VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
July
31,
2025
(unaudited)
Par
(000's)
Value
MUNICIPAL
BONDS:
98.0%
Alabama
:
2.9%
Alabama
Special
Care
Facilities
Financing
Authority,
Methodist
Home
for
Aging
(RB)
5.75%,
06/01/35
(c)
$
1,400
$
1,353,747
5.75%,
06/01/45
(c)
2,000
1,719,112
6.00%,
06/01/50
(c)
3,900
3,338,007
Alabama
State
Port
Authority
Docks
Facilities,
Series
A
(RB)
(AGM)
5.00%,
10/01/29
(c)
1,675
1,720,216
5.00%,
10/01/34
(c)
1,000
1,010,499
Baldwin
County
Industrial
Development
Authority,
Solid
Waste
Disposal,
Series
A
(RB)
5.00%,
06/01/55
(c)
(p)
12,000
11,984,366
Black
Belt
Energy
Gas
District,
Project
No.
8,
Series
A
(RB)
4.00%,
12/01/52
(c)
(p)
7,000
6,912,403
Black
Belt
Energy
Gas
District,
Series
A
(RB)
5.25%,
01/01/54
(c)
(p)
5,000
5,292,929
5.25%,
05/01/56
(c)
(p)
3,000
3,055,452
Homewood
Educational
Building
Authority
(RB)
5.50%,
10/01/54
(c)
1,000
976,906
5.50%,
10/01/54
(c)
1,000
976,906
Hoover
Industrial
Development
Board,
United
States
Steel
Corp.
Project
(RB)
6.38%,
11/01/50
(p)
1,180
1,283,684
Hoover
Industrial
Development
Board,
United
States
Steel
Corp.
Project
(RB)
(SD
CRED
PROG)
5.75%,
10/01/49
(c)
8,540
8,547,036
Jefferson
County,
Alabama
Sewer
Warrants
(RB)
5.25%,
10/01/49
(c)
10,255
10,298,140
5.50%,
10/01/53
(c)
6,530
6,635,741
Jefferson
County,
Sewer
Revenue
Warrants
(RB)
5.25%,
10/01/45
(c)
2,175
2,205,593
Mobile
County
Industrial