 250 | 248,423 | ||||||
| 2.92%, 03/12/24 (p) | 250 | 249,275 | ||||||
| Burke County Development Authority, Georgia Power Company Plant Vogtle Project, Series E (RB) 3.25%, 02/03/25 (p) | 1,000 | 1,010,441 | ||||||
| Floyd County Development Authority, The Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/24 (c) | 250 | 240,259 | ||||||
| George L Smith II Congress Center Authority, Convention Center Hotel, First Ties, Series A (RB) 2.38%, 01/01/31 | 1,500 | 1,320,057 | ||||||
See Notes to Financial Statements
| 132 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
| Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28 | $ | 380 | $ | 400,020 | ||||
| Georgia State Road and Tollway Authority (RB) | ||||||||
| 5.00%, 06/01/25 | 300 | 322,334 | ||||||
| 5.00%, 06/01/28 | 250 | 280,962 | ||||||
| Main Street Natural Gas, Inc., Series A-1 (RB) | ||||||||
| 5.50%, 09/15/23 | 130 | 134,771 | ||||||
| 5.50%, 09/15/25 | 135 | 144,498 | ||||||
| Main Street Natural Gas, Inc., Series C (RB) 4.00%, 09/01/26 (c) (p) | 1,000 | 1,019,648 | ||||||
| Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27 | 250 | 261,738 | ||||||
| White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/26 (c) | 250 | 244,095 | ||||||
| 6,009,021 | ||||||||
| Guam: 1.1% | ||||||||
| Government Of Guam Business Privilege Tax Refunding Bonds Series F (Tax-Exempt Forward Delivery) (RB) | ||||||||
| 5.00%, 01/01/30 | 1,000 | 1,064,232 | ||||||
| 5.00%, 01/01/31 | 1,000 | 1,066,568 | ||||||
| Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/25 (c) | 360 | 382,598 | ||||||
| Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) 3.62%, 02/01/25 | 250 | 246,179 | ||||||
| Guam Government, Hotel Occupancy Tax, Series A (RB) 5.00%, 11/01/28 | 250 | 265,302 | ||||||
| Guam Government, Series A (RB) 5.00%, 12/01/24 | 1,000 | 1,052,320 | ||||||
| Guam Government, Waterworks Authority, Water and Wastewater System (RB) 5.50%, 07/01/23 (c) | 500 | 518,516 | ||||||
| 4,595,715 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Hawaii: 0.4% | ||||||||
| State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26 | $ | 1,500 | $ | 1,486,031 | ||||
| State of Hawaii, Department of Transportation, United Airlines, Inc. (RB) 5.62%, 05/31/22 (c) | 295 | 295,129 | ||||||
| 1,781,160 | ||||||||
| Illinois: 15.7% | ||||||||
| Chicago Board of Education, Series A (GO) | ||||||||
| 5.00%, 12/01/29 | 1,000 | 1,067,887 | ||||||
| 5.00%, 12/01/29 (c) | 1,000 | 1,064,113 | ||||||
| 5.00%, 12/01/30 (c) | 2,000 | 2,116,304 | ||||||
| 7.00%, 12/01/25 (c) | 200 | 224,455 | ||||||
| Chicago Board of Education, Series A (GO) (AGM) | ||||||||
| 5.00%, 12/01/28 (c) | 200 | 221,170 | ||||||
| 5.00%, 12/01/28 (c) | 250 | 265,356 | ||||||
| Chicago Board of Education, Series A (GO) (AMBAC) 5.50%, 12/01/26 | 230 | 253,251 | ||||||
| Chicago Board of Education, Series A (GO) (NATL) | ||||||||
| 0.00%, 12/01/24 ^ | 310 | 284,711 | ||||||
| 0.00%, 12/01/26 ^ | 310 | 263,725 | ||||||
| 0.00%, 12/01/28 ^ | 795 | 621,128 | ||||||
| Chicago Board of Education, Series B (GO) | ||||||||
| 5.00%, 12/01/29 (c) | 2,000 | 2,119,641 | ||||||
| 5.00%, 12/01/29 (c) | 1,950 | 2,063,368 | ||||||
| 5.00%, 12/01/29 (c) | 1,250 | 1,329,831 | ||||||
| 5.00%, 12/01/30 (c) | 3,000 | 3,184,590 | ||||||
| 5.00%, 12/01/30 | 2,000 | 2,140,399 | ||||||
| Chicago Board of Education, Series B-1 (GO) (NATL) 0.00%, 12/01/23 ^ | 350 | 333,534 | ||||||
| Chicago Board of Education, Series C (GO) 5.00%, 12/01/27 | 500 | 533,307 | ||||||
| Chicago Midway International Airport, Series A (RB) (AGM) 5.00%, 01/01/24 (c) | 750 | 769,716 | ||||||
| Chicago Midway International Airport, Series B (RB) 5.00%, 01/01/24 (c) | 260 | 269,368 | ||||||
| Chicago O’Hare International Airport, Series B (RB) | ||||||||
| 4.00%, 05/31/22 (c) | 300 | 300,513 | ||||||
| 5.00%, 01/01/25 (c) | 190 | 199,569 | ||||||
| 5.00%, 01/01/25 (c) | 105 | 110,701 | ||||||
| Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^ | 575 | 429,667 | ||||||
See Notes to Financial Statements
| 133 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) | ||||||||
| 0.00%, 12/01/24 ^ | $ | 515 | $ | 472,987 | ||||
| 0.00%, 12/01/25 ^ | 560 | 495,261 | ||||||
| 0.00%, 12/01/26 ^ | 490 | 416,856 | ||||||
| 0.00%, 12/01/28 ^ | 1,515 | 1,183,659 | ||||||
| 0.00%, 12/01/29 ^ | 585 | 437,139 | ||||||
| 0.00%, 12/01/30 ^ | 190 | 135,445 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
| 5.00%, 06/01/24 | 115 | 119,734 | ||||||
| 5.00%, 06/01/25 | 1,000 | 1,057,984 | ||||||
| 5.00%, 06/01/26 | 535 | 574,587 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5337 Urbanized Area Formula (RB) 5.00%, 06/01/25 | 1,000 | 1,063,437 | ||||||
| City Of Chicago, Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series B (Non-Amt) (Il) (RB) 5.00%, 01/01/25 (c) | 295 | 308,701 | ||||||
| City of Chicago, Neighborhoods Alive 21 Program, Series B (GO) | ||||||||
| 5.00%, 01/01/25 | 280 | 293,342 | ||||||
| 5.25%, 01/01/25 (c) | 350 | 367,783 | ||||||
| City of Chicago, Series A (GO) | ||||||||
| 5.00%, 01/01/24 (c) | 715 | 736,681 | ||||||
| 5.00%, 01/01/30 | 500 | 537,753 | ||||||
| 5.25%, 01/01/24 (c) | 180 | 186,064 | ||||||
| 5.25%, 01/01/24 (c) | 270 | 279,168 | ||||||
| City of Chicago, Series C (GO) | ||||||||
| 5.00%, 01/01/24 | 400 | 413,424 | ||||||
| 5.00%, 01/01/25 | 1,090 | 1,141,938 | ||||||
| City of Chicago, Water Revenue, Second Lien (RB) | ||||||||
| 5.00%, 11/01/22 (c) | 100 | 101,378 | ||||||
| 5.00%, 11/01/24 (c) | 270 | 282,935 | ||||||
| 5.00%, 11/01/24 (c) | 150 | 157,444 | ||||||
| 5.00%, 11/01/24 (c) | 100 | 104,619 | ||||||
| City of Chicago, Water Revenue, Second Lien, Series A-1 (RB) 5.00%, 11/01/26 (c) | 100 | 109,415 | ||||||
| Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c) | 240 | 246,709 | ||||||
| County of Cook, Series A (GO) 5.00%, 11/15/26 (c) | 500 | 544,951 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| Illinois Finance Authority Charter School Revenue Bonds (Social Bonds - A.I.M. (Art In Motion) Project), Series A (Il) (RB) 4.00%, 07/01/31 | $ | 1,000 | $ | 877,304 | ||||
| Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/24 (c) | 500 | 462,343 | ||||||
| Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 | 1,190 | 863,614 | ||||||
| Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) 5.00%, 11/01/26 (c) | 250 | 262,569 | ||||||
| Illinois Finance Authority, Roosevelt University (RB) 5.40%, 05/31/22 (c) | 100 | 100,060 | ||||||
| Illinois Finance Authority, Three Crowns Park (RB) 4.00%, 02/15/24 (c) | 250 | 251,401 | ||||||
| Illinois Municipal Electric Agency Power Supply System Revenue Refunding Bonds, Series A (Il) (RB) 5.00%, 08/01/25 (c) | 785 | 842,733 | ||||||
| Illinois Sports Facilities Authority (RB) | ||||||||
| 5.00%, 06/15/28 | 395 | 415,405 | ||||||
| 5.00%, 06/15/29 | 545 | 574,242 | ||||||
| Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^ | 260 | 224,866 | ||||||
| Illinois St G.O. Bds (Il)* (GO) (NATL) 6.00%, 11/01/26 | 2,000 | 2,222,576 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) (NATL) 0.00%, 12/15/24 ^ | 130 | 118,743 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) | ||||||||
| 5.00%, 12/15/27 (c) | 500 | 537,133 | ||||||
| 5.00%, 06/15/22 (c) | 110 | 110,442 | ||||||
| 5.00%, 06/15/22 (c) | 1,235 | 1,239,964 | ||||||
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^ | 115 | 91,000 | ||||||
| Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/26 (c) | 330 | 362,577 | ||||||
See Notes to Financial Statements
| 134 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| State of Illinois (GO) | ||||||||
| 3.50%, 06/01/26 (c) | $ | 1,645 | $ | 1,582,865 | ||||
| 3.50%, 06/01/26 (c) | 350 | 340,371 | ||||||
| 4.00%, 05/31/22 (c) | 290 | 290,478 | ||||||
| 4.00%, 08/01/22 (c) | 185 | 186,006 | ||||||
| 4.12%, 11/01/26 (c) | 100 | 100,960 | ||||||
| 4.12%, 05/31/22 (c) | 300 | 300,492 | ||||||
| 5.00%, 01/01/26 | 200 | 212,620 | ||||||
| 5.00%, 11/01/24 | 705 | 738,817 | ||||||
| 5.00%, 12/01/25 | 1,315 | 1,396,673 | ||||||
| 5.00%, 02/01/24 | 500 | 518,579 | ||||||
| 5.00%, 02/01/24 (c) | 150 | 155,029 | ||||||
| 5.00%, 02/01/24 | 120 | 124,459 | ||||||
| 5.00%, 02/01/26 | 515 | 548,004 | ||||||
| 5.00%, 02/01/27 | 500 | 537,250 | ||||||
| 5.00%, 02/01/27 (c) | 600 | 638,188 | ||||||
| 5.00%, 05/01/24 (c) | 100 | 103,579 | ||||||
| 5.00%, 05/31/22 (c) | 445 | 446,210 | ||||||
| 5.00%, 06/01/26 | 100 | 106,788 | ||||||
| 5.00%, 06/01/26 (c) | 455 | 484,408 | ||||||
| 5.00%, 08/01/22 (c) | 920 | 928,437 | ||||||
| 5.00%, 08/01/23 | 700 | 720,120 | ||||||
| 5.25%, 07/01/23 (c) | 275 | 282,546 | ||||||
| 5.50%, 07/01/23 (c) | 270 | 278,496 | ||||||
| 5.50%, 07/01/23 (c) | 500 | 515,631 | ||||||
| 5.50%, 07/01/23 (c) | 60 | 61,879 | ||||||
| State Of Illinois Build Illinois Bonds (Sales Tax Revenue Bonds), Junior Obligation Series A Of September (Il) (RB) (BAM) 4.00%, 06/15/30 | 1,000 | 1,041,363 | ||||||
| State Of Illinois General Obligation Refunding Bonds Series Of September B (Il) (GO) 5.00%, 10/01/28 (c) | 1,000 | 1,060,268 | ||||||
| State of Illinois Sales Tax (RB) | ||||||||
| 4.00%, 06/15/26 (c) | 810 | 824,176 | ||||||
| 5.00%, 06/15/23 | 525 | 538,036 | ||||||
| 5.00%, 06/15/23 (c) | 285 | 292,154 | ||||||
| 5.00%, 06/15/23 (c) | 190 | 194,996 | ||||||
| 5.00%, 06/15/26 | 235 | 250,151 | ||||||
| 5.00%, 06/15/31 | 1,000 | 1,095,440 | ||||||
| State of Illinois Sales Tax (RB) (BAM) 3.00%, 06/15/31 (c) | 500 | 433,588 | ||||||
| State of Illinois, Series A (GO) | ||||||||
| 4.00%, 05/31/22 (c) | 100 | 100,151 | ||||||
| 4.00%, 05/31/22 (c) | 100 | 100,165 | ||||||
| 4.00%, 05/31/22 (c) | 170 | 170,307 | ||||||
| 5.00%, 10/01/28 | 500 | 542,125 | ||||||
| 5.00%, 03/01/29 | 500 | 542,961 | ||||||
| 5.00%, 03/01/30 | 500 | 544,650 | ||||||
| State of Illinois, Series B (GO) | ||||||||
| 4.00%, 10/01/30 (c) | 500 | 500,962 | ||||||
| 5.00%, 09/01/27 | 600 | 647,001 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| State of Illinois, Series C (GO) 5.00%, 11/01/27 (c) | $ | 315 | $ | 336,491 | ||||
| State of Illinois, Series D (GO) | ||||||||
| 3.25%, 11/01/26 | 165 | 164,282 | ||||||
| 5.00%, 11/01/25 | 1,250 | 1,326,379 | ||||||
| 5.00%, 11/01/26 | 1,395 | 1,495,715 | ||||||
| 5.00%, 11/01/27 (c) | 110 | 118,182 | ||||||
| 5.00%, 11/01/27 | 130 | 140,344 | ||||||
| 65,551,442 | ||||||||
| Indiana: 0.7% | ||||||||
| City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/22 (c) | 290 | 269,013 | ||||||
| Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30 | 1,000 | 898,309 | ||||||
| Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26 | 1,000 | 1,011,835 | ||||||
| The Indianapolis Local Public Improvement Bond Bank Refunding Bonds, Series D (Amt) (Indianapolis Airport Authority Project) (RB) 5.00%, 01/01/29 | 500 | 547,247 | ||||||
| 2,726,404 | ||||||||
| Iowa: 1.4% | ||||||||
| City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/24 (c) | 945 | 921,412 | ||||||
| Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds (Iowa Fertilizer Company Project), Series (RB) 4.00%, 12/01/32 (c) (p) | 1,000 | 998,281 | ||||||
| Iowa Finance Authority, Iowa Fertilizer Co. Project (RB) 5.25%, 12/01/23 (c) | 500 | 527,752 | ||||||
| Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/24 (c) | 350 | 366,494 | ||||||
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) 4.00%, 10/01/25 | 955 | 951,660 | ||||||
| PEFA, Inc. (RB) 5.00%, 09/01/26 (c) (p) | 1,920 | 2,026,948 | ||||||
| 5,792,547 | ||||||||
| Kansas: 0.1% | ||||||||
| City of Goddard, Olympic Park Star Bond Project (RB) 3.60%, 12/01/22 (c) | 350 | 328,854 | ||||||
See Notes to Financial Statements
| 135 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Kansas (continued) | ||||||||
| Kansas Development Finance Authority, Village Shalom Project, Series B (RB) (AGC) 4.00%, 11/15/25 | $ | 100 | $ | 94,810 | ||||
| 423,664 | ||||||||
| Kentucky: 0.8% | ||||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB) 5.00%, 08/01/26 | 140 | 152,563 | ||||||
| Commonwealth of Kentucky State Property and Building Commission, Project No. 112, Series B (RB) 5.00%, 11/01/26 (c) | 325 | 355,597 | ||||||
| Commonwealth Of Kentucky State Property And Buildings Commission Revenue Refunding Bonds, Project No. 112 Series B (RB) 5.00%, 11/01/25 | 630 | 678,885 | ||||||
| Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB) | ||||||||
| 5.00%, 09/01/23 | 600 | 622,169 | ||||||
| 5.25%, 09/01/23 | 250 | 260,051 | ||||||
| 5.25%, 09/01/23 (c) | 250 | 260,084 | ||||||
| Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26 | 100 | 102,130 | ||||||
| Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/25 (c) | 175 | 186,097 | ||||||
| Kentucky State Property and Building Commission No. 108, Series A (RB) 5.00%, 08/01/25 (c) | 140 | 150,116 | ||||||
| Louisville/Jefferson County Metro Government, Kentucky Pollution Control Revenue Bonds, Series A (Louisville Gas And Electric Company Project) (RB) 2.00%, 04/01/31 (c) | 500 | 399,774 | ||||||
| 3,167,466 | ||||||||
| Louisiana: 1.0% | ||||||||
| Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) 5.00%, 12/01/27 | 1,025 | 1,097,263 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Louisiana (continued) | ||||||||
| Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG) 5.00%, 12/01/29 | $ | 150 | $ | 162,654 | ||||
| City of Alexandria, Series A (RB) 5.00%, 05/01/23 (c) | 1,000 | 1,029,432 | ||||||
| City of New Orleans, Water System (RB) 5.00%, 12/01/25 (c) | 305 | 330,789 | ||||||
| City of Shreveport, Water and Sewer Revenue, Series C (RB) (BAM) 5.00%, 12/01/26 | 525 | 578,731 | ||||||
| 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 | 610,757 | ||||||
| Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) * | 330 | 3 | ||||||
| Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) * | 521 | 5 | ||||||
| Parish of St James, Nustar Logistics, LP Project (RB) 6.10%, 06/01/30 (p) | 500 | 568,893 | ||||||
| 4,378,527 | ||||||||
| Maryland: 0.8% | ||||||||
| City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27 | 200 | 201,883 | ||||||
| City of Baltimore, Harbor Point Project (RB) 4.25%, 06/01/26 | 150 | 152,808 | ||||||
| County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27 | 350 | 361,437 | ||||||
| County of Howard, Series A (TA) 4.00%, 02/15/26 (c) | 200 | 199,590 | ||||||
| Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 05/31/22 (c) | 695 | 696,531 | ||||||
See Notes to Financial Statements
| 136 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
| Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) 3.75%, 01/01/27 (c) | $ | 245 | $ | 244,080 | ||||
| Maryland Economic Development Corp., Port Covington Project (TA) 3.25%, 09/01/30 | 1,000 | 933,537 | ||||||
| Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28 | 425 | 471,113 | ||||||
| 3,260,979 | ||||||||
| Massachusetts: 0.6% | ||||||||
| Collegiate Charter School of Lowell (RB) 5.00%, 06/15/26 (c) | 490 | 502,792 | ||||||
| Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/28 | 500 | 552,128 | ||||||
| Massachusetts Development Finance Agency, CareGroup Issue, Series I (RB) 5.00%, 07/01/26 (c) | 310 | 335,206 | ||||||
| Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/22 (c) | 250 | 263,901 | ||||||
| Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/27 (c) | 335 | 360,067 | ||||||
| Massachusetts Development Finance Agency, UMass Memorial Health Care Obligated Group Issue, Series I (RB) 5.00%, 07/01/26 (c) | 100 | 107,701 | ||||||
| Massachusetts Educational Financing Authority (RB) 5.00%, 01/01/25 (c) | 275 | 286,629 | ||||||
| 2,408,424 | ||||||||
| Michigan: 1.5% | ||||||||
| City of Detroit, Series A (GO) (SBG) 5.00%, 04/01/31 (c) | 500 | 535,920 | ||||||
| Grand Rapids Economic Development Corp., Beacon Hill at Eastgate, Series A (RB) 4.00%, 11/01/24 (c) | 250 | 252,705 | ||||||
| Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds, Series C (RB) 5.00%, 07/01/26 (c) | 1,000 | 1,090,735 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Michigan (continued) | ||||||||
| Great Lakes Water Authority, Water Supply System, Senior Lien, Series C (RB) 5.00%, 07/01/26 (c) | $ | 500 | $ | 549,713 | ||||
| Michigan Finance Authority Higher Education, Aquinas College Project (RB) 4.00%, 05/01/31 | 500 | 461,397 | ||||||
| Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB) 6.25%, 07/01/24 (c) | 1,000 | 1,020,706 | ||||||
| Michigan Finance Authority Hospital, Beaumont Health Credit Group, Series A (RB) 5.00%, 08/01/24 (c) | 600 | 630,983 | ||||||
| Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 12/31/28 (c) | 155 | 162,923 | ||||||
| Wayne County Airport Authority, Detroit metropolitan Wayne County Airport, Series C (RB) 5.00%, 12/01/27 | 1,415 | 1,569,041 | ||||||
| 6,274,123 | ||||||||
| Minnesota: 0.8% | ||||||||
| City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/24 (c) | 100 | 97,985 | ||||||
| City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.12%, 07/01/25 | 540 | 506,307 | ||||||
| City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) 5.25%, 07/01/25 (c) | 350 | 354,340 | ||||||
| Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/26 (c) | 1,000 | 967,860 | ||||||
| Housing & Redevelopment Authority of The City of St Paul Minnesota (RB) 5.00%, 07/01/25 (c) | 500 | 533,259 | ||||||
| Minneapolis-St Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/25 | 640 | 676,943 | ||||||
| Saint Paul Housing and Redevelopment Authority, Series A (RB) 5.00%, 09/01/26 | 120 | 122,995 | ||||||
| 3,259,689 | ||||||||
See Notes to Financial Statements
| 137 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Missouri: 0.9% | ||||||||
| City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) | ||||||||
| 4.00%, 11/01/26 | $ | 105 | $ | 101,926 | ||||
| 4.62%, 11/01/27 (c) | 600 | 587,422 | ||||||
| Industrial Development Authority of the City of St. Louis, Series A (RB) 3.88%, 11/15/26 (c) | 220 | 196,181 | ||||||
| Kansas City Land Clearance Redevelopment Authority, Convention Center Hotel Project, Series B (TA) (AMBAC) 4.38%, 02/01/28 (c) | 1,915 | 1,738,319 | ||||||
| Maryland Heights Industrial Development Authority, San Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/28 (c) | 400 | 366,599 | ||||||
| Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/29 (c) | 500 | 461,088 | ||||||
| St. Louis County, Industrial Development Authority, Friendship Village St. Louis Obligated Group, Series A (RB) 5.00%, 09/01/25 (c) | 500 | 529,114 | ||||||
| 3,980,649 | ||||||||
| Montana: 0.1% | ||||||||
| City of Forsyth, Rosebud County, Montana Pollution Control (RB) 2.00%, 08/01/23 | 220 | 218,842 | ||||||
| Nebraska: 0.1% | ||||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
| 5.00%, 09/01/28 | 100 | 108,772 | ||||||
| 5.00%, 09/01/30 | 125 | 136,902 | ||||||
| 245,674 | ||||||||
| Nevada: 1.1% | ||||||||
| City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 05/31/22 (c) | 355 | 312,744 | ||||||
| City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina (RB) | ||||||||
| 2.50%, 06/15/24 | 345 | 339,050 | ||||||
| 2.75%, 06/15/28 | 1,000 | 944,945 | ||||||
| Clark County School District, Series A (GO) 5.00%, 06/15/24 | 500 | 525,335 | ||||||
| Clark County School District, Series B (GO) (AGM) | ||||||||
| 5.00%, 06/15/29 (c) | 250 | 281,276 | ||||||
| 5.00%, 06/15/29 | 250 | 282,224 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Nevada (continued) | ||||||||
| Clark County School District, Series B (GO) (BAM) | ||||||||
| 5.00%, 06/15/30 (c) | $ | 500 | $ | 567,717 | ||||
| 5.00%, 06/15/30 | 250 | 285,160 | ||||||
| Clark County School District, Series C (GO) 5.00%, 12/15/25 (c) | 115 | 123,538 | ||||||
| Clark County, Airport System, Series A-2 (RB) 5.00%, 07/01/24 (c) | 100 | 105,142 | ||||||
| Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31 | 5 | 4,332 | ||||||
| State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27 | 440 | 462,336 | ||||||
| State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) 4.50%, 12/15/25 (c) | 425 | 432,790 | ||||||
| 4,666,589 | ||||||||
| New Hampshire: 0.1% | ||||||||
| National Finance Authority, Covanta Project, Series A (RB) 4.00%, 07/01/23 (c) | 250 | 247,932 | ||||||
| New Hampshire Health and Education Facilities Authority, Hillside Village, Series A (RB) 5.25%, 07/01/24 (c) (d) * | 290 | 145,000 | ||||||
| 392,932 | ||||||||
| New Jersey: 9.7% | ||||||||
| Gloucester County, Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24 | 440 | 456,899 | ||||||
| New Jersey Economic Development Authority Water Facilities Refunding Revenue Bonds (New Jersey- American Water Company, Inc. Project) Series B (Non-Amt) (RB) 2.05%, 12/03/29 (p) | 1,250 | 1,140,087 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) | ||||||||
| 5.12%, 08/20/22 (c) | 655 | 666,011 | ||||||
| 5.25%, 08/20/22 (c) | 2,000 | 2,029,327 | ||||||
| 5.75%, 09/15/22 (c) | 300 | 302,492 | ||||||
| New Jersey Economic Development Authority, Lions Gate Project (RB) 4.38%, 01/01/24 | 40 | 39,976 | ||||||
See Notes to Financial Statements
| 138 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) | ||||||||
| 4.00%, 07/01/27 (c) | $ | 760 | $ | 766,217 | ||||
| 5.00%, 07/01/27 (c) | 1,000 | 1,067,295 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series A (RB) 4.00%, 11/01/27 | 380 | 394,904 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) | ||||||||
| 4.00%, 11/01/25 | 500 | 517,320 | ||||||
| 5.00%, 11/01/25 | 115 | 122,776 | ||||||
| New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM) 5.00%, 11/01/29 (c) | 110 | 120,369 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series AAA (RB) 5.50%, 12/15/26 (c) | 115 | 126,563 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series BBB (RB) 5.50%, 12/15/26 (c) | 100 | 112,941 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series N-1 (RB) (NATL) 5.50%, 09/01/23 | 400 | 415,775 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB) | ||||||||
| 5.00%, 03/01/23 (c) | 660 | 676,417 | ||||||
| 5.00%, 03/01/23 (c) | 1,500 | 1,528,030 | ||||||
| 5.00%, 03/01/23 (c) | 35 | 35,649 | ||||||
| 5.00%, 03/01/23 (c) | 455 | 463,886 | ||||||
| 5.00%, 03/01/23 (c) | 200 | 203,781 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 500 | 526,956 | ||||||
| 5.00%, 06/15/24 (c) | 320 | 337,252 | ||||||
| 5.00%, 06/15/24 (c) | 340 | 354,967 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series UU (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 340 | 358,330 | ||||||
| 5.00%, 06/15/24 | 430 | 449,221 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) | ||||||||
| 4.25%, 06/15/25 (c) | $ | 440 | $ | 456,669 | ||||
| 4.38%, 06/15/25 (c) | 130 | 135,138 | ||||||
| 5.00%, 06/15/25 (c) | 345 | 366,064 | ||||||
| New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 12/15/28 (c) | 750 | 772,391 | ||||||
| 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 | 163,715 | ||||||
| New Jersey Educational Facilities Authority, Higher Education Facilities Trust (RB) | ||||||||
| 5.00%, 06/15/24 (c) | 145 | 151,383 | ||||||
| 5.00%, 06/15/24 (c) | 175 | 182,703 | ||||||
| New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/24 | 315 | 330,830 | ||||||
| New Jersey State Turnpike Authority, Series A (RB) (AGM) 5.25%, 01/01/26 | 500 | 549,331 | ||||||
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds, Series Bb (RB) 5.00%, 12/15/31 (c) | 1,000 | 1,082,435 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
| 0.00%, 12/15/25 ^ | 120 | 105,791 | ||||||
| 0.00%, 12/15/26 ^ | 360 | 305,118 | ||||||
| 0.00%, 12/15/32 ^ | 5 | 3,218 | ||||||
| 5.00%, 12/15/24 | 500 | 527,010 | ||||||
| 5.00%, 12/15/25 | 500 | 534,739 | ||||||
| 5.00%, 12/15/26 | 1,050 | 1,136,265 | ||||||
| 5.00%, 12/15/28 | 885 | 970,093 | ||||||
| 5.00%, 12/15/28 (c) | 205 | 222,716 | ||||||
| 5.00%, 06/15/24 | 300 | 313,410 | ||||||
| 5.00%, 06/15/26 (c) | 500 | 531,472 | ||||||
| 5.00%, 06/15/26 (c) | 395 | 421,706 | ||||||
| 5.00%, 06/15/31 | 1,100 | 1,206,990 | ||||||
| 5.25%, 12/15/23 | 270 | 281,072 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A-1 (RB) | ||||||||
| 5.00%, 06/15/23 | 410 | 422,378 | ||||||
| 5.00%, 06/15/26 (c) | 110 | 118,120 | ||||||
| 5.00%, 06/15/26 (c) | 845 | 915,210 | ||||||
See Notes to Financial Statements
| 139 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| New Jersey Transportation Trust Fund Authority, Series AA (RB) | ||||||||
| 4.00%, 06/15/22 (c) | $ | 535 | $ | 536,690 | ||||
| 5.00%, 12/15/28 (c) | 500 | 541,979 | ||||||
| 5.00%, 06/15/22 (c) | 605 | 607,612 | ||||||
| 5.00%, 06/15/22 (c) | 205 | 205,885 | ||||||
| 5.00%, 06/15/23 (c) | 490 | 502,270 | ||||||
| 5.00%, 06/15/23 | 745 | 767,910 | ||||||
| 5.00%, 06/15/25 (c) | 275 | 291,452 | ||||||
| 5.25%, 06/15/25 (c) | 1,065 | 1,129,184 | ||||||
| 5.25%, 06/15/25 (c) | 435 | 463,845 | ||||||
| 5.25%, 06/15/25 (c) | 100 | 106,893 | ||||||
| 5.25%, 06/15/25 (c) | 365 | 388,602 | ||||||
New Jersey Transportation Trust Fund Authority, Series C (RB) (AGM) 0.00%, 12/15/29 ^ | 290 | 221,580 | ||||||
| New Jersey Transportation Trust Fund Authority, Series D (RB) | ||||||||
| 5.00%, 12/15/23 | 735 | 762,253 | ||||||
| 5.00%, 12/15/24 (c) | 1,380 | 1,439,509 | ||||||
| 5.25%, 12/15/23 | 515 | 536,119 | ||||||
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.00%, 01/01/32 | 120 | 131,013 | ||||||
Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23 | 50 | 51,170 | ||||||
| State of New Jersey, COVID-19 Emergency Bond, Series A (GO) | ||||||||
| 5.00%, 06/01/26 | 500 | 539,986 | ||||||
| 5.00%, 06/01/28 | 990 | 1,095,099 | ||||||
State of New Jersey, Covid-19 General Emergency, Series A (GO) 5.00%, 06/01/27 | 500 | 547,193 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
| 2.00%, 12/01/29 (c) | 2,000 | 1,735,885 | ||||||
| 3.00%, 06/01/26 | 80 | 80,196 | ||||||
| 4.00%, 06/01/23 (c) | 110 | 112,188 | ||||||
| 5.00%, 06/01/27 | 100 | 109,439 | ||||||
| Tobacco Settlement Financing Corp., Series A (RB) | ||||||||
| 5.00%, 06/01/23 | 500 | 511,390 | ||||||
| 5.00%, 06/01/28 (c) | 150 | 162,203 | ||||||
| 5.00%, 06/01/28 | 655 | 710,414 | ||||||
| 5.00%, 06/01/28 (c) | 640 | 689,612 | ||||||
| 40,396,979 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New Mexico: 0.6% | ||||||||
City Of Farmington, New Mexico Pollution Control Refunding Revenue Bonds (Southern California Edison Company Four Corners Project) Series B (Non-Amt) (RB) 1.80%, 04/01/29 | $ | 1,000 | $ | 885,904 | ||||
City Of Farmington, New Mexico Pollution Control Revenue Refunding Bonds, Series B (Public Service Company Of New Mexico San Juan And Four Corners Projects) (RB) 2.15%, 10/01/31 (c) | 1,700 | 1,407,608 | ||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group, Series C (RB) 2.38%, 05/10/22 (c) | 400 | 391,762 | ||||||
| 2,685,274 | ||||||||
| New York: 10.2% | ||||||||
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) | ||||||||
| 5.00%, 01/15/27 (c) | 100 | 107,747 | ||||||
| 5.00%, 01/15/27 (c) | 100 | 107,521 | ||||||
| 5.00%, 01/15/27 (c) | 1,800 | 1,920,812 | ||||||
| 5.00%, 07/15/23 | 1,600 | 1,643,676 | ||||||
| 5.00%, 07/15/24 | 1,750 | 1,830,755 | ||||||
| 5.00%, 07/15/26 | 100 | 107,587 | ||||||
Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB) 5.00%, 12/31/28 | 1,235 | 1,217,064 | ||||||
Build NYC Resource Corporation, New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31 | 275 | 265,598 | ||||||
Build NYC Resource Corporation, Richmond Preparatory Chapter School Project, Series A (RB) 4.00%, 06/01/29 (c) | 595 | 566,606 | ||||||
County of Suffolk, Series A (GO) (AGM) 5.00%, 02/01/26 | 250 | 268,211 | ||||||
County of Suffolk, Series B (GO) (AGM) 5.00%, 10/15/26 | 250 | 271,049 | ||||||
Dormitory Authority Of The State Of New York Montefiore Obligated Group Revenue Bonds Series A (RB) 5.00%, 09/01/27 | 1,000 | 1,054,228 | ||||||
See Notes to Financial Statements
| 140 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
Dormitory Authority Of The State Of New York Montefiore Obligated Group Revenue Bonds, Series A (Tax-Exempt) (RB) 5.00%, 08/01/28 (c) | $ | 1,000 | $ | 1,055,655 | ||||
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) | ||||||||
| 5.00%, 07/01/26 (c) | 270 | 291,801 | ||||||
| 5.00%, 07/01/26 (c) | 275 | 297,633 | ||||||
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27 | 1,000 | 965,087 | ||||||
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 05/15/26 (c) | 250 | 265,338 | ||||||
Metropolitan Transportation Authority, Series C-1 (RB) 5.00%, 05/15/28 (c) | 250 | 268,955 | ||||||
| Metropolitan Transportation Authority, Series D (RB) | ||||||||
| 5.00%, 11/15/26 (c) | 500 | 533,278 | ||||||
| 5.00%, 05/15/28 (c) | 560 | 600,823 | ||||||
| Metropolitan Transportation Authority, Series D-1 (RB) | ||||||||
| 5.00%, 11/15/25 (c) | 250 | 264,084 | ||||||
| 5.00%, 11/15/25 (c) | 250 | 264,940 | ||||||
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 5.00%, 12/01/30 (c) | 500 | 562,943 | ||||||
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/26 (c) | 1,000 | 940,592 | ||||||
New York Convention Center Development Corp. (RB) 5.00%, 11/15/25 (c) | 500 | 537,425 | ||||||
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
| 5.00%, 08/01/24 | 250 | 257,010 | ||||||
| 5.00%, 08/01/28 (c) | 945 | 994,669 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/28 (c) | 2,395 | 2,514,838 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
New York State Environmental Facilities Corporation Solid Waste Disposal Revenue Bonds, (Casella Waste Systems, Inc Project) Series (RB) (FHA 542 (C)) 2.75%, 09/02/25 (c) (p) | $ | 600 | $ | 589,285 | ||||
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) | ||||||||
| 2.25%, 08/01/26 | 1,000 | 935,438 | ||||||
| 5.00%, 05/20/22 (c) | 2,000 | 1,977,994 | ||||||
| 5.00%, 05/20/22 (c) | 760 | 755,643 | ||||||
| 5.25%, 08/01/30 (c) | 940 | 994,001 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) | ||||||||
| 4.00%, 10/01/30 | 2,000 | 1,973,235 | ||||||
| 5.00%, 01/01/28 (c) | 3,255 | 3,423,319 | ||||||
| 5.00%, 01/01/28 (c) | 785 | 828,137 | ||||||
| 5.00%, 01/01/28 (c) | 780 | 825,119 | ||||||
New York Transportation Development Corp., John F. Kennedy International Airport Project (RB) 3.00%, 08/01/31 | 1,000 | 927,774 | ||||||
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series B (RB) 3.50%, 07/01/23 (c) | 1,500 | 1,493,618 | ||||||
| Port Authority of New York & New Jersey, Series 184 (RB) | ||||||||
| 5.00%, 10/15/25 (c) | 500 | 536,642 | ||||||
| 5.00%, 09/01/24 (c) | 250 | 264,037 | ||||||
| 5.00%, 09/01/24 (c) | 270 | 284,972 | ||||||
Port Authority of New York & New Jersey, Series 214 (RB) 5.00%, 09/01/29 (c) | 250 | 277,928 | ||||||
| Syracuse Industrial Development Agency, Carousel Center Project, Series A (RB) | ||||||||
| 5.00%, 01/01/26 (c) | 1,130 | 993,808 | ||||||
| 5.00%, 01/01/26 (c) | 750 | 674,067 | ||||||
The Port Authority Of New York And New Jersey Consolidated Bonds, Two Hundred Twenty - Seventh Series (RB) 3.00%, 10/01/28 | 550 | 538,132 | ||||||
Town of Oyster Bay, Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 (c) | 665 | 678,968 | ||||||
See Notes to Financial Statements
| 141 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| Town of Ramapo, Public Improvement, Series A (GO) (FGIC) | ||||||||
| 4.00%, 05/15/23 (c) | $ | 120 | $ | 113,240 | ||||
| 4.12%, 05/15/23 (c) | 100 | 93,854 | ||||||
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 | 1,130,671 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) | ||||||||
| 5.00%, 06/01/23 | 1,500 | 1,496,987 | ||||||
| 5.00%, 06/01/27 | 70 | 75,268 | ||||||
| 5.00%, 06/01/27 (c) | 70 | 74,966 | ||||||
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) 4.00%, 09/15/24 (c) | 375 | 352,745 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29 | 200 | 195,956 | ||||||
| 42,481,729 | ||||||||
| North Carolina: 0.6% | ||||||||
North Carolina Eastern Municipal Power Agency, Series B (RB) (NATL) 6.00%, 01/01/25 | 125 | 136,209 | ||||||
North Carolina Medical Care Commission, Vedan Health (RB) 5.00%, 06/01/25 (c) | 250 | 268,458 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/25 | 350 | 367,077 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (AGM) 5.00%, 01/01/29 (c) | 500 | 563,336 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 | 1,000 | 1,038,208 | ||||||
| 2,373,288 | ||||||||
| North Dakota: 0.4% | ||||||||
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 06/15/26 (c) | 3,000 | 1,843,562 | ||||||
| Ohio: 1.8% | ||||||||
American Municipal Power, Inc., Series A (RB) 5.00%, 02/15/29 | 500 | 563,934 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) | ||||||||
| 5.00%, 02/15/25 | $ | 250 | $ | 265,280 | ||||
| 5.00%, 02/15/26 | 50 | 53,991 | ||||||
| 5.00%, 02/15/27 (c) | 110 | 119,780 | ||||||
| 5.00%, 02/15/27 | 350 | 383,996 | ||||||
Greater Cincinnati Development Authority, Convention Center Hotel Acquisition and Demolition Project, Series A (RB) 3.00%, 05/31/22 (c) | 2,000 | 1,989,225 | ||||||
Ohio Air Quality Development Authority Revenue Refunding Bonds (American Electric Company Project) Series A (Non-Amt) (RB) 2.40%, 10/01/29 (c) (p) | 500 | 465,209 | ||||||
Ohio Air Quality Development Authority State Of Ohio Air Quality Revenue Bonds (Ohio Valley Electric Corporation Project) Series B (RB) 1.38%, 11/01/24 (p) | 1,000 | 946,853 | ||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29 | 2,000 | 1,862,175 | ||||||
Southern Ohio Port Authority, Purecycle Project, Series B (RB) (AGM) 10.00%, 12/01/26 (c) | 1,000 | 1,026,462 | ||||||
| 7,676,905 | ||||||||
| Oklahoma: 0.8% | ||||||||
Comanche County Hospital Authority, Series A (RB) 5.00%, 07/01/22 (c) | 525 | 528,138 | ||||||
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) | ||||||||
| 5.00%, 08/15/26 | 1,000 | 1,040,671 | ||||||
| 5.00%, 08/15/27 | 250 | 261,550 | ||||||
Tulsa Municipal Airport Trust, American Airlines, Inc. (RB) 5.00%, 06/01/25 (c) (p) | 1,500 | 1,543,424 | ||||||
| 3,373,783 | ||||||||
| Oregon: 0.1% | ||||||||
Oregon State Business Development Commission, Red Rock Biofuels LLC Clean Energy Project (RB) 11.50%, 04/01/26 (c) (d) * | 500 | 30,000 | ||||||
See Notes to Financial Statements
| 142 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Oregon (continued) | ||||||||
Yamhill County Hospital Authority, Friendsview Retirement Community Oregon, Series A (RB) 5.00%, 11/15/24 (c) | $ | 325 | $ | 327,482 | ||||
| 357,482 | ||||||||
| Pennsylvania: 4.9% | ||||||||
Allegheny County Industrial Development Authority, United States Steel Corp. Project (RB) 4.88%, 11/01/24 | 500 | 515,199 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority (RB) | ||||||||
| 5.00%, 05/01/23 | 355 | 361,679 | ||||||
| 5.00%, 05/01/27 | 1,250 | 1,334,566 | ||||||
| 5.00%, 05/01/28 | 875 | 936,508 | ||||||
| 5.00%, 05/01/28 | 1,895 | 2,023,206 | ||||||
| Berks County Industrial Development Authority, Tower Health Project (RB) | ||||||||
| 4.00%, 11/01/27 (c) | 200 | 192,791 | ||||||
| 5.00%, 11/01/24 | 1,000 | 1,026,322 | ||||||
| 5.00%, 11/01/25 | 1,000 | 1,034,291 | ||||||
| 5.00%, 11/01/26 | 400 | 416,500 | ||||||
| Berks County Municipal Authority, Tower Health Project, Series A (RB) | ||||||||
| 5.00%, 02/01/30 | 800 | 842,347 | ||||||
| 5.00%, 02/01/31 | 425 | 448,261 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-2 (RB) 5.00%, 02/01/27 (c) (p) | 1,500 | 1,530,773 | ||||||
Berks County Municipal Authority, Tower Health Project, Series B-3 (RB) 5.00%, 02/01/30 (c) (p) | 500 | 510,481 | ||||||
City of Philadelphia, Gas Works, Series 13 (RB) 5.00%, 08/01/25 | 80 | 86,039 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23 | 500 | 513,244 | ||||||
| Dauphin County General Authority University, Harrisburg University of Science and Technology Project (RB) | ||||||||
| 4.25%, 10/15/26 | 500 | 500,957 | ||||||
| 5.00%, 10/15/27 | 250 | 257,246 | ||||||
| 5.00%, 10/15/28 (c) | 500 | 515,543 | ||||||
Doylestown Hospital Authority, Series A (RB) (SBG) 5.00%, 07/01/23 (c) | 250 | 255,349 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
Fulton County Industrial Development Authority, The Fulton County Medical Center Project (RB) 4.00%, 07/01/26 (c) | $ | 580 | $ | 576,977 | ||||
Geisinger Authority Health System, Series C (RB) 5.00%, 04/01/30 (c) (p) | 1,000 | 1,119,807 | ||||||
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25 | 1,055 | 1,055,293 | ||||||
| Pennsylvania Economic Development Financing Authority, The Pennsylvania Rapid Bridge Replacement Project (RB) | ||||||||
| 5.00%, 12/31/23 | 125 | 130,479 | ||||||
| 5.00%, 06/30/26 | 130 | 138,568 | ||||||
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/26 (c) | 100 | 107,917 | ||||||
Pennsylvania Turnpike Commission, Series E (RB) 6.00%, 12/01/27 (c) | 645 | 750,042 | ||||||
Philadelphia Authority For Industrial Development (Philadelphia Electrical And Technology Charter School Project) Charter School Revenue Bonds, Series A (RB) 4.00%, 06/01/31 | 575 | 565,101 | ||||||
Philadelphia Gas Works Co., Fourteenth Series (RB) 5.00%, 10/01/26 | 100 | 108,704 | ||||||
State Public School Building Authority, The School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 12/01/26 (c) | 200 | 218,751 | ||||||
Susquehanna Area Regional Airport Authority, Series A (RB) 5.00%, 01/01/23 (c) | 500 | 507,178 | ||||||
| The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB) | ||||||||
| 5.00%, 07/01/26 | 115 | 123,046 | ||||||
| 5.00%, 07/01/27 (c) | 275 | 294,865 | ||||||
Westmoreland County Industrial Development Authority Health System Revenue Bonds Tax-Exempt Series A (Excela Health Project) (RB) 5.00%, 07/01/29 | 1,450 | 1,635,708 | ||||||
| 20,633,738 | ||||||||
See Notes to Financial Statements
| 143 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Puerto Rico: 4.0% | ||||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB) | ||||||||
| 5.00%, 07/01/30 | $ | 3,000 | $ | 3,227,683 | ||||
| 5.25%, 07/01/22 (c) | 485 | 487,894 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series B (RB) 5.00%, 07/01/28 | 1,000 | 1,066,122 | ||||||
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) 6.12%, 07/01/24 | 600 | 620,448 | ||||||
Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) 4.00%, 07/01/31 (c) | 2,000 | 1,859,602 | ||||||
Puerto Rico Comwlth Aqueduct & Swr Auth Rev Sr Ref Bds B* (RB) 5.00%, 07/01/31 (c) | 2,000 | 2,131,051 | ||||||
Puerto Rico Comwlth Go Restructured Bds A-1* (GO) (BAM-TCRS) 5.75%, 07/01/31 | 2,000 | 2,189,009 | ||||||
Puerto Rico Electric Power Authority, Series UU (RB) (AGM) 5.00%, 05/31/22 (c) | 250 | 254,468 | ||||||
Puerto Rico Highway & Transportation Authority, Series CC (RB) (AGM) 5.25%, 07/01/32 | 1,105 | 1,155,769 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, AES Puerto Rico Project (RB) 6.62%, 05/31/22 (c) | 100 | 103,371 | ||||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Ana G. Mendez University System Project (RB) 5.00%, 05/31/22 (c) | 165 | 165,785 | ||||||
Puerto Rico Municipal Finance Agency, Series A (RB) (AGM) 5.00%, 05/31/22 (c) | 780 | 790,713 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) 0.00%, 07/01/28 (c) ^ | 2,000 | 1,486,732 | ||||||
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM) 0.00%, 07/01/28 (c) ^ | 1,308 | 1,046,859 | ||||||
| 16,585,506 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Rhode Island: 0.6% | ||||||||
| Rhode Island Commerce Corp., Department of Transportation, Series A (RB) | ||||||||
| 5.00%, 05/15/30 (c) | $ | 900 | $ | 1,008,061 | ||||
| 5.00%, 05/15/30 (c) | 250 | 278,904 | ||||||
Rhode Island Commerce Corp., Department of Transportation, Series B (RB) 5.00%, 06/15/26 | 155 | 167,993 | ||||||
Rhode Island Health and Educational Building Corp., Care New England Issue, Series B (RB) 5.00%, 09/01/26 (c) | 1,000 | 1,053,325 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23 | 115 | 117,751 | ||||||
| 2,626,034 | ||||||||
| South Carolina: 0.8% | ||||||||
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.00%, 12/15/26 (c) | 400 | 418,891 | ||||||
| South Carolina Jobs-Economic Development Authority, Solid Waste Disposal, Series A (RB) | ||||||||
| 5.25%, 07/01/25 (c) | 755 | 808,291 | ||||||
| 6.00%, 06/01/28 (c) | 1,000 | 904,266 | ||||||
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/24 (c) | 360 | 352,126 | ||||||
| South Carolina Public Service Authority, Series A (RB) | ||||||||
| 5.00%, 06/01/25 (c) | 290 | 309,010 | ||||||
| 5.00%, 06/01/26 (c) | 525 | 563,080 | ||||||
| 3,355,664 | ||||||||
| Tennessee: 1.0% | ||||||||
Blount County, Health and Educational Facilities Board, Series A (RB) 5.00%, 01/01/25 (c) | 500 | 418,828 | ||||||
Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA) 4.75%, 07/01/27 | 195 | 169,650 | ||||||
Tennergy Corporation Gas Supply Revenue Bonds Series A (RB) 4.00%, 09/01/28 (c) (p) | 1,750 | 1,780,010 | ||||||
Tennessee Energy Acquisition Corp Gas Rev Gas Rev Bds A* (RB) 5.25%, 09/01/26 | 525 | 559,202 | ||||||
See Notes to Financial Statements
| 144 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Tennessee (continued) | ||||||||
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 11/01/31 (c) (p) | $ | 1,000 | $ | 1,088,232 | ||||
| 4,015,922 | ||||||||
| Texas: 7.0% | ||||||||
| Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) | ||||||||
| 5.00%, 01/01/27 (c) | 1,200 | 1,245,064 | ||||||
| 5.00%, 01/01/27 (c) | 1,155 | 1,202,377 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26 | 250 | 260,351 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/27 (c) | 500 | 501,474 | ||||||
Board of Regents of the University of Texas System, Series A (RB) (AGM) 5.00%, 08/15/29 (c) | 50 | 57,044 | ||||||
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/24 (c) | 2,465 | 2,401,199 | ||||||
Central Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/31 (c) | 750 | 830,751 | ||||||
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/26 (c) | 2,000 | 2,119,278 | ||||||
Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24 | 120 | 125,342 | ||||||
City of Austin, Airport System (RB) 5.00%, 11/15/24 (c) | 395 | 411,428 | ||||||
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27 | 180 | 194,410 | ||||||
City of Houston, Airport System, United Airlines, Inc. Airport Improvement Projects, Series C (RB) 5.00%, 07/15/27 | 1,000 | 1,060,313 | ||||||
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/24 (c) | 250 | 256,994 | ||||||
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27 | 250 | 265,014 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 05/31/22 (c) | $ | 200 | $ | 200,811 | ||||
City Of Houston, Texas Airport System Special Facilities Revenue Refunding Bonds (United Airlines, Inc. Terminal Improvement Projects), Series B-2 (Amt) (RB) 5.00%, 07/15/27 | 1,750 | 1,855,548 | ||||||
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB) | ||||||||
| 4.75%, 07/01/24 | 655 | 666,728 | ||||||
| 5.00%, 07/15/28 | 1,500 | 1,591,548 | ||||||
| Clifton Higher Education Finance Corp., Series A (RB) | ||||||||
| 4.62%, 08/15/25 | 80 | 82,219 | ||||||
| 5.12%, 08/15/25 (c) | 200 | 210,368 | ||||||
| 6.00%, 03/01/24 (c) | 1,345 | 1,404,930 | ||||||
Clifton Higher Education Finance Corp., Series D (RB) 5.25%, 08/15/25 (c) | 500 | 532,967 | ||||||
Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c) | 335 | 334,953 | ||||||
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^ | 315 | 229,471 | ||||||
| Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) | ||||||||
| 5.00%, 05/15/25 (c) | 335 | 358,094 | ||||||
| 5.00%, 05/15/29 (c) | 200 | 223,223 | ||||||
Matagorda County District No. 1, Pollution Control, Series B (RB) (AMBAC) 4.55%, 05/01/30 | 105 | 111,385 | ||||||
Matagorda County Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30 | 1,035 | 1,096,095 | ||||||
Matagorda County Navigation District No. 1, Series A (RB) (BAM) 2.60%, 11/01/29 | 2,000 | 1,857,468 | ||||||
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/26 (c) (d) * | 300 | 234,000 | ||||||
See Notes to Financial Statements
| 145 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/24 (c) | $ | 1,000 | $ | 926,894 | ||||
New Hope Cultural Education Facilities Finance Corp., Cumberland Academy, Series A (RB) 4.00%, 08/15/25 (c) | 1,000 | 985,391 | ||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 02/15/23 (c) | 225 | 231,700 | ||||||
New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project (RB) 5.00%, 11/15/24 (c) | 850 | 916,655 | ||||||
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) | ||||||||
| 5.00%, 07/01/23 | 100 | 95,000 | ||||||
| 5.00%, 07/01/24 | 100 | 95,000 | ||||||
North Texas Tollway Authority, First Tier, Series D (RB) (AGC) 0.00%, 01/01/29 ^ | 405 | 323,921 | ||||||
North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/26 (c) | 185 | 199,083 | ||||||
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 07/01/23 (c) | 550 | 479,576 | ||||||
| SA Energy Acquisition Public Facility Corp. (RB) | ||||||||
| 5.50%, 08/01/24 | 55 | 58,090 | ||||||
| 5.50%, 08/01/25 | 125 | 134,469 | ||||||
| 5.50%, 08/01/27 | 110 | 122,085 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/27 (c) | 250 | 265,271 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/24 (c) | 225 | 226,302 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, Series A (RB) 6.00%, 05/15/27 (c) | 500 | 522,324 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) | ||||||||
| 5.00%, 12/15/28 | 350 | 374,573 | ||||||
| 5.00%, 12/15/32 | 1,015 | 1,103,534 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien, Series A (RB) | ||||||||
| 5.25%, 12/15/23 | $ | 15 | $ | 15,569 | ||||
| 5.25%, 12/15/24 | 60 | 63,152 | ||||||
| 5.25%, 12/15/25 | 100 | 106,786 | ||||||
| 29,166,222 | ||||||||
| Utah: 0.4% | ||||||||
Salt Lake City, Utah Salt Lake City International Airport Airport Revenue Bonds, Series A (Amt) (RB) 5.00%, 07/01/31 | 500 | 553,344 | ||||||
Utah Charter School Finance Authority Charter School Revenue Refunding Bonds (The Freedom Academy Foundation Project) Series (RB) 4.50%, 06/15/27 | 1,000 | 1,011,956 | ||||||
| 1,565,300 | ||||||||
| Virgin Islands: 0.8% | ||||||||
Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) 5.00%, 10/01/32 | 1,000 | 1,045,392 | ||||||
| Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) | ||||||||
| 5.00%, 10/01/24 (c) | 1,000 | 986,668 | ||||||
| 5.00%, 10/01/24 | 300 | 300,628 | ||||||
| Virgin Islands Water & Power Authority, Series B (RB) | ||||||||
| 5.00%, 05/31/22 (c) | 620 | 588,314 | ||||||
| 5.00%, 05/31/22 (c) | 75 | 73,040 | ||||||
| 5.00%, 05/31/22 (c) | 150 | 148,152 | ||||||
| 5.00%, 05/31/22 (c) | 55 | 52,996 | ||||||
| 3,195,190 | ||||||||
| Virginia: 1.3% | ||||||||
Amherst Industrial Development Authority (RB) 4.75%, 05/31/22 (c) | 140 | 128,476 | ||||||
Chesapeake Bay Bridge and Tunnel District, First Tier (RB) 5.00%, 11/01/23 | 500 | 516,422 | ||||||
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/27 (c) | 325 | 319,019 | ||||||
Roanoke County Economic Development Authority, Series A (RB) 4.75%, 09/01/26 (c) | 1,835 | 1,574,779 | ||||||
Roanoke Economic Development Authority, Residential Care Facility (RB) 4.30%, 09/01/27 (c) | 1,525 | 1,239,786 | ||||||
See Notes to Financial Statements
| 146 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Virginia (continued) | ||||||||
Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c) | $ | 710 | $ | 725,483 | ||||
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) 5.00%, 01/01/32 (c) | 1,000 | 1,099,178 | ||||||
| 5,603,143 | ||||||||
| Washington: 1.9% | ||||||||
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25 | 140 | 141,453 | ||||||
Klickitat County Public Hospital District No 2 (RB) 4.00%, 12/01/27 | 880 | 829,272 | ||||||
Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB) 5.00%, 08/01/25 (c) (p) | 480 | 506,376 | ||||||
Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/31 | 2,250 | 2,177,588 | ||||||
Washington State Convention Center Public Facilities District, Series B (RB) 4.00%, 07/01/31 (c) | 250 | 243,627 | ||||||
Washington State Convention Center Public Facilities District, Series B (RB) (AGM) 4.00%, 07/01/31 (c) | 1,000 | 981,159 | ||||||
Washington State Housing Finance Commission Nonprofit Housing Revenue Bonds (Rockwood Retirement Communities Project) Series A Tax Exempt Fixed Rate Bonds (RB) 5.00%, 01/01/26 (c) | 1,100 | 1,052,765 | ||||||
Washington State Housing Finance Commission, Herons Key Senior Living, Series A (RB) 6.00%, 07/01/25 | 985 | 1,023,895 | ||||||
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) | ||||||||
| 3.75%, 07/01/26 | 250 | 246,673 | ||||||
| 4.00%, 01/01/25 (c) | 500 | 496,449 | ||||||
| 5.00%, 01/01/25 (c) | 365 | 368,600 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
Washington State Housing Finance Commission, Transforming Age Projects, Series B (RB) 2.38%, 05/31/22 (c) | $ | 100 | $ | 94,973 | ||||
| 8,162,830 | ||||||||
| 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 | 407,688 | ||||||
| 4.75%, 06/01/22 (c) | 680 | 680,150 | ||||||
West Virginia Hospital Finance Authority, West Virginia University Health System Obligated Group, Series A (RB) 5.00%, 06/01/26 | 150 | 161,756 | ||||||
| 1,249,594 | ||||||||
| Wisconsin: 2.0% | ||||||||
Public Finance Authority, American Dream at Meadowlands Project, Series A (RB) 6.75%, 08/01/31 | 1,275 | 1,180,393 | ||||||
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 05/01/26 (c) | 1,000 | 1,027,326 | ||||||
Public Finance Authority, Friends Homes (RB) 4.00%, 09/01/24 | 165 | 167,721 | ||||||
Public Finance Authority, Friends Homes (RB) (SAW) 4.00%, 09/01/26 (c) | 500 | 506,003 | ||||||
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/27 (c) | 480 | 415,904 | ||||||
Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB) 4.10%, 06/15/26 | 600 | 569,187 | ||||||
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/26 (c) | 545 | 507,745 | ||||||
Public Finance Authority, Phoenix Academy Project, Series A (RB) 5.00%, 06/15/24 (c) | 250 | 244,258 | ||||||
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27 | 1,765 | 1,839,755 | ||||||
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25 | 1,050 | 1,021,036 | ||||||
See Notes to Financial Statements
| 147 |
VANECK SHORT HIGH YIELD MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
Public Finance Authority, Wisconsin Hotel Revenue Bonds (Grand Hyatt San Antonio Hotel Acquisition Project) Senior Lien Series A (RB) 3.75%, 02/01/32 | $ | 850 | $ | 803,510 | ||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Wisconsin Health and Educational Facilities Authority, American Baptist Homes of the Midwest (RB) | ||||||||
| 3.50%, 08/01/22 | $ | 25 | $ | 24,922 | ||||
| 5.00%, 08/01/24 (c) | 250 | 248,389 | ||||||
| 8,556,149 | ||||||||
| Total Municipal Bonds: 98.0% (Cost: $441,388,890) | 410,085,348 | |||||||
| Other assets less liabilities: 2.0% | 8,178,945 | |||||||
| NET ASSETS: 100.0% | $ | 418,264,293 | ||||||
| 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 |
| TA | Tax Allocation |
| Footnotes: | |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (d) | Security in default |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
See Notes to Financial Statements
| 148 |
| % of | ||||||||
| Summary of Investments by Sector | Investments | Value | ||||||
| Airport | 0.4 | % | $ | 1,646,208 | ||||
| Education | 1.7 | 7,120,039 | ||||||
| Health | 7.0 | 28,773,079 | ||||||
| Hospitals | 8.9 | 36,313,372 | ||||||
| Industrial Development Revenue | 13.9 | 56,903,268 | ||||||
| Industrial Revenue | 3.2 | 13,071,062 | ||||||
| Leasing COPS & Appropriations | 9.9 | 40,672,703 | ||||||
| Local GO | 8.9 | 36,433,435 | ||||||
| Misc | 2.6 | 10,724,919 | ||||||
| Multi-Family Housing | 0.1 | 470,466 | ||||||
| Pollution Control | 1.5 | 6,184,232 | ||||||
| Power | 3.8 | 15,698,296 | ||||||
| Refunded | 1.9 | 7,848,402 | ||||||
| State | 0.3 | 1,060,268 | ||||||
| State GO | 7.0 | 28,707,584 | ||||||
| Tax | 10.8 | 44,251,416 | ||||||
| Tobacco | 1.1 | 4,351,835 | ||||||
| Toll & Turnpike | 2.3 | 9,232,850 | ||||||
| Transportation | 9.5 | 39,139,141 | ||||||
| Utilities - Other | 2.1 | 8,628,985 | ||||||
| Water & Sewer | 3.1 | 12,853,788 | ||||||
| 100.0 | % | $ | 410,085,348 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 410,085,348 | $ | — | $ | 410,085,348 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 149 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s | ) | Value | ||||||
| MUNICIPAL BONDS: 98.3% | ||||||||
| Alabama: 2.9% | ||||||||
Alabama Federal Aid Highway Finance Authority, Series A (RB) 5.00%, 09/01/27 (c) | $ | 500 | $ | 560,305 | ||||
Alabama Federal Aid Highway Finance Authority, Series B (RB) 5.00%, 09/01/23 | 125 | 129,635 | ||||||
Black Belt Energy Gas District, Series A (RB) 4.00%, 06/01/25 | 255 | 259,487 | ||||||
| Black Belt Energy Gas District, Series A (RB) (SAW) | ||||||||
4.00%, 12/01/23 (c) (p) | 470 | 475,747 | ||||||
| 5.00%, 12/01/23 | 860 | 884,982 | ||||||
Black Belt Energy Gas District, Series C-1 (RB) 4.00%, 12/01/26 (c) (p) | 1,000 | 1,016,715 | ||||||
| County of Jefferson, Series A (GO) | ||||||||
5.00%, 04/01/24 | 290 | 303,766 | ||||||
| 5.00%, 04/01/25 | 340 | 363,390 | ||||||
Industrial Development Board of the City of Mobile, Alabama Power Company Barry Plant Project, Series A (RB) 1.00%, 06/26/25 (p) | 1,500 | 1,412,888 | ||||||
Jefferson County (RB) 5.00%, 09/15/22 | 375 | 379,586 | ||||||
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/25 (c) (p) | 1,500 | 1,529,246 | ||||||
Southeast Alabama Gas Supply District, Series A (RB) 4.00%, 06/01/24 (c) (p) | 250 | 253,645 | ||||||
| Tuscaloosa City Board of Education (RB) | ||||||||
5.00%, 08/01/26 (c) | 1,055 | 1,163,023 | ||||||
| 5.00%, 08/01/26 (c) | 825 | 909,473 | ||||||
| 9,641,888 | ||||||||
| Arizona: 1.4% | ||||||||
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series D (RB) 5.00%, 07/01/23 | 250 | 257,805 | ||||||
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series B (RB) 5.00%, 07/01/24 | 200 | 210,284 | ||||||
City of Tucson, Water System (RB) 5.00%, 07/01/25 | 450 | 484,744 | ||||||
Gilbert Water Resource Municipal Property Corp. (RB) 5.00%, 07/01/25 | 400 | 431,517 | ||||||
| Par (000’s | ) | Value | ||||||
| Arizona (continued) | ||||||||
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26 | $ | 700 | $ | 753,286 | ||||
Maricopa County Special Health Care District, Series C (GO) 5.00%, 07/01/24 | 250 | 262,908 | ||||||
Pima County (GO) 4.00%, 07/01/23 | 310 | 316,974 | ||||||
| Salt River Project Agricultural Improvement & Power District, Series A (RB) | ||||||||
5.00%, 01/01/26 | 500 | 544,061 | ||||||
| 5.00%, 01/01/27 | 500 | 553,790 | ||||||
| State of Arizona (RB) | ||||||||
| 5.00%, 07/01/23 | 500 | 516,837 | ||||||
| 5.00%, 07/01/26 | 305 | 335,072 | ||||||
| 4,667,278 | ||||||||
| California: 14.0% | ||||||||
Anaheim Housing and Public Improvements Authority, Series B (RB) 5.00%, 04/01/23 (c) | 250 | 256,996 | ||||||
Bay Area Toll Authority (RB) 2.95%, 04/01/26 (c) (p) | 1,205 | 1,191,478 | ||||||
Bay Area Toll Authority, Series B (RB) 2.85%, 04/01/25 (c) (p) | 395 | 390,931 | ||||||
Bay Area Toll Authority, Series G (RB) 2.00%, 04/01/24 (c) (p) | 725 | 716,399 | ||||||
California Health Facilities Financing Authority Revenue Bonds, Series C (Providence St. Joseph Health) Term Rate Bonds (RB) 5.00%, 10/01/25 (p) | 585 | 622,527 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-2 (RB) 4.00%, 10/01/24 (c) (p) | 500 | 516,883 | ||||||
California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB) 2.00%, 10/01/25 (c) (p) | 335 | 327,871 | ||||||
California Infrastructure And Economic Development Bank Refunding Revenue Bonds (The J. Paul Getty Trust), Series B Consisting Of Series B-2 (RB) 3.00%, 10/01/26 (c) (p) | 500 | 506,113 | ||||||
See Notes to Financial Statements
| 150 |
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) 5.00%, 09/01/23 | $ | 1,215 | $ | 1,260,705 | ||||
| California State Public Works Board, Various Capital Projects, Series B (RB) | ||||||||
5.00%, 10/01/22 | 450 | 456,553 | ||||||
| 5.00%, 10/01/26 | 885 | 972,038 | ||||||
California State Public Works Board, Various Capital Projects, Series C (RB) 5.00%, 03/01/25 | 320 | 341,276 | ||||||
California State Public Works Board, Various Capital Projects, Series D (RB) 5.00%, 09/01/26 | 500 | 548,388 | ||||||
Chino Basin Regional Financing Authority, Series B (RB) 4.00%, 08/01/25 (c) | 405 | 422,906 | ||||||
City & County of San Francisco, Series R-1 (GO) 5.00%, 06/15/25 | 250 | 269,290 | ||||||
| City and County of San Francisco, Series B (CP) | ||||||||
5.00%, 10/01/25 (c) | 430 | 464,822 | ||||||
| 5.00%, 04/01/25 | 100 | 106,879 | ||||||
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) 5.00%, 05/15/26 | 500 | 545,999 | ||||||
City of San Francisco, Public Utilities Commission Water Revenue, Series B (RB) 5.00%, 11/01/24 (c) | 200 | 212,905 | ||||||
County of Sacramento, Airport System, Series B (RB) 5.00%, 07/01/25 | 240 | 256,114 | ||||||
Foothill / Eastern Transn Corridor Agy Calif Toll Rd Rev Rev Bds 1995 A* (RB) 0.00%, 01/01/27 ^ | 500 | 441,703 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A (RB) 5.00%, 06/01/22 | 500 | 501,503 | ||||||
Grossmont-Cuyamaca Community College District (GO) 5.00%, 08/01/24 | 265 | 279,992 | ||||||
Los Angeles Community College District, Series J (GO) 3.00%, 08/01/23 | 500 | 506,453 | ||||||
| Los Angeles Department of Water & Power, Series A (RB) | ||||||||
5.00%, 07/01/23 | 600 | 620,134 | ||||||
| 5.00%, 07/01/25 | 285 | 307,005 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
| Los Angeles Department of Water & Power, Series B (RB) | ||||||||
5.00%, 07/01/23 | $ | 550 | $ | 568,456 | ||||
| 5.00%, 07/01/24 | 250 | 263,720 | ||||||
Los Angeles Department of Water & Power, Series C (RB) 5.00%, 07/01/24 | 250 | 263,720 | ||||||
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 06/01/25 (c) | 295 | 317,234 | ||||||
| Los Angeles Unified School District, Series A (GO) | ||||||||
5.00%, 07/01/22 | 500 | 503,071 | ||||||
| 5.00%, 07/01/24 | 875 | 923,019 | ||||||
| 5.00%, 07/01/26 | 800 | 876,222 | ||||||
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/23 | 130 | 134,454 | ||||||
Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/25 | 1,250 | 1,343,353 | ||||||
| Metropolitan Water District of Southern California, Series B (RB) | ||||||||
5.00%, 07/01/23 (c) | 450 | 465,228 | ||||||
| 5.00%, 07/01/24 (c) | 1,000 | 1,054,879 | ||||||
Municipal Improvement Corp. of Los Angeles, Series B (RB) 5.00%, 11/01/23 | 250 | 260,643 | ||||||
| Northern California Energy Authority, Series A (RB) | ||||||||
4.00%, 07/01/24 (p) | 1,500 | 1,526,154 | ||||||
| 5.00%, 07/01/24 | 275 | 286,074 | ||||||
Oakland Unified School District (GO) 5.00%, 08/01/23 | 430 | 445,635 | ||||||
Oakland Unified School District, Series A (GO) 5.00%, 08/01/23 | 350 | 362,726 | ||||||
| Orange County Transportation Authority, I-405 Improvement Project (RB) | ||||||||
4.00%, 10/15/24 | 675 | 699,898 | ||||||
| 5.00%, 10/15/24 | 750 | 795,394 | ||||||
Orange County Water District, Series A (CP) 2.00%, 02/15/23 (c) | 205 | 204,852 | ||||||
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 2.12%, 10/01/23 (c) (p) | 930 | 926,518 | ||||||
Riverside County Transportation Commission, Series B (RB) 5.00%, 06/01/25 | 250 | 268,458 | ||||||
See Notes to Financial Statements
| 151 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
Sacramento County, Airport System, Series B (RB) 5.00%, 07/01/23 | $ | 300 | $ | 309,646 | ||||
Sacramento Municipal Utility District, Series B (RB) 5.00%, 10/15/25 (c) (p) | 485 | 515,277 | ||||||
San Bernardino County, Series A (CP) 5.00%, 10/01/26 | 345 | 379,989 | ||||||
San Juan Unified School District (GO) 3.38%, 08/01/25 | 260 | 267,046 | ||||||
Southern California Public Power Authority. Windy Point/Windy Flats Project (RB) 5.00%, 01/01/24 (c) | 725 | 757,048 | ||||||
State of California Department of Water Resources (RB) 5.00%, 12/01/26 | 500 | 555,048 | ||||||
State Of California Various Purpose General Obligation Refunding Bonds (GO) 5.00%, 12/01/27 | 500 | 560,728 | ||||||
| State of California, Various Purpose (GO) | ||||||||
3.00%, 03/01/26 | 1,000 | 1,016,147 | ||||||
| 4.00%, 10/01/25 | 600 | 629,113 | ||||||
| 4.00%, 10/01/27 | 1,100 | 1,173,825 | ||||||
| 4.00%, 11/01/24 | 300 | 311,314 | ||||||
| 4.00%, 03/01/24 | 500 | 515,904 | ||||||
| 4.00%, 08/01/26 | 285 | 302,050 | ||||||
| 5.00%, 10/01/23 | 250 | 260,076 | ||||||
| 5.00%, 10/01/24 | 100 | 106,135 | ||||||
| 5.00%, 10/01/24 | 555 | 589,047 | ||||||
| 5.00%, 10/01/25 | 835 | 903,503 | ||||||
| 5.00%, 10/01/27 | 500 | 559,401 | ||||||
| 5.00%, 10/01/27 | 1,000 | 1,118,802 | ||||||
| 5.00%, 10/01/27 | 530 | 592,965 | ||||||
| 5.00%, 11/01/23 | 525 | 547,198 | ||||||
| 5.00%, 11/01/25 | 500 | 541,929 | ||||||
| 5.00%, 11/01/26 | 915 | 1,010,922 | ||||||
| 5.00%, 12/01/25 | 460 | 499,388 | ||||||
| 5.00%, 04/01/24 | 300 | 315,406 | ||||||
| 5.00%, 04/01/25 | 300 | 321,336 | ||||||
| 5.00%, 04/01/27 | 750 | 832,795 | ||||||
| 5.00%, 08/01/24 | 325 | 343,679 | ||||||
| 5.00%, 08/01/25 | 1,500 | 1,617,598 | ||||||
| 5.00%, 08/01/26 | 295 | 324,455 | ||||||
| 5.00%, 09/01/22 | 265 | 268,283 | ||||||
| 5.00%, 09/01/23 | 1,000 | 1,038,291 | ||||||
| 5.00%, 09/01/25 | 300 | 324,066 | ||||||
| Par (000’s | ) | Value | ||||||
| California (continued) | ||||||||
State Public Works Board Of The State Of California Lease Revenue Bonds (Department Of General Services) Series C (Sacramento Region New Natural Resources Headquarters) (Green Bonds- Climate Bond Certified) (RB) 5.00%, 11/01/27 | $ | 525 | $ | 584,106 | ||||
Tobacco Securitization Authority of Southern California, Series A-1 (RB) (AGM) 5.00%, 06/01/23 | 480 | 490,929 | ||||||
| 46,017,016 | ||||||||
| Colorado: 1.1% | ||||||||
City of Colorado Springs, Utilities System (RB) 5.00%, 11/15/25 | 500 | 542,693 | ||||||
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/25 | 500 | 537,586 | ||||||
Douglas County School District No. RE-1 (GO) (SAW) 5.00%, 12/15/24 | 1,000 | 1,067,331 | ||||||
Larimer County School District No. R-1 (GO) (SAW) 5.00%, 12/15/23 | 450 | 469,966 | ||||||
State Of Colorado Rural Colorado Certificates Of Participation Series A (CP) 5.00%, 12/15/26 | 500 | 551,527 | ||||||
State of Colorado, Series K (CP) 5.00%, 03/15/26 | 385 | 420,616 | ||||||
| 3,589,719 | ||||||||
| Connecticut: 3.4% | ||||||||
City Of New Haven, Connecticut General Obligation Refunding Bonds, Series B (GO) 5.00%, 08/01/26 | 500 | 542,780 | ||||||
Connecticut Housing Finance Authority, Housing Mortgage Program, Sereies B-5 (RB) 0.45%, 05/15/24 (c) (p) | 250 | 237,208 | ||||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/25 | 1,000 | 1,054,718 | ||||||
Connecticut State Health and Educational Facilities Authority, Yale University Issue, Series C-2 (RB) 5.00%, 02/01/23 (p) | 390 | 398,497 | ||||||
State Of Connecticut General Obligation Bonds Series A (GO) 5.00%, 04/15/27 | 700 | 774,688 | ||||||
See Notes to Financial Statements
| 152 |
| Par (000’s | ) | Value | ||||||
| Connecticut (continued) | ||||||||
State Of Connecticut Health And Educational Facilities Authority Revenue Bonds, Stamford Hospital Issue, Series L-1 (RB) 4.00%, 07/01/27 | $ | 500 | $ | 518,648 | ||||
State Of Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26 | 1,015 | 1,106,412 | ||||||
| State of Connecticut, Series A (GO) | ||||||||
5.00%, 04/15/23 | 375 | 385,827 | ||||||
| 5.00%, 04/15/23 | 265 | 272,651 | ||||||
| State of Connecticut, Series B (GO) | ||||||||
4.00%, 05/15/23 | 375 | 382,752 | ||||||
| 5.00%, 01/15/23 | 250 | 255,721 | ||||||
State of Connecticut, Series C (GO) 5.00%, 06/15/26 | 300 | 327,710 | ||||||
| State of Connecticut, Series D (GO) | ||||||||
5.00%, 04/15/26 | 1,040 | 1,132,733 | ||||||
| 5.00%, 08/15/23 | 300 | 311,158 | ||||||
| State of Connecticut, Series E (GO) | ||||||||
5.00%, 10/15/22 | 350 | 355,549 | ||||||
| 5.00%, 09/15/25 | 270 | 291,162 | ||||||
State of Connecticut, Special Tax Obligation, Series A (GO) 5.00%, 04/15/23 | 375 | 385,827 | ||||||
| State of Connecticut, Special Tax Obligation, Series A (RB) | ||||||||
5.00%, 01/01/23 | 300 | 306,236 | ||||||
| 5.00%, 09/01/22 | 325 | 328,700 | ||||||
State of Connecticut, Special Tax Obligation, Series B (RB) 5.00%, 10/01/23 | 200 | 207,605 | ||||||
State of Connecticut, State Revolving Fund, Series B (RB) 5.00%, 06/01/26 | 275 | 301,316 | ||||||
| University of Connecticut, Series A (RB) | ||||||||
5.00%, 04/15/24 | 575 | 602,144 | ||||||
| 5.00%, 04/15/26 | 550 | 597,103 | ||||||
| 11,077,145 | ||||||||
| Delaware: 0.7% | ||||||||
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project, Series A (RB) (AGM) 1.05%, 07/01/25 (p) | 1,000 | 943,454 | ||||||
Delaware State Economic Development Authority, NRG Energy Project, Series A (RB) 1.25%, 10/01/25 (c) (p) | 500 | 463,868 | ||||||
| Par (000’s | ) | Value | ||||||
| Delaware (continued) | ||||||||
Delaware Transportation Authority (RB) 5.00%, 07/01/26 | $ | 500 | $ | 549,090 | ||||
State of Delaware, Series A (GO) 5.00%, 10/01/25 | 410 | 445,598 | ||||||
| 2,402,010 | ||||||||
| District of Columbia: 1.1% | ||||||||
District of Columbia, Series A (GO) 5.00%, 06/01/22 | 440 | 441,315 | ||||||
District of Columbia, Series B (GO) 5.00%, 06/01/25 | 120 | 128,933 | ||||||
District of Columbia, Series C (RB) 5.00%, 10/01/26 | 785 | 867,028 | ||||||
District of Columbia, Series D (GO) 5.00%, 06/01/25 | 315 | 338,451 | ||||||
District of Columbia, Series E (GO) 5.00%, 06/01/25 | 500 | 537,223 | ||||||
Washington Metropolitan Area Transit Authority, Series A-1 (RB) | ||||||||
| 5.00%, 07/01/24 | 225 | 237,153 | ||||||
| 5.00%, 07/01/25 | 100 | 107,594 | ||||||
| 5.00%, 07/01/27 | 200 | 222,736 | ||||||
Washington Metropolitan Area Transit Authority, Series B (RB) | ||||||||
| 5.00%, 07/01/25 | 300 | 322,784 | ||||||
| 5.00%, 07/01/26 | 300 | 328,956 | ||||||
| 3,532,173 | ||||||||
| Florida: 2.7% | ||||||||
Central Florida Expressway Authority Senior Lien Refunding Revenue Bonds, Series (RB) (AGM) 5.00%, 07/01/27 | 500 | 553,023 | ||||||
Central Florida Expressway Authority, Series B (RB) 5.00%, 07/01/26 | 300 | 327,097 | ||||||
City Of Cape Coral, Florida Utility Improvement Refunding Assessment Bonds (Various Areas), Series (SA) (AGM) 2.75%, 09/01/25 | 500 | 501,527 | ||||||
| City of Jacksonville, Series B (RB) | ||||||||
| 5.00%, 10/01/24 | 265 | 280,489 | ||||||
| 5.00%, 10/01/25 | 1,020 | 1,099,516 | ||||||
City of Orlando, Senior Tourist Development Tax, 6th Cent Contract Payments, Series A (RB) (AGM) 5.00%, 11/01/26 | 500 | 553,537 | ||||||
See Notes to Financial Statements
| 153 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Florida (continued) | ||||||||
City of Orlando, Tourist Development Tax, Series A (RB) (AGM) 5.00%, 11/01/27 | $ | 760 | $ | 854,215 | ||||
County of Miami-Dade (RB) 5.00%, 10/01/25 | 280 | 301,638 | ||||||
County of Miami-Dade, Capital Asset Acquisition, Series B (RB) 5.00%, 04/01/25 | 350 | 373,366 | ||||||
Florida Department of Management Services (CP) 5.00%, 11/01/26 | 250 | 273,980 | ||||||
Lee County School Board, Series A (CP) 5.00%, 08/01/24 | 375 | 395,794 | ||||||
Miami-Dade County, Florida Water And Sewer System Revenue Refunding Bonds, Series B (RB) 5.00%, 10/01/27 | 500 | 556,466 | ||||||
School District of Broward County, Series C (CP) 5.00%, 07/01/24 | 340 | 358,364 | ||||||
State Of Florida Department Of Management Services Florida Facilities Pool Revenue Refunding Bonds, Series A (RB) 5.00%, 09/01/25 | 750 | 810,165 | ||||||
| State of Florida, Board of Education, Lottery Revenue, Series A (RB) | ||||||||
5.00%, 07/01/23 | 450 | 464,943 | ||||||
| 5.00%, 07/01/24 | 650 | 685,530 | ||||||
State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/23 | 130 | 134,147 | ||||||
State of Florida, Department of Management Services, Series A (RB) 5.00%, 09/01/23 | 180 | 186,892 | ||||||
| 8,710,689 | ||||||||
| Georgia: 3.8% | ||||||||
Burke County Development Authority, Series F (RB) 3.00%, 02/01/23 (p) | 500 | 502,883 | ||||||
City of Atlanta, Water and Wastewater, Series A (RB) 5.00%, 11/01/24 | 500 | 531,262 | ||||||
County of Forsyth (GO) 5.00%, 09/01/25 | 280 | 303,675 | ||||||
Georgia Ports Authority Revenue Bonds, Series (RB) 5.00%, 07/01/27 | 500 | 558,119 | ||||||
| Main Street Natural Gas, Inc., Series A (RB) | ||||||||
4.00%, 09/01/23 (c) (p) | 500 | 508,291 | ||||||
| Par (000’s | ) | Value | ||||||
| Georgia (continued) | ||||||||
| 4.00%, 09/01/27 (c) (p) | $ | 1,250 | $ | 1,284,370 | ||||
Main Street Natural Gas, Inc., Series B (RB) 4.00%, 12/02/24 (c) (p) | 1,500 | 1,537,389 | ||||||
| Main Street Natural Gas, Inc., Series C (RB) | ||||||||
4.00%, 06/01/23 | 500 | 508,068 | ||||||
| 4.00%, 09/01/26 (c) (p) | 3,250 | 3,313,855 | ||||||
Private Colleges & Universities Authority, Emory University, Series A (RB) 5.00%, 09/01/26 | 360 | 394,376 | ||||||
| State of Georgia, Series A (GO) | ||||||||
5.00%, 02/01/23 | 160 | 163,943 | ||||||
| 5.00%, 02/01/25 | 250 | 267,701 | ||||||
| 5.00%, 08/01/25 | 350 | 378,805 | ||||||
| 5.00%, 08/01/26 | 700 | 772,269 | ||||||
State of Georgia, Series C (GO) 5.00%, 07/01/24 | 250 | 264,262 | ||||||
State of Georgia, Series E (GO) 5.00%, 12/01/24 | 1,100 | 1,173,657 | ||||||
| 12,462,925 | ||||||||
| Hawaii: 0.5% | ||||||||
City & County of Honolulu, Rail Transit Project, Series E (GO) 5.00%, 03/01/27 | 500 | 554,659 | ||||||
City And County Of Honolulu General Obligation Bonds Series E (Honolulu Rail Transit Project) (GO) 5.00%, 03/01/26 | 785 | 855,470 | ||||||
State of Hawaii, Series FN (GO) 5.00%, 10/01/24 | 110 | 116,802 | ||||||
State of Hawaii, Series FT (GO) 5.00%, 01/01/23 | 100 | 102,152 | ||||||
| 1,629,083 | ||||||||
| Illinois: 5.1% | ||||||||
Chicago O’Hare International Airport, Series B (RB) 5.00%, 01/01/25 (c) | 750 | 785,812 | ||||||
Chicago O’Hare International Airport, Series B (RB) (AGM) 5.00%, 01/01/26 | 500 | 537,700 | ||||||
| Chicago O’Hare International Airport, Series C (RB) | ||||||||
5.00%, 01/01/23 | 650 | 662,472 | ||||||
| 5.00%, 01/01/24 | 115 | 119,524 | ||||||
| 5.00%, 01/01/26 | 315 | 338,751 | ||||||
| Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) | ||||||||
5.00%, 06/01/23 | 350 | 360,254 | ||||||
| 5.00%, 06/01/25 | 340 | 359,715 | ||||||
City Of Chicago General Obligation Bonds Series A (Il) (GO) 4.00%, 01/01/31 (c) | 500 | 483,026 | ||||||
See Notes to Financial Statements
| 154 |
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
City of Chicago, Series A (GO) 5.00%, 01/01/27 | $ | 500 | $ | 531,392 | ||||
Community College District No. 512, Counties of Cook, Kane, Lake, and McHenry, Series B (GO) 5.00%, 12/01/25 | 200 | 216,697 | ||||||
Cook County, Series A (GO) 5.00%, 11/15/26 | 300 | 326,837 | ||||||
| Illinois Finance Authority State Of Illinois Clean Water Initiative Revolving Fund Revenue Bonds, Series (Green Bonds) (Il) (RB) | ||||||||
5.00%, 01/01/28 | 500 | 556,644 | ||||||
| 5.00%, 07/01/27 | 685 | 759,380 | ||||||
| Illinois Finance Authority, Clean Water Initiative (RB) | ||||||||
4.00%, 01/01/23 | 310 | 314,438 | ||||||
| 5.00%, 01/01/23 | 250 | 255,213 | ||||||
| 5.00%, 01/01/24 | 155 | 161,743 | ||||||
| 5.00%, 01/01/25 | 600 | 636,857 | ||||||
| 5.00%, 07/01/22 | 340 | 342,060 | ||||||
Illinois Finance Authority, Clean Water Initiative (RB) (AGM) 5.00%, 07/01/24 | 500 | 525,493 | ||||||
Illinois Finance Authority, Northwestern Memorial Healthcare, Series A (RB) 5.00%, 07/15/23 | 250 | 258,598 | ||||||
Illinois Finance Authority, Series A (RB) (BAM) 5.00%, 08/15/25 | 1,255 | 1,343,385 | ||||||
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27 | 415 | 456,194 | ||||||
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27 | 650 | 714,520 | ||||||
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/24 | 495 | 521,951 | ||||||
Sales Tax Securitization Corp., Series A (RB) 5.00%, 01/01/23 | 370 | 377,889 | ||||||
State of Illinois (GO) 5.00%, 02/01/23 | 350 | 356,844 | ||||||
| State of Illinois (GO) (AGC) | ||||||||
5.50%, 05/01/24 | 250 | 262,492 | ||||||
| 5.50%, 05/01/25 | 335 | 358,020 | ||||||
| State of Illinois, Series B (GO) | ||||||||
5.00%, 12/01/24 | 130 | 136,301 | ||||||
| 5.00%, 09/01/25 | 400 | 423,578 | ||||||
| State of Illinois, Series D (GO) | ||||||||
5.00%, 11/01/22 | 470 | 476,691 | ||||||
| 5.00%, 11/01/23 | 500 | 516,653 | ||||||
| 5.00%, 11/01/25 | 1,345 | 1,427,184 | ||||||
| Par (000’s | ) | Value | ||||||
| Illinois (continued) | ||||||||
| 5.00%, 11/01/26 | $ | 800 | $ | 857,758 | ||||
| 16,762,066 | ||||||||
| Indiana: 0.8% | ||||||||
City of Indianapolis, Water System, Series A (RB) 5.00%, 10/01/25 | 500 | 540,679 | ||||||
Indiana Finance Authority, Indiana University Health, Series C (RB) 5.00%, 12/01/23 | 500 | 520,256 | ||||||
| Indiana Finance Authority, Series C (RB) | ||||||||
5.00%, 12/01/24 | 575 | 612,758 | ||||||
| 5.00%, 12/01/25 | 260 | 281,984 | ||||||
| Indiana Finance Authority, Series E (RB) | ||||||||
5.00%, 02/01/24 | 500 | 523,204 | ||||||
| 5.00%, 02/01/25 | 250 | 266,738 | ||||||
| 2,745,619 | ||||||||
| Iowa: 0.6% | ||||||||
Iowa Finance Authority (RB) 5.00%, 08/01/23 | 250 | 259,028 | ||||||
PEFA, Inc. (RB) 5.00%, 09/01/26 (c) (p) | 1,500 | 1,583,553 | ||||||
| 1,842,581 | ||||||||
| Kansas: 0.1% | ||||||||
Johnson County Unified School District No. 233, Series B (GO) 5.00%, 09/01/22 | 350 | 354,136 | ||||||
| Kentucky: 2.0% | ||||||||
Kentucky Public Energy Authority, Gas Supply, Series A (RB) 4.00%, 06/01/26 (c) (p) | 1,500 | 1,536,511 | ||||||
| Kentucky Public Energy Authority, Gas Supply, Series B (RB) | ||||||||
4.00%, 01/01/25 (c) (p) | 1,085 | 1,107,289 | ||||||
| 4.00%, 07/01/23 | 200 | 203,066 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB) 4.00%, 06/01/25 (c) (p) | 1,100 | 1,115,977 | ||||||
Kentucky State Property & Building Commission (RB) 5.00%, 05/01/26 | 275 | 298,461 | ||||||
Kentucky Turnpike Authority, Series B (RB) 5.00%, 07/01/24 | 125 | 131,023 | ||||||
Louisville & Jefferson County, Metro Government, Louisville Water Co. (RB) (SAW) 5.00%, 11/15/26 | 250 | 276,847 | ||||||
Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB) 5.00%, 10/01/26 (c) (p) | 1,000 | 1,091,374 | ||||||
See Notes to Financial Statements
| 155 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Kentucky (continued) | ||||||||
Public Energy Authority Of Kentucky Gas Supply Revenue Bonds, Series C (Fixed Rate) (RB) 4.00%, 02/01/28 (c) (p) | $ | 895 | $ | 913,121 | ||||
| 6,673,669 | ||||||||
| Louisiana: 0.5% | ||||||||
East Baton Rouge Sewerage Commission, Series A (RB) (NATL) 5.00%, 02/01/27 | 250 | 276,821 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW) 5.00%, 05/15/25 (c) (p) | 500 | 531,912 | ||||||
Louisiana State Citizens Property Insurance Corp. (RB) 5.00%, 06/01/23 | 590 | 607,861 | ||||||
State of Louisiana, Series A (GO) 5.00%, 03/01/26 | 335 | 364,051 | ||||||
| 1,780,645 | ||||||||
| Maine: 0.2% | ||||||||
State of Maine, Series B (GO) (SBG) 5.00%, 06/01/25 | 500 | 538,610 | ||||||
| Maryland: 2.8% | ||||||||
| County of Baltimore, Equipment Acquisition Program (CP) | ||||||||
5.00%, 03/01/25 | 295 | 315,614 | ||||||
| 5.00%, 03/01/26 | 1,125 | 1,225,992 | ||||||
County of Montgomery, Consolidated Public Improvement, Series A (GO) 5.00%, 11/01/26 | 265 | 293,732 | ||||||
Maryland Stadium Authority, Baltimore City Public Schools, Series A (RB) 5.00%, 05/01/23 | 320 | 329,226 | ||||||
Maryland State Transportation Authority (RB) 5.00%, 07/01/23 | 750 | 774,729 | ||||||
Prince George’s County, Series A (GO) 5.00%, 07/15/25 | 425 | 459,132 | ||||||
| State of Maryland, Department of Transportation (RB) | ||||||||
5.00%, 10/01/26 | 595 | 656,650 | ||||||
| 5.00%, 05/01/23 | 500 | 514,766 | ||||||
| 5.00%, 09/01/24 | 165 | 174,919 | ||||||
| State of Maryland, Series B (GO) | ||||||||
5.00%, 08/01/24 | 550 | 582,479 | ||||||
| 5.00%, 08/01/25 | 500 | 540,662 | ||||||
State of Maryland, State and Local Facilities Loan, First Series (GO) 5.00%, 06/01/22 | 790 | 792,362 | ||||||
| Par (000’s | ) | Value | ||||||
| Maryland (continued) | ||||||||
State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/15/24 | $ | 1,500 | $ | 1,575,853 | ||||
State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/24 | 250 | 264,763 | ||||||
State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/25 | 500 | 540,662 | ||||||
| 9,041,541 | ||||||||
| Massachusetts: 3.0% | ||||||||
Commonwealth of Massachusetts, Federal Highway Grant Anticipation, Series A (RB) 5.00%, 06/15/23 (c) | 860 | 885,190 | ||||||
| Commonwealth of Massachusetts, Series A (GO) | ||||||||
5.00%, 01/01/26 | 250 | 271,574 | ||||||
| 5.00%, 01/01/27 | 710 | 785,393 | ||||||
| Commonwealth of Massachusetts, Series C (GO) | ||||||||
5.00%, 10/01/26 | 400 | 440,567 | ||||||
| 5.00%, 10/01/27 | 535 | 598,845 | ||||||
| Commonwealth of Massachusetts, Series D (GO) | ||||||||
5.00%, 07/01/23 | 900 | 931,150 | ||||||
| 5.00%, 07/01/27 | 250 | 278,804 | ||||||
| Commonwealth of Massachusetts, Series E (GO) | ||||||||
3.00%, 12/01/25 | 750 | 763,176 | ||||||
| 5.00%, 11/01/26 | 295 | 325,398 | ||||||
Commonwealth of Massachusetts, Series E (GO) (AGM) 5.00%, 09/01/26 | 250 | 274,947 | ||||||
Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds Series A, Subseries A-1 & Subseries A-2 (Sustainability Bonds) (RB) 5.00%, 07/01/24 | 515 | 542,705 | ||||||
Massachusetts Department of Transportation, Metropolitan Highway System, Series A (RB) 5.00%, 01/01/23 (c) (p) | 275 | 279,582 | ||||||
Massachusetts Development Finance Agency, Broad Institute (RB) 5.00%, 04/01/26 | 450 | 490,652 | ||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) | ||||||||
| 5.00%, 10/15/25 | 900 | 978,329 | ||||||
See Notes to Financial Statements
| 156 |
| Par (000’s | ) | Value | ||||||
| Massachusetts (continued) | ||||||||
| 5.00%, 10/15/26 | $ | 500 | $ | 554,418 | ||||
Massachusetts Development Finance Agency, Partners Healthcare System, Series S-4 (RB) 5.00%, 01/25/24 (p) | 250 | 259,184 | ||||||
Massachusetts Housing Finance Agency Housing Bonds, Series B-2 (Non-Amt) (Sustainability Bonds) (RB) 0.90%, 12/01/24 (c) | 1,000 | 902,801 | ||||||
| Massachusetts Water Resources Authority (RB) | ||||||||
5.00%, 08/01/23 | 170 | 176,053 | ||||||
| 5.00%, 08/01/23 | 50 | 51,724 | ||||||
| 9,790,492 | ||||||||
| Michigan: 1.0% | ||||||||
Great Lakes Water Authority Water Supply System (RB) 5.00%, 07/01/24 | 590 | 616,278 | ||||||
Michigan State Building Authority, Series I (RB) 5.00%, 04/15/26 | 250 | 273,867 | ||||||
Regents of University of Michigan, Series A (RB) 5.00%, 04/01/23 | 500 | 513,887 | ||||||
| State of Michigan, Grant Anticipation (RB) | ||||||||
| 5.00%, 03/15/24 | 650 | 679,461 | ||||||
| 5.00%, 03/15/26 | 1,065 | 1,154,103 | ||||||
Wayne County Airport Authority, Series C (RB) 5.00%, 12/01/23 | 145 | 150,714 | ||||||
| 3,388,310 | ||||||||
| Minnesota: 1.2% | ||||||||
Minneapolis-St Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26 | 1,000 | 1,111,013 | ||||||
Regents of University of Minnesota, Series B (RB) 5.00%, 12/01/22 | 480 | 489,849 | ||||||
State of Minnesota, Various Purpose, Series A (GO) 5.00%, 08/01/24 | 1,200 | 1,271,134 | ||||||
| State of Minnesota, Various Purpose, Series D (GO) | ||||||||
5.00%, 08/01/22 | 510 | 514,589 | ||||||
| 5.00%, 08/01/26 | 400 | 441,467 | ||||||
| 3,828,052 | ||||||||
| Mississippi: 0.2% | ||||||||
County of Warren, Mississippi Gulf Opportunity Zone, international Paper Company Project, Series A (RB) 1.38%, 06/16/25 (p) | 400 | 379,779 | ||||||
| Par (000’s | ) | Value | ||||||
| Mississippi (continued) | ||||||||
County of Warren, Mississippi Gulf Opportunity Zone, international Paper Company Project, Series C (RB) 1.38%, 06/16/25 (p) | $ | 400 | $ | 379,903 | ||||
| 759,682 | ||||||||
| Missouri: 1.2% | ||||||||
City of St. Louis, St. Louis Lambert International Airport, Series A (RB) (AGM) 5.00%, 07/01/23 | 1,000 | 1,029,822 | ||||||
Health & Educational Facilities Authority, Long-Term Rate Health Facilities, Series B (RB) 4.00%, 05/01/26 (p) | 1,500 | 1,558,879 | ||||||
Health & Educational Facilities Authority, Mercy Health, Series A (RB) 5.00%, 06/01/25 | 150 | 159,789 | ||||||
Missouri Highways and Transportation Commission, Third Lien, Series B (RB) 5.00%, 11/01/25 | 500 | 541,057 | ||||||
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 07/01/25 (c) | 500 | 539,079 | ||||||
| 3,828,626 | ||||||||
| Nebraska: 1.4% | ||||||||
| Central Plains Energy Project, Gas Project Crossover, Series A (RB) | ||||||||
5.00%, 01/01/24 (c) | 350 | 359,791 | ||||||
| 5.00%, 01/01/24 (c) (p) | 500 | 513,153 | ||||||
Central Plains Energy Project, Gas Supply (RB) 2.50%, 08/01/25 (c) (p) | 1,550 | 1,513,161 | ||||||
Central Plains Energy Project, Gas Supply (RB) (AGM) 4.00%, 08/01/25 (c) (p) | 2,000 | 2,044,062 | ||||||
| 4,430,167 | ||||||||
| Nevada: 0.7% | ||||||||
County of Clark, Nevada Highway, Motor Vehicle Fuel Tax, Series C (RB) 5.00%, 07/01/26 | 290 | 317,270 | ||||||
County of Clark, Nevada McCarran International Airport, Series A (RB) 5.00%, 07/01/23 | 300 | 309,366 | ||||||
County of Clark, School District, Series A (GO) 5.00%, 06/15/23 | 250 | 257,688 | ||||||
County of Clark, Series B (GO) 5.00%, 11/01/23 | 450 | 468,683 | ||||||
See Notes to Financial Statements
| 157 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Nevada (continued) | ||||||||
Las Vegas Valley Water District, Nevada General Obligation Water Refunding Bonds Series A (Limited Tax) (Additionally Secured By Snwa Pledged Revenues) (GO) 5.00%, 06/01/26 | $ | 500 | $ | 548,458 | ||||
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) 5.00%, 12/01/24 | 300 | 319,700 | ||||||
| 2,221,165 | ||||||||
| New Jersey: 3.1% | ||||||||
City of Newark, Series A (GO) (AGM) 5.00%, 10/01/26 | 300 | 325,983 | ||||||
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 5.00%, 11/01/24 | 100 | 105,166 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB) 5.00%, 06/15/26 | 455 | 489,058 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/25 | 1,000 | 1,080,062 | ||||||
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/25 | 225 | 243,014 | ||||||
New Jersey Health Care Facilities Financing Authority, AHS Hospital Corp. (RB) 5.00%, 07/01/23 | 300 | 309,822 | ||||||
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transportation Program (RB) 5.00%, 10/01/26 | 500 | 539,605 | ||||||
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/26 | 300 | 328,087 | ||||||
New Jersey Higher Education Student Assistance Authority, Series A (RB) (AGM) 5.00%, 12/01/23 | 500 | 520,652 | ||||||
New Jersey Sports & Exposition Authority, Series A (RB) 5.00%, 09/01/24 | 890 | 933,331 | ||||||
| New Jersey Transportation Trust Fund Authority, Series A (RB) | ||||||||
5.00%, 12/15/23 | 1,175 | 1,218,568 | ||||||
| Par (000’s | ) | Value | ||||||
| New Jersey (continued) | ||||||||
| 5.00%, 06/15/24 | $ | 1,410 | $ | 1,481,444 | ||||
State of New Jersey, Covid-19 General Emergency, Series A (GO) 5.00%, 06/01/27 | 500 | 547,192 | ||||||
| State of New Jersey, Various Purposes (GO) | ||||||||
2.00%, 06/01/25 | 500 | 482,279 | ||||||
| 2.00%, 06/01/26 | 500 | 474,111 | ||||||
| 5.00%, 06/01/22 | 800 | 802,219 | ||||||
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23 | 290 | 296,606 | ||||||
| 10,177,199 | ||||||||
| New Mexico: 1.3% | ||||||||
City Of Farmington, New Mexico Pollution Control Revenue Refunding Bonds, (Public Service Company Of New Mexico San Juan Project) Series A (Non-Amt) (RB) 0.88%, 10/01/26 (p) | 1,000 | 899,522 | ||||||
New Mexico Finance Authority, Series D (RB) 5.00%, 06/01/22 | 325 | 325,987 | ||||||
New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) (SBG) 5.00%, 05/01/25 (c) (p) | 1,165 | 1,229,879 | ||||||
State of New Mexico, Series A (GO) | ||||||||
| 5.00%, 03/01/23 | 320 | 328,201 | ||||||
| 5.00%, 03/01/27 | 315 | 350,798 | ||||||
State of New Mexico, Series B (GO) | ||||||||
| 5.00%, 03/01/23 | 340 | 348,713 | ||||||
| 5.00%, 03/01/25 | 250 | 267,824 | ||||||
State of New Mexico, Series B (RB) 4.00%, 07/01/23 | 505 | 516,184 | ||||||
| 4,267,108 | ||||||||
| New York: 14.4% | ||||||||
Build NYC Resource Corp., Chapin School Ltd. Project (RB) 5.00%, 11/01/26 | 270 | 299,153 | ||||||
| City of New York, Series A (GO) | ||||||||
4.00%, 08/01/23 | 250 | 255,879 | ||||||
| 5.00%, 08/01/22 | 670 | 676,096 | ||||||
| 5.00%, 08/01/23 | 100 | 103,573 | ||||||
| 5.00%, 08/01/24 | 1,500 | 1,581,490 | ||||||
City of New York, Series B-1 (GO) 5.00%, 10/01/22 | 500 | 507,322 | ||||||
| City of New York, Series C (GO) | ||||||||
5.00%, 08/01/24 | 750 | 790,745 | ||||||
| 5.00%, 08/01/25 | 1,325 | 1,423,303 | ||||||
See Notes to Financial Statements
| 158 |
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| City of New York, Series C and D (GO) | ||||||||
5.00%, 08/01/23 | $ | 320 | $ | 331,435 | ||||
| 5.00%, 08/01/26 | 325 | 354,846 | ||||||
City of New York, Series C-1 (GO) (SD CRED PROG) 4.00%, 08/01/27 | 660 | 699,147 | ||||||
City of New York, Series E (GO) 5.00%, 08/01/24 | 255 | 268,853 | ||||||
City of New York, Series F-1 (GO) 5.00%, 03/01/27 | 410 | 451,492 | ||||||
City of New York, Series J-9 (GO) 5.00%, 08/01/26 | 500 | 545,918 | ||||||
City of Yonkers, Series C (GO) (BAM) 5.00%, 10/01/23 | 100 | 103,817 | ||||||
County of Nassau, Series C (GO) 5.00%, 10/01/24 | 200 | 211,449 | ||||||
Dormitory Authority Of The State Of New York State Personal Income Tax Revenue Bonds (General Purpose) Series D (Tax- Exempt) (RB) (AGM) 5.00%, 02/15/27 | 515 | 569,639 | ||||||
Dormitory Authority Of The State Of New York State Personal Income Tax Revenue Bonds (General Purpose), Series A (Tax- Exempt) (RB) 5.00%, 03/15/26 | 500 | 544,904 | ||||||
Hudson Yards Infrastructure Corp., Series A (RB) 5.00%, 02/15/23 | 100 | 102,416 | ||||||
Long Island Power Authority Electric System General Revenue Bonds, Series (RB) (BAM) 5.00%, 09/01/26 | 1,010 | 1,113,836 | ||||||
Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/24 (p) | 1,500 | 1,573,167 | ||||||
Metropolitan Transportation Authority, Series A-2 (RB) (SD CRED PROG) 5.00%, 05/15/24 (p) | 1,160 | 1,215,153 | ||||||
| Metropolitan Transportation Authority, Series B (RB) | ||||||||
5.00%, 11/15/23 | 290 | 300,867 | ||||||
| 5.00%, 11/15/24 | 390 | 410,935 | ||||||
| 5.00%, 11/15/26 | 255 | 274,498 | ||||||
| 5.00%, 11/15/26 | 500 | 538,231 | ||||||
| Metropolitan Transportation Authority, Series C-1 (RB) | ||||||||
5.00%, 11/15/23 | 500 | 518,751 | ||||||
| 5.00%, 11/15/25 | 875 | 932,640 | ||||||
| Par (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
Monroe County Industrial Development Agency, Rochester Schools Modernization Project (RB) (SAW) 5.00%, 05/01/23 | $ | 250 | $ | 257,358 | ||||
New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C)) 0.60%, 07/01/25 (c) (p) | 305 | 281,372 | ||||||
New York City Housing Development Corporation Multi-Family Housing Revenue Bonds Series A-1 (Sustainable Development Bonds) (RB) (FHA 542(C)) 1.10%, 11/01/27 | 495 | 443,551 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series A (RB) (AGM) 5.00%, 01/01/27 | 750 | 810,106 | ||||||
New York City Municipal Water Finance Authority Water And Sewer System Second General Resolution Revenue Bonds Fiscal Subseries Cc-2 (RB) 5.00%, 12/15/25 (c) | 500 | 540,163 | ||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds, Fiscal Series A Subseries A-1 Tax-Exempt Bonds (RB) 5.00%, 11/01/26 | 1,000 | 1,100,811 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Series A (RB) 5.00%, 11/01/27 | 440 | 490,724 | ||||||
| New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) | ||||||||
5.00%, 07/15/24 | 550 | 581,318 | ||||||
| 5.00%, 07/15/25 | 570 | 615,442 | ||||||
| 5.00%, 07/15/26 | 315 | 344,591 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 05/01/23 | 575 | 592,211 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 5.00%, 11/01/25 | 350 | 378,618 | ||||||
New York City Water & Sewer System, Series AA (RB) 4.00%, 06/15/24 | 500 | 516,769 | ||||||
See Notes to Financial Statements
| 159 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York City Water & Sewer System, Series BB-2 (RB) 5.00%, 12/15/23 (c) | $ | 700 | $ | 730,147 | ||||
| New York City Water & Sewer System, Series BB-2 (RB) (AGM) 5.00%, 12/15/24 (c) | 430 | 458,049 | ||||||
| New York State Dormitory Authority, Health Facilities Improvement (RB) (SAW) 5.00%, 01/15/23 | 300 | 306,568 | ||||||
| New York State Dormitory Authority, Income Tax, Series A (RB) | ||||||||
| 5.00%, 02/15/23 | 220 | 225,489 | ||||||
| 5.00%, 02/15/25 | 140 | 149,489 | ||||||
| 5.00%, 03/15/27 | 300 | 333,013 | ||||||
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) | ||||||||
| 5.00%, 08/01/24 | 300 | 308,412 | ||||||
| 5.00%, 08/01/25 | 815 | 845,818 | ||||||
| New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26 | 700 | 769,307 | ||||||
| New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/24 | 110 | 116,084 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/27 | 500 | 553,815 | ||||||
| New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/26 | 935 | 1,017,355 | ||||||
| New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW) | ||||||||
| 5.00%, 10/01/25 | 435 | 470,390 | ||||||
| 5.00%, 10/01/26 | 400 | 439,865 | ||||||
| New York State Dormitory Authority, School Districts Bond Financing Program, Series B (RB) 5.00%, 10/01/24 | 300 | 317,969 | ||||||
| New York State Dormitory Authority, Sloan-Kettering Cancer Center (RB) 5.00%, 07/01/26 | 470 | 514,197 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) | ||||||||
| 5.00%, 03/15/23 | 290 | 297,825 | ||||||
| 5.00%, 03/15/26 | 700 | 762,866 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/27 | $ | 510 | $ | 564,109 | ||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) 5.00%, 02/15/23 | 1,070 | 1,096,723 | ||||||
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) (BAM) 5.00%, 02/15/25 | 1,000 | 1,067,778 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/23 | 845 | 867,801 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series C (RB) | ||||||||
| 5.00%, 03/15/24 | 155 | 162,809 | ||||||
| 5.00%, 03/15/25 | 1,035 | 1,109,095 | ||||||
| New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26 | 680 | 742,118 | ||||||
| New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB) 5.00%, 07/01/25 | 500 | 537,973 | ||||||
| New York State Housing Finance Agency, Series I (RB) (SAW) 1.75%, 05/20/22 (c) | 750 | 735,312 | ||||||
| New York State Housing Finance Agency, Series L-2 (RB) 0.75%, 05/20/22 (c) | 750 | 692,997 | ||||||
| New York State Thruway Authority, Series L (RB) 5.00%, 01/01/24 | 165 | 172,205 | ||||||
| New York State Urban Development Corp., State Personal Income, Series A (RB) | ||||||||
| 5.00%, 03/15/23 | 790 | 811,317 | ||||||
| 5.00%, 03/15/25 | 500 | 534,790 | ||||||
| 5.00%, 03/15/27 | 690 | 764,265 | ||||||
| New York State Urban Development Corp., State Personal Income, Series E (RB) 5.00%, 03/15/25 | 500 | 534,790 | ||||||
See Notes to Financial Statements
| 160 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| New York (continued) | ||||||||
| New York State Urban Development Corporation State Personal Income Tax Revenue Bonds (General Purpose), Series A (RB) 5.00%, 03/15/26 (c) | $ | 500 | $ | 540,495 | ||||
| Town of Oyster Bay, New York Public Improvement (GO) 4.00%, 03/01/24 | 500 | 513,165 | ||||||
| Town of Oyster Bay, New York Public Improvement (GO) (AGM) 4.00%, 03/01/26 | 250 | 260,681 | ||||||
| Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 3.25%, 02/01/26 | 530 | 538,211 | ||||||
| Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/26 (p) | 875 | 845,769 | ||||||
| Triborough Bridge & Tunnel Authority, Series C-1B (RB) 5.00%, 05/15/26 (p) | 500 | 539,035 | ||||||
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) 5.00%, 06/01/22 | 500 | 501,078 | ||||||
| Utility Debt Securitization Authority (RB) 5.00%, 06/15/22 (c) | 285 | 286,235 | ||||||
| Utility Debt Securitization Authority, Series B (RB) 5.00%, 12/15/22 (c) | 320 | 326,359 | ||||||
| 47,014,357 | ||||||||
| North Carolina: 2.0% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/23 | 115 | 116,706 | ||||||
| City of Charlotte, North Carolina Water & Sewer System (RB) 5.00%, 07/01/23 | 500 | 517,013 | ||||||
| County of Guilford, Series B (GO) 5.00%, 05/01/24 | 500 | 526,510 | ||||||
| County of Wake (GO) 5.00%, 04/01/27 | 300 | 335,467 | ||||||
| County of Wake (RB) 5.00%, 09/01/26 | 375 | 414,039 | ||||||
| County of Wake, Series A (GO) 5.00%, 03/01/25 | 250 | 268,179 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System (RB) (BAM) 5.00%, 02/01/24 | 2,125 | 2,206,191 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| North Carolina (continued) | ||||||||
| State of North Carolina, Department of State Treasurer, Series B (GO) 5.00%, 06/01/25 | $ | 970 | $ | 1,046,102 | ||||
| State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/23 | 500 | 512,604 | ||||||
| State of North Carolina, Series B (GO) 5.00%, 06/01/23 | 575 | 593,405 | ||||||
| 6,536,216 | ||||||||
| Ohio: 2.4% | ||||||||
| City of Cleveland, Ohio Airport System, Series B (RB) (AGM) 5.00%, 01/01/23 | 260 | 265,162 | ||||||
| County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB) | ||||||||
| 5.00%, 08/01/25 | 100 | 107,032 | ||||||
| 5.00%, 08/01/26 | 410 | 445,935 | ||||||
| County of Hamilton, Ohio Hospital Facilities, Trihealth, Inc., Series A (RB) 5.00%, 08/15/27 | 270 | 299,260 | ||||||
| County of Hamilton, Sales Tax, Series A (RB) 5.00%, 12/01/25 | 500 | 540,496 | ||||||
| Lancaster Port Authority (RB) (SBG) 5.00%, 02/01/25 (c) (p) | 300 | 313,685 | ||||||
| Ohio Turnpike and Infrastructure Commission, Series A (RB) 5.00%, 02/15/26 | 460 | 500,864 | ||||||
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/26 | 250 | 274,433 | ||||||
| State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/25 | 1,325 | 1,409,207 | ||||||
| State of Ohio, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/26 | 500 | 541,506 | ||||||
| State of Ohio, Common School, Series B (GO) 5.00%, 09/15/25 | 100 | 108,241 | ||||||
| State of Ohio, Higher Education, Series C (GO) 5.00%, 08/01/27 | 500 | 559,077 | ||||||
| State of Ohio, Higher Educational Facility, Case Western Reserve University Project (RB) 5.00%, 12/01/23 | 560 | 583,929 | ||||||
| State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 11/01/22 | 675 | 686,690 | ||||||
See Notes to Financial Statements
| 161 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Ohio (continued) | ||||||||
| State of Ohio, Highway Capital Improvement, Series U (GO) 5.00%, 05/01/23 | $ | 1,000 | $ | 1,029,632 | ||||
| State of Ohio, Miami University (RB) 5.00%, 09/01/25 | 115 | 123,463 | ||||||
| 7,788,612 | ||||||||
| Oklahoma: 0.4% | ||||||||
| Canadian County Educational Facilities Authority, Mustang Public Schools (RB) 5.00%, 09/01/26 (c) | 535 | 587,695 | ||||||
| Oklahoma County Independent School District No. 89, Series A (GO) 1.25%, 07/01/24 | 450 | 432,133 | ||||||
| Tulsa Public Facilities Authority (RB) 3.00%, 06/01/25 | 350 | 350,072 | ||||||
| 1,369,900 | ||||||||
| Oregon: 0.6% | ||||||||
| City of Portland, Sewer System, Series A (RB) 5.00%, 05/01/26 | 350 | 383,052 | ||||||
| City of Portland, Sewer System, Series A (RB) (AGM) 5.00%, 03/01/26 | 500 | 545,458 | ||||||
| Linn and Benton Counties School District No. 8J (GO) (SBG) 5.00%, 06/15/26 | 350 | 383,762 | ||||||
| Multnomah County School District No. 1J, Series B (GO) (SBG) 5.00%, 06/15/25 | 500 | 538,893 | ||||||
| 1,851,165 | ||||||||
| Pennsylvania: 3.0% | ||||||||
| Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/25 | 300 | 320,458 | ||||||
| City of Philadelphia, Series A (GO) | ||||||||
| 5.00%, 08/01/24 | 200 | 210,821 | ||||||
| 5.00%, 08/01/25 | 300 | 322,257 | ||||||
| 5.00%, 08/01/25 | 245 | 263,177 | ||||||
| Commonwealth Financing Authority, Tobacco Master Settlement Payment (RB) 5.00%, 06/01/23 | 250 | 256,622 | ||||||
| Commonwealth Of Pennsylvania General Obligation Bonds, First Refunding Series (GO) 5.00%, 08/15/25 | 565 | 610,331 | ||||||
| Commonwealth of Pennsylvania, First Series (GO) | ||||||||
5.00%, 01/01/26 | 560 | 607,507 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Pennsylvania (continued) | ||||||||
| 5.00%, 01/01/27 | $ | 315 | $ | 347,429 | ||||
| 5.00%, 02/01/26 | 415 | 450,914 | ||||||
| Commonwealth of Pennsylvania, Second Series (GO) | ||||||||
| 5.00%, 01/15/23 | 370 | 378,466 | ||||||
| 5.00%, 09/15/22 | 590 | 597,786 | ||||||
| County of Lehig, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26 | 600 | 650,010 | ||||||
| Delaware River Port Authority, Series B (RB) | ||||||||
| 5.00%, 01/01/25 | 350 | 373,082 | ||||||
| 5.00%, 01/01/26 | 1,170 | 1,271,819 | ||||||
| Montgomery County, Higher Education and Health Authority, Thomas Jefferson University, Series A (RB) 5.00%, 09/01/23 | 500 | 518,140 | ||||||
| Northampton County, General Purpose Authority (RB) 5.00%, 11/01/23 | 150 | 156,115 | ||||||
| Pennsylvania Economic Development Financing Authority (RB) 5.00%, 11/15/25 | 325 | 349,213 | ||||||
| Pennsylvania State University, Series B (RB) 5.00%, 09/01/22 | 350 | 354,183 | ||||||
| Pennsylvania Turnpike Commission, Series B-2 (RB) 5.00%, 06/01/26 | 500 | 542,190 | ||||||
| Philadelphia Authority for Industrial Development (RB) 5.00%, 10/01/24 | 400 | 420,499 | ||||||
| Philadelphia School District, Series F (GO) (SAW) 5.00%, 09/01/25 | 660 | 705,309 | ||||||
| Southeastern Pennsylvania Transportation Authority, Federal Transit Administration Section 5337 (RB) 5.00%, 06/01/23 | 115 | 118,681 | ||||||
| 9,825,009 | ||||||||
| Rhode Island: 0.3% | ||||||||
| State of Rhode Island and Providence Plantations, Series B (GO) 5.00%, 08/01/26 | 300 | 331,228 | ||||||
| Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds, Series A (RB) 5.00%, 06/01/25 (c) | 500 | 524,072 | ||||||
| 855,300 | ||||||||
See Notes to Financial Statements
| 162 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| South Carolina: 1.0% | ||||||||
| County of Charleston, Series C (GO) (SAW) 5.00%, 11/01/24 | $ | 510 | $ | 543,164 | ||||
| County of Richland, Series A (GO) (SAW) 5.00%, 03/01/26 | 500 | 547,181 | ||||||
| Patriots Energy Group Financing Agency, Series A (RB) 4.00%, 02/01/24 (c) (p) | 1,765 | 1,790,871 | ||||||
| State of South Carolina, Series B (GO) (SAW) 5.00%, 04/01/24 | 350 | 367,957 | ||||||
| 3,249,173 | ||||||||
| Tennessee: 1.5% | ||||||||
| Memphis-Shelby County Industrial Development Board, Series B (RB) 5.00%, 11/01/26 (c) | 720 | 790,079 | ||||||
| Metropolitan Government of Nashville & Davidson County (GO) | ||||||||
| 5.00%, 07/01/24 | 200 | 211,149 | ||||||
| 5.00%, 07/01/26 | 525 | 575,673 | ||||||
| Metropolitan Government of Nashville & Davidson County, Series C (GO) (SBG) 5.00%, 01/01/24 | 500 | 522,334 | ||||||
| Shelby County, Tennessee Health, Educational and Housing Facility Board, Methodist Le Bonheur Healthcare, Series A (RB) 5.00%, 05/01/26 | 450 | 488,391 | ||||||
| Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/25 (c) (p) | 1,775 | 1,809,965 | ||||||
| Tennessee Energy Acquisition Corp., Series A (RB) 4.00%, 05/01/23 (c) (p) | 560 | 564,581 | ||||||
| 4,962,172 | ||||||||
| Texas: 7.3% | ||||||||
| Austin Independent School District, Unlimited Tax School Buildings (GO) 5.00%, 08/01/26 | 500 | 548,233 | ||||||
| Bexar County Hospital District (GO) | ||||||||
| 5.00%, 02/15/24 | 725 | 758,169 | ||||||
| 5.00%, 02/15/26 | 350 | 380,960 | ||||||
| Board of Regents of the University of Texas System, Series H (RB) 5.00%, 08/15/23 | 275 | 284,979 | ||||||
| City of Austin, Texas Electric Utility System, Series A (RB) 5.00%, 11/15/30 (c) | 750 | 830,861 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| City of Austin, Texas Water & Wastewater System (RB) 5.00%, 11/15/25 | $ | 790 | $ | 856,062 | ||||
| City of Denton, Utility System (RB) 5.00%, 12/01/26 | 310 | 342,291 | ||||||
| City of Houston, Airport System, Series D (RB) | ||||||||
| 5.00%, 07/01/23 | 500 | 515,610 | ||||||
| 5.00%, 07/01/24 | 250 | 262,639 | ||||||
| City of Houston, Series A (GO) 5.00%, 03/01/23 | 250 | 256,365 | ||||||
| City of San Antonio, Electric and Gas Systems (RB) 5.00%, 08/01/26 (c) | 630 | 687,328 | ||||||
| City of San Antonio, General Improvement (GO) 5.00%, 08/01/25 | 500 | 539,524 | ||||||
| City Of San Antonio, Texas Electric And Gas Systems Revenue And Refunding Bonds, New Series (RB) 5.00%, 02/01/27 (c) | 400 | 439,909 | ||||||
| Colorado River Municipal Water District (RB) | ||||||||
| 5.00%, 01/01/24 | 115 | 119,926 | ||||||
| 5.00%, 01/01/26 | 655 | 710,327 | ||||||
| Comal Independent School District, Unlimited Tax School Buildings (GO) 5.00%, 02/01/26 | 775 | 842,936 | ||||||
| Conroe Independent School District, Unlimited Tax School Buildings, Series A (GO) 5.00%, 02/15/27 | 2,000 | 2,215,989 | ||||||
| Dallas County, Combination Tax and Parking Garage (GO) 5.00%, 08/15/23 | 375 | 388,656 | ||||||
| Dallas Fort Worth International Airport, Series B (RB) 5.00%, 11/01/25 | 200 | 214,896 | ||||||
| Grand Parkway Transportation Corp. (RB) 5.00%, 02/01/23 | 325 | 331,302 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 5.00%, 10/01/24 | 500 | 529,104 | ||||||
| Harris County, Series A (GO) 5.00%, 10/01/22 | 320 | 324,660 | ||||||
| Hays Consolidated Independent School District, Series A (GO) 3.00%, 02/15/26 | 500 | 506,928 | ||||||
| Houston Independent School District (GO) 5.00%, 07/15/25 | 320 | 345,391 | ||||||
See Notes to Financial Statements
| 163 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Houston Independent School District, Limited Tax School House (GO) | ||||||||
| 5.00%, 02/15/24 | $ | 155 | $ | 162,396 | ||||
| 5.00%, 02/15/26 | 250 | 271,926 | ||||||
| Houston Independent School District, Limited Tax School House, Series A (GO) 5.00%, 02/15/23 | 650 | 665,959 | ||||||
| Houston Independent School District, Maintenance Tax Notes (GO) 5.00%, 07/15/26 | 455 | 500,597 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Children’s Health System, Series A (RB) 5.00%, 08/15/23 | 160 | 165,847 | ||||||
| North Texas Tollway Authority System Revenue And Refunding Bonds, First Tier Bonds, Series A (RB) 5.00%, 01/01/26 (c) | 595 | 642,447 | ||||||
| North Texas Tollway Authority, First Tier, Series A (RB) 5.00%, 01/01/25 | 150 | 159,493 | ||||||
| Northside Independent School District (GO) 0.70%, 06/01/25 (p) | 500 | 468,221 | ||||||
| Port Houston Authority of Harris County, Texas Unlimited Tax, Series A-2 (GO) | ||||||||
| 5.00%, 10/01/24 | 500 | 530,674 | ||||||
| 5.00%, 10/01/25 | 500 | 541,531 | ||||||
| Round Rock Independent School District (GO) 5.00%, 08/01/26 | 570 | 627,154 | ||||||
| San Antonio Water System, Series A (RB) 2.00%, 05/15/25 | 300 | 294,312 | ||||||
| State of Texas, Water Infrastructure Fund, Series B-2 (GO) 5.00%, 08/01/24 (c) | 430 | 454,327 | ||||||
| State of Texas, Water Infrastructure Fund, Series B-3 (GO) | ||||||||
| 5.00%, 08/01/23 | 400 | 414,243 | ||||||
| 5.00%, 08/01/24 | 250 | 264,481 | ||||||
| 5.00%, 08/01/25 | 500 | 539,849 | ||||||
| Texas A&M University, Series D (RB) 5.00%, 05/15/26 | 820 | 897,414 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26 | 600 | 635,017 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Texas (continued) | ||||||||
| Texas Water Development Board (RB) | ||||||||
| 5.00%, 08/01/23 | $ | 350 | $ | 362,682 | ||||
| 5.00%, 08/01/25 | 225 | 242,640 | ||||||
| Texas Water Development Board, Series A (RB) 5.00%, 04/15/23 | 340 | 349,817 | ||||||
| Texas Water Development Board, Series B (RB) 5.00%, 10/15/24 | 500 | 530,754 | ||||||
| University of Houston, Series A (RB) 5.00%, 02/15/26 | 1,000 | 1,088,457 | ||||||
| 24,043,283 | ||||||||
| Utah: 1.3% | ||||||||
| Central Utah Water Conservancy District, Series B (RB) 5.00%, 10/01/25 | 955 | 1,033,999 | ||||||
| County of Utah, IHL Health Services Inc., Series B-1 (RB) 5.00%, 08/01/24 (c) (p) | 1,000 | 1,050,297 | ||||||
| County of Utah, IHL Health Services Inc., Series B-2 (RB) 5.00%, 08/01/24 (c) (p) | 500 | 520,669 | ||||||
| State of Utah (GO) | ||||||||
| 5.00%, 07/01/23 | 500 | 516,896 | ||||||
| 5.00%, 07/01/25 | 290 | 313,310 | ||||||
| 5.00%, 07/01/25 | 300 | 324,114 | ||||||
| 5.00%, 07/01/26 | 500 | 551,379 | ||||||
| University of Utah, Series A (RB) 5.00%, 08/01/23 | 100 | 103,573 | ||||||
| 4,414,237 | ||||||||
| Virginia: 2.7% | ||||||||
| City of Richmond, Public Utility Revenue, Series A (RB) 5.00%, 01/15/25 | 125 | 133,621 | ||||||
| Commonwealth Transportation Board Commonwealth Of Virginia Transportation Capital Projects Revenue (RB) 5.00%, 05/15/25 | 500 | 537,041 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) | ||||||||
| 4.00%, 10/01/24 | 285 | 295,708 | ||||||
| 4.00%, 10/01/25 | 500 | 525,433 | ||||||
| County of Fairfax, Public Improvement, Series A (GO) (SAW) | ||||||||
| 4.00%, 10/01/23 | 275 | 282,279 | ||||||
| 4.00%, 10/01/25 | 700 | 735,371 | ||||||
| Fairfax County Industrial Development Authority, Inova Health System Project, Series A (RB) 5.00%, 05/15/24 | 125 | 131,388 | ||||||
See Notes to Financial Statements
| 164 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Virginia (continued) | ||||||||
| Hampton Roads Transportation Accountability Commission (RB) 5.00%, 07/01/26 | $ | 1,250 | $ | 1,371,168 | ||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) | ||||||||
| 5.00%, 02/01/24 | 235 | 246,030 | ||||||
| 5.00%, 02/01/27 | 600 | 663,522 | ||||||
| 5.00%, 02/01/27 | 250 | 276,467 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series E (RB) 5.00%, 02/01/23 | 250 | 255,973 | ||||||
| Virginia Commonwealth Transportation Board (RB) | ||||||||
| 5.00%, 09/15/23 | 400 | 415,632 | ||||||
| 5.00%, 09/15/24 | 325 | 344,293 | ||||||
| 5.00%, 09/15/26 (c) | 510 | 563,720 | ||||||
| Virginia Public Building Authority, Series A (RB) 5.00%, 08/01/26 | 265 | 290,005 | ||||||
| Virginia Public Building Authority, Series B (RB) 5.00%, 08/01/26 | 500 | 547,179 | ||||||
| Virginia Public School Authority, Series B (RB) (SAW) 5.00%, 08/01/23 | 300 | 310,720 | ||||||
| Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC) 0.75%, 09/02/25 (p) | 1,000 | 926,980 | ||||||
| 8,852,530 | ||||||||
| Washington: 2.7% | ||||||||
| City of Seattle, Municipal Light and Power Improvement, Series B (RB) 5.00%, 02/01/26 | 400 | 435,213 | ||||||
| County of Clark, Public Utility District No. 1 (RB) 5.00%, 01/01/26 | 500 | 544,061 | ||||||
| County of King (GO) 5.00%, 07/01/24 | 100 | 105,596 | ||||||
| County of King, Sewer Improvement, Series B (RB) | ||||||||
| 5.00%, 07/01/25 | 575 | 619,396 | ||||||
| 5.00%, 07/01/26 | 200 | 219,304 | ||||||
| Energy Northwest Project Electric, Series A (RB) 5.00%, 07/01/25 | 1,000 | 1,077,210 | ||||||
| Energy Northwest Project Electric, Series C (RB) | ||||||||
5.00%, 07/01/24 | 450 | 475,086 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Washington (continued) | ||||||||
| 5.00%, 07/01/25 | $ | 1,375 | $ | 1,481,163 | ||||
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) | ||||||||
| 5.00%, 07/01/23 | 100 | 103,367 | ||||||
| 5.00%, 07/01/24 | 455 | 480,365 | ||||||
| State of Washington Various Purpose, Series D (GO) 5.00%, 02/01/24 | 200 | 209,422 | ||||||
| State of Washington, Various Purpose, Series R-A (GO) 5.00%, 08/01/24 | 750 | 793,782 | ||||||
| University of Washington, Series C (RB) (AGM) 5.00%, 04/01/26 | 800 | 871,959 | ||||||
| Washington Health Care Facilities Authority, CommonSpirit Health, Series B-1 (RB) 5.00%, 08/01/24 (c) (p) | 1,000 | 1,039,772 | ||||||
| Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/25 | 270 | 284,666 | ||||||
| 8,740,362 | ||||||||
| West Virginia: 0.1% | ||||||||
| State of West Virginia, Commissioner of Highways, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/23 | 410 | 425,698 | ||||||
| Wisconsin: 1.8% | ||||||||
| City of Milwaukee, Series N2 (GO) 4.00%, 03/01/25 | 750 | 774,967 | ||||||
| City of Milwaukee, Series N4 (GO) | ||||||||
| 5.00%, 04/01/24 | 225 | 234,950 | ||||||
| 5.00%, 04/01/25 | 125 | 132,731 | ||||||
| 5.00%, 04/01/26 | 500 | 540,327 | ||||||
| 5.00%, 04/01/26 | 750 | 810,490 | ||||||
| State of Wisconsin, Series 1 (GO) 5.00%, 11/01/22 | 500 | 508,534 | ||||||
| State of Wisconsin, Series 2 (GO) 5.00%, 11/01/25 | 380 | 412,131 | ||||||
| State of Wisconsin, Series A (GO) 5.00%, 05/01/27 | 1,000 | 1,112,929 | ||||||
| State Of Wisconsin, Wisconsin General Obligation Bonds Of, Series A (GO) 5.00%, 05/01/25 | 500 | 536,763 | ||||||
| State Of Wisconsin, Wisconsin General Obligation Bonds Of, Series B (GO) 5.00%, 05/01/26 | 525 | 574,160 | ||||||
See Notes to Financial Statements
| 165 |
VANECK SHORT MUNI ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Wisconsin (continued) | ||||||||
| Wisconsin Department of Transportation, Series 2 (RB) 5.00%, 07/01/24 | $ | 120 | $ | 126,768 | ||||
| 5,764,750 | ||||||||
| Total Municipal Bonds: 98.3% (Cost: $337,935,505) | 321,852,358 | |||||||
| Other assets less liabilities: 1.7% | 5,726,940 | |||||||
| NET ASSETS: 100.0% | $ | 327,579,298 | ||||||
| Footnotes: | |
| (c) | Callable Security — the redemption date shown is when the security may be redeemed by the issuer |
| (p) | Putable Security — the redemption date shown is when the security may be redeemed by the investor |
| ^ | Zero Coupon Bond |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Airport | 2.0 | % | $ | 6,462,669 | ||||
| Education | 4.2 | 13,563,292 | ||||||
| Hospitals | 6.6 | 21,350,297 | ||||||
| Industrial Development Revenue | 9.6 | 30,869,319 | ||||||
| Leasing | 0.1 | 290,005 | ||||||
| Leasing COPS & Appropriations | 6.1 | 19,672,201 | ||||||
| Local GO | 15.7 | 50,587,723 | ||||||
| Misc | 2.8 | 9,026,270 | ||||||
| Multi-Family Housing | 1.0 | 3,293,241 | ||||||
| Pollution Control | 0.1 | 274,433 | ||||||
| Power | 5.2 | 16,650,658 | ||||||
| Refunded | 2.5 | 8,009,238 | ||||||
| State | 0.3 | 1,046,102 | ||||||
| State GO | 18.7 | 60,027,799 | ||||||
| Tax | 8.4 | 27,023,442 | ||||||
| Tobacco | 0.6 | 2,069,307 | ||||||
| Toll & Turnpike | 3.0 | 9,506,859 | ||||||
| Transportation | 6.1 | 19,555,978 | ||||||
| Utilities - Other | 0.8 | 2,653,909 | ||||||
| Water & Sewer | 6.2 | 19,919,616 | ||||||
| 100.0 | % | $ | 321,852,358 | |||||
See Notes to Financial Statements
| 166 |
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Municipal Bonds * | $ | — | $ | 321,852,358 | $ | — | $ | 321,852,358 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 167 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30,2022
| CEF Muni Income | High Yield Muni | HIP Sustainable | Intermediate | |||||||||||||
| ETF | ETF | Muni ETF | Muni ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value | ||||||||||||||||
| Unaffiliated issuers (1) | $ | 169,126,118 | $ | 2,958,974,026 | $ | 13,431,251 | $ | 1,671,853,467 | ||||||||
| Cash | 83 | 25,644,823 | 74,665 | 3,036,128 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 1,176,451 | 29,463,524 | — | — | ||||||||||||
| Dividends and interest | 567,368 | 46,414,406 | 195,371 | 20,590,761 | ||||||||||||
| Other assets | — | 8,158 | — | 12,480 | ||||||||||||
| Total assets | 170,870,020 | 3,060,504,937 | 13,701,287 | 1,695,492,836 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | 11,298,950 | — | — | ||||||||||||
| Shares of beneficial interest redeemed | 1,176,438 | 30,353,945 | — | — | ||||||||||||
| Line of credit | 222,025 | — | — | — | ||||||||||||
| Due to Adviser | 59,762 | 899,999 | 2,739 | 338,279 | ||||||||||||
| Deferred Trustee fees | 4,195 | 3,184 | — | 3,000 | ||||||||||||
| Accrued expenses | 404 | — | — | — | ||||||||||||
| Total liabilities | 1,462,824 | 42,556,078 | 2,739 | 341,279 | ||||||||||||
| NET ASSETS | $ | 169,407,196 | $ | 3,017,948,859 | $ | 13,698,548 | $ | 1,695,151,557 | ||||||||
| Shares outstanding | 7,200,000 | 54,696,401 | 300,000 | 37,098,916 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 23.53 | $ | 55.18 | $ | 45.66 | $ | 45.69 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 216,940,602 | $ | 3,383,031,447 | $ | 15,016,441 | $ | 1,837,861,034 | ||||||||
| Total distributable earnings (loss) | (47,533,406 | ) | (365,082,588 | ) | (1,317,893 | ) | (142,709,477 | ) | ||||||||
| NET ASSETS | $ | 169,407,196 | $ | 3,017,948,859 | $ | 13,698,548 | $ | 1,695,151,557 | ||||||||
| (1) Cost of investments - Unaffiliated issuers | $ | 209,245,916 | $ | 3,248,494,841 | $ | 14,712,851 | $ | 1,815,653,750 | ||||||||
See Notes to Financial Statements
| 168 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2022
| Muni Allocation | Short High Yield | |||||||||||||||
| Long Muni ETF | ETF | Muni ETF | Short Muni ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value | ||||||||||||||||
| Unaffiliated issuers (1) | $ | 212,572,916 | $ | 506,834 | $ | 410,085,348 | $ | 321,852,358 | ||||||||
| Affiliated issuers (2) | — | 3,176,411 | — | — | ||||||||||||
| Cash | 266,328 | 992 | 3,253,368 | 1,728,803 | ||||||||||||
| Receivables: | ||||||||||||||||
| Dividends and interest | 2,773,666 | 799 | 6,157,977 | 4,054,421 | ||||||||||||
| Total assets | 215,612,910 | 3,685,036 | 419,496,693 | 327,635,582 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | — | 1,110,454 | — | ||||||||||||
| Due to Adviser | 43,721 | 247 | 121,725 | 54,062 | ||||||||||||
| Deferred Trustee fees | 1,517 | — | — | 1,600 | ||||||||||||
| Accrued expenses | — | — | 221 | 622 | ||||||||||||
| Total liabilities | 45,238 | 247 | 1,232,400 | 56,284 | ||||||||||||
| NET ASSETS | $ | 215,567,672 | $ | 3,684,789 | $ | 418,264,293 | $ | 327,579,298 | ||||||||
| Shares outstanding | 11,750,000 | 170,000 | 18,300,000 | 19,400,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 18.35 | $ | 21.68 | $ | 22.86 | $ | 16.89 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 244,883,096 | $ | 4,745,722 | $ | 459,617,795 | $ | 344,629,489 | ||||||||
| Total distributable earnings (loss) | (29,315,424 | ) | (1,060,933 | ) | (41,353,502 | ) | (17,050,191 | ) | ||||||||
| NET ASSETS | $ | 215,567,672 | $ | 3,684,789 | $ | 418,264,293 | $ | 327,579,298 | ||||||||
| (1) Cost of investments - Unaffiliated issuers | $ | 241,779,794 | $ | 634,296 | $ | 441,388,890 | $ | 337,935,505 | ||||||||
| (2) Cost of investments - Affiliated issuers | $ | — | $ | 3,425,288 | $ | — | $ | — | ||||||||
See Notes to Financial Statements
| 169 |
VANECK ETF TRUST
For the Year Ended April 30, 2022
| CEF Muni Income | High Yield Muni | HIP Sustainable | Intermediate | |||||||||||||
| ETF | ETF | Muni ETF (a) | Muni ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 8,957,774 | $ | — | $ | — | $ | — | ||||||||
| Interest | 168 | 135,294,617 | 49,951 | 35,290,245 | ||||||||||||
| Total income | 8,957,942 | 135,294,617 | 49,951 | 35,290,245 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 811,918 | 12,684,417 | 20,951 | 4,495,019 | ||||||||||||
| Interest and taxes | 4,247 | 511 | — | 608 | ||||||||||||
| Total expenses | 816,165 | 12,684,928 | 20,951 | 4,495,627 | ||||||||||||
| Net investment income | 8,141,777 | 122,609,689 | 29,000 | 30,794,618 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (2,243,431 | ) | (1,024,604 | ) | (3,603 | ) | (1,756,530 | ) | ||||||||
| In-kind redemptions | 8,999,249 | (20,966,518 | ) | — | 14,870,481 | |||||||||||
| Capital gain distributions from investment companies | 96,609 | — | — | — | ||||||||||||
| Net realized gain (loss) | 6,852,427 | (21,991,122 | ) | (3,603 | ) | 13,113,951 | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (50,282,573 | ) | (393,264,600 | ) | (1,281,600 | ) | (232,378,068 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (50,282,573 | ) | (393,264,600 | ) | (1,281,600 | ) | (232,378,068 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (35,288,369 | ) | $ | (292,646,033 | ) | $ | (1,256,203 | ) | $ | (188,469,499 | ) | ||||
(a) For the period September 9, 2021 (commencement of operations) through April 30, 2022.
See Notes to Financial Statements
| 170 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
| Muni Allocation | Short High Yield | |||||||||||||||
| Long Muni ETF | ETF | Muni ETF | Short Muni ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | — | $ | 20,528 | $ | — | $ | — | ||||||||
| Dividends - affiliated issuers | — | 87,122 | — | — | ||||||||||||
| Interest | 5,753,170 | — | 10,914,551 | 3,422,947 | ||||||||||||
| Total income | 5,753,170 | 107,650 | 10,914,551 | 3,422,947 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 576,431 | 3,285 | 1,420,161 | 643,677 | ||||||||||||
| Interest and taxes | 1,103 | 116 | 1,485 | 798 | ||||||||||||
| Total expenses | 577,534 | 3,401 | 1,421,646 | 644,475 | ||||||||||||
| Net investment income | 5,175,636 | 104,249 | 9,492,905 | 2,778,472 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (601,915 | ) | (6,713 | ) | (1,913,896 | ) | (39,007 | ) | ||||||||
| Investments - affiliated issuers | — | 17,011 | — | — | ||||||||||||
| In-kind redemptions - unaffiliated issuers | 1,989,895 | — | (606,779 | ) | 13,315 | |||||||||||
| In-kind redemptions - affiliated issuers | — | 91,583 | — | — | ||||||||||||
| Capital gain distributions from investment companies - unaffiliated issuers | — | 537 | — | — | ||||||||||||
| Capital gain distributions from investment companies - affiliated issuers | — | 1,241 | — | — | ||||||||||||
| Net realized gain (loss) | 1,387,980 | 103,659 | (2,520,675 | ) | (25,692 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (39,678,118 | ) | (127,461 | ) | (39,252,516 | ) | (20,861,252 | ) | ||||||||
| Investments - affiliated issuers | — | (538,300 | ) | — | — | |||||||||||
| Net change in unrealized appreciation (depreciation) | (39,678,118 | ) | (665,761 | ) | (39,252,516 | ) | (20,861,252 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (33,114,502 | ) | $ | (457,853 | ) | $ | (32,280,286 | ) | $ | (18,108,472 | ) | ||||
See Notes to Financial Statements
| 171 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| CEF Muni Income ETF | High Yield Muni ETF | |||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| April 30, 2022 | April 30, 2021 | April 30, 2022 | April 30, 2021 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 8,141,777 | $ | 6,611,198 | $ | 122,609,689 | $ | 116,567,642 | ||||||||
| Net realized gain (loss) | 6,852,427 | 1,217,584 | (21,991,122 | ) | (86,647,125 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (50,282,573 | ) | 25,470,232 | (393,264,600 | ) | 390,659,103 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (35,288,369 | ) | 33,299,014 | (292,646,033 | ) | 420,579,620 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (7,955,563 | ) | (6,430,030 | ) | (124,522,449 | ) | (116,872,827 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 157,298,802 | 31,098,244 | 985,416,843 | 1,105,042,152 | ||||||||||||
| Cost of shares redeemed | (121,225,806 | ) | (23,775,486 | ) | (1,011,621,866 | ) | (517,793,142 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 36,072,996 | 7,322,758 | (26,205,023 | ) | 587,249,010 | |||||||||||
| Total increase (decrease) in net assets | (7,170,936 | ) | 34,191,742 | (443,373,505 | ) | 890,955,803 | ||||||||||
| Net Assets, beginning of year | 176,578,132 | 142,386,390 | 3,461,322,364 | 2,570,366,561 | ||||||||||||
| Net Assets, end of year | $ | 169,407,196 | $ | 176,578,132 | $ | 3,017,948,859 | $ | 3,461,322,364 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 5,375,000 | 1,100,000 | 15,900,000 | 18,300,000 | ||||||||||||
| Shares redeemed | (4,250,000 | ) | (875,000 | ) | (16,600,000 | ) | (8,700,000 | ) | ||||||||
| Net increase (decrease) | 1,125,000 | 225,000 | (700,000 | ) | 9,600,000 | |||||||||||
See Notes to Financial Statements
| 172 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| HIP Sustainable Muni ETF | Intermediate Muni ETF | |||||||||||
| Period Ended | Year Ended | Year Ended | ||||||||||
| April 30, 2022 (a) | April 30, 2022 | April 30, 2021 | ||||||||||
| Operations: | ||||||||||||
| Net investment income | $ | 29,000 | $ | 30,794,618 | $ | 32,364,513 | ||||||
| Net realized gain (loss) | (3,603 | ) | 13,113,951 | 25,772,251 | ||||||||
| Net change in unrealized appreciation (depreciation) | (1,281,600 | ) | (232,378,068 | ) | 60,943,861 | |||||||
| Net increase (decrease) in net assets resulting from operations | (1,256,203 | ) | (188,469,499 | ) | 119,080,625 | |||||||
| Distributions to shareholders from: | ||||||||||||
| Distributable earnings | (61,690 | ) | (31,094,619 | ) | (34,896,906 | ) | ||||||
| Share transactions*: | ||||||||||||
| Proceeds from sale of shares | 15,016,441 | 471,684,955 | 535,463,826 | |||||||||
| Cost of shares redeemed | — | (358,316,244 | ) | (399,980,004 | ) | |||||||
| Increase in net assets resulting from share transactions | 15,016,441 | 113,368,711 | 135,483,822 | |||||||||
| Total increase (decrease) in net assets | 13,698,548 | (106,195,407 | ) | 219,667,541 | ||||||||
| Net Assets, beginning of period | — | 1,801,346,964 | 1,581,679,423 | |||||||||
| Net Assets, end of period | $ | 13,698,548 | $ | 1,695,151,557 | $ | 1,801,346,964 | ||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||
| Shares sold | 300,000 | 9,250,000 | 10,400,000 | |||||||||
| Shares redeemed | — | (7,050,000 | ) | (7,800,000 | ) | |||||||
| Net increase | 300,000 | 2,200,000 | 2,600,000 | |||||||||
(a) For the period September 9, 2021 (commencement of operations) through April 30, 2022.
See Notes to Financial Statements
| 173 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Long Muni ETF | Muni Allocation ETF | |||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| April 30, 2022 | April 30, 2021 | April 30, 2022 | April 30, 2021 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 5,175,636 | $ | 5,402,766 | $ | 104,249 | $ | 124,237 | ||||||||
| Net realized gain | 1,387,980 | 2,847,343 | 103,659 | 143,994 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (39,678,118 | ) | 12,170,970 | (665,761 | ) | 263,796 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (33,114,502 | ) | 20,421,079 | (457,853 | ) | 532,027 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (5,985,800 | ) | (5,817,215 | ) | (97,504 | ) | (135,120 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 80,649,182 | 52,826,059 | 501,848 | — | ||||||||||||
| Cost of shares redeemed | (53,634,924 | ) | (39,574,236 | ) | (1,250,769 | ) | — | |||||||||
| Increase (decrease) in net assets resulting from share transactions | 27,014,258 | 13,251,823 | (748,921 | ) | — | |||||||||||
| Total increase (decrease) in net assets | (12,086,044 | ) | 27,855,687 | (1,304,278 | ) | 396,907 | ||||||||||
| Net Assets, beginning of year | 227,653,716 | 199,798,029 | 4,989,067 | 4,592,160 | ||||||||||||
| Net Assets, end of year | $ | 215,567,672 | $ | 227,653,716 | $ | 3,684,789 | $ | 4,989,067 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 3,750,000 | 2,450,000 | 20,000 | — | ||||||||||||
| Shares redeemed | (2,500,000 | ) | (1,850,000 | ) | (50,000 | ) | — | |||||||||
| Net increase (decrease) | 1,250,000 | 600,000 | (30,000 | ) | — | |||||||||||
See Notes to Financial Statements
| 174 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Short High Yield Muni ETF | Short Muni ETF | |||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| April 30, 2022 | April 30, 2021 | April 30, 2022 | April 30, 2021 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 9,492,905 | $ | 7,318,462 | $ | 2,778,472 | $ | 2,928,264 | ||||||||
| Net realized gain (loss) | (2,520,675 | ) | (6,647,337 | ) | (25,692 | ) | 1,171,282 | |||||||||
| Net change in unrealized appreciation (depreciation) | (39,252,516 | ) | 26,083,232 | (20,861,252 | ) | 4,643,506 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (32,280,286 | ) | 26,754,357 | (18,108,472 | ) | 8,743,052 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (9,530,270 | ) | (7,514,640 | ) | (3,907,985 | ) | (3,213,715 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 159,122,366 | 69,894,109 | 58,151,543 | 89,493,269 | ||||||||||||
| Cost of shares redeemed | (4,759,705 | ) | (46,687,411 | ) | (5,370,710 | ) | (1,805,548 | ) | ||||||||
| Increase in net assets resulting from share transactions | 154,362,661 | 23,206,698 | 52,780,833 | 87,687,721 | ||||||||||||
| Total increase in net assets | 112,552,105 | 42,446,415 | 30,764,376 | 93,217,058 | ||||||||||||
| Net Assets, beginning of year | 305,712,188 | 263,265,773 | 296,814,922 | 203,597,864 | ||||||||||||
| Net Assets, end of year | $ | 418,264,293 | $ | 305,712,188 | $ | 327,579,298 | $ | 296,814,922 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 6,300,000 | 2,800,000 | 3,250,000 | 4,950,000 | ||||||||||||
| Shares redeemed | (200,000 | ) | (2,000,000 | ) | (300,000 | ) | (100,000 | ) | ||||||||
| Net increase | 6,100,000 | 800,000 | 2,950,000 | 4,850,000 | ||||||||||||
See Notes to Financial Statements
| 175 |
VANECK ETF TRUST
For a share outstanding throughout each year:
| (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) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (d) | Periods after November 1, 2019 reflect a unitary management fee structure. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 176 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | 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. |
| (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) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 177 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period September 9, 2021 (commencement of operations) through April 30, 2022. |
| (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
| 178 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | 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. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Amount represents less than $0.005 per share. |
| (d) | 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. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 179 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 180 |
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
| 181 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 182 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 183 |
VANECK ETF TRUST
April 30, 2022
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 table below (each a “Fund” and, collectively, the “Funds”).
| Fund | Diversification Classification | |
| CEF Muni Income ETF (“CEF Muni”) | Diversified | |
| High Yield Muni ETF (“High Yield”) | Diversified | |
| HIP Sustainable Muni ETF (“HIP Sustainable”) | Non-Diversified | |
| Intermediate Muni ETF (“Intermediate”) | Diversified | |
| Long Muni ETF (“Long”) | Diversified | |
| Muni Allocation ETF (“Muni Allocation”) | Non-Diversified | |
| Short High Yield Muni ETF (“Short High Yield”) | Diversified | |
| Short Muni ETF (“Short”) | Diversified |
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). |
| 184 |
| 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. |
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| 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 these 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 year ended April 30, 2022, 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 April 30, 2022, the Adviser owned approximately 17% of HIP Sustainable.
Note 4—Capital Share Transactions—As of April 30, 2022, 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”).
| 186 |
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 year ended April 30, 2022, 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 | $ | 30,744,067 | $ | 30,363,443 | $ | 157,278,016 | $ | 121,270,245 | ||||||||
| High Yield | 424,903,619 | 392,922,071 | 931,051,999 | 977,358,329 | ||||||||||||
| HIP Sustainable | 15,298,483 | 1,372,121 | — | — | ||||||||||||
| Intermediate | 177,632,861 | 79,327,548 | 405,973,832 | 358,742,595 | ||||||||||||
| Long | 22,304,041 | 16,541,328 | 76,916,941 | 54,074,858 | ||||||||||||
| Muni Allocation | 4,039,050 | 4,031,625 | 501,513 | 1,249,780 | ||||||||||||
| Short High Yield | 103,756,423 | 62,635,622 | 120,060,861 | 4,885,917 | ||||||||||||
| Short | 90,069,762 | 55,710,302 | 30,066,413 | 5,465,446 | ||||||||||||
Note 6—Income Taxes—As of April 30, 2022, 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 | $209,239,639 | $3,871 | $(40,117,392 | ) | $(40,113,521 | ) | ||||||||||
| High Yield | 3,246,840,719 | 22,760,212 | (310,626,905 | ) | (287,866,693 | ) | ||||||||||
| HIP Sustainable | 14,712,851 | – | (1,281,600 | ) | (1,281,600 | ) | ||||||||||
| Intermediate | 1,815,791,104 | 1,873,947 | (145,811,584 | ) | (143,937,637 | ) | ||||||||||
| Long | 241,784,131 | 146,523 | (29,357,738 | ) | (29,211,215 | ) | ||||||||||
| Muni Allocation | 4,059,569 | – | (376,324 | ) | (376,324 | ) | ||||||||||
| Short High Yield | 441,620,623 | 1,354,150 | (32,889,425 | ) | (31,535,275 | ) | ||||||||||
| Short | 338,985,007 | 69,076 | (17,201,725 | ) | (17,132,649 | ) | ||||||||||
At April 30 2022, the components of distributable earnings (loss) on a tax basis, for each Fund, we as follows:
| Fund | Undistributed Ordinary Income | Accumulated Capital Losses/ Undistributed Capital Gains | Post-October Losses Deferred* | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Distributable Earnings (Loss) | ||||||||||||||||||
| CEF Muni | $716,748 | $(8,132,438 | ) | $– | $(4,195 | ) | $(40,113,521 | ) | $(47,533,406 | ) | ||||||||||||||
| High Yield | 11,178,856 | (88,391,567 | ) | – | (3,184 | ) | (287,866,693 | ) | (365,082,588 | ) | ||||||||||||||
| HIP Sustainable | 12,139 | (48,432 | ) | – | – | (1,281,600 | ) | (1,317,893 | ) | |||||||||||||||
| Intermediate | 2,998,163 | (1,767,002 | ) | – | (3,001 | ) | (143,937,637 | ) | (142,709,477 | ) | ||||||||||||||
| Long | 494,509 | (597,202 | ) | – | (1,517 | ) | (29,211,215 | ) | (29,315,425 | ) | ||||||||||||||
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| Fund | Undistributed Ordinary Income | Accumulated Capital Losses/ Undistributed Capital Gains | Post-October Losses Deferred* | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Distributable Earnings (Loss) | ||||||||||||||||||
| Muni Allocation | 17,172 | (701,781 | ) | – | – | (376,324 | ) | (1,060,933 | ) | |||||||||||||||
| Short High Yield | 989,660 | (10,807,887 | ) | – | – | (31,535,275 | ) | (41,353,502 | ) | |||||||||||||||
| Short | 403,523 | – | (319,465 | ) | (1,600 | ) | (17,132,649 | ) | (17,050,191 | ) | ||||||||||||||
* Post-October losses represent certain ordinary specified and/or capital losses incurred after October 31, 2021. These losses are deemed to arise on the first day of the Fund’s next taxable year.
The tax character of dividends paid to shareholders was as follows:
| April 30, 2022 | April 30, 2021 | |||||||||||||||||||||||
| Fund | Tax-Exempt Income | Ordinary Income** | Long-Term Capital Gains | Tax-Exempt Income | Ordinary Income** | Long-Term Capital Gains | ||||||||||||||||||
| CEF Muni | $7,850,810 | $104,753 | $– | $6,346,474 | $83,556 | $– | ||||||||||||||||||
| High Yield | 123,477,189 | 1,045,260 | – | 116,187,078 | 685,749 | – | ||||||||||||||||||
| HIP Sustainable | 61,690 | – | – | – | – | – | ||||||||||||||||||
| Intermediate | 31,007,490 | 61,540 | 25,589 | 32,472,877 | 21,496 | 2,402,533 | ||||||||||||||||||
| Long | 5,146,441 | 9,182 | 830,177 | 5,373,134 | 4,311 | 439,770 | ||||||||||||||||||
| Muni Allocation | 96,923 | 581 | – | 134,686 | 434 | – | ||||||||||||||||||
| Short High Yield | 9,511,759 | 18,511 | – | 7,454,678 | 59,962 | – | ||||||||||||||||||
| Short | 3,452,059 | 33,602 | 422,324 | 3,212,507 | 1,208 | – | ||||||||||||||||||
**Includes short-term capital gains (if any).
At April 30 2022, 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 | $ | (3,418,065 | ) | $ | (4,714,373 | ) | $ | (8,132,438 | ) | |||
| High Yield | (35,081,349 | ) | (53,310,218 | ) | (88,391,567 | ) | ||||||
| HIP Sustainable | (48,432 | ) | – | (48,432 | ) | |||||||
| Intermediate | (1,608,546 | ) | (158,456 | ) | (1,767,002 | ) | ||||||
| Long | (455,852 | ) | (141,350 | ) | (597,202 | ) | ||||||
| Muni Allocation | (701,781 | ) | – | (701,781 | ) | |||||||
| Short High Yield | (3,496,052 | ) | (7,311,835 | ) | (10,807,887 | ) | ||||||
During the year ended April 30, 2022, High Yield and Muni Allocation utilized $268,458 and $14,862, respectively, of their capital loss carryover available from prior years.
During the year ended April 30, 2022, as a result of permanent book to tax differences primarily due to the tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
| Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||
| CEF Muni | $ | (8,979,782 | ) | $ | 8,979,782 | |||
| High Yield | 21,150,919 | (21,150,919 | ) | |||||
| Intermediate | (14,749,340 | ) | 14,749,340 | |||||
| Long | (1,975,987 | ) | 1,975,987 | |||||
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| Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||
| Muni Allocation | (78,165 | ) | 78,165 | |||||
| Short High Yield | 613,432 | (613,432 | ) | |||||
| Short | 18,466 | (18,466 | ) | |||||
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, 2022, 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
(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 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 unused but available balance. These fees are included in custody and accounting fees in the Statements of Operations. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2022, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
| CEF Muni | 266 | $352,575 | 1.47 | % | ||||||||
| High Yield | 6 | 1,643,541 | 1.44 | |||||||||
| Intermediate | 21 | 655,480 | 1.44 | |||||||||
| Long | 81 | 317,289 | 1.43 | |||||||||
| Short High Yield | 28 | 1,116,139 | 1.52 | |||||||||
| Short | 30 | 488,976 | 1.68 | |||||||||
Outstanding loan balances as of April 30, 2022, 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—Other— At a meeting held on November 30, 2021, the Board of Trustees (the “Board”) of the Trust approved the following changes with respect to High Yield, Intermediate, Long, Short High Yield and Short: (i) changing each Fund’s benchmark index; (ii) changing each Fund’s investment objective; and (iii) changing each Fund’s principal investment strategies, as further detailed in the table below. These changes for each Fund are expected to be implemented within a 9-month period in two phases. The Board has approved a change to each Fund’s investment objective of seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of its respective Current Index (as defined below).
Effective March 1, 2022, each Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of its Transition Index (as defined below). Beginning after November 30, 2022, each Fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of its New Index (as defined below).
During the period from March 1, 2022 to November 30, 2022 (the “Transition”), each Fund will seek to replicate the index set forth under the “Transition Index” column of the table below (each, a “Transition Index”). Each Transition Index is an interim index that will gradually increase exposure to other securities based on their weightings in the corresponding index set forth under the “New Index” column of the table
| 190 |
below (each, a “New Index”) while proportionately reducing exposure to the corresponding index set forth under the “Current Index” column of the table below (each, a “Current Index”).
| Fund Name | Current Index | Transition Index (March 1, 2022 through November 30, 2022) |
New Index (Beginning December 1, 2022) | |||
| High Yield | Bloomberg Municipal Custom High Yield Composite Index | ICE High Yield Crossover Municipal Bond Transition Index | ICE Broad High Yield Crossover Municipal Index | |||
| Intermediate | Bloomberg AMT-Free Intermediate Continuous Municipal Index | ICE Intermediate AMT- Free Broad National Municipal Transition Index | ICE Intermediate AMT-Free Broad National Municipal Index | |||
| Long | Bloomberg AMT-Free Long Continuous Municipal Index | ICE Long AMT-Free Broad National Municipal Transition Index | ICE Long AMT-Free Broad National Municipal Index | |||
| Short High Yield | Bloomberg Municipal High Yield Short Duration Index | ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index | ICE 1-12 Year Broad High Yield Crossover Municipal Index | |||
| Short | Bloomberg AMT-Free Short Continuous Municipal Index | ICE Short AMT-Free Broad National Municipal Transition Index | ICE Short AMT-Free Broad National Municipal Index |
Note 12—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
| 191 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck CEF Muni Income ETF, VanEck High Yield Muni ETF, VanEck HIP Sustainable Muni ETF, VanEck Intermediate Muni ETF, VanEck Long Muni ETF, VanEck Muni Allocation ETF, VanEck Short High Yield Muni ETF and VanEck Short Muni ETF and the Board of Trustees of VanEck ETF Trust.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck CEF Muni Income ETF, VanEck High Yield Muni ETF, VanEck HIP Sustainable Muni ETF, VanEck Intermediate Muni ETF, VanEck Long Muni ETF, VanEck Muni Allocation ETF, VanEck Short High Yield Muni ETF, and VanEck Short Muni ETF (collectively referred to as the “Funds”) (eight of the series constituting VanEck ETF Trust (the “Trust”)), including the schedules of investments, as of April 30, 2022, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (eight of the series constituting VanEck ETF Trust) at April 30, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
| Individual
fund constituting the VanEck ETF Trust |
Statement
of Operations |
Statements
of Changes in Net Assets |
Financial Highlights | |||
| VanEck CEF Muni Income ETF VanEck High Yield Muni ETF | For the year ended April 30, 2022 | For each of the two years in the period ended April 30, 2022 | For each of the five years in the period ended April 30, 2022 | |||
| VanEck Intermediate Muni ETF | ||||||
| VanEck Long Muni ETF | ||||||
| VanEck Short High Yield Muni ETF | ||||||
| VanEck Short Muni ETF | ||||||
| VanEck Muni Allocation ETF | For the year ended April 30, 2022 | For each of the two years in the period ended April 30, 2022 | For each of the two years in the period ended April 30, 2022 and for the period from May 15, 2019 (commencement of operations) through April 30, 2020 | |||
| VanEck HIP Sustainable Muni ETF | For the period from September 9, 2021 (commencement of operations) through April 30, 2022 | For the period from September 9, 2021 (commencement of operations) through April 30, 2022 | For the period from September 9, 2021 (commencement of operations) through April 30, 2022 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
| 192 |
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, New York
June 23, 2022
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VANECK ETF TRUST
(unaudited)
The per share amounts of taxable vs. tax-exempt income paid by the funds during the taxable year ended April 30, 2022 are listed in the table below. The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2022 income tax purposes will be sent to them in early 2023.
Additionally, all of the taxable ordinary income represents Qualified Interest Income (QII) for non-resident alien shareholders.
Please consult your tax advisor for proper treatment of this information.
| Fund Name | Ticker Symbol | Tax-Exempt Interest Per Share | Tax-Exempt Interest as a Percentage of the Total Distribution | Taxable Ordinary Income Per Share | Taxable Income as a Percentage of the Total Distribution | Total Tax-Exempt + Ordinary Income Distribution Per Share | Long-Term Capital Gains Per Share | |||||||||||||||||||
| CEF Muni | XMPT | $ | 1.110371 | 99.35 | % | $ | 0.007229 | 0.65 | % | $ | 1.117600 | $ | — | |||||||||||||
| High Yield | HYD | 2.103571 | 99.15 | 0.018129 | 0.85 | 2.121700 | — | |||||||||||||||||||
| HIP Sustainable | SMI | 0.221200 | 100.00 | — | — | 0.221200 | — | |||||||||||||||||||
| Intermediate | ITM | 0.842353 | 99.80 | 0.001647 | 0.20 | 0.844000 | 0.000700 | |||||||||||||||||||
| Long | MLN | 0.459797 | 99.88 | 0.000540 | 0.12 | 0.460337 | 0.069800 | |||||||||||||||||||
| Muni Allocation | MAAX | 0.578075 | 99.41 | 0.003425 | 0.59 | 0.581500 | — | |||||||||||||||||||
| Short | SMB | 0.594173 | 99.81 | 0.001127 | 0.19 | 0.595300 | — | |||||||||||||||||||
| Short High Yield | SHYD | 0.192148 | 99.97 | 0.000052 | 0.03 | 0.192200 | 0.022600 | |||||||||||||||||||
Additionally, Short Muni ETF paid short-term capital gains of $0.001800 per share that represents Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2022 (unaudited)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships
Held By Trustee During Past Five Years | |||||
| Independent Trustees | ||||||||||
| David H. Chow, 1957*† |
Trustee | Since 2006 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 63 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
| Laurie A. Hesslein, 1959*† |
Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 63 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
| R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 75 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
| Peter J. Sidebottom, 1962*† |
Chairman Trustee | Since 2022 Since 2012 |
Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 63 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
| Richard D. Stamberger, 1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 75 | Director, Food and Friends, Inc., 2013 to present. |
| 195 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
| Interested Trustee | ||||||||||
| Jan F. van Eck, 19635 |
Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 75 | Director, National Committee on US- China Relations. |
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| 5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| Officer’s
Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term
of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
| Officer Information | ||||||
| Matthew A. Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
| Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
| Charles T. Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
| John J. Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
| Eduardo Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
| F. Michael Gozzillo, 1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
| Laura Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
| Nicholas Jackson, 1974 |
Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
| Laura I. Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
| Matthew McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
| 196 |
| Arian Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
| James Parker, 1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
| Adam Phillips, 1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
| Philipp Schlegel, 1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
| Jonathan R. Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
| Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 197 |
VANECK ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2021 to December 31, 2021 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
| 198 |
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 | MUNIAR |
|
ANNUAL REPORT April 30, 2022 |
| 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 |
Certain information contained in this report 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 April 30, 2022.
VANECK ETF TRUST
April 30, 2022 (unaudited)
Dear Fellow Shareholders:
At the start of the year, we believed three themes1 would shape the investment world in 2022: sell growth, buy commodity equities and the Fed tightening will hurt—not crash—the markets. I discussed these themes in an October talk2. While these thoughts seemed obvious, I had forgotten how much damage could be done to investment grade bonds and how far growth stocks could fall. This sell-off, while painful, has been orderly. But the market adjustments are probably not over, so we like to focus on the longer term trends of resource transition and blockchain disruption as the markets adjust to higher interest rates and higher commodity prices.
The Economy
The global economy remains “hot”, fueled by the biggest stimulus seen since WWII. While commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, a key driver of persistent inflation. It tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down, and we won’t really know the answer to the inflation-persistency question until the second half of 2022.
While China has been a large driver of global growth over the past 20 years, its economy has slowed. The jury remains out on just how long China’s slow-down may last and its depth. The question, then, is Will Chinese policymakers stimulate the economy if growth slows too much? And, if they do, will they stimulate enough to keep being a driver of global growth.
Turning to the Fed, the question revolves around its possible actions. Short term, markets do not like Fed uncertainty and may continue to correct. However, I do not think the Fed will hit the brakes too hard by raising rates further than they have already indicated. If market seizes up, though, we may see positive Fed statements and a relief rally. We live in an era in which the Fed keeps an eye on the financial markets. We still see little reason why that would change.
Multi-Year Investment Themes
We continue to focus on two multi-year investment themes.
Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting 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.
As the economy 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 this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.
The second theme is crypto, in particular, the use of blockchain in a large variety of industries and most especially in the field of “smart contracts.” 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. Of course, as with all growth, there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
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VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended April 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck ETF Trust
May 3, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. 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.
1VanEck: 2022 Outlook Q&A: Crypto, Inflation and Energy Transition, December 31, 2021, https://www.vaneck.com/us/en/blogs/investment-outlook/2022-outlook-qa-crypto-inflation-and-energy-transition/
2Capital Link Inc.: 2021 Capital Link’s 20th Annual CEF & Global ETFs Forum - Keynote Address - Jan van Eck, October 6, 2021, https://www.youtube. com/watch?v=HQxm6B7umNA
| 2 |
VANECK ETF TRUST
April 30, 2022 (unaudited)
CORPORATE BOND
Fallen Angel Bonds
VanEck Fallen Angel High Yield Bond ETF, which lost 6.63% during the period under review, was the first fallen angel ETF to be launched and is now the largest. Fallen angel high yield bonds are bonds that have been downgraded from investment grade to “junk.” They offer a distinct value proposition that has, historically, provided long-term outperformance—contrarian sector exposures, price appreciation from buying oversold, undervalued bonds and a higher quality focus. Since December 2003, fallen angel high yield bonds have outperformed the broader U.S. high yield market by over 223 basis points annually.1
Telecommunications sector bonds were the biggest detractors, followed by those in the energy sector (which is the ETF’s largest sector exposure) during the period under review. Just two sectors, basic industry and insurance contributed positively to performance and, then, only minimally.
Investment Grade Floating Rate Notes
Floating rate notes are investment grade rated corporate (financial and non-financial) debt issues with coupons that reset to current interest rates, based on a particular benchmark. The coupons on these securities fluctuate with that benchmark, resulting in almost no price sensitivity to changes in interest rates. Short-term interest rates began to increase in December 2021 in anticipation of U.S. Federal Reserve rate hikes, with 3-month USD Libor rising to 1.33% on April 29, 2022 compared to 0.18% one year earlier. VanEck Investment Grade Floating Rate ETF lost 0.45% over this 12 month period. With 3-month USD Libor set to discontinue on June 30, 2023, the fund’s portfolio continues to reflect the ongoing transition in the marketplace towards alternative reference rates, particularly the Secured Overnight Funding Rate (“SOFR”). As of April 30, 2022 the portfolio had a weight of 63% in SOFR linked bonds.
Seven out of 11 sectors provided positive, albeit very small, returns, with the utilities sector contributing the most. The financial sector (the ETF’s largest sector exposure) detracted the most from performance.
Investment Grade Corporate Bonds
The U.S. investment grade corporate bond market is both large and diverse. Investors may achieve better outcomes by being selective within this market, compared to a broad market exposure. Both ETFs track indices that use proprietary credit metrics developed by Moody’s Analytics to identify attractively valued bonds, while avoiding bonds with the highest probability of being downgraded to high yield. VanEck Moody’s Analytics IG Corporate Bond ETF selects from the broad investment grade universe, while VanEck Moody’s Analytics BBB Corporate Bond ETF focuses on the BBB rated segment of the market.
The indices of both funds significantly outperformed the broad market in 2021, their first full year of performance since being launched. In the first four months of the 2022, they also continued to outperform the market, but the overall market declined significantly.
VanEck Moody’s Analytics IG Corporate Bond ETF was down 10.15%. While the leisure sector provided a small positive contribution to the fund’s return, all other sectors detracted from performance, with the banking sector (the ETF’s largest sector exposure) detracting the most. VanEck Moody’s Analytics BBB Corporate Bond ETF was down 10.96% with the banking sector (the ETF’s largest sector exposure) detracting the most from performance. The insurance sector made a small positive contribution to the fund’s return.
EQUITY INCOME
Business Development Companies (BDCs)
BDCs typically lend to, and invest in, small privately held companies. They are one of the few private credit investments available to retail investors. VanEck BDC Income ETF returned 8.23% for the 12 month period, with the fund benefiting from a stable growth environment, elevated middle-market deal activity and muted defaults and non-accruals.
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VANECK ETF TRUST
MANAGEMENT DISCUSSION (unaudited) (continued)
While companies across the range of capitalizations contributed to fund returns, those in the very smallest and the very largest ranges contributed the most and those in the ranges in between contributed less.
Mortgage REITs
Mortgage REITs generally borrow at short-term rates and lend at long-term rates, potentially profiting from the spread. As such, they can be affected by yield curve movements. Some focus on residential agency and non-agency mortgage backed securities, while others focus on commercial real estate introducing the potential for credit risk. The yield curve has been a major concern for mortgage REIT investors throughout the 12 month period ending April 30, 2022. The flattening, or even inverted, yield curve paired with elevated leverage levels proved challenging for the mortgage REIT business model. Rising rates have put pressure on mortgage backed securities, leading to book value declines for many mortgage REITs. VanEck Mortgage REIT Income ETF returned -14.74% for the 12 month period.
While companies across the range of capitalizations detracted from performance, those with the largest capitalizations detracted the most.
Preferred Securities ex Financials
Preferred securities are considered hybrid securities because they have features of both debt and equity securities. Historically, a company’s preferred securities have offered higher yields than either its common stock or its senior debt. By seeking to track the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index, which excludes financial companies, the fund offers diversification potential and has provided a yield pickup over financial preferred’s historically.
Over the 12 month period ending April 30, 2020, VanEck Preferred Securities ex Financials ETF registered a loss of 3.61%. The technology and electronics, healthcare and energy sectors contributed most positively to the fund’s performance, while the utility, real estate and telecommunications sectors detracted the most.
INTERNATIONAL BOND
China Onshore Bonds
Once closed to foreign investors, China is home to the largest bond market among the emerging economies and is now the second largest market globally. The size of the market is now approximately $20.6 trillion.2 While it has increased in sheer size, a diverse array of bond categories spanning the yield curve has also evolved. Issuers include central and local governments, policy banks, state-owned enterprises and listed/non-listed corporations. Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.
VanEck China Bond ETF, recorded a gain of 1.02% over the 12 month period ending April 30, 2022. All sectors, except for the financial sector, contributed positively to performance, with the utilities, industrial and energy sectors contributing the most.
Emerging Markets Local Currency Bonds
Emerging markets governments issue bonds denominated in their own currencies, which can provide yield enhancement and diversification opportunities for investors. These include bonds from countries in Africa, Latin America, Eastern Europe, the Middle East and Asia.
Following a significant decline toward the end of the last fiscal year, VanEck J.P. Morgan EM Local Currency Bond ETF, recorded a loss of 14.53% over the 12 month period.
While bonds denominated in Brazilian real, Indonesian rupiah and Chinese renminbi contributed the most positively to the fund’s total return, of other bonds denominated in Russian rubles were by far the greatest detractors from performance. Russian bonds lost nearly all value following the country’s invasion of Ukraine in February 2022. Russia was removed from the ETF’s index at the end of March.
| 4 |
Emerging Markets High Yield Bonds
Emerging markets high yield corporate bonds offer investors exposure to corporate, quasi sovereign and agency issuers from emerging markets countries. They may offer greater yield potential and higher average credit quality versus U.S. high yield bonds, while providing diversification benefits within a global high yield portfolio.
VanEck Emerging Markets High Yield Bond ETF lost 12.84% over the 12 month period. In terms of the country of risk, amongst those bonds contributing positively to total return, Argentinian bonds were by far the greatest contributors. Issuers from Russia and China, followed by Ukraine, were the greatest detractors from performance. Real estate bonds, followed by those from the basic industry and telecommunications sectors, detracted by far the most from total return. The local authority sector was the sole sector to contribute positively to performance.
International High Yield Bonds
Non U.S. high yield bonds have continued to provide an opportunity to diversify not only geographically, but also in terms of currency, with bonds denominated, for example, in euros, sterling, and Canadian dollars, as well as U.S. dollars.
Over the period, VanEck International High Yield Bond ETF had a negative return of 15.07%. Bonds from real estate issuers, followed by those from the telecommunications and basic industry sectors, detracted the most from the fund’s total return. No sector contributed positively to performance. All currency groups detracted from performance, with bonds denominated in U.S. dollars and Euro detracting the most and those in Canadian dollars the least. Argentinian issuers provided the greatest positive contribution to total return in terms of country of risk, while Chinese, French and Italian issuers detracted the most from performance.
Green Bonds
Green bonds are issued to finance projects with a positive environmental impact and, in the vast majority of cases, are backed by the issuer’s full balance sheet (rather than the projects financed). Issuance has increased each year since 2011 and, in 2021, global issuance reached nearly $550 billion. The green bond market has also become more diverse as new types of issuers have entered the market in multiple currencies, allowing targeted exposures within the market. VanEck Green Bond ETF focuses on the U.S. dollar denominated portion of the global green bond market, allowing investors to build a sustainable fixed income portfolio, without currency risk and without sacrificing yield potential.
VanEck Green Bond ETF had a negative return of 9.30% for the 12 month period, having been impacted significantly by rising interest rates. From a country of risk perspective, only issuers from Argentina and Turkey contributed positively to total return. Bonds from the U.S. and China detracted the most from performance. Financial-, utilities- and real estate-related bonds were the greatest detractors from returns. No one sector contributed positively to performance.
Returns based on funds’ net asset values (NAVs).
All indices listed are unmanaged indices and include the reinvestment of dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made.
1 Source: FactSet. Reflects the performance of fallen angel U.S. high yield bonds compared to the ICE BofAML US High Yield Index from 12/31/2003 to 4/30/2022. Fallen angel U.S. high yield bond data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the Fallen Angel U.S. High Yield index data reflects that of the fund’s new underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Fallen angel U.S. high yield bond data history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third-party use.
2 The Bank for International Settlements: Debt securities statistics, September 2021
| 5 |
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVBIZDTG1 | SPTR2 | |
| One Year | 8.14% | 8.23% | 8.83% | 0.21% |
| Five Year | 7.21% | 7.19% | 7.23% | 13.66% |
| Life* | 7.11% | 7.10% | 7.15% | 13.68% |
| * | Commencement of Fund: 2/11/13; First Day of Secondary Market Trading: 2/12/13. |
| 1 | MVIS® US Business Development Companies Index (MVBIZDTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of business development companies (BDCs). To be eligible for the MVBIZDTG and qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the 1940 Act. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 6 |
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | CHQU01TR1 | LBUSTRUU2 | |
| One Year | 0.30% | 1.02% | 2.08% | (8.51)% |
| Five Year | 4.96% | 4.70% | 5.62% | 1.20% |
| Life* | 2.34% | 2.40% | 3.31% | 1.57% |
| * | Commencement of Fund: 11/10/14; First Day of Secondary Market Trading: 11/11/14. |
| 1 | ChinaBond China High Quality Bond Index (CHQU01TR) is comprised of fixed-rate, RMB-denominated bonds issued in the PRC by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers. Chinese credit issuers are generally considered to be issuers of central enterprise bonds, local enterprise bonds, medium-term notes, corporate bonds and railway debt. Credit RMB Bonds must have an issuer rating of AAA or equivalent by one or more of the Chinese local rating agencies recognized by the relevant authorities in the PRC to be included in the Index. |
| As of October 31, 2018, index data for the ChinaBond China High Quality Bond Index (the “Index”) for all periods presented reflect the CHQU01TR stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 7 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | EMLH1 | LBUSTRUU2 | |
| One Year | (14.13)% | (12.84)% | (14.14)% | (8.51)% |
| Five Year | 0.68% | 0.88% | 0.86% | 1.20% |
| Life* | 3.47% | 3.56% | 3.93% | 1.70% |
| * | Commencement of Fund: 5/8/12; First Day of Secondary Market Trading: 5/9/12. |
| 1 | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH) is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating (in accordance with the Index Provider’s methodology) and that are issued in the major domestic and Eurobond markets. |
| Index data prior to May 11, 2015 reflects that of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index. From May 11, 2015, forward, the index data reflects that of the EMLH. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 8 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | H0CF1 | LBUSTRUU2 | |
| One Year | (7.59)% | (6.63)% | (6.16)% | (8.51)% |
| Five Year | 4.36% | 4.60% | 5.14% | 1.20% |
| Ten Year | 6.87% | 7.12% | 8.04% | 1.73% |
| 1 | ICE US Fallen Angel High Yield 10% Constrained Index (H0CF) is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating in accordance with the ICE Data’s methodology. The Index includes bonds issued by both U.S. and non-U.S. issuers. |
| Index data prior to February 28, 2020 reflects that of ICE BofAML US Fallen Angel High Yield Index. From February 28, 2020, forward, the index data reflects that of H0CF. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 9 |
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | SPGRUSST1 | LBUSTRUU2 | |
| One Year | (10.01)% | (9.30)% | (9.13)% | (8.51)% |
| Five Year | 0.53% | 0.71% | 1.25% | 1.20% |
| Life* | 1.16% | 1.24% | 1.77% | 1.43% |
| * | Commencement of Fund: 3/3/17; First Day of Secondary Market Trading: 3/4/17. |
| 1 | S&P Green Bond U.S. Dollar Select Index (SPGRUSST) is designed to provide a broad measure of the performance of the investable, U.S. dollar-denominated “green” bond market. The Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar-denominated “green”-labeled bonds issued globally. For a bond to be eligible for inclusion in the Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”) to be eligible for inclusion in the Index. |
| Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index. From September 1, 2019, forward, the index data reflects that of the SPGUSST. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 10 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | HXUS1 | LBUSTRUU2 | |
| One Year | (15.71)% | (15.07)% | (15.67)% | (8.51)% |
| Five Year | 1.10% | 1.20% | 1.51% | 1.20% |
| Ten Year | 3.27% | 3.41% | 3.95% | 1.73% |
| 1 | ICE BofA ex-US Issuers High Yield Constrained Index (HXUS) tracks the performance of below investment grade debt issued by corporations located throughout the world (which may include emerging market countries) excluding the United States, denominated in euros, U.S. dollars, Canadian dollars or pound sterling and issued in the major domestic or eurobond markets. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 11 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVFLTR1 | LBUSTRUU2 | |
| One Year | (0.61)% | (0.45)% | (0.29)% | (8.51)% |
| Five Year | 1.78% | 1.82% | 2.04% | 1.20% |
| Ten Year | 1.85% | 1.70% | 2.04% | 1.73% |
| 1 | MVIS® US Investment Grade Floating Rate Index (MVFLTR) is comprised of U.S. dollar-denominated floating rate notes with outstanding issue sizes greater than or equal to $500 million, issued by corporate entities or similar commercial entities that are public reporting companies in the United States with at least one investment grade rating. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 12 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | GBIEMCOR1 | LBUSTRUU2 | |
| One Year | (14.55)% | (14.53)% | (14.70)% | (8.51)% |
| Five Year | (2.11)% | (2.03)% | (1.65)% | 1.20% |
| Ten Year | (1.97)% | (1.90)% | (1.36)% | 1.73% |
| 1 | J.P. Morgan GBI-EMG Core Index (GBIEMCOR) is designed to track the performance of bonds issued by emerging markets governments and denominated in the local currency of the issuer. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 13 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVBI1 | LBUSTRUU2 | |
| One Year | (11.23)% | (10.96)% | (11.34)% | (8.51)% |
| Life* | (8.25)% | (8.09)% | (8.42)% | (7.53)% |
| * | Commencement of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20. |
| 1 | MVIS® Moody’s Analytics® BBB Investment Grade Corporate Bond Index (MVBI) is designed to track the performance of U.S. dollar-denominated BBB rated corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 14 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVCI1 | LBUSTRUU2 | |
| One Year | (10.32)% | (10.15)% | (10.34)% | (8.51)% |
| Life* | (8.05)% | (7.94)% | (8.16)% | (7.53)% |
| * | Commencement of Fund: 12/1/20; First Day of Secondary Market Trading: 12/2/20. |
| 1 | MVIS® Moody’s Analytics® US Investment Grade Corporate Bond Index (MVCI) is designed to track the performance of U.S. dollar-denominated investment grade corporate bonds that offer an excess spread over fair value, while excluding bonds exhibiting the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, Inc. |
| 2 | Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 15 |
VANECK MORTGAGE REIT INCOME ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | MVMORTTG1 | SPTR2 | |
| One Year | (14.70)% | (14.74)% | (14.52)% | 0.21% |
| Five Year | (1.01)% | (1.03)% | (0.78)% | 13.66% |
| Ten Year | 4.28% | 4.30% | 4.67% | 13.67% |
| 1 | MVIS® US Mortgage REITs Index (MVMORTTG) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded U.S. REITs that derive at least 50% of their revenues (or, where applicable, have at least 50% of their assets) from mortgage-related activity. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 16 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
PERFORMANCE COMPARISON
April 30, 2022 (unaudited)
| Average Annual Total Return | ||||
| Share Price | NAV | PFAN1 | SPTR2 | |
| One Year | (4.20)% | (3.61)% | (3.32)% | 0.21% |
| Five Year | 4.56% | 4.67% | 4.89% | 13.66% |
| Life* | 5.28% | 5.32% | 5.40% | 14.30% |
| * | Commencement of Fund: 7/16/12; First Day of Secondary Market Trading: 7/17/12. |
| 1 | ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN) is a rules-based index designed to track the performance of exchange-listed U.S. dollar denominated hybrid debt, preferred stock and convertible preferred stock publicly issued by non-financial corporations in the U.S. domestic market. It includes both rated and unrated securities, and securities with either a fixed or floating rate coupon or dividend. |
| Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index. From June 1, 2021, forward, the index data reflects that of PFAN. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception)
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 17 |
VANECK ETF TRUST
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
MVBIZDTG, MVFLTR, MVMORTTG, MVBI and MVCI are published by MV Index Solutions GmbH (MVIS), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. CHQU01TR is published by China Central Depository & Clearing Co., Ltd. (China Central Depository). GBIEMCOR is published by JPMorgan Securities Inc. (J.P. Morgan). EMLH, HOCF and HXUS are published by ICE Data Indices, LLC. SPGRUSST is published by S&P Dow Jones Indices (S&P). PFAN is published by Wells Fargo & Company, LLC (Wells Fargo).
The LBUSTRUU is a broad-based benchmark published by Bloomberg Index Services Limited (Bloomberg). SPTR is a broad-based benchmark published by S&P.
MVIS, China Central Depository, J.P. Morgan, ICE Data Indices, LLC, S&P, Wells Fargo, and Bloomberg do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
| 18 |
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, November 1, 2021 to April 30, 2022.
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 November 1, 2021 | Ending Account Value April 30, 2022 | Annualized Expense Ratio During Period | Expenses Paid During the Period November 1, 2021 - April 30, 2022(a) | |||||
| BDC Income ETF | ||||||||
| Actual | $1,000.00 | $993.70 | 0.41% | $2.03 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.76 | 0.41% | $2.06 | ||||
| China Bond ETF | ||||||||
| Actual | $1,000.00 | $980.40 | 0.50% | $2.46 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.32 | 0.50% | $2.51 | ||||
| Emerging Markets High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $880.60 | 0.40% | $1.87 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| Fallen Angel High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $891.30 | 0.35% | $1.64 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.06 | 0.35% | $1.76 | ||||
| Green Bond ETF | ||||||||
| Actual | $1,000.00 | $907.30 | 0.20% | $0.95 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.80 | 0.20% | $1.00 | ||||
| International High Yield Bond ETF | ||||||||
| Actual | $1,000.00 | $874.50 | 0.40% | $1.86 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 | ||||
| Investment Grade Floating Rate ETF | ||||||||
| Actual | $1,000.00 | $992.10 | 0.14% | $0.69 | ||||
| Hypothetical (b) | $1,000.00 | $1,024.10 | 0.14% | $0.70 |
| 19 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value November 1, 2021 | Ending Account Value April 30, 2022 | Annualized Expense Ratio During Period | Expenses Paid During the Period November 1, 2021 - April 30, 2022(a) | |||||
| J.P. Morgan EM Local Currency Bond ETF | ||||||||
| Actual | $1,000.00 | $883.50 | 0.30% | $1.40 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.31 | 0.30% | $1.51 | ||||
| Moody’s Analytics BBB Corporate Bond ETF | ||||||||
| Actual | $1,000.00 | $870.90 | 0.25% | $1.16 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.55 | 0.25% | $1.25 | ||||
| Moody’s Analytics IG Corporate Bond ETF | ||||||||
| Actual | $1,000.00 | $878.40 | 0.20% | $0.93 | ||||
| Hypothetical (b) | $1,000.00 | $1,023.80 | 0.20% | $1.00 | ||||
| Mortgage REIT Income ETF | ||||||||
| Actual | $1,000.00 | $826.40 | 0.41% | $1.86 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.76 | 0.41% | $2.06 | ||||
| Preferred Securities ex Financials ETF | ||||||||
| Actual | $1,000.00 | $908.90 | 0.40% | $1.89 | ||||
| Hypothetical (b) | $1,000.00 | $1,022.81 | 0.40% | $2.01 |
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended April 30, 2022), 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). |
| (b) | Assumes annual return of 5% before expenses |
| 20 |
April 30, 2022
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Diversified Financials: 100.0% | ||||||||
| Apollo Investment Corp. † | 1,473,080 | $ | 18,693,385 | |||||
| Ares Capital Corp. | 4,267,287 | 86,497,908 | ||||||
| Bain Capital Specialty Finance, Inc. † | 1,208,119 | 18,580,870 | ||||||
| Barings BDC, Inc. | 2,000,551 | 20,365,609 | ||||||
| BlackRock TCP Capital Corp. † | 1,422,331 | 19,485,935 | ||||||
| Capital Southwest Corp. † | 589,097 | 13,672,941 | ||||||
| Carlyle Secured Lending, Inc. † | 1,183,972 | 16,587,448 | ||||||
| Fidus Investment Corp. † | 565,596 | 11,283,640 | ||||||
| FS KKR Capital Corp. | 2,533,150 | 53,069,493 | ||||||
| Gladstone Capital Corp. † | 844,642 | 9,840,079 | ||||||
| Gladstone Investment Corp. † | 817,573 | 12,705,084 | ||||||
| Goldman Sachs BDC, Inc. † | 1,476,686 | 27,717,396 | ||||||
| Golub Capital BDC, Inc. † | 2,092,306 | 31,217,206 | ||||||
| Hercules Capital, Inc. † | 1,857,087 | 31,199,062 | ||||||
| Main Street Capital Corp. † | 771,636 | 31,050,633 | ||||||
| New Mountain Finance Corp. † | 2,072,757 | 27,567,668 | ||||||
| Newtek Business Services Corp. † | 565,091 | 14,149,879 | ||||||
| Oaktree Specialty Lending Corp. † | 3,842,602 | 27,513,030 | ||||||
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $90,835,371. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | |||||
| Financials | 100.0% | $ | 624,805,893 | ||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks * | $ | 624,805,893 | $ | — | $ | — | $ | 624,805,893 | ||||||||
| Money Market Fund | 79,333,623 | — | — | 79,333,623 | ||||||||||||
| Total Investments | $ | 704,139,516 | $ | — | $ | — | $ | 704,139,516 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 21 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 74.6% | ||||||||
| Basic Materials: 10.3% | ||||||||
Anshan Iron And Steel Group Co. Ltd. 4.28% (ChinaBond | CNY | 15,000 | $ | 2,294,826 | ||||
ChemChina Petrochemical Co. Ltd. 4.00%, 11/06/24 | CNY | 20,000 | 3,035,184 | |||||
China National Building Material Co. Ltd. 4.89%, 07/17/24 | CNY | 3,000 | 454,245 | |||||
Guangdong Guangxin Holdings Group Ltd. 3.37%, 03/11/25 | CNY | 20,000 | 3,032,663 | |||||
Hesteel Co. Ltd. 4.08%, 11/26/24 | CNY | 10,000 | 1,533,386 | |||||
Taiyuan Iron & Steel Group Co. Ltd. 3.88%, 08/13/24 | CNY | 10,000 | 1,536,343 | |||||
Zijin Mining Group Co. Ltd. 3.51%, 02/21/25 | CNY | 10,000 | 1,522,309 | |||||
| 13,408,956 | ||||||||
| Consumer Cyclicals: 0.6% | ||||||||
Beijing Tourism Group Co. Ltd. 3.95%, 08/02/26 | CNY | 4,900 | 747,499 | |||||
| Energy: 2.8% | ||||||||
PetroChina Co. Ltd. 3.50%, 01/19/26 | CNY | 3,490 | 533,935 | |||||
Yankuang Energy Group Co. Ltd. 3.43%, 03/12/25 | CNY | 20,000 | 3,034,699 | |||||
| 3,568,634 | ||||||||
| Financials: 41.4% | ||||||||
| Agricultural Development Bank of China | ||||||||
| 2.25%, 04/22/25 | CNY | 6,300 | 937,579 | |||||
| 2.96%, 04/17/30 | CNY | 10,340 | 1,537,244 | |||||
| 3.28%, 05/13/22 | CNY | 1,205 | 181,493 | |||||
| 3.52%, 05/24/31 | CNY | 10,000 | 1,549,219 | |||||
| 3.63%, 07/19/26 | CNY | 2,700 | 418,272 | |||||
| 3.74%, 07/12/29 | CNY | 7,600 | 1,190,629 | |||||
| 3.75%, 01/25/29 | CNY | 5,150 | 807,910 | |||||
| 3.79%, 10/26/30 | CNY | 1,110 | 174,860 | |||||
| 3.85%, 01/06/27 | CNY | 10,230 | 1,603,214 | |||||
| 4.39%, 09/08/27 | CNY | 9,500 | 1,531,547 | |||||
| 4.65%, 05/11/28 | CNY | 5,560 | 911,538 | |||||
Beijing Automotive Group Co. Ltd. 4.48%, 10/19/23 | CNY | 19,600 | 2,983,817 | |||||
Beijing Haidian State-Owned Assets Operation Co. Ltd. 3.70%, 10/24/24 | CNY | 15,000 | 2,271,216 | |||||
Beijing State-Owned Assets Management Co. Ltd. 5.90%, 06/25/24 | CNY | 2,052 | 328,819 | |||||
| Par (000’s | ) | Value | ||||||
| Financials (continued) | ||||||||
Beijing State-Owned Capital Operation Management Co. Ltd. 3.85%, 01/14/24 |
CNY | 15,000 | $ | 2,302,123 | ||||
China Cinda Asset Management Co. Ltd. 4.75%, 04/14/27 |
CNY | 20,000 | 3,168,797 | |||||
| China Development Bank | ||||||||
| 3.18%, 04/05/26 | CNY | 4,850 | 739,834 | |||||
| 3.30%, 03/03/26 | CNY | 12,030 | 1,846,513 | |||||
| 3.39%, 02/03/27 | CNY | 20,904 | 3,231,611 | |||||
| 3.41%, 06/07/31 | CNY | 1,640 | 251,969 | |||||
| 3.45%, 09/20/29 | CNY | 4,800 | 739,081 | |||||
| 3.48%, 01/08/29 | CNY | 4,460 | 688,451 | |||||
| 3.65%, 05/21/29 | CNY | 7,150 | 1,113,776 | |||||
| 3.66%, 03/01/31 | CNY | 1,170 | 183,041 | |||||
| 3.70%, 10/20/30 | CNY | 4,150 | 649,117 | |||||
| 3.87%, 08/01/23 | CNY | 20,709 | 3,182,234 | |||||
| 4.04%, 04/10/27 | CNY | 11,610 | 1,837,730 | |||||
| 4.04%, 07/06/28 | CNY | 2,720 | 432,827 | |||||
| 4.59%, 08/01/38 | CNY | 20,301 | 3,483,576 | |||||
| Chongqing Longhu Development Co. Ltd. | ||||||||
| 3.45%, 08/02/23 | CNY | 5,000 | 748,501 | |||||
| 3.75%, 03/21/23 | CNY | 1,600 | 240,852 | |||||
| 4.44%, 01/25/24 | CNY | 8,000 | 1,212,276 | |||||
Cinda Investment Co. Ltd. 4.30%, 12/22/23 |
CNY | 3,000 | 453,858 | |||||
CITIC Securities Co. Ltd. 3.78%, 09/10/24 |
CNY | 3,000 | 461,781 | |||||
| Export-Import Bank of China | ||||||||
| 3.22%, 05/14/26 | CNY | 5,470 | 835,494 | |||||
| 3.23%, 03/23/30 | CNY | 8,240 | 1,248,452 | |||||
| 3.28%, 02/11/24 | CNY | 4,670 | 712,951 | |||||
| 3.33%, 02/22/26 | CNY | 9,610 | 1,473,038 | |||||
| 3.38%, 07/16/31 | CNY | 4,250 | 651,085 | |||||
| 3.43%, 10/23/25 | CNY | 1,830 | 281,538 | |||||
| 3.74%, 11/16/30 | CNY | 2,380 | 373,804 | |||||
| 3.86%, 05/20/29 | CNY | 5,780 | 911,633 | |||||
| 3.88%, 01/12/36 | CNY | 1,170 | 187,295 | |||||
| 4.89%, 03/26/28 | CNY | 3,010 | 498,524 | |||||
Guangdong Hengjian Investment Holding Co. Ltd. 3.84%, 08/07/24 |
CNY | 5,000 | 768,696 | |||||
Guangzhou Asset Management Co. Ltd. 3.79%, 01/22/24 |
CNY | 15,000 | 2,291,300 | |||||
Guotai Junan Securities Co. Ltd. 3.31%, 05/21/24 |
CNY | 200 | 30,466 | |||||
| 53,659,581 | ||||||||
| Industrials: 11.6% | ||||||||
China Railway Group Ltd. 3.99%, 07/16/24 |
CNY | 5,000 | 771,790 | |||||
China State Railway Group Co. Ltd. 3.45%, 07/25/24 |
CNY | 15,000 | 2,297,997 | |||||
| Guangzhou Metro Group Co. Ltd. | ||||||||
See Notes to Financial Statements
| 22 |
| Par (000’s | ) | Value | ||||||
| Industrials (continued) | ||||||||
| 4.84%, 08/09/27 | CNY | 1,500 | $ | 227,464 | ||||
| 6.05%, 06/03/24 # | CNY | 1,350 | 210,127 | |||||
Hubei Provincial Communications Investment Group Co. Ltd. 6.68%, 03/27/24 |
CNY | 3,500 | 564,794 | |||||
Jiangxi Ganyue Expressway Co. Ltd. 6.09%, 08/11/24 |
CNY | 2,100 | 338,756 | |||||
Nanjing Yangzi State-Owned Investment Group Co. Ltd. 3.63%, 10/21/24 |
CNY | 12,000 | 1,817,099 | |||||
Qingdao Conson Development Group Co. Ltd. 3.55%, 01/09/25 |
CNY | 5,000 | 758,544 | |||||
Shandong Hi-Speed Group Co. Ltd. 4.00%, 10/21/24 |
CNY | 17,000 | 2,625,326 | |||||
Shanghai Pudong Development Group Co. Ltd. 3.52%, 04/21/26 |
CNY | 10,000 | 1,539,049 | |||||
| Sichuan Development Holding Co. Ltd. | ||||||||
| 4.30%, 03/26/24 | CNY | 5,000 | 773,747 | |||||
| 4.55%, 08/06/25 | CNY | 5,000 | 770,947 | |||||
Tianjin Infrastructure Construction & Investment Group Co. Ltd. 5.70%, 02/26/23 # |
CNY | 135 | 20,152 | |||||
Wuhan Metro Group Co. Ltd. 3.55%, 04/14/30 |
CNY | 2,000 | 305,271 | |||||
Xiamen C&D Corp. Ltd. 4.14% (ChinaBond Government Security Yield Curve 3Y YTM+4.29%), 12/17/22 (o) (s) |
CNY | 13,000 | 1,974,261 | |||||
| 14,995,324 | ||||||||
| Real Estate: 4.1% | ||||||||
Beijing Public Housing Center Co. Ltd. 3.19%, 04/16/40 |
CNY | 15,000 | 2,267,797 | |||||
| China Fortune Land Development Co. Ltd. | ||||||||
| 5.50%, 10/22/22 (d) * | CNY | 1,000 | 37,460 | |||||
| 7.00%, 03/03/21 (d) * | CNY | 1,000 | 37,829 | |||||
China Vanke Co. Ltd. 3.55%, 09/26/24 |
CNY | 10,000 | 1,511,929 | |||||
| COFCO Commercial Property Investment Co. Ltd. | ||||||||
| Par (000’s | ) | Value | ||||||
| Real Estate (continued) | ||||||||
| 3.94%, 01/25/25 | CNY | 10,000 | $ | 1,511,439 | ||||
| 5,366,454 | ||||||||
| Utilities: 3.8% | ||||||||
China Huaneng Group Co. Ltd. 3.55% (ChinaBond Government Security Yield Curve 5Y YTM+3.56%), 03/09/25 (o) (s) |
CNY | 15,000 | 2,288,240 | |||||
China Southern Power Grid Co. Ltd. 5.90%, 03/19/24 |
CNY | 900 | 143,537 | |||||
China Yangtze Power Co. Ltd. 3.35%, 10/17/26 |
CNY | 1,500 | 226,185 | |||||
Shandong Luxin Investment Holdings Group Co. Ltd. 3.85%, 01/07/26 |
CNY | 10,000 | 1,529,712 | |||||
State Power Investment Corp. Ltd. 4.20%, 11/20/23 |
CNY | 4,995 | 769,756 | |||||
| 4,957,430 | ||||||||
| Total Corporate Bonds (Cost: $98,953,467) |
96,703,878 | |||||||
| GOVERNMENT OBLIGATIONS: 18.7% | ||||||||
| China Government Bond | ||||||||
| 1.99%, 04/09/25 | CNY | 5,660 | 840,874 | |||||
| 2.68%, 05/21/30 | CNY | 6,320 | 936,714 | |||||
| 2.69%, 08/12/26 | CNY | 7,450 | 1,125,212 | |||||
| 2.77%, 06/24/30 | CNY | 5,690 | 846,639 | |||||
| 2.85%, 06/04/27 | CNY | 9,140 | 1,387,507 | |||||
| 2.86%, 07/16/30 | CNY | 9,520 | 1,425,972 | |||||
| 2.90%, 05/05/26 | CNY | 846 | 128,898 | |||||
| 3.01%, 05/13/28 | CNY | 12,180 | 1,855,968 | |||||
| 3.02%, 10/22/25 | CNY | 9,250 | 1,415,692 | |||||
| 3.02%, 05/27/31 | CNY | 6,210 | 943,968 | |||||
| 3.03%, 03/11/26 | CNY | 9,070 | 1,388,387 | |||||
| 3.25%, 06/06/26 | CNY | 6,030 | 931,998 | |||||
| 3.27%, 11/19/30 | CNY | 18,270 | 2,840,022 | |||||
| 3.27%, 08/22/46 | CNY | 32,966 | 4,952,608 | |||||
| 3.28%, 12/03/27 | CNY | 6,150 | 955,012 | |||||
| 3.29%, 05/23/29 | CNY | 6,080 | 944,814 | |||||
| 3.52%, 04/25/46 | CNY | 4,000 | 615,549 | |||||
| 3.74%, 09/22/35 | CNY | 3,900 | 632,415 | |||||
| Total Government Obligations (Cost: $24,833,463) |
24,168,249 | |||||||
| Total Investments: 93.3% (Cost: $123,786,930) |
120,872,127 | |||||||
| Other assets less liabilities: 6.7% | 8,715,014 | |||||||
| NET ASSETS: 100.0% | $ | 129,587,141 | ||||||
Definitions:
| CNY | Chinese Yuan |
See Notes to Financial Statements
| 23 |
VANECK CHINA BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $230,279 which represents 0.2% of net assets. |
| (d) | Security in default |
| (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 |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Basic Materials | 11.1 | % | $ | 13,408,956 | ||||
| Consumer Cyclicals | 0.6 | 747,499 | ||||||
| Energy | 3.0 | 3,568,634 | ||||||
| Financials | 44.4 | 53,659,581 | ||||||
| Government Activity | 20.0 | 24,168,249 | ||||||
| Industrials | 12.4 | 14,995,324 | ||||||
| Real Estate | 4.4 | 5,366,454 | ||||||
| Utilities | 4.1 | 4,957,430 | ||||||
| 100.0 | % | $ | 120,872,127 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 96,703,878 | $ | — | $ | 96,703,878 | ||||||||
| Government Obligations * | — | 24,168,249 | — | 24,168,249 | ||||||||||||
| Total Investments | $ | — | $ | 120,872,127 | $ | — | $ | 120,872,127 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 24 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 96.2% | ||||||||
| Argentina: 3.2% | ||||||||
Arcor SAIC 144A 6.00%, 07/06/23 | $ | 1,825 | $ | 1,831,908 | ||||
Capex SA 144A 6.88%, 05/15/24 | 1,075 | 1,028,221 | ||||||
Generacion Mediterranea SA / Central Termica Roca SA 144A 9.62%, 12/01/27 | 1,125 | 899,797 | ||||||
Genneia SA 144A 8.75%, 09/02/27 | 1,300 | 1,276,503 | ||||||
| MercadoLibre, Inc. | ||||||||
| 2.38%, 01/14/26 † | 1,425 | 1,288,001 | ||||||
| 3.12%, 01/14/31 | 2,550 | 2,066,367 | ||||||
MSU Energy SA / UGEN SA / UENSA SA 144A 6.88%, 02/01/25 | 1,825 | 1,457,253 | ||||||
MSU Energy SA / UGEN SA / UENSA SA Reg S 6.88%, 02/01/25 |
300 | 239,549 | ||||||
| Pampa Energia SA 144A | ||||||||
| 7.38%, 07/21/23 | 1,325 | 1,326,756 | ||||||
| 7.50%, 01/24/27 | 2,275 | 2,116,637 | ||||||
| 9.12%, 04/15/29 | 1,100 | 1,018,980 | ||||||
Pan American Energy LLC 144A 9.12%, 04/30/27 | 1,025 | 1,134,983 | ||||||
Pan American Energy LLC Reg S 9.12%, 04/30/27 | 50 | 55,365 | ||||||
| Telecom Argentina SA 144A | ||||||||
| 8.00%, 07/18/26 | 1,325 | 1,257,213 | ||||||
| 8.50%, 08/06/25 | 1,375 | 1,333,695 | ||||||
Telecom Argentina SA Reg S 8.00%, 07/18/26 | 100 | 94,884 | ||||||
Transportadora de Gas del Sur SA 144A 6.75%, 05/02/25 | 1,460 | 1,374,882 | ||||||
Transportadora de Gas del Sur SA Reg S 6.75%, 05/02/25 | 250 | 235,425 | ||||||
YPF Energia Electrica SA 144A 10.00%, 07/25/26 | 1,450 | 1,358,432 | ||||||
| YPF SA 144A | ||||||||
| 1.50%, 09/30/33 (s) | 2,200 | 1,334,300 | ||||||
| 2.50%, 06/30/29 (s) | 2,750 | 2,000,886 | ||||||
| 4.00%, 02/12/26 (s) | 2,875 | 2,552,554 | ||||||
| 6.95%, 07/21/27 | 2,275 | 1,649,659 | ||||||
| 7.00%, 12/15/47 | 1,875 | 1,173,984 | ||||||
| 8.50%, 07/28/25 | 4,050 | 3,306,359 | ||||||
| 8.50%, 06/27/29 | 1,412 | 1,075,513 | ||||||
| 8.75%, 04/04/24 | 2,240 | 2,097,290 | ||||||
YPF SA Reg S 6.95%, 07/21/27 | 550 | 398,819 | ||||||
| 36,984,215 | ||||||||
| Armenia: 0.1% | ||||||||
Ardshinbank CJSC Via Dilijan Finance BV 144A 6.50%, 01/28/25 | 1,000 | 930,000 | ||||||
| Par (000’s | ) | Value | ||||||
| Austria: 0.1% | ||||||||
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A 5.00%, 05/07/28 | $ | 800 | $ | 702,472 | ||||
| Klabin Austria GmbH Reg S | ||||||||
| 3.20%, 01/12/31 | 200 | 159,014 | ||||||
| 7.00%, 04/03/49 † | 200 | 194,171 | ||||||
| 1,055,657 | ||||||||
| Azerbaijan: 0.9% | ||||||||
Southern Gas Corridor CJSC 144A 6.88%, 03/24/26 † | 6,575 | 7,020,312 | ||||||
Southern Gas Corridor CJSC Reg S 6.88%, 03/24/26 | 750 | 800,796 | ||||||
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30 | 2,650 | 2,875,382 | ||||||
| 10,696,490 | ||||||||
| Bahrain: 1.4% | ||||||||
BBK BSC Reg S 5.50%, 07/09/24 | 1,800 | 1,841,274 | ||||||
GFH Sukuk Ltd. Reg S 7.50%, 01/28/25 | 1,800 | 1,801,800 | ||||||
| Mumtalakat Sukuk Holding Co. Reg S | ||||||||
| 4.10%, 01/21/27 | 1,800 | 1,789,146 | ||||||
| 5.62%, 02/27/24 | 2,200 | 2,267,430 | ||||||
| Oil and Gas Holding Co. BSCC 144A | ||||||||
| 7.50%, 10/25/27 | 3,625 | 3,824,625 | ||||||
| 7.62%, 11/07/24 | 2,775 | 2,910,056 | ||||||
| 8.38%, 11/07/28 | 1,750 | 1,928,245 | ||||||
| 16,362,576 | ||||||||
| Barbados: 0.2% | ||||||||
Sagicor Financial Co. Ltd. 144A 5.30%, 05/13/28 | 2,000 | 1,952,990 | ||||||
| Bermuda: 1.0% | ||||||||
Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | 1,657 | 1,384,114 | ||||||
Digicel Group Two Ltd. 144A 8.25%, 09/30/22 | 437 | 10,925 | ||||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
| 8.75%, 05/25/24 † | 4,400 | 4,349,444 | ||||||
| 13.00%, 12/31/25 | 1,210 | 1,190,308 | ||||||
Digicel Ltd. 144A 6.75%, 03/01/23 | 1,930 | 1,735,128 | ||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | 2,400 | 2,371,788 | ||||||
Investment Energy Resources Ltd. Reg S 6.25%, 04/26/29 | 200 | 197,649 | ||||||
| 11,239,356 | ||||||||
See Notes to Financial Statements
| 25 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Brazil: 8.5% | ||||||||
Adecoagro SA 144A 6.00%, 09/21/27 | $ | 1,350 | $ | 1,327,691 | ||||
Adecoagro SA Reg S 6.00%, 09/21/27 | 450 | 442,564 | ||||||
Aegea Finance Sarl 144A 5.75%, 10/10/24 | 700 | 718,403 | ||||||
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | 1,200 | 1,139,244 | ||||||
Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | 1,768 | 1,794,803 | ||||||
Atento Luxco 1 SA 144A 8.00%, 02/10/26 † | 975 | 963,484 | ||||||
Azul Investments LLP 144A 5.88%, 10/26/24 | 400 | 356,094 | ||||||
B2W Digital Lux Sarl 144A 4.38%, 12/20/30 | 800 | 658,988 | ||||||
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31 | 1,200 | 1,044,600 | ||||||
Banco Bradesco SA 144A 3.20%, 01/27/25 | 1,500 | 1,457,250 | ||||||
| Banco BTG Pactual SA 144A | ||||||||
| 2.75%, 01/11/26 | 800 | 729,972 | ||||||
| 4.50%, 01/10/25 | 1,600 | 1,578,032 | ||||||
Banco Daycoval SA Reg S 4.25%, 12/13/24 | 750 | 740,666 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 4.62%, 01/15/25 | 1,650 | 1,651,897 | ||||||
| 4.75%, 03/20/24 | 1,325 | 1,336,647 | ||||||
| Banco Nacional de Desenvolvimento Economico e Social 144A | ||||||||
| 4.75%, 05/09/24 | 800 | 818,708 | ||||||
| 5.75%, 09/26/23 | 1,600 | 1,658,096 | ||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 5.75%, 09/26/23 | 250 | 259,077 | ||||||
| Banco Votorantim SA 144A | ||||||||
| 4.38%, 07/29/25 | 1,050 | 1,029,079 | ||||||
| 4.50%, 09/24/24 | 750 | 754,759 | ||||||
Braskem Idesa SAPI 144A 7.45%, 11/15/29 | 2,900 | 2,720,360 | ||||||
Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | 800 | 830,520 | ||||||
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28 | 1,290 | 1,302,642 | ||||||
BRF GmbH 144A 4.35%, 09/29/26 | 900 | 853,830 | ||||||
| BRF SA 144A | ||||||||
| 4.88%, 01/24/30 † | 1,000 | 888,700 | ||||||
| 5.75%, 09/21/50 | 1,200 | 943,164 | ||||||
| Par (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| BRF SA Reg S | ||||||||
| 4.88%, 01/24/30 | $ | 100 | $ | 88,870 | ||||
| 5.75%, 09/21/50 | 200 | 157,392 | ||||||
Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | 1,800 | 1,936,332 | ||||||
| Centrais Eletricas Brasileiras SA 144A | ||||||||
| 3.62%, 02/04/25 † | 800 | 773,088 | ||||||
| 4.62%, 02/04/30 | 1,200 | 1,092,192 | ||||||
Centrais Eletricas Brasileiras SA Reg S 4.62%, 02/04/30 | 200 | 182,032 | ||||||
Cosan Luxembourg SA 144A 7.00%, 01/20/27 | 1,075 | 1,105,895 | ||||||
Cosan SA 144A 5.50%, 09/20/29 | 1,325 | 1,285,489 | ||||||
CSN Inova Ventures 144A 6.75%, 01/28/28 † | 2,050 | 2,040,560 | ||||||
CSN Inova Ventures Reg S 6.75%, 01/28/28 | 400 | 398,158 | ||||||
CSN Resources SA 144A 7.62%, 04/17/26 | 500 | 517,872 | ||||||
| Embraer Netherlands Finance BV | ||||||||
| 5.05%, 06/15/25 | 1,650 | 1,639,250 | ||||||
| 5.40%, 02/01/27 | 1,250 | 1,206,206 | ||||||
Embraer Netherlands Finance BV 144A 6.95%, 01/17/28 | 1,275 | 1,285,200 | ||||||
ERO Copper Corp. 144A 6.50%, 02/15/30 | 650 | 584,064 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 1,100 | 1,126,851 | ||||||
| Globo Comunicacao e Participacoes SA 144A | ||||||||
| 4.88%, 01/22/30 | 600 | 517,050 | ||||||
| 5.50%, 01/14/32 | 700 | 608,397 | ||||||
Globo Comunicacao e Participacoes SA Reg S 4.88%, 01/22/30 | 200 | 172,350 | ||||||
Gol Finance SA 144A 7.00%, 01/31/25 | 1,000 | 856,305 | ||||||
Guara Norte Sarl 144A 5.20%, 06/15/34 | 1,343 | 1,185,787 | ||||||
InterCement Financial Operations BV 144A 5.75%, 07/17/24 | 1,200 | 1,030,836 | ||||||
Itau Unibanco Holding SA 144A 3.25%, 01/24/25 | 925 | 900,950 | ||||||
| 3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | 850 | 764,745 | ||||||
| 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | 1,350 | 1,287,758 | ||||||
| 4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | 1,175 | 1,016,751 | ||||||
See Notes to Financial Statements
| 26 |
| Par (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| 5.12%, 05/13/23 | $ | 2,800 | $ | 2,851,800 | ||||
Itau Unibanco Holding SA Reg S 5.12%, 05/13/23 | 300 | 305,550 | ||||||
JSM Global Sarl 144A 4.75%, 10/20/30 | 900 | 770,909 | ||||||
| Klabin Austria GmbH 144A | ||||||||
| 3.20%, 01/12/31 | 600 | 477,042 | ||||||
| 5.75%, 04/03/29 † | 1,275 | 1,255,996 | ||||||
| 7.00%, 04/03/49 | 1,003 | 973,768 | ||||||
Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 | 1,000 | 931,970 | ||||||
MARB BondCo Plc 144A 3.95%, 01/29/31 | 2,500 | 2,081,225 | ||||||
MV24 Capital BV 144A 6.75%, 06/01/34 | 1,806 | 1,714,975 | ||||||
Natura Cosmeticos SA 144A 4.12%, 05/03/28 | 1,400 | 1,257,228 | ||||||
Natura Cosmeticos SA Reg S 4.12%, 05/03/28 | 300 | 269,406 | ||||||
| NBM US Holdings, Inc. 144A | ||||||||
| 6.62%, 08/06/29 | 850 | 868,925 | ||||||
| 7.00%, 05/14/26 | 1,700 | 1,754,833 | ||||||
| Nexa Resources SA 144A | ||||||||
| 5.38%, 05/04/27 | 1,200 | 1,153,512 | ||||||
| 6.50%, 01/18/28 | 850 | 851,628 | ||||||
Oi Movel SA Reg S 8.75%, 07/30/26 | 1,400 | 1,429,946 | ||||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 † | 1,575 | 1,529,924 | ||||||
| 5.30%, 01/27/25 | 950 | 984,271 | ||||||
| 5.50%, 06/10/51 | 1,350 | 1,109,612 | ||||||
| 5.60%, 01/03/31 | 1,825 | 1,793,519 | ||||||
| 5.75%, 02/01/29 | 815 | 826,271 | ||||||
| 6.00%, 01/27/28 | 1,625 | 1,669,923 | ||||||
| 6.25%, 03/17/24 | 750 | 781,740 | ||||||
| 6.75%, 01/27/41 | 985 | 967,181 | ||||||
| 6.75%, 06/03/50 | 825 | 765,881 | ||||||
| 6.85%, 06/05/15 | 2,375 | 2,095,937 | ||||||
| 6.88%, 01/20/40 | 897 | 888,595 | ||||||
| 6.90%, 03/19/49 | 1,150 | 1,085,675 | ||||||
| 7.25%, 03/17/44 | 1,165 | 1,164,435 | ||||||
| 7.38%, 01/17/27 | 1,325 | 1,451,902 | ||||||
| 8.75%, 05/23/26 † | 600 | 693,099 | ||||||
| Rede D’or Finance Sarl 144A | ||||||||
| 4.50%, 01/22/30 | 1,299 | 1,136,885 | ||||||
| 4.95%, 01/17/28 | 700 | 658,137 | ||||||
Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | 711 | 744,064 | ||||||
Rio Oil Finance Trust Series 2014-3 144A 9.75%, 01/06/27 | 695 | 767,464 | ||||||
Rio Oil Finance Trust Series 2018-1 144A 8.20%, 04/06/28 | 672 | 722,004 | ||||||
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 850 | 832,575 | ||||||
| Par (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
Simpar Europe SA 144A 5.20%, 01/26/31 | $ | 1,000 | $ | 821,265 | ||||
Tupy Overseas SA 144A 4.50%, 02/16/31 | 400 | 334,874 | ||||||
Ultrapar International SA 144A 5.25%, 06/06/29 | 800 | 778,532 | ||||||
Unigel Luxembourg SA 144A 8.75%, 10/01/26 | 700 | 726,176 | ||||||
Usiminas International Sarl 144A 5.88%, 07/18/26 | 1,200 | 1,201,392 | ||||||
XP, Inc. 144A 3.25%, 07/01/26 † | 1,350 | 1,241,210 | ||||||
| 98,480,906 | ||||||||
| British Virgin Islands: 0.5% | ||||||||
Central China Real Estate Ltd. Reg S 7.65%, 08/27/23 | 1,200 | 504,600 | ||||||
| China SCE Group Holdings Ltd. Reg S | ||||||||
| 7.00%, 05/02/25 | 1,300 | 819,000 | ||||||
| 7.38%, 04/09/24 | 1,450 | 1,000,500 | ||||||
Health & Happiness H&H International Holdings Ltd. Reg S 5.62%, 10/24/24 | 1,000 | 935,000 | ||||||
| New Metro Global Ltd. Reg S | ||||||||
| 4.50%, 05/02/26 | 1,300 | 789,750 | ||||||
| 4.62%, 10/15/25 | 1,000 | 622,500 | ||||||
Studio City Co. Ltd. 144A 7.00%, 02/15/27 | 1,200 | 1,130,256 | ||||||
| 5,801,606 | ||||||||
| Cambodia: 0.2% | ||||||||
NagaCorp Ltd. Reg S 7.95%, 07/06/24 | 1,950 | 1,784,250 | ||||||
| Canada: 0.3% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | 1,265 | 1,273,071 | ||||||
First Quantum Minerals Ltd. Reg S 6.50%, 03/01/24 | 300 | 300,776 | ||||||
Frontera Energy Corp. 144A 7.88%, 06/21/28 | 1,500 | 1,361,377 | ||||||
| 2,935,224 | ||||||||
| Cayman Islands: 1.7% | ||||||||
Arabian Centres Sukuk II Ltd. 144A 5.62%, 10/07/26 | 3,150 | 2,982,656 | ||||||
Banco Bradesco SA 144A 4.38%, 03/18/27 † | 750 | 733,223 | ||||||
Banco BTG Pactual SA Reg S 4.50%, 01/10/25 | 200 | 197,254 | ||||||
| Banco do Brasil SA 144A | ||||||||
| 3.25%, 09/30/26 | 1,325 | 1,230,534 | ||||||
| 4.88%, 01/11/29 † | 800 | 777,308 | ||||||
CT Trust 144A 5.12%, 02/03/32 | 3,200 | 2,986,032 | ||||||
See Notes to Financial Statements
| 27 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Cayman Islands (continued) | ||||||||
Emaar Sukuk Ltd. Reg S 3.70%, 07/06/31 | $ | 900 | $ | 873,725 | ||||
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 | 1,200 | 1,203,000 | ||||||
Nogaholding Sukuk Ltd. 144A 5.25%, 04/08/29 | 2,250 | 2,300,681 | ||||||
Oryx Funding Ltd. 144A 5.80%, 02/03/31 | 2,300 | 2,273,182 | ||||||
Poinsettia Finance Ltd. Reg S 6.62%, 06/17/31 | 1,534 | 1,393,409 | ||||||
StoneCo Ltd. 144A 3.95%, 06/16/28 | 800 | 658,984 | ||||||
Yankuang Group Cayman Ltd. Reg S 2.90%, 11/30/24 | 1,600 | 1,604,000 | ||||||
| 19,213,988 | ||||||||
| Chile: 0.9% | ||||||||
AES Andes SA Reg S 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 100 | 97,194 | ||||||
Agrosuper SA 144A 4.60%, 01/20/32 | 1,900 | 1,714,750 | ||||||
CAP SA 144A 3.90%, 04/27/31 | 1,100 | 935,264 | ||||||
Inversiones Latin America Power Ltda 144A 5.12%, 06/15/33 | 1,388 | 1,086,153 | ||||||
Kenbourne Invest SA 144A 6.88%, 11/26/24 | 1,850 | 1,767,009 | ||||||
| VTR Comunicaciones SpA 144A | ||||||||
| 4.38%, 04/15/29 | 1,400 | 1,187,774 | ||||||
| 5.12%, 01/15/28 | 1,742 | 1,569,620 | ||||||
VTR Finance NV 144A 6.38%, 07/15/28 | 1,925 | 1,759,960 | ||||||
| 10,117,724 | ||||||||
| China: 8.0% | ||||||||
Agile Group Holdings Ltd. Reg S 5.50%, 04/21/25 | 700 | 234,675 | ||||||
Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) | 8,500 | 8,453,193 | ||||||
Bank of Communications Hong Kong Ltd. Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+2.52%), 3/3/2025 (o) | 1,500 | 1,475,625 | ||||||
Central Plaza Development Ltd. Reg S 5.75% (US Treasury Yield Curve Rate T 5 Year+8.07%), 11/14/2024 (o) | 1,400 | 1,204,140 | ||||||
| Chalieco Hong Kong Corp. Ltd. Reg S | ||||||||
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 5.00% (US Treasury Yield Curve Rate T 3 Year+6.38%), 5/21/2023 (o) | $ | 1,000 | $ | 1,007,500 | ||||
China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o) | 1,740 | 1,827,056 | ||||||
China Hongqiao Group Ltd. Reg S 6.25%, 06/08/24 | 1,400 | 1,369,410 | ||||||
| China SCE Group Holdings Ltd. Reg S | ||||||||
| 5.95%, 09/29/24 | 1,100 | 684,860 | ||||||
| 6.00%, 02/04/26 | 1,000 | 610,000 | ||||||
Chong Hing Bank Ltd. Reg S 5.70% (US Treasury Yield Curve Rate T 5 Year+3.86%), 7/15/2024 (o) | 1,400 | 1,403,500 | ||||||
| CIFI Holdings Group Co. Ltd. Reg S | ||||||||
| 4.38%, 04/12/27 † | 1,100 | 822,250 | ||||||
| 4.45%, 08/17/26 | 1,300 | 997,750 | ||||||
| 5.25%, 05/13/26 | 1,000 | 770,000 | ||||||
| 5.95%, 10/20/25 | 1,550 | 1,226,050 | ||||||
| 6.00%, 07/16/25 † | 1,650 | 1,305,150 | ||||||
| 6.45%, 11/07/24 | 1,550 | 1,283,400 | ||||||
| 6.55%, 03/28/24 † | 1,650 | 1,403,325 | ||||||
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 | 1,561,875 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 8.12%, 07/11/24 | 1,000 | 220,000 | ||||||
| 8.62%, 02/27/24 | 900 | 195,975 | ||||||
| 8.62%, 03/05/24 | 1,000 | 217,750 | ||||||
| eHi Car Services Ltd. Reg S | ||||||||
| 7.00%, 09/21/26 | 950 | 646,000 | ||||||
| 7.75%, 11/14/24 | 1,400 | 1,095,500 | ||||||
ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 | 2,500 | 2,297,090 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | 2,000 | 1,826,000 | ||||||
| 6.75%, 07/02/23 | 2,050 | 1,998,750 | ||||||
| 6.85%, 07/02/24 | 1,900 | 1,803,100 | ||||||
Glory Land Co. Ltd. Reg S 14.25%, 01/25/24 | 200 | 101,000 | ||||||
Golden Eagle Retail Group Ltd. 144A 4.62%, 05/21/23 | 1,000 | 983,105 | ||||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| 5.88%, 07/03/24 | 1,900 | 1,083,000 | ||||||
| 6.75%, 09/26/23 | 1,400 | 882,000 | ||||||
| 6.75%, 03/03/24 | 700 | 427,000 | ||||||
Greentown China Holdings Ltd. Reg S 4.70%, 04/29/25 | 1,400 | 1,316,000 | ||||||
See Notes to Financial Statements
| 28 |
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 5.65%, 07/13/25 | $ | 900 | $ | 850,500 | ||||
Guangzhou Fineland Real Estate Development Co. Ltd. Reg S 13.60%, 07/27/23 | 400 | 408,000 | ||||||
Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | 18,700 | 17,832,196 | ||||||
Jinke Properties Group Co. Ltd. Reg S 6.85%, 05/28/24 | 600 | 198,000 | ||||||
| KWG Group Holdings Ltd. Reg S | ||||||||
| 5.88%, 11/10/24 | 1,500 | 575,250 | ||||||
| 5.95%, 08/10/25 | 1,000 | 365,000 | ||||||
| 6.00%, 08/14/26 | 1,150 | 405,662 | ||||||
| 6.30%, 02/13/26 | 1,300 | 465,075 | ||||||
| 7.40%, 03/05/24 | 1,100 | 467,500 | ||||||
| 7.40%, 01/13/27 | 600 | 208,500 | ||||||
| 7.88%, 09/01/23 | 1,900 | 894,900 | ||||||
| Logan Group Co. Ltd. Reg S | ||||||||
| 4.25%, 07/12/25 † | 600 | 172,500 | ||||||
| 4.70%, 07/06/26 | 900 | 261,000 | ||||||
| New Metro Global Ltd. Reg S | ||||||||
| 4.80%, 12/15/24 † | 1,200 | 801,000 | ||||||
| 6.80%, 08/05/23 | 900 | 648,000 | ||||||
| Powerlong Real Estate Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/30/25 † | 1,500 | 522,450 | ||||||
| 6.25%, 08/10/24 | 1,200 | 516,000 | ||||||
| 6.95%, 07/23/23 † | 1,000 | 475,000 | ||||||
Radiance Holdings Group Co. Ltd. Reg S 7.80%, 03/20/24 | 600 | 428,082 | ||||||
Redsun Properties Group Ltd. Reg S 7.30%, 01/13/25 | 600 | 117,000 | ||||||
| RKPF Overseas 2019 A Ltd. Reg S | ||||||||
| 6.00%, 09/04/25 | 1,200 | 919,031 | ||||||
| 6.70%, 09/30/24 | 1,550 | 1,268,675 | ||||||
RKPF Overseas 2019 E Ltd. Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 11/18/2024 (o) | 1,000 | 650,000 | ||||||
Seazen Group Ltd. Reg S 4.45%, 07/13/25 | 850 | 567,375 | ||||||
Shangrao City Construction Investment Development Group Co. Ltd. Reg S 4.38%, 10/21/23 | 800 | 809,000 | ||||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/26/24 † | 2,400 | 573,600 | ||||||
| 6.50%, 07/09/23 | 1,500 | 393,750 | ||||||
| 6.50%, 01/10/25 | 1,850 | 430,125 | ||||||
| 6.50%, 01/26/26 | 1,400 | 306,600 | ||||||
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 6.65%, 08/03/24 | $ | 1,400 | $ | 336,000 | ||||
| 7.00%, 07/09/25 | 1,700 | 382,500 | ||||||
| 7.50%, 02/01/24 | 1,500 | 363,750 | ||||||
| 7.95%, 10/11/23 | 2,000 | 525,000 | ||||||
| Times China Holdings Ltd. Reg S | ||||||||
| 5.55%, 06/04/24 | 1,300 | 689,000 | ||||||
| 5.75%, 01/14/27 | 800 | 322,200 | ||||||
| 6.20%, 03/22/26 | 1,300 | 565,500 | ||||||
| 6.75%, 07/16/23 | 1,450 | 806,200 | ||||||
| 6.75%, 07/08/25 | 1,400 | 651,000 | ||||||
Urumqi Gaoxin Investment and Development Group Co. Ltd. Reg S 4.75%, 10/23/23 | 800 | 784,000 | ||||||
Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 | 1,700 | 1,436,373 | ||||||
Wanda Properties Overseas Ltd. Reg S 6.88%, 07/23/23 | 1,200 | 1,038,000 | ||||||
Wealth Driven Ltd. Reg S 5.50%, 08/17/23 | 1,100 | 1,086,250 | ||||||
Wens Foodstuffs Group Co. Ltd. Reg S 2.35%, 10/29/25 | 1,050 | 855,750 | ||||||
| West China Cement Ltd. Reg S 4.95%, 07/08/26 | 1,800 | 1,631,790 | ||||||
Xinhu BVI 2018 Holding Co. Ltd. Reg S 11.00%, 09/28/24 | 1,000 | 835,000 | ||||||
Yancoal International Resources Development Co. Ltd. Reg S 3.50%, 11/04/23 | 1,400 | 1,411,900 | ||||||
Yankuang Group Cayman Ltd. Reg S 4.00%, 07/16/23 | 1,200 | 1,214,460 | ||||||
Yinchuan Tonglian Capital Investment Operation Co. Ltd. Reg S 4.45%, 06/10/23 | 800 | 723,996 | ||||||
| Yuzhou Group Holdings Co. Ltd. Reg S | ||||||||
| 6.00%, 10/25/23 | 1,400 | 206,500 | ||||||
| 6.35%, 01/13/27 | 1,000 | 140,000 | ||||||
| 7.38%, 01/13/26 | 1,300 | 162,500 | ||||||
| 8.30%, 05/27/25 | 1,000 | 135,250 | ||||||
| 8.38%, 10/30/24 | 800 | 110,000 | ||||||
| Zhenro Properties Group Ltd. Reg S | ||||||||
| 6.63%, 01/07/26 | 800 | 76,000 | ||||||
| 9.15%, 05/06/23 | 600 | 60,000 | ||||||
| 91,810,719 | ||||||||
| Colombia: 5.6% | ||||||||
Banco de Bogota SA 144A 6.25%, 05/12/26 | 3,858 | 3,831,052 | ||||||
Banco de Bogota SA Reg S 6.25%, 05/12/26 | 200 | 198,603 | ||||||
See Notes to Financial Statements
| 29 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Colombia (continued) | ||||||||
Banco GNB Sudameris SA 144A 7.50% (US Treasury Yield Curve Rate T 5 Year+6.66%), 04/16/31 | $ | 1,350 | $ | 1,235,230 | ||||
Bancolombia SA 4.62% (US Treasury Yield Curve Rate T 5 Year+2.94%), 12/18/29 | 2,100 | 1,960,959 | ||||||
Cable Onda SA 144A 4.50%, 01/30/30 | 1,900 | 1,779,112 | ||||||
Canacol Energy Ltd. 144A 5.75%, 11/24/28 † | 1,800 | 1,634,562 | ||||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | 3,875 | 3,754,061 | ||||||
| 4.62%, 11/02/31 | 4,050 | 3,391,348 | ||||||
| 5.38%, 06/26/26 | 4,850 | 4,778,511 | ||||||
| 5.88%, 09/18/23 | 5,818 | 5,900,703 | ||||||
| 5.88%, 05/28/45 † | 6,550 | 5,162,088 | ||||||
| 5.88%, 11/02/51 | 2,450 | 1,869,693 | ||||||
| 6.88%, 04/29/30 | 6,200 | 6,133,071 | ||||||
| 7.38%, 09/18/43 | 2,733 | 2,493,421 | ||||||
| Empresas Publicas de Medellin ESP 144A | ||||||||
| 4.25%, 07/18/29 | 3,700 | 3,101,359 | ||||||
| 4.38%, 02/15/31 | 2,025 | 1,669,440 | ||||||
GCM Mining Corp. 144A 6.88%, 08/09/26 | 1,000 | 856,335 | ||||||
Geopark Ltd. 144A 5.50%, 01/17/27 † | 1,700 | 1,534,445 | ||||||
Gilex Holding Sarl 144A 8.50%, 05/02/23 | 1,200 | 1,188,846 | ||||||
Grupo Aval Ltd. 144A 4.38%, 02/04/30 | 3,600 | 3,054,510 | ||||||
Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | 2,100 | 2,081,604 | ||||||
Oleoducto Central SA 144A 4.00%, 07/14/27 | 1,550 | 1,404,579 | ||||||
Oleoducto Central SA Reg S 4.00%, 07/14/27 † | 200 | 181,236 | ||||||
Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 | 1,300 | 1,169,246 | ||||||
Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 † | 1,900 | 1,906,194 | ||||||
Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | 1,828 | 1,778,468 | ||||||
Termocandelaria Power Ltd. Reg S 7.88%, 01/30/29 | 170 | 165,439 | ||||||
| 64,214,115 | ||||||||
| Costa Rica: 0.3% | ||||||||
Banco Nacional de Costa Rica 144A 6.25%, 11/01/23 | 1,200 | 1,237,848 | ||||||
| Instituto Costarricense de Electricidad 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| Costa Rica (continued) | ||||||||
| 6.38%, 05/15/43 | $ | 1,800 | $ | 1,483,164 | ||||
| 6.75%, 10/07/31 | 1,100 | 1,100,775 | ||||||
Instituto Costarricense de Electricidad Reg S 6.38%, 05/15/43 | 100 | 82,398 | ||||||
| 3,904,185 | ||||||||
| Cyprus: 0.2% | ||||||||
| MHP Lux SA 144A | ||||||||
| 6.25%, 09/19/29 | 1,150 | 603,750 | ||||||
| 6.95%, 04/03/26 | 1,625 | 804,375 | ||||||
MHP SE 144A 7.75%, 05/10/24 | 1,825 | 990,062 | ||||||
| 2,398,187 | ||||||||
| Czech Republic: 0.1% | ||||||||
Energo-Pro AS 144A 8.50%, 02/04/27 | 1,500 | 1,440,000 | ||||||
| Dominican Republic: 0.1% | ||||||||
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28 | 1,100 | 981,750 | ||||||
| El Salvador: 0.1% | ||||||||
Grupo Unicomer Co. Ltd. 144A 7.88%, 04/01/24 | 1,050 | 1,050,346 | ||||||
Grupo Unicomer Co. Ltd. Reg S 7.88%, 04/01/24 | 200 | 200,066 | ||||||
| 1,250,412 | ||||||||
| France: 0.1% | ||||||||
Aeropuertos Dominicanos Siglo XXI SA 144A 6.75%, 03/30/29 | 1,100 | 1,066,373 | ||||||
| Georgia: 0.3% | ||||||||
Georgia Capital JSC 144A 6.12%, 03/09/24 | 200 | 194,500 | ||||||
Georgia Capital JSC Reg S 6.12%, 03/09/24 | 1,100 | 1,069,750 | ||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 1,800 | 1,545,840 | ||||||
Silknet JSC 144A 8.38%, 01/31/27 | 1,000 | 977,500 | ||||||
| 3,787,590 | ||||||||
| Ghana: 0.4% | ||||||||
Kosmos Energy Ltd. 144A 7.12%, 04/04/26 † | 2,100 | 2,055,060 | ||||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | 2,900 | 2,369,373 | ||||||
| 4,424,433 | ||||||||
| Greece: 0.2% | ||||||||
Navios South American Logistics, Inc. / Navios Logistics Finance US Inc 144A 10.75%, 07/01/25 | 1,875 | 1,916,447 | ||||||
| Guatemala: 0.4% | ||||||||
Banco Industrial SA 144A 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | 1,100 | 1,047,415 | ||||||
See Notes to Financial Statements
| 30 |
| Par (000’s | ) | Value | ||||||
| Guatemala (continued) | ||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 | $ | 4,000 | $ | 3,805,140 | ||||
Energuate Trust Reg S 5.88%, 05/03/27 | 200 | 194,183 | ||||||
| 5,046,738 | ||||||||
| Honduras: 0.1% | ||||||||
Inversiones Atlantida SA 144A 7.50%, 05/19/26 | 1,000 | 981,345 | ||||||
| Hong Kong: 4.1% | ||||||||
| Agile Group Holdings Ltd. Reg S | ||||||||
| 6.05%, 10/13/25 † | 1,250 | 422,187 | ||||||
| 7.88% (US Treasury Yield Curve Rate T 5 Year+11.29%), 7/31/2024 (o) | 1,100 | 250,800 | ||||||
| 8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) | 1,550 | 352,625 | ||||||
| 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 | 2,308,625 | ||||||
| 5.88% (US Treasury Yield Curve Rate T 5 Year+4.26%), 9/19/2024 (o) | 2,350 | 2,370,563 | ||||||
CAS Capital No 1 Ltd. Reg S 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) | 2,800 | 2,625,000 | ||||||
| Champion Path Holdings Ltd. Reg S | ||||||||
| 4.50%, 01/27/26 | 1,800 | 1,386,720 | ||||||
| 4.85%, 01/27/28 | 1,800 | 1,287,000 | ||||||
China CITIC Bank International Ltd. Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) | 2,150 | 2,055,599 | ||||||
China Oil & Gas Group Ltd. Reg S 4.70%, 06/30/26 | 1,300 | 1,251,315 | ||||||
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26 | 1,100 | 1,028,500 | ||||||
| Easy Tactic Ltd. Reg S | ||||||||
| 11.62%, 09/03/24 | 800 | 169,200 | ||||||
| 11.75%, 08/02/23 | 2,100 | 459,900 | ||||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.00%, 05/18/26 | 1,600 | 1,382,720 | ||||||
| 5.05%, 01/27/27 | 1,600 | 1,360,960 | ||||||
Franshion Brilliant Ltf. 4.88%, 06/21/24 | 400 | 321,924 | ||||||
Gemdale Ever Prosperity Investment Ltd. Reg S 4.95%, 08/12/24 | 1,500 | 1,391,250 | ||||||
| Hopson Development Holdings Ltd. Reg S | ||||||||
| Par (000’s | ) | Value | ||||||
| Hong Kong (continued) | ||||||||
| 7.00%, 05/18/24 | $ | 800 | $ | 632,000 | ||||
Jiayuan International Group Ltd. Reg S 12.50%, 07/21/23 | 600 | 202,020 | ||||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | 3,600 | 3,223,206 | ||||||
| 5.25%, 04/26/26 | 1,750 | 1,535,336 | ||||||
| 5.38%, 12/04/29 | 4,175 | 3,361,752 | ||||||
| 5.62%, 07/17/27 | 2,220 | 1,898,355 | ||||||
| 5.75%, 07/21/28 | 3,175 | 2,683,796 | ||||||
RKPF Overseas 2019 A Ltd. Reg S 5.90%, 03/05/25 | 900 | 690,750 | ||||||
| RKPF Overseas 2020 A Ltd. Reg S | ||||||||
| 5.12%, 07/26/26 | 1,400 | 1,016,720 | ||||||
| 5.20%, 01/12/26 | 1,400 | 1,022,959 | ||||||
Seaspan Corp. 144A 5.50%, 08/01/29 | 2,500 | 2,210,625 | ||||||
Seaspan Corp. 144A Reg S 6.50%, 04/29/26 | 1,200 | 1,227,000 | ||||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | 4,000 | 2,764,820 | ||||||
| 6.00%, 07/15/25 | 1,750 | 1,478,260 | ||||||
| 6.50%, 01/15/28 | 1,950 | 1,533,305 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 1,450 | 1,337,625 | ||||||
| 47,243,417 | ||||||||
| India: 5.7% | ||||||||
ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | 3,600 | 3,712,500 | ||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 | 2,700 | 2,592,000 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 | 1,700 | 1,725,840 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 | 200 | 203,040 | ||||||
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 | 1,193 | 1,000,717 | ||||||
Bank of Baroda Reg S 3.88%, 04/04/24 | 1,050 | 1,049,568 | ||||||
Canara Bank Reg S 3.88%, 03/28/24 | 1,500 | 1,497,477 | ||||||
| Delhi International Airport Ltd. 144A | ||||||||
| 6.12%, 10/31/26 | 1,900 | 1,859,625 | ||||||
| 6.45%, 06/04/29 | 1,500 | 1,362,225 | ||||||
See Notes to Financial Statements
| 31 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| India (continued) | ||||||||
Delhi International Airport Ltd. Reg S 6.45%, 06/04/29 | $ | 300 | $ | 272,445 | ||||
Future Retail Ltd. 144A 5.60%, 01/22/25 | 1,200 | 242,400 | ||||||
Future Retail Ltd. Reg S 5.60%, 01/22/25 | 200 | 40,400 | ||||||
| GMR Hyderabad International Airport Ltd. 144A | ||||||||
| 4.25%, 10/27/27 | 1,300 | 1,183,000 | ||||||
| 4.75%, 02/02/26 | 1,100 | 1,059,025 | ||||||
| 5.38%, 04/10/24 | 1,000 | 1,007,000 | ||||||
| HPCL-Mittal Energy Ltd. Reg S | ||||||||
| 5.25%, 04/28/27 | 1,400 | 1,334,200 | ||||||
| 5.45%, 10/22/26 | 1,000 | 971,645 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 | 1,150 | 1,134,311 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 2,509 | 2,187,522 | ||||||
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29 | 1,500 | 1,350,435 | ||||||
| JSW Steel Ltd. 144A | ||||||||
| 3.95%, 04/05/27 | 1,850 | 1,650,573 | ||||||
| 5.05%, 04/05/32 | 1,750 | 1,501,383 | ||||||
| JSW Steel Ltd. Reg S | ||||||||
| 5.38%, 04/04/25 | 1,400 | 1,389,500 | ||||||
| 5.95%, 04/18/24 | 1,900 | 1,928,500 | ||||||
Muthoot Finance Ltd. 144A 4.40%, 09/02/23 | 2,050 | 2,036,675 | ||||||
Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) | 3,600 | 3,551,652 | ||||||
Periama Holdings LLC Reg S 5.95%, 04/19/26 | 2,750 | 2,709,850 | ||||||
ReNew Power Pvt Ltd. 144A 5.88%, 03/05/27 | 1,350 | 1,282,838 | ||||||
ReNew Power Pvt Ltd. Reg S 5.88%, 03/05/27 | 200 | 190,050 | ||||||
ReNew Power Synthetic 144A 6.67%, 03/12/24 | 1,950 | 1,979,250 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † | 2,150 | 1,877,379 | ||||||
| Shriram Transport Finance Co. Ltd. 144A | ||||||||
| 4.15%, 07/18/25 | 1,700 | 1,559,835 | ||||||
| 4.40%, 03/13/24 † | 2,800 | 2,672,502 | ||||||
| 5.10%, 07/16/23 | 1,700 | 1,675,869 | ||||||
Tata Motors Ltd. Reg S 5.88%, 05/20/25 | 1,100 | 1,107,557 | ||||||
TML Holdings Pte Ltd. Reg S 5.50%, 06/03/24 | 1,300 | 1,297,075 | ||||||
| UPL Corp. Ltd. Reg S | ||||||||
| Par (000’s | ) | Value | ||||||
| India (continued) | ||||||||
| 5.25% (US Treasury Yield Curve Rate T 5 Year+3.87%), 2/27/2025 (o) | $ | 1,400 | $ | 1,300,040 | ||||
Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 | 2,200 | 1,829,278 | ||||||
| 13.88%, 01/21/24 | 3,550 | 3,690,065 | ||||||
| Vedanta Resources Ltd. 144A | ||||||||
| 6.12%, 08/09/24 | 3,650 | 3,064,120 | ||||||
| 7.12%, 05/31/23 | 1,825 | 1,728,915 | ||||||
| 65,808,281 | ||||||||
| Indonesia: 2.4% | ||||||||
Adaro Indonesia PT 144A 4.25%, 10/31/24 † | 2,700 | 2,667,479 | ||||||
APL Realty Holdings Pte Ltd. Reg S 5.95%, 06/02/24 | 1,000 | 465,000 | ||||||
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | 111 | 902 | ||||||
Bank Tabungan Negara Persero Tbk PT Reg S 4.20%, 01/23/25 | 1,000 | 975,000 | ||||||
Bukit Makmur Mandiri Utama PT 144A 7.75%, 02/10/26 | 1,200 | 1,122,000 | ||||||
Bukit Makmur Mandiri Utama PT Reg S 7.75%, 02/10/26 | 200 | 187,000 | ||||||
Cikarang Listrindo Tbk PT 144A 4.95%, 09/14/26 | 2,000 | 1,963,510 | ||||||
Global Prime Capital Pte Ltd. Reg S 5.95%, 01/23/25 | 1,000 | 972,000 | ||||||
Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | 1,823 | 1,798,900 | ||||||
Indika Energy Capital IV Pte Ltd. 144A 8.25%, 10/22/25 | 2,450 | 2,465,312 | ||||||
Jababeka International BV 144A 6.50%, 10/05/23 | 1,090 | 915,600 | ||||||
Japfa Comfeed Indonesia Tbk PT Reg S 5.38%, 03/23/26 | 1,350 | 1,289,250 | ||||||
Medco Bell Pte Ltd. 144A 6.38%, 01/30/27 | 2,425 | 2,271,922 | ||||||
Medco Oak Tree Pte Ltd. 144A 7.38%, 05/14/26 † | 2,100 | 2,082,979 | ||||||
Medco Oak Tree Pte Ltd. Reg S 7.38%, 05/14/26 | 300 | 297,568 | ||||||
Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | 1,800 | 1,783,089 | ||||||
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28 | 1,550 | 1,469,943 | ||||||
Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | 1,700 | 1,625,166 | ||||||
| Star Energy Geothermal Wayang Windu Ltd. Reg S | ||||||||
See Notes to Financial Statements
| 32 |
| Par (000’s | ) | Value | ||||||
| Indonesia (continued) | ||||||||
| 6.75%, 04/24/33 | $ | 165 | $ | 171,334 | ||||
| Theta Capital Pte Ltd. Reg S | ||||||||
| 6.75%, 10/31/26 † | 1,600 | 1,510,400 | ||||||
| 8.12%, 01/22/25 † | 1,450 | 1,457,250 | ||||||
| 27,491,604 | ||||||||
| Ireland: 0.0% | ||||||||
PIK Securities DAC 144A 5.62%, 11/19/26 | 1,800 | 135,000 | ||||||
| Isle of Man: 0.0% | ||||||||
Gold Fields Orogen Holdings BVI Ltd. Reg S 5.12%, 05/15/24 | 300 | 302,288 | ||||||
| Israel: 3.2% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 5.75%, 06/30/23 | 1,850 | 1,845,375 | ||||||
| 6.12%, 06/30/25 | 2,150 | 2,142,475 | ||||||
| 6.50%, 06/30/27 | 2,175 | 2,150,531 | ||||||
| 6.75%, 06/30/30 | 2,000 | 1,977,312 | ||||||
Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 † | 2,275 | 2,154,061 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | 4,175 | 4,054,155 | ||||||
| 3.15%, 10/01/26 | 9,750 | 8,375,884 | ||||||
| 4.10%, 10/01/46 | 5,525 | 3,955,016 | ||||||
| 6.00%, 04/15/24 | 3,617 | 3,621,557 | ||||||
| 6.75%, 03/01/28 † | 3,600 | 3,661,425 | ||||||
| 7.12%, 01/31/25 | 2,900 | 2,942,021 | ||||||
| 36,879,812 | ||||||||
| Kazakhstan: 0.3% | ||||||||
Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 | 3,225 | 3,279,019 | ||||||
| Kuwait: 0.3% | ||||||||
| Kuwait Projects Co. SPC Ltd. Reg S | ||||||||
| 4.23%, 10/29/26 | 1,700 | 1,530,000 | ||||||
| 4.50%, 02/23/27 | 1,900 | 1,693,375 | ||||||
| 3,223,375 | ||||||||
| Luxembourg: 2.3% | ||||||||
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32 | 1,000 | 908,045 | ||||||
AI Candelaria Spain SA 144A 7.50%, 12/15/28 | 1,100 | 1,067,654 | ||||||
Amaggi Luxembourg International Sarl Reg S 5.25%, 01/28/28 | 200 | 189,874 | ||||||
Consolidated Energy Finance SA 144A 5.62%, 10/15/28 | 1,900 | 1,760,017 | ||||||
| CSN Resources SA 144A | ||||||||
| 4.62%, 06/10/31 | 1,350 | 1,139,299 | ||||||
| 5.88%, 04/08/32 | 700 | 624,750 | ||||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| Par (000’s | ) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 4.50%, 03/30/24 | $ | 2,300 | $ | 2,241,235 | ||||
| 4.88%, 03/30/26 | 2,300 | 2,143,945 | ||||||
| 5.38%, 03/30/28 | 2,275 | 2,100,109 | ||||||
| 5.88%, 03/30/31 | 2,175 | 1,963,481 | ||||||
Gol Finance SA 144A 8.00%, 06/30/26 | 1,100 | 961,290 | ||||||
Gol Finance SA Reg S 7.00%, 01/31/25 | 100 | 85,631 | ||||||
Hidrovias International Finance SARL 144A 4.95%, 02/08/31 | 800 | 645,712 | ||||||
Kenbourne Invest SA 144A 4.70%, 01/22/28 † | 1,650 | 1,418,662 | ||||||
MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31 | 3,050 | 2,658,685 | ||||||
MHP Lux SA Reg S 6.95%, 04/03/26 | 250 | 123,750 | ||||||
Minerva Luxembourg SA 144A 4.38%, 03/18/31 † | 2,200 | 1,828,706 | ||||||
Movida Europe SA 144A 5.25%, 02/08/31 † | 1,300 | 1,080,463 | ||||||
Natura & Co. Luxembourg Holdings Sarl 144A 6.00%, 04/19/29 | 1,000 | 972,500 | ||||||
Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 † | 1,000 | 962,525 | ||||||
Poinsettia Finance Ltd. 144A 6.62%, 06/17/31 | 384 | 348,352 | ||||||
| Puma International Financing SA Reg S | ||||||||
| 5.00%, 01/24/26 | 200 | 187,023 | ||||||
| 5.12%, 10/06/24 | 200 | 191,880 | ||||||
Rede D’or Finance Sarl Reg S 4.95%, 01/17/28 | 200 | 188,039 | ||||||
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32 † | 850 | 710,936 | ||||||
Tupy Overseas SA Reg S 4.50%, 02/16/31 | 200 | 167,437 | ||||||
Unigel Luxembourg SA Reg S 8.75%, 10/01/26 | 200 | 207,479 | ||||||
Usiminas International Sarl Reg S 5.88%, 07/18/26 | 200 | 200,232 | ||||||
| 27,077,711 | ||||||||
| Macao: 0.2% | ||||||||
MGM China Holdings Ltd. 144A 4.75%, 02/01/27 | 2,700 | 2,271,658 | ||||||
MGM China Holdings Ltd. Reg S 5.38%, 05/15/24 | 200 | 187,566 | ||||||
| 2,459,224 | ||||||||
| Malta: 0.3% | ||||||||
VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 6.38%, 02/01/30 † | 3,500 | 3,058,440 | ||||||
See Notes to Financial Statements
| 33 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Mauritius: 2.3% | ||||||||
Axian Telecom 144A 7.38%, 02/16/27 | $ | 1,500 | $ | 1,466,250 | ||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | 1,542 | 1,395,823 | ||||||
CA Magnum Holdings 144A 5.38%, 10/31/26 | 3,700 | 3,542,750 | ||||||
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27 | 1,078 | 992,391 | ||||||
Clean Renewable Power Mauritius Pte Ltd. Reg S 4.25%, 03/25/27 | 196 | 180,435 | ||||||
Greenko Power II Ltd. 144A 4.30%, 12/13/28 | 3,500 | 3,093,125 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 | 2,500 | 2,451,250 | ||||||
IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | 3,300 | 3,335,970 | ||||||
India Airport Infra 144A 6.25%, 10/25/25 † | 1,600 | 1,514,128 | ||||||
India Clean Energy Holdings 144A 4.50%, 04/18/27 | 1,350 | 1,157,625 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 1,168 | 1,073,435 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 1,550 | 1,349,740 | ||||||
India Green Power Holdings Reg S 4.00%, 02/22/27 | 200 | 174,160 | ||||||
India Toll Roads 144A 5.50%, 08/19/24 | 1,100 | 1,098,185 | ||||||
Liquid Telecommunications Financing Plc 144A 5.50%, 09/04/26 | 2,300 | 2,208,575 | ||||||
Network i2i Ltd. 144A 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 6/3/2026 (o) † | 1,700 | 1,572,797 | ||||||
Network i2i Ltd. Reg S 5.65% (US Treasury Yield Curve Rate T 5 Year+4.27%), 1/15/2025 (o) | 100 | 98,657 | ||||||
| 26,705,296 | ||||||||
| Mexico: 7.2% | ||||||||
Alsea SAB de CV 144A 7.75%, 12/14/26 | 1,900 | 1,910,108 | ||||||
Axtel SAB de CV 144A 6.38%, 11/14/24 | 1,518 | 1,519,397 | ||||||
Banco Nacional de Comercio Exterior SNC 144A 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31 | 1,800 | 1,667,268 | ||||||
Braskem Idesa SAPI 144A 6.99%, 02/20/32 | 4,350 | 3,911,455 | ||||||
| Par (000’s | ) | Value | ||||||
| Mexico (continued) | ||||||||
Braskem Idesa SAPI Reg S 7.45%, 11/15/29 | $ | 300 | $ | 281,416 | ||||
Cemex SAB de CV 144A 3.88%, 07/11/31 | 6,050 | 5,140,685 | ||||||
| 5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | 3,600 | 3,294,000 | ||||||
| 5.20%, 09/17/30 | 3,050 | 2,878,864 | ||||||
| 5.45%, 11/19/29 | 3,250 | 3,124,875 | ||||||
| 7.38%, 06/05/27 | 3,300 | 3,477,820 | ||||||
Cemex SAB de CV Reg S 7.38%, 06/05/27 | 400 | 421,554 | ||||||
CIBanco SA Institution de Banca Multiple Trust 144A 4.38%, 07/22/31 | 2,200 | 1,777,974 | ||||||
| Credito Real SAB de CV SOFOM ER 144A | ||||||||
| 8.00%, 01/21/28 | 1,300 | 211,230 | ||||||
| 9.50%, 02/07/26 | 900 | 160,947 | ||||||
Cydsa SAB de CV 144A 6.25%, 10/04/27 | 1,600 | 1,514,280 | ||||||
Electricidad Firme de Mexico Holdings SA de CV 144A 4.90%, 11/20/26 | 1,200 | 1,063,620 | ||||||
Grupo Axo SAPI de CV 144A 5.75%, 06/08/26 | 1,150 | 1,054,389 | ||||||
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) | 1,800 | 1,811,043 | ||||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | 1,585 | 1,529,256 | ||||||
Metalsa SAPI de CV 144A 3.75%, 05/04/31 | 1,050 | 878,603 | ||||||
Mexarrend SAPI de CV 144A 10.25%, 07/24/24 | 1,050 | 619,537 | ||||||
Nemak SAB de CV 144A 3.62%, 06/28/31 | 1,900 | 1,553,326 | ||||||
Operadora de Servicios Mega SA de CV Sofom ER 144A 8.25%, 02/11/25 † | 1,700 | 1,074,324 | ||||||
| Petroleos Mexicanos | ||||||||
| 4.25%, 01/15/25 | 475 | 458,418 | ||||||
| 4.50%, 01/23/26 | 925 | 865,388 | ||||||
| 4.62%, 09/21/23 | 625 | 623,544 | ||||||
| 4.88%, 01/18/24 † | 500 | 497,998 | ||||||
| 5.35%, 02/12/28 | 1,375 | 1,222,911 | ||||||
| 5.50%, 06/27/44 † | 525 | 360,662 | ||||||
| 5.62%, 01/23/46 | 650 | 447,320 | ||||||
| 5.95%, 01/28/31 † | 2,600 | 2,191,891 | ||||||
| 6.35%, 02/12/48 † | 1,300 | 914,244 | ||||||
| 6.38%, 01/23/45 | 900 | 646,636 | ||||||
| 6.49%, 01/23/27 | 1,150 | 1,105,604 | ||||||
| 6.50%, 03/13/27 | 2,800 | 2,679,992 | ||||||
| 6.50%, 01/23/29 † | 875 | 806,549 | ||||||
| 6.50%, 06/02/41 | 1,050 | 784,219 | ||||||
| 6.62%, 06/15/35 | 1,900 | 1,544,244 | ||||||
| 6.62%, 06/15/38 | 350 | 270,851 | ||||||
See Notes to Financial Statements
| 34 |
| Par (000’s | ) | Value | ||||||
| Mexico (continued) | ||||||||
| 6.70%, 02/16/32 | $ | 4,915 | $ | 4,244,766 | ||||
| 6.75%, 09/21/47 | 3,950 | 2,862,447 | ||||||
| 6.84%, 01/23/30 | 1,900 | 1,735,023 | ||||||
| 6.88%, 10/16/25 | 825 | 834,681 | ||||||
| 6.88%, 08/04/26 | 1,750 | 1,741,574 | ||||||
| 6.95%, 01/28/60 | 2,750 | 1,999,181 | ||||||
| 7.69%, 01/23/50 | 5,725 | 4,485,165 | ||||||
Sixsigma Networks Mexico SA de CV 144A 7.50%, 05/02/25 | 900 | 863,753 | ||||||
Sixsigma Networks Mexico SA de CV Reg S 7.50%, 05/02/25 | 200 | 191,945 | ||||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
| 6.38%, 09/20/28 † | 1,900 | 1,585,227 | ||||||
| 7.50%, 11/12/25 | 1,900 | 1,765,917 | ||||||
| Total Play Telecomunicaciones SA de CV Reg S | ||||||||
| 6.38%, 09/20/28 | 200 | 166,866 | ||||||
| 7.50%, 11/12/25 | 200 | 185,886 | ||||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | 1,550 | 954,002 | ||||||
| 7.25%, 09/27/23 | 1,100 | 793,100 | ||||||
| 8.38%, 01/27/28 | 1,500 | 918,000 | ||||||
| 9.88%, 01/28/29 | 2,050 | 1,269,483 | ||||||
| 82,893,458 | ||||||||
| Mongolia: 0.2% | ||||||||
Development Bank of Mongolia LLC 144A 7.25%, 10/23/23 | 1,900 | 1,888,176 | ||||||
Mongolian Mining Corp./Energy Resources LLC 144A 9.25%, 04/15/24 | 1,400 | 1,008,448 | ||||||
| 2,896,624 | ||||||||
| Morocco: 1.0% | ||||||||
| OCP SA 144A | ||||||||
| 3.75%, 06/23/31 | 2,750 | 2,334,467 | ||||||
| 4.50%, 10/22/25 | 1,925 | 1,934,686 | ||||||
| 5.12%, 06/23/51 | 2,600 | 2,019,186 | ||||||
| 5.62%, 04/25/24 | 2,750 | 2,830,091 | ||||||
| 6.88%, 04/25/44 | 2,150 | 2,080,125 | ||||||
| 11,198,555 | ||||||||
| Netherlands: 0.8% | ||||||||
Braskem Netherlands Finance BV Reg S 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | 250 | 259,538 | ||||||
Coruripe Netherlands BV 144A 10.00%, 02/10/27 | 550 | 477,125 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 3,298 | 3,010,744 | ||||||
Metinvest BV Reg S 7.75%, 10/17/29 | 200 | 112,000 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| Par (000’s | ) | Value | ||||||
| Netherlands (continued) | ||||||||
| 4.75%, 05/09/27 | $ | 2,650 | $ | 2,428,062 | ||||
| 5.12%, 05/09/29 † | 2,875 | 2,614,209 | ||||||
| 8,901,678 | ||||||||
| Nigeria: 0.7% | ||||||||
| Access Bank Plc 144A | ||||||||
| 6.12%, 09/21/26 | 1,700 | 1,607,401 | ||||||
| 9.12% (US Treasury Yield Curve Rate T 5 Year+8.07%), 10/7/2026 (o) | 200 | 183,000 | ||||||
EBN Finance Co. BV 144A 7.12%, 02/16/26 | 1,100 | 1,044,725 | ||||||
Fidelity Bank Plc 144A 7.62%, 10/28/26 | 1,400 | 1,329,160 | ||||||
First Bank of Nigeria Ltd. Via FBN Finance Co. BV 144A 8.62%, 10/27/25 | 1,200 | 1,204,848 | ||||||
Seplat Energy Plc 144A 7.75%, 04/01/26 | 2,300 | 2,193,211 | ||||||
United Bank for Africa Plc 144A 6.75%, 11/19/26 | 1,100 | 1,051,875 | ||||||
| 8,614,220 | ||||||||
| Oman: 1.6% | ||||||||
Bank Muscat SAOG Reg S 4.75%, 03/17/26 | 1,800 | 1,801,177 | ||||||
Lamar Funding Ltd. 144A 3.96%, 05/07/25 † | 3,250 | 3,168,211 | ||||||
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | 350 | 341,192 | ||||||
Mazoon Assets Co. SAOC 144A 5.20%, 11/08/27 | 1,750 | 1,788,031 | ||||||
National Bank of Oman SAOG Reg S 5.62%, 09/25/23 | 1,850 | 1,874,291 | ||||||
OmGrid Funding Ltd. 144A 5.20%, 05/16/27 | 1,800 | 1,769,814 | ||||||
OQ SAOC 144A 5.12%, 05/06/28 | 2,700 | 2,631,604 | ||||||
| Oztel Holdings SPC Ltd. 144A | ||||||||
| 5.62%, 10/24/23 | 2,075 | 2,095,984 | ||||||
| 6.62%, 04/24/28 | 3,275 | 3,408,410 | ||||||
| 18,878,714 | ||||||||
| Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 1,800 | 1,160,100 | ||||||
| Panama: 0.4% | ||||||||
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) | 1,400 | 1,355,102 | ||||||
Banistmo SA 144A 4.25%, 07/31/27 | 1,400 | 1,331,953 | ||||||
Cable Onda SA Reg S 4.50%, 01/30/30 | 200 | 187,275 | ||||||
Global Bank Corp. 144A 5.25% (ICE LIBOR USD 3 Month+3.30%), 04/16/29 | 1,450 | 1,369,257 | ||||||
| 4,243,587 | ||||||||
See Notes to Financial Statements
| 35 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Paraguay: 0.2% | ||||||||
Banco Continental SAECA 144A 2.75%, 12/10/25 | $ | 1,200 | $ | 1,094,250 | ||||
Frigorifico Concepcion SA 144A 7.70%, 07/21/28 | 1,000 | 873,070 | ||||||
| 1,967,320 | ||||||||
| Peru: 2.3% | ||||||||
Auna SAA 144A 6.50%, 11/20/25 | 1,000 | 950,430 | ||||||
Banco BBVA Peru SA 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+2.75%), 09/22/29 | 1,200 | 1,207,356 | ||||||
Banco Internacional del Peru SAA Interbank 144A 4.00% (US Treasury Yield Curve Rate T 1 Year+3.71%), 07/08/30 | 975 | 915,418 | ||||||
| 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | 1,175 | 1,180,088 | ||||||
Camposol SA 144A 6.00%, 02/03/27 | 1,200 | 1,101,732 | ||||||
Cia de Minas Buenaventura SAA 144A 5.50%, 07/23/26 | 2,000 | 1,836,320 | ||||||
Corp. Financiera de Desarrollo SA 144A 5.25% (ICE LIBOR USD 3 Month+5.61%), 07/15/29 | 1,100 | 1,079,859 | ||||||
InRetail Consumer 144A 3.25%, 03/22/28 | 1,900 | 1,679,419 | ||||||
InRetail Consumer Reg S 3.25%, 03/22/28 | 200 | 176,781 | ||||||
InRetail Shopping Malls 144A 5.75%, 04/03/28 | 1,375 | 1,368,125 | ||||||
Minsur SA 144A 4.50%, 10/28/31 † | 1,800 | 1,618,191 | ||||||
Peru LNG Srl 144A 5.38%, 03/22/30 | 2,500 | 2,153,275 | ||||||
Peru LNG Srl Reg S 5.38%, 03/22/30 | 800 | 689,048 | ||||||
Petroleos del Peru SA 144A 4.75%, 06/19/32 | 3,475 | 2,825,349 | ||||||
| 5.62%, 06/19/47 | 7,450 | 5,426,170 | ||||||
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.50%, 08/02/28 | 1,300 | 1,129,609 | ||||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | 1,700 | 1,523,667 | ||||||
| 26,860,837 | ||||||||
| 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 | 1,167,098 | ||||||
| Par (000’s | ) | Value | ||||||
| Poland: 0.3% | ||||||||
| Canpack SA / Canpack US LLC 144A | ||||||||
| 3.12%, 11/01/25 | $ | 1,425 | $ | 1,319,458 | ||||
| 3.88%, 11/15/29 | 2,975 | 2,558,812 | ||||||
| 3,878,270 | ||||||||
| Qatar: 0.2% | ||||||||
QNB Finansbank AS 144A 6.88%, 09/07/24 | 2,400 | 2,478,444 | ||||||
| Russia: 0.1% | ||||||||
| Evraz Plc 144A | ||||||||
| 5.25%, 04/02/24 | 500 | 240,000 | ||||||
| 5.38%, 03/20/23 | 675 | 337,500 | ||||||
| VEON Holdings BV 144A | ||||||||
| 3.38%, 11/25/27 | 500 | 320,000 | ||||||
| 4.00%, 04/09/25 | 400 | 271,200 | ||||||
| 1,168,700 | ||||||||
| Saudi Arabia: 0.5% | ||||||||
Arabian Centres Sukuk Ltd. 144A 5.38%, 11/26/24 | 1,800 | 1,773,090 | ||||||
| Dar Al-Arkan Sukuk Co. Ltd. Reg S | ||||||||
| 6.75%, 02/15/25 | 2,150 | 2,185,871 | ||||||
| 6.88%, 02/26/27 | 1,400 | 1,412,341 | ||||||
| 5,371,302 | ||||||||
| Singapore: 2.3% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 1,973 | 1,823,399 | ||||||
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) | 3,400 | 3,041,300 | ||||||
| 4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) | 800 | 711,353 | ||||||
Golden Energy & Resources Ltd. Reg S 8.50%, 05/14/26 | 1,400 | 1,372,000 | ||||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | 1,800 | 1,782,450 | ||||||
| Greenko Solar Mauritius Ltd. 144A | ||||||||
| 5.55%, 01/29/25 † | 1,900 | 1,875,205 | ||||||
| 5.95%, 07/29/26 | 2,000 | 1,960,000 | ||||||
Indika Energy Capital III Pte Ltd. Reg S 5.88%, 11/09/24 | 300 | 296,034 | ||||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 | 2,266 | 2,142,786 | ||||||
Medco Laurel Tree Pte Ltd. 144A 6.95%, 11/12/28 | 1,400 | 1,311,854 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS 144A 5.38%, 11/15/24 | 2,000 | 1,968,683 | ||||||
| Puma International Financing SA 144A | ||||||||
See Notes to Financial Statements
| 36 |
| Par (000’s | ) | Value | ||||||
| Singapore (continued) | ||||||||
| 5.00%, 01/24/26 | $ | 2,500 | $ | 2,337,788 | ||||
| 5.12%, 10/06/24 | 1,900 | 1,822,860 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 1,604 | 1,670,505 | ||||||
TML Holdings Pte Ltd. Reg S 4.35%, 06/09/26 | 1,300 | 1,199,315 | ||||||
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 | 1,200 | 1,176,000 | ||||||
| 26,491,532 | ||||||||
| South Africa: 2.9% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
| 6.35%, 08/10/28 | 3,550 | 3,513,840 | ||||||
| 6.75%, 08/06/23 | 3,700 | 3,612,909 | ||||||
| 7.12%, 02/11/25 | 4,425 | 4,239,814 | ||||||
| 8.45%, 08/10/28 | 2,000 | 1,929,790 | ||||||
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27 | 1,700 | 1,547,000 | ||||||
| Gold Fields Orogen Holdings BVI Ltd. 144A | ||||||||
| 5.12%, 05/15/24 | 1,450 | 1,461,056 | ||||||
| 6.12%, 05/15/29 | 1,800 | 1,902,303 | ||||||
Growthpoint Properties International Pty Ltd. 144A 5.87%, 05/02/23 | 1,600 | 1,615,600 | ||||||
| MTN Mauritius Investments Ltd. 144A | ||||||||
| 4.75%, 11/11/24 | 2,775 | 2,764,655 | ||||||
| 6.50%, 10/13/26 | 1,750 | 1,820,515 | ||||||
| Sasol Financing USA LLC | ||||||||
| 5.88%, 03/27/24 | 5,425 | 5,409,457 | ||||||
| 6.50%, 09/27/28 | 2,775 | 2,759,363 | ||||||
Standard Bank Group Ltd. Reg S 5.95% (USD ICE Swap Rate 11:00am NY 5 Year+3.75%), 05/31/29 | 1,400 | 1,415,631 | ||||||
| 33,991,933 | ||||||||
| South Korea: 0.3% | ||||||||
SK Innovation Co. Ltd. Reg S 4.12%, 07/13/23 | 1,800 | 1,808,127 | ||||||
Woori Bank 144A 4.25% (US Treasury Yield Curve Rate T 5 Year+2.66%), 10/4/2024 (o) | 2,050 | 2,016,687 | ||||||
| 3,824,814 | ||||||||
| Spain: 0.7% | ||||||||
AES Andres BV 144A 5.70%, 05/04/28 | 1,000 | 918,522 | ||||||
AI Candelaria Spain SA 144A 5.75%, 06/15/33 | 1,950 | 1,626,826 | ||||||
| AI Candelaria Spain SA Reg S | ||||||||
| 5.75%, 06/15/33 | 300 | 250,281 | ||||||
| 7.50%, 12/15/28 | 200 | 194,119 | ||||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 | 1,550 | 1,518,000 | ||||||
| Par (000’s | ) | Value | ||||||
| Spain (continued) | ||||||||
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30 | $ | 1,800 | $ | 1,621,800 | ||||
International Airport Finance SA 144A 12.00%, 03/15/33 | 1,219 | 1,276,509 | ||||||
International Airport Finance SA Reg S 12.00%, 03/15/33 | 198 | 206,890 | ||||||
| 7,612,947 | ||||||||
| Switzerland: 0.1% | ||||||||
Consolidated Energy Finance SA 144A 6.50%, 05/15/26 | 1,550 | 1,584,945 | ||||||
| Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 | 1,100 | 1,171,451 | ||||||
| Thailand: 0.6% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 4,100 | 3,741,353 | ||||||
Bangkok Bank PCL Reg S 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 200 | 182,505 | ||||||
Kasikornbank PCL Reg S 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | 3,000 | 2,765,510 | ||||||
| 6,689,368 | ||||||||
| Togo: 0.2% | ||||||||
Ecobank Transnational, Inc. 144A 9.50%, 04/18/24 | 1,600 | 1,663,552 | ||||||
Ecobank Transnational, Inc. Reg S 9.50%, 04/18/24 | 200 | 207,944 | ||||||
| 1,871,496 | ||||||||
| Trinidad and Tobago: 0.6% | ||||||||
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36 | 1,200 | 1,182,510 | ||||||
National Gas Co. of Trinidad & Tobago Ltd. Reg S 6.05%, 01/15/36 | 300 | 295,627 | ||||||
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29 | 1,050 | 1,050,352 | ||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | 2,200 | 2,153,470 | ||||||
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 | 2,150 | 2,234,624 | ||||||
| 6,916,583 | ||||||||
See Notes to Financial Statements
| 37 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Turkey: 5.9% | ||||||||
Akbank TAS 144A 5.12%, 03/31/25 | $ | 1,750 | $ | 1,649,170 | ||||
| 6.80%, 02/06/26 | 1,450 | 1,396,955 | ||||||
| 6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 | 1,900 | 1,766,923 | ||||||
Akbank TAS Reg S 6.80%, 02/06/26 | 200 | 192,683 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28 † | 1,900 | 1,576,342 | ||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | 2,500 | 2,066,000 | ||||||
Aydem Yenilenebilir Enerji AS Reg S 7.75%, 02/02/27 | 200 | 165,280 | ||||||
KOC Holding AS 144A 6.50%, 03/11/25 | 2,800 | 2,807,672 | ||||||
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36 | 1,400 | 1,303,960 | ||||||
Mersin Uluslararasi Liman Isletmeciligi AS Reg S 5.38%, 11/15/24 | 200 | 196,868 | ||||||
Pegasus Hava Tasimaciligi AS 144A 9.25%, 04/30/26 | 1,300 | 1,285,362 | ||||||
| TC Ziraat Bankasi AS 144A | ||||||||
| 5.12%, 09/29/23 | 1,750 | 1,722,228 | ||||||
| 5.38%, 03/02/26 | 2,250 | 2,061,524 | ||||||
| Turk Telekomunikasyon AS 144A | ||||||||
| 4.88%, 06/19/24 | 1,750 | 1,674,592 | ||||||
| 6.88%, 02/28/25 | 1,780 | 1,745,806 | ||||||
| Turkcell Iletisim Hizmetleri AS 144A | ||||||||
| 5.75%, 10/15/25 | 1,700 | 1,619,051 | ||||||
| 5.80%, 04/11/28 | 1,800 | 1,623,078 | ||||||
| Turkiye Ihracat Kredi Bankasi AS 144A | ||||||||
| 5.38%, 10/24/23 | 1,450 | 1,429,570 | ||||||
| 5.75%, 07/06/26 | 2,800 | 2,548,140 | ||||||
| 6.12%, 05/03/24 | 1,750 | 1,710,009 | ||||||
| 8.25%, 01/24/24 | 1,900 | 1,943,634 | ||||||
Turkiye Ihracat Kredi Bankasi AS Reg S 5.38%, 10/24/23 | 300 | 295,773 | ||||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 6.12%, 04/25/24 | 4,700 | 4,650,913 | ||||||
| 7.00% (USD Swap Semi 30/360 5 Year+5.12%), 06/29/28 | 1,800 | 1,769,670 | ||||||
| 7.85%, 12/10/23 | 1,300 | 1,323,926 | ||||||
Turkiye Is Bankasi AS Reg S 7.75% (US Treasury Yield Curve Rate T 5 Year+6.12%), 01/22/30 | 2,650 | 2,634,497 | ||||||
| Par (000’s | ) | Value | ||||||
| Turkey (continued) | ||||||||
Turkiye Petrol Rafinerileri AS 144A 4.50%, 10/18/24 | $ | 2,500 | $ | 2,384,750 | ||||
| Turkiye Sinai Kalkinma Bankasi AS 144A | ||||||||
| 5.88%, 01/14/26 | 1,200 | 1,111,781 | ||||||
| 6.00%, 01/23/25 | 1,400 | 1,351,199 | ||||||
Turkiye Sise ve Cam Fabrikalari AS 144A 6.95%, 03/14/26 | 2,475 | 2,420,738 | ||||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 | 2,600 | 2,435,347 | ||||||
| 5.50%, 10/01/26 † | 1,750 | 1,569,724 | ||||||
| 6.50%, 01/08/26 | 2,750 | 2,593,660 | ||||||
| 8.12%, 03/28/24 | 2,050 | 2,080,836 | ||||||
Turkiye Vakiflar Bankasi TAO Reg S 8.12%, 03/28/24 | 200 | 203,008 | ||||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | 2,200 | 1,895,300 | ||||||
Ulker Biskuvi Sanayi AS Reg S 6.95%, 10/30/25 | 200 | 172,300 | ||||||
| Yapi ve Kredi Bankasi AS 144A | ||||||||
| 5.85%, 06/21/24 | 1,750 | 1,716,813 | ||||||
| 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | 1,700 | 1,664,334 | ||||||
| 8.25%, 10/15/24 | 1,825 | 1,875,819 | ||||||
Yapi ve Kredi Bankasi AS Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | 200 | 195,804 | ||||||
Zorlu Yenilenebilir Enerji AS 144A 9.00%, 06/01/26 | 950 | 807,500 | ||||||
| 67,638,539 | ||||||||
| Ukraine: 0.7% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | 1,100 | 595,375 | ||||||
| 6.75%, 10/27/27 | 1,050 | 577,500 | ||||||
| Metinvest BV 144A | ||||||||
| 7.65%, 10/01/27 | 1,200 | 650,160 | ||||||
| 7.75%, 10/17/29 | 1,500 | 840,000 | ||||||
| 8.50%, 04/23/26 | 1,600 | 904,000 | ||||||
Metinvest BV Reg S 8.50%, 04/23/26 | 200 | 113,000 | ||||||
NAK Naftogaz Ukraine via Kondor Finance Plc 144A 7.62%, 11/08/26 | 1,700 | 543,754 | ||||||
NPC Ukrenergo 144A 6.88%, 11/09/26 | 2,800 | 980,000 | ||||||
State Agency of Roads of Ukraine 144A 6.25%, 06/24/28 | 2,400 | 759,000 | ||||||
Ukraine Railways Via Rail Capital Markets Plc Reg S 8.25%, 07/09/24 | 2,800 | 798,000 | ||||||
See Notes to Financial Statements
| 38 |
| Par (000’s | ) | Value | ||||||
| Ukraine (continued) | ||||||||
VF Ukraine PAT via VFU Funding Plc 144A 6.20%, 02/11/25 | $ | 1,400 | $ | 756,000 | ||||
| 7,516,789 | ||||||||
| United Arab Emirates: 2.3% | ||||||||
DIB Tier 1 Sukuk 3 Ltd. Reg S 6.25% (USD Swap Semi 30/360 6 Year+3.66%), 1/22/2025 (o) | 2,750 | 2,854,844 | ||||||
DP World Salaam Reg S 6.00% (US Treasury Yield Curve Rate T 5 Year+5.75%), 10/1/2025 (o) | 5,450 | 5,541,369 | ||||||
| Emaar Sukuk Ltd. Reg S | ||||||||
| 3.63%, 09/15/26 | 2,500 | 2,459,975 | ||||||
| 3.88%, 09/17/29 | 2,900 | 2,859,038 | ||||||
Emirates NBD Bank PJSC Reg S 6.12% (USD Swap Semi 30/360 6 Year+3.66%), 3/20/2025 (o) | 3,700 | 3,746,250 | ||||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | 3,200 | 3,196,336 | ||||||
MAF Global Securities Ltd. Reg S 6.38% (US Treasury Yield Curve Rate T 5 Year+3.54%), 12/20/2025 (o) | 1,600 | 1,626,000 | ||||||
| Shelf Drilling Holdings Ltd. 144A | ||||||||
| 8.25%, 02/15/25 † | 3,125 | 2,606,281 | ||||||
| 8.88%, 11/15/24 † | 1,200 | 1,225,734 | ||||||
| 26,115,827 | ||||||||
| United Kingdom: 1.7% | ||||||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | 3,000 | 2,763,825 | ||||||
Endeavour Mining Plc 144A 5.00%, 10/14/26 † | 1,900 | 1,747,126 | ||||||
| IHS Holding Ltd. 144A | ||||||||
| 5.62%, 11/29/26 | 1,900 | 1,814,025 | ||||||
| 6.25%, 11/29/28 | 1,900 | 1,800,383 | ||||||
Petra Diamonds US Treasury Plc 144A 10.50%, 03/08/26 | 1,195 | 1,266,946 | ||||||
Polyus Finance Plc 144A 3.25%, 10/14/28 | 300 | 82,500 | ||||||
Polyus Finance Plc Reg S 3.25%, 10/14/28 | 200 | 55,000 | ||||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | 6,475 | 6,436,862 | ||||||
Ukraine Railways Via Rail Capital Markets Plc Reg S 7.88%, 07/15/26 | 200 | 53,000 | ||||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 † | 4,100 | 3,902,503 | ||||||
| Vedanta Resources Finance II Plc Reg S | ||||||||
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 8.95%, 03/11/25 | $ | 250 | $ | 237,958 | ||||
| 20,160,128 | ||||||||
| United States: 4.1% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 1,650 | 1,587,853 | ||||||
| 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | 1,850 | 1,798,080 | ||||||
AES Argentina Generacion SA 144A 7.75%, 02/02/24 | 1,000 | 853,985 | ||||||
Azul Investments LLP 144A 7.25%, 06/15/26 † | 1,000 | 851,385 | ||||||
Azul Investments LLP Reg S 5.88%, 10/26/24 | 200 | 178,047 | ||||||
Empresa Electrica Cochrane SpA 144A 5.50%, 05/14/27 | 1,169 | 1,096,506 | ||||||
Energuate Trust 144A 5.88%, 05/03/27 | 1,000 | 970,915 | ||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | 2,600 | 1,871,194 | ||||||
Guacolda Energia SA 144A 4.56%, 04/30/25 | 1,750 | 598,237 | ||||||
| Kosmos Energy Ltd. 144A | ||||||||
| 7.50%, 03/01/28 † | 1,700 | 1,638,307 | ||||||
| 7.75%, 05/01/27 | 1,500 | 1,491,833 | ||||||
Kosmos Energy Ltd. Reg S 7.12%, 04/04/26 | 200 | 195,720 | ||||||
Mercury Chile Holdco LLC 144A 6.50%, 01/24/27 | 1,400 | 1,325,023 | ||||||
| MGM China Holdings Ltd. 144A | ||||||||
| 5.25%, 06/18/25 † | 1,700 | 1,535,313 | ||||||
| 5.38%, 05/15/24 | 2,500 | 2,344,575 | ||||||
| 5.88%, 05/15/26 | 2,800 | 2,474,850 | ||||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | 2,250 | 2,013,750 | ||||||
Mong Duong Finance Holdings BV Reg S 5.12%, 05/07/29 | 200 | 179,500 | ||||||
| Sasol Financing USA LLC | ||||||||
| 4.38%, 09/18/26 | 2,250 | 2,114,449 | ||||||
| 5.50%, 03/18/31 | 3,125 | 2,818,859 | ||||||
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28 | 2,200 | 1,942,545 | ||||||
| Stillwater Mining Co. 144A | ||||||||
| 4.00%, 11/16/26 | 2,550 | 2,347,555 | ||||||
| 4.50%, 11/16/29 | 1,850 | 1,645,575 | ||||||
| Wynn Macau Ltd. 144A | ||||||||
| 4.88%, 10/01/24 | 2,225 | 1,989,973 | ||||||
| 5.12%, 12/15/29 † | 3,675 | 2,902,148 | ||||||
| 5.50%, 01/15/26 | 3,550 | 3,048,953 | ||||||
See Notes to Financial Statements
| 39 |
VANECK EMERGING MARKETS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
See Notes to Financial Statements
| 40 |
| Definitions: | |
| USD | United States Dollar |
Footnotes:
| (d) | Security in default |
| (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 |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $48,679,628. |
| 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 $743,104,000, or 64.5% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Basic Materials | 10.4 | % | $ | 116,829,083 | |||||
| Consumer Cyclicals | 3.7 | 41,627,844 | |||||||
| Consumer Non-Cyclicals | 3.9 | 43,271,900 | |||||||
| Energy | 18.2 | 204,183,304 | |||||||
| Financials | 34.9 | 390,997,433 | |||||||
| Government Activity | 1.1 | 12,545,036 | |||||||
| Healthcare | 3.4 | 37,674,880 | |||||||
| Industrials | 8.4 | 94,053,835 | |||||||
| Real Estate | 4.6 | 52,224,135 | |||||||
| Technology | 3.5 | 38,784,729 | |||||||
| Utilities | 7.9 | 88,313,272 | |||||||
| 100.0 | % | $ | 1,120,505,451 | ||||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 1,107,960,415 | $ | — | $ | 1,107,960,415 | ||||||||
| Government Obligations * | — | 12,545,036 | — | 12,545,036 | ||||||||||||
| Money Market Fund | 50,308,151 | — | — | 50,308,151 | ||||||||||||
| Total Investments | $ | 50,308,151 | $ | 1,120,505,451 | $ | — | $ | 1,170,813,602 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 41 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.3% | ||||||||
| Australia: 1.9% | ||||||||
| Buckeye Partners LP | ||||||||
| 3.95%, 12/01/26 | $ | 18,625 | $ | 17,623,999 | ||||
| 4.12%, 12/01/27 | 12,444 | 11,495,270 | ||||||
| 4.15%, 07/01/23 † | 15,533 | 15,437,472 | ||||||
| 4.35%, 10/15/24 † | 9,320 | 9,218,738 | ||||||
| 5.60%, 10/15/44 | 9,327 | 7,511,080 | ||||||
| 5.85%, 11/15/43 | 12,442 | 9,946,384 | ||||||
| 71,232,943 | ||||||||
| Canada: 1.6% | ||||||||
| Bombardier, Inc. 144A 7.45%, 05/01/34 | 15,981 | 15,261,855 | ||||||
| Methanex Corp. | ||||||||
| 4.25%, 12/01/24 | 9,317 | 9,181,424 | ||||||
| 5.25%, 12/15/29 | 21,744 | 20,687,350 | ||||||
| 5.65%, 12/01/44 | 9,336 | 8,215,680 | ||||||
| TransAlta Corp. 6.50%, 03/15/40 | 9,514 | 9,544,300 | ||||||
| 62,890,609 | ||||||||
| Finland: 0.5% | ||||||||
| Nokia Oyj 6.62%, 05/15/39 | 15,773 | 18,238,083 | ||||||
| France: 1.2% | ||||||||
Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | 46,560 | 45,573,859 | ||||||
| Germany: 3.3% | ||||||||
Deutsche Bank AG 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | 42,261 | 41,471,032 | ||||||
| 4.50%, 04/01/25 | 46,562 | 45,799,390 | ||||||
| Dresdner Funding Trust I 144A 8.15%, 06/30/31 | 31,100 | 37,730,520 | ||||||
| 125,000,942 | ||||||||
| Ireland: 1.8% | ||||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 3.90%, 12/15/24 | 21,755 | 21,430,236 | ||||||
| 3.90%, 06/15/30 † | 23,285 | 20,934,862 | ||||||
| 4.38%, 03/15/26 | 21,739 | 21,028,144 | ||||||
| 4.90%, 12/15/44 | 9,464 | 7,573,697 | ||||||
| 70,966,939 | ||||||||
| Italy: 4.5% | ||||||||
| Intesa Sanpaolo SpA 144A 5.02%, 06/26/24 | 62,072 | 60,649,574 | ||||||
| Telecom Italia Capital SA | ||||||||
| 6.00%, 09/30/34 | 30,994 | 26,567,669 | ||||||
| 6.38%, 11/15/33 | 31,043 | 27,185,131 | ||||||
| 7.20%, 07/18/36 | 31,072 | 28,091,072 | ||||||
| 7.72%, 06/04/38 | 31,064 | 29,223,147 | ||||||
| 171,716,593 | ||||||||
| United Kingdom: 3.4% | ||||||||
| Marks & Spencer Plc 144A 7.12%, 12/01/37 † | 9,314 | 9,486,868 | ||||||
| Rolls-Royce Plc 144A 3.62%, 10/14/25 | 31,550 | 29,697,068 | ||||||
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
Standard
Chartered Plc 144A Month+1.46%), 07/30/37 (o) | $ | 23,300 | $ | 27,134,625 | ||||
Vodafone
Group Plc 30/360 5 Year+4.87%), 04/04/79 | 62,099 | 65,662,862 | ||||||
| 131,981,423 | ||||||||
| United States: 80.1% | ||||||||
| ADT Security Corp. 4.12%, 06/15/23 | 21,678 | 21,576,005 | ||||||
| Apache Corp. | ||||||||
| 4.25%, 01/15/30 † | 18,011 | 16,758,875 | ||||||
| 4.38%, 10/15/28 † | 10,120 | 9,527,120 | ||||||
| 4.75%, 04/15/43 | 13,296 | 11,521,981 | ||||||
| 5.10%, 09/01/40 | 41,405 | 37,536,945 | ||||||
| 5.25%, 02/01/42 | 12,421 | 11,446,883 | ||||||
| 5.35%, 07/01/49 † | 12,024 | 10,574,507 | ||||||
| 6.00%, 01/15/37 | 13,796 | 14,274,238 | ||||||
| Bath & Body Works, Inc. 6.95%, 03/01/33 † | 10,821 | 10,300,238 | ||||||
| Bed Bath & Beyond, Inc. | ||||||||
| 3.75%, 08/01/24 † | 8,959 | 8,269,381 | ||||||
| 5.17%, 08/01/44 | 21,175 | 11,747,572 | ||||||
| Brightsphere Investment Group, Inc. 4.80%, 07/27/26 | 8,837 | 8,235,598 | ||||||
| Brinker International, Inc. 144A 5.00%, 10/01/24 | 10,958 | 10,947,303 | ||||||
| CDK Global, Inc. 5.00%, 10/15/24 | 16,135 | 16,620,421 | ||||||
| Cleveland-Cliffs, Inc. 6.25%, 10/01/40 | 8,125 | 7,875,481 | ||||||
| Crown Cork & Seal Co., Inc. 7.38%, 12/15/26 | 11,070 | 11,776,321 | ||||||
| DCP Midstream Operating LP | ||||||||
| 5.60%, 04/01/44 | 12,516 | 11,984,258 | ||||||
| 8.12%, 08/16/30 | 9,384 | 11,095,125 | ||||||
| DCP Midstream Operating LP 144A | ||||||||
| 6.45%, 11/03/36 | 9,398 | 10,522,753 | ||||||
| 6.75%, 09/15/37 | 14,062 | 15,814,547 | ||||||
| Delta Air Lines, Inc. | ||||||||
| 2.90%, 10/28/24 | 27,931 | 26,673,127 | ||||||
| 3.75%, 10/28/29 † | 14,708 | 12,998,857 | ||||||
| 4.38%, 04/19/28 † | 12,726 | 11,926,807 | ||||||
| Diversified Healthcare Trust | ||||||||
| 4.75%, 05/01/24 | 7,793 | 7,414,650 | ||||||
| 4.75%, 02/15/28 † | 15,553 | 13,276,430 | ||||||
| DPL, Inc. 4.35%, 04/15/29 | 12,684 | 11,623,744 | ||||||
| Embarq Corp. 8.00%, 06/01/36 | 44,640 | 40,261,262 | ||||||
| EnLink Midstream Partners LP | ||||||||
| 4.15%, 06/01/25 | 22,382 | 21,795,704 | ||||||
| 4.40%, 04/01/24 | 16,187 | 16,004,087 | ||||||
| 5.05%, 04/01/45 | 13,951 | 10,767,800 | ||||||
| 5.45%, 06/01/47 | 15,515 | 12,596,939 | ||||||
See Notes to Financial Statements
| 42 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.60%, 04/01/44 | $ | 10,867 | $ | 8,987,009 | ||||
| EQM Midstream Partners LP | ||||||||
| 4.00%, 08/01/24 † | 15,526 | 15,031,730 | ||||||
| 4.12%, 12/01/26 | 15,541 | 14,452,975 | ||||||
| 4.75%, 07/15/23 | 18,628 | 18,442,838 | ||||||
| 5.50%, 07/15/28 | 26,400 | 25,262,292 | ||||||
| 6.50%, 07/15/48 | 17,098 | 15,762,646 | ||||||
| FirstEnergy Corp. | ||||||||
| 1.60%, 01/15/26 | 9,336 | 8,554,623 | ||||||
| 2.05%, 03/01/25 | 9,321 | 8,826,241 | ||||||
| 2.25%, 09/01/30 | 13,986 | 11,700,827 | ||||||
| 2.65%, 03/01/30 | 18,641 | 15,838,139 | ||||||
| 3.40%, 03/01/50 | 26,397 | 19,709,320 | ||||||
| 4.40%, 07/15/27 | 46,580 | 45,245,250 | ||||||
| 5.35%, 07/15/47 | 31,070 | 29,088,821 | ||||||
| 7.38%, 11/15/31 | 46,594 | 53,508,783 | ||||||
| Fluor Corp. | ||||||||
| 3.50%, 12/15/24 † | 11,894 | 11,679,759 | ||||||
| 4.25%, 09/15/28 † | 18,707 | 17,769,873 | ||||||
| Ford Holdings LLC 9.30%, 03/01/30 | 5,631 | 6,708,886 | ||||||
| Ford Motor Co. | ||||||||
| 4.35%, 12/08/26 † | 28,519 | 27,410,324 | ||||||
| 4.75%, 01/15/43 | 38,033 | 30,690,159 | ||||||
| 5.29%, 12/08/46 | 24,723 | 21,308,506 | ||||||
| 6.62%, 10/01/28 | 8,501 | 8,821,360 | ||||||
| 7.40%, 11/01/46 | 7,596 | 8,217,011 | ||||||
| 7.45%, 07/16/31 | 20,352 | 22,162,921 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 3.10%, 05/04/23 | 18,761 | 18,564,010 | ||||||
| 3.66%, 09/08/24 † | 14,282 | 13,836,473 | ||||||
| 3.81%, 01/09/24 | 14,266 | 14,034,962 | ||||||
| 3.81%, 11/02/27 | 14,268 | 13,001,216 | ||||||
| 4.06%, 11/01/24 | 28,521 | 27,933,111 | ||||||
| 4.13%, 08/04/25 | 26,612 | 25,579,188 | ||||||
| 4.27%, 01/09/27 | 17,109 | 16,145,849 | ||||||
| 4.38%, 08/06/23 | 19,010 | 19,044,978 | ||||||
| 4.39%, 01/08/26 | 22,809 | 22,037,029 | ||||||
| 4.54%, 08/01/26 | 14,264 | 13,657,209 | ||||||
| 4.69%, 06/09/25 | 11,419 | 11,210,775 | ||||||
| 5.11%, 05/03/29 | 28,267 | 26,820,719 | ||||||
| 5.58%, 03/18/24 | 28,516 | 28,872,307 | ||||||
| Frontier Florida LLC 6.86%, 02/01/28 | 9,683 | 9,551,069 | ||||||
Genting New York LLC / GENNY Capital, Inc. 144A 3.30%, 02/15/26 | 16,840 | 15,410,193 | ||||||
| Genworth Holdings, Inc. 6.50%, 06/15/34 | 9,298 | 8,682,426 | ||||||
| Global Marine, Inc. 7.00%, 06/01/28 | 8,104 | 5,693,060 | ||||||
| HB Fuller Co. 4.00%, 02/15/27 | 9,702 | 9,131,328 | ||||||
| HCA, Inc. 7.69%, 06/15/25 | 9,626 | 10,500,089 | ||||||
| Hexcel Corp. | ||||||||
| 4.20%, 02/15/27 | 12,504 | 12,276,614 | ||||||
| 4.95%, 08/15/25 | 9,413 | 9,538,376 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Hillenbrand, Inc. 5.00%, 09/15/26 | $ | 11,990 | $ | 11,824,958 | ||||
| Howmet Aerospace, Inc. | ||||||||
| 5.90%, 02/01/27 | 19,436 | 19,970,587 | ||||||
| 5.95%, 02/01/37 | 19,434 | 19,670,220 | ||||||
| 6.75%, 01/15/28 | 9,325 | 9,895,970 | ||||||
| Lumen Technologies, Inc. | ||||||||
| 6.88%, 01/15/28 † | 13,210 | 12,607,492 | ||||||
| 7.60%, 09/15/39 | 16,141 | 14,118,331 | ||||||
| Macy’s Retail Holdings LLC | ||||||||
| 4.30%, 02/15/43 | 7,766 | 5,354,036 | ||||||
| 4.50%, 12/15/34 † | 11,377 | 8,894,880 | ||||||
| 5.12%, 01/15/42 | 7,758 | 5,775,249 | ||||||
| Mattel, Inc. | ||||||||
| 5.45%, 11/01/41 | 9,324 | 9,374,256 | ||||||
| 6.20%, 10/01/40 † | 7,790 | 8,092,953 | ||||||
| Murphy Oil Corp. | ||||||||
| 6.38%, 12/01/42 | 10,842 | 9,804,800 | ||||||
| 7.05%, 05/01/29 † | 7,767 | 8,060,942 | ||||||
| Navient Corp. 5.62%, 08/01/33 | 18,764 | 14,859,587 | ||||||
| Newell Brands, Inc. | ||||||||
| 4.45%, 04/01/26 | 61,625 | 61,168,667 | ||||||
| 5.62%, 04/01/36 | 13,062 | 12,503,795 | ||||||
| 5.75%, 04/01/46 | 20,720 | 19,335,904 | ||||||
| Nordstrom, Inc. | ||||||||
| 2.30%, 04/08/24 | 7,775 | 7,454,709 | ||||||
| 4.00%, 03/15/27 † | 10,892 | 10,107,531 | ||||||
| 4.25%, 08/01/31 † | 13,199 | 11,212,897 | ||||||
| 4.38%, 04/01/30 † | 15,520 | 13,527,387 | ||||||
| 5.00%, 01/15/44 † | 29,987 | 24,915,299 | ||||||
| 6.95%, 03/15/28 † | 9,330 | 9,545,430 | ||||||
| Occidental Petroleum Corp. | ||||||||
| 0.00%, 10/10/36 ^ | 57,748 | 29,836,064 | ||||||
| 2.90%, 08/15/24 | 16,731 | 16,375,885 | ||||||
| 3.00%, 02/15/27 | 12,125 | 11,291,770 | ||||||
| 3.20%, 08/15/26 | 15,195 | 14,301,382 | ||||||
| 3.40%, 04/15/26 | 16,161 | 15,410,887 | ||||||
| 3.50%, 08/15/29 † | 19,360 | 18,099,664 | ||||||
| 4.10%, 02/15/47 | 13,345 | 11,130,931 | ||||||
| 4.20%, 03/15/48 | 17,742 | 14,731,094 | ||||||
| 4.30%, 08/15/39 | 13,782 | 11,727,448 | ||||||
| 4.40%, 04/15/46 | 16,348 | 14,045,548 | ||||||
| 4.40%, 08/15/49 | 12,202 | 10,370,236 | ||||||
| 4.50%, 07/15/44 | 10,070 | 8,675,909 | ||||||
| 4.62%, 06/15/45 | 11,435 | 9,880,698 | ||||||
| 5.55%, 03/15/26 | 27,520 | 28,239,373 | ||||||
| 6.20%, 03/15/40 | 18,791 | 19,481,006 | ||||||
| 6.45%, 09/15/36 | 44,121 | 47,941,437 | ||||||
| 6.60%, 03/15/46 | 27,983 | 30,545,963 | ||||||
| 6.95%, 07/01/24 | 14,833 | 15,576,059 | ||||||
| 7.50%, 05/01/31 | 22,135 | 25,265,885 | ||||||
| 7.88%, 09/15/31 | 12,346 | 14,452,598 | ||||||
| 7.95%, 06/15/39 | 8,206 | 9,964,300 | ||||||
| Oceaneering International, Inc. | ||||||||
| 4.65%, 11/15/24 | 12,419 | 12,030,161 | ||||||
| 6.00%, 02/01/28 | 9,306 | 8,668,027 | ||||||
| Pactiv LLC | ||||||||
See Notes to Financial Statements
| 43 |
VANECK FALLEN ANGEL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 7.95%, 12/15/25 † | $ | 8,728 | $ | 8,565,485 | ||||
| Patterson-UTI Energy, Inc. | ||||||||
| 3.95%, 02/01/28 | 15,899 | 14,668,319 | ||||||
| 5.15%, 11/15/29 | 10,938 | 10,415,243 | ||||||
| ProAssurance Corp. 5.30%, 11/15/23 | 8,028 | 8,117,686 | ||||||
| Qwest Corp. 7.25%, 09/15/25 | 7,723 | 8,428,149 | ||||||
| Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S | ||||||||
| 4.62%, 04/16/29 | 31,140 | 27,181,610 | ||||||
| 4.62%, 04/06/31 | 10,980 | 9,406,742 | ||||||
| Rockies Express Pipeline LLC 144A | ||||||||
| 3.60%, 05/15/25 | 12,429 | 11,819,917 | ||||||
| 4.80%, 05/15/30 | 10,876 | 9,976,555 | ||||||
| 4.95%, 07/15/29 | 17,082 | 16,012,496 | ||||||
| 6.88%, 04/15/40 | 15,525 | 14,778,869 | ||||||
| 7.50%, 07/15/38 | 7,801 | 7,714,682 | ||||||
| Royal Caribbean Cruises Ltd. | ||||||||
| 3.70%, 03/15/28 † | 15,532 | 13,025,912 | ||||||
| 7.50%, 10/15/27 | 9,322 | 9,488,491 | ||||||
| Royal Caribbean Cruises Ltd. 144A | ||||||||
| 10.88%, 06/01/23 | 31,058 | 32,534,653 | ||||||
| 11.50%, 06/01/25 | 43,221 | 47,039,575 | ||||||
| Safeway, Inc. 7.25%, 02/01/31 | 8,253 | 8,633,835 | ||||||
| Seagate HDD Cayman | ||||||||
| 4.09%, 06/01/29 | 15,534 | 13,808,328 | ||||||
| 4.12%, 01/15/31 † | 15,549 | 13,667,726 | ||||||
| 4.75%, 01/01/25 | 14,903 | 14,809,782 | ||||||
| 4.88%, 03/01/24 | 15,536 | 15,632,945 | ||||||
| 4.88%, 06/01/27 † | 15,684 | 15,311,191 | ||||||
| 5.75%, 12/01/34 | 15,246 | 14,361,122 | ||||||
| Sealed Air Corp. 144A 6.88%, 07/15/33 | 14,573 | 15,988,548 | ||||||
| Service Properties Trust | ||||||||
| 3.95%, 01/15/28 | 12,435 | 9,875,380 | ||||||
| 4.35%, 10/01/24 | 25,625 | 23,777,438 | ||||||
| 4.38%, 02/15/30 | 12,430 | 9,555,438 | ||||||
| 4.50%, 06/15/23 | 6,250 | 6,103,125 | ||||||
| 4.50%, 03/15/25 | 10,883 | 9,865,059 | ||||||
| 4.65%, 03/15/24 | 20,533 | 19,381,304 | ||||||
| 4.75%, 10/01/26 | 13,976 | 12,038,158 | ||||||
| 4.95%, 02/15/27 † | 12,424 | 10,783,255 | ||||||
| 4.95%, 10/01/29 † | 13,216 | 10,580,564 | ||||||
| 5.25%, 02/15/26 | 10,891 | 9,707,638 | ||||||
Southeast Supply Header LLC 144A 4.25%, 06/15/24 | 12,401 | 12,299,448 | ||||||
Southwestern Energy Co. 5.95%, 01/23/25 | 12,155 | 12,345,043 | ||||||
| Spirit AeroSystems, Inc. | ||||||||
| 3.85%, 06/15/26 | 9,318 | 8,630,984 | ||||||
| 3.95%, 06/15/23 | 9,315 | 9,094,281 | ||||||
| 4.60%, 06/15/28 † | 21,775 | 18,851,924 | ||||||
| Sprint Capital Corp. | ||||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 6.88%, 11/15/28 | $ | 76,814 | $ | 84,427,420 | ||||
| 8.75%, 03/15/32 | 62,018 | 78,917,905 | ||||||
| Steelcase, Inc. 5.12%, 01/18/29 | 14,500 | 14,140,965 | ||||||
| Tenet Healthcare Corp. 6.88%, 11/15/31 | 11,364 | 11,789,184 | ||||||
Topaz Solar Farms LLC 144A 5.75%, 09/30/39 | 19,125 | 19,459,519 | ||||||
| Transocean, Inc. | ||||||||
| 6.80%, 03/15/38 | 18,928 | 11,512,577 | ||||||
| 7.50%, 04/15/31 | 12,281 | 8,182,769 | ||||||
| Travel + Leisure Co. | ||||||||
| 5.65%, 04/01/24 | 9,317 | 9,398,990 | ||||||
| 6.00%, 04/01/27 | 12,437 | 12,545,699 | ||||||
| 6.60%, 10/01/25 † | 10,878 | 11,300,121 | ||||||
| Trinity Industries, Inc. 4.55%, 10/01/24 | 12,510 | 12,448,388 | ||||||
| Under Armour, Inc. 3.25%, 06/15/26 | 18,783 | 17,309,000 | ||||||
| United States Cellular Corp. 6.70%, 12/15/33 | 16,970 | 17,563,102 | ||||||
| United States Steel Corp. 6.65%, 06/01/37 † | 11,053 | 10,841,611 | ||||||
| Western Midstream Operating LP | ||||||||
| 3.60%, 02/01/25 | 22,742 | 21,778,421 | ||||||
| 3.95%, 06/01/25 | 12,400 | 11,975,923 | ||||||
| 4.50%, 03/01/28 | 12,440 | 11,880,822 | ||||||
| 4.55%, 02/01/30 † | 37,258 | 34,279,782 | ||||||
| 4.65%, 07/01/26 | 14,750 | 14,565,330 | ||||||
| 4.75%, 08/15/28 | 12,433 | 12,124,102 | ||||||
| 5.30%, 03/01/48 | 21,744 | 18,906,517 | ||||||
| 5.45%, 04/01/44 | 18,653 | 17,049,775 | ||||||
| 5.50%, 08/15/48 | 10,881 | 9,705,308 | ||||||
| 5.75%, 02/01/50 | 31,054 | 27,423,166 | ||||||
| Xerox Corp. | ||||||||
| 3.80%, 05/15/24 † | 9,334 | 9,043,386 | ||||||
| 4.80%, 03/01/35 | 7,851 | 6,232,438 | ||||||
| 6.75%, 12/15/39 † | 10,926 | 10,277,050 | ||||||
| XPO CNW, Inc. 6.70%, 05/01/34 † | 9,507 | 9,767,884 | ||||||
| Yum! Brands, Inc. | ||||||||
| 3.88%, 11/01/23 † | 10,116 | 10,214,378 | ||||||
| 5.35%, 11/01/43 | 8,570 | 7,875,359 | ||||||
| 6.88%, 11/15/37 | 10,112 | 10,713,462 | ||||||
| 3,064,491,691 | ||||||||
| Total Corporate Bonds (Cost: $4,157,898,232) | 3,762,093,082 | |||||||
See Notes to Financial Statements
| 44 |
| Number of Shares | Value | |||||||
| SHORT-TERM INVESTMENT HELD AS | ||||||||
| COLLATERAL FOR SECURITIES ON LOAN: 4.6% (Cost: $174,899,945) |
||||||||
| Money Market Fund: 4.6% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 174,899,945 | $ | 174,899,945 | |||||
| Total Investments: 102.9% (Cost: $4,332,798,177) | 3,936,993,027 | |||||||
| Liabilities in excess of other assets: (2.9)% | (111,148,573) | |||||||
| NET ASSETS: 100.0% | $ | 3,825,844,454 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $182,549,824. |
| (o) | Perpetual Maturity — the date shown is the next call date |
| ^ | 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 $465,853,427, or 12.2% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 2.7 | % | $ | 102,263,229 | ||||
| Communications | 0.3 | 9,551,069 | ||||||
| Consumer Cyclicals | 16.4 | 616,777,706 | ||||||
| Consumer Non-Cyclicals | 0.2 | 8,633,835 | ||||||
| Energy | 29.8 | 1,122,410,383 | ||||||
| Financials | 13.4 | 503,418,264 | ||||||
| Healthcare | 2.5 | 93,256,212 | ||||||
| Industrials | 8.0 | 301,578,018 | ||||||
| Real Estate | 3.8 | 142,358,438 | ||||||
| Technology | 16.0 | 602,632,019 | ||||||
| Utilities | 6.9 | 259,213,909 | ||||||
| 100.0 | % | $ | 3,762,093,082 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 3,762,093,082 | $ | — | $ | 3,762,093,082 | ||||||||
| Money Market Fund | 174,899,945 | — | — | 174,899,945 | ||||||||||||
| Total Investments | $ | 174,899,945 | $ | 3,762,093,082 | $ | — | $ | 3,936,993,027 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 45 |
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s | ) | Value | ||||||
| CORPORATE BONDS: 92.4% | ||||||||
| Argentina: 0.1% | ||||||||
| Genneia SA 144A 8.75%, 09/02/27 | $ | 100 | $ | 98,193 | ||||
| Australia: 0.6% | ||||||||
Bank of China Ltd./Sydney Reg S 0.75%, 09/29/24 | 200 | 189,065 | ||||||
National Australia Bank Ltd. 3.62%, 06/20/23 | 375 | 378,959 | ||||||
| 568,024 | ||||||||
| Bermuda: 0.4% | ||||||||
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 † | 350 | 345,886 | ||||||
| Brazil: 2.2% | ||||||||
Banco BTG Pactual SA 144A 2.75%, 01/11/26 † | 250 | 228,116 | ||||||
Banco Nacional de Desenvolvimento Economico e Social Reg S 4.75%, 05/09/24 | 250 | 255,847 | ||||||
Fibria Overseas Finance Ltd. 5.50%, 01/17/27 | 375 | 383,430 | ||||||
FS Luxembourg Sarl 144A 10.00%, 12/15/25 | 300 | 307,323 | ||||||
Klabin Austria GmbH 144A 7.00%, 04/03/49 | 150 | 145,628 | ||||||
| Klabin Finance SA 144A 4.88%, 09/19/27 | 240 | 237,588 | ||||||
| Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | 250 | 244,875 | ||||||
| Suzano Austria GmbH 144A 5.75%, 07/14/26 | 250 | 262,164 | ||||||
| 2,064,971 | ||||||||
| British Virgin Islands: 0.5% | ||||||||
| Amipeace Ltd. Reg S 1.75%, 11/09/26 | 250 | 231,635 | ||||||
Beijing Capital Polaris Investment Co. Ltd. Reg S 2.80%, 03/18/23 | 200 | 199,500 | ||||||
| 431,135 | ||||||||
| Canada: 1.7% | ||||||||
Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | 100 | 100,638 | ||||||
| Bank of Nova Scotia 2.38%, 01/18/23 † | 225 | 224,943 | ||||||
| Brookfield Finance, Inc. 2.72%, 04/15/31 | 250 | 219,519 | ||||||
Canadian Imperial Bank of Commerce 0.95%, 10/23/25 | 250 | 227,470 | ||||||
CDP Financial, Inc. Reg S 1.00%, 05/26/26 | 500 | 460,514 | ||||||
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30 | 300 | 249,865 | ||||||
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| Tucson Electric Power Co. 1.50%, 08/01/30 | $ | 150 | $ | 121,642 | ||||
| 1,604,591 | ||||||||
| Cayman Islands: 0.4% | ||||||||
Hongkong Land Finance Cayman Islands Co. Ltd./The Reg S 2.25%, 07/15/31 | 200 | 169,292 | ||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 1.74%, 09/17/25 |
200 | 188,902 | ||||||
| 358,194 | ||||||||
| Chile: 1.4% | ||||||||
| Colbun SA 144A 3.15%, 01/19/32 | 300 | 253,962 | ||||||
| Interchile SA 144A 4.50%, 06/30/56 | 500 | 434,442 | ||||||
Inversiones CMPC SA 144A 4.38%, 04/04/27 | 250 | 250,864 | ||||||
Inversiones Latin America Power Ltda. Reg S 5.12%, 06/15/33 | 198 | 155,165 | ||||||
Sociedad Quimica y Minera de Chile SA 144A 3.50%, 09/10/51 | 300 | 230,338 | ||||||
| 1,324,771 | ||||||||
| China: 6.7% | ||||||||
| Bank of China Ltd. Reg S | ||||||||
0.95%, 09/21/23 | 450 | 437,888 | ||||||
1.23% (United States Secured Overnight Financing | 200 | 200,270 | ||||||
1.36% (ICE LIBOR USD 3 Month+0.88%), 11/22/22 | 300 | 300,114 | ||||||
1.41% (ICE LIBOR USD 3 Month+0.83%), 06/07/23 | 200 | 200,571 | ||||||
Central China Real Estate Ltd. Reg S 7.50%, 07/14/25 | 200 | 67,000 | ||||||
| China Construction Bank Corp. Reg S | ||||||||
| 1.00%, 08/04/23 | 200 | 195,192 | ||||||
| 1.25%, 08/04/25 | 400 | 376,231 | ||||||
1.80% (ICE LIBOR USD 3 Month+0.66%), 10/22/22 | 400 | 400,406 | ||||||
China Development Bank Reg S 2.75%, 11/16/22 | 200 | 200,058 | ||||||
China Merchants Bank Co. Ltd. Reg S 1.20%, 09/10/25 | 400 | 370,965 | ||||||
CIFI Holdings Group Co. Ltd. Reg S 5.95%, 10/20/25 | 400 | 316,400 | ||||||
ICBCIL Finance Co. Ltd. Reg S 1.53% (ICE LIBOR USD 3 Month+1.05%), 11/20/24 | 400 | 399,734 | ||||||
| Industrial & Commercial Bank of China Ltd. Reg S | ||||||||
See Notes to Financial Statements
| 46 |
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
1.63% (ICE LIBOR USD 3 Month+0.83%), 06/14/23 | $ | 400 | $ | 401,310 | ||||
1.66% (ICE LIBOR USD 3 Month+0.78%), 09/16/24 | 800 | 803,238 | ||||||
2.01% (ICE LIBOR USD 3 Month+0.83%), 04/25/24 | 200 | 200,417 | ||||||
| 2.25%, 09/16/22 | 200 | 199,553 | ||||||
| 2.88%, 10/12/22 | 300 | 300,024 | ||||||
Industrial Bank Co. Ltd. Reg S 1.12%, 11/06/23 | 200 | 193,629 | ||||||
Jiangxi Provincial Water Conservancy Investment Group China Ltd. Reg S 3.40%, 12/05/22 | 200 | 201,000 | ||||||
Rongshi International Finance Ltd. Reg S 3.25%, 05/21/24 | 200 | 199,969 | ||||||
Shanghai Pudong Development Bank Co. Ltd./London Reg S 1.94% (ICE LIBOR USD 3 Month+0.70%), 10/29/22 | 200 | 200,025 | ||||||
Wuhan Metro Group Co. Ltd. Reg S 2.96%, 09/24/24 | 200 | 196,691 | ||||||
Yuzhou Group Holdings Co. Ltd. Reg S 6.35%, 01/13/27 | 200 | 28,000 | ||||||
Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26 | 200 | 19,000 | ||||||
| 6,407,685 | ||||||||
| Colombia: 0.3% | ||||||||
Consorcio Transmantaro SA 144A 4.70%, 04/16/34 | 300 | 281,724 | ||||||
| Dominican Republic: 0.1% | ||||||||
UEP Penonome II SA 144A 6.50%, 10/01/38 | 95 | 92,530 | ||||||
| France: 0.9% | ||||||||
BNP Paribas SA 144A 1.68% (United States Secured Overnight Financing | 300 | 267,541 | ||||||
Electricite de France SA 144A 3.62%, 10/13/25 | 600 | 596,810 | ||||||
| 864,351 | ||||||||
| Georgia: 0.2% | ||||||||
Georgian Railway JSC 144A 4.00%, 06/17/28 | 250 | 214,700 | ||||||
| Germany: 3.2% | ||||||||
| Kreditanstalt fuer Wiederaufbau | ||||||||
| 0.75%, 09/30/30 | 950 | 792,115 | ||||||
| 1.00%, 10/01/26 † | 600 | 551,534 | ||||||
| 1.75%, 09/14/29 | 1,550 | 1,422,923 | ||||||
| 2.00%, 09/29/22 | 300 | 300,573 | ||||||
| 3,067,145 | ||||||||
| Par (000’s | ) | Value | ||||||
| Hong Kong: 2.6% | ||||||||
| Airport Authority Reg S 1.75%, 01/12/27 | $ | 300 | $ | 279,083 | ||||
China Development Bank/Hong Kong Reg S 0.62%, 09/09/24 |
200 | 189,945 | ||||||
Franshion Brilliant Ltd. Reg S 4.00%, 06/21/24 | 200 | 194,452 | ||||||
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26 | 200 | 185,764 | ||||||
Industrial & Commercial Bank of China Ltd./Hong Kong Reg S 1.62%, 10/28/26 | 400 | 370,917 | ||||||
Industrial Bank Co. Ltd. Reg S 0.88%, 06/10/24 | 200 | 190,971 | ||||||
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26 | 200 | 194,396 | ||||||
| MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26 | 400 | 385,185 | ||||||
| MTR Corp. Ltd. Reg S 1.62%, 08/19/30 | 400 | 342,756 | ||||||
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26 | 200 | 184,500 | ||||||
| 2,517,969 | ||||||||
| India: 3.3% | ||||||||
Adani Green Energy Ltd. 144A 4.38%, 09/08/24 | 350 | 336,000 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy 144A 6.25%, 12/10/24 | 50 | 50,760 | ||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Reg S 6.25%, 12/10/24 | 200 | 203,040 | ||||||
Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash 144A 4.62%, 10/15/39 | 184 | 153,956 | ||||||
India Green Energy Holdings 144A 5.38%, 04/29/24 | 150 | 147,954 | ||||||
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 † | 200 | 176,311 | ||||||
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27 | 200 | 192,849 | ||||||
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31 | 338 | 294,474 | ||||||
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27 | 200 | 191,396 | ||||||
| REC Ltd. Reg S 3.88%, 07/07/27 | 200 | 192,820 | ||||||
| ReNew Power Pvt Ltd. 144A | ||||||||
See Notes to Financial Statements
| 47 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| India (continued) | ||||||||
| 5.88%, 03/05/27 | $ | 150 | $ | 142,537 | ||||
ReNew Power Synthetic 144A 6.67%, 03/12/24 | 500 | 507,500 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28 † | 200 | 174,640 | ||||||
State Bank of India/London Reg S 4.50%, 09/28/23 | 400 | 405,458 | ||||||
| 3,169,695 | ||||||||
| Indonesia: 2.1% | ||||||||
| Perusahaan Penerbit SBSN Indonesia III 144A | ||||||||
| 2.30%, 06/23/25 | 150 | 145,875 | ||||||
| 3.55%, 06/09/51 | 275 | 230,131 | ||||||
| 3.75%, 03/01/23 | 650 | 656,400 | ||||||
| 3.90%, 08/20/24 | 450 | 459,281 | ||||||
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38 | 550 | 527,172 | ||||||
| 2,018,859 | ||||||||
| Israel: 0.5% | ||||||||
Bank Hapoalim BM 144A Reg S 3.25% (US Treasury Yield Curve Rate T 5 Year+2.15%), 01/21/32 | 500 | 455,000 | ||||||
| Japan: 2.5% | ||||||||
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25 |
200 | 182,805 | ||||||
Japan Bank for International Cooperation 1.62%, 01/20/27 | 200 | 186,893 | ||||||
Japan Finance Organization for Municipalities 144A 1.50%, 01/27/25 | 200 | 192,464 | ||||||
| Marubeni Corp. Reg S 1.58%, 09/17/26 | 200 | 180,336 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23 † | 250 | 248,183 | ||||||
| Norinchukin Bank 144A | ||||||||
| 1.28%, 09/22/26 | 200 | 179,717 | ||||||
| 2.08%, 09/22/31 | 300 | 253,454 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
| 0.51%, 01/12/24 | 250 | 238,731 | ||||||
| 2.47%, 01/14/29 † | 200 | 177,275 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 1.55%, 03/25/26 | 275 | 251,495 | ||||||
Toyota Motor Credit Corp. 2.15%, 02/13/30 | 300 | 265,994 | ||||||
| 2,357,347 | ||||||||
| Luxembourg: 0.8% | ||||||||
| Bank of China Ltd. Reg S | ||||||||
| Par (000’s | ) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 1.40%, 04/28/26 | $ | 200 | $ | 185,535 | ||||
European Investment Bank 1.62%, 05/13/31 † | 700 | 626,613 | ||||||
| 812,148 | ||||||||
| Macao: 0.2% | ||||||||
China Construction Bank Corp./ Macau Reg S 0.78% (United States Secured Overnight Financing Rate Compound Index+0.50%), 12/21/24 | 200 | 199,730 | ||||||
| Mauritius: 0.7% | ||||||||
Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | 193 | 174,478 | ||||||
Greenko Wind Projects Mauritius Ltd. 144A 5.50%, 04/06/25 | 200 | 196,100 | ||||||
India Cleantech Energy 144A 4.70%, 08/10/26 | 146 | 134,179 | ||||||
India Green Power Holdings 144A 4.00%, 02/22/27 | 200 | 174,160 | ||||||
| 678,917 | ||||||||
| Mexico: 0.3% | ||||||||
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 | 400 | 319,662 | ||||||
| Netherlands: 4.5% | ||||||||
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 | 350 | 307,517 | ||||||
Cooperatieve Rabobank UA 144A 1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 † | 450 | 407,224 | ||||||
1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 † | 400 | 357,095 | ||||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | 485 | 442,756 | ||||||
ING Groep NV 144A 1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 | 450 | 410,752 | ||||||
| 4.62%, 01/06/26 | 500 | 504,909 | ||||||
Nederlandse Financierings- Maatschappij voor Ontwikkelingslanden NV Reg S 2.75%, 02/20/24 | 200 | 199,993 | ||||||
| Nederlandse Waterschapsbank NV 144A | ||||||||
| 1.00%, 05/28/30 | 300 | 254,815 | ||||||
| 2.38%, 03/24/26 | 750 | 732,167 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. 144A 2.50%, 05/11/31 | 550 | 457,521 | ||||||
See Notes to Financial Statements
| 48 |
| Par (000’s | ) | Value | ||||||
| Netherlands (continued) | ||||||||
| 3.40%, 05/01/30 | $ | 200 | $ | 182,622 | ||||
| 4,257,371 | ||||||||
| Norway: 0.7% | ||||||||
| Kommunalbanken AS 144A | ||||||||
| 0.50%, 10/21/24 | 200 | 188,282 | ||||||
| 2.12%, 02/11/25 | 475 | 464,750 | ||||||
| 653,032 | ||||||||
| Pakistan: 0.1% | ||||||||
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31 | 200 | 128,900 | ||||||
| Philippines: 0.2% | ||||||||
Bank of the Philippine Islands Reg S 2.50%, 09/10/24 | 200 | 198,472 | ||||||
| Portugal: 0.4% | ||||||||
EDP Finance BV 144A 1.71%, 01/24/28 † | 400 | 345,645 | ||||||
| Qatar: 0.2% | ||||||||
QNB Finance Ltd. Reg S 1.62%, 09/22/25 | 200 | 187,001 | ||||||
| Saudi Arabia: 0.3% | ||||||||
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30 |
300 | 273,993 | ||||||
| Singapore: 1.8% | ||||||||
Continuum Energy Levanter Pte Ltd. 144A 4.50%, 02/09/27 | 296 | 273,510 | ||||||
DBS Group Holdings Ltd. 144A 1.80% (ICE LIBOR USD 3 Month+0.62%), 07/25/22 | 250 | 250,173 | ||||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | 200 | 198,050 | ||||||
Greenko Solar Mauritius Ltd. 144A 5.95%, 07/29/26 | 400 | 392,000 | ||||||
Industrial & Commercial Bank of China Ltd./Singapore Reg S 1.00%, 10/28/24 | 450 | 429,030 | ||||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | 206 | 214,167 | ||||||
| 1,756,930 | ||||||||
| South Korea: 5.0% | ||||||||
Export-Import Bank of Korea 2.12%, 01/18/32 | 300 | 262,926 | ||||||
Export-Import Bank of Korea 144A 1.75%, 10/19/28 | 450 | 406,937 | ||||||
Export-Import Bank of Korea Reg S 1.67% (ICE LIBOR USD 3 Month+0.74%), 03/22/23 | 200 | 200,960 | ||||||
| Hanwha Energy USA Holdings Corp. 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| South Korea (continued) | ||||||||
| 2.38%, 07/30/22 | $ | 150 | $ | 149,909 | ||||
Hyundai Capital Services, Inc. 144A 1.25%, 02/08/26 | 300 | 270,518 | ||||||
Incheon International Airport Corp. Reg S 1.25%, 05/04/26 | 200 | 183,879 | ||||||
| Kia Corp. 144A | ||||||||
| 1.75%, 10/16/26 | 400 | 364,494 | ||||||
| 2.38%, 02/14/25 | 200 | 192,831 | ||||||
| Korea Development Bank 0.40%, 06/19/24 | 350 | 331,579 | ||||||
1.69% (ICE LIBOR USD 3 Month+0.72%), 07/06/22 | 300 | 300,215 | ||||||
Korea Development Bank/The 0.75%, 01/25/25 | 200 | 187,003 | ||||||
Korea Electric Power Corp. 144A 2.50%, 06/24/24 | 350 | 345,507 | ||||||
Korea Hydro & Nuclear Power Co. Ltd. 144A 3.75%, 07/25/23 | 300 | 303,040 | ||||||
Korea South-East Power Co. Ltd. Reg S 2.12%, 02/03/25 | 200 | 193,214 | ||||||
Korea Water Resources Corp. Reg S 3.88%, 05/15/23 | 200 | 202,028 | ||||||
| LG Chem Ltd. 144A | ||||||||
| 1.38%, 07/07/26 | 200 | 180,650 | ||||||
| 2.38%, 07/07/31 † | 225 | 192,013 | ||||||
| 3.25%, 10/15/24 | 250 | 248,783 | ||||||
| 3.62%, 04/15/29 | 250 | 241,743 | ||||||
| 4,758,229 | ||||||||
| Spain: 1.0% | ||||||||
| Avangrid, Inc. | ||||||||
| 3.20%, 04/15/25 † | 531 | 521,923 | ||||||
| 3.80%, 06/01/29 | 400 | 389,900 | ||||||
| 911,823 | ||||||||
| Supranational: 6.5% | ||||||||
Central American Bank for Economic Integration Reg S 1.36% (ICE LIBOR USD 3 Month+0.85%), 11/15/24 | 200 | 201,236 | ||||||
| European Bank for Reconstruction & Development | ||||||||
| 1.50%, 02/13/25 | 500 | 480,676 | ||||||
| 1.62%, 09/27/24 | 500 | 485,342 | ||||||
| European Investment Bank | ||||||||
| 0.75%, 09/23/30 | 600 | 501,521 | ||||||
| 1.62%, 10/09/29 † | 380 | 344,679 | ||||||
| 2.12%, 04/13/26 | 800 | 776,121 | ||||||
| 2.38%, 05/24/27 | 650 | 631,570 | ||||||
| 2.50%, 10/15/24 † | 450 | 446,380 | ||||||
European Investment Bank 144A 2.88%, 06/13/25 | 750 | 748,725 | ||||||
See Notes to Financial Statements
| 49 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Supranational (continued) | ||||||||
| International Bank for Reconstruction & Development | ||||||||
| 2.12%, 03/03/25 | $ | 430 | $ | 421,316 | ||||
| 3.12%, 11/20/25 | 275 | 276,368 | ||||||
| International Finance Corp. | ||||||||
| 2.00%, 10/24/22 | 150 | 150,255 | ||||||
| 2.12%, 04/07/26 | 744 | 719,828 | ||||||
| 6,184,017 | ||||||||
| Sweden: 1.3% | ||||||||
| Kommuninvest I Sverige AB 144A | ||||||||
| 0.38%, 06/19/24 | 350 | 332,949 | ||||||
| 1.62%, 04/24/23 | 500 | 497,322 | ||||||
| Swedbank AB 144A 1.54%, 11/16/26 | 500 | 455,522 | ||||||
| 1,285,793 | ||||||||
| Turkey: 0.2% | ||||||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | 200 | 165,280 | ||||||
| United Arab Emirates: 0.8% | ||||||||
| MAF Sukuk Ltd. Reg S | ||||||||
| 3.93%, 02/28/30 | 200 | 196,600 | ||||||
| 4.64%, 05/14/29 | 400 | 409,000 | ||||||
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49 | 200 | 175,215 | ||||||
| 780,815 | ||||||||
| United Kingdom: 1.7% | ||||||||
Atlantica Sustainable Infrastructure Plc 144A 4.12%, 06/15/28 | 200 | 182,284 | ||||||
Brookfield Finance I UK Plc 2.34%, 01/30/32 | 300 | 249,704 | ||||||
NatWest Group Plc 2.36% (US Treasury Yield Curve Rate T 1 Year+2.15%), 05/22/24 † | 300 | 296,151 | ||||||
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30 † | 300 | 251,179 | ||||||
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28 |
200 | 197,920 | ||||||
Vmed O2 UK Financing I Plc 144A 4.75%, 07/15/31 | 500 | 429,668 | ||||||
| 1,606,906 | ||||||||
| United States: 36.0% | ||||||||
AES Andes SA 144A 6.35% (US Treasury Yield Curve Rate T 5 Year+4.92%), 10/07/79 | 200 | 192,467 | ||||||
| AES Corp. | ||||||||
| 1.38%, 01/15/26 | 350 | 313,922 | ||||||
| 2.45%, 01/15/31 | 455 | 377,744 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Agricultural Bank of China Ltd. Reg S 1.25%, 01/19/26 | $ | 200 | $ | 185,434 | ||||
| Alexandria Real Estate Equities, Inc. | ||||||||
| 2.00%, 05/18/32 | 350 | 287,593 | ||||||
| 2.95%, 03/15/34 | 250 | 217,143 | ||||||
| 3.80%, 04/15/26 | 200 | 199,442 | ||||||
| Apple, Inc. | ||||||||
| 2.85%, 02/23/23 † | 125 | 125,724 | ||||||
| 3.00%, 06/20/27 | 1,000 | 983,576 | ||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance Plc 144A | ||||||||
| 3.25%, 09/01/28 † | 250 | 218,471 | ||||||
| 4.00%, 09/01/29 | 525 | 450,579 | ||||||
Arizona Public Service Co. 2.65%, 09/15/50 | 200 | 136,820 | ||||||
| AvalonBay Communities, Inc. | ||||||||
| 1.90%, 12/01/28 | 100 | 88,440 | ||||||
| 2.05%, 01/15/32 † | 250 | 213,272 | ||||||
| Boston Properties LP | ||||||||
| 2.45%, 10/01/33 | 400 | 325,113 | ||||||
| 3.40%, 06/21/29 | 425 | 397,707 | ||||||
| 4.50%, 12/01/28 † | 400 | 403,312 | ||||||
Citigroup, Inc. 1.68% (United States Secured Overnight Financing Rate+1.67%), 05/15/24 | 750 | 739,137 | ||||||
| Clearway Energy Operating LLC 144A | ||||||||
| 3.75%, 02/15/31 | 400 | 344,610 | ||||||
| 4.75%, 03/15/28 | 425 | 402,307 | ||||||
| Dana, Inc. 4.25%, 09/01/30 | 200 | 171,781 | ||||||
| Deutsche Bank AG 1.69%, 03/19/26 | 300 | 273,921 | ||||||
| Dominion Energy, Inc. 2.25%, 08/15/31 | 350 | 294,729 | ||||||
| DTE Electric Co. | ||||||||
| 1.90%, 04/01/28 † | 250 | 224,928 | ||||||
| 3.25%, 04/01/51 | 200 | 165,366 | ||||||
| 3.95%, 03/01/49 | 290 | 268,300 | ||||||
Duke Energy Carolinas LLC 3.95%, 11/15/28 | 350 | 350,220 | ||||||
Duke Energy Florida LLC 2.50%, 12/01/29 | 150 | 135,753 | ||||||
Duke Energy Progress LLC 3.45%, 03/15/29 | 300 | 288,531 | ||||||
| Duke Realty LP | ||||||||
| 1.75%, 02/01/31 | 200 | 164,320 | ||||||
| 2.88%, 11/15/29 | 225 | 206,614 | ||||||
| Equinix, Inc. | ||||||||
| 1.00%, 09/15/25 | 300 | 272,251 | ||||||
| 1.55%, 03/15/28 | 200 | 170,733 | ||||||
| 2.50%, 05/15/31 | 550 | 462,605 | ||||||
| 3.90%, 04/15/32 | 350 | 328,666 | ||||||
See Notes to Financial Statements
| 50 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| ERP Operating LP 4.15%, 12/01/28 | $ | 200 | $ | 200,279 | ||||
Evergy Kansas Central, Inc. 2.55%, 07/01/26 | 200 | 191,865 | ||||||
| Fannie Mae-Aces | ||||||||
| 1.44%, 10/25/29 | 500 | 438,460 | ||||||
| 2.44%, 10/25/29 | 37 | 35,069 | ||||||
| 2.52%, 08/25/29 | 593 | 563,695 | ||||||
| 2.64%, 07/25/24 | 187 | 186,064 | ||||||
| 2.89%, 02/25/27 | 305 | 300,442 | ||||||
| 2.94%, 06/25/29 | 10 | 9,769 | ||||||
| 3.00%, 01/25/28 | 415 | 407,179 | ||||||
| 3.06%, 09/25/27 | 275 | 271,861 | ||||||
| 3.14%, 03/25/28 | 220 | 218,005 | ||||||
| 3.16%, 03/25/28 | 454 | 447,719 | ||||||
| 3.18%, 02/25/30 | 386 | 380,810 | ||||||
| 3.21%, 11/25/27 | 14 | 13,999 | ||||||
| 3.41%, 06/25/28 | 318 | 320,018 | ||||||
| 3.67%, 09/25/28 | 1,165 | 1,183,820 | ||||||
| 3.87%, 09/25/30 | 103 | 105,604 | ||||||
Federal Realty Investment Trust 1.25%, 02/15/26 | 200 | 181,512 | ||||||
Fifth Third Bancorp 1.71% (United States Secured Overnight Financing Rate+0.69%), 11/01/27 | 200 | 180,762 | ||||||
| Ford Motor Co. 3.25%, 02/12/32 | 1,200 | 977,202 | ||||||
| Freddie Mac Multifamily Structured Pass Through Certificates | ||||||||
| 1.30%, 06/25/30 | 30 | 25,510 | ||||||
| 2.88%, 04/25/26 | 285 | 281,651 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC 144A 6.00%, 04/15/25 | 350 | 355,701 | ||||||
| Healthpeak Properties, Inc. | ||||||||
| 1.35%, 02/01/27 | 200 | 179,605 | ||||||
| 2.12%, 12/01/28 † | 250 | 221,823 | ||||||
| Host Hotels & Resorts LP | ||||||||
| 2.90%, 12/15/31 | 250 | 211,260 | ||||||
| 3.38%, 12/15/29 | 250 | 224,626 | ||||||
| Interstate Power & Light Co. | ||||||||
| 3.50%, 09/30/49 | 150 | 126,277 | ||||||
| 4.10%, 09/26/28 | 250 | 251,555 | ||||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30 † | 300 | 251,327 | ||||||
JPMorgan Chase & Co. 0.65% (TSFR3M+0.60%), 09/16/24 | 525 | 507,935 | ||||||
0.77% (United States Secured Overnight Financing Rate+0.49%), 08/09/25 | 500 | 468,350 | ||||||
| Kaiser Foundation Hospitals | ||||||||
| 2.81%, 06/01/41 | 600 | 476,045 | ||||||
| 3.15%, 05/01/27 | 280 | 272,362 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| Kilroy Realty LP | ||||||||
| 2.50%, 11/15/32 | $ | 50 | $ | 40,470 | ||||
| 2.65%, 11/15/33 | 300 | 239,363 | ||||||
| 4.75%, 12/15/28 | 250 | 254,114 | ||||||
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29 | 200 | 179,666 | ||||||
Massachusetts Institute of Technology 3.96%, 07/01/38 | 200 | 204,748 | ||||||
Metropolitan Life Global Funding I 144A 0.95%, 07/02/25 † | 350 | 323,417 | ||||||
| MidAmerican Energy Co. | ||||||||
| 2.70%, 08/01/52 | 200 | 149,917 | ||||||
| 3.10%, 05/01/27 | 225 | 218,746 | ||||||
| 3.15%, 04/15/50 | 200 | 162,503 | ||||||
| 3.65%, 04/15/29 | 300 | 296,331 | ||||||
| 3.65%, 08/01/48 | 400 | 359,744 | ||||||
| 3.95%, 08/01/47 | 275 | 255,138 | ||||||
| 4.25%, 07/15/49 | 525 | 510,367 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28 | 725 | 642,739 | ||||||
| Northern States Power Co. | ||||||||
| 2.60%, 06/01/51 † | 250 | 186,756 | ||||||
| 2.90%, 03/01/50 | 250 | 196,003 | ||||||
| 3.20%, 04/01/52 | 200 | 166,773 | ||||||
| NSTAR Electric Co. 3.25%, 05/15/29 | 325 | 310,352 | ||||||
| Owens Corning 3.95%, 08/15/29 | 225 | 220,450 | ||||||
| PacifiCorp 2.90%, 06/15/52 | 200 | 153,631 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28 | 350 | 327,710 | ||||||
Piedmont Operating Partnership LP 3.15%, 08/15/30 | 150 | 131,725 | ||||||
PNC Financial Services Group, Inc. 2.20%, 11/01/24 | 310 | 303,340 | ||||||
| Prologis LP 1.25%, 10/15/30 † | 375 | 303,507 | ||||||
| Public Service Co. of Colorado | ||||||||
| 3.20%, 03/01/50 | 250 | 207,424 | ||||||
| 3.70%, 06/15/28 | 450 | 447,708 | ||||||
| 4.10%, 06/15/48 | 360 | 347,425 | ||||||
| Public Service Co. of Oklahoma | ||||||||
| 2.20%, 08/15/31 | 250 | 210,664 | ||||||
| 3.15%, 08/15/51 | 150 | 115,870 | ||||||
Public Service Electric and Gas Co. 3.10%, 03/15/32 † | 150 | 139,941 | ||||||
| Regency Centers LP 3.75%, 06/15/24 | 125 | 125,272 | ||||||
See Notes to Financial Statements
| 51 |
VANECK GREEN BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Renewable Energy Group, Inc. 144A 5.88%, 06/01/28 | $ | 250 | $ | 265,050 | ||||
Seattle Children’s Hospital 2.72%, 10/01/50 † | 150 | 108,651 | ||||||
| SK Battery America, Inc. Reg S | ||||||||
| 1.62%, 01/26/24 | 250 | 240,229 | ||||||
| 2.12%, 01/26/26 | 200 | 182,816 | ||||||
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41 | 800 | 713,720 | ||||||
| Sonoco Products Co. 2.85%, 02/01/32 | 200 | 174,972 | ||||||
| Southern Power Co. 4.15%, 12/01/25 | 700 | 708,412 | ||||||
Southwestern Public Service Co. 3.15%, 05/01/50 | 100 | 80,291 | ||||||
Sunnova Energy Corp. 144A 5.88%, 09/01/26 † | 200 | 183,269 | ||||||
Tennessee Valley Authority 1.50%, 09/15/31 | 200 | 170,186 | ||||||
Toyota Auto Receivables Owner 0.26%, 11/17/25 | 204 | 196,746 | ||||||
| UDR, Inc. 1.90%, 03/15/33 | 175 | 138,053 | ||||||
| Union Electric Co. 2.62%, 03/15/51 | 275 | 201,549 | ||||||
Vena Energy Capital Pte Ltd. Reg S 3.13%, 02/26/25 | 200 | 193,015 | ||||||
| Verizon Communications, Inc. | ||||||||
| 1.50%, 09/18/30 † | 300 | 243,409 | ||||||
| 2.85%, 09/03/41 | 400 | 312,653 | ||||||
| 3.88%, 02/08/29 | 600 | 592,419 | ||||||
| 3.88%, 03/01/52 | 300 | 261,874 | ||||||
| Vornado Realty LP | ||||||||
| 2.15%, 06/01/26 | 200 | 182,470 | ||||||
| 3.40%, 06/01/31 | 150 | 132,157 | ||||||
| Welltower, Inc. | ||||||||
| 2.70%, 02/15/27 † | 250 | 238,820 | ||||||
| 3.85%, 06/15/32 | 100 | 95,254 | ||||||
Wisconsin Power and Light Co. 1.95%, 09/16/31 | 200 | 167,784 | ||||||
| 34,365,305 | ||||||||
| Total Corporate Bonds (Cost: $97,204,951) | 88,112,739 | |||||||
| GOVERNMENT OBLIGATIONS: 6.5% | ||||||||
| Chile: 1.5% | ||||||||
| Chile Government International Bond | ||||||||
| 2.55%, 01/27/32 | 850 | 739,568 | ||||||
| 3.50%, 01/25/50 | 850 | 675,826 | ||||||
| 1,415,394 | ||||||||
| Egypt: 0.4% | ||||||||
| Egypt Government International Bond 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| Egypt (continued) | ||||||||
| 5.25%, 10/06/25 | $ | 200 | $ | 177,804 | ||||
Egypt Government International Bond Reg S 5.25%, 10/06/25 |
200 | 177,804 | ||||||
| 355,608 | ||||||||
| Hong Kong: 1.9% | ||||||||
| Hong Kong Government International Bond 144A | ||||||||
| 0.62%, 02/02/26 | 500 | 458,573 | ||||||
| 1.38%, 02/02/31 | 500 | 432,638 | ||||||
| 2.38%, 02/02/51 | 200 | 148,875 | ||||||
| 2.50%, 05/28/24 | 450 | 446,875 | ||||||
Hong Kong Government International Bond Reg S 1.75%, 11/24/31 | 400 | 352,437 | ||||||
| 1,839,398 | ||||||||
| Saudi Arabia: 0.4% | ||||||||
Arab Petroleum Investments Corp. 144A 1.48%, 10/06/26 | 400 | 368,437 | ||||||
| Supranational: 1.2% | ||||||||
| Asian Development Bank | ||||||||
| 1.75%, 08/14/26 | 275 | 261,046 | ||||||
| 2.12%, 03/19/25 | 400 | 390,982 | ||||||
| 2.38%, 08/10/27 | 300 | 290,540 | ||||||
| 3.12%, 09/26/28 | 250 | 251,226 | ||||||
| 1,193,794 | ||||||||
| United States: 1.1% | ||||||||
| City of San Francisco CA Public Utilities Commission Water Revenue | ||||||||
| 2.83%, 11/01/41 | 100 | 81,432 | ||||||
| 3.30%, 11/01/39 | 100 | 86,440 | ||||||
| 3.47%, 11/01/43 | 250 | 216,017 | ||||||
Commonwealth of Massachusetts 3.28%, 06/01/46 | 150 | 132,042 | ||||||
District of Columbia Water & Sewer Authority 4.81%, 10/01/14 | 170 | 173,372 | ||||||
Metropolitan Transportation Authority 5.17%, 11/15/49 | 300 | 323,225 | ||||||
| 1,012,528 | ||||||||
| Total Government Obligations (Cost: $7,121,495) | 6,185,159 | |||||||
| Number | ||||||||
| of Shares | ||||||||
| PREFERRED SECURITIES: 0.1% (Cost: $173,320) | ||||||||
| Canada: 0.1% | ||||||||
| Brookfield Finance, Inc. (USD), 4.62%, 10/16/80 † | 7,000 | 132,650 | ||||||
| Total Investments Before Collateral for Securities
Loaned: 99.0% (Cost: $104,499,766) | 94,430,548 | |||||||
See Notes to Financial Statements
| 52 |
| Number of Shares | Value | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.9% (Cost: $2,740,591) | ||||||||
| Money Market Fund: 2.9% | ||||||||
| Number | ||||||||
| of Shares | Value | |||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 2,740,591 | $ | 2,740,591 | |||||
| Total Investments: 101.9% (Cost: $107,240,357) | 97,171,139 | |||||||
| Liabilities in excess of other assets: (1.9)% | (1,840,010) | |||||||
| NET ASSETS: 100.0% | $ | 95,331,129 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $6,298,898. |
| 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 $29,365,918, or 30.8% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Academic & Educational Services | 0.2 | % | $ | 204,748 | ||||
| Basic Materials | 3.4 | 3,217,223 | ||||||
| Consumer Cyclicals | 2.3 | 2,197,275 | ||||||
| Consumer Non-Cyclicals | 0.3 | 319,662 | ||||||
| Energy | 1.4 | 1,276,879 | ||||||
| Financials | 41.9 | 39,517,955 | ||||||
| Government Activity | 8.1 | 7,676,846 | ||||||
| Healthcare | 0.9 | 857,058 | ||||||
| Industrials | 3.6 | 3,424,222 | ||||||
| Mortgage Securities | 5.5 | 5,189,676 | ||||||
| Real Estate | 8.6 | 8,114,495 | ||||||
| Technology | 3.4 | 3,159,798 | ||||||
| Utilities | 20.4 | 19,274,711 | ||||||
| 100.0 | % | $ | 94,430,548 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 88,112,739 | $ | — | $ | 88,112,739 | ||||||||
| Government Obligations * | — | 6,185,159 | — | 6,185,159 | ||||||||||||
| Preferred Securities * | 132,650 | — | — | 132,650 | ||||||||||||
| Money Market Fund | 2,740,591 | — | — | 2,740,591 | ||||||||||||
| Total Investments | $ | 2,873,241 | $ | 94,297,898 | $ | — | $ | 97,171,139 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 53 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.1% | ||||||||
| Argentina: 0.9% | ||||||||
| Arcor SAIC 144A 6.00%, 07/06/23 | USD | 50 | $ | 50,189 | ||||
| Capex SA 144A 6.88%, 05/15/24 | USD | 25 | 23,912 | |||||
| MercadoLibre, Inc. 3.12%, 01/14/31 | USD | 100 | 81,034 | |||||
| Pampa Energia SA 144A | ||||||||
| 7.38%, 07/21/23 | USD | 25 | 25,033 | |||||
| 7.50%, 01/24/27 | USD | 50 | 46,519 | |||||
| 9.12%, 04/15/29 | USD | 25 | 23,159 | |||||
| Pan American Energy LLC 144A 9.12%, 04/30/27 | USD | 35 | 38,756 | |||||
| Telecom Argentina SA 144A 8.00%, 07/18/26 | USD | 75 | 71,163 | |||||
| YPF Energia Electrica SA 144A 10.00%, 07/25/26 | USD | 35 | 32,790 | |||||
| YPF SA 144A | ||||||||
| 2.50%, 06/30/29 (s) | USD | 75 | 54,570 | |||||
| 4.00%, 02/12/26 (s) | USD | 75 | 66,588 | |||||
| 6.95%, 07/21/27 | USD | 100 | 72,513 | |||||
| 7.00%, 12/15/47 | USD | 75 | 46,959 | |||||
| 8.50%, 07/28/25 | USD | 75 | 61,229 | |||||
| 8.75%, 04/04/24 | USD | 53 | 49,155 | |||||
| 743,569 | ||||||||
| Australia: 0.6% | ||||||||
| FMG Resources August 2006 Pty Ltd. 144A | ||||||||
| 4.38%, 04/01/31 | USD | 150 | 132,933 | |||||
| 4.50%, 09/15/27 | USD | 25 | 23,718 | |||||
| 5.12%, 05/15/24 | USD | 75 | 75,846 | |||||
| 6.12%, 04/15/32 | USD | 100 | 99,448 | |||||
| Infrabuild Australia Pty Ltd. 144A 12.00%, 10/01/24 | USD | 30 | 30,400 | |||||
| Mineral Resources Ltd. 144A 8.12%, 05/01/27 | USD | 100 | 101,719 | |||||
| Nufarm Australia Ltd. / Nufarm Americas, Inc. 144A 5.00%, 01/27/30 | USD | 30 | 28,394 | |||||
| 492,458 | ||||||||
| Austria: 0.3% | ||||||||
| ams-OSRAM AG 144A 7.00%, 07/31/25 | USD | 100 | 101,425 | |||||
| Wienerberger AG Reg S 2.75%, 06/04/25 | EUR | 100 | 106,879 | |||||
| 208,304 | ||||||||
| Belgium: 0.5% | ||||||||
| La Financiere Atalian SASU Reg S 4.00%, 05/15/24 | EUR | 150 | 129,456 | |||||
| Ontex Group NV Reg S 3.50%, 07/15/26 | EUR | 100 | 91,781 | |||||
| Solvay Finance SACA Reg S 5.42% (EUR Swap Annual 5 Year+3.70%), 11/29/49 (o) | EUR | 150 | 162,792 | |||||
| 384,029 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Bermuda: 0.4% | ||||||||
| Digicel Group Holdings Ltd. 144A 8.00%, 04/01/25 | USD | 62 | $ | 51,821 | ||||
| Digicel International Finance Ltd./Digicel international Holdings Ltd 144A | ||||||||
| 8.75%, 05/25/24 † | USD | 100 | 98,851 | |||||
| 13.00%, 12/31/25 | USD | 100 | 98,382 | |||||
| Investment Energy Resources Ltd. 144A 6.25%, 04/26/29 | USD | 100 | 98,824 | |||||
| 347,878 | ||||||||
| Brazil: 6.7% | ||||||||
| Adecoagro SA 144A 6.00%, 09/21/27 | USD | 50 | 49,174 | |||||
| Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28 | USD | 100 | 94,937 | |||||
| Arcos Dorados Holdings, Inc. 144A 5.88%, 04/04/27 | USD | 105 | 106,592 | |||||
| Azul Investments LLP 144A 5.88%, 10/26/24 | USD | 50 | 44,512 | |||||
| B2W Digital Lux Sarl 144A 4.38%, 12/20/30 | USD | 100 | 82,373 | |||||
| Banco Bradesco SA 144A 3.20%, 01/27/25 | USD | 100 | 97,150 | |||||
| Banco BTG Pactual SA 144A 4.50%, 01/10/25 | USD | 100 | 98,627 | |||||
| Banco do Brasil SA 144A | ||||||||
| 4.62%, 01/15/25 | USD | 100 | 100,115 | |||||
| 4.75%, 03/20/24 | USD | 50 | 50,439 | |||||
| Banco Votorantim SA 144A 4.38%, 07/29/25 | USD | 100 | 98,008 | |||||
| Braskem Idesa SAPI 144A 7.45%, 11/15/29 | USD | 200 | 187,611 | |||||
| Braskem Netherlands Finance BV 144A 8.50% (US Treasury Yield Curve Rate T 5 Year+8.22%), 01/23/81 | USD | 50 | 51,907 | |||||
| BRF SA 144A 4.75%, 05/22/24 | USD | 200 | 199,271 | |||||
| Cemig Geracao e Transmissao SA 144A 9.25%, 12/05/24 | USD | 100 | 107,574 | |||||
| Centrais Eletricas Brasileiras SA 144A 4.62%, 02/04/30 | USD | 100 | 91,016 | |||||
| Cosan Luxembourg SA 144A 7.00%, 01/20/27 | USD | 50 | 51,437 | |||||
| Cosan SA 144A 5.50%, 09/20/29 | USD | 50 | 48,509 | |||||
| CSN Inova Ventures 144A 6.75%, 01/28/28 † | USD | 100 | 99,539 | |||||
| Embraer Netherlands Finance BV 5.05%, 06/15/25 | USD | 100 | 99,348 | |||||
See Notes to Financial Statements
| 54 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| 5.40%, 02/01/27 | USD | 125 | $ | 120,621 | ||||
| FS Luxembourg Sarl 144A 10.00%, 12/15/25 | USD | 100 | 102,441 | |||||
| Globo Comunicacao e Participacoes SA 144A 4.88%, 01/22/30 | USD | 100 | 86,175 | |||||
| Gol Finance SA 144A 7.00%, 01/31/25 | USD | 100 | 85,630 | |||||
| Guara Norte Sarl 144A 5.20%, 06/15/34 | USD | 96 | 84,699 | |||||
| Itau Unibanco Holding SA 144A | ||||||||
| 3.25%, 01/24/25 | USD | 50 | 48,700 | |||||
| 3.88% (US Treasury Yield Curve Rate T 5 Year+3.45%), 04/15/31 | USD | 50 | 44,985 | |||||
| 4.50% (US Treasury Yield Curve Rate T 5 Year+2.82%), 11/21/29 | USD | 50 | 47,695 | |||||
| 4.62% (US Treasury Yield Curve Rate T 5 Year+3.22%), 2/27/2025 (o) | USD | 50 | 43,266 | |||||
| 5.12%, 05/13/23 | USD | 150 | 152,775 | |||||
| Klabin Austria GmbH 144A 5.75%, 04/03/29 † | USD | 200 | 197,019 | |||||
| Light Servicos de Eletricidade SA/Light Energia SA 144A 4.38%, 06/18/26 | USD | 100 | 93,197 | |||||
| MARB BondCo Plc 144A 3.95%, 01/29/31 | USD | 100 | 83,249 | |||||
| MV24 Capital BV 144A 6.75%, 06/01/34 | USD | 90 | 85,749 | |||||
| Natura Cosmeticos SA 144A 4.12%, 05/03/28 | USD | 100 | 89,802 | |||||
| NBM US Holdings, Inc. 144A 7.00%, 05/14/26 | USD | 100 | 103,226 | |||||
| Nexa Resources SA 144A 6.50%, 01/18/28 | USD | 100 | 100,192 | |||||
| Petrobras Global Finance BV | ||||||||
| 5.09%, 01/15/30 † | USD | 125 | 121,422 | |||||
| 5.30%, 01/27/25 | USD | 75 | 77,706 | |||||
| 5.50%, 06/10/51 † | USD | 100 | 82,194 | |||||
| 5.60%, 01/03/31 | USD | 125 | 122,844 | |||||
| 5.75%, 02/01/29 | USD | 75 | 76,037 | |||||
| 6.00%, 01/27/28 | USD | 150 | 154,147 | |||||
| 6.25%, 03/17/24 | USD | 50 | 52,116 | |||||
| 6.75%, 01/27/41 | USD | 100 | 98,191 | |||||
| 6.75%, 06/03/50 | USD | 75 | 69,625 | |||||
| 6.85%, 06/05/15 | USD | 175 | 154,438 | |||||
| 6.88%, 01/20/40 | USD | 75 | 74,297 | |||||
| 6.90%, 03/19/49 | USD | 100 | 94,406 | |||||
| 7.25%, 03/17/44 | USD | 95 | 94,954 | |||||
| 7.38%, 01/17/27 | USD | 100 | 109,577 | |||||
| 8.75%, 05/23/26 | USD | 50 | 57,758 | |||||
| Rede D’or Finance Sarl 144A 4.50%, 01/22/30 † | USD | 100 | 87,520 | |||||
| Rio Oil Finance Trust Series 2014-1 144A 9.25%, 07/06/24 | USD | 137 | 143,740 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Brazil (continued) | ||||||||
| Rumo Luxembourg Sarl 144A 5.25%, 01/10/28 | USD | 100 | $ | 97,950 | ||||
| Ultrapar International SA 144A 5.25%, 06/06/29 | USD | 100 | 97,317 | |||||
| Usiminas International Sarl 144A 5.88%, 07/18/26 | USD | 100 | 100,116 | |||||
| 5,293,915 | ||||||||
| British Virgin Islands: 0.2% | ||||||||
| China SCE Group Holdings Ltd. Reg S 7.38%, 04/09/24 | USD | 200 | 138,000 | |||||
| Bulgaria: 0.1% | ||||||||
| Bulgarian Energy Holding EAD Reg S 3.50%, 06/28/25 | EUR | 100 | 93,096 | |||||
| Burkina Faso: 0.0% | ||||||||
| IAMGOLD Corp. 144A 5.75%, 10/15/28 | USD | 25 | 21,300 | |||||
| Canada: 6.3% | ||||||||
| 1011778 BC ULC / New Red Finance, Inc. 144A | ||||||||
| 3.50%, 02/15/29 | USD | 65 | 57,484 | |||||
| 3.88%, 01/15/28 | USD | 125 | 115,186 | |||||
| 4.00%, 10/15/30 | USD | 225 | 192,656 | |||||
| 4.38%, 01/15/28 | USD | 50 | 45,690 | |||||
| 5.75%, 04/15/25 | USD | 25 | 25,568 | |||||
| Air Canada 4.62%, 08/15/29 | CAD | 50 | 35,767 | |||||
| Air Canada 144A 4.62%, 08/15/29 | CAD | 200 | 142,763 | |||||
| Algonquin Power & Utilities Corp. 4.75% (US Treasury Yield Curve Rate T 5 Year+3.25%), 01/18/82 | USD | 50 | 45,797 | |||||
| ATS Automation Tooling Systems, Inc. 144A 4.12%, 12/15/28 | USD | 50 | 45,195 | |||||
| Azure Power Solar Energy Private Ltd. 144A 5.65%, 12/24/24 | USD | 50 | 50,319 | |||||
| Baffinland Iron Mines Corp. / Baffinland Iron Mines LP 144A 8.75%, 07/15/26 | USD | 50 | 50,878 | |||||
| Baytex Energy Corp. 144A 8.75%, 04/01/27 † | USD | 40 | 42,359 | |||||
| Bombardier, Inc. 144A | ||||||||
| 7.12%, 06/15/26 | USD | 75 | 69,090 | |||||
| 7.50%, 12/01/24 | USD | 80 | 79,720 | |||||
| 7.50%, 03/15/25 | USD | 108 | 104,908 | |||||
| 7.88%, 04/15/27 | USD | 225 | 209,879 | |||||
| Brookfield Property Finance ULC | ||||||||
| 3.93%, 08/24/25 | CAD | 50 | 37,558 | |||||
| 3.93%, 01/15/27 | CAD | 50 | 36,858 | |||||
See Notes to Financial Statements
| 55 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 4.30%, 03/01/24 | CAD | 75 | $ | 58,079 | ||||
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A 6.25%, 09/15/27 | USD | 125 | 117,435 | |||||
| Cascades, Inc./Cascades USA Inc 144A 5.38%, 01/15/28 | USD | 50 | 48,307 | |||||
| Corus Entertainment, Inc. Reg S 5.00%, 05/11/28 | CAD | 75 | 54,991 | |||||
| Eldorado Gold Corp. 144A 6.25%, 09/01/29 † | USD | 50 | 48,440 | |||||
| Emera, Inc. 6.75% (ICE LIBOR USD 3 Month+5.44%), 06/15/76 | USD | 100 | 101,750 | |||||
| Empire Communities Corp. 144A 7.00%, 12/15/25 | USD | 25 | 23,719 | |||||
| Ensign Drilling, Inc. 144A 9.25%, 04/15/24 | USD | 50 | 48,946 | |||||
| Ford Credit Canada Co. 2.96%, 09/16/26 | CAD | 75 | 53,668 | |||||
| Garda World Security Corp. 144A 9.50%, 11/01/27 | USD | 50 | 49,194 | |||||
| GFL Environmental, Inc. 144A | ||||||||
| 3.50%, 09/01/28 | USD | 100 | 89,142 | |||||
| 3.75%, 08/01/25 | USD | 50 | 47,437 | |||||
| 4.38%, 08/15/29 | USD | 50 | 44,421 | |||||
| 4.75%, 06/15/29 | USD | 50 | 45,441 | |||||
| 5.12%, 12/15/26 | USD | 75 | 73,811 | |||||
| Gibson Energy, Inc. | ||||||||
| 2.85%, 07/14/27 | CAD | 25 | 18,022 | |||||
| 3.60%, 09/17/29 | CAD | 75 | 53,987 | |||||
| goeasy Ltd. 144A | ||||||||
| 4.38%, 05/01/26 | USD | 25 | 23,249 | |||||
| 5.38%, 12/01/24 | USD | 50 | 49,102 | |||||
| Hudbay Minerals, Inc. 144A 4.50%, 04/01/26 | USD | 50 | 46,289 | |||||
| Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC 144A 6.00%, 09/15/28 | USD | 40 | 37,700 | |||||
| Inter Pipeline Ltd. 6.88% (Canada Bankers’ Acceptances 3 Month+5.01%), 03/26/79 | CAD | 65 | 49,804 | |||||
| Intertape Polymer Group, Inc. 144A 4.38%, 06/15/29 | USD | 50 | 51,497 | |||||
| Keyera Corp. 6.88% (Canada Bankers’ Acceptances 3 Month+5.17%), 06/13/79 | CAD | 75 | 59,014 | |||||
| Lightstream Resources Ltd. 144A 8.62%, 02/01/20 # (d) *∞ | USD | 256 | 0 | |||||
| Mattamy Group Corp. 144A 4.62%, 03/01/30 | USD | 50 | 42,625 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 5.25%, 12/15/27 | USD | 50 | $ | 46,844 | ||||
| MEG Energy Corp. 144A | ||||||||
| 5.88%, 02/01/29 | USD | 50 | 49,000 | |||||
| 7.12%, 02/01/27 | USD | 100 | 101,735 | |||||
| Mercer International, Inc. 5.12%, 02/01/29 | USD | 50 | 46,535 | |||||
| Methanex Corp. | ||||||||
| 4.25%, 12/01/24 | USD | 50 | 49,272 | |||||
| 5.12%, 10/15/27 | USD | 50 | 48,061 | |||||
| 5.25%, 12/15/29 | USD | 75 | 71,355 | |||||
| New Gold, Inc. 144A 7.50%, 07/15/27 | USD | 50 | 50,373 | |||||
| Northriver Midstream Finance LP 144A 5.62%, 02/15/26 | USD | 50 | 48,844 | |||||
| NOVA Chemicals Corp. 144A | ||||||||
| 4.25%, 05/15/29 † | USD | 50 | 43,339 | |||||
| 4.88%, 06/01/24 | USD | 75 | 74,066 | |||||
| 5.00%, 05/01/25 | USD | 50 | 49,563 | |||||
| 5.25%, 06/01/27 | USD | 75 | 71,152 | |||||
| Open Text Corp. 144A | ||||||||
| 3.88%, 02/15/28 | USD | 100 | 91,239 | |||||
| 3.88%, 12/01/29 | USD | 100 | 89,000 | |||||
| Parkland Corp. 6.00%, 06/23/28 | CAD | 50 | 38,830 | |||||
| Parkland Corp. 144A | ||||||||
| 4.50%, 10/01/29 | USD | 100 | 87,704 | |||||
| 5.88%, 07/15/27 | USD | 125 | 121,440 | |||||
| Pembina Pipeline Corp. 4.80% (Generic Canadian 5 Year+4.17%), 01/25/81 | CAD | 50 | 34,102 | |||||
| Precision Drilling Corp. 144A 7.12%, 01/15/26 | USD | 50 | 50,214 | |||||
| Ritchie Bros Auctioneers, Inc. 144A 5.38%, 01/15/25 | USD | 50 | 50,195 | |||||
| SIG Combibloc PurchaseCo Sarl Reg S 2.12%, 06/18/25 | EUR | 100 | 105,297 | |||||
| Strathcona Resources Ltd. 144A 6.88%, 08/01/26 | USD | 50 | 48,442 | |||||
| Superior Plus LP / Superior General Partner, Inc. 144A 4.50%, 03/15/29 | USD | 100 | 91,499 | |||||
| Taseko Mines Ltd. 144A 7.00%, 02/15/26 | USD | 25 | 24,843 | |||||
| Teine Energy Ltd. 144A 6.88%, 04/15/29 | USD | 50 | 49,903 | |||||
| Telesat Canada / Telesat LLC 144A 5.62%, 12/06/26 | USD | 25 | 17,882 | |||||
| Terraform Global Operating LLC 144A 6.12%, 03/01/26 | USD | 50 | 49,256 | |||||
| Tervita Corp. 144A 11.00%, 12/01/25 | USD | 30 | 33,488 | |||||
| Titan Acquisition Ltd. / Titan Co.-Borrower LLC 144A | ||||||||
See Notes to Financial Statements
| 56 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 7.75%, 04/15/26 | USD | 50 | $ | 48,318 | ||||
| TransAlta Corp. 6.50%, 03/15/40 | USD | 25 | 25,080 | |||||
| Trivium Packaging Finance BV Reg S 3.75%, 08/15/26 | EUR | 200 | 202,854 | |||||
| Vermilion Energy, Inc. 144A 5.62%, 03/15/25 † | USD | 25 | 24,899 | |||||
| Videotron Ltd. | ||||||||
| 3.12%, 01/15/31 | CAD | 100 | 64,289 | |||||
| 4.50%, 01/15/30 | CAD | 75 | 54,247 | |||||
| 5.62%, 06/15/25 | CAD | 25 | 20,002 | |||||
| Videotron Ltd. 144A 3.62%, 06/15/28 | CAD | 100 | 70,996 | |||||
| Videotron Ltd. Reg S 5.75%, 01/15/26 | CAD | 50 | 39,489 | |||||
| 5,007,392 | ||||||||
| Cayman Islands: 0.4% | ||||||||
| Arabian Centres Sukuk II Ltd. 144A
5.62%, 10/07/26 | USD | 100 | 94,687 | |||||
| Banco do Brasil SA 144A | ||||||||
| 3.25%, 09/30/26 | USD | 100 | 92,871 | |||||
| 4.88%, 01/11/29 † | USD | 50 | 48,582 | |||||
| CT Trust 144A 5.12%, 02/03/32 | USD | 100 | 93,313 | |||||
| 329,453 | ||||||||
| Chile: 0.2% | ||||||||
| Kenbourne Invest SA 144A 6.88%, 11/26/24 | USD | 50 | 47,757 | |||||
| VTR Comunicaciones SpA 144A 5.12%, 01/15/28 | USD | 100 | 90,105 | |||||
| 137,862 | ||||||||
| China: 3.3% | ||||||||
| Bank of Communications Co. Ltd. Reg S 3.80% (US Treasury Yield Curve Rate T 5 Year+3.35%), 11/18/2025 (o) |
USD | 200 | 198,899 | |||||
| China CITIC Bank International Ltd. Reg S 7.10% (US Treasury Yield Curve Rate T 5 Year+4.15%), 11/02/23 (o) | USD | 200 | 210,006 | |||||
| CIFI Holdings Group Co. Ltd. Reg S 6.00%, 07/16/25 | USD | 200 | 158,200 | |||||
| ENN Clean Energy International Investment Ltd. 144A 3.38%, 05/12/26 | USD | 200 | 183,767 | |||||
| Fortune Star BVI Ltd. Reg S | ||||||||
| 5.95%, 10/19/25 | USD | 200 | 182,600 | |||||
| 6.75%, 07/02/23 | USD | 200 | 195,000 | |||||
| Global Aircraft Leasing Co. Ltd. 144A 6.50%, 09/15/24 | USD | 115 | 99,124 | |||||
| Greenland Global Investment Ltd. Reg S | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 5.88%, 07/03/24 | USD | 200 | $ | 114,000 | ||||
| Industrial & Commercial Bank of China Ltd. Reg S 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) |
USD | 500 | 476,797 | |||||
| KWG Group Holdings Ltd. Reg S 5.88%, 11/10/24 | USD | 350 | 134,225 | |||||
| Powerlong Real Estate Holdings Ltd. Reg S 6.25%, 08/10/24 | USD | 200 | 86,000 | |||||
| Sunac China Holdings Ltd. Reg S | ||||||||
| 5.95%, 04/26/24 | USD | 200 | 47,800 | |||||
| 7.00%, 07/09/25 | USD | 200 | 45,000 | |||||
| 7.95%, 10/11/23 | USD | 200 | 52,500 | |||||
| Times China Holdings Ltd. Reg S 6.75%, 07/16/23 | USD | 200 | 111,200 | |||||
| Volvo Car AB Reg S 2.12%, 04/02/24 | EUR | 100 | 105,433 | |||||
| Wanda Properties International Co. Ltd. Reg S 7.25%, 01/29/24 | USD | 200 | 168,985 | |||||
| Yuzhou Group Holdings Co. Ltd. Reg S 6.00%, 10/25/23 | USD | 300 | 44,250 | |||||
| Zhenro Properties Group Ltd. Reg S 6.63%, 01/07/26 | USD | 200 | 19,000 | |||||
| 2,632,786 | ||||||||
| Colombia: 2.2% | ||||||||
| Banco de Bogota SA 144A 6.25%, 05/12/26 | USD | 100 | 99,302 | |||||
| Cable Onda SA 144A 4.50%, 01/30/30 | USD | 100 | 93,638 | |||||
| Ecopetrol SA | ||||||||
| 4.12%, 01/16/25 | USD | 100 | 96,879 | |||||
| 4.62%, 11/02/31 | USD | 75 | 62,803 | |||||
| 5.38%, 06/26/26 | USD | 125 | 123,158 | |||||
| 5.88%, 09/18/23 | USD | 150 | 152,132 | |||||
| 5.88%, 05/28/45 | USD | 125 | 98,513 | |||||
| 5.88%, 11/02/51 | USD | 75 | 57,236 | |||||
| 6.88%, 04/29/30 | USD | 175 | 173,111 | |||||
| 7.38%, 09/18/43 | USD | 75 | 68,425 | |||||
| Empresas Publicas de Medellin ESP 144A 4.25%, 07/18/29 | USD | 75 | 62,865 | |||||
| Gran Tierra Energy International Holdings Ltd. 144A 6.25%, 02/15/25 | USD | 50 | 46,073 | |||||
| Grupo Aval Ltd. 144A 4.38%, 02/04/30 | USD | 100 | 84,847 | |||||
| Grupo de Inversiones Suramericana SA 144A 5.50%, 04/29/26 | USD | 100 | 99,124 | |||||
| Millicom International Cellular SA 144A | ||||||||
See Notes to Financial Statements
| 57 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Colombia (continued) | ||||||||
| 5.12%, 01/15/28 | USD | 5 | $ | 5,096 | ||||
| 6.25%, 03/25/29 | USD | 54 | 53,595 | |||||
| Oleoducto Central SA 144A 4.00%, 07/14/27 | USD | 100 | 90,618 | |||||
| Orazul Energy Egenor SCA 144A 5.62%, 04/28/27 | USD | 100 | 89,942 | |||||
| Telefonica Celular del Paraguay SA 144A 5.88%, 04/15/27 | USD | 100 | 100,326 | |||||
| Termocandelaria Power Ltd. 144A 7.88%, 01/30/29 | USD | 85 | 82,719 | |||||
| 1,740,402 | ||||||||
| Costa Rica: 0.1% | ||||||||
| Instituto Costarricense de Electricidad 144A 6.38%, 05/15/43 | USD | 100 | 82,398 | |||||
| Cyprus: 0.2% | ||||||||
| MHP Lux SA 144A 6.95%, 04/03/26 | USD | 100 | 49,500 | |||||
| Vivion Investments Sarl Reg S 3.00%, 08/08/24 | EUR | 100 | 97,068 | |||||
| 146,568 | ||||||||
| 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 | 97,732 | ||||||
| Energo-Pro AS Reg S 4.50%, 05/04/24 | EUR | 100 | 101,690 | |||||
| 199,422 | ||||||||
| Denmark: 0.2% | ||||||||
| DKT Finance ApS Reg S 7.00%, 06/17/23 | EUR | 175 | 184,275 | |||||
| Finland: 0.8% | ||||||||
| Ahlstrom-Munksjo Holding 3 Oy Reg S 3.62%, 02/04/28 | EUR | 100 | 94,820 | |||||
| Citycon Oyj Reg S 4.50% (EUR Swap Annual 5 Year+4.71%), 11/24/2024 (o) | EUR | 100 | 96,910 | |||||
| Nokia Oyj | ||||||||
| 4.38%, 06/12/27 | USD | 150 | 145,689 | |||||
| 6.62%, 05/15/39 | USD | 100 | 115,628 | |||||
| Teollisuuden Voima Oyj Reg S 2.12%, 02/04/25 | EUR | 175 | 183,236 | |||||
| 636,283 | ||||||||
| France: 7.6% | ||||||||
| Accor SA Reg S | ||||||||
| 2.62% (EUR Swap Annual 5 Year+3.25%), 1/30/2025 (o) | EUR | 100 | 95,773 | |||||
| 3.00%, 02/04/26 | EUR | 100 | 103,087 | |||||
| Altice France SA 144A 5.12%, 07/15/29 | USD | 200 | 169,642 | |||||
| Altice France SA Reg S | ||||||||
| 2.50%, 01/15/25 | EUR | 100 | 99,166 | |||||
| 5.88%, 02/01/27 | EUR | 100 | 105,960 | |||||
| Altice France SA/France 144A | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| France (continued) | ||||||||
| 5.50%, 10/15/29 | USD | 175 | $ | 148,949 | ||||
| Banijay Entertainment SASU 144A 5.38%, 03/01/25 | USD | 100 | 98,429 | |||||
| CAB SELAS Reg S 3.38%, 02/01/28 | EUR | 100 | 94,370 | |||||
| Casino Guichard Perrachon 4.05%, 08/05/26 | EUR | 100 | 83,204 | |||||
| Casino Guichard Perrachon SA Reg S 4.50%, 03/07/24 | EUR | 100 | 92,097 | |||||
| CGG SA 144A 8.75%, 04/01/27 † | USD | 100 | 99,383 | |||||
| Chrome Bidco SASU Reg S 3.50%, 05/31/28 | EUR | 100 | 95,354 | |||||
| Constellium SE 144A 3.75%, 04/15/29 † | USD | 100 | 86,616 | |||||
| eircom Finance DAC Reg S 3.50%, 05/15/26 | EUR | 100 | 100,086 | |||||
| Electricite de France SA 144A 5.62% (USD Swap Semi 30/360 10 Year+3.04%), 01/22/24 (o) | USD | 300 | 293,646 | |||||
| Electricite de France SA Reg S | ||||||||
| 3.00% (EUR Swap Annual 5 Year+3.20%), 12/3/2028 (o) | EUR | 200 | 186,279 | |||||
| 3.38% (EUR Swap Annual 5 Year+3.97%), 6/15/2030 (o) | EUR | 200 | 178,809 | |||||
| 4.00% (EUR Swap Annual 6 Year+3.44%), 7/4/2024 (o) | EUR | 100 | 102,726 | |||||
| 5.38% (EUR Swap Annual 12 Year+3.79%), 01/29/49 (o) | EUR | 100 | 105,756 | |||||
| Elis SA Reg S | ||||||||
| 1.62%, 04/03/28 | EUR | 100 | 93,347 | |||||
| 1.75%, 04/11/24 | EUR | 100 | 104,067 | |||||
| Faurecia SE Reg S | ||||||||
| 2.38%, 06/15/27 | EUR | 100 | 89,160 | |||||
| 2.62%, 06/15/25 | EUR | 100 | 99,514 | |||||
| 3.12%, 06/15/26 | EUR | 100 | 97,243 | |||||
| 3.75%, 06/15/28 | EUR | 100 | 94,199 | |||||
| Getlink SE Reg S 3.50%, 10/30/25 | EUR | 100 | 104,824 | |||||
| Iliad Holding SASU 144A | ||||||||
| 6.50%, 10/15/26 | USD | 300 | 288,702 | |||||
| 7.00%, 10/15/28 | USD | 100 | 94,684 | |||||
| La Poste SA Reg S 3.12% (EUR Swap Annual 5 Year+2.44%), 1/29/2026 (o) | EUR | 100 | 101,935 | |||||
| Loxam SAS Reg S | ||||||||
| 2.88%, 04/15/26 | EUR | 100 | 98,478 | |||||
| 3.25%, 01/14/25 | EUR | 100 | 102,426 | |||||
| Matterhorn Telecom SA Reg S 3.12%, 09/15/26 | EUR | 100 | 98,057 | |||||
| Orano SA 4.88%, 09/23/24 | EUR | 150 | 167,690 | |||||
| Paprec Holding SA Reg S 4.00%, 03/31/25 | EUR | 100 | 105,477 | |||||
| Parts Europe SA Reg S | ||||||||
See Notes to Financial Statements
| 58 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| France (continued) | ||||||||
| 6.50%, 07/16/25 | EUR | 100 | $ | 108,815 | ||||
| Picard Groupe SAS Reg S 3.88%, 07/01/26 | EUR | 100 | 99,033 | |||||
| Quatrim SASU Reg S 5.88%, 01/15/24 | EUR | 100 | 103,386 | |||||
| RCI Banque SA Reg S 2.62% (EUR Swap Annual 5 Year+2.85%), 02/18/30 | EUR | 100 | 97,482 | |||||
| Renault SA Reg S | ||||||||
| 1.00%, 04/18/24 | EUR | 100 | 100,968 | |||||
| 1.00%, 11/28/25 | EUR | 50 | 48,713 | |||||
| 1.25%, 06/24/25 | EUR | 100 | 96,299 | |||||
| 2.00%, 09/28/26 | EUR | 100 | 93,143 | |||||
| 2.38%, 05/25/26 | EUR | 100 | 95,908 | |||||
| Rexel SA Reg S 2.12%, 06/15/28 | EUR | 100 | 96,947 | |||||
| Rubis Terminal Infra SAS Reg S 5.62%, 05/15/25 | EUR | 100 | 107,211 | |||||
| SPCM SA Reg S 2.62%, 02/01/29 | EUR | 100 | 95,954 | |||||
| SPIE SA Reg S 2.62%, 06/18/26 | EUR | 100 | 101,207 | |||||
| Tereos Finance Groupe I SA Reg S 7.50%, 10/30/25 | EUR | 100 | 108,339 | |||||
| Valeo Reg S | ||||||||
| 1.00%, 08/03/28 | EUR | 100 | 88,756 | |||||
| 3.25%, 01/22/24 | EUR | 100 | 107,856 | |||||
| Vallourec SA Reg S 8.50%, 06/30/26 | EUR | 100 | 106,142 | |||||
| Veolia Environnement SA Reg S | ||||||||
| 2.25% (EUR Swap Annual 5 Year+2.71%), 9/20/2025 (o) | EUR | 100 | 99,361 | |||||
| 2.50% (EUR Swap Annual 5 Year+2.84%), 9/20/2028 (o) | EUR | 100 | 92,196 | |||||
| Verallia SA Reg S 1.62%, 05/14/28 | EUR | 100 | 95,261 | |||||
| 6,022,112 | ||||||||
| Germany: 6.4% | ||||||||
| ADLER Group SA Reg S | ||||||||
| 2.75%, 11/13/26 | EUR | 100 | 73,213 | |||||
| 3.25%, 08/05/25 | EUR | 100 | 78,721 | |||||
| ADLER Real Estate AG Reg S 1.88%, 04/27/23 | EUR | 100 | 92,099 | |||||
| Bayer AG Reg S | ||||||||
| 2.38% (EUR Swap Annual 5 Year+2.65%), 11/12/79 | EUR | 200 | 200,204 | |||||
| 3.75% (EUR Swap Annual 5 Year+2.55%), 07/01/74 | EUR | 145 | 153,056 | |||||
| Cheplapharm Arzneimittel GmbH Reg S 4.38%, 01/15/28 |
EUR | 100 | 98,696 | |||||
| Commerzbank AG 144A 8.12%, 09/19/23 | USD | 50 | 52,072 | |||||
| Commerzbank AG Reg S | ||||||||
| 4.00%, 03/23/26 | EUR | 75 | 79,766 | |||||
| 4.00% (EUR Swap Annual 5 Year+4.35%), 12/05/30 | EUR | 100 | 104,765 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Germany (continued) | ||||||||
| CT Investment GmbH Reg S
5.50%, 04/15/26 | EUR | 100 | $ | 98,802 | ||||
| Deutsche Bank AG | ||||||||
| 3.73% (United States Secured Overnight Financing Rate+2.76%), 01/14/32 | USD | 140 | 115,722 | |||||
| 4.30% (USD Swap Semi 30/360 5 Year+2.25%), 05/24/28 | USD | 150 | 147,196 | |||||
| 4.50%, 04/01/25 | USD | 150 | 147,543 | |||||
| 4.50%, 05/19/26 | EUR | 100 | 108,420 | |||||
| 4.88% (USD ICE Swap Rate 11:00am NY 5 Year+2.55%), 12/01/32 | USD | 125 | 114,656 | |||||
| 5.88% (United States Secured Overnight Financing Rate+5.44%), 07/08/31 | USD | 25 | 24,297 | |||||
| Deutsche Bank AG Reg S | ||||||||
2.75%, 02/17/25 | EUR | 100 | 105,353 | |||||
| 5.62% (EUR Swap Annual 5 Year+6.00%), 05/19/31 | EUR | 100 | 109,299 | |||||
| Deutsche Lufthansa AG 0.25%, 09/06/24 † | EUR | 200 | 199,424 | |||||
| Deutsche Lufthansa AG Reg S | ||||||||
| 3.00%, 05/29/26 | EUR | 100 | 98,018 | |||||
| 3.75%, 02/11/28 | EUR | 100 | 95,941 | |||||
| Douglas GmbH Reg S 6.00%, 04/08/26 | EUR | 100 | 95,003 | |||||
| Dresdner Funding Trust I 144A 8.15%, 06/30/31 | USD | 150 | 181,980 | |||||
| Gruenenthal GmbH Reg S 3.62%, 11/15/26 | EUR | 100 | 100,200 | |||||
| IHO Verwaltungs GmbH 144A 4.75%, 09/15/26 | USD | 200 | 188,325 | |||||
| IHO Verwaltungs GmbH Reg S 3.62%, 05/15/25 | EUR | 100 | 102,075 | |||||
| Infineon Technologies AG Reg S 3.62% (EUR Swap Annual 5 Year+4.00%), 1/1/2028 (o) | EUR | 100 | 101,603 | |||||
| K+S AG Reg S 3.25%, 07/18/24 | EUR | 100 | 106,793 | |||||
| Kirk Beauty SUN GmbH Reg S 8.25%, 10/01/26 | EUR | 109 | 99,611 | |||||
| LANXESS AG Reg S 4.50% (EUR Swap Annual 5 Year+4.51%), 12/06/76 | EUR | 100 | 107,021 | |||||
| Mahle GmbH Reg S 2.38%, 05/14/28 | EUR | 100 | 83,965 | |||||
| Mercer International, Inc. 5.50%, 01/15/26 | USD | 41 | 40,695 | |||||
| Novelis Sheet Ingot GmbH Reg S 3.38%, 04/15/29 | EUR | 100 | 95,392 | |||||
| ProGroup AG Reg S 3.00%, 03/31/26 | EUR | 100 | 100,401 | |||||
| Renk AG/Frankfurt am Main Reg S 5.75%, 07/15/25 | EUR | 100 | 104,493 | |||||
| RWE AG Reg S | ||||||||
See Notes to Financial Statements
| 59 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Germany (continued) | ||||||||
| 6.62% (USD Swap Semi 30/360 10 Year+4.52%), 07/30/75 | USD | 100 | $ | 105,424 | ||||
| Schaeffler AG Reg S | ||||||||
| 1.88%, 03/26/24 | EUR | 100 | 105,669 | |||||
| 2.88%, 03/26/27 | EUR | 50 | 49,935 | |||||
| 3.38%, 10/12/28 | EUR | 100 | 96,665 | |||||
| Tele Columbus AG Reg S 3.88%, 05/02/25 | EUR | 100 | 96,263 | |||||
| thyssenkrupp AG Reg S | ||||||||
| 2.50%, 02/25/25 | EUR | 100 | 102,417 | |||||
| 2.88%, 02/22/24 | EUR | 100 | 103,944 | |||||
| WEPA Hygieneprodukte GmbH Reg S 2.88%, 12/15/27 | EUR | 100 | 88,216 | |||||
| ZF Europe Finance BV Reg S | ||||||||
| 2.00%, 02/23/26 | EUR | 100 | 94,888 | |||||
| 3.00%, 10/23/29 | EUR | 100 | 88,731 | |||||
| ZF Finance GmbH Reg S | ||||||||
| 3.00%, 09/21/25 | EUR | 100 | 100,288 | |||||
| 3.75%, 09/21/28 | EUR | 100 | 94,037 | |||||
| ZF North America Capital, Inc. 144A 4.75%, 04/29/25 | USD | 175 | 171,279 | |||||
| 5,102,576 | ||||||||
| Ghana: 0.2% | ||||||||
| Kosmos Energy Ltd. 144A 7.12%, 04/04/26 | USD | 100 | 97,860 | |||||
| Tullow Oil Plc 144A 7.00%, 03/01/25 | USD | 100 | 81,702 | |||||
| 179,562 | ||||||||
| Greece: 0.9% | ||||||||
| Alpha Services and Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.82%), 06/11/31 | EUR | 100 | 96,634 | |||||
| Ellaktor Value Plc Reg S 6.38%, 12/15/24 | EUR | 100 | 95,176 | |||||
| Eurobank SA Reg S 2.00% (EUR Swap Annual 1 Year+2.40%), 05/05/27 | EUR | 100 | 93,559 | |||||
| Mytilineos Financial Partners SA Reg S 2.50%, 12/01/24 | EUR | 100 | 102,809 | |||||
| National Bank of Greece SA Reg S 2.75% (EUR Swap Annual 5 Year+3.30%), 10/08/26 | EUR | 100 | 99,023 | |||||
| Piraeus Financial Holdings SA Reg S 5.50% (EUR Swap Annual 5 Year+5.77%), 02/19/30 | EUR | 100 | 95,111 | |||||
| Public Power Corp. SA Reg S 3.88%, 03/30/26 | EUR | 100 | 100,633 | |||||
| 682,945 | ||||||||
| Guatemala: 0.2% | ||||||||
| Banco Industrial SA 144A | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Guatemala (continued) | ||||||||
| 4.88% (US Treasury Yield Curve Rate T 5 Year+4.44%), 01/29/31 | USD | 100 | $ | 95,219 | ||||
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 | USD | 100 | 95,129 | |||||
| 190,348 | ||||||||
| Hong Kong: 0.7% | ||||||||
| Agile Group Holdings Ltd. Reg S 8.38% (US Treasury Yield Curve Rate T 5 Year+11.25%), 12/4/2023 (o) |
USD | 200 | 45,500 | |||||
| Melco Resorts Finance Ltd. 144A | ||||||||
| 4.88%, 06/06/25 | USD | 100 | 89,534 | |||||
| 5.38%, 12/04/29 | USD | 100 | 80,521 | |||||
| 5.62%, 07/17/27 | USD | 50 | 42,756 | |||||
| 5.75%, 07/21/28 | USD | 50 | 42,264 | |||||
| RKPF Overseas 2020 A Ltd. Reg S 5.20%, 01/12/26 | USD | 200 | 146,137 | |||||
| Studio City Finance Ltd. 144A | ||||||||
| 5.00%, 01/15/29 | USD | 100 | 69,120 | |||||
| 6.50%, 01/15/28 | USD | 100 | 78,631 | |||||
| 594,463 | ||||||||
| Hungary: 0.1% | ||||||||
| OTP Bank Nyrt Reg S 2.88% (EUR Swap Annual 5 Year+3.20%), 07/15/29 | EUR | 100 | 100,122 | |||||
| India: 2.2% | ||||||||
| ABJA Investment Co. Pte Ltd. Reg S 5.95%, 07/31/24 | USD | 300 | 309,375 | |||||
| Delhi International Airport Ltd. 144A 6.45%, 06/04/29 | USD | 100 | 90,815 | |||||
| Jaguar Land Rover Automotive Plc Reg S 2.20%, 01/15/24 |
EUR | 100 | 99,265 | |||||
| JSW Steel Ltd. Reg S 5.95%, 04/18/24 | USD | 200 | 203,000 | |||||
| Muthoot Finance Ltd. 144A 4.40%, 09/02/23 | USD | 100 | 99,350 | |||||
| Network i2i Ltd. 144A 5.65% (US Treasury Yield Curve Rate T 5 Year+4.28%), 1/15/2025 (o) | USD | 100 | 98,657 | |||||
| ReNew Power Synthetic 144A 6.67%, 03/12/24 | USD | 100 | 101,500 | |||||
| Shriram Transport Finance Co. Ltd. 144A 4.40%, 03/13/24 | USD | 200 | 190,893 | |||||
| Tata Motors Ltd. Reg S 5.75%, 10/30/24 | USD | 200 | 202,964 | |||||
| Vedanta Resources Finance II Plc 144A 9.25%, 04/23/26 | USD | 100 | 83,149 | |||||
See Notes to Financial Statements
| 60 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| India (continued) | ||||||||
| 13.88%, 01/21/24 | USD | 100 | $ | 103,946 | ||||
| Vedanta Resources Ltd. 144A 6.12%, 08/09/24 | USD | 150 | 125,923 | |||||
| 1,708,837 | ||||||||
| Indonesia: 0.9% | ||||||||
| Adaro Indonesia PT 144A 4.25%, 10/31/24 † | USD | 100 | 98,795 | |||||
| Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) * | USD | 150 | 1,219 | |||||
| Indika Energy Capital III Pte Ltd. 144A 5.88%, 11/09/24 | USD | 100 | 98,678 | |||||
| Medco Platinum Road Pte Ltd. 144A 6.75%, 01/30/25 | USD | 200 | 198,121 | |||||
| Saka Energi Indonesia PT 144A 4.45%, 05/05/24 | USD | 100 | 95,598 | |||||
| Theta Capital Pte Ltd. Reg S 6.75%, 10/31/26 † | USD | 200 | 188,800 | |||||
| 681,211 | ||||||||
| Ireland: 1.1% | ||||||||
| AerCap Global Aviation Trust 144A 6.50% (ICE LIBOR USD 3 Month+4.30%), 06/15/45 | USD | 150 | 146,037 | |||||
| AIB Group Plc Reg S 1.88% (EUR Swap Annual 5 Year+2.15%), 11/19/29 | EUR | 100 | 101,076 | |||||
| Bank of Ireland Group Plc Reg S 1.38% (EUR Swap Annual 5 Year+1.65%), 08/11/31 | EUR | 100 | 95,281 | |||||
| C&W Senior Financing DAC 144A 6.88%, 09/15/27 | USD | 200 | 194,281 | |||||
| Cimpress Plc 144A 7.00%, 06/15/26 | USD | 100 | 93,383 | |||||
| Permanent TSB Group Holdings Plc Reg S 3.00% (EUR Swap Annual 5 Year+3.22%), 08/19/31 | EUR | 100 | 95,420 | |||||
| Virgin Media Vendor Financing Notes III DAC Reg S 4.88%, 07/15/28 | GBP | 100 | 114,486 | |||||
| 839,964 | ||||||||
| Israel: 1.9% | ||||||||
| Leviathan Bond Ltd. 144A Reg S | ||||||||
| 5.75%, 06/30/23 | USD | 20 | 19,950 | |||||
| 6.12%, 06/30/25 | USD | 50 | 49,825 | |||||
| 6.50%, 06/30/27 | USD | 50 | 49,438 | |||||
| 6.75%, 06/30/30 | USD | 50 | 49,433 | |||||
| Teva Pharmaceutical Finance Co. LLC 6.15%, 02/01/36 | USD | 95 | 89,950 | |||||
| Teva Pharmaceutical Finance Netherlands II BV 6.00%, 01/31/25 | EUR | 100 | 107,452 | |||||
| Teva Pharmaceutical Finance Netherlands II BV Reg S 1.12%, 10/15/24 | EUR | 100 | 97,991 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Israel (continued) | ||||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 2.80%, 07/21/23 | USD | 150 | $ | 145,658 | ||||
| 3.15%, 10/01/26 | USD | 325 | 279,196 | |||||
| 4.10%, 10/01/46 | USD | 225 | 161,064 | |||||
| 6.00%, 04/15/24 | USD | 150 | 150,189 | |||||
| 6.75%, 03/01/28 † | USD | 150 | 152,559 | |||||
| 7.12%, 01/31/25 | USD | 125 | 126,811 | |||||
| 1,479,516 | ||||||||
| Italy: 7.7% | ||||||||
| Abertis Infraestructuras Finance BV Reg S 3.25% (EUR Swap Annual 5 Year+3.69%), 11/24/2025 (o) | EUR | 200 | 199,309 | |||||
| Atlantia SpA Reg S | ||||||||
| 1.88%, 07/13/27 | EUR | 100 | 96,571 | |||||
| 1.88%, 02/12/28 | EUR | 100 | 94,824 | |||||
| Autostrade per l’Italia SpA | ||||||||
| 1.62%, 06/12/23 | EUR | 50 | 52,814 | |||||
| 5.88%, 06/09/24 | EUR | 100 | 113,622 | |||||
| Autostrade per l’Italia SpA Reg S | ||||||||
| 1.75%, 06/26/26 | EUR | 100 | 100,755 | |||||
| 1.75%, 02/01/27 | EUR | 125 | 124,328 | |||||
| 1.88%, 09/26/29 | EUR | 100 | 95,270 | |||||
| 2.00%, 12/04/28 | EUR | 100 | 97,327 | |||||
| 4.38%, 09/16/25 | EUR | 50 | 55,707 | |||||
| Azzurra Aeroporti SpA Reg S 2.12%, 05/30/24 | EUR | 100 | 103,861 | |||||
| Banca Monte dei Paschi di Siena SpA Reg S 3.62%, 09/24/24 | EUR | 150 | 152,779 | |||||
| Banca Popolare di Sondrio SPA Reg S 2.38%, 04/03/24 | EUR | 100 | 105,801 | |||||
| Banco BPM SpA Reg S | ||||||||
| 1.75%, 01/28/25 | EUR | 100 | 103,779 | |||||
| 2.50%, 06/21/24 | EUR | 100 | 106,611 | |||||
| 5.00% (EUR Swap Annual 5 Year+5.42%), 09/14/30 | EUR | 100 | 107,736 | |||||
| BPER Banca Reg S 1.38% (Euribor 3 Month ACT/360+1.75%), 03/31/27 | EUR | 100 | 96,779 | |||||
| Esselunga SpA Reg S 0.88%, 10/25/23 | EUR | 100 | 104,708 | |||||
| IMA Industria Macchine Automatiche SpA 144A 3.75%, 01/15/28 | EUR | 100 | 93,919 | |||||
| Infrastrutture Wireless Italiane SpA Reg S | ||||||||
| 1.62%, 10/21/28 | EUR | 100 | 95,532 | |||||
| 1.88%, 07/08/26 | EUR | 100 | 102,042 | |||||
| International Design Group SPA Reg S 6.50%, 11/15/25 | EUR | 100 | 105,639 | |||||
| Intesa Sanpaolo SpA 144A 4.95% (US Treasury Yield Curve Rate T 1 Year+2.75%), 06/01/42 | USD | 50 | 39,174 | |||||
See Notes to Financial Statements
| 61 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Italy (continued) | ||||||||
| 5.02%, 06/26/24 | USD | 125 | $ | 122,136 | ||||
| 5.71%, 01/15/26 | USD | 75 | 74,721 | |||||
| Intesa Sanpaolo SpA Reg S | ||||||||
| 2.85%, 04/23/25 | EUR | 100 | 105,004 | |||||
| 3.93%, 09/15/26 | EUR | 100 | 107,567 | |||||
| 5.88% (EUR Swap Annual 5 Year+5.75%), 03/04/29 | EUR | 100 | 110,377 | |||||
| 6.62%, 09/13/23 | EUR | 200 | 224,117 | |||||
| Intesa Sanpaolo Vita SpA Reg S 4.75% (Euribor 6 Month ACT/360+4.82%), 12/31/49 (o) | EUR | 100 | 105,800 | |||||
| Leonardo SpA 4.88%, 03/24/25 | EUR | 50 | 56,215 | |||||
| Leonardo SpA Reg S 1.50%, 06/07/24 | EUR | 100 | 104,291 | |||||
| Poste Italiane SpA Reg S 2.62% (EUR Swap Annual 5 Year+2.68%), 3/24/2029 (o) | EUR | 100 | 89,697 | |||||
| SACE SPA Reg S 3.88% (EUR Swap Annual 10 Year+3.19%), 02/10/49 (o) | EUR | 100 | 101,539 | |||||
| Saipem Finance International BV Reg S 3.75%, 09/08/23 † | EUR | 150 | 155,591 | |||||
| Telecom Italia Finance SA 7.75%, 01/24/33 | EUR | 100 | 119,754 | |||||
| Telecom Italia SpA/Milano | ||||||||
| 5.25%, 03/17/55 | EUR | 100 | 96,883 | |||||
| 5.88%, 05/19/23 | GBP | 100 | 128,010 | |||||
| Telecom Italia SpA/Milano 144A 5.30%, 05/30/24 | USD | 100 | 98,242 | |||||
| Telecom Italia SpA/Milano Reg S | ||||||||
| 1.62%, 01/18/29 | EUR | 100 | 84,921 | |||||
| 2.38%, 10/12/27 | EUR | 100 | 92,227 | |||||
| 2.50%, 07/19/23 | EUR | 100 | 105,605 | |||||
| 2.75%, 04/15/25 | EUR | 100 | 100,577 | |||||
| 2.88%, 01/28/26 | EUR | 100 | 98,624 | |||||
| 3.00%, 09/30/25 | EUR | 100 | 100,842 | |||||
| 3.62%, 05/25/26 | EUR | 150 | 153,263 | |||||
| 4.00%, 04/11/24 | EUR | 100 | 105,877 | |||||
| Terna - Rete Elettrica Nazionale Reg S 2.38% (EUR Swap Annual 5 Year+2.12%), 11/9/2027 (o) | EUR | 100 | 97,014 | |||||
| UniCredit SpA 144A | ||||||||
| 5.46% (US Treasury Yield Curve Rate T 5 Year+4.75%), 06/30/35 | USD | 100 | 90,340 | |||||
| 7.30% (USD ICE Swap Rate 11:00am NY 5 Year+4.91%), 04/02/34 | USD | 100 | 101,132 | |||||
| UniCredit SpA Reg S | ||||||||
| 2.00% (EUR Swap Annual 5 Year+2.40%), 09/23/29 | EUR | 200 | 200,719 | |||||
| 2.73% (EUR Swap Annual 5 Year+2.80%), 01/15/32 | EUR | 200 | 189,600 | |||||
| Unipol Gruppo SpA Reg S 3.00%, 03/18/25 | EUR | 200 | 214,770 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Italy (continued) | ||||||||
| UnipolSai Assicurazioni SpA Reg S 5.75% (Euribor 3 Month ACT/360+5.18%), 12/31/49 (o) | EUR | 100 | $ | 107,077 | ||||
| Webuild SpA Reg S 1.75%, 10/26/24 | EUR | 100 | 99,760 | |||||
| 6,091,179 | ||||||||
| Japan: 2.1% | ||||||||
| Rakuten Group, Inc. 144A | ||||||||
| 5.12% (US Treasury Yield Curve Rate T 5 Year+4.58%), 4/22/2026 (o) | USD | 150 | 138,562 | |||||
| 6.25% (US Treasury Yield Curve Rate T 5 Year+4.96%), 4/22/2031 (o) † | USD | 150 | 142,875 | |||||
| SoftBank Group Corp. Reg S | ||||||||
| 3.12%, 09/19/25 | EUR | 100 | 97,357 | |||||
| 4.00%, 09/19/29 | EUR | 100 | 88,418 | |||||
| 4.75%, 09/19/24 | USD | 200 | 194,200 | |||||
| 5.00%, 04/15/28 | EUR | 100 | 97,134 | |||||
| 5.12%, 09/19/27 | USD | 200 | 183,750 | |||||
| 6.00% (USD ICE Swap Rate 11:00am NY 5 Year+4.23%), 7/19/2023 (o) | USD | 250 | 230,622 | |||||
| 6.25%, 04/15/28 | USD | 350 | 333,813 | |||||
| 6.88% (USD ICE Swap Rate 11:00am NY 5 Year+4.85%), 7/19/2027 (o) | USD | 200 | 188,540 | |||||
| 1,695,271 | ||||||||
| Jersey, Channel Islands: 0.6% | ||||||||
| Atrium European Real Estate Ltd. Reg S 3.00%, 09/11/25 |
EUR | 100 | 102,614 | |||||
| eG Global Finance Plc 144A 6.75%, 02/07/25 | USD | 200 | 194,702 | |||||
| eG Global Finance Plc Reg S 4.38%, 02/07/25 | EUR | 100 | 101,416 | |||||
| Petrofac Ltd. 144A 9.75%, 11/15/26 | USD | 100 | 93,677 | |||||
| 492,409 | ||||||||
| Kazakhstan: 0.1% | ||||||||
| Kazakhstan Temir Zholy Finance BV 144A 6.95%, 07/10/42 | USD | 100 | 101,675 | |||||
| Kuwait: 0.2% | ||||||||
| Kuwait Projects Co. SPC Ltd. Reg S 4.23%, 10/29/26 | USD | 200 | 180,000 | |||||
| Luxembourg: 5.7% | ||||||||
| ADLER Group SA Reg S 2.25%, 01/14/29 | EUR | 100 | 69,124 | |||||
| AI Candelaria Spain SA 144A 7.50%, 12/15/28 | USD | 75 | 72,795 | |||||
| Albion Financing 1 SARL / Aggreko Holdings, Inc. 144A 6.12%, 10/15/26 | USD | 100 | 93,182 | |||||
| Altice Financing SA 144A 5.00%, 01/15/28 | USD | 250 | 208,975 | |||||
See Notes to Financial Statements
| 62 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Luxembourg (continued) | ||||||||
| Altice Financing SA Reg S | ||||||||
| 2.25%, 01/15/25 | EUR | 100 | $ | 98,275 | ||||
| 3.00%, 01/15/28 | EUR | 100 | 89,325 | |||||
| Altice Finco SA Reg S 4.75%, 01/15/28 | EUR | 100 | 88,877 | |||||
| Altice France Holding SA 144A | ||||||||
| 6.00%, 02/15/28 † | USD | 75 | 62,071 | |||||
| 10.50%, 05/15/27 | USD | 50 | 50,748 | |||||
| Altice France Holding SA Reg S | ||||||||
| 4.00%, 02/15/28 | EUR | 100 | 87,803 | |||||
| 8.00%, 05/15/27 | EUR | 100 | 107,171 | |||||
| Altice France SA 144A | ||||||||
| 5.50%, 01/15/28 | USD | 100 | 88,246 | |||||
| 8.12%, 02/01/27 | USD | 200 | 201,763 | |||||
| Altice France SA Reg S 3.38%, 01/15/28 | EUR | 100 | 90,422 | |||||
| ARD Finance SA Reg S 5.00%, 06/30/27 | EUR | 100 | 88,075 | |||||
| Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. 144A | ||||||||
| 4.12%, 08/15/26 | USD | 150 | 138,902 | |||||
| 5.25%, 08/15/27 † | USD | 125 | 107,582 | |||||
| Ardagh Packaging Finance Plc / Ardagh Holdings USA, Inc. Reg S 2.12%, 08/15/26 | EUR | 175 | 165,538 | |||||
| Arena Luxembourg Finance Sarl Reg S 1.88%, 02/01/28 | EUR | 100 | 91,125 | |||||
| Centurion Bidco SpA Reg S 5.88%, 09/30/26 | EUR | 100 | 101,009 | |||||
| Cidron Aida Finco Sarl Reg S 5.00%, 04/01/28 | EUR | 100 | 95,243 | |||||
| Codere Finance 2 Luxembourg SA Reg S 11.00%, 09/30/26 |
EUR | 25 | 28,191 | |||||
| Consolidated Energy Finance SA 144A 5.62%, 10/15/28 | USD | 100 | 92,632 | |||||
| CSN Resources SA 144A 4.62%, 06/10/31 | USD | 100 | 84,393 | |||||
| Energean Israel Finance Ltd. 144A Reg S | ||||||||
| 4.50%, 03/30/24 | USD | 35 | 34,106 | |||||
| 4.88%, 03/30/26 | USD | 60 | 55,929 | |||||
| 5.38%, 03/30/28 | USD | 35 | 32,309 | |||||
| 5.88%, 03/30/31 | USD | 60 | 54,165 | |||||
| Eurofins Scientific SE Reg S 3.25% (Euribor 3 Month ACT/360+2.67%), 11/13/2025 (o) | EUR | 100 | 102,126 | |||||
| Galaxy Bidco Ltd. Reg S 6.50%, 07/31/26 | GBP | 100 | 122,349 | |||||
| Herens Midco Sarl Reg S 5.25%, 05/15/29 | EUR | 100 | 87,440 | |||||
| Kenbourne Invest SA 144A 4.70%, 01/22/28 | USD | 50 | 42,990 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Luxembourg (continued) | ||||||||
| Kleopatra Finco Sarl Reg S 4.25%, 03/01/26 | EUR | 100 | $ | 90,989 | ||||
| MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31 | USD | 200 | 174,340 | |||||
| Millicom International Cellular SA 144A 4.50%, 04/27/31 | USD | 100 | 86,750 | |||||
| Minerva Luxembourg SA 144A 4.38%, 03/18/31 † | USD | 125 | 103,904 | |||||
| Movida Europe SA 144A 5.25%, 02/08/31 † | USD | 100 | 83,112 | |||||
| Nidda Healthcare Holding GmbH Reg S 3.50%, 09/30/24 | EUR | 200 | 196,141 | |||||
| Petrorio Luxembourg Trading Sarl 144A 6.12%, 06/09/26 † | USD | 100 | 96,252 | |||||
| Rossini Sarl Reg S 6.75%, 10/30/25 | EUR | 100 | 107,239 | |||||
| SES SA Reg S 5.62% (EUR Swap Annual 5 Year+5.40%), 12/29/49 (o) | EUR | 100 | 107,614 | |||||
| Sisal Group SpA Reg S 7.00%, 07/31/23 | EUR | 69 | 72,798 | |||||
| Summer BC Holdco A Sarl Reg S 9.25%, 10/31/27 | EUR | 90 | 94,715 | |||||
| Summer BC Holdco B SARL Reg S 5.75%, 10/31/26 | EUR | 100 | 104,433 | |||||
| TK Elevator Midco GmbH Reg S 4.38%, 07/15/27 | EUR | 100 | 97,849 | |||||
| TK Elevator US Newco, Inc. 144A 5.25%, 07/15/27 | USD | 200 | 187,622 | |||||
| 4,536,639 | ||||||||
| Malta: 0.1% | ||||||||
| VistaJet Malta Finance Plc / XO Management Holding, Inc. 144A 6.38%, 02/01/30 † | USD | 50 | 43,692 | |||||
| Mauritius: 0.4% | ||||||||
| Azure Power Energy Ltd. 144A 3.58%, 08/19/26 | USD | 48 | 43,619 | |||||
| HTA Group Ltd./Mauritius 144A 7.00%, 12/18/25 | USD | 100 | 99,189 | |||||
| IHS Netherlands Holdco BV 144A 8.00%, 09/18/27 | USD | 200 | 202,180 | |||||
| 344,988 | ||||||||
| Mexico: 4.2% | ||||||||
| Axtel SAB de CV 144A 6.38%, 11/14/24 | USD | 82 | 82,075 | |||||
| Cemex SAB de CV 144A | ||||||||
| 3.88%, 07/11/31 | USD | 200 | 169,940 | |||||
| 5.20%, 09/17/30 | USD | 100 | 94,389 | |||||
| 5.45%, 11/19/29 | USD | 100 | 96,150 | |||||
See Notes to Financial Statements
| 63 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Mexico (continued) | ||||||||
| 7.38%, 06/05/27 | USD | 100 | $ | 105,389 | ||||
Credito Real SAB de CV SOFOM ER 144A 9.50%, 02/07/26 | USD | 100 | 17,883 | |||||
Grupo Bimbo SAB de CV 144A 5.95% (US Treasury Yield Curve Rate T 5 Year+3.28%), 4/17/2023 (o) | USD | 50 | 50,307 | |||||
Grupo KUO SAB De CV 144A 5.75%, 07/07/27 | USD | 100 | 96,483 | |||||
Nemak SAB de CV 144A 3.62%, 06/28/31 | USD | 100 | 81,754 | |||||
| Petroleos Mexicanos | ||||||||
| 4.25%, 01/15/25 | USD | 50 | 48,255 | |||||
| 4.50%, 01/23/26 | USD | 75 | 70,167 | |||||
| 4.62%, 09/21/23 | USD | 50 | 49,884 | |||||
| 4.88%, 01/18/24 † | USD | 50 | 49,800 | |||||
| 5.35%, 02/12/28 | USD | 100 | 88,939 | |||||
| 5.50%, 06/27/44 † | USD | 50 | 34,349 | |||||
| 5.62%, 01/23/46 | USD | 50 | 34,409 | |||||
| 5.95%, 01/28/31 † | USD | 200 | 168,607 | |||||
| 6.35%, 02/12/48 † | USD | 100 | 70,326 | |||||
| 6.38%, 01/23/45 | USD | 75 | 53,886 | |||||
| 6.49%, 01/23/27 | USD | 100 | 96,139 | |||||
| 6.50%, 03/13/27 | USD | 200 | 191,428 | |||||
| 6.50%, 01/23/29 † | USD | 50 | 46,089 | |||||
| 6.50%, 06/02/41 | USD | 75 | 56,016 | |||||
| 6.62%, 06/15/35 | USD | 150 | 121,914 | |||||
| 6.62%, 06/15/38 | USD | 25 | 19,346 | |||||
| 6.70%, 02/16/32 | USD | 100 | 86,364 | |||||
| 6.75%, 09/21/47 | USD | 250 | 181,167 | |||||
| 6.84%, 01/23/30 | USD | 125 | 114,146 | |||||
| 6.88%, 10/16/25 | USD | 50 | 50,587 | |||||
| 6.88%, 08/04/26 | USD | 125 | 124,398 | |||||
| 6.95%, 01/28/60 | USD | 200 | 145,395 | |||||
| 7.69%, 01/23/50 | USD | 350 | 274,202 | |||||
Petroleos Mexicanos Reg S 4.88%, 02/21/28 | EUR | 100 | 96,432 | |||||
Petróleos Mexicanos Reg S 5.50%, 02/24/25 | EUR | 50 | 54,303 | |||||
| Total Play Telecomunicaciones SA de CV 144A | ||||||||
| 6.38%, 09/20/28 † | USD | 50 | 41,717 | |||||
| 7.50%, 11/12/25 | USD | 50 | 46,471 | |||||
| Unifin Financiera SAB de CV 144A | ||||||||
| 7.00%, 01/15/25 | USD | 100 | 61,548 | |||||
| 7.25%, 09/27/23 | USD | 100 | 72,100 | |||||
| 3,342,754 | ||||||||
| Morocco: 0.3% | ||||||||
| OCP SA 144A | ||||||||
| 5.62%, 04/25/24 | USD | 150 | 154,369 | |||||
| 6.88%, 04/25/44 | USD | 100 | 96,750 | |||||
| 251,119 | ||||||||
| Netherlands: 2.6% | ||||||||
| ELM BV for Firmenich International SA Reg S |
| Par (000’s | ) | Value | ||||||
| Netherlands (continued) | ||||||||
| 3.75% (EUR Swap Annual 5 Year+4.39%), 6/3/2025 (o) | EUR | 100 | $ | 104,255 | ||||
Greenko Dutch BV 144A 3.85%, 03/29/26 | USD | 97 | 88,551 | |||||
Lincoln Financing SARL Reg S 3.62%, 04/01/24 | EUR | 150 | 157,374 | |||||
Naturgy Finance BV Reg S 3.38% (EUR Swap Annual 9 Year+3.08%), 12/29/49 (o) | EUR | 100 | 103,486 | |||||
Nobel Bidco BV Reg S 3.12%, 06/15/28 | EUR | 100 | 88,009 | |||||
| PPF Telecom Group BV Reg S | ||||||||
| 3.12%, 03/27/26 | EUR | 100 | 101,501 | |||||
| 3.50%, 05/20/24 | EUR | 100 | 106,163 | |||||
Repsol International Finance BV Reg S 4.25% (EUR Swap Annual 5 Year+4.41%), 9/11/2028 (o) | EUR | 100 | 101,096 | |||||
Selecta Group BV Reg S 8.00%, 04/01/26 | EUR | 51 | 54,080 | |||||
Telefonica Europe BV Reg S 2.38% (EUR Swap Annual 8 Year+2.62%), 2/12/2029 (o) | EUR | 100 | 87,014 | |||||
TenneT Holding BV Reg S 3.00% (EUR Swap Annual 5 Year+2.53%), 3/1/2024 (o) | EUR | 175 | 186,001 | |||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 4.75%, 05/09/27 | USD | 100 | 91,625 | |||||
| 5.12%, 05/09/29 † | USD | 100 | 90,929 | |||||
UPC Broadband Finco BV 144A 4.88%, 07/15/31 | USD | 100 | 88,056 | |||||
VZ Vendor Financing II BV Reg S 2.88%, 01/15/29 | EUR | 100 | 90,009 | |||||
Wintershall Dea Finance 2 BV Reg S 3.00% (EUR Swap Annual 5 Year+3.32%), 7/20/2028 (o) | EUR | 100 | 85,687 | |||||
WP/AP Telecom Holdings IV BV Reg S 3.75%, 01/15/29 | EUR | 100 | 95,624 | |||||
| Ziggo Bond Co. BV 144A | ||||||||
| 5.12%, 02/28/30 | USD | 50 | 43,458 | |||||
| 6.00%, 01/15/27 | USD | 50 | 49,069 | |||||
Ziggo Bond Co. BV Reg S 3.38%, 02/28/30 | EUR | 125 | 110,435 | |||||
Ziggo BV 144A 4.88%, 01/15/30 | USD | 100 | 88,755 | |||||
Ziggo BV Reg S 2.88%, 01/15/30 | EUR | 100 | 91,048 | |||||
| 2,102,225 | ||||||||
| Nigeria: 0.1% | ||||||||
Seplat Energy Plc 144A 7.75%, 04/01/26 | USD | 100 | 95,357 | |||||
| Norway: 0.3% | ||||||||
Adevinta ASA Reg S 2.62%, 11/15/25 | EUR | 100 | 100,484 | |||||
| Heimstaden Bostad AB Reg S |
See Notes to Financial Statements
| 64 |
| Par (000’s | ) | Value | ||||||
| Norway (continued) | ||||||||
| 3.25% (EUR Swap Annual 5 Year+3.67%), 11/19/2024 (o) | EUR | 100 | $ | 98,653 | ||||
| 199,137 | ||||||||
| Oman: 0.7% | ||||||||
Lamar Funding Ltd. Reg S 3.96%, 05/07/25 | USD | 225 | 219,338 | |||||
OQ SAOC 144A 5.12%, 05/06/28 | USD | 100 | 97,467 | |||||
Oztel Holdings SPC Ltd. 144A 5.62%, 10/24/23 | USD | 200 | 202,022 | |||||
| 518,827 | ||||||||
| Panama: 0.1% | ||||||||
Banistmo SA 144A 4.25%, 07/31/27 | USD | 100 | 95,140 | |||||
| Peru: 0.6% | ||||||||
Banco Internacional del Peru SAA Interbank 144A 6.62% (ICE LIBOR USD 3 Month+5.76%), 03/19/29 | USD | 75 | 75,325 | |||||
Hudbay Minerals, Inc. 144A 6.12%, 04/01/29 | USD | 25 | 23,688 | |||||
Peru LNG Srl 144A 5.38%, 03/22/30 | USD | 100 | 86,131 | |||||
| Petroleos del Peru SA 144A | ||||||||
| 4.75%, 06/19/32 | USD | 100 | 81,305 | |||||
| 5.62%, 06/19/47 | USD | 150 | 109,252 | |||||
Volcan Cia Minera SAA 144A 4.38%, 02/11/26 | USD | 100 | 89,627 | |||||
| 465,328 | ||||||||
| Poland: 0.3% | ||||||||
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29 | USD | 100 | 86,011 | |||||
Canpack SA / Canpack US LLC Reg S 2.38%, 11/01/27 | EUR | 100 | 92,127 | |||||
Synthos SA Reg S 2.50%, 06/07/28 | EUR | 100 | 89,112 | |||||
| 267,250 | ||||||||
| Portugal: 0.8% | ||||||||
Banco Comercial Portugues SA Reg S | ||||||||
1.12% (Euribor 3 Month ACT/360+1.55%), 02/12/27 | EUR | 100 | 92,285 | |||||
| 3.87% (EUR Swap Annual 5 Year+4.23%), 03/27/30 | EUR | 100 | 95,950 | |||||
Caixa Geral de Depositos SA Reg S 5.75% (EUR Swap Annual 5 Year+5.50%), 06/28/28 | EUR | 100 | 109,523 | |||||
EDP - Energias de Portugal SA Reg S | ||||||||
1.88% (EUR Swap Annual 5 Year+2.38%), 08/02/81 | EUR | 100 | 94,269 | |||||
| 4.50% (EUR Swap Annual 5 Year+4.29%), 04/30/79 | EUR | 200 | 216,015 | |||||
| 608,042 |
| Par (000’s | ) | Value | ||||||
| Romania: 0.1% | ||||||||
RCS & RDS SA Reg S 2.50%, 02/05/25 | EUR | 100 | $ | 100,413 | ||||
| Singapore: 0.9% | ||||||||
GLP Pte Ltd. Reg S 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) | USD | 200 | 178,900 | |||||
Greenko Investment Co. 144A 4.88%, 08/16/23 | USD | 200 | 198,050 | |||||
Inkia Energy Ltd. 144A 5.88%, 11/09/27 | USD | 100 | 94,562 | |||||
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33 | USD | 82 | 85,667 | |||||
Yanlord Land HK Co. Ltd. Reg S 6.80%, 02/27/24 | USD | 200 | 196,000 | |||||
| 753,179 | ||||||||
| South Africa: 1.1% | ||||||||
| Eskom Holdings SOC Ltd. 144A | ||||||||
| 6.75%, 08/06/23 | USD | 100 | 97,646 | |||||
| 7.12%, 02/11/25 | USD | 100 | 95,815 | |||||
Gold Fields Orogen Holdings BVI Ltd. 144A 5.12%, 05/15/24 | USD | 100 | 100,762 | |||||
K2016470219 South Africa Ltd. 144A 3.00%, 12/31/22 | USD | 140 | 401 | |||||
MTN Mauritius Investments Ltd. 144A 4.75%, 11/11/24 | USD | 150 | 149,441 | |||||
Sappi Papier Holding GmbH Reg S 3.12%, 04/15/26 | EUR | 100 | 98,243 | |||||
Sasol Financing USA LLC 5.88%, 03/27/24 | USD | 300 | 299,140 | |||||
| 841,448 | ||||||||
| 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 | 98,375 | |||||
| Spain: 3.8% | ||||||||
Abanca Corp. Bancaria SA Reg S 6.12% (EUR Swap Annual 5 Year+5.93%), 01/18/29 | EUR | 100 | 109,187 | |||||
Abengoa SA 0.00%, 03/31/27 (s) ^ | EUR | 100 | 529 | |||||
ACS Actividades de Construccion y Servicios SA Reg S 1.38%, 06/17/25 | EUR | 100 | 101,535 | |||||
Banco Bilbao Vizcaya Argentaria Colombia SA 144A 4.88%, 04/21/25 | USD | 100 | 97,936 | |||||
| Banco de Credito Social Cooperativo SA Reg S |
See Notes to Financial Statements
| 65 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Spain (continued) | ||||||||
| 5.25% (EUR Swap Annual 5 Year+5.42%), 11/27/31 | EUR | 100 | $ | 100,801 | ||||
Banco de Sabadell SA Reg S 1.75%, 05/10/24 | EUR | 100 | 104,063 | |||||
| 5.38% (EUR Swap Annual 5 Year+5.10%), 12/12/28 | EUR | 100 | 109,462 | |||||
| 5.62%, 05/06/26 | EUR | 100 | 111,279 | |||||
| Cellnex Finance Co. SA Reg S | ||||||||
| 1.25%, 01/15/29 | EUR | 100 | 88,209 | |||||
| 1.50%, 06/08/28 | EUR | 100 | 91,882 | |||||
| 2.00%, 09/15/32 | EUR | 100 | 84,407 | |||||
| 2.00%, 02/15/33 | EUR | 100 | 83,128 | |||||
Cellnex Telecom SA 1.88%, 06/26/29 | EUR | 100 | 91,234 | |||||
| Cellnex Telecom SA Reg S | ||||||||
| 1.75%, 10/23/30 | EUR | 100 | 86,856 | |||||
| 2.38%, 01/16/24 | EUR | 100 | 106,911 | |||||
| 2.88%, 04/18/25 | EUR | 100 | 107,031 | |||||
El Corte Ingles SA Reg S 3.00%, 03/15/24 | EUR | 100 | 106,385 | |||||
| Grifols SA Reg S | ||||||||
| 1.62%, 02/15/25 † | EUR | 150 | 148,220 | |||||
| 2.25%, 11/15/27 | EUR | 100 | 95,679 | |||||
| 3.20%, 05/01/25 | EUR | 100 | 101,003 | |||||
Ibercaja Banco SA Reg S 2.75% (EUR Swap Annual 5 Year+2.88%), 07/23/30 | EUR | 100 | 100,093 | |||||
Iccrea Banca SpA Reg S 4.12% (EUR Swap Annual 5 Year+4.34%), 11/28/29 | EUR | 100 | 105,284 | |||||
Lorca Telecom Bondco SA Reg S 4.00%, 09/18/27 | EUR | 200 | 193,885 | |||||
Repsol International Finance BV Reg S 4.50% (EUR Swap Annual 10 Year+4.20%), 03/25/75 | EUR | 125 | 132,505 | |||||
Telefonica Europe BV Reg S | ||||||||
2.62% (EUR Swap Annual 5 Year+2.33%), 3/7/2023 (o) | EUR | 100 | 105,579 | |||||
| 3.00% (EUR Swap Annual 5 Year+2.45%), 9/4/2023 (o) | EUR | 100 | 105,494 | |||||
| 3.88% (EUR Swap Annual 8 Year+2.97%), 6/22/2026 (o) | EUR | 100 | 102,552 | |||||
| 4.38% (EUR Swap Annual 6 Year+4.11%), 12/14/2024 (o) | EUR | 100 | 107,445 | |||||
| 5.88% (EUR Swap Annual 10 Year+4.30%), 03/31/49 (o) | EUR | 100 | 110,424 | |||||
| 2,988,998 | ||||||||
| Sweden: 1.2% | ||||||||
Castellum AB Reg S 3.12% (EUR Swap Annual 5 Year+3.45%), 12/2/2026 (o) | EUR | 100 | 91,503 | |||||
Dometic Group AB Reg S 3.00%, 05/08/26 | EUR | 100 | 103,121 | |||||
Fastighets AB Balder Reg S 2.87% (EUR Swap Annual 5 Year+3.19%), 06/02/81 | EUR | 100 | 90,137 | |||||
| Heimstaden AB Reg S |
| Par (000’s) | Value | |||||||
| Sweden (continued) | ||||||||
| 4.38%, 03/06/27 | EUR | 100 | $ | 96,001 | ||||
Heimstaden Bostad AB Reg S 2.62% (EUR Swap Annual 5 Year+3.15%), 2/1/2027 (o) | EUR | 100 | 86,226 | |||||
| Intrum AB Reg S | ||||||||
| 3.00%, 09/15/27 | EUR | 100 | 93,875 | |||||
| 3.12%, 07/15/24 | EUR | 200 | 206,417 | |||||
Samhallsbyggnadsbolaget i Norden AB Reg S 2.62% (EUR Swap Annual 5 Year+2.81%), 1/30/2025 (o) | EUR | 100 | 88,880 | |||||
Stena AB 144A 7.00%, 02/01/24 | USD | 100 | 99,514 | |||||
| 955,674 | ||||||||
| Switzerland: 0.4% | ||||||||
Dufry One BV Reg S 2.50%, 10/15/24 | EUR | 225 | 228,449 | |||||
Techem Verwaltungsgesellschaft 675 mbH Reg S 2.00%, 07/15/25 | EUR | 100 | 98,106 | |||||
| 326,555 | ||||||||
| Tanzania: 0.1% | ||||||||
AngloGold Ashanti Holdings Plc 6.50%, 04/15/40 | USD | 40 | 42,598 | |||||
| Thailand: 0.2% | ||||||||
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | USD | 200 | 182,505 | |||||
| Trinidad and Tobago: 0.2% | ||||||||
Trinidad Generation Unlimited 144A 5.25%, 11/04/27 | USD | 100 | 97,885 | |||||
Trinidad Petroleum Holdings Ltd. 144A 9.75%, 06/15/26 | USD | 75 | 77,952 | |||||
| 175,837 | ||||||||
| Turkey: 1.9% | ||||||||
| Akbank TAS 144A | ||||||||
| 5.12%, 03/31/25 | USD | 50 | 47,119 | |||||
| 6.80%, 02/06/26 | USD | 100 | 96,342 | |||||
Aydem Yenilenebilir Enerji AS 144A 7.75%, 02/02/27 | USD | 100 | 82,640 | |||||
KOC Holding AS 144A 6.50%, 03/11/25 | USD | 50 | 50,137 | |||||
TC Ziraat Bankasi AS 144A 5.38%, 03/02/26 | USD | 100 | 91,623 | |||||
Turk Telekomunikasyon AS 144A 4.88%, 06/19/24 | USD | 100 | 95,691 | |||||
Turkcell Iletisim Hizmetleri AS 144A 5.80%, 04/11/28 | USD | 100 | 90,171 | |||||
Turkiye Ihracat Kredi Bankasi AS 144A 6.12%, 05/03/24 | USD | 100 | 97,715 |
See Notes to Financial Statements
| 66 |
| Par (000’s | ) | Value | ||||||
| Turkey (continued) | ||||||||
| 8.25%, 01/24/24 | USD | 100 | $ | 102,297 | ||||
| Turkiye Is Bankasi AS 144A | ||||||||
| 6.12%, 04/25/24 | USD | 150 | 148,433 | |||||
| 7.85%, 12/10/23 | USD | 100 | 101,841 | |||||
Turkiye Sinai Kalkinma Bankasi AS 144A 6.00%, 01/23/25 | USD | 100 | 96,514 | |||||
| Turkiye Vakiflar Bankasi TAO 144A | ||||||||
| 5.25%, 02/05/25 | USD | 100 | 93,667 | |||||
| 6.50%, 01/08/26 | USD | 100 | 94,315 | |||||
Ulker Biskuvi Sanayi AS 144A 6.95%, 10/30/25 | USD | 100 | 86,150 | |||||
Yapi ve Kredi Bankasi AS 144A 7.88% (US Treasury Yield Curve Rate T 5 Year+7.42%), 01/22/31 | USD | 100 | 97,902 | |||||
| 1,472,557 | ||||||||
| Ukraine: 0.3% | ||||||||
| Kernel Holding SA 144A | ||||||||
| 6.50%, 10/17/24 | USD | 50 | 27,062 | |||||
| 6.75%, 10/27/27 | USD | 50 | 27,500 | |||||
| Metinvest BV 144A | ||||||||
| 7.75%, 10/17/29 | USD | 100 | 56,000 | |||||
| 8.50%, 04/23/26 | USD | 100 | 56,500 | |||||
NAK Naftogaz Ukraine via Kondor Finance Plc Reg S 7.12%, 07/19/24 | EUR | 100 | 31,649 | |||||
| 198,711 | ||||||||
| 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 | 203,353 | |||||
Emaar Sukuk Ltd. Reg S 3.63%, 09/15/26 | USD | 200 | 196,798 | |||||
GEMS Menasa Cayman Ltd. / GEMS Education Delaware LLC 144A 7.12%, 07/31/26 | USD | 100 | 99,885 | |||||
Shelf Drilling Holdings Ltd. 144A 8.25%, 02/15/25 † | USD | 100 | 83,401 | |||||
| 583,437 | ||||||||
| United Kingdom: 10.3% | ||||||||
Arqiva Broadcast Finance Plc Reg S 6.75%, 09/30/23 | GBP | 100 | 125,249 | |||||
Aston Martin Capital Holdings Ltd. 144A 10.50%, 11/30/25 | USD | 50 | 50,444 | |||||
B&M European Value Retail SA Reg S 3.62%, 07/15/25 | GBP | 100 | 122,270 | |||||
BCP V Modular Services Finance II Plc Reg S 4.75%, 11/30/28 | EUR | 100 | 95,575 | |||||
Bellis Acquisition Co. Plc Reg S 3.25%, 02/16/26 | GBP | 200 | 220,998 |
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
Bellis Finco Plc Reg S 4.00%, 02/16/27 | GBP | 100 | $ | 105,099 | ||||
Bidvest Group UK Plc 144A 3.62%, 09/23/26 | USD | 100 | 92,127 | |||||
British American Tobacco Plc Reg S | ||||||||
3.00% (EUR Swap Annual 5 Year+3.37%), 12/27/2027 (o) | EUR | 100 | 90,758 | |||||
| 3.75% (EUR Swap Annual 5 Year+3.95%), 6/27/2029 (o) | EUR | 100 | 87,999 | |||||
British Telecommunications Plc Reg S 1.87% (EUR Swap Annual 5 Year+2.13%), 08/18/80 | EUR | 100 | 97,898 | |||||
Connect Finco SARL / Connect US Finco LLC 144A 6.75%, 10/01/26 | USD | 200 | 194,733 | |||||
Constellation Automotive Financing Plc Reg S 4.88%, 07/15/27 | GBP | 100 | 108,601 | |||||
Co-operative Group Ltd. Reg S 5.12%, 05/17/24 | GBP | 100 | 121,834 | |||||
Deuce Finco Plc Reg S 5.50%, 06/15/27 | GBP | 100 | 114,866 | |||||
Drax Finco Plc 144A 6.62%, 11/01/25 | USD | 100 | 100,757 | |||||
Garfunkelux Holdco 3 SA Reg S 6.75%, 11/01/25 | EUR | 100 | 103,353 | |||||
Heathrow Finance Plc Reg S 6.25%, 03/03/25 | GBP | 150 | 188,207 | |||||
Iceland Bondco Plc Reg S 4.62%, 03/15/25 | GBP | 100 | 108,351 | |||||
INEOS Finance Plc Reg S 2.88%, 05/01/26 | EUR | 100 | 97,641 | |||||
INEOS Styrolution Group GmbH Reg S 2.25%, 01/16/27 | EUR | 200 | 186,462 | |||||
| International Consolidated Airlines Group SA Reg S | ||||||||
| 0.50%, 07/04/23 | EUR | 100 | 101,954 | |||||
| 1.50%, 07/04/27 | EUR | 100 | 85,962 | |||||
| Jaguar Land Rover Automotive Plc 144A | ||||||||
| 5.88%, 01/15/28 | USD | 100 | 87,893 | |||||
| 7.75%, 10/15/25 | USD | 100 | 100,338 | |||||
Jerrold Finco Plc Reg S 4.88%, 01/15/26 | GBP | 100 | 119,665 | |||||
Marks & Spencer Plc Reg S 6.00%, 06/12/25 | GBP | 150 | 193,634 | |||||
Motion Bondco DAC 144A 6.62%, 11/15/27 † | USD | 200 | 184,439 | |||||
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 | 121,574 | |||||
Neptune Energy Bondco Plc 144A 6.62%, 05/15/25 | USD | 100 | 99,251 |
See Notes to Financial Statements
| 67 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
Nexi SpA Reg S 1.75%, 10/31/24 † | EUR | 200 | $ | 207,007 | ||||
NGG Finance Plc Reg S | ||||||||
2.12% (EUR Swap Annual 5 Year+2.53%), 09/05/82 | EUR | 100 | 94,230 | |||||
| 5.62% (GBP Swap 12 Year+3.48%), 06/18/73 | GBP | 100 | 126,520 | |||||
Nomad Foods Bondco Plc Reg S 2.50%, 06/24/28 | EUR | 100 | 94,667 | |||||
Paysafe Finance Plc / Paysafe Holdings US Corp. 144A 4.00%, 06/15/29 † | USD | 100 | 81,633 | |||||
Pinewood Finance Co. Ltd. Reg S 3.25%, 09/30/25 | GBP | 100 | 120,371 | |||||
Pinnacle Bidco Plc Reg S 5.50%, 02/15/25 | EUR | 100 | 105,793 | |||||
Playtech Plc Reg S 3.75%, 10/12/23 | EUR | 100 | 105,423 | |||||
Punch Finance Plc Reg S 6.12%, 06/30/26 | GBP | 100 | 120,872 | |||||
| Rolls-Royce Plc Reg S | ||||||||
| 0.88%, 05/09/24 | EUR | 100 | 100,896 | |||||
| 1.62%, 05/09/28 | EUR | 200 | 178,205 | |||||
| 5.75%, 10/15/27 | GBP | 100 | 127,212 | |||||
Sherwood Financing Plc Reg S 4.50%, 11/15/26 | EUR | 100 | 99,775 | |||||
Standard Chartered Plc 144A 7.01% (ICE LIBOR USD 3 Month+1.46%), 07/30/37 (o) | USD | 100 | 116,458 | |||||
Stonegate Pub Co. Financing 2019 Plc Reg S 8.00%, 07/13/25 | GBP | 100 | 126,492 | |||||
Summer BidCo BV Reg S 9.00%, 11/15/25 | EUR | 105 | 107,653 | |||||
TalkTalk Telecom Group Ltd. Reg S 3.88%, 02/20/25 | GBP | 100 | 114,251 | |||||
Telenet Finance Luxembourg Notes Sarl 144A 5.50%, 03/01/28 | USD | 200 | 193,000 | |||||
The Weir Group Plc 144A 2.20%, 05/13/26 | USD | 100 | 90,604 | |||||
Travis Perkins Plc Reg S 4.50%, 09/07/23 | GBP | 100 | 126,812 | |||||
Tullow Oil Plc 144A 10.25%, 05/15/26 | USD | 100 | 99,411 | |||||
United Group BV Reg S 4.88%, 07/01/24 | EUR | 100 | 102,420 | |||||
UPC Holding BV 144A 5.50%, 01/15/28 | USD | 100 | 94,730 | |||||
Vedanta Resources Finance II Plc 144A 8.95%, 03/11/25 † | USD | 100 | 95,183 | |||||
Victoria Plc Reg S 3.62%, 08/24/26 | EUR | 100 | 98,240 | |||||
Virgin Media Finance Plc 144A 5.00%, 07/15/30 | USD | 50 | 43,565 |
| Par (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
Virgin Media Secured Finance Plc 144A 5.50%, 05/15/29 | USD | 100 | $ | 92,665 | ||||
| Virgin Media Secured Finance Plc Reg S | ||||||||
| 4.12%, 08/15/30 | GBP | 100 | 109,231 | |||||
| 4.25%, 01/15/30 | GBP | 100 | 109,227 | |||||
| 5.00%, 04/15/27 | GBP | 100 | 123,012 | |||||
Vmed O2 UK Financing I Plc 144A 4.25%, 01/31/31 | USD | 100 | 84,715 | |||||
| Vmed O2 UK Financing I Plc Reg S | ||||||||
| 3.25%, 01/31/31 | EUR | 100 | 92,288 | |||||
| 4.00%, 01/31/29 | GBP | 100 | 109,149 | |||||
Vodafone Group Plc | ||||||||
4.12% (US Treasury Yield Curve Rate T 5 Year+2.77%), 06/04/81 | USD | 150 | 129,842 | |||||
| 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | USD | 250 | 264,348 | |||||
Vodafone Group Plc Reg S | ||||||||
3.10% (EUR Swap Annual 5 Year+2.67%), 01/03/79 | EUR | 125 | 132,032 | |||||
| 4.88% (GBP Swap 5 Year+3.27%), 10/03/78 | GBP | 100 | 124,463 | |||||
| 6.25% (USD Swap Semi 30/360 5 Year+3.05%), 10/03/78 | USD | 200 | 202,736 | |||||
William Hill Ltd. Reg S 4.88%, 09/07/23 | GBP | 100 | 127,088 | |||||
| 8,180,151 | ||||||||
| United States: 3.5% | ||||||||
AES Andes SA 144A 7.12% (USD Swap Semi 30/360 5 Year+4.64%), 03/26/79 | USD | 100 | 97,194 | |||||
Burford Capital Global Finance LLC 144A 6.25%, 04/15/28 | USD | 100 | 98,602 | |||||
Cirsa Finance International Sarl 144A 6.25%, 12/20/23 | EUR | 127 | 134,152 | |||||
Constellium SE Reg S 4.25%, 02/15/26 | EUR | 100 | 104,432 | |||||
DEMIRE Deutsche Mittelstand Real Estate AG Reg S 1.88%, 10/15/24 | EUR | 100 | 101,004 | |||||
Energia Group NI FinanceCo Plc/Energia Group ROI Holdings DAC Reg S 4.00%, 09/15/25 | EUR | 100 | 99,818 | |||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30 | USD | 100 | 71,969 | |||||
Gamma Bidco SpA Reg S 6.25%, 07/15/25 | EUR | 100 | 104,044 | |||||
See Notes to Financial Statements
| 68 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Garda World Security Corp. 144A 4.62%, 02/15/27 | USD | 75 | $ | 67,640 | ||||
Guacolda Energia SA 144A 4.56%, 04/30/25 | USD | 100 | 34,185 | |||||
IPD 3 BV Reg S 5.50%, 12/01/25 | EUR | 100 | 103,853 | |||||
James Hardie International Finance DAC 144A 5.00%, 01/15/28 | USD | 50 | 48,289 | |||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products Inc 144A 7.00%, 12/31/27 † | USD | 75 | 59,352 | |||||
LCPR Senior Secured Financing DAC 144A 6.75%, 10/15/27 | USD | 180 | 179,206 | |||||
MGM China Holdings Ltd. 144A 5.88%, 05/15/26 | USD | 200 | 176,775 | |||||
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29 | USD | 100 | 89,500 | |||||
Open Text Holdings, Inc. 144A 4.12%, 02/15/30 | USD | 50 | 44,446 | |||||
| Q-Park Holding I BV Reg S 2.00%, 03/01/27 | EUR | 100 | 92,659 | |||||
Resolute Forest Products, Inc. 144A 4.88%, 03/01/26 | USD | 25 | 23,878 | |||||
Ritchie Bros Holdings, Inc. 144A 4.75%, 12/15/31 | USD | 60 | 60,092 | |||||
SCIL IV LLC / SCIL USA Holdings LLC Reg S 4.38%, 11/01/26 | EUR | 100 | 98,560 | |||||
Sigma Holdco BV Reg S 5.75%, 05/15/26 | EUR | 100 | 77,810 | |||||
Stillwater Mining Co. 144A 4.00%, 11/16/26 | USD | 100 | 92,061 | |||||
| Telesat Canada / Telesat LLC 144A | ||||||||
| 4.88%, 06/01/27 | USD | 50 | 34,068 | |||||
| 6.50%, 10/15/27 | USD | 50 | 21,434 | |||||
| Verisure Holding AB Reg S | ||||||||
| 3.50%, 05/15/23 | EUR | 150 | 157,352 | |||||
| 3.88%, 07/15/26 | EUR | 150 | 149,365 | |||||
| Wynn Macau Ltd. 144A | ||||||||
| 5.12%, 12/15/29 † | USD | 100 | 78,970 | |||||
| 5.50%, 01/15/26 | USD | 100 | 85,886 | |||||
| 5.50%, 10/01/27 | USD | 200 | 161,789 | |||||
| 2,748,385 | ||||||||
| Uzbekistan: 0.1% | ||||||||
Uzbekneftegaz JSC 144A 4.75%, 11/16/28 | USD | 50 | 41,149 | |||||
| Zambia: 0.4% | ||||||||
| First Quantum Minerals Ltd. 144A | ||||||||
| 6.88%, 03/01/26 | USD | 100 | 100,394 | |||||
| 6.88%, 10/15/27 | USD | 50 | 50,309 |
See Notes to Financial Statements
| 69 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| # | 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. |
| (d) | Security in default |
| (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 |
| * | Non-income producing |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,458,018. |
| ∞ | 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 |
| 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 $29,041,534, or 36.6% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 7.3 | % | $ | 5,647,298 | ||||
| Consumer Cyclicals | 7.1 | 5,519,432 | ||||||
| Consumer Non-Cyclicals | 3.6 | 2,784,125 | ||||||
| Energy | 11.3 | 8,791,397 | ||||||
| Financials | 32.5 | 25,341,984 | ||||||
| Healthcare | 3.3 | 2,572,373 | ||||||
| Industrials | 13.0 | 10,125,982 | ||||||
| Institutions, Associations & Organizations | 0.4 | 274,066 | ||||||
| Real Estate | 3.7 | 2,898,174 | ||||||
| Technology | 11.9 | 9,301,017 | ||||||
| Utilities | 5.9 | 4,626,109 | ||||||
| 100.0 | % | $ | 77,881,957 | |||||
See Notes to Financial Statements
| 70 |
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds | ||||||||||||||||
| Argentina | $ | — | $ | 743,569 | $ | — | $ | 743,569 | ||||||||
| Australia | — | 492,458 | — | 492,458 | ||||||||||||
| Austria | — | 208,304 | — | 208,304 | ||||||||||||
| Belgium | — | 384,029 | — | 384,029 | ||||||||||||
| Bermuda | — | 347,878 | — | 347,878 | ||||||||||||
| Brazil | — | 5,293,915 | — | 5,293,915 | ||||||||||||
| British Virgin Islands | — | 138,000 | — | 138,000 | ||||||||||||
| Bulgaria | — | 93,096 | — | 93,096 | ||||||||||||
| Burkina Faso | — | 21,300 | — | 21,300 | ||||||||||||
| Canada | — | 5,007,392 | 0 | 5,007,392 | ||||||||||||
| Cayman Islands | — | 329,453 | — | 329,453 | ||||||||||||
| Chile | — | 137,862 | — | 137,862 | ||||||||||||
| China | — | 2,632,786 | — | 2,632,786 | ||||||||||||
| Colombia | — | 1,740,402 | — | 1,740,402 | ||||||||||||
| Costa Rica | — | 82,398 | — | 82,398 | ||||||||||||
| Cyprus | — | 146,568 | — | 146,568 | ||||||||||||
| Czech Republic | — | 199,422 | — | 199,422 | ||||||||||||
| Denmark | — | 184,275 | — | 184,275 | ||||||||||||
| Finland | — | 636,283 | — | 636,283 | ||||||||||||
| France | — | 6,022,112 | — | 6,022,112 | ||||||||||||
| Germany | — | 5,102,576 | — | 5,102,576 | ||||||||||||
| Ghana | — | 179,562 | — | 179,562 | ||||||||||||
| Greece | — | 682,945 | — | 682,945 | ||||||||||||
| Guatemala | — | 190,348 | — | 190,348 | ||||||||||||
| Hong Kong | — | 594,463 | — | 594,463 | ||||||||||||
| Hungary | — | 100,122 | — | 100,122 | ||||||||||||
| India | — | 1,708,837 | — | 1,708,837 | ||||||||||||
| Indonesia | — | 681,211 | — | 681,211 | ||||||||||||
| Ireland | — | 839,964 | — | 839,964 | ||||||||||||
| Israel | — | 1,479,516 | — | 1,479,516 | ||||||||||||
| Italy | — | 6,091,179 | — | 6,091,179 | ||||||||||||
| Japan | — | 1,695,271 | — | 1,695,271 | ||||||||||||
| Jersey, Channel Islands | — | 492,409 | — | 492,409 | ||||||||||||
| Kazakhstan | — | 101,675 | — | 101,675 | ||||||||||||
| Kuwait | — | 180,000 | — | 180,000 | ||||||||||||
| Luxembourg | — | 4,536,639 | — | 4,536,639 | ||||||||||||
| Malta | — | 43,692 | — | 43,692 | ||||||||||||
| Mauritius | — | 344,988 | — | 344,988 | ||||||||||||
| Mexico | — | 3,342,754 | — | 3,342,754 | ||||||||||||
| Morocco | — | 251,119 | — | 251,119 | ||||||||||||
| Netherlands | — | 2,102,225 | — | 2,102,225 | ||||||||||||
| Nigeria | — | 95,357 | — | 95,357 | ||||||||||||
| Norway | — | 199,137 | — | 199,137 | ||||||||||||
| Oman | — | 518,827 | — | 518,827 | ||||||||||||
| Panama | — | 95,140 | — | 95,140 | ||||||||||||
| Peru | — | 465,328 | — | 465,328 | ||||||||||||
| Poland | — | 267,250 | — | 267,250 | ||||||||||||
| Portugal | — | 608,042 | — | 608,042 | ||||||||||||
| Romania | — | 100,413 | — | 100,413 | ||||||||||||
| Singapore | — | 753,179 | — | 753,179 | ||||||||||||
| South Africa | — | 841,448 | — | 841,448 | ||||||||||||
| South Korea | — | 98,375 | — | 98,375 | ||||||||||||
| Spain | — | 2,988,998 | — | 2,988,998 | ||||||||||||
| Sweden | — | 955,674 | — | 955,674 | ||||||||||||
| Switzerland | — | 326,555 | — | 326,555 | ||||||||||||
See Notes to Financial Statements
| 71 |
VANECK INTERNATIONAL HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Tanzania | $ | — | $ | 42,598 | $ | — | $ | 42,598 | ||||||||
| Thailand | — | 182,505 | — | 182,505 | ||||||||||||
| Trinidad and Tobago | — | 175,837 | — | 175,837 | ||||||||||||
| Turkey | — | 1,472,557 | — | 1,472,557 | ||||||||||||
| Ukraine | — | 198,711 | — | 198,711 | ||||||||||||
| United Arab Emirates | — | 583,437 | — | 583,437 | ||||||||||||
| United Kingdom | — | 8,180,151 | — | 8,180,151 | ||||||||||||
| United States | — | 2,748,385 | — | 2,748,385 | ||||||||||||
| Uzbekistan | — | 41,149 | — | 41,149 | ||||||||||||
| Zambia | — | 353,415 | — | 353,415 | ||||||||||||
| Common Stock * | 6,492 | — | — | 6,492 | ||||||||||||
| Money Market Fund | 3,565,953 | — | — | 3,565,953 | ||||||||||||
| Total Investments | $ | 3,572,445 | $ | 77,875,465 | $ | 0 | $ | 81,447,910 |
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 72 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par (000’s | ) | Value | ||||||
| FLOATING RATE NOTES: 99.8% | ||||||||
| Australia: 7.9% | ||||||||
ASB Bank Ltd. 144A 1.77% (ICE LIBOR USD 3 Month+0.97%), 06/14/23 | $ | 1,300 | $ | 1,310,550 | ||||
Australia & New Zealand Banking Group Ltd. 144A 0.97% (ICE LIBOR USD 3 Month+0.49%), 11/21/22 | 832 | 832,630 | ||||||
Commonwealth Bank of Australia 144A 0.68% (United States Secured Overnight Financing Rate+0.40%), 07/07/25 | 21,742 | 21,560,619 | ||||||
| 0.79% (United States Secured Overnight Financing Rate+0.52%), 06/15/26 | 7,985 | 7,934,705 | ||||||
| 1.01% (United States Secured Overnight Financing Rate+0.74%), 03/14/25 | 9,425 | 9,458,798 | ||||||
| 1.58% (ICE LIBOR USD 3 Month+0.70%), 03/16/23 | 1,275 | 1,280,096 | ||||||
Macquarie Bank Ltd. 144A 1.59% (United States Secured Overnight Financing Rate+1.31%), 03/21/25 | 6,750 | 6,797,798 | ||||||
Macquarie Group Ltd. 144A | ||||||||
|
1.53% (ICE LIBOR USD 3 Month+1.02%), 11/28/23 | 2,640 | 2,645,519 | ||||||
| 2.32% (ICE LIBOR USD 3 Month+1.35%), 03/27/24 | 2,355 | 2,369,029 | ||||||
National Australia Bank Ltd. 144A | ||||||||
|
0.66% (United States Secured Overnight Financing Rate+0.38%), 01/12/25 | 7,375 | 7,347,649 | ||||||
| 0.93% (United States Secured Overnight Financing Rate+0.65%), 01/12/27 | 7,375 | 7,328,782 | ||||||
| 1.21% (ICE LIBOR USD 3 Month+0.41%), 12/13/22 | 2,375 | 2,377,778 | ||||||
| 1.61% (ICE LIBOR USD 3 Month+0.60%), 04/12/23 | 1,175 | 1,178,161 | ||||||
| Westpac Banking Corp. | ||||||||
|
0.51% (United States Secured Overnight Financing Rate+0.30%), 11/18/24 | 9,875 | 9,828,727 | ||||||
| 1.23% (ICE LIBOR USD 3 Month+0.72%), 05/15/23 | 1,750 | 1,758,169 | ||||||
| 1.28% (ICE LIBOR USD 3 Month+0.77%), 02/26/24 | 2,825 | 2,841,069 | ||||||
| 1.41% (ICE LIBOR USD 3 Month+0.39%), 01/13/23 | 1,775 | 1,776,472 | ||||||
| 1.56% (ICE LIBOR USD 3 Month+0.57%), 01/11/23 | 1,200 | 1,203,371 | ||||||
| 89,829,922 | ||||||||
| Canada: 10.2% | ||||||||
| Bank of Montreal |
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 0.53% (United States Secured Overnight Financing Rate Compound Index+0.27%), 09/15/23 | $ | 2,444 | $ | 2,432,175 | ||||
| 0.60% (United States Secured Overnight Financing Rate Compound Index+0.35%), 12/08/23 | 2,250 | 2,237,927 | ||||||
| 0.60% (United States Secured Overnight Financing Rate Compound Index+0.32%), 07/09/24 † | 2,100 | 2,077,277 | ||||||
| 0.94% (United States Secured Overnight Financing Rate Compound Index+0.68%), 03/10/23 | 3,548 | 3,551,830 | ||||||
| 0.96% (United States Secured Overnight Financing Rate Compound Index+0.71%), 03/08/24 | 1,875 | 1,876,630 | ||||||
Bank of Nova Scotia | ||||||||
|
0.53% (United States Secured Overnight Financing Rate+0.26%), 09/15/23 | 2,258 | 2,243,400 | ||||||
| 0.56% (United States Secured Overnight Financing Rate+0.28%), 06/23/23 | 1,775 | 1,770,815 | ||||||
| 0.66% (United States Secured Overnight Financing Rate+0.38%), 07/31/24 | 9,600 | 9,533,711 | ||||||
| 0.72% (United States Secured Overnight Financing Rate Compound Index+0.45%), 04/15/24 | 2,450 | 2,441,266 | ||||||
| 0.82% (United States Secured Overnight Financing Rate Compound Index+0.55%), 09/15/23 | 5,970 | 5,960,517 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
|
0.62% (United States Secured Overnight Financing Rate+0.34%), 06/22/23 | 1,159 | 1,155,439 | ||||||
| 0.67% (United States Secured Overnight Financing Rate Compound Index+0.40%), 12/14/23 † | 4,225 | 4,211,838 | ||||||
| 0.70% (United States Secured Overnight Financing Rate+0.42%), 10/18/24 † | 8,356 | 8,270,843 | ||||||
| 1.08% (United States Secured Overnight Financing Rate+0.80%), 03/17/23 | 2,950 | 2,955,668 | ||||||
| 1.22% (United States Secured Overnight Financing Rate+0.94%), 04/07/25 | 9,600 | 9,608,049 | ||||||
| 1.46% (ICE LIBOR USD 3 Month+0.66%), 09/13/23 | 1,900 | 1,907,225 | ||||||
| Enbridge, Inc. | ||||||||
See Notes to Financial Statements
| 73 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| Canada (continued) | ||||||||
| 0.60% (United States Secured Overnight Financing Rate+0.40%), 02/17/23 | $ | 1,225 | $ | 1,222,855 | ||||
| 0.83% (United States Secured Overnight Financing Rate Compound Index+0.63%), 02/16/24 | 2,265 | 2,268,401 | ||||||
Federation des Caisses Desjardins du Quebec 144A 0.65% (United States Secured Overnight Financing Rate+0.43%), 05/21/24 | 2,050 | 2,035,807 | ||||||
Royal Bank of Canada | ||||||||
|
0.58% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/19/24 † | 4,176 | 4,146,786 | ||||||
| 0.62% (United States Secured Overnight Financing Rate Compound Index+0.34%), 10/07/24 | 5,766 | 5,706,471 | ||||||
| 0.64% (United States Secured Overnight Financing Rate Compound Index+0.36%), 07/29/24 † | 9,419 | 9,371,869 | ||||||
| 0.73% (United States Secured Overnight Financing Rate Compound Index+0.45%), 10/26/23 | 3,753 | 3,750,674 | ||||||
| 1.40% (ICE LIBOR USD 3 Month+0.36%), 01/17/23 | 2,025 | 2,024,582 | ||||||
Toronto-Dominion Bank | ||||||||
|
0.46% (United States Secured Overnight Financing Rate+0.22%), 06/02/23 | 1,767 | 1,760,270 | ||||||
| 0.52% (United States Secured Overnight Financing Rate+0.24%), 01/06/23 | 1,450 | 1,447,898 | ||||||
| 0.60% (United States Secured Overnight Financing Rate+0.35%), 03/04/24 | 3,045 | 3,027,351 | ||||||
| 0.61% (United States Secured Overnight Financing Rate+0.35%), 09/10/24 | 13,031 | 12,905,650 | ||||||
| 0.73% (United States Secured Overnight Financing Rate+0.45%), 09/28/23 | 1,900 | 1,893,696 | ||||||
| 0.76% (United States Secured Overnight Financing Rate+0.48%), 01/27/23 | 2,385 | 2,385,146 | ||||||
| 116,182,066 | ||||||||
| Cayman Islands: 0.2% | ||||||||
MassMutual Global Funding II 144A 0.64% (United States Secured Overnight Financing Rate+0.36%), 04/12/24 | 2,250 | 2,246,699 | ||||||
| China: 0.4% | ||||||||
| Tencent Holdings Ltd. 144A | ||||||||
| Par (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 1.65% (ICE LIBOR USD 3 Month+0.60%), 01/19/23 | $ | 1,225 | $ | 1,223,199 | ||||
| 1.90% (ICE LIBOR USD 3 Month+0.91%), 04/11/24 | 2,850 | 2,851,368 | ||||||
| 4,074,567 | ||||||||
| France: 2.1% | ||||||||
Banque Federative du Credit Mutuel SA 144A 0.58% (United States Secured Overnight Financing Rate+0.41%), 02/04/25 | 10,297 | 10,145,477 | ||||||
BPCE SA 144A 2.04% (ICE LIBOR USD 3 Month+1.24%), 09/12/23 | 1,325 | 1,336,456 | ||||||
Credit Agricole SA 144A 2.20% (ICE LIBOR USD 3 Month+1.02%), 04/24/23 | 1,315 | 1,321,056 | ||||||
Societe Generale SA 144A 1.33% (United States Secured Overnight Financing Rate+1.05%), 01/21/26 | 11,150 | 10,954,579 | ||||||
| 23,757,568 | ||||||||
| Germany: 0.5% | ||||||||
Bayer US Finance II LLC 144A 1.84% (ICE LIBOR USD 3 Month+1.01%), 12/15/23 | 4,750 | 4,774,101 | ||||||
Deutsche Bank AG 1.65% (ICE LIBOR USD 3 Month+1.19%), 11/16/22 | 925 | 928,477 | ||||||
| 5,702,578 | ||||||||
| Ireland: 0.2% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 0.96% (United States Secured Overnight Financing Rate+0.68%), 09/29/23 | 2,025 | 2,008,173 | ||||||
| Japan: 5.2% | ||||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
|
1.24% (ICE LIBOR USD 3 Month+0.74%), 03/02/23 | 1,744 | 1,747,973 | ||||||
| 2.07% (ICE LIBOR USD 3 Month+0.86%), 07/26/23 | 3,896 | 3,914,491 | ||||||
Mizuho Financial Group, Inc. | ||||||||
|
1.13% (ICE LIBOR USD 3 Month+0.63%), 05/25/24 | 14,000 | 13,977,122 | ||||||
| 1.16% (United States Secured Overnight Financing Rate+0.96%), 05/22/26 | 1,000 | 994,612 | ||||||
| 1.37% (ICE LIBOR USD 3 Month+0.79%), 03/05/23 | 2,025 | 2,032,537 | ||||||
| 1.65% (ICE LIBOR USD 3 Month+0.85%), 09/13/23 | 1,825 | 1,827,843 | ||||||
| 1.75% (ICE LIBOR USD 3 Month+1.00%), 09/11/24 | 8,921 | 8,972,270 | ||||||
| 1.88% (ICE LIBOR USD 3 Month+0.84%), 07/16/23 | 1,150 | 1,150,676 | ||||||
| Sumitomo Mitsui Financial Group, Inc. | ||||||||
See Notes to Financial Statements
| 74 |
| Par (000’s | ) | Value | ||||||
| Japan (continued) | ||||||||
| 1.16% (United States Secured Overnight Financing Rate+0.88%), 01/14/27 | $ | 7,300 | $ | 7,257,918 | ||||
| 1.78% (ICE LIBOR USD 3 Month+0.74%), 01/17/23 | 1,200 | 1,202,182 | ||||||
| 1.84% (ICE LIBOR USD 3 Month+0.80%), 10/16/23 | 3,193 | 3,205,477 | ||||||
| 1.90% (ICE LIBOR USD 3 Month+0.86%), 07/19/23 | 1,200 | 1,206,407 | ||||||
Sumitomo Mitsui Trust Bank Ltd. 144A 0.71% (United States Secured Overnight Financing Rate+0.44%), 09/16/24 | 11,175 | 11,109,194 | ||||||
| 58,598,702 | ||||||||
| Netherlands: 1.6% | ||||||||
Cooperatieve Rabobank UA 0.58% (United States Secured Overnight Financing Rate Compound Index+0.30%), 01/12/24 | 2,950 | 2,945,045 | ||||||
| ING Groep NV | ||||||||
|
1.92% (United States Secured Overnight Financing Rate Compound Index+1.64%), 03/28/26 | 7,250 | 7,321,364 | ||||||
| 1.96% (ICE LIBOR USD 3 Month+1.00%), 10/02/23 | 2,025 | 2,043,015 | ||||||
Shell International Finance BV 0.79% (ICE LIBOR USD 3 Month+0.40%), 11/13/23 † | 2,025 | 2,034,746 | ||||||
Siemens Financieringsmaatschappij NV 144A 0.69% (United States Secured Overnight Financing Rate+0.43%), 03/11/24 | 3,900 | 3,905,496 | ||||||
| 18,249,666 | ||||||||
| Norway: 0.9% | ||||||||
| DNB Bank ASA 144A | ||||||||
|
1.11% (United States Secured Overnight Financing Rate Compound Index+0.83%), 03/28/25 | 9,000 | 9,011,128 | ||||||
| 1.12% (ICE LIBOR USD 3 Month+0.62%), 12/02/22 | 1,525 | 1,527,303 | ||||||
| 10,538,431 | ||||||||
| Spain: 0.2% | ||||||||
| Banco Santander SA | ||||||||
|
1.55% (ICE LIBOR USD 3 Month+1.09%), 02/23/23 | 1,200 | 1,206,160 | ||||||
| 2.13% (ICE LIBOR USD 3 Month+1.12%), 04/12/23 | 1,200 | 1,207,233 | ||||||
| 2,413,393 | ||||||||
| Sweden: 0.1% | ||||||||
Skandinaviska Enskilda Banken AB 144A 1.45% (ICE LIBOR USD 3 Month+0.65%), 12/12/22 | 1,300 | 1,303,808 | ||||||
| Par (000’s | ) | Value | ||||||
| Switzerland: 1.2% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
|
2.00% (ICE LIBOR USD 3 Month+1.20%), 12/14/23 | $ | 1,875 | $ | 1,879,666 | ||||
| 2.04% (ICE LIBOR USD 3 Month+1.24%), 06/12/24 | 2,806 | 2,819,895 | ||||||
UBS AG 144A 0.54% (United States Secured Overnight Financing Rate+0.36%), 02/09/24 | 3,750 | 3,736,356 | ||||||
| UBS Group AG 144A | ||||||||
|
1.46% (ICE LIBOR USD 3 Month+0.95%), 08/15/23 | 3,000 | 3,004,008 | ||||||
| 1.70% (ICE LIBOR USD 3 Month+1.22%), 05/23/23 | 2,375 | 2,376,113 | ||||||
| 13,816,038 | ||||||||
| United Kingdom: 7.2% | ||||||||
ANZ New Zealand Int’l Ltd./ London 144A 0.81% (United States Secured Overnight Financing Rate+0.60%), 02/18/25 | 7,400 | 7,382,460 | ||||||
Barclays Plc 1.84% (ICE LIBOR USD 3 Month+1.38%), 05/16/24 | 5,730 | 5,767,053 | ||||||
| HSBC Holdings Plc | ||||||||
|
0.79% (United States Secured Overnight Financing Rate+0.58%), 11/22/24 | 7,393 | 7,307,385 | ||||||
| 1.49% (ICE LIBOR USD 3 Month+1.00%), 05/18/24 | 7,455 | 7,467,158 | ||||||
| 1.68% (United States Secured Overnight Financing Rate+1.43%), 03/10/26 | 7,400 | 7,419,783 | ||||||
| 1.98% (ICE LIBOR USD 3 Month+1.23%), 03/11/25 | 7,375 | 7,377,381 | ||||||
| 2.18% (ICE LIBOR USD 3 Month+1.38%), 09/12/26 | 11,062 | 11,122,790 | ||||||
Jackson National Life Global Funding 144A 0.88% (United States Secured Overnight Financing Rate+0.60%), 01/06/23 | 1,925 | 1,925,983 | ||||||
Standard Chartered Plc 144A 1.14% (United States Secured Overnight Financing Rate+0.93%), 11/23/25 | 7,410 | 7,356,636 | ||||||
| 1.53% (United States Secured Overnight Financing Rate+1.25%), 10/14/23 | 1,900 | 1,905,395 | ||||||
UBS AG 144A 0.55% (United States Secured Overnight Financing Rate+0.32%), 06/01/23 | 2,250 | 2,246,578 | ||||||
| 0.63% (United States Secured Overnight Financing Rate+0.45%), 08/09/24 | 14,700 | 14,585,079 | ||||||
| 81,863,681 | ||||||||
| United States: 61.9% | ||||||||
| AbbVie, Inc. | ||||||||
See Notes to Financial Statements
| 75 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 1.13% (ICE LIBOR USD 3 Month+0.65%), 11/21/22 | $ | 1,400 | $ | 1,401,822 | ||||
Air Lease Corp. 1.18% (ICE LIBOR USD 3 Month+0.35%), 12/15/22 | 1,575 | 1,573,366 | ||||||
American Electric Power Co., Inc. 1.77% (ICE LIBOR USD 3 Month+0.48%), 11/01/23 | 2,400 | 2,400,211 | ||||||
| American Express Co. | ||||||||
|
0.40% (United States Secured Overnight Financing Rate Compound Index+0.23%), 11/03/23 | 2,266 | 2,250,083 | ||||||
| 0.82% (United States Secured Overnight Financing Rate Compound Index+0.65%), 11/04/26 | 7,263 | 7,195,142 | ||||||
| 1.18% (United States Secured Overnight Financing Rate+0.93%), 03/04/25 | 7,250 | 7,301,599 | ||||||
| 2.04% (ICE LIBOR USD 3 Month+0.75%), 08/03/23 † | 1,200 | 1,204,088 | ||||||
American Honda Finance Corp. 0.63% (ICE LIBOR USD 3 Month+0.15%), 02/22/23 † | 1,340 | 1,339,504 | ||||||
Analog Devices, Inc. 0.53% (United States Secured Overnight Financing Rate+0.25%), 10/01/24 | 7,394 | 7,361,525 | ||||||
AT&T, Inc. 0.92% (United States Secured Overnight Financing Rate Compound Index+0.64%), 03/25/24 | 2,875 | 2,873,676 | ||||||
| 1.98% (ICE LIBOR USD 3 Month+1.18%), 06/12/24 | 6,139 | 6,217,560 | ||||||
Athene Global Funding 144A 0.92% (United States Secured Overnight Financing Rate Compound Index+0.70%), 05/24/24 | 5,750 | 5,685,053 | ||||||
Atmos Energy Corp. 1.02% (ICE LIBOR USD 3 Month+0.38%), 03/09/23 † | 2,750 | 2,751,422 | ||||||
| Bank of America Corp. | ||||||||
|
0.84% (United States Secured Overnight Financing Rate+0.66%), 02/04/25 | 11,050 | 10,987,141 | ||||||
| 0.91% (Bloomberg 3 Month Short Term Bank Yield Index+0.43%), 05/28/24 | 4,540 | 4,517,164 | ||||||
| 0.97% (United States Secured Overnight Financing Rate+0.69%), 04/22/25 | 8,683 | 8,619,138 | ||||||
| 1.01% (United States Secured Overnight Financing Rate+0.73%), 10/24/24 | 7,238 | 7,237,611 | ||||||
| 1.08% (ICE LIBOR USD 3 Month+0.77%), 02/05/26 † | 21,679 | 21,596,291 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 1.23% (United States Secured Overnight Financing Rate+1.05%), 02/04/28 | $ | 7,383 | $ | 7,282,502 | ||||
| 1.37% (ICE LIBOR USD 3 Month+0.79%), 03/05/24 | 5,721 | 5,722,401 | ||||||
| 1.61% (United States Secured Overnight Financing Rate+1.33%), 04/02/26 | 8,000 | 8,036,998 | ||||||
| 2.14% (ICE LIBOR USD 3 Month+0.96%), 07/23/24 | 1,920 | 1,928,252 | ||||||
Bank of New York Mellon Corp. 2.29% (ICE LIBOR USD 3 Month+1.05%), 10/30/23 † | 2,957 | 2,966,370 | ||||||
| BMW US Capital LLC 144A | ||||||||
|
0.57% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/12/24 | 11,130 | 11,053,750 | ||||||
| 0.81% (United States Secured Overnight Financing Rate Compound Index+0.53%), 04/01/24 | 2,879 | 2,876,014 | ||||||
Capital One Financial Corp. 0.94% (United States Secured Overnight Financing Rate+0.69%), 12/06/24 | 13,425 | 13,382,820 | ||||||
Caterpillar Financial Services Corp. 0.35% (United States Secured Overnight Financing Rate+0.15%), 11/17/22 | 1,875 | 1,873,481 | ||||||
| 0.45% (United States Secured Overnight Financing Rate+0.24%), 05/17/24 | 1,987 | 1,978,850 | ||||||
| 0.54% (United States Secured Overnight Financing Rate+0.27%), 09/13/24 | 10,855 | 10,775,650 | ||||||
CenterPoint Energy Resources Corp. 1.00% (ICE LIBOR USD 3 Month+0.50%), 03/02/23 | 1,378 | 1,375,502 | ||||||
CenterPoint Energy, Inc. 0.84% (United States Secured Overnight Financing Rate Compound Index+0.65%), 05/13/24 | 2,643 | 2,622,898 | ||||||
Charles Schwab Corp. 0.71% (United States Secured Overnight Financing Rate Compound Index+0.52%), 05/13/26 | 6,863 | 6,792,430 | ||||||
| 0.78% (United States Secured Overnight Financing Rate Compound Index+0.50%), 03/18/24 | 4,804 | 4,799,321 | ||||||
Charles Schwab Corp./The 1.29% (United States Secured Overnight Financing Rate Compound Index+1.05%), 03/03/27 | 7,750 | 7,759,082 | ||||||
See Notes to Financial Statements
| 76 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Chevron USA, Inc. 0.58% (ICE LIBOR USD 3 Month+0.20%), 08/11/23 † | $ | 1,350 | $ | 1,349,086 | ||||
Cigna Corp. 1.93% (ICE LIBOR USD 3 Month+0.89%), 07/15/23 | 1,825 | 1,835,233 | ||||||
| Citigroup, Inc. | ||||||||
|
0.95% (United States Secured Overnight Financing Rate+0.67%), 05/01/25 | 7,375 | 7,284,858 | ||||||
| 0.97% (United States Secured Overnight Financing Rate+0.69%), 01/25/26 | 7,399 | 7,290,447 | ||||||
| 1.05% (ICE LIBOR USD 3 Month+0.55%), 08/25/36 | 7,660 | 6,509,704 | ||||||
| 1.50% (United States Secured Overnight Financing Rate+1.28%), 02/24/28 | 7,350 | 7,301,175 | ||||||
| 1.55% (ICE LIBOR USD 3 Month+1.02%), 06/01/24 | 3,755 | 3,770,869 | ||||||
| 1.57% (ICE LIBOR USD 3 Month+1.10%), 05/17/24 † | 5,602 | 5,594,072 | ||||||
| 1.81% (United States Secured Overnight Financing Rate+1.53%), 03/17/26 † | 7,375 | 7,436,180 | ||||||
| 1.95% (ICE LIBOR USD 3 Month+1.43%), 09/01/23 | 4,769 | 4,777,846 | ||||||
| 2.13% (ICE LIBOR USD 3 Month+0.95%), 07/24/23 | 1,775 | 1,776,128 | ||||||
| 2.22% (ICE LIBOR USD 3 Month+1.25%), 07/01/26 | 9,582 | 9,669,323 | ||||||
Comcast Corp. 1.67% (ICE LIBOR USD 3 Month+0.63%), 04/15/24 † | 2,036 | 2,047,069 | ||||||
| Credit Suisse AG | ||||||||
|
0.56% (United States Secured Overnight Financing Rate Compound Index+0.38%), 08/09/23 | 1,385 | 1,379,504 | ||||||
| 0.67% (United States Secured Overnight Financing Rate Compound Index+0.39%), 02/02/24 | 3,750 | 3,723,988 | ||||||
| Daimler Trucks Finance North America LLC 144A | ||||||||
|
0.78% (United States Secured Overnight Financing Rate+0.50%), 06/14/23 | 1,350 | 1,348,019 | ||||||
| 1.28% (United States Secured Overnight Financing Rate+1.00%), 04/05/24 | 1,700 | 1,700,814 | ||||||
Deutsche Bank NY 0.68% (United States Secured Overnight Financing Rate+0.50%), 11/08/23 | 2,772 | 2,756,475 | ||||||
Dominion Energy, Inc. 1.36% (ICE LIBOR USD 3 Month+0.53%), 09/15/23 | 3,786 | 3,780,619 | ||||||
| Duke Energy Corp. | ||||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 0.51% (United States Secured Overnight Financing Rate+0.25%), 06/10/23 | $ | 1,300 | $ | 1,295,286 | ||||
Equitable Financial Life Global Funding 144A 0.67% (United States Secured Overnight Financing Rate+0.39%), 04/06/23 | 1,644 | 1,641,459 | ||||||
| Florida Power & Light Co. | ||||||||
|
0.44% (United States Secured Overnight Financing Rate Compound Index+0.25%), 05/10/23 | 2,325 | 2,318,608 | ||||||
| 0.66% (United States Secured Overnight Financing Rate Compound Index+0.38%), 01/12/24 | 3,740 | 3,726,736 | ||||||
GA Global Funding Trust 144A 0.77% (United States Secured Overnight Financing Rate+0.50%), 09/13/24 | 7,500 | 7,375,729 | ||||||
General Electric Co. 0.70% (ICE LIBOR USD 3 Month+0.38%), 05/05/26 | 13,257 | 12,968,708 | ||||||
General Motors Financial Co., Inc. 1.40% (United States Secured Overnight Financing Rate+1.20%), 11/17/23 | 2,955 | 2,959,135 | ||||||
| Goldman Sachs Group, Inc. | ||||||||
|
0.74% (United States Secured Overnight Financing Rate+0.54%), 11/17/23 | 1,924 | 1,917,755 | ||||||
| 0.83% (United States Secured Overnight Financing Rate+0.58%), 03/08/24 | 2,819 | 2,796,324 | ||||||
| 0.98% (United States Secured Overnight Financing Rate+0.70%), 01/24/25 | 9,425 | 9,338,140 | ||||||
| 1.21% (ICE LIBOR USD 3 Month+0.75%), 02/23/23 | 6,197 | 6,198,052 | ||||||
| 1.63% (ICE LIBOR USD 3 Month+1.05%), 06/05/23 | 1,800 | 1,800,130 | ||||||
| 1.68% (ICE LIBOR USD 3 Month+1.17%), 05/15/26 | 22,266 | 22,366,719 | ||||||
| 2.11% (ICE LIBOR USD 3 Month+1.60%), 11/29/23 | 6,736 | 6,817,539 | ||||||
| 2.18% (ICE LIBOR USD 3 Month+1.00%), 07/24/23 | 1,737 | 1,737,037 | ||||||
| 2.99% (ICE LIBOR USD 3 Month+1.75%), 10/28/27 † | 14,787 | 15,070,119 | ||||||
Goldman Sachs Group, Inc./The 0.87% (United States Secured Overnight Financing Rate+0.62%), 12/06/23 | 1,925 | 1,915,314 | ||||||
Hartford Financial Services Group, Inc. 144A 2.63% (ICE LIBOR USD 3 Month+2.12%), 02/12/47 | 7,325 | 6,453,835 | ||||||
| John Deere Capital Corp. | ||||||||
See Notes to Financial Statements
| 77 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 0.40% (United States Secured Overnight Financing Rate+0.12%), 07/10/23 † | $ | 1,798 | $ | 1,791,965 | ||||
| 0.48% (United States Secured Overnight Financing Rate+0.20%), 10/11/24 | 8,880 | 8,884,690 | ||||||
| JPMorgan Chase & Co. | ||||||||
|
0.77% (United States Secured Overnight Financing Rate+0.54%), 06/01/25 | 7,257 | 7,148,679 | ||||||
| 0.86% (United States Secured Overnight Financing Rate+0.58%), 03/16/24 | 4,775 | 4,759,812 | ||||||
| 0.86% (United States Secured Overnight Financing Rate+0.58%), 06/23/25 | 7,235 | 7,152,398 | ||||||
| 1.05% (United States Secured Overnight Financing Rate+0.77%), 09/22/27 | 7,251 | 7,002,890 | ||||||
| 1.14% (United States Secured Overnight Financing Rate+0.92%), 02/24/26 | 11,100 | 10,969,008 | ||||||
| 1.16% (United States Secured Overnight Financing Rate+0.89%), 04/22/27 | 7,400 | 7,245,025 | ||||||
| 1.40% (United States Secured Overnight Financing Rate+1.18%), 02/24/28 | 11,075 | 10,954,680 | ||||||
| 1.84% (ICE LIBOR USD 3 Month+0.85%), 01/10/25 | 7,390 | 7,399,873 | ||||||
| 1.91% (ICE LIBOR USD 3 Month+0.73%), 04/23/24 | 1,881 | 1,882,143 | ||||||
| 2.07% (ICE LIBOR USD 3 Month+0.89%), 07/23/24 | 14,753 | 14,821,819 | ||||||
| 2.41% (ICE LIBOR USD 3 Month+1.23%), 10/24/23 | 7,469 | 7,494,863 | ||||||
Lincoln National Corp. 2.83% (ICE LIBOR USD 3 Month+2.36%), 05/17/66 | 8,240 | 6,983,400 | ||||||
Magallanes, Inc. 144A 2.05% (United States Secured Overnight Financing Rate Compound Index+1.78%), 03/15/24 | 2,025 | 2,044,051 | ||||||
MassMutual Global Funding II 144A 0.55% (United States Secured Overnight Financing Rate+0.27%), 10/21/24 | 7,375 | 7,314,093 | ||||||
Met Tower Global Funding 144A 0.83% (United States Secured Overnight Financing Rate+0.55%), 01/17/23 | 1,200 | 1,201,164 | ||||||
Metropolitan Life Global Funding I 144A 0.58% (United States Secured Overnight Financing Rate+0.30%), 09/27/24 | 4,800 | 4,761,302 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 0.60% (United States Secured Overnight Financing Rate+0.32%), 01/07/24 | $ | 4,825 | $ | 4,806,356 | ||||
| 0.85% (United States Secured Overnight Financing Rate+0.57%), 01/13/23 | 2,375 | 2,377,632 | ||||||
| Morgan Stanley | ||||||||
|
0.90% (United States Secured Overnight Financing Rate+0.62%), 01/24/25 | 18,525 | 18,351,884 | ||||||
| 1.16% (United States Secured Overnight Financing Rate+0.95%), 02/18/26 † | 10,850 | 10,769,264 | ||||||
| 1.44% (United States Secured Overnight Financing Rate+1.17%), 04/17/25 | 7,400 | 7,408,863 | ||||||
| 1.56% (ICE LIBOR USD 3 Month+1.22%), 05/08/24 | 6,585 | 6,619,639 | ||||||
| 2.58% (ICE LIBOR USD 3 Month+1.40%), 10/24/23 | 9,320 | 9,354,324 | ||||||
| New York Life Global Funding 144A | ||||||||
|
0.50% (United States Secured Overnight Financing Rate+0.22%), 02/02/23 | 1,895 | 1,893,187 | ||||||
| 1.27% (ICE LIBOR USD 3 Month+0.28%), 01/10/23 | 1,190 | 1,189,840 | ||||||
| NextEra Energy Capital Holdings, Inc. | ||||||||
|
0.68% (United States Secured Overnight Financing Rate Compound Index+0.40%), 11/03/23 | 4,850 | 4,824,547 | ||||||
| 0.75% (ICE LIBOR USD 3 Month+0.27%), 02/22/23 | 3,886 | 3,875,904 | ||||||
| 0.77% (United States Secured Overnight Financing Rate Compound Index+0.54%), 03/01/23 | 1,200 | 1,198,731 | ||||||
PPL Electric Utilities Corp. 0.61% (United States Secured Overnight Financing Rate+0.33%), 06/24/24 | 2,531 | 2,516,244 | ||||||
Public Storage 0.75% (United States Secured Overnight Financing Rate+0.47%), 04/23/24 | 2,775 | 2,768,033 | ||||||
QUALCOMM, Inc. 1.97% (ICE LIBOR USD 3 Month+0.73%), 01/30/23 | 1,350 | 1,353,819 | ||||||
| Roche Holdings, Inc. 144A | ||||||||
|
0.59% (United States Secured Overnight Financing Rate+0.33%), 09/11/23 | 1,825 | 1,826,122 | ||||||
| 0.82% (United States Secured Overnight Financing Rate+0.56%), 03/10/25 | 10,875 | 10,911,751 | ||||||
| Simon Property Group LP | ||||||||
See Notes to Financial Statements
| 78 |
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 0.71% (United States Secured Overnight Financing Rate Compound Index+0.43%), 01/11/24 | $ | 2,031 | $ | 2,026,352 | ||||
Southern California Edison Co. 0.71% (United States Secured Overnight Financing Rate+0.47%), 12/02/22 | 1,475 | 1,474,589 | ||||||
Southern Co./The 0.56% (United States Secured Overnight Financing Rate+0.37%), 05/10/23 | 1,575 | 1,570,470 | ||||||
Starbucks Corp. 0.61% (United States Secured Overnight Financing Rate Compound Index+0.42%), 02/14/24 | 2,025 | 2,027,140 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
|
0.63% (United States Secured Overnight Financing Rate Compound Index+0.35%), 04/18/23 | 2,375 | 2,371,791 | ||||||
| 0.67% (United States Secured Overnight Financing Rate Compound Index+0.39%), 10/18/23 | 1,900 | 1,895,298 | ||||||
| 0.81% (United States Secured Overnight Financing Rate Compound Index+0.53%), 10/18/24 | 7,387 | 7,359,681 | ||||||
| Toyota Motor Credit Corp. | ||||||||
|
0.48% (United States Secured Overnight Financing Rate+0.20%), 02/13/23 | 2,254 | 2,251,608 | ||||||
| 0.56% (United States Secured Overnight Financing Rate+0.28%), 12/14/22 | 2,950 | 2,951,545 | ||||||
| 0.56% (United States Secured Overnight Financing Rate+0.29%), 09/13/24 † | 8,850 | 8,809,030 | ||||||
| 0.60% (United States Secured Overnight Financing Rate+0.32%), 04/06/23 | 1,730 | 1,727,286 | ||||||
| 0.61% (United States Secured Overnight Financing Rate Compound Index+0.33%), 01/11/24 | 2,809 | 2,799,789 | ||||||
| Par (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 0.63% (United States Secured Overnight Financing Rate+0.35%), 06/13/23 | $ | 1,872 | $ | 1,869,798 | ||||
| Truist Bank | ||||||||
|
0.48% (United States Secured Overnight Financing Rate+0.20%), 01/17/24 | 4,675 | 4,640,061 | ||||||
| 0.99% (United States Secured Overnight Financing Rate+0.73%), 03/09/23 | 1,165 | 1,167,784 | ||||||
Truist Financial Corp. 0.66% (United States Secured Overnight Financing Rate+0.40%), 06/09/25 | 14,813 | 14,572,919 | ||||||
United Parcel Service, Inc. 1.42% (ICE LIBOR USD 3 Month+0.45%), 04/01/23 | 1,367 | 1,370,022 | ||||||
| US Bank NA | ||||||||
|
0.67% (Bloomberg 3 Month Short Term Bank Yield Index+0.17%), 06/02/23 | 2,360 | 2,356,436 | ||||||
| 1.04% (ICE LIBOR USD 3 Month+0.40%), 12/09/22 | 1,425 | 1,425,604 | ||||||
| Verizon Communications, Inc. | ||||||||
|
1.07% (United States Secured Overnight Financing Rate Compound Index+0.79%), 03/20/26 † | 11,039 | 11,011,206 | ||||||
| 1.61% (ICE LIBOR USD 3 Month+1.10%), 05/15/25 | 22,483 | 22,749,331 | ||||||
Wells Fargo & Co. 2.47% (ICE LIBOR USD 3 Month+1.23%), 10/31/23 | 7,596 | 7,626,479 | ||||||
| 701,678,965 | ||||||||
| Total Floating Rate Notes (Cost: $1,139,059,326) | 1,132,264,257 | |||||||
| Number of Shares | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4% (Cost: $4,818,587) | ||||||||
| Money Market Fund: 0.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 4,818,587 | 4,818,587 | ||||||
| Total Investments: 100.2% (Cost: $1,143,877,913) | 1,137,082,844 | |||||||
| Liabilities in excess of other assets: (0.2)% | (2,565,063) | |||||||
| NET ASSETS: 100.0% | $ | 1,134,517,781 | ||||||
Definitions:
| USD | United States Dollar |
See Notes to Financial Statements
| 79 |
VANECK INVESTMENT GRADE FLOATING RATE ETF
SCHEDULE OF INVESTMENTS
(continued)
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $10,721,775. |
| 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 $261,846,125, or 23.1% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Consumer Cyclicals | 0.9 | % | $ | 10,416,899 | ||||
| Consumer Non-Cyclicals | 1.5 | 16,874,204 | ||||||
| Energy | 0.6 | 6,875,087 | ||||||
| Financials | 83.8 | 948,783,001 | ||||||
| Healthcare | 1.7 | 19,637,927 | ||||||
| Industrials | 3.0 | 33,509,305 | ||||||
| Real Estate | 0.4 | 4,794,385 | ||||||
| Technology | 4.9 | 55,641,684 | ||||||
| Utilities | 3.2 | 35,731,765 | ||||||
| 100.0 | % | $ | 1,132,264,257 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Floating Rate Notes * | $ | — | $ | 1,132,264,257 | $ | — | $ | 1,132,264,257 | ||||||||
| Money Market Fund | 4,818,587 | — | — | 4,818,587 | ||||||||||||
| Total Investments | $ | 4,818,587 | $ | 1,132,264,257 | $ | — | $ | 1,137,082,844 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 80 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| CORPORATE BONDS: 4.9% | ||||||||
| Colombia: 0.1% | ||||||||
| Empresas Publicas de Medellin ESP Reg S 7.62%, 09/10/24 | COP | 3,596,000 | $ | 848,199 | ||||
| Financiera de Desarrollo Territorial SA Findeter Reg S 7.88%, 08/12/24 | COP | 12,300,000 | 2,964,159 | |||||
| 3,812,358 | ||||||||
| Germany: 0.0% | ||||||||
| Kreditanstalt fuer Wiederaufbau 7.75%, 06/06/23 | ZAR | 1,180 | 75,629 | |||||
| Indonesia: 0.8% | ||||||||
| Perusahaan Penerbit SBSN | ||||||||
| 4.88%, 07/15/26 | IDR | 37,350,000 | 2,518,394 | |||||
| 6.38%, 03/15/34 | IDR | 8,410,000 | 562,058 | |||||
| 6.50%, 05/15/23 | IDR | 70,300,000 | 4,932,858 | |||||
| 6.62%, 10/15/24 | IDR | 42,440,000 | 3,036,168 | |||||
| 8.25%, 09/15/23 | IDR | 53,999,000 | 3,913,862 | |||||
| 8.75%, 08/15/23 | IDR | 17,850,000 | 1,299,420 | |||||
| 8.88%, 11/15/31 | IDR | 112,280,000 | 8,967,558 | |||||
| 25,230,318 | ||||||||
| Mexico: 0.0% | ||||||||
| Petroleos Mexicanos Reg S 7.19%, 09/12/24 | MXN | 28,905 | 1,317,163 | |||||
| Russia: 0.0% | ||||||||
| RusHydro Via RusHydro Capital Markets DAC Reg S 8.12%, 09/28/22 | RUB | 134,900 | 57,141 | |||||
| South Africa: 0.4% | ||||||||
| Eskom Holdings SOC Ltd. | ||||||||
| 0.01%, 08/18/27 | ZAR | 83,955 | 2,407,524 | |||||
| 7.50%, 09/15/33 | ZAR | 11,000 | 514,372 | |||||
| 7.85%, 04/02/26 | ZAR | 25,350 | 1,532,776 | |||||
| Transnet SOC Ltd. | ||||||||
| 9.50%, 08/19/25 | ZAR | 22,000 | 1,407,950 | |||||
| 10.80%, 11/06/23 | ZAR | 87,800 | 5,842,320 | |||||
| 13.50%, 04/18/28 | ZAR | 5,100 | 375,593 | |||||
| 12,080,535 | ||||||||
| Supranational: 2.8% | ||||||||
| European Bank for Reconstruction & Development | ||||||||
| 0.20%, 12/23/22 | PLN | 7,550 | 1,628,551 | |||||
| 0.25%, 11/20/23 | PLN | 8,670 | 1,765,401 | |||||
| European Investment Bank | ||||||||
| 4.25%, 10/25/22 | PLN | 40,820 | 9,125,996 | |||||
| 7.25%, 02/28/23 | ZAR | 660 | 42,082 | |||||
| 7.75%, 01/30/25 | MXN | 17,460 | 816,745 | |||||
| 8.12%, 12/21/26 | ZAR | 205,495 | 13,161,230 | |||||
| European Investment Bank 144A | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Supranational (continued) | ||||||||
| 5.75%, 01/24/25 | IDR | 51,750,000 | $ | 3,568,740 | ||||
| European Investment Bank Reg S | ||||||||
| 2.75%, 08/25/26 | PLN | 35,030 | 6,811,652 | |||||
| 3.00%, 05/24/24 | PLN | 48,552 | 10,174,629 | |||||
| 8.00%, 05/05/27 | ZAR | 17,875 | 1,137,682 | |||||
| 8.50%, 09/17/24 | ZAR | 530 | 34,504 | |||||
| Inter-American Development Bank | ||||||||
| 7.50%, 12/05/24 | MXN | 132,495 | 6,127,938 | |||||
| 7.88%, 03/14/23 | IDR | 71,970,000 | 5,048,872 | |||||
| Inter-American Development Bank Reg S 7.70%, 02/12/24 | MXN | 53,500 | 2,523,676 | |||||
| International Bank for Reconstruction & Development | ||||||||
| 2.00%, 07/23/25 | PHP | 35,400 | 610,130 | |||||
| 7.25%, 03/15/24 | IDR | 32,100,000 | 2,257,983 | |||||
| International Finance Corp. | ||||||||
| 7.00%, 02/14/24 | BRL | 1,800 | 336,686 | |||||
| 7.00%, 07/20/27 | MXN | 178,600 | 7,846,376 | |||||
| 7.25%, 02/02/24 | MXN | 2,550 | 119,563 | |||||
| 7.50%, 01/18/28 | MXN | 106,600 | 4,788,734 | |||||
| 7.75%, 01/18/30 | MXN | 125,380 | 5,575,858 | |||||
| 8.00%, 10/09/23 | IDR | 17,500,000 | 1,244,363 | |||||
| 8.00%, 07/27/27 | ZAR | 3,050 | 191,097 | |||||
| International Finance Corp. Reg S 8.38%, 05/31/29 | MXN | 51,500 | 2,409,903 | |||||
| 87,348,391 | ||||||||
| United Kingdom: 0.2% | ||||||||
| European Bank for Reconstruction & Development | ||||||||
| 8.00%, 10/17/22 | TRY | 830 | 49,960 | |||||
| 12.50%, 02/09/23 | TRY | 8,275 | 507,051 | |||||
| European Bank for Reconstruction & Development Reg S 5.08%, 12/15/25 | MXN | 115,000 | 5,066,313 | |||||
| 5,623,324 | ||||||||
| United States: 0.6% | ||||||||
| International Bank for Reconstruction & Development | ||||||||
| 6.65%, 07/30/24 | MXN | 200,000 | 9,282,559 | |||||
| 11.00%, 08/25/22 | TRY | 21,330 | 1,358,441 | |||||
| 13.25%, 02/22/23 | TRY | 32,290 | 1,937,309 | |||||
| International Finance Corp. | ||||||||
| 5.75%, 03/02/23 | MXN | 76,000 | 3,610,835 | |||||
| 8.80%, 10/11/22 | TRY | 13,350 | 817,556 | |||||
| 17,006,700 | ||||||||
| Total Corporate Bonds (Cost: $184,363,263) | 152,551,559 | |||||||
See Notes to Financial Statements
| 81 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| GOVERNMENT OBLIGATIONS: 93.0% | ||||||||
| Brazil: 9.5% | ||||||||
| Brazil Letras do Tesouro Nacional | ||||||||
| 0.00%, 01/01/24 ^ | BRL | 428,060 | $ | 70,910,620 | ||||
| 0.00%, 07/01/24 ^ | BRL | 139,840 | 21,958,472 | |||||
| 0.00%, 07/01/25 ^ | BRL | 48,380 | 6,812,379 | |||||
| 0.00%, 07/01/23 ^ | BRL | 300,220 | 52,548,904 | |||||
| Brazil Notas do Tesouro Nacional, Series F | ||||||||
| 10.00%, 01/01/23 | BRL | 191,693 | 37,961,543 | |||||
| 10.00%, 01/01/25 | BRL | 188,205 | 36,184,195 | |||||
| 10.00%, 01/01/27 | BRL | 169,530 | 31,846,273 | |||||
| 10.00%, 01/01/29 | BRL | 107,810 | 19,754,393 | |||||
| 10.00%, 01/01/31 | BRL | 63,670 | 11,427,447 | |||||
| 10.00%, 01/01/33 | BRL | 4,120 | 723,981 | |||||
| Brazilian Government International Bond | ||||||||
| 8.50%, 01/05/24 | BRL | 5,240 | 1,004,257 | |||||
| 10.25%, 01/10/28 | BRL | 7,970 | 1,522,221 | |||||
| 292,654,685 | ||||||||
| Chile: 3.2% | ||||||||
| Bonos de la Tesoreria de la Republica de Chile | ||||||||
| 2.50%, 03/01/25 | CLP | 21,110,000 | 21,912,483 | |||||
| 4.50%, 03/01/26 | CLP | 13,715,000 | 14,796,778 | |||||
| 5.00%, 03/01/35 | CLP | 15,580,000 | 15,888,840 | |||||
| 6.00%, 01/01/43 | CLP | 12,265,000 | 13,658,879 | |||||
| Bonos de la Tesoreria de la Republica de Chile 144A Reg S | ||||||||
| 2.30%, 10/01/28 | CLP | 3,855,000 | 3,500,032 | |||||
| 4.00%, 03/01/23 | CLP | 6,965,000 | 7,909,715 | |||||
| 4.70%, 09/01/30 | CLP | 14,630,000 | 15,054,399 | |||||
| 5.00%, 10/01/28 | CLP | 5,740,000 | 6,138,859 | |||||
| 98,859,985 | ||||||||
| China: 10.2% | ||||||||
| Asian Infrastructure Investment Bank Reg S 4.50%, 11/03/23 | MXN | 214,000 | 9,738,188 | |||||
| China Government Bond | ||||||||
| 1.99%, 04/09/25 | CNY | 86,650 | 12,980,004 | |||||
| 2.26%, 02/24/25 | CNY | 18,540 | 2,802,813 | |||||
| 2.36%, 07/02/23 | CNY | 65,740 | 10,000,560 | |||||
| 2.37%, 01/20/27 | CNY | 12,740 | 1,914,501 | |||||
| 2.47%, 09/02/24 | CNY | 53,000 | 8,064,245 | |||||
| 2.68%, 05/21/30 | CNY | 98,190 | 14,674,016 | |||||
| 2.69%, 08/12/26 | CNY | 45,650 | 6,952,009 | |||||
| 2.75%, 02/17/32 | CNY | 28,530 | 4,299,879 | |||||
| 2.80%, 03/24/29 | CNY | 13,610 | 2,060,044 | |||||
| 2.84%, 04/08/24 | CNY | 60,810 | 9,328,439 | |||||
| 2.85%, 06/04/27 | CNY | 115,090 | 17,616,440 | |||||
| 2.88%, 11/05/23 | CNY | 75,940 | 11,644,845 | |||||
| 2.89%, 11/18/31 | CNY | 35,490 | 5,402,388 | |||||
| 2.91%, 10/14/28 | CNY | 57,780 | 8,820,068 | |||||
| 2.94%, 10/17/24 | CNY | 76,750 | 11,809,106 | |||||
| 3.01%, 05/13/28 | CNY | 71,720 | 11,019,327 | |||||
| 3.02%, 10/22/25 | CNY | 86,600 | 13,364,006 | |||||
| 3.02%, 05/27/31 | CNY | 56,270 | 8,624,507 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| China (continued) | ||||||||
| 3.03%, 03/11/26 | CNY | 67,910 | $ | 10,481,625 | ||||
| 3.12%, 12/05/26 | CNY | 79,700 | 12,357,197 | |||||
| 3.13%, 11/21/29 | CNY | 59,050 | 9,130,403 | |||||
| 3.19%, 04/11/24 | CNY | 80,100 | 12,380,415 | |||||
| 3.22%, 12/06/25 | CNY | 45,320 | 7,050,442 | |||||
| 3.25%, 06/06/26 | CNY | 98,050 | 15,280,472 | |||||
| 3.25%, 11/22/28 | CNY | 47,090 | 7,345,720 | |||||
| 3.27%, 11/19/30 | CNY | 104,810 | 16,427,725 | |||||
| 3.28%, 12/03/27 | CNY | 75,350 | 11,798,000 | |||||
| 3.29%, 10/18/23 | CNY | 41,930 | 6,468,044 | |||||
| 3.29%, 05/23/29 | CNY | 71,990 | 11,279,934 | |||||
| 3.53%, 10/18/51 | CNY | 1,220 | 191,597 | |||||
| 3.72%, 04/12/51 | CNY | 37,290 | 6,018,433 | |||||
| 3.81%, 09/14/50 | CNY | 105,880 | 17,378,100 | |||||
| 314,703,492 | ||||||||
| Colombia: 4.1% | ||||||||
| Colombia Government International Bond | ||||||||
| 4.38%, 03/21/23 | COP | 2,825,000 | 690,486 | |||||
| 9.85%, 06/28/27 | COP | 4,334,000 | 1,103,985 | |||||
| Colombian TES | ||||||||
| 5.75%, 11/03/27 | COP | 49,300,000 | 10,204,560 | |||||
| 6.00%, 04/28/28 | COP | 72,703,100 | 14,996,679 | |||||
| 6.25%, 11/26/25 | COP | 47,448,000 | 10,728,274 | |||||
| 6.25%, 07/09/36 | COP | 29,305,000 | 5,138,712 | |||||
| 7.00%, 03/26/31 | COP | 39,716,000 | 8,113,005 | |||||
| 7.00%, 06/30/32 | COP | 65,291,700 | 13,078,757 | |||||
| 7.25%, 10/18/34 | COP | 66,473,500 | 13,102,670 | |||||
| 7.25%, 10/26/50 | COP | 38,896,000 | 6,877,298 | |||||
| 7.50%, 08/26/26 | COP | 68,693,700 | 15,907,764 | |||||
| 7.75%, 09/18/30 | COP | 53,304,100 | 11,620,121 | |||||
| 9.25%, 05/28/42 | COP | 14,335,000 | 3,212,096 | |||||
| 10.00%, 07/24/24 | COP | 43,398,800 | 11,127,133 | |||||
| 125,901,540 | ||||||||
| Czech Republic: 4.4% | ||||||||
| Czech Republic Government Bond | ||||||||
| 0.01%, 12/12/24 | CZK | 79,980 | 3,008,372 | |||||
| 0.05%, 11/29/29 | CZK | 138,270 | 4,301,254 | |||||
| 0.25%, 02/10/27 | CZK | 279,870 | 9,806,022 | |||||
| 1.20%, 03/13/31 | CZK | 265,860 | 8,868,232 | |||||
| 1.25%, 02/14/25 | CZK | 257,130 | 9,955,320 | |||||
| 1.50%, 04/24/40 | CZK | 98,230 | 2,801,263 | |||||
| 1.75%, 06/23/32 | CZK | 222,640 | 7,631,699 | |||||
| 2.00%, 10/13/33 | CZK | 304,590 | 10,447,590 | |||||
| 2.75%, 07/23/29 | CZK | 299,810 | 11,593,303 | |||||
| Czech Republic Government Bond Reg S | ||||||||
| 0.45%, 10/25/23 | CZK | 237,760 | 9,492,447 | |||||
| 0.95%, 05/15/30 | CZK | 284,550 | 9,489,901 | |||||
| 1.00%, 06/26/26 | CZK | 306,680 | 11,322,520 | |||||
| 2.40%, 09/17/25 | CZK | 285,100 | 11,279,239 | |||||
| 2.50%, 08/25/28 | CZK | 292,590 | 11,228,178 | |||||
| 4.20%, 12/04/36 | CZK | 159,460 | 6,821,000 | |||||
| 5.70%, 05/25/24 | CZK | 169,570 | 7,351,768 | |||||
| 135,398,108 | ||||||||
See Notes to Financial Statements
| 82 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Dominican Republic: 1.4% | ||||||||
| Dominican Republic International Bond 144A 9.75%, 06/05/26 | DOP | 1,245,900 | $ | 23,013,440 | ||||
| Dominican Republic International Bond Reg S | ||||||||
| 8.90%, 02/15/23 | DOP | 651,190 | 11,903,919 | |||||
| 9.75%, 06/05/26 | DOP | 369,790 | 6,830,516 | |||||
| 41,747,875 | ||||||||
| Egypt: 3.0% | ||||||||
| Egypt Government Bond | ||||||||
| 13.54%, 01/14/25 | EGP | 53,696 | 2,844,835 | |||||
| 14.06%, 01/12/26 | EGP | 299,820 | 15,928,333 | |||||
| 14.29%, 01/05/28 | EGP | 132,560 | 6,708,673 | |||||
| 14.35%, 09/10/24 | EGP | 84,595 | 4,565,214 | |||||
| 14.37%, 10/20/25 | EGP | 273,370 | 14,672,827 | |||||
| 14.40%, 09/10/29 | EGP | 59,380 | 3,080,100 | |||||
| 14.48%, 04/06/26 | EGP | 180,030 | 9,672,700 | |||||
| 14.53%, 09/14/24 | EGP | 190,050 | 10,280,055 | |||||
| 14.56%, 07/06/26 | EGP | 88,089 | 4,729,031 | |||||
| 14.56%, 10/13/27 | EGP | 157,120 | 8,329,654 | |||||
| 14.66%, 10/06/30 | EGP | 98,250 | 5,144,618 | |||||
| 16.10%, 05/07/29 | EGP | 90,780 | 5,044,700 | |||||
| 91,000,740 | ||||||||
| Hungary: 3.7% | ||||||||
| Hungary Government Bond | ||||||||
| 1.00%, 11/26/25 | HUF | 3,890,020 | 8,841,314 | |||||
| 1.50%, 08/23/23 | HUF | 944,520 | 2,471,559 | |||||
| 1.50%, 04/22/26 | HUF | 3,723,860 | 8,422,709 | |||||
| 1.50%, 08/26/26 | HUF | 2,230,430 | 4,946,702 | |||||
| 2.00%, 05/23/29 | HUF | 2,730,740 | 5,527,539 | |||||
| 2.25%, 04/20/33 | HUF | 3,802,570 | 6,954,724 | |||||
| 2.25%, 06/22/34 | HUF | 1,143,310 | 2,017,559 | |||||
| 2.50%, 10/24/24 | HUF | 3,236,160 | 8,145,604 | |||||
| 2.75%, 12/22/26 | HUF | 2,788,120 | 6,455,374 | |||||
| 3.00%, 06/26/24 | HUF | 2,371,520 | 6,117,834 | |||||
| 3.00%, 10/27/27 | HUF | 3,708,010 | 8,484,850 | |||||
| 3.00%, 08/21/30 | HUF | 3,411,680 | 7,192,594 | |||||
| 3.00%, 10/27/38 | HUF | 2,503,660 | 4,430,341 | |||||
| 3.00%, 04/25/41 | HUF | 1,304,250 | 2,216,260 | |||||
| 3.25%, 10/22/31 | HUF | 4,319,220 | 9,077,222 | |||||
| 5.50%, 06/24/25 | HUF | 3,526,220 | 9,424,376 | |||||
| 6.00%, 11/24/23 | HUF | 2,679,660 | 7,404,338 | |||||
| 6.75%, 10/22/28 | HUF | 1,915,640 | 5,258,529 | |||||
| 113,389,428 | ||||||||
| Indonesia: 8.7% | ||||||||
| Indonesia Treasury Bond | ||||||||
| 5.12%, 04/15/27 | IDR | 38,180,000 | 2,509,024 | |||||
| 5.50%, 04/15/26 | IDR | 203,140,000 | 13,662,240 | |||||
| 5.62%, 05/15/23 | IDR | 74,910,000 | 5,241,960 | |||||
| 6.12%, 05/15/28 | IDR | 159,481,000 | 10,709,401 | |||||
| 6.25%, 06/15/36 | IDR | 26,910,000 | 1,756,380 | |||||
| 6.38%, 04/15/32 | IDR | 48,930,000 | 3,239,887 | |||||
| 6.50%, 06/15/25 | IDR | 192,610,000 | 13,548,599 | |||||
| 6.50%, 02/15/31 | IDR | 162,790,000 | 10,841,812 | |||||
| 6.62%, 05/15/33 | IDR | 129,903,000 | 8,589,049 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Indonesia (continued) | ||||||||
| 7.00%, 05/15/27 | IDR | 237,588,000 | $ | 16,763,325 | ||||
| 7.00%, 09/15/30 | IDR | 195,010,000 | 13,417,447 | |||||
| 7.12%, 06/15/42 | IDR | 75,370,000 | 5,118,578 | |||||
| 7.50%, 08/15/32 | IDR | 156,860,000 | 11,079,188 | |||||
| 7.50%, 06/15/35 | IDR | 206,240,000 | 14,453,475 | |||||
| 7.50%, 05/15/38 | IDR | 119,560,000 | 8,391,450 | |||||
| 7.50%, 04/15/40 | IDR | 234,920,000 | 16,569,338 | |||||
| 8.12%, 05/15/24 | IDR | 126,790,000 | 9,197,045 | |||||
| 8.25%, 05/15/29 | IDR | 155,610,000 | 11,547,721 | |||||
| 8.25%, 06/15/32 | IDR | 88,464,000 | 6,610,218 | |||||
| 8.25%, 05/15/36 | IDR | 144,875,000 | 10,737,267 | |||||
| 8.38%, 03/15/24 | IDR | 149,673,000 | 10,851,451 | |||||
| 8.38%, 09/15/26 | IDR | 164,107,000 | 12,170,581 | |||||
| 8.38%, 03/15/34 | IDR | 206,504,000 | 15,503,471 | |||||
| 8.38%, 04/15/39 | IDR | 81,880,000 | 6,226,496 | |||||
| 8.75%, 05/15/31 | IDR | 110,517,000 | 8,445,570 | |||||
| 9.00%, 03/15/29 | IDR | 124,832,000 | 9,615,803 | |||||
| 9.50%, 07/15/31 | IDR | 58,551,000 | 4,689,663 | |||||
| 10.50%, 08/15/30 | IDR | 35,602,000 | 2,991,404 | |||||
| 11.00%, 09/15/25 | IDR | 38,872,000 | 3,112,257 | |||||
| 267,590,100 | ||||||||
| Malaysia: 7.0% | ||||||||
| Malaysia Government Bond | ||||||||
| 2.63%, 04/15/31 | MYR | 33,474 | 6,624,753 | |||||
| 3.48%, 03/15/23 | MYR | 21,272 | 4,927,310 | |||||
| 3.48%, 06/14/24 | MYR | 41,233 | 9,472,511 | |||||
| 3.50%, 05/31/27 | MYR | 27,824 | 6,189,914 | |||||
| 3.58%, 07/15/32 | MYR | 5,190 | 1,111,724 | |||||
| 3.73%, 06/15/28 | MYR | 41,582 | 9,236,885 | |||||
| 3.76%, 04/20/23 | MYR | 24,508 | 5,695,807 | |||||
| 3.76%, 05/22/40 | MYR | 42,416 | 8,348,064 | |||||
| 3.80%, 08/17/23 | MYR | 35,053 | 8,176,356 | |||||
| 3.83%, 07/05/34 | MYR | 30,020 | 6,266,064 | |||||
| 3.88%, 03/14/25 | MYR | 15,490 | 3,590,759 | |||||
| 3.88%, 08/15/29 | MYR | 33,004 | 7,278,700 | |||||
| 3.90%, 11/30/26 | MYR | 41,221 | 9,464,357 | |||||
| 3.90%, 11/16/27 | MYR | 24,819 | 5,601,909 | |||||
| 3.91%, 07/15/26 | MYR | 27,340 | 6,288,400 | |||||
| 3.96%, 09/15/25 | MYR | 10,841 | 2,508,428 | |||||
| 4.06%, 09/30/24 | MYR | 20,042 | 4,661,251 | |||||
| 4.07%, 06/15/50 | MYR | 39,259 | 7,709,377 | |||||
| 4.18%, 07/15/24 | MYR | 11,625 | 2,709,958 | |||||
| 4.25%, 05/31/35 | MYR | 29,356 | 6,299,922 | |||||
| 4.70%, 10/15/42 | MYR | 6,140 | 1,371,655 | |||||
| 4.76%, 04/07/37 | MYR | 26,651 | 6,042,352 | |||||
| Malaysia Government Investment Issue | ||||||||
| 3.15%, 05/15/23 | MYR | 17,297 | 3,998,585 | |||||
| 3.42%, 09/30/27 | MYR | 36,123 | 8,038,061 | |||||
| 3.45%, 07/15/36 | MYR | 35,434 | 6,942,810 | |||||
| 3.46%, 10/15/30 | MYR | 48,050 | 10,276,874 | |||||
| 3.65%, 10/15/24 | MYR | 36,265 | 8,359,816 | |||||
| 3.73%, 03/31/26 | MYR | 36,496 | 8,346,500 | |||||
| 4.09%, 11/30/23 | MYR | 9,894 | 2,325,887 | |||||
| 4.13%, 08/15/25 | MYR | 54,602 | 12,703,986 | |||||
| 4.13%, 07/09/29 | MYR | 22,773 | 5,129,977 | |||||
| 4.19%, 10/07/32 | MYR | 8,230 | 1,853,284 | |||||
See Notes to Financial Statements
| 83 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Malaysia (continued) | ||||||||
| 4.26%, 07/26/27 | MYR | 20,216 | $ | 4,686,263 | ||||
| 4.37%, 10/31/28 | MYR | 39,606 | 9,091,872 | |||||
| 4.42%, 09/30/41 | MYR | 23,102 | 4,860,848 | |||||
| 216,191,219 | ||||||||
| Mexico: 5.8% | ||||||||
| Mexican Bonos | ||||||||
| 5.00%, 03/06/25 | MXN | 45,357 | 1,996,645 | |||||
| 5.50%, 03/04/27 | MXN | 6,032 | 254,412 | |||||
| 5.75%, 03/05/26 | MXN | 582,407 | 25,493,738 | |||||
| 6.75%, 03/09/23 | MXN | 40,568 | 1,956,134 | |||||
| 7.50%, 06/03/27 | MXN | 260,696 | 11,982,388 | |||||
| 7.75%, 05/29/31 | MXN | 537,936 | 24,187,799 | |||||
| 7.75%, 11/23/34 | MXN | 147,098 | 6,454,917 | |||||
| 7.75%, 11/13/42 | MXN | 349,004 | 14,811,631 | |||||
| 8.00%, 12/07/23 | MXN | 92,725 | 4,480,001 | |||||
| 8.00%, 09/05/24 | MXN | 256,850 | 12,317,097 | |||||
| 8.00%, 11/07/47 | MXN | 388,004 | 16,759,794 | |||||
| 8.50%, 05/31/29 | MXN | 355,391 | 16,906,234 | |||||
| 8.50%, 11/18/38 | MXN | 379,529 | 17,580,927 | |||||
| 10.00%, 12/05/24 | MXN | 335,010 | 16,770,695 | |||||
| 10.00%, 11/20/36 | MXN | 120,168 | 6,288,711 | |||||
| 178,241,123 | ||||||||
| Peru: 3.2% | ||||||||
| Peru Government Bond | ||||||||
| 5.35%, 08/12/40 | PEN | 30,579 | 5,804,832 | |||||
| 5.40%, 08/12/34 | PEN | 41,731 | 8,621,135 | |||||
| 5.70%, 08/12/24 | PEN | 24,033 | 6,185,958 | |||||
| 5.94%, 02/12/29 | PEN | 60,185 | 14,162,884 | |||||
| 6.15%, 08/12/32 | PEN | 56,480 | 12,838,017 | |||||
| 6.35%, 08/12/28 | PEN | 56,138 | 13,666,584 | |||||
| 6.90%, 08/12/37 | PEN | 53,874 | 12,438,088 | |||||
| 6.95%, 08/12/31 | PEN | 54,275 | 13,273,771 | |||||
| 8.20%, 08/12/26 | PEN | 44,710 | 12,171,610 | |||||
| 99,162,879 | ||||||||
| Philippines: 1.3% | ||||||||
| Philippine Government International Bond 6.25%, 01/14/36 | PHP | 2,018,500 | 40,109,457 | |||||
| Poland: 4.5% | ||||||||
| Republic of Poland Government Bond | ||||||||
| 0.25%, 10/25/26 | PLN | 65,478 | 11,135,067 | |||||
| 0.75%, 04/25/25 | PLN | 59,192 | 11,246,560 | |||||
| 1.25%, 10/25/30 | PLN | 64,937 | 9,921,418 | |||||
| 1.75%, 04/25/32 | PLN | 26,478 | 4,016,093 | |||||
| 2.25%, 10/25/24 | PLN | 68,871 | 13,976,424 | |||||
| 2.50%, 01/25/23 | PLN | 13,822 | 3,039,806 | |||||
| 2.50%, 04/25/24 | PLN | 11,969 | 2,500,015 | |||||
| 2.50%, 07/25/26 | PLN | 55,915 | 10,627,706 | |||||
| 2.50%, 07/25/27 | PLN | 62,246 | 11,495,437 | |||||
| 2.75%, 04/25/28 | PLN | 69,816 | 12,804,162 | |||||
| 2.75%, 10/25/29 | PLN | 94,824 | 16,835,021 | |||||
| 3.25%, 07/25/25 | PLN | 74,055 | 14,996,738 | |||||
| 3.75%, 05/25/27 | PLN | 23,160 | 4,543,297 | |||||
| 4.00%, 10/25/23 | PLN | 46,398 | 10,123,685 | |||||
| 137,261,429 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Romania: 3.8% | ||||||||
| Romania Government Bond | ||||||||
| 2.50%, 10/25/27 | RON | 23,005 | $ | 3,970,735 | ||||
| 3.25%, 04/29/24 | RON | 33,150 | 6,682,693 | |||||
| 3.25%, 06/24/26 | RON | 30,115 | 5,650,594 | |||||
| 3.50%, 12/19/22 | RON | 28,795 | 6,063,647 | |||||
| 3.65%, 07/28/25 | RON | 33,295 | 6,545,977 | |||||
| 3.65%, 09/24/31 | RON | 36,920 | 6,034,899 | |||||
| 3.70%, 11/25/24 | RON | 32,330 | 6,487,792 | |||||
| 4.00%, 10/25/23 | RON | 32,770 | 6,796,500 | |||||
| 4.15%, 01/26/28 | RON | 34,150 | 6,390,136 | |||||
| 4.15%, 10/24/30 | RON | 32,760 | 5,721,017 | |||||
| 4.25%, 06/28/23 | RON | 28,855 | 6,040,013 | |||||
| 4.40%, 09/25/23 | RON | 30,370 | 6,340,398 | |||||
| 4.50%, 06/17/24 | RON | 33,800 | 6,953,825 | |||||
| 4.75%, 02/24/25 | RON | 31,570 | 6,446,909 | |||||
| 4.75%, 10/11/34 | RON | 19,160 | 3,260,581 | |||||
| 4.85%, 04/22/26 | RON | 30,560 | 6,109,394 | |||||
| 5.00%, 02/12/29 | RON | 33,310 | 6,346,695 | |||||
| 5.80%, 07/26/27 | RON | 32,070 | 6,540,022 | |||||
| 5.85%, 04/26/23 | RON | 34,180 | 7,292,761 | |||||
| 115,674,588 | ||||||||
| Russia: 0.1% | ||||||||
| Russian Federal Bond | ||||||||
| 4.50%, 07/16/25 | RUB | 64,395 | 60,235 | |||||
| 5.70%, 05/17/28 | RUB | 417,559 | 390,587 | |||||
| 6.00%, 10/06/27 | RUB | 451,887 | 422,697 | |||||
| 6.10%, 07/18/35 | RUB | 252,644 | 236,324 | |||||
| 6.50%, 02/28/24 | RUB | 53,626 | 50,162 | |||||
| 6.70%, 03/14/29 | RUB | 107,944 | 100,971 | |||||
| 6.90%, 05/23/29 | RUB | 151,185 | 141,419 | |||||
| 6.90%, 07/23/31 | RUB | 30,833 | 28,841 | |||||
| 7.00%, 08/16/23 | RUB | 292,741 | 273,831 | |||||
| 7.05%, 01/19/28 | RUB | 400,600 | 374,723 | |||||
| 7.10%, 10/16/24 | RUB | 104,768 | 98,001 | |||||
| 7.15%, 11/12/25 | RUB | 37,818 | 35,375 | |||||
| 7.25%, 05/10/34 | RUB | 94,260 | 88,171 | |||||
| 7.40%, 12/07/22 | RUB | 82,565 | 77,232 | |||||
| 7.40%, 07/17/24 | RUB | 71,268 | 66,664 | |||||
| 7.65%, 04/10/30 | RUB | 232,439 | 217,424 | |||||
| 7.70%, 03/23/33 | RUB | 110,274 | 103,151 | |||||
| 7.70%, 03/16/39 | RUB | 233,857 | 218,751 | |||||
| 7.75%, 09/16/26 | RUB | 63,710 | 59,595 | |||||
| 7.95%, 10/07/26 | RUB | 53,562 | 50,102 | |||||
| 8.15%, 02/03/27 | RUB | 308,404 | 288,482 | |||||
| 8.50%, 09/17/31 | RUB | 55,441 | 51,860 | |||||
| 3,434,598 | ||||||||
| Serbia: 1.3% | ||||||||
| Serbia Treasury Bonds | ||||||||
| 4.50%, 01/11/26 | RSD | 1,768,010 | 15,395,882 | |||||
| 4.50%, 08/20/32 | RSD | 1,704,410 | 13,610,066 | |||||
| 5.88%, 02/08/28 | RSD | 1,312,730 | 11,909,492 | |||||
| 40,915,440 | ||||||||
| South Africa: 6.7% | ||||||||
| Republic of South Africa Government Bond | ||||||||
| 6.25%, 03/31/36 | ZAR | 150,467 | 6,482,460 | |||||
| 6.50%, 02/28/41 | ZAR | 179,099 | 7,317,388 | |||||
See Notes to Financial Statements
| 84 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| South Africa (continued) | ||||||||
| 7.00%, 02/28/31 | ZAR | 240,115 | $ | 12,388,894 | ||||
| 7.75%, 02/28/23 | ZAR | 4,151 | 267,106 | |||||
| 8.00%, 01/31/30 | ZAR | 543,035 | 30,758,109 | |||||
| 8.25%, 03/31/32 | ZAR | 408,023 | 22,482,724 | |||||
| 8.50%, 01/31/37 | ZAR | 395,612 | 20,679,489 | |||||
| 8.75%, 01/31/44 | ZAR | 338,800 | 17,472,063 | |||||
| 8.75%, 02/28/48 | ZAR | 557,354 | 28,647,822 | |||||
| 8.88%, 02/28/35 | ZAR | 367,215 | 20,239,947 | |||||
| 9.00%, 01/31/40 | ZAR | 297,212 | 15,907,989 | |||||
| 10.50%, 12/21/26 | ZAR | 347,503 | 23,783,879 | |||||
| 206,427,870 | ||||||||
| Thailand: 7.1% | ||||||||
| Thailand Government Bond | ||||||||
| 0.75%, 06/17/24 | THB | 441,446 | 12,693,349 | |||||
| 0.75%, 09/17/24 | THB | 226,383 | 6,486,433 | |||||
| 0.95%, 06/17/25 | THB | 428,903 | 12,167,991 | |||||
| 1.00%, 06/17/27 | THB | 372,732 | 10,204,366 | |||||
| 1.45%, 12/17/24 | THB | 416,304 | 12,088,301 | |||||
| 1.58%, 12/17/35 | THB | 325,142 | 7,746,015 | |||||
| 1.60%, 12/17/29 | THB | 358,511 | 9,722,845 | |||||
| 1.60%, 06/17/35 | THB | 175,539 | 4,245,801 | |||||
| 2.00%, 12/17/22 | THB | 253,468 | 7,465,224 | |||||
| 2.00%, 12/17/31 | THB | 184,889 | 5,081,188 | |||||
| 2.00%, 06/17/42 | THB | 227,158 | 4,893,706 | |||||
| 2.12%, 12/17/26 | THB | 397,675 | 11,565,184 | |||||
| 2.40%, 12/17/23 | THB | 345,041 | 10,277,454 | |||||
| 2.88%, 12/17/28 | THB | 333,770 | 9,951,792 | |||||
| 2.88%, 06/17/46 | THB | 298,658 | 7,201,463 | |||||
| 3.30%, 06/17/38 | THB | 431,265 | 12,189,265 | |||||
| 3.40%, 06/17/36 | THB | 325,191 | 9,571,251 | |||||
| 3.62%, 06/16/23 | THB | 340,586 | 10,250,895 | |||||
| 3.65%, 06/20/31 | THB | 342,629 | 10,783,330 | |||||
| 3.77%, 06/25/32 | THB | 586,556 | 18,481,949 | |||||
| 3.85%, 12/12/25 | THB | 336,864 | 10,465,765 | |||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Thailand (continued) | ||||||||
| 4.75%, 12/20/24 | THB | 849 | $ | 26,748 | ||||
| 4.88%, 06/22/29 | THB | 386,407 | 12,927,175 | |||||
| 216,487,490 | ||||||||
| Turkey: 2.8% | ||||||||
| Turkey Government Bond | ||||||||
| 7.10%, 03/08/23 | TRY | 94,728 | 5,761,090 | |||||
| 8.00%, 03/12/25 | TRY | 97,708 | 4,827,522 | |||||
| 9.00%, 07/24/24 | TRY | 117,776 | 6,421,551 | |||||
| 10.40%, 03/20/24 | TRY | 60,389 | 3,443,019 | |||||
| 10.50%, 08/11/27 | TRY | 120,226 | 5,681,115 | |||||
| 10.60%, 02/11/26 | TRY | 164,360 | 8,330,848 | |||||
| 11.00%, 02/24/27 | TRY | 106,689 | 5,077,351 | |||||
| 11.70%, 11/13/30 | TRY | 244,276 | 10,983,870 | |||||
| 12.20%, 01/18/23 | TRY | 79,497 | 5,110,369 | |||||
| 12.40%, 03/08/28 | TRY | 73,707 | 3,738,437 | |||||
| 12.60%, 10/01/25 | TRY | 277,025 | 15,141,646 | |||||
| 16.20%, 06/14/23 | TRY | 156,797 | 10,121,723 | |||||
| 84,638,541 | ||||||||
| Uruguay: 1.2% | ||||||||
| Uruguay Government International Bond 8.25%, 05/21/31 | UYU | 1,045,561 | 22,930,763 | |||||
| Uruguay Government International Bond 144A 8.50%, 03/15/28 | UYU | 17,065 | 391,577 | |||||
| Uruguay Government International Bond Reg S 8.50%, 03/15/28 | UYU | 627,150 | 14,390,716 | |||||
| 37,713,056 | ||||||||
| Total Government Obligations (Cost: $3,345,850,500) | 2,857,503,643 | |||||||
| Total Investments: 97.9% (Cost: $3,530,213,763) | 3,010,055,202 | |||||||
| Other assets less liabilities: 2.1% | 63,402,080 | |||||||
| NET ASSETS: 100.0% | $ | 3,073,457,282 | ||||||
See Notes to Financial Statements
| 85 |
VANECK J.P. MORGAN EM LOCAL CURRENCY BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Definitions: | |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| 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 |
| RSD | Serbian Dinar |
| 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. |
| 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 $59,576,762, or 1.9% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Energy | 0.0 | % | $ | 1,317,163 | ||||
| Financials | 4.6 | 138,305,662 | ||||||
| Government Activity | 94.9 | 2,857,503,643 | ||||||
| Industrials | 0.3 | 7,625,864 | ||||||
| Utilities | 0.2 | 5,302,870 | ||||||
| 100.0 | % | $ | 3,010,055,202 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 152,551,559 | $ | — | $ | 152,551,559 | ||||||||
| Government Obligations * | — | 2,857,503,643 | — | 2,857,503,643 | ||||||||||||
| Total Investments | $ | — | $ | 3,010,055,202 | $ | — | $ | 3,010,055,202 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 86 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.2% | ||||||||
| Brazil: 1.8% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 3.75%, 07/08/30 | $ | 50 | $ | 45,262 | ||||
| 6.25%, 08/10/26 | 25 | 26,317 | ||||||
| 6.88%, 11/21/36 | 75 | 82,712 | ||||||
| 154,291 | ||||||||
| Canada: 4.7% | ||||||||
| Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 | 40 | 38,680 | ||||||
| Bank of Nova Scotia 4.50%, 12/16/25 | 25 | 25,265 | ||||||
| Canadian Natural Resources Ltd. 6.25%, 03/15/38 | 25 | 27,556 | ||||||
| Canadian Pacific Railway Co. 6.12%, 09/15/15 | 25 | 27,618 | ||||||
| CI Financial Corp. 4.10%, 06/15/51 | 40 | 29,886 | ||||||
| Enbridge, Inc. | ||||||||
| 3.12%, 11/15/29 † | 75 | 69,337 | ||||||
| 5.50%, 07/15/77 † | 50 | 47,938 | ||||||
| Spectra Energy Partners LP 4.75%, 03/15/24 | 25 | 25,535 | ||||||
| Suncor Energy, Inc. 6.50%, 06/15/38 | 50 | 57,261 | ||||||
| TransCanada PipeLines Ltd. 7.62%, 01/15/39 | 50 | 64,234 | ||||||
| 413,310 | ||||||||
| China: 0.4% | ||||||||
| Meituan 144A 3.05%, 10/28/30 | 50 | 38,165 | ||||||
| Denmark: 1.5% | ||||||||
| Danske Bank A/S 144A | ||||||||
| 3.88%, 09/12/23 | 75 | 75,339 | ||||||
| 4.30% (US Treasury Yield Curve Rate T 1 Year+1.75%), 04/01/28 | 50 | 48,351 | ||||||
| 123,690 | ||||||||
| France: 8.2% | ||||||||
| BNP Paribas SA 144A | ||||||||
| 2.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 08/12/35 | 85 | 69,173 | ||||||
| 4.62%, 03/13/27 | 85 | 84,371 | ||||||
| Credit Agricole SA 144A 4.38%, 03/17/25 | 100 | 99,946 | ||||||
| Danone SA 144A 2.59%, 11/02/23 | 50 | 49,614 | ||||||
| Societe Generale SA 144A | ||||||||
| 3.00%, 01/22/30 | 50 | 43,637 | ||||||
| 4.25%, 09/14/23 | 100 | 100,881 | ||||||
| 4.25%, 04/14/25 | 50 | 49,539 | ||||||
| 4.75%, 09/14/28 | 100 | 99,102 | ||||||
| 5.00%, 01/17/24 | 100 | 101,501 | ||||||
| 697,764 | ||||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Germany: 0.3% | ||||||||
| E.ON International Finance BV 144A 6.65%, 04/30/38 | $ | 25 | $ | 29,114 | ||||
| Guernsey: 0.5% | ||||||||
| Credit Suisse Group AG 4.88%, 05/15/45 | 50 | 46,770 | ||||||
| India: 1.2% | ||||||||
| Bharti Airtel Ltd. 144A 4.38%, 06/10/25 | 50 | 49,739 | ||||||
| Reliance Industries Ltd. 144A 3.67%, 11/30/27 | 50 | 48,300 | ||||||
| 98,039 | ||||||||
| Italy: 2.2% | ||||||||
| Enel Finance International NV 144A | ||||||||
| 3.62%, 05/25/27 | 150 | 146,812 | ||||||
| 6.00%, 10/07/39 † | 50 | 55,329 | ||||||
| 202,141 | ||||||||
| Japan: 0.5% | ||||||||
| Nomura Holdings, Inc. 1.85%, 07/16/25 | 50 | 46,540 | ||||||
| Luxembourg: 0.5% | ||||||||
| DH Europe Finance II Sarl 3.25%, 11/15/39 | 50 | 43,311 | ||||||
| Mexico: 0.7% | ||||||||
| Southern Copper Corp. 6.75%, 04/16/40 | 50 | 58,682 | ||||||
| Netherlands: 2.5% | ||||||||
| ABN AMRO Bank NV 144A 3.32% (US Treasury Yield Curve Rate T 5 Year+1.90%), 03/13/37 | 50 | 42,098 | ||||||
| Deutsche Telekom International Finance BV 144A 2.48%, 09/19/23 | 25 | 24,766 | ||||||
| Prosus NV 144A | ||||||||
| 3.06%, 07/13/31 | 50 | 39,499 | ||||||
| 3.68%, 01/21/30 | 50 | 42,251 | ||||||
| 4.99%, 01/19/52 | 75 | 58,940 | ||||||
| 207,554 | ||||||||
| Saudi Arabia: 0.3% | ||||||||
| Motiva Enterprises LLC 144A 6.85%, 01/15/40 | 25 | 25,411 | ||||||
| Spain: 0.5% | ||||||||
| Banco Santander SA 2.75%, 12/03/30 | 50 | 41,336 | ||||||
| Switzerland: 2.3% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | 50 | 41,858 | ||||||
See Notes to Financial Statements
| 87 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Switzerland (continued) | ||||||||
| 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | $ | 175 | $ | 162,378 | ||||
| 204,236 | ||||||||
| United Kingdom: 6.9% | ||||||||
| Barclays Plc | ||||||||
| 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 175 | 147,834 | ||||||
| 3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | 50 | 39,101 | ||||||
| 4.84%, 05/09/28 | 50 | 49,256 | ||||||
| 5.20%, 05/12/26 | 100 | 101,456 | ||||||
| 5.25%, 08/17/45 | 50 | 50,836 | ||||||
| Ferguson Finance Plc 144A 4.50%, 10/24/28 | 25 | 24,898 | ||||||
| NatWest Group Plc 3.88%, 09/12/23 | 50 | 50,176 | ||||||
| Standard Chartered Plc 144A 4.30%, 02/19/27 † | 150 | 147,243 | ||||||
| 610,800 | ||||||||
| United States: 63.2% | ||||||||
| 7-Eleven, Inc. 144A 0.80%, 02/10/24 | 50 | 47,674 | ||||||
| AbbVie, Inc. 3.75%, 11/14/23 | 40 | 40,446 | ||||||
| Aetna, Inc. 2.80%, 06/15/23 | 25 | 24,939 | ||||||
| Altria Group, Inc. | ||||||||
| 3.88%, 09/16/46 | 35 | 26,423 | ||||||
| 4.00%, 02/04/61 | 50 | 36,185 | ||||||
| 4.25%, 08/09/42 | 100 | 80,521 | ||||||
| 4.80%, 02/14/29 | 125 | 124,040 | ||||||
| 5.80%, 02/14/39 | 25 | 24,815 | ||||||
| 5.95%, 02/14/49 | 35 | 34,272 | ||||||
| Ares Capital Corp. | ||||||||
| 3.25%, 07/15/25 † | 25 | 23,838 | ||||||
| 3.88%, 01/15/26 | 50 | 48,056 | ||||||
| AT&T, Inc. 4.45%, 04/01/24 | 50 | 51,208 | ||||||
| Bayer US Finance II LLC 144A | ||||||||
| 3.88%, 12/15/23 | 50 | 50,419 | ||||||
| 4.25%, 12/15/25 | 50 | 50,224 | ||||||
| Becton Dickinson and Co. 3.36%, 06/06/24 | 75 | 74,690 | ||||||
| Berry Global, Inc. 1.57%, 01/15/26 | 25 | 22,760 | ||||||
| Berry Global, Inc. 144A 4.88%, 07/15/26 | 25 | 24,875 | ||||||
| CDW LLC / CDW Finance Corp. 2.67%, 12/01/26 | 25 | 23,006 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.50%, 02/01/24 | 25 | 25,327 | ||||||
| 4.91%, 07/23/25 | 125 | 127,468 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 5.05%, 03/30/29 | $ | 125 | $ | 124,586 | ||||
| 5.12%, 07/01/49 | 20 | 17,207 | ||||||
| 5.38%, 05/01/47 | 75 | 67,220 | ||||||
| 6.48%, 10/23/45 | 50 | 50,473 | ||||||
| CoStar Group, Inc. 144A 2.80%, 07/15/30 | 25 | 21,812 | ||||||
| Deutsche Bank AG | ||||||||
| 2.22% (United States Secured Overnight Financing Rate+2.16%), 09/18/24 | 50 | 48,663 | ||||||
| 3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31 † | 50 | 44,153 | ||||||
| Enterprise Products Operating LLC 5.95%, 02/01/41 | 50 | 54,167 | ||||||
| Exelon Corp. 4.05%, 04/15/30 | 75 | 73,534 | ||||||
| GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 | 125 | 122,311 | ||||||
| General Electric Co. | ||||||||
| 5.88%, 01/14/38 | 25 | 27,614 | ||||||
| 6.75%, 03/15/32 | 77 | 90,081 | ||||||
| GLP Capital LP / GLP Financing II, Inc. 5.38%, 04/15/26 | 50 | 51,064 | ||||||
| GSK Consumer Healthcare Capital US LLC 144A 3.38%, 03/24/27 | 75 | 72,611 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 50 | 47,942 | ||||||
| 5.00%, 03/15/24 | 100 | 102,407 | ||||||
| 5.12%, 06/15/39 | 50 | 48,243 | ||||||
| 5.25%, 06/15/26 † | 50 | 51,581 | ||||||
| 5.25%, 06/15/49 | 50 | 47,778 | ||||||
| 5.50%, 06/15/47 | 50 | 49,192 | ||||||
| Kinder Morgan Energy Partners LP 6.95%, 01/15/38 | 75 | 85,545 | ||||||
| Kraft Heinz Foods Co. | ||||||||
| 3.00%, 06/01/26 | 50 | 47,823 | ||||||
| 5.20%, 07/15/45 | 50 | 49,014 | ||||||
| 6.88%, 01/26/39 | 25 | 28,699 | ||||||
| Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 40 | 46,867 | ||||||
| L3Harris Technologies, Inc. 4.40%, 06/15/28 | 25 | 25,040 | ||||||
| Lowe’s Cos, Inc. | ||||||||
| 2.50%, 04/15/26 † | 50 | 47,719 | ||||||
| 4.00%, 04/15/25 † | 25 | 25,348 | ||||||
| McDonald’s Corp. | ||||||||
| 2.62%, 09/01/29 | 35 | 31,766 | ||||||
| 3.60%, 07/01/30 | 50 | 48,048 | ||||||
| 4.20%, 04/01/50 | 35 | 32,325 | ||||||
| 4.45%, 03/01/47 † | 50 | 48,179 | ||||||
| 4.45%, 09/01/48 | 50 | 47,628 | ||||||
| 4.88%, 12/09/45 | 50 | 50,693 | ||||||
See Notes to Financial Statements
| 88 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 6.30%, 03/01/38 | $ | 50 | $ | 58,730 | ||||
| Midwest Connector Capital Co. LLC 144A 3.90%, 04/01/24 | 50 | 49,739 | ||||||
| Mondelez International, Inc. | ||||||||
| 1.50%, 05/04/25 | 25 | 23,639 | ||||||
| 2.75%, 04/13/30 | 25 | 22,387 | ||||||
| Netflix, Inc. | ||||||||
| 4.38%, 11/15/26 | 25 | 24,751 | ||||||
| 5.88%, 11/15/28 | 100 | 103,250 | ||||||
| Northrop Grumman Corp. 3.25%, 08/01/23 † | 25 | 25,088 | ||||||
| Oracle Corp. | ||||||||
| 2.50%, 04/01/25 | 125 | 119,355 | ||||||
| 2.80%, 04/01/27 | 25 | 23,155 | ||||||
| 2.88%, 03/25/31 | 75 | 63,711 | ||||||
| 3.60%, 04/01/40 | 75 | 58,195 | ||||||
| 3.80%, 11/15/37 | 50 | 41,030 | ||||||
| 4.00%, 07/15/46 | 50 | 39,251 | ||||||
| 6.50%, 04/15/38 | 75 | 81,918 | ||||||
| Owl Rock Capital Corp. 3.40%, 07/15/26 | 50 | 46,172 | ||||||
| Raytheon Technologies Corp. 3.95%, 08/16/25 | 50 | 50,589 | ||||||
| Sherwin-Williams Co. | ||||||||
| 3.45%, 06/01/27 | 50 | 48,536 | ||||||
| 4.50%, 06/01/47 | 25 | 23,901 | ||||||
| Southern Co. | ||||||||
| 3.70%, 04/30/30 | 25 | 23,611 | ||||||
| 3.75% (US Treasury Yield Curve Rate T 5 Year+2.92%), 09/15/51 | 25 | 22,563 | ||||||
| Starbucks Corp. | ||||||||
| 3.80%, 08/15/25 | 50 | 50,413 | ||||||
| 3.85%, 10/01/23 † | 25 | 25,308 | ||||||
| Synchrony Financial | ||||||||
| 3.95%, 12/01/27 | 50 | 47,842 | ||||||
| 4.25%, 08/15/24 | 25 | 25,000 | ||||||
| Sysco Corp. | ||||||||
| 3.30%, 07/15/26 | 25 | 24,395 | ||||||
| 5.95%, 04/01/30 | 75 | 81,898 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 0.80%, 10/18/23 † | 65 | 63,051 | ||||||
| 2.00%, 10/15/31 | 25 | 21,035 | ||||||
| 2.80%, 10/15/41 | 25 | 20,051 | ||||||
| 4.10%, 08/15/47 | 50 | 48,145 | ||||||
| Definitions: | |
| USD | United States Dollar |
See Notes to Financial Statements
| 89 |
VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $509,515. |
| 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 $2,295,619, or 26.7% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Basic Materials | 4.0 | % | $ | 333,044 | ||||
| Consumer Cyclicals | 10.7 | 903,335 | ||||||
| Consumer Non-Cyclicals | 10.2 | 865,962 | ||||||
| Energy | 6.1 | 518,429 | ||||||
| Financials | 28.2 | 2,385,767 | ||||||
| Healthcare | 9.6 | 812,753 | ||||||
| Industrials | 3.5 | 296,772 | ||||||
| Real Estate | 1.7 | 145,526 | ||||||
| Technology | 22.5 | 1,901,268 | ||||||
| Utilities | 3.5 | 296,666 | ||||||
| 100.0 | % | $ | 8,459,522 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 8,459,522 | $ | — | $ | 8,459,522 | ||||||||
| Money Market Fund | 531,130 | — | — | 531,130 | ||||||||||||
| Total Investments | $ | 531,130 | $ | 8,459,522 | $ | — | $ | 8,990,652 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 90 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Par | ||||||||
| (000’s | ) | Value | ||||||
| CORPORATE BONDS: 98.5% | ||||||||
| Brazil: 1.1% | ||||||||
| Vale Overseas Ltd. | ||||||||
| 3.75%, 07/08/30 | $ | 50 | $ | 45,262 | ||||
| 6.25%, 08/10/26 | 25 | 26,317 | ||||||
| 6.88%, 11/21/36 | 75 | 82,712 | ||||||
| 154,291 | ||||||||
| Canada: 9.6% | ||||||||
Alimentation Couche-Tard, Inc. 144A 3.55%, 07/26/27 | 25 | 24,175 | ||||||
| Bank of Nova Scotia | ||||||||
| 1.30%, 06/11/25 | 50 | 46,430 | ||||||
| 3.40%, 02/11/24 † | 50 | 50,098 | ||||||
| 4.50%, 12/16/25 † | 50 | 50,530 | ||||||
4.90% (US Treasury Yield Curve Rate T 5 Year+4.55%), 06/04/25 (o) | 100 | 98,366 | ||||||
| Brookfield Finance, Inc. | ||||||||
| 4.35%, 04/15/30 | 100 | 99,253 | ||||||
| 4.70%, 09/20/47 | 25 | 23,682 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
| 0.45%, 06/22/23 | 75 | 73,076 | ||||||
| 3.10%, 04/02/24 † | 100 | 99,524 | ||||||
Canadian Natural Resources Ltd. 6.25%, 03/15/38 | 50 | 55,111 | ||||||
Canadian Pacific Railway Co. 6.12%, 09/15/15 | 25 | 27,618 | ||||||
CI Financial Corp. 3.20%, 12/17/30 | 40 | 33,904 | ||||||
| Enbridge, Inc. | ||||||||
| 3.12%, 11/15/29 † | 100 | 92,449 | ||||||
| 5.50%, 07/15/77 † | 50 | 47,938 | ||||||
Suncor Energy, Inc. 6.80%, 05/15/38 | 75 | 87,581 | ||||||
| Toronto-Dominion Bank | ||||||||
| 0.30%, 06/02/23 | 50 | 48,777 | ||||||
| 0.75%, 09/11/25 † | 50 | 45,488 | ||||||
| 1.15%, 06/12/25 | 25 | 23,203 | ||||||
| 3.25%, 03/11/24 † | 50 | 50,033 | ||||||
TotalEnergies Capital Canada Ltd. 2.75%, 07/15/23 | 25 | 24,942 | ||||||
TransCanada PipeLines Ltd. 6.20%, 10/15/37 † | 75 | 84,411 | ||||||
| 1,186,589 | ||||||||
| China: 0.3% | ||||||||
Meituan 144A 3.05%, 10/28/30 | 50 | 38,165 | ||||||
| Denmark: 1.0% | ||||||||
Danske Bank A/S 144A 1.62% (US Treasury Yield Curve Rate T 1 Year+1.35%), 09/11/26 | 150 | 136,432 | ||||||
| France: 7.1% | ||||||||
| 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 | $ | 40,690 | ||||
| 2.87% (United States Secured Overnight Financing Rate+1.39%), 04/19/32 | 50 | 42,488 | ||||||
| 4.38%, 05/12/26 | 75 | 74,620 | ||||||
4.38% (USD Swap Semi 30/360 5 Year+1.48%), 03/01/33 | 100 | 94,811 | ||||||
| 4.40%, 08/14/28 | 100 | 98,030 | ||||||
| Credit Agricole SA 144A | ||||||||
| 3.25%, 01/14/30 | 100 | 88,424 | ||||||
| 4.38%, 03/17/25 | 50 | 49,973 | ||||||
Sanofi 3.38%, 06/19/23 | 25 | 25,205 | ||||||
| Societe Generale SA 144A | ||||||||
| 3.00%, 01/22/30 | 100 | 87,274 | ||||||
| 4.25%, 09/14/23 | 100 | 100,881 | ||||||
| 4.25%, 04/14/25 | 200 | 198,153 | ||||||
TotalEnergies Capital International SA 3.70%, 01/15/24 † | 25 | 25,196 | ||||||
| 925,745 | ||||||||
| Germany: 0.8% | ||||||||
Deutsche Bank AG 3.70%, 05/30/24 | 50 | 50,143 | ||||||
E.ON International Finance BV 144A 6.65%, 04/30/38 | 50 | 58,229 | ||||||
| 108,372 | ||||||||
| Guernsey: 1.3% | ||||||||
| Credit Suisse Group AG | ||||||||
| 3.75%, 03/26/25 | 100 | 98,142 | ||||||
| 4.88%, 05/15/45 † | 75 | 70,155 | ||||||
| 168,297 | ||||||||
| India: 0.4% | ||||||||
Reliance Industries Ltd. 144A 4.12%, 01/28/25 | 50 | 50,231 | ||||||
| Italy: 2.0% | ||||||||
| Enel Finance International NV 144A | ||||||||
| 3.50%, 04/06/28 | 50 | 48,252 | ||||||
| 3.62%, 05/25/27 | 50 | 48,937 | ||||||
| 6.80%, 09/15/37 | 100 | 120,744 | ||||||
Eni SpA 144A 4.75%, 09/12/28 | 50 | 50,900 | ||||||
| 268,833 | ||||||||
| Japan: 1.2% | ||||||||
| Nomura Holdings, Inc. | ||||||||
| 1.85%, 07/16/25 | 50 | 46,540 | ||||||
| 2.65%, 01/16/25 | 50 | 48,470 | ||||||
NTT Finance Corp. 144A 0.58%, 03/01/24 | 50 | 47,696 | ||||||
| 142,706 | ||||||||
| Mexico: 0.7% | ||||||||
| Southern Copper Corp. | ||||||||
See Notes to Financial Statements
| 91 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| Mexico (continued) | ||||||||
| 6.75%, 04/16/40 | $ | 75 | $ | 88,022 | ||||
| Netherlands: 1.4% | ||||||||
| Prosus NV 144A | ||||||||
| 3.06%, 07/13/31 | 50 | 39,499 | ||||||
| 3.68%, 01/21/30 | 50 | 42,251 | ||||||
| 4.99%, 01/19/52 | 100 | 78,587 | ||||||
SABIC Capital II BV 144A 4.00%, 10/10/23 | 25 | 25,307 | ||||||
| 185,644 | ||||||||
| Saudi Arabia: 2.8% | ||||||||
Motiva Enterprises LLC 144A 6.85%, 01/15/40 | 25 | 25,411 | ||||||
| Saudi Arabian Oil Co. 144A | ||||||||
| 3.50%, 04/16/29 † | 175 | 169,908 | ||||||
| 4.25%, 04/16/39 | 100 | 95,861 | ||||||
| 4.38%, 04/16/49 | 100 | 94,887 | ||||||
| 386,067 | ||||||||
| Spain: 0.4% | ||||||||
Santander Holdings USA, Inc. 4.40%, 07/13/27 | 50 | 49,397 | ||||||
| Switzerland: 2.0% | ||||||||
| Credit Suisse Group AG 144A | ||||||||
| 3.09% (United States Secured Overnight Financing Rate+1.73%), 05/14/32 | 50 | 41,858 | ||||||
| 4.19% (United States Secured Overnight Financing Rate+3.73%), 04/01/31 | 200 | 185,575 | ||||||
UBS Group AG 144A 3.49%, 05/23/23 | 50 | 50,081 | ||||||
| 277,514 | ||||||||
| Taiwan: 0.4% | ||||||||
TSMC Global Ltd. 144A 0.75%, 09/28/25 | 50 | 45,504 | ||||||
| United Kingdom: 7.8% | ||||||||
AstraZeneca Plc 3.50%, 08/17/23 | 50 | 50,426 | ||||||
| Barclays Plc | ||||||||
| 2.65% (US Treasury Yield Curve Rate T 1 Year+1.90%), 06/24/31 | 200 | 168,954 | ||||||
| 5.20%, 05/12/26 | 200 | 202,910 | ||||||
| Credit Agricole SA 144A | ||||||||
| 1.91% (United States Secured Overnight Financing Rate+1.68%), 06/16/26 | 50 | 46,356 | ||||||
| 4.12%, 01/10/27 | 100 | 98,714 | ||||||
GlaxoSmithKline Capital Plc 0.53%, 10/01/23 | 50 | 48,485 | ||||||
HSBC Holdings Plc 6.10%, 01/14/42 | 25 | 28,419 | ||||||
Lloyds Banking Group Plc 4.55%, 08/16/28 | 75 | 74,906 | ||||||
Sky Ltd. 144A 3.75%, 09/16/24 | 50 | 50,288 | ||||||
Standard Chartered Plc 144A 5.20%, 01/26/24 | 150 | 153,289 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United Kingdom (continued) | ||||||||
| 5.30%, 01/09/43 | $ | 125 | $ | 116,288 | ||||
| 1,039,035 | ||||||||
| United States: 58.2% | ||||||||
Abbott Laboratories 2.95%, 03/15/25 | 50 | 49,774 | ||||||
Ally Financial, Inc. 8.00%, 11/01/31 † | 50 | 59,558 | ||||||
| Altria Group, Inc. | ||||||||
| 2.45%, 02/04/32 | 75 | 60,117 | ||||||
| 3.40%, 02/04/41 | 25 | 18,339 | ||||||
| 4.25%, 08/09/42 | 100 | 80,521 | ||||||
| 4.80%, 02/14/29 | 100 | 99,232 | ||||||
| 5.80%, 02/14/39 | 50 | 49,630 | ||||||
| 5.95%, 02/14/49 | 60 | 58,751 | ||||||
Amazon.com, Inc. 5.20%, 12/03/25 † | 50 | 53,062 | ||||||
| Apple, Inc. | ||||||||
| 2.75%, 01/13/25 | 50 | 49,592 | ||||||
| 3.20%, 05/11/27 | 100 | 98,641 | ||||||
| 3.25%, 02/23/26 | 100 | 99,881 | ||||||
| 3.35%, 02/09/27 | 75 | 74,701 | ||||||
| 4.45%, 05/06/44 † | 25 | 25,743 | ||||||
| 4.65%, 02/23/46 | 50 | 53,034 | ||||||
Ares Capital Corp. 4.20%, 06/10/24 | 100 | 100,153 | ||||||
AT&T, Inc. 4.45%, 04/01/24 | 50 | 51,208 | ||||||
| Bank of America Corp. | ||||||||
| 4.08% (ICE LIBOR USD 3 Month+3.15%), 03/20/51 | 125 | 112,551 | ||||||
| 4.44% (ICE LIBOR USD 3 Month+1.99%), 01/20/48 | 100 | 95,473 | ||||||
Bayer US Finance II LLC 144A 4.25%, 12/15/25 | 50 | 50,224 | ||||||
Becton Dickinson and Co. 3.36%, 06/06/24 | 50 | 49,793 | ||||||
| Berkshire Hathaway Energy Co. | ||||||||
| 2.85%, 05/15/51 | 25 | 18,246 | ||||||
| 3.70%, 07/15/30 | 50 | 48,517 | ||||||
| 4.25%, 10/15/50 | 50 | 46,963 | ||||||
| 6.12%, 04/01/36 | 100 | 113,757 | ||||||
Berkshire Hathaway Finance Corp. 4.20%, 08/15/48 | 110 | 105,328 | ||||||
| Berkshire Hathaway, Inc. | ||||||||
| 3.12%, 03/15/26 | 125 | 124,189 | ||||||
| 4.50%, 02/11/43 | 50 | 50,058 | ||||||
Capital One Financial Corp. 3.75%, 03/09/27 | 25 | 24,382 | ||||||
CDW LLC / CDW Finance Corp. 3.57%, 12/01/31 | 25 | 21,935 | ||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital | ||||||||
| 4.91%, 07/23/25 | 100 | 101,974 | ||||||
| 5.05%, 03/30/29 | 100 | 99,669 | ||||||
| 5.38%, 04/01/38 | 75 | 69,534 | ||||||
See Notes to Financial Statements
| 92 |
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 6.48%, 10/23/45 | $ | 100 | $ | 100,946 | ||||
| Chevron Corp. | ||||||||
| 2.90%, 03/03/24 | 75 | 75,002 | ||||||
| 2.95%, 05/16/26 | 50 | 48,935 | ||||||
| 3.33%, 11/17/25 | 50 | 49,846 | ||||||
| Cisco Systems, Inc. | ||||||||
| 2.20%, 09/20/23 † | 25 | 24,860 | ||||||
| 3.62%, 03/04/24 | 25 | 25,352 | ||||||
Comcast Corp. 3.70%, 04/15/24 | 50 | 50,530 | ||||||
CoStar Group, Inc. 144A 2.80%, 07/15/30 | 25 | 21,812 | ||||||
Deutsche Bank AG 3.55% (United States Secured Overnight Financing Rate+3.04%), 09/18/31 † | 50 | 44,153 | ||||||
Deutsche Bank AG/New York NY 0.96%, 11/08/23 | 50 | 48,203 | ||||||
DH Europe Finance II Sarl 2.60%, 11/15/29 | 75 | 67,901 | ||||||
DuPont de Nemours, Inc. 5.32%, 11/15/38 | 50 | 52,504 | ||||||
Enterprise Products Operating LLC 5.95%, 02/01/41 | 40 | 43,333 | ||||||
| Exxon Mobil Corp. | ||||||||
| 2.99%, 03/19/25 | 100 | 99,090 | ||||||
| 3.48%, 03/19/30 | 25 | 24,380 | ||||||
FS KKR Capital Corp. 3.40%, 01/15/26 | 25 | 23,542 | ||||||
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/35 | 175 | 171,235 | ||||||
| General Electric Co. | ||||||||
| 5.88%, 01/14/38 | 25 | 27,614 | ||||||
| 6.75%, 03/15/32 | 72 | 84,231 | ||||||
GlaxoSmithKline Capital, Inc. 3.38%, 05/15/23 | 25 | 25,199 | ||||||
GLP Capital LP / GLP Financing II, Inc. 5.25%, 06/01/25 | 75 | 76,430 | ||||||
| HCA, Inc. | ||||||||
| 4.12%, 06/15/29 | 25 | 23,971 | ||||||
| 5.00%, 03/15/24 | 100 | 102,407 | ||||||
| 5.25%, 04/15/25 | 75 | 77,348 | ||||||
| 5.50%, 06/15/47 | 125 | 122,979 | ||||||
| Home Depot, Inc. | ||||||||
| 3.75%, 02/15/24 † | 25 | 25,369 | ||||||
| 5.88%, 12/16/36 | 75 | 88,618 | ||||||
| 5.95%, 04/01/41 | 50 | 58,933 | ||||||
Kinder Morgan Energy Partners LP 6.95%, 01/15/38 | 75 | 85,545 | ||||||
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39 | 50 | 58,584 | ||||||
Marathon Petroleum Corp. 6.50%, 03/01/41 † | 50 | 56,417 | ||||||
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
Marsh & McLennan Cos, Inc. 3.88%, 03/15/24 | $ | 25 | $ | 25,308 | ||||
| McDonald’s Corp. | ||||||||
| 3.30%, 07/01/25 | 75 | 74,805 | ||||||
| 3.60%, 07/01/30 | 25 | 24,024 | ||||||
| 3.80%, 04/01/28 | 25 | 24,867 | ||||||
| 4.70%, 12/09/35 † | 50 | 50,652 | ||||||
| 4.88%, 12/09/45 | 50 | 50,693 | ||||||
| 6.30%, 10/15/37 † | 50 | 58,652 | ||||||
Merck & Co., Inc. 2.80%, 05/18/23 | 50 | 50,163 | ||||||
| Microsoft Corp. | ||||||||
| 2.70%, 02/12/25 | 50 | 49,443 | ||||||
| 3.12%, 11/03/25 | 100 | 100,200 | ||||||
| Mondelez International, Inc. | ||||||||
| 1.50%, 05/04/25 | 25 | 23,639 | ||||||
| 2.75%, 04/13/30 | 25 | 22,387 | ||||||
Nestle Holdings, Inc. 144A 0.38%, 01/15/24 † | 50 | 47,996 | ||||||
| Netflix, Inc. | ||||||||
| 4.88%, 04/15/28 | 50 | 49,021 | ||||||
| 5.88%, 11/15/28 | 75 | 77,438 | ||||||
| Oracle Corp. | ||||||||
| 2.95%, 04/01/30 | 50 | 43,235 | ||||||
| 3.85%, 07/15/36 | 75 | 63,167 | ||||||
| 4.12%, 05/15/45 | 100 | 79,443 | ||||||
| 4.30%, 07/08/34 | 50 | 45,206 | ||||||
| 5.38%, 07/15/40 | 75 | 71,960 | ||||||
| 6.50%, 04/15/38 | 50 | 54,612 | ||||||
Owl Rock Capital Corp. 3.40%, 07/15/26 | 25 | 23,086 | ||||||
| PepsiCo, Inc. | ||||||||
| 2.75%, 04/30/25 † | 100 | 99,081 | ||||||
| 2.85%, 02/24/26 | 25 | 24,532 | ||||||
Philip Morris International, Inc. 6.38%, 05/16/38 | 50 | 56,676 | ||||||
Roche Holdings, Inc. 144A 2.62%, 05/15/26 | 50 | 48,532 | ||||||
Sherwin-Williams Co. 3.45%, 06/01/27 | 50 | 48,536 | ||||||
| Synchrony Financial | ||||||||
| 4.25%, 08/15/24 | 25 | 25,000 | ||||||
| 4.50%, 07/23/25 | 75 | 75,423 | ||||||
| Sysco Corp. | ||||||||
| 3.30%, 07/15/26 | 50 | 48,789 | ||||||
| 5.95%, 04/01/30 | 50 | 54,599 | ||||||
| Thermo Fisher Scientific, Inc. | ||||||||
| 0.80%, 10/18/23 | 50 | 48,501 | ||||||
| 2.00%, 10/15/31 | 50 | 42,071 | ||||||
| 4.10%, 08/15/47 | 50 | 48,145 | ||||||
| Time Warner Cable LLC | ||||||||
| 4.50%, 09/15/42 | 25 | 20,703 | ||||||
| 6.55%, 05/01/37 | 100 | 104,846 | ||||||
| 6.75%, 06/15/39 | 100 | 106,815 | ||||||
| T-Mobile USA, Inc. | ||||||||
| 1.50%, 02/15/26 | 25 | 22,824 | ||||||
| 3.50%, 04/15/25 | 50 | 49,346 | ||||||
| 3.75%, 04/15/27 | 150 | 146,039 | ||||||
See Notes to Financial Statements
| 93 |
VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
(continued)
| Par | ||||||||
| (000’s | ) | Value | ||||||
| United States (continued) | ||||||||
| 3.88%, 04/15/30 | $ | 150 | $ | 142,237 | ||||
Unilever Capital Corp. 2.60%, 05/05/24 | 25 | 24,811 | ||||||
United Parcel Service, Inc. 3.90%, 04/01/25 | 20 | 20,257 | ||||||
| Verizon Communications, Inc. | ||||||||
| 3.38%, 02/15/25 | 50 | 49,989 | ||||||
| 4.02%, 12/03/29 | 150 | 147,024 | ||||||
| 4.12%, 03/16/27 | 125 | 125,618 | ||||||
| 4.33%, 09/21/28 | 50 | 50,365 | ||||||
| VICI Properties LP / VICI Note Co., Inc. 144A | ||||||||
| 3.50%, 02/15/25 | 50 | 48,063 | ||||||
| 4.25%, 12/01/26 | 75 | 71,158 | ||||||
| Walmart, Inc. | ||||||||
| 2.85%, 07/08/24 † | 50 | 50,057 | ||||||
| 3.30%, 04/22/24 † | 50 | 50,451 | ||||||
| Walt Disney Co. | ||||||||
| 1.75%, 01/13/26 | 100 | 93,804 | ||||||
| 6.20%, 12/15/34 † | 25 | 29,325 | ||||||
| 6.65%, 11/15/37 † | 25 | 30,754 | ||||||
| Wells Fargo & Co. | ||||||||
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,152,977. |
| (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 $3,205,138, or 24.7% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Basic Materials | 2.9 | % | $ | 368,661 | |||||
| Consumer Cyclicals | 8.9 | 1,136,497 | |||||||
| Consumer Non-Cyclicals | 12.1 | 1,547,097 | |||||||
| Energy | 11.1 | 1,411,550 | |||||||
| Financials | 34.9 | 4,461,928 | |||||||
| Healthcare | 6.4 | 814,689 | |||||||
| Industrials | 1.3 | 166,028 | |||||||
| Real Estate | 1.5 | 195,651 | |||||||
| Technology | 19.1 | 2,437,990 | |||||||
| Utilities | 1.8 | 229,464 | |||||||
| 100.0 | % | $ | 12,769,555 | ||||||
See Notes to Financial Statements
| 94 |
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Corporate Bonds * | $ | — | $ | 12,769,555 | $ | — | $ | 12,769,555 | ||||||||
| Money Market Fund | 1,186,523 | — | — | 1,186,523 | ||||||||||||
| Total Investments | $ | 1,186,523 | $ | 12,769,555 | $ | — | $ | 13,956,078 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 95 |
VANECK MORTGAGE REIT INCOME ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Number | ||||||||
| of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Real Estate Investment Trusts: 99.9% | ||||||||
| AGNC Investment Corp. | 1,418,081 | $ | 15,570,529 | |||||
| Annaly Capital Management, Inc. † | 4,013,368 | 25,765,823 | ||||||
| Apollo Commercial Real Estate Finance, Inc. | 669,483 | 8,060,575 | ||||||
| Arbor Realty Trust, Inc. | 657,469 | 11,242,720 | ||||||
| Ares Commercial Real Estate Corp. | 321,835 | 4,850,053 | ||||||
| ARMOUR Residential REIT, Inc. † | 520,661 | 3,821,652 | ||||||
| Blackstone Mortgage Trust, Inc. | 457,857 | 13,754,024 | ||||||
| BrightSpire Capital, Inc. | 494,529 | 4,203,497 | ||||||
| Broadmark Realty Capital, Inc. † | 797,973 | 6,232,169 | ||||||
| Chimera Investment Corp. | 844,353 | 8,460,417 | ||||||
| Dynex Capital, Inc. † | 244,537 | 3,968,836 | ||||||
| Ellington Financial, Inc. † | 320,140 | 5,183,067 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 239,165 | 9,564,208 | ||||||
| Invesco Mortgage Capital, Inc. † | 1,692,267 | 2,944,545 | ||||||
| KKR Real Estate Finance Trust, Inc. | 161,930 | 3,076,670 | ||||||
| Ladder Capital Corp. | 731,802 | 8,335,225 | ||||||
| MFA Financial, Inc. | 513,984 | 7,324,272 | ||||||
Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $40,347,546. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Financials | 100.0 | % | $ | 210,749,253 | |||||
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks * | $ | 210,749,253 | $ | — | $ | — | $ | 210,749,253 | ||||||||
| Money Market Fund | 3,968,321 | — | — | 3,968,321 | ||||||||||||
| Total Investments | $ | 214,717,574 | $ | — | $ | — | $ | 214,717,574 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 96 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
April 30, 2022
| Number | ||||||||
| of Shares | Value | |||||||
| PREFERRED SECURITIES: 99.9% | ||||||||
| Basic Materials: 2.0% | ||||||||
ArcelorMittal SA 5.50%, 05/18/23 † | 297,123 | $ | 20,448,005 | |||||
| Consumer Cyclicals: 6.0% | ||||||||
Aptiv Plc 5.50%, 06/15/23 | 140,497 | 17,366,834 | ||||||
| Ford Motor Co. | ||||||||
| 6.00%, 12/01/59 † | 390,951 | 9,828,508 | ||||||
| 6.20%, 06/01/59 † | 366,515 | 9,474,413 | ||||||
Paramount Global 5.75%, 04/01/24 † | 122,172 | 5,247,287 | ||||||
Qurate Retail, Inc. 8.00%, 03/15/31 | 154,181 | 12,562,668 | ||||||
QVC, Inc. 6.25%, 11/26/68 † | 244,442 | 5,394,835 | ||||||
| 59,874,545 | ||||||||
| Consumer Non-Cyclicals: 3.3% | ||||||||
Brookfield Infrastructure Finance ULC 5.00%, 05/24/81 | 122,172 | 2,376,245 | ||||||
| CHS, Inc. | ||||||||
| 6.75% (ICE LIBOR USD 3 Month+4.16%), 09/30/24 † | 240,678 | 6,373,153 | ||||||
| 7.10% (ICE LIBOR USD 3 Month+4.30%), 03/31/24 | 205,250 | 5,428,862 | ||||||
| 7.50%, 01/21/25 | 252,896 | 6,984,988 | ||||||
| 7.88%, 09/26/23 | 262,182 | 7,196,896 | ||||||
| 8.00%, 07/18/23 † | 149,929 | 4,686,781 | ||||||
| 33,046,925 | ||||||||
| Energy: 3.9% | ||||||||
Enbridge, Inc. 6.38% (ICE LIBOR USD 3 Month+3.59%), 04/15/78 † | 293,213 | 7,330,325 | ||||||
Energy Transfer LP | ||||||||
|
7.38% (ICE LIBOR USD 3 Month+4.53%), 05/15/23 † | 219,908 | 5,227,213 | ||||||
| 7.60% (ICE LIBOR USD 3 Month+5.16%), 05/15/24 † | 390,951 | 9,461,014 | ||||||
| 7.62% (ICE LIBOR USD 3 Month+4.74%), 08/15/23 | 217,466 | 5,227,883 | ||||||
NGL Energy Partners LP 9.00% (ICE LIBOR USD 3 Month+7.21%), 07/01/22 * | 153,742 | 2,522,906 | ||||||
NuStar Energy LP 7.62% (ICE LIBOR USD 3 Month+5.64%), 06/15/22 | 188,144 | 4,037,570 | ||||||
NuStar Logistics LP 6.98% (ICE LIBOR USD 3 Month+6.73%), 01/15/43 † | 196,696 | 4,974,442 | ||||||
| 38,781,353 | ||||||||
| Healthcare: 9.1% | ||||||||
Avantor, Inc. 6.25%, 05/15/22 | 252,896 | 24,538,499 | ||||||
Becton Dickinson and Co. 6.00%, 06/01/23 † | 366,515 | 18,732,582 | ||||||
| Boston Scientific Corp. | ||||||||
| Number | ||||||||
| of Shares | Value | |||||||
| Healthcare (continued) | ||||||||
| 5.50%, 06/01/23 | 122,930 | $ | 13,872,651 | |||||
Danaher Corp. 5.00%, 04/15/23 † | 21,014 | 28,990,914 | ||||||
Elanco Animal Health, Inc. 5.00%, 02/01/23 † | 134,388 | 5,382,239 | ||||||
| 91,516,885 | ||||||||
| Industrials: 5.2% | ||||||||
BIP Bermuda Holdings I Ltd. 5.12%, 01/21/27 | 146,606 | 2,959,975 | ||||||
Clarivate Plc 5.25%, 06/01/24 | 175,621 | 11,332,823 | ||||||
Crestwood Equity Partners LP 9.25% | 870,596 | 8,618,901 | ||||||
GFL Environmental, Inc. 6.00%, 03/15/23 | 142,980 | 9,786,981 | ||||||
RBC Bearings, Inc. 5.00%, 10/15/24 † | 56,199 | 5,085,448 | ||||||
Stanley Black & Decker, Inc. 5.25%, 11/15/22 † | 91,629 | 7,201,123 | ||||||
WESCO International, Inc. 10.62% (US Treasury Yield Curve Rate T 5 Year+10.32%), 06/22/25 | 264,037 | 7,538,256 | ||||||
| 52,523,507 | ||||||||
| Real Estate: 0.7% | ||||||||
Brookfield Property Preferred LP 6.25%, 07/26/81 † | 327,958 | 6,844,484 | ||||||
| Real Estate Investment Trusts: 16.1% | ||||||||
AGNC Investment Corp. | ||||||||
|
6.12% (ICE LIBOR USD 3 Month+4.70%), 04/15/25 † | 280,995 | 6,496,604 | ||||||
| 6.50% (ICE LIBOR USD 3 Month+4.99%), 10/15/24 | 196,696 | 4,712,836 | ||||||
| 7.00% (ICE LIBOR USD 3 Month+5.11%), 10/15/22 † | 158,824 | 3,910,247 | ||||||
Annaly Capital Management, Inc. | ||||||||
|
6.50% (ICE LIBOR USD 3 Month+4.17%), 03/31/23 † | 207,692 | 4,818,454 | ||||||
| 6.75% (ICE LIBOR USD 3 Month+4.99%), 06/30/24 | 216,244 | 5,349,877 | ||||||
| 6.95% (ICE LIBOR USD 3 Month+4.99%), 09/30/22 | 351,854 | 8,736,535 | ||||||
Arbor Realty Trust, Inc. 6.25% (United States Secured Overnight Financing Rate+5.44%), 10/12/26 † | 136,246 | 3,302,603 | ||||||
Chimera Investment Corp. | ||||||||
|
7.75% (ICE LIBOR USD 3 Month+4.74%), 09/30/25 | 127,058 | 2,992,216 | ||||||
| 8.00% (ICE LIBOR USD 3 Month+5.79%), 03/30/24 † | 158,824 | 3,881,659 | ||||||
Digital Realty Trust, Inc. 5.20%, 10/10/24 † | 168,598 | 3,970,483 | ||||||
DigitalBridge Group, Inc. 7.12%, 09/22/22 | 153,937 | 3,471,279 | ||||||
See Notes to Financial Statements
| 97 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number | ||||||||
| of Shares | Value | |||||||
| Real Estate Investment Trusts (continued) | ||||||||
| 7.15%, 06/05/22 | 168,598 | $ | 3,865,952 | |||||
| Diversified Healthcare Trust | ||||||||
| 5.62%, 08/01/42 | 171,040 | 2,847,816 | ||||||
| 6.25%, 02/01/46 † | 122,172 | 2,241,856 | ||||||
Franklin BSP Realty Trust, Inc. 7.50% † | 126,180 | 2,844,097 | ||||||
Hudson Pacific Properties, Inc. 4.75%, 11/26/26 | 207,692 | 3,939,917 | ||||||
Invesco Mortgage Capital, Inc. 7.50% (ICE LIBOR USD 3 Month+5.29%), 09/27/27 † | 140,497 | 3,120,438 | ||||||
Kimco Realty Corp. 5.25%, 12/20/22 † | 129,259 | 3,133,238 | ||||||
KKR Real Estate Finance Trust, Inc. 6.50%, 04/16/26 | 160,192 | 3,862,229 | ||||||
MFA Financial, Inc. 6.50% (ICE LIBOR USD 3 Month+5.34%), 03/31/25 | 134,388 | 3,055,983 | ||||||
New Residential Investment Corp. | ||||||||
|
6.38% (ICE LIBOR USD 3 Month+4.97%), 02/15/25 | 196,696 | 4,211,261 | ||||||
| 7.00% (US Treasury Yield Curve Rate T 5 Year+6.22%), 11/15/26 | 227,239 | 5,321,937 | ||||||
| 7.12% (ICE LIBOR USD 3 Month+5.64%), 08/15/24 | 138,055 | 3,194,593 | ||||||
Pebblebrook Hotel Trust 5.70%, 07/27/26 | 122,172 | 2,379,911 | ||||||
PennyMac Mortgage Investment Trust 6.75%, 08/24/26 | 122,172 | 2,728,101 | ||||||
PS Business Parks, Inc. 4.88%, 11/04/24 † | 158,824 | 2,922,362 | ||||||
| Public Storage | ||||||||
| 3.88%, 10/06/25 † | 138,055 | 2,570,584 | ||||||
| 4.00%, 11/19/26 † | 507,648 | 9,593,247 | ||||||
| 4.10%, 01/13/27 | 122,172 | 2,371,359 | ||||||
| 4.62%, 06/17/25 † | 276,109 | 6,102,009 | ||||||
| 4.70%, 11/15/24 † | 126,473 | 2,834,260 | ||||||
| 4.88%, 09/12/24 † | 154,522 | 3,594,182 | ||||||
| 5.05%, 08/09/22 † | 146,606 | 3,531,739 | ||||||
| 5.15%, 06/02/22 † | 136,833 | 3,386,617 | ||||||
| 5.60%, 03/11/24 † | 139,276 | 3,540,396 | ||||||
RLJ Lodging Trust 1.95% | 157,357 | 4,130,621 | ||||||
Two Harbors Investment Corp. | ||||||||
|
7.25% (ICE LIBOR USD 3 Month+5.01%), 01/27/25 | 144,164 | 3,312,889 | ||||||
| 7.62% (ICE LIBOR USD 3 Month+5.35%), 07/27/27 † | 140,497 | 3,356,473 | ||||||
| Vornado Realty Trust | ||||||||
| 4.45%, 09/22/26 † | 146,606 | 2,571,469 | ||||||
| 5.25%, 12/13/22 | 302,742 | 5,857,449 | ||||||
| 5.40% | 146,606 | 2,942,382 | ||||||
| 161,008,160 | ||||||||
| Number | ||||||||
| of Shares | Value | |||||||
| Technology: 19.4% | ||||||||
| AT&T, Inc. | ||||||||
| 4.75%, 02/18/25 † | 855,204 | $ | 16,599,510 | |||||
| 5.00%, 12/12/24 † | 586,425 | 12,033,441 | ||||||
| 5.35%, 11/01/66 † | 646,290 | 16,021,529 | ||||||
| 5.62%, 08/01/67 † | 403,167 | 10,079,175 | ||||||
Broadcom, Inc. 8.00%, 09/30/22 | 48,868 | 85,250,226 | ||||||
Pitney Bowes, Inc. 6.70%, 03/07/43 † | 207,692 | 4,633,608 | ||||||
| Qwest Corp. | ||||||||
| 6.50%, 09/01/56 † | 477,692 | 10,676,416 | ||||||
| 6.75%, 06/15/57 † | 322,534 | 7,237,663 | ||||||
Sabre Corp. 6.50%, 09/01/23 | 40,194 | 5,488,089 | ||||||
| Telephone and Data Systems, Inc. | ||||||||
| 6.00%, 09/30/26 | 337,195 | 6,821,455 | ||||||
| 6.62%, 03/31/26 | 205,250 | 4,856,215 | ||||||
| United States Cellular Corp. | ||||||||
| 5.50%, 03/01/70 † | 244,345 | 4,906,448 | ||||||
| 5.50%, 06/01/70 † | 244,345 | 4,921,108 | ||||||
| 6.25%, 09/01/69 | 244,345 | 5,294,956 | ||||||
| 194,819,839 | ||||||||
| Utilities: 34.2% | ||||||||
AES Corp. 6.88%, 02/15/24 † | 127,426 | 11,035,092 | ||||||
Alabama Power Co. 5.00%, 10/01/22 † | 122,172 | 3,078,734 | ||||||
Algonquin Power & Utilities Corp. | ||||||||
|
6.20% (ICE LIBOR USD 3 Month+4.01%), 07/01/79 | 171,040 | 4,378,624 | ||||||
| 6.88% (ICE LIBOR USD 3 Month+3.68%), 10/17/78 † | 140,497 | 3,634,657 | ||||||
| 7.75%, 06/15/24 | 280,995 | 13,240,484 | ||||||
American Electric Power Co., Inc. 6.12%, 08/15/23 † | 207,692 | 11,630,752 | ||||||
| Brookfield BRP Holdings Canada, Inc. | ||||||||
| 4.62%, 04/30/26 | 171,040 | 3,006,883 | ||||||
| 4.88%, 12/09/26 | 127,058 | 2,355,655 | ||||||
| CMS Energy Corp. | ||||||||
| 5.88%, 10/15/78 † | 136,833 | 3,442,718 | ||||||
| 5.88%, 03/01/79 | 307,873 | 7,712,219 | ||||||
Dominion Energy, Inc. 7.25%, 06/01/22 | 196,696 | 19,844,659 | ||||||
| DTE Energy Co. | ||||||||
| 4.38%, 12/01/81 | 136,833 | 2,713,398 | ||||||
| 5.25%, 12/01/77 † | 195,474 | 4,540,861 | ||||||
| 6.25%, 11/01/22 | 317,647 | 16,644,703 | ||||||
| Duke Energy Corp. | ||||||||
| 5.62%, 09/15/78 † | 244,345 | 6,228,354 | ||||||
| 5.75%, 06/15/24 † | 488,687 | 12,725,409 | ||||||
Entergy Arkansas LLC 4.88%, 09/01/66 † | 200,362 | 4,942,931 | ||||||
| Entergy Louisiana LLC | ||||||||
See Notes to Financial Statements
| 98 |
| Number | ||||||||
| of Shares | Value | |||||||
| Utilities (continued) | ||||||||
| 4.88%, 09/01/66 † | 131,945 | $ | 3,245,847 | |||||
Entergy Mississippi LLC 4.90%, 10/01/66 † | 127,058 | 3,064,639 | ||||||
Essential Utilities, Inc. 6.00%, 04/30/22 | 176 | 9,383 | ||||||
Georgia Power Co. 5.00%, 10/01/77 † | 131,945 | 3,253,764 | ||||||
NextEra Energy Capital Holdings, Inc. 5.65%, 03/01/79 † | 335,972 | 8,446,336 | ||||||
| NextEra Energy, Inc. | ||||||||
| 4.87%, 09/01/22 | 366,515 | 19,590,227 | ||||||
| 5.28%, 03/01/23 | 610,859 | 28,655,396 | ||||||
| 6.22%, 09/01/23 | 488,687 | 23,119,782 | ||||||
| NiSource, Inc. | ||||||||
| 6.50% (US Treasury Yield Curve Rate T 5 Year+3.63%), 03/15/24 † | 244,345 | 6,394,509 | ||||||
| 7.75%, 03/01/24 | 105,373 | 11,984,071 | ||||||
PG&E Corp. 5.50%, 08/16/23 | 195,474 | 23,230,130 | ||||||
SCE Trust III 5.75% (ICE LIBOR USD 3 Month+2.99%), 03/15/24 † | 134,388 | 3,150,055 | ||||||
SCE Trust IV 5.38% (ICE LIBOR USD 3 Month+3.13%), 09/15/25 † | 158,824 | 3,462,363 | ||||||
SCE Trust V 5.45% (ICE LIBOR USD 3 Month+3.79%), 03/15/26 † | 146,606 | 3,499,485 | ||||||
| SCE Trust VI | ||||||||
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $79,391,312. |
| * | Non-income producing |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Basic Materials | 2.0 | % | $ | 20,448,005 | |||||
| Consumer Cyclicals | 6.0 | 59,874,545 | |||||||
| Consumer Non-Cyclicals | 3.3 | 33,046,925 | |||||||
| Energy | 3.9 | 38,781,353 | |||||||
| Healthcare | 9.1 | 91,516,885 | |||||||
| Industrials | 5.2 | 52,523,507 | |||||||
| Real Estate | 16.8 | 167,852,644 | |||||||
| Technology | 19.5 | 194,819,839 | |||||||
| Utilities | 34.2 | 342,994,548 | |||||||
| 100.0 | % | $ | 1,001,858,251 | ||||||
See Notes to Financial Statements
| 99 |
VANECK PREFERRED SECURITIES EX FINANCIALS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of April 30, 2022 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Preferred Securities * | $ | 1,001,858,251 | $ | — | $ | — | $ | 1,001,858,251 | ||||||||
| Money Market Fund | 73,861,093 | — | — | 73,861,093 | ||||||||||||
| Total Investments | $ | 1,075,719,344 | $ | — | $ | — | $ | 1,075,719,344 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 100 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2022
| 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) | $ | 624,805,893 | $ | 120,872,127 | $ | 1,120,505,451 | $ | 3,762,093,082 | |||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 79,333,623 | — | 50,308,151 | 174,899,945 | |||||||||||||||||
| Cash | 16,084 | 2,486,556 | 14,080,929 | 14,441,727 | |||||||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 11,080,498 | (a) | 964 | — | ||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Investment securities sold | 2,513,411 | 2,796,102 | 23,526,339 | 56,009,586 | |||||||||||||||||
| Shares of beneficial interest sold | — | — | — | 8,723,520 | |||||||||||||||||
| Dividends and interest | 1,349,161 | 1,868,005 | 19,345,018 | 56,009,593 | |||||||||||||||||
| Prepaid expenses | — | 723 | — | — | |||||||||||||||||
| Other assets | — | 19,080 | — | — | |||||||||||||||||
| Total assets | 708,018,172 | 139,123,091 | 1,227,766,852 | 4,072,177,453 | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Payables: | |||||||||||||||||||||
| Investment securities purchased | — | — | 25,395,778 | 64,368,363 | |||||||||||||||||
| Shares of beneficial interest redeemed | 2,513,511 | 9,383,182 | — | 5,815,680 | |||||||||||||||||
| Collateral for securities loaned | 79,333,623 | — | 50,308,151 | 174,899,945 | |||||||||||||||||
| Line of credit | 913,412 | — | — | — | |||||||||||||||||
| Due to Adviser | 215,816 | 76,228 | 384,472 | 1,180,784 | |||||||||||||||||
| Deferred Trustee fees | 9,395 | 951 | 40,196 | 67,963 | |||||||||||||||||
| Accrued expenses | 2,163 | 75,589 | 2 | 264 | |||||||||||||||||
| Total liabilities | 82,987,920 | 9,535,950 | 76,128,599 | 246,332,999 | |||||||||||||||||
| NET ASSETS | $ | 625,030,252 | $ | 129,587,141 | $ | 1,151,638,253 | $ | 3,825,844,454 | |||||||||||||
| Shares outstanding | 37,300,000 | 5,500,000 | 59,000,000 | 132,200,000 | |||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 16.76 | $ | 23.56 | $ | 19.52 | $ | 28.94 | |||||||||||||
| Net Assets consist of: | |||||||||||||||||||||
| Aggregate paid in capital | $ | 675,403,028 | $ | 132,935,747 | $ | 1,440,443,390 | $ | 4,384,066,683 | |||||||||||||
| Total distributable earnings (loss) | (50,372,776 | ) | (3,348,606 | ) | (288,805,137 | ) | (558,222,229 | ) | |||||||||||||
| NET ASSETS | $ | 625,030,252 | $ | 129,587,141 | $ | 1,151,638,253 | $ | 3,825,844,454 | |||||||||||||
| (1) | Value of securities on loan | $ | 90,835,371 | $ | — | $ | 48,679,628 | $ | 182,549,824 | ||||||||||||
| (2) | Cost of investments - Unaffiliated issuers | $ | 606,204,356 | $ | 123,786,930 | $ | 1,261,299,836 | $ | 4,157,898,232 | ||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 79,333,623 | $ | — | $ | 50,308,151 | $ | 174,899,945 | ||||||||||||
| (4) | Cost of cash denominated in foreign currency | $ | — | $ | 11,092,605 | $ | 973 | $ | — | ||||||||||||
| (a) | Includes $98,564 on foreign investor minimum settlement reserve funds (see Note 2H). |
See Notes to Financial Statements
| 101 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2022
| 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) | $ | 94,430,548 | $ | 77,881,957 | $ | 1,132,264,257 | $ | 3,010,055,202 | |||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 2,740,591 | 3,565,953 | 4,818,587 | — | |||||||||||||||||
| Cash | 278,498 | — | 5,557,239 | 36,390,407 | |||||||||||||||||
| Cash denominated in foreign currency, at value (4) | 22 | 122,638 | — | 9,257,859 | |||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Investment securities sold | 1,116,186 | 1,026,343 | 44,514,957 | 208,570,213 | |||||||||||||||||
| Dividends and interest | 698,748 | 1,284,192 | 1,639,166 | 64,197,784 | |||||||||||||||||
| Prepaid expenses | — | — | — | 15,467 | |||||||||||||||||
| Other assets | — | — | — | — | |||||||||||||||||
| Total assets | 99,264,593 | 83,881,083 | 1,188,794,206 | 3,328,486,932 | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Payables: | |||||||||||||||||||||
| Investment securities purchased | 1,175,877 | 814,618 | 49,308,020 | 75,448,894 | |||||||||||||||||
| Shares of beneficial interest redeemed | — | — | — | 177,343,740 | |||||||||||||||||
| Collateral for securities loaned | 2,740,591 | 3,565,953 | 4,818,587 | — | |||||||||||||||||
| Due to Adviser | 15,919 | 26,997 | 127,077 | 622,045 | |||||||||||||||||
| Due to custodian | — | 24,209 | — | — | |||||||||||||||||
| Deferred Trustee fees | 1,073 | 33,385 | 21,618 | 236,368 | |||||||||||||||||
| Accrued expenses | 4 | 9 | 1,123 | 1,378,603 | |||||||||||||||||
| Total liabilities | 3,933,464 | 4,465,171 | 54,276,425 | 255,029,650 | |||||||||||||||||
| NET ASSETS | $ | 95,331,129 | $ | 79,415,912 | $ | 1,134,517,781 | $ | 3,073,457,282 | |||||||||||||
| Shares outstanding | 3,950,000 | 3,800,000 | 45,250,000 | 121,322,682 | |||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 24.13 | $ | 20.90 | $ | 25.07 | $ | 25.33 | |||||||||||||
| Net Assets consist of: | |||||||||||||||||||||
| Aggregate paid in capital | $ | 107,152,408 | $ | 105,492,808 | $ | 1,142,845,033 | $ | 4,066,098,603 | |||||||||||||
| Total distributable earnings (loss) | (11,821,279 | ) | (26,076,896 | ) | (8,327,252 | ) | (992,641,321 | ) | |||||||||||||
| NET ASSETS | $ | 95,331,129 | $ | 79,415,912 | $ | 1,134,517,781 | $ | 3,073,457,282 | |||||||||||||
| (1) | Value of securities on loan | $ | 6,298,898 | $ | 3,458,018 | $ | 10,721,775 | $ | — | ||||||||||||
| (2) | Cost of investments - Unaffiliated issuers | $ | 104,499,766 | $ | 89,561,561 | $ | 1,139,059,326 | $ | 3,530,213,763 | ||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 2,740,591 | $ | 3,565,953 | $ | 4,818,587 | $ | — | ||||||||||||
| (4) | Cost of cash denominated in foreign currency | $ | 22 | $ | 126,492 | $ | — | $ | 9,491,799 | ||||||||||||
See Notes to Financial Statements
| 102 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2022
| 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) | $ | 8,459,522 | $ | 12,769,555 | $ | 210,749,253 | $ | 1,001,858,251 | |||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 531,130 | 1,186,523 | 3,968,321 | 73,861,093 | |||||||||||||||||
| Cash | 85,402 | 60,726 | — | 32,758,067 | |||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Investment securities sold | 390,640 | 494,792 | 761,440 | 6,836,878 | |||||||||||||||||
| Shares of beneficial interest sold | — | — | — | 1,930,413 | |||||||||||||||||
| Dividends and interest | 93,274 | 132,012 | 369,516 | 2,765,191 | |||||||||||||||||
| Total assets | 9,559,968 | 14,643,608 | 215,848,530 | 1,120,009,893 | |||||||||||||||||
| Liabilities: | |||||||||||||||||||||
| Payables: | |||||||||||||||||||||
| Investment securities purchased | 418,267 | 487,148 | — | 43,479,605 | |||||||||||||||||
| Shares of beneficial interest redeemed | — | — | 761,449 | — | |||||||||||||||||
| Collateral for securities loaned | 531,130 | 1,186,523 | 3,968,321 | 73,861,093 | |||||||||||||||||
| Due to Adviser | 1,811 | 2,180 | 74,037 | 335,199 | |||||||||||||||||
| Due to custodian | — | — | 101,776 | — | |||||||||||||||||
| Deferred Trustee fees | — | — | 16,359 | 36,282 | |||||||||||||||||
| Accrued expenses | — | — | 4,255 | — | |||||||||||||||||
| Total liabilities | 951,208 | 1,675,851 | 4,926,197 | 117,712,179 | |||||||||||||||||
| NET ASSETS | $ | 8,608,760 | $ | 12,967,757 | $ | 210,922,333 | $ | 1,002,297,714 | |||||||||||||
| Shares outstanding | 400,000 | 600,000 | 13,850,000 | 52,350,000 | |||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 21.52 | $ | 21.61 | $ | 15.23 | $ | 19.15 | |||||||||||||
| Net Assets consist of: | |||||||||||||||||||||
| Aggregate paid in capital | $ | 9,999,885 | $ | 14,999,828 | $ | 329,907,416 | $ | 1,087,660,304 | |||||||||||||
| Total distributable earnings (loss) | (1,391,125 | ) | (2,032,071 | ) | (118,985,083 | ) | (85,362,590 | ) | |||||||||||||
| NET ASSETS | $ | 8,608,760 | $ | 12,967,757 | $ | 210,922,333 | $ | 1,002,297,714 | |||||||||||||
| (1) | Value of securities on loan | $ | 509,515 | $ | 1,152,977 | $ | 40,347,546 | $ | 79,391,312 | ||||||||||||
| (2) | Cost of investments - Unaffiliated issuers | $ | 9,646,252 | $ | 14,606,392 | $ | 246,768,616 | $ | 1,033,514,078 | ||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 531,130 | $ | 1,186,523 | $ | 3,968,321 | $ | 73,861,093 | ||||||||||||
See Notes to Financial Statements
| 103 |
VANECK ETF TRUST
For the Year Ended April 30, 2022
| BDC Income ETF | China Bond ETF | Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 44,946,425 | $ | — | $ | — | $ | — | ||||||||||||
| Interest | 774 | 4,168,535 | 68,929,787 | 196,314,890 | ||||||||||||||||
| Securities lending income | 310,983 | — | 221,708 | 1,154,565 | ||||||||||||||||
| Foreign taxes withheld | — | (3,535 | ) | (10,935 | ) | — | ||||||||||||||
| Total income | 45,258,182 | 4,165,000 | 69,140,560 | 197,469,455 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 2,070,800 | 520,949 | 4,778,794 | 17,079,449 | ||||||||||||||||
| Professional fees | — | 52,101 | — | — | ||||||||||||||||
| Custody and accounting fees | — | 41,602 | — | — | ||||||||||||||||
| Reports to shareholders | — | 18,533 | — | — | ||||||||||||||||
| Trustees’ fees and expenses | — | 1,700 | — | — | ||||||||||||||||
| Registration fees | — | 16,739 | — | — | ||||||||||||||||
| Insurance | — | 2,769 | — | — | ||||||||||||||||
| Interest and taxes | 30,706 | 9,967 | 307 | 3,236 | ||||||||||||||||
| Other | — | 8,305 | — | — | ||||||||||||||||
| Total expenses | 2,101,506 | 672,665 | 4,779,101 | 17,082,685 | ||||||||||||||||
| Waiver of management fees | — | (13,281 | ) | — | — | |||||||||||||||
| Net expenses | 2,101,506 | 659,384 | 4,779,101 | 17,082,685 | ||||||||||||||||
| Net investment income | 43,156,676 | 3,505,616 | 64,361,459 | 180,386,770 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (11,856,440 | ) | 419,337 | (93,858,252 | ) | (22,717,124 | ) | |||||||||||||
| In-kind redemptions | 30,597,037 | — | 912,311 | 261,651,547 | ||||||||||||||||
| Capital gain distributions from investment companies | 830,053 | — | — | — | ||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (235,697 | ) | — | — | |||||||||||||||
| Net realized gain (loss) | 19,570,650 | 183,640 | (92,945,941 | ) | 238,934,423 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (29,787,379 | ) | (4,380,239 | ) | (150,062,224 | ) | (708,202,399 | ) | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (147,544 | ) | (9 | ) | — | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (29,787,379 | ) | (4,527,783 | ) | (150,062,233 | ) | (708,202,399 | ) | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 32,939,947 | $ | (838,527 | ) | $ | (178,646,715 | ) | $ | (288,881,206 | ) | |||||||||
See Notes to Financial Statements
| 104 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
| Green Bond ETF | International High Yield Bond ETF | Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 8,094 | $ | 22 | $ | — | $ | — | ||||||||||||
| Interest | 2,186,284 | 4,682,735 | 5,423,823 | 188,791,824 | ||||||||||||||||
| Securities lending income | 9,684 | 15,375 | 14,079 | — | ||||||||||||||||
| Foreign taxes withheld | (604 | ) | (2,098 | ) | — | (4,153,280 | ) | |||||||||||||
| Total income | 2,203,458 | 4,696,034 | 5,437,902 | 184,638,544 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 195,123 | 407,619 | 1,082,404 | 9,396,110 | ||||||||||||||||
| Professional fees | — | — | — | 60,478 | ||||||||||||||||
| Custody and accounting fees | — | — | — | 1,030,032 | ||||||||||||||||
| Reports to shareholders | — | — | — | 404,847 | ||||||||||||||||
| Trustees’ fees and expenses | — | — | — | 45,464 | ||||||||||||||||
| Registration fees | — | — | — | 20,485 | ||||||||||||||||
| Insurance | — | — | — | 45,296 | ||||||||||||||||
| Interest and taxes | 888 | 703 | 9,825 | 29,830 | ||||||||||||||||
| Other | — | — | — | 36,734 | ||||||||||||||||
| Total expenses | 196,011 | 408,322 | 1,092,229 | 11,069,276 | ||||||||||||||||
| Waiver of management fees | — | — | — | (599,324 | ) | |||||||||||||||
| Net expenses | 196,011 | 408,322 | 1,092,229 | 10,469,952 | ||||||||||||||||
| Net investment income | 2,007,447 | 4,287,712 | 4,345,673 | 174,168,592 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (1,668,817 | ) | (3,049,555 | ) | (510,405 | ) | (305,473,572 | )(a) | ||||||||||||
| In-kind redemptions | — | (618,966 | ) | 57,776 | (5,329,083 | ) | ||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (42,307 | ) | — | (4,422,433 | ) | ||||||||||||||
| Net realized loss | (1,668,817 | ) | (3,710,828 | ) | (452,629 | ) | (315,225,088 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (10,193,647 | ) | (15,853,363 | ) | (9,541,387 | ) | (399,611,371 | )(b) | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (53,147 | ) | — | (2,439,644 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (10,193,647 | ) | (15,906,510 | ) | (9,541,387 | ) | (402,051,015 | ) | ||||||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (9,855,017 | ) | $ | (15,329,626 | ) | $ | (5,648,343 | ) | $ | (543,107,511 | ) | ||||||||
| (a) | Net of foreign taxes of $657,825 |
| (b) | Net of foreign taxes of $988,682 |
See Notes to Financial Statements
| 105 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022
| 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 | $ | — | $ | — | $ | 13,740,340 | $ | 52,602,320 | ||||||||||||
| Interest | 244,048 | 338,581 | 235 | 8,068 | ||||||||||||||||
| Securities lending income | 1,521 | 2,205 | 79,912 | 961,439 | ||||||||||||||||
| Foreign taxes withheld | — | — | — | (88,315 | ) | |||||||||||||||
| Total income | 245,569 | 340,786 | 13,820,487 | 53,483,512 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 24,438 | 29,210 | 1,213,758 | 4,123,634 | ||||||||||||||||
| Interest and taxes | 63 | 92 | 19,342 | 9,849 | ||||||||||||||||
| Total expenses | 24,501 | 29,302 | 1,233,100 | 4,133,483 | ||||||||||||||||
| Net investment income | 221,068 | 311,484 | 12,587,387 | 49,350,029 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (195,230 | ) | (186,082 | ) | (9,999,261 | ) | 2,334,553 | |||||||||||||
| In-kind redemptions | — | — | 28,019,583 | 4,873,574 | ||||||||||||||||
| Capital gain distributions from | ||||||||||||||||||||
| investment companies | — | — | 2,558,441 | 171,326 | ||||||||||||||||
| Net realized gain (loss) | (195,230 | ) | (186,082 | ) | 20,578,763 | 7,379,453 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | (1,083,250 | ) | (1,588,310 | ) | (75,253,305 | ) | (98,397,267 | ) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (1,083,250 | ) | (1,588,310 | ) | (75,253,305 | ) | (98,397,267 | ) | ||||||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (1,057,412 | ) | $ | (1,462,908 | ) | $ | (42,087,155 | ) | $ | (41,667,785 | ) | ||||||||
See Notes to Financial Statements
| 106 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| BDC Income ETF | China Bond ETF | |||||||||||||||
| Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 43,156,676 | $ | 27,418,231 | $ | 3,505,616 | $ | 1,245,084 | ||||||||
| Net realized gain (loss) | 19,570,650 | (11,700,465 | ) | 183,640 | 258,931 | |||||||||||
| Net change in unrealized appreciation (depreciation) | (29,787,379 | ) | 129,739,736 | (4,527,783 | ) | 1,676,722 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 32,939,947 | 145,457,502 | (838,527 | ) | 3,180,737 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (42,704,368 | ) | (28,249,128 | ) | (4,150,280 | ) | (1,233,560 | ) | ||||||||
| Return of capital | — | (102,755 | ) | (44,520 | ) | — | ||||||||||
| Total distributions | (42,704,368 | ) | (28,351,883 | ) | (4,194,800 | ) | (1,233,560 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 334,820,169 | 167,364,489 | 91,337,821 | 97,077,772 | (a) | |||||||||||
| Cost of shares redeemed | (111,985,789 | ) | (42,308,818 | ) | (60,220,705 | ) | — | |||||||||
| Increase in net assets resulting from share transactions | 222,834,380 | 125,055,671 | 31,117,116 | 97,077,772 | ||||||||||||
| Total increase in net assets | 213,069,959 | 242,161,290 | 26,083,789 | 99,024,949 | ||||||||||||
| Net Assets, beginning of year | 411,960,293 | 169,799,003 | 103,503,352 | 4,478,403 | ||||||||||||
| Net Assets, end of year | $ | 625,030,252 | $ | 411,960,293 | $ | 129,587,141 | $ | 103,503,352 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 19,225,000 | 11,800,000 | 3,700,000 | 4,100,000 | ||||||||||||
| Shares redeemed | (6,500,000 | ) | (3,025,000 | ) | (2,500,000 | ) | — | |||||||||
| Net increase | 12,725,000 | 8,775,000 | 1,200,000 | 4,100,000 | ||||||||||||
| (a) | Includes $79,000 for reimbursement by the Adviser (See Note 3) |
See Notes to Financial Statements
| 107 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Emerging Markets High Yield Bond ETF | Fallen Angel High Yield Bond ETF | |||||||||||||||
| Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 64,361,459 | $ | 27,488,746 | $ | 180,386,770 | $ | 163,045,166 | ||||||||
| Net realized gain (loss) | (92,945,941 | ) | (9,350,449 | ) | 238,934,423 | 97,287,752 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (150,062,233 | ) | 56,587,045 | (708,202,399 | ) | 387,013,556 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (178,646,715 | ) | 74,725,342 | (288,881,206 | ) | 647,346,474 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (63,324,700 | ) | (25,900,330 | ) | (188,041,825 | ) | (155,216,155 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 672,209,046 | 446,230,645 | 2,049,188,613 | 3,595,864,787 | ||||||||||||
| Cost of shares redeemed | (63,006,428 | ) | (18,741,366 | ) | (2,661,837,362 | ) | (855,370,459 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 609,202,618 | 427,489,279 | (612,648,749 | ) | 2,740,494,328 | |||||||||||
| Total increase (decrease) in net assets | 367,231,203 | 476,314,291 | (1,089,571,780 | ) | 3,232,624,647 | |||||||||||
| Net Assets, beginning of year | 784,407,050 | 308,092,759 | 4,915,416,234 | 1,682,791,587 | ||||||||||||
| Net Assets, end of year | $ | 1,151,638,253 | $ | 784,407,050 | $ | 3,825,844,454 | $ | 4,915,416,234 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 28,600,000 | 19,000,000 | 63,250,000 | 117,100,000 | ||||||||||||
| Shares redeemed | (2,800,000 | ) | (800,000 | ) | (83,700,000 | ) | (27,150,000 | ) | ||||||||
| Net increase (decrease) | 25,800,000 | 18,200,000 | (20,450,000 | ) | 89,950,000 | |||||||||||
See Notes to Financial Statements
| 108 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Green Bond ETF | International High Yield Bond ETF | |||||||||||||||
| Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 2,007,447 | $ | 1,015,009 | $ | 4,287,712 | $ | 4,541,412 | ||||||||
| Net realized loss | (1,668,817 | ) | (63,236 | ) | (3,710,828 | ) | (1,085,616 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (10,193,647 | ) | (435,542 | ) | (15,906,510 | ) | 15,170,428 | |||||||||
| Net increase (decrease) in net assets resulting from operations | (9,855,017 | ) | 516,231 | (15,329,626 | ) | 18,626,224 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (2,002,035 | ) | (902,645 | ) | (4,424,650 | ) | (4,423,249 | ) | ||||||||
| Return of capital | — | — | — | (264,741 | ) | |||||||||||
| Total distributions | (2,002,035 | ) | (902,645 | ) | (4,424,650 | ) | (4,687,990 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 22,989,592 | 52,359,723 | 15,502,482 | 10,278,340 | ||||||||||||
| Cost of shares redeemed | — | — | (16,605,485 | ) | (12,776,583 | ) | ||||||||||
| Increase (decrease) in net assets resulting from share transactions | 22,989,592 | 52,359,723 | (1,103,003 | ) | (2,498,243 | ) | ||||||||||
| Total increase (decrease) in net assets | 11,132,540 | 51,973,309 | (20,857,279 | ) | 11,439,991 | |||||||||||
| Net Assets, beginning of year | 84,198,589 | 32,225,280 | 100,273,191 | 88,833,200 | ||||||||||||
| Net Assets, end of year | $ | 95,331,129 | $ | 84,198,589 | $ | 79,415,912 | $ | 100,273,191 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 850,000 | 1,900,000 | 600,000 | 400,000 | ||||||||||||
| Shares redeemed | — | — | (700,000 | ) | (500,000 | ) | ||||||||||
| Net increase (decrease) | 850,000 | 1,900,000 | (100,000 | ) | (100,000 | ) | ||||||||||
See Notes to Financial Statements
| 109 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Investment Grade Floating Rate ETF | J.P. Morgan EM Local Currency Bond ETF | |||||||||||||||
| Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 4,345,673 | $ | 4,385,467 | $ | 174,168,592 | $ | 163,087,052 | ||||||||
| Net realized gain (loss) | (452,629 | ) | 790,351 | (315,225,088 | ) | (150,551,636 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | (9,541,387 | ) | 13,202,820 | (402,051,015 | ) | 329,006,362 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (5,648,343 | ) | 18,378,638 | (543,107,511 | ) | 341,541,778 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (4,310,490 | ) | (5,073,095 | ) | (88,822,978 | ) | (524,709 | ) | ||||||||
| Return of capital | — | — | (81,656,280 | ) | (161,805,238 | ) | ||||||||||
| Total distributions | (4,310,490 | ) | (5,073,095 | ) | (170,479,258 | ) | (162,329,947 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 591,005,339 | 125,423,479 | 727,013,716 | 690,250,396 | ||||||||||||
| Cost of shares redeemed | (6,337,388 | ) | (40,336,816 | ) | (319,840,315 | ) | (828,095,691 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 584,667,951 | 85,086,663 | 407,173,401 | (137,845,295 | ) | |||||||||||
| Total increase (decrease) in net assets | 574,709,118 | 98,392,206 | (306,413,368 | ) | 41,366,536 | |||||||||||
| Net Assets, beginning of year | 559,808,663 | 461,416,457 | 3,379,870,650 | 3,338,504,114 | ||||||||||||
| Net Assets, end of year | $ | 1,134,517,781 | $ | 559,808,663 | $ | 3,073,457,282 | $ | 3,379,870,650 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 23,400,000 | 4,950,000 | 24,600,000 | 21,600,000 | ||||||||||||
| Shares redeemed | (250,000 | ) | (1,600,000 | ) | (11,800,000 | ) | (26,800,000 | ) | ||||||||
| Net increase (decrease) | 23,150,000 | 3,350,000 | 12,800,000 | (5,200,000 | ) | |||||||||||
See Notes to Financial Statements
| 110 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Moody’s Analytics BBB Corporate Bond ETF | Moody’s Analytics IG Corporate Bond ETF | |||||||||||||||
| Year Ended April 30, 2022 | Period Ended April 30, 2021 (a) | Year Ended April 30, 2022 | Period Ended April 30, 2021 (a) | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 221,068 | $ | 87,490 | $ | 311,484 | $ | 128,135 | ||||||||
| Net realized loss | (195,230 | ) | (15,478 | ) | (186,082 | ) | (25,943 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (1,083,250 | ) | (103,480 | ) | (1,588,310 | ) | (248,527 | ) | ||||||||
| Net decrease in net assets resulting from operations | (1,057,412 | ) | (31,468 | ) | (1,462,908 | ) | (146,335 | ) | ||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (226,760 | ) | (75,600 | ) | (317,460 | ) | (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 (decrease) in net assets | (1,284,172 | ) | 9,892,932 | (1,780,368 | ) | 14,748,125 | ||||||||||
| Net Assets, beginning of period | 9,892,932 | — | 14,748,125 | — | ||||||||||||
| Net Assets, end of period | $ | 8,608,760 | $ | 9,892,932 | $ | 12,967,757 | $ | 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
| 111 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Mortgage REIT Income ETF | Preferred Securities ex Financials ETF | |||||||||||||||
| Year Ended April 30, 2022 | Year Ended April 30, 2021 | Year Ended April 30, 2022 | Year Ended April 30, 2021 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 12,587,387 | $ | 11,672,426 | $ | 49,350,029 | $ | 39,050,098 | ||||||||
| Net realized gain (loss) | 20,578,763 | (17,949,177 | ) | 7,379,453 | (5,620,005 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (75,253,305 | ) | 130,769,388 | (98,397,267 | ) | 113,139,493 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (42,087,155 | ) | 124,492,637 | (41,667,785 | ) | 146,569,586 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (12,587,387 | ) | (11,675,560 | ) | (55,455,503 | ) | (38,058,255 | ) | ||||||||
| Return of capital | (12,142,443 | ) | (6,729,745 | ) | (932,857 | ) | — | |||||||||
| Total distributions | (24,729,830 | ) | (18,405,305 | ) | (56,388,360 | ) | (38,058,255 | ) | ||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 65,857,830 | 118,718,711 | 200,215,786 | 183,940,174 | ||||||||||||
| Cost of shares redeemed | (98,402,686 | ) | (33,825,342 | ) | (47,757,119 | ) | (33,585,352 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | (32,544,856 | ) | 84,893,369 | 152,458,667 | 150,354,822 | |||||||||||
| Total increase (decrease) in net assets | (99,361,841 | ) | 190,980,701 | 54,402,522 | 258,866,153 | |||||||||||
| Net Assets, beginning of year | 310,284,174 | 119,303,473 | 947,895,192 | 689,029,039 | ||||||||||||
| Net Assets, end of year | $ | 210,922,333 | $ | 310,284,174 | $ | 1,002,297,714 | $ | 947,895,192 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 3,400,000 | 7,700,000 | 9,500,000 | 9,150,000 | ||||||||||||
| Shares redeemed | (5,500,000 | ) | (2,200,000 | ) | (2,350,000 | ) | (1,750,000 | ) | ||||||||
| Net increase (decrease) | (2,100,000 | ) | 5,500,000 | 7,150,000 | 7,400,000 | |||||||||||
See Notes to Financial Statements
| 112 |
VANECK ETF TRUST
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 113 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 114 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 115 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 116 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | 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. |
| (c) | Amount represents less than $0.005 per share. |
| (d) | 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. |
| (e) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 117 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 118 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 119 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | 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. |
| (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) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 120 |
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
| 121 |
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
| 122 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 123 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (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) | Periods after April 30, 2021 reflect a unitary management fee structure. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 124 |
VANECK ETF TRUST
April 30, 2022
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 |
| 125 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(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. |
| 126 |
| 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 April 30, 2022 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. 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 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 April 30, 2022. |
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
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(continued)
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 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 year ended April 30, 2022 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 will pay all Fund expenses, except for 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 April 30, 2022, the Adviser owned approximately 59%, 82%, and 1% of Moody’s Analytics IG, Moody’s Analytics BBB, and Floating Rate, respectively.
Note 4—Capital Share Transactions—As of April 30, 2022, 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.
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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 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 year ended April 30, 2022, 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 | $ | 151,279,520 | $ | 148,954,629 | $ | 334,783,832 | $ | 112,116,796 | ||||||||
| China Bond | 106,539,912 | 71,044,040 | — | — | ||||||||||||
| Emerging Markets High Yield | 755,129,614 | 396,449,147 | 298,825,527 | 62,440,651 | ||||||||||||
| Fallen Angel | 2,175,492,338 | 2,123,971,103 | 1,932,241,016 | 2,564,255,095 | ||||||||||||
| Floating Rate | 680,180,517 | 600,451,610 | 509,093,957 | 6,323,007 | ||||||||||||
| Green Bond | 25,263,211 | 18,065,701 | 17,376,236 | — | ||||||||||||
| International High Yield | 37,623,875 | 25,197,491 | 2,649,276 | 16,470,046 | ||||||||||||
| J.P. Morgan EM | 1,313,220,429 | 1,127,369,820 | 383,958,749 | 175,229,330 | ||||||||||||
| Moody’s Analytics BBB | 4,740,003 | 4,648,503 | — | — | ||||||||||||
| Moody’s Analytics IG | 7,795,970 | 7,628,336 | — | — | ||||||||||||
| Mortgage REIT | 36,590,343 | 35,598,128 | 65,852,700 | 98,407,620 | ||||||||||||
| Preferred Securities | 371,156,847 | 376,686,174 | 169,944,555 | 47,333,792 | ||||||||||||
During the year ended April 30, 2022, the Emerging Markets High Yield Bond ETF engaged in sales of investments to Fallen Angel High Yield Bond ETF, managed by the Adviser.
These transactions complied with Rule 17a-7 under the Act and aggregated to $1,897,894. The Emerging Markets High Yield Bond ETF recognized realized loss of $4,592 related to these transactions.
Note 6—Income Taxes—As of April 30, 2022, 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 | $689,732,433 | $32,447,046 | $(18,039,963 | ) | $14,407,083 | |||||||||||
| China Bond | 123,789,898 | 740,709 | (3,658,480 | ) | (2,917,771 | ) | ||||||||||
| Emerging Markets High Yield | 1,314,704,776 | 4,489,390 | (148,380,564 | ) | (143,891,174 | ) | ||||||||||
| Fallen Angel | 4,339,800,906 | 9,354,763 | (412,162,642 | ) | (402,807,879 | ) | ||||||||||
| Floating Rate | 1,144,313,940 | 820,704 | (8,051,800 | ) | (7,231,096 | ) | ||||||||||
| Green Bond | 107,308,038 | 49,271 | (10,186,170 | ) | (10,136,899 | ) | ||||||||||
| International High Yield | 93,393,397 | 430,578 | (12,376,065 | ) | (11,945,487 | ) | ||||||||||
| J.P. Morgan EM | 3,630,846,639 | 33,286,314 | (654,077,751 | ) | (620,791,437 | ) | ||||||||||
| Moody’s Analytics BBB | 10,186,553 | 621 | (1,196,522 | ) | (1,195,901 | ) | ||||||||||
| Moody’s Analytics IG | 15,804,203 | 54 | (1,848,179 | ) | (1,848,125 | ) | ||||||||||
| Mortgage REIT | 252,433,165 | 11,950,824 | (49,666,415 | ) | (37,715,591 | ) | ||||||||||
| Preferred Securities | 1,117,613,321 | 51,294,984 | (93,188,961 | ) | (41,893,977 | ) | ||||||||||
At April 30, 2022, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:
| Fund | Undistributed Ordinary Income | Accumulated Capital Losses/ Undistributed Capital Gains |
Post-October Losses Deferred* |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | ||||||||||||||||||||||
| BDC Income | $452,308 | $(65,222,774 | ) | $– | $(9,396 | ) | $14,407,084 | $(50,372,778 | ) | |||||||||||||||||||
| China Bond | – | (61,125 | ) | (256,856 | ) | (950 | ) | (3,029,675 | ) | (3,348,606 | ) | |||||||||||||||||
| Emerging Markets High Yield | 6,639,524 | (151,513,282 | ) | – | (40,195 | ) | (143,891,184 | ) | (288,805,137 | ) | ||||||||||||||||||
| Fallen Angel | 15,147,182 | (170,493,568 | ) | – | (67,964 | ) | (402,807,879 | ) | (558,222,229 | ) | ||||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS
(continued)
| Fund | Undistributed Ordinary Income | Accumulated Capital Losses/ Undistributed Capital Gains |
Post-October Losses Deferred* |
Other Temporary Differences | Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | ||||||||||||||||||||||
| Floating Rate | 837,749 | (1,912,288 | ) | – | (21,617 | ) | (7,231,096 | ) | (8,327,252 | ) | ||||||||||||||||||
| Green Bond | 187,443 | (1,870,750 | ) | – | (1,073 | ) | (10,136,899 | ) | (11,821,279 | ) | ||||||||||||||||||
| International High Yield | 61,891 | (14,120,607 | ) | – | (33,385 | ) | (11,984,795 | ) | (26,076,896 | ) | ||||||||||||||||||
| J.P. Morgan EM | – | (308,963,992 | ) | (59,499,406 | ) | (236,369 | ) | (623,941,554 | ) | (992,641,321 | ) | |||||||||||||||||
| Moody’s Analytics BBB | 16,982 | (212,206 | ) | – | – | (1,195,901 | ) | (1,391,125 | ) | |||||||||||||||||||
| Moody’s Analytics IG | 30,568 | (214,514 | ) | – | – | (1,848,125 | ) | (2,032,071 | ) | |||||||||||||||||||
| Mortgage REIT | – | (81,253,133 | ) | – | (16,359 | ) | (37,715,591 | ) | (118,985,083 | ) | ||||||||||||||||||
| Preferred Securities | – | (41,184,027 | ) | – | (2,284,586 | ) | (41,893,977 | ) | (85,362,590 | ) | ||||||||||||||||||
| ** | Post-October losses represent certain ordinary, specified and / or capital losses incurred after October 31, 2021. These losses are deemed to arise on the first day of the funds’ next taxable year. |
The tax character of distributions paid to shareholders was as follows:
| April 30, 2022 | April 30, 2021 | |||||||||||||||
| Fund | Ordinary Income** | Return of Capital | Ordinary Income** | Return of Capital | ||||||||||||
| BDC Income | $42,704,368 | $– | $28,249,128 | $102,755 | ||||||||||||
| China Bond | 4,150,280 | 44,520 | 1,233,560 | – | ||||||||||||
| Emerging Markets High Yield | 63,324,700 | – | 25,900,330 | – | ||||||||||||
| Fallen Angel | 188,041,825 | – | 155,216,155 | – | ||||||||||||
| Floating Rate | 4,310,490 | – | 5,073,095 | – | ||||||||||||
| Green Bond | 2,002,035 | – | 902,645 | – | ||||||||||||
| International High Yield | 4,424,650 | – | 4,423,249 | 264,741 | ||||||||||||
| J.P. Morgan EM | 88,822,978 | 81,656,280 | 524,709 | 161,805,238 | ||||||||||||
| Moody’s Analytics BBB | 226,760 | – | 75,600 | – | ||||||||||||
| Moody’s Analytics IG | 317,460 | – | 105,540 | – | ||||||||||||
| Mortgage REIT | 12,587,387 | 12,142,443 | 11,675,560 | 6,729,745 | ||||||||||||
| Preferred Securities | 55,455,503 | 932,857 | 38,058,255 | – | ||||||||||||
| ** | Includes short-term capital gains (if any). |
At April 30, 2022, 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 | $ | (18,155,626 | ) | $ | (47,067,148 | ) | $ | (65,222,774 | ) | ||||
| China Bond | (61,125 | ) | – | (61,125 | ) | ||||||||
| Emerging Markets High Yield | (72,038,699 | ) | (79,474,583 | ) | (151,513,282 | ) | |||||||
| Fallen Angel | (90,029,009 | ) | (80,464,559 | ) | (170,493,568 | ) | |||||||
| Floating Rate | (1,567,781 | ) | (344,507 | ) | (1,912,288 | ) | |||||||
| Green Bond | (1,405,720 | ) | (465,030 | ) | (1,870,750 | ) | |||||||
| International High Yield | (1,834,947 | ) | (12,285,660 | ) | (14,120,607 | ) | |||||||
| J.P. Morgan EM | (96,709,968 | ) | (212,254,024 | ) | (308,963,992 | ) | |||||||
| Moody’s Analytics BBB | (119,563 | ) | (92,643 | ) | (212,206 | ) | |||||||
| Moody’s Analytics IG | (93,293 | ) | (121,221 | ) | (214,514 | ) | |||||||
| Mortgage REIT | (20,523,318 | ) | (60,729,815 | ) | (81,253,133 | ) | |||||||
| Preferred Securities | (12,780,240 | ) | (28,403,787 | ) | (41,184,027 | ) | |||||||
During the year ended April 30, 2022, China Bond and Preferred Securities utilized $125,223, and $4,181,511, respectively of their capital loss carryforwards available from prior years.
During the year ended April 30, 2022, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
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| Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||
| BDC Income | $ | (28,907,959 | ) | $ | 28,907,959 | |||
| China Bond | (23,267 | ) | 23,267 | |||||
| Emerging Markets High Yield | (861,528 | ) | 861,528 | |||||
| Fallen Angel | (257,529,122 | ) | 257,529,122 | |||||
| Floating Rate | (56,690 | ) | 56,690 | |||||
| International High Yield | 618,967 | (618,967 | ) | |||||
| J.P. Morgan EM | 55,031,657 | (55,031,657 | ) | |||||
| Moody’s Analytics BBB | 115 | (115 | ) | |||||
| Moody’s Analytics IG | 172 | (172 | ) | |||||
| Mortgage REIT | (27,719,660 | ) | 27,719,660 | |||||
| Preferred Securities | (2,809,519 | ) | 2,809,519 | |||||
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 April 30, 2022, the net realized gains (losses) from foreign currency translations were as follows:
| China Bond | $ | 184,213 | ||
| International High Yield | 229,044 | |||
| J.P. Morgan EM | (161,803,275 | ) |
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 year ended April 30, 2022, 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
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(continued)
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.
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.
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.
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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 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.
Following Russia’s large-scale invasion of Ukraine on February 24, 2022, governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital
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NOTES TO FINANCIAL STATEMENTS
(continued)
entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced and may continue to experience significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.
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 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 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 April 30, 2022 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 April 30, 2022:
| Fund | Market Value of Securities on Loan | Cash Collateral | Non-Cash Collateral | Total Collateral | ||||||||||||
| BDC Income | $ | 90,835,371 | $ | 79,333,623 | $ | 16,748,992 | $ | 96,082,615 | ||||||||
| Emerging Markets High Yield | 48,679,628 | 50,308,151 | 1,328,646 | 51,636,797 | ||||||||||||
| Fallen Angel | 182,549,824 | 174,899,945 | 15,087,156 | 189,987,101 | ||||||||||||
| Floating Rate | 10,721,775 | 4,818,587 | 6,197,768 | 11,016,355 | ||||||||||||
| Green Bond | 6,298,898 | 2,740,591 | 3,744,711 | 6,485,302 | ||||||||||||
| International High Yield | 3,458,018 | 3,565,953 | 48,204 | 3,614,157 | ||||||||||||
| Moody’s Analytics BBB | 509,515 | 531,130 | 43,529 | 574,659 | ||||||||||||
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| Fund | Market Value of Securities on Loan | Cash Collateral | Non-Cash Collateral | Total Collateral | ||||||||||||
| Moody’s Analytics IG | 1,152,977 | 1,186,523 | 68,632 | 1,255,155 | ||||||||||||
| Mortgage REIT | 40,347,546 | 3,968,321 | 38,653,718 | 42,622,039 | ||||||||||||
| Preferred Securities | 79,391,312 | 73,861,093 | 8,034,316 | 81,895,409 | ||||||||||||
The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2022:
| Gross
Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||||||
| Fund | Corporate Bonds | Equity Securities | ||||||
| BDC Income | $ | – | $ | 79,333,623 | ||||
| Emerging Markets High Yield | 50,308,151 | – | ||||||
| Fallen Angel | 174,899,945 | – | ||||||
| Floating Rate | 4,818,587 | – | ||||||
| Green Bond | 2,740,591 | – | ||||||
| International High Yield | 3,565,953 | – | ||||||
| Moody’s Analytics BBB | 531,130 | – | ||||||
| Moody’s Analytics IG | 1,186,523 | – | ||||||
| Mortgage REIT | – | 3,968,321 | ||||||
| Preferred Securities | – | 73,861,093 | ||||||
| * | 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 unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2022, the following Funds borrowed under this Facility:
| Fund | Days Outstanding | Average Daily Loan Balance | Average Interest Rate | |||||||||
| BDC Income | 322 | $ | 2,041,095 | 1.46 | % | |||||||
| China Bond | 153 | 919,088 | 1.43 | |||||||||
| Fallen Angel | 17 | 1,815,469 | 1.47 | |||||||||
| Floating Rate | 37 | 5,844,175 | 1.48 | |||||||||
| Green Bond | 9 | 1,896,154 | 1.51 | |||||||||
| International High Yield | 13 | 931,632 | 1.43 | |||||||||
| J.P. Morgan EM | 117 | 5,601,100 | 1.47 | |||||||||
| Moody’s Analytics BBB | 1 | 110,593 | 1.43 | |||||||||
| Moody’s Analytics IG | 9 | 94,850 | 1.43 | |||||||||
| Mortgage REIT | 194 | 2,252,207 | 1.46 | |||||||||
| Preferred Securities | 70 | 1,604,911 | 1.43 | |||||||||
Outstanding loan balances as of April 30, 2022, 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 Adviser has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck BDC Income ETF, VanEck China Bond ETF, VanEck Emerging Markets High Yield Bond ETF, VanEck Fallen Angel High Yield Bond ETF, VanEck Green Bond ETF, VanEck International High Yield Bond ETF, VanEck Investment Grade Floating Rate ETF, VanEck J.P. Morgan EM Local Currency Bond ETF, VanEck Moody’s Analytics BBB Corporate Bond ETF, VanEck Moody’s Analytics IG Corporate Bond ETF, VanEck Mortgage REIT Income ETF and VanEck Preferred Securities ex Financials ETF and the Board of Trustees of VanEck ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck BDC Income ETF, VanEck China Bond ETF, VanEck Emerging Markets High Yield Bond ETF, VanEck Fallen Angel High Yield Bond ETF, VanEck Green Bond ETF, VanEck International High Yield Bond ETF, VanEck Investment Grade Floating Rate ETF, VanEck J.P. Morgan EM Local Currency Bond ETF, VanEck Moody’s Analytics BBB Corporate Bond ETF, VanEck Moody’s Analytics IG Corporate Bond ETF, VanEck Mortgage REIT Income ETF and VanEck Preferred Securities ex Financials ETF (collectively referred to as the “Funds”), twelve of the series constituting VanEck ETF Trust (the “Trust”), including the schedules of investments, as of April 30, 2022, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twelve of the series constituting VanEck ETF Trust) at April 30, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
| Individual fund
constituting the VanEck ETF Trust |
Statement of Operations |
Statements of
Changes in Net Assets |
Financial Highlights | |||
| VanEck BDC Income ETF VanEck China Bond ETF VanEck Emerging Markets High Yield Bond ETF VanEck Fallen Angel High Yield Bond ETF VanEck Green Bond ETF VanEck International High Yield Bond ETF VanEck Investment Grade Floating Rate ETF VanEck J.P. Morgan EM Local Currency Bond ETF VanEck Mortgage REIT Income ETF VanEck Preferred Securities ex Financials ETF | For the year ended April 30, 2022 | For each of the two years in the period ended April 30, 2022 | For each of the five years in the period ended April 30, 2022 | |||
| VanEck Moody’s Analytics BBB Corporate Bond ETF VanEck Moody’s Analytics IG Corporate Bond ETF | For the year ended April 30, 2022 | For the year ended April 30, 2022 and for the period December 2, 2020 (commencement of operations) through April 30, 2021 | For the year ended April 30, 2022 and for the period December 2, 2020 (commencement of operations) through April 30, 2021 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required
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to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, New York
June 23, 2022
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VANECK ETF TRUST
(unaudited)
The information set forth below is for each Fund’s fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2022 income tax purposes will be sent to them in early 2023. Please consult your tax advisor regarding the appropriate treatment of these distributions.
| Fund Name | Ticker Symbol | Payable | Total Distribution Per Share | Return of Capital (b) | Income Dividends | Foreign Taxes Paid (a) | Total Ordinary Income Dividends | Foreign Source Income as % of Total Ordinary Income (a) | ||||||||||||||||||||||
| China Bond | CBON | Monthly | $ | 0.772500 | $ | 0.006663 | $ | 0.765837 | $ | 0.000775 | $ | 0.766612 | 91.95 | % | ||||||||||||||||
| Emerging Markets High Yield | HYEM | Monthly | 1.198600 | — | 1.198600 | 0.000485 | 1.199085 | 96.50 | ||||||||||||||||||||||
| Fallen Angel | ANGL | Monthly | 1.231800 | — | 1.231800 | — | 1.231800 | — | ||||||||||||||||||||||
| Floating Rate | FLTR | Monthly | 0.146300 | — | 0.146300 | — | 0.146300 | — | ||||||||||||||||||||||
| Green Bond | GRNB | Monthly | 0.549709 | — | 0.549709 | 0.000309 | 0.550018 | 57.64 | ||||||||||||||||||||||
| International High Yield | IHY | Monthly | 1.048700 | — | 1.048700 | 0.000555 | 1.049255 | 95.49 | ||||||||||||||||||||||
| J.P. Morgan EM | EMLC | Monthly | 1.435400 | 0.671276 | 0.764124 | 0.039919 | 0.804043 | 100.00 | ||||||||||||||||||||||
| Moody’s Analytics BBB | MBBB | Monthly | 0.566900 | — | 0.566900 | — | 0.566900 | — | ||||||||||||||||||||||
| Moody’s Analytics IG | MIG | Monthly | 0.529100 | — | 0.529100 | — | 0.529100 | — | ||||||||||||||||||||||
| Fund | Ticker | Payable | Section
163(j) – Interest Dividends as a % of the Total Ordinary Income Distributions (c) | Qualified
Interest Income (QII) as a % of the Total Ordinary Income Distribution (d) | ||||||||||||
| China Bond | CBON | Monthly | 92.56 | % | 0.00 | % | ||||||||||
| Emerging Markets High Yield | HYEM | Monthly | 99.41 | % | 0.00 | % | ||||||||||
| Fallen Angel | ANGL | Monthly | 99.41 | % | 81.12 | % | ||||||||||
| Floating Rate | FLTR | Monthly | 99.76 | % | 63.82 | % | ||||||||||
| Green Bond | GRNB | Monthly | 99.24 | % | 35.80 | % | ||||||||||
| International High Yield | IHY | Monthly | 99.72 | % | 0.00 | % | ||||||||||
| J.P. Morgan EM | EMLC | Monthly | 99.96 | % | 0.00 | % | ||||||||||
| Moody’s Analytics BBB | MBBB | Monthly | 99.45 | % | 60.48 | % | ||||||||||
| Moody’s Analytics IG | MIG | Monthly | 99.48 | % | 58.43 | % | ||||||||||
(a) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(b) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.
(c) These amounts represent distributions paid during the taxable year ended April 30, 2022 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.
(d) These amounts represent distributions paid during the taxable year ended April 30, 2022 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
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| Fund Name | Ticker Symbol | Payable | Total Distribution Per Share | Return of Capital (Non Dividend) Distribution (a) | Ordinary Income Dividends | Percent of Ordinary Income Dividends that are QDI Eligible (b) | Percent of Ordinary Income Dividends that are DRD Eligible (c) | Section 199A QBI as a Percent of Ordinary Income Dividends (d) (e) | ||||||||||||||||||||||
| BDC Income | BIZD | Quarterly | $ | 1.3776 | $ | — | $ | 1.377600 | 2.01 | % | 0.11 | % | 0.58 | % | ||||||||||||||||
| Mortgage REIT | MORT | Quarterly | 1.536900 | 0.751594 | 0.785306 | 3.02 | % | — | 79.78 | % | ||||||||||||||||||||
| Preferred Securities | PFXF | Monthly | 1.145700 | 0.018114 | 1.127586 | 24.36 | % | 17.93 | % | 7.85 | % | |||||||||||||||||||
(a) A return of capital is not considered taxable income to shareholders. Shareholders who received these distributions should not include these amounts in taxable income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should use the more detailed information provided on Form 8937 - Organizational Actions Affecting Basis provided on the funds’ website at www.vaneck.com.
(b) All or a portion of a shareholder’s ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.
(c) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your ordinary dividends by the percentage indicated.
(d) The Section 199A amount represents the percentage of each Fund’s ordinary income distributions, that represent Qualfied Business Income (QBI) for purposes of the Internal Revenue Code Section 199A deduction. Section 199A allows a deduction of up to 20% on QBI for non-corporate taxpayers. To treat a dividend as qualifying for the QBI or DRD, shareholders must have held shares on which the dividend was paid for at least 46 days during the 91-day period beginning 45 days before the ex-dividend date of the distribution.
(e) Amounts are estimated and subject to change. Shareholders should utilize the information on their 2022 Form 1099s received in 2023.
| 139 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
April 30, 2022 (unaudited)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years | |||||
| Independent Trustees | ||||||||||
| David H. Chow, 1957*† |
Trustee | Since 2006 | Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 63 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
| Laurie A. Hesslein, 1959*† |
Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 63 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
| R. Alastair Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 75 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
| Peter J. Sidebottom, 1962*† |
Chairman Trustee | Since 2022 Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 63 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ- CAN, July 2014 to 2016. | |||||
| Richard D. Stamberger, 1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 75 | Director, Food and Friends, Inc., 2013 to present. | |||||
| 140 |
| Interested Trustee | ||||||||||
| Jan F. van Eck, 19635 |
Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 75 | Director, National Committee on US- China Relations. | |||||
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| 5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
| Officer Information | ||||||
| Matthew A. Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
| Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
| Charles T. Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
| John J. Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
| Eduardo Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
| F. Michael Gozzillo, 1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
| Laura Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
| Nicholas Jackson, 1974 |
Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
| Laura I. Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
| Matthew McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
| 141 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
| Arian Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
| James Parker, 1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
| Adam Phillips, 1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
| Philipp Schlegel, 1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
| Jonathan R. Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
| Andrew Tilzer, 1972 |
Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 142 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
April 30, 2022 (unaudited)
At a meeting held on March 4, 2022 (the “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”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Digital Assets Mining ETF, VanEck Gold and Digital Assets Mining ETF and VanEck Dynamic High Income ETF (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 advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. 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 Meeting regarding the management of the Funds, 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 Funds. The Trustees also considered the terms and scope of services that the Adviser would provide under each Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of each 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 considered the benefits, other than the fees under the Investment Management Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had 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 Funds 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 Meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements 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 the Investment Management Agreements are in the best interest of the Funds and the Funds’ shareholders.
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VANECK ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity
Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2021 to December 31, 2021 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
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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 | INCOMEAR |
| Item 2. | CODE OF ETHICS. |
| (a) | The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. |
| (b) | The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR. |
| (c) | The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. |
| (d) | The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. |
| (e) | Not applicable. |
| (f) | The Registrant’s Code of Ethics is attached as an Exhibit hereto. |
| Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
| The Registrant’s Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are “audit committee financial experts” and “independent” as such terms are defined in the instructions to Form N-CSR Item 3(a)(2). |
| Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
| The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is April 30. | |
| (a) | Audit Fees. The aggregate Audit Fees of Ernst & Young for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended April 30, 2022 and April 30, 2021, were $538,890 and $523,890, respectively. |
| (b) | Audit-Related Fees. Not applicable. |
| (c) | Tax Fees. The aggregate Tax Fees of Ernst & Young for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended April 30, 2022 and April 30, 2021, were $174,825 and $171,096, respectively. |
| (d) | All Other Fees |
| None. | |
| (e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
| The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |
| (f) | Not applicable. |
| (g) | Not applicable. |
| (h) | Not applicable. |
| Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
| The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Messrs. Chow, Hesslein, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short is the Chairman of the Audit Committee. |
| 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 MANAGER 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. |
| None. |
| 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(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. |
| (a) Not applicable. |
| (b) Not applicable. |
| Item 13. | EXHIBITS. |
| (a)(1) | The code of ethics is attached as EX-99.CODE ETH |
| (a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT. |
| (a)(3) | Ernst & Young LLP (EY) served as the independent registered public accounting firm for the Funds of the VanEck ETF Trust (comprising of BDC Income ETF, China 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, J.P. Morgan EM Local Currency Bond ETF, Moody’s Analytics BBB Corporate Bond ETF, Moody’s Analytics IG Corporate Bond ETF, Mortgage REIT Income ETF, Preferred Securities ex Financials ETF, CEF Muni Income ETF, High Yield Muni ETF, HIP Sustainable Muni ETF, Intermediate Muni ETF, Long Muni ETF, Muni Allocation ETF, Short High Yield Muni ETF, Short Muni ETF) for the fiscal years ended April 30, 2021 and April 30, 2022. EY’s reports on the financial statements for the fiscal years ended April 30, 2021 and April 30, 2022 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle. Through June 7, 2022, the date of dismissal, and during such fiscal year-ends, (i) there were no disagreements with EY on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which agreements, if not resolved to the satisfaction of EY, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Funds’ financial statements for period, and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. On June 7, 2022, the Audit Committee and the Trust’s Board of Trustees approved the engagement of PricewaterhouseCoopers LLP (PwC) to serve as the independent registered public accounting firm for the Funds’ fiscal ending April 30, 2023, thereby replacing EY effective upon completion of their April 30, 2022 audits and issuance of their reports thereon. Through June 7, 2022 and during the Funds’ fiscal years ended April 30, 2021 and April 30, 2022, neither the Trust nor the Funds’, nor anyone in their behalf, consulted with PwC on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
The Funds have requested that Ernst & Young furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an Exhibit to this Form N-CSR |
| (a)(4) | The Ernst & Young Letter: SEC Filing Response - Change in auditors - VanEck ETF Trust is attached as EX-99.EY-SEC FILING RESPONSE - CHANGE IN AUDITORS |
| (b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT. |
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 and CFO |
Date July 8, 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, CEO |
Date July 8, 2022
| By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |
Date July 8, 2022
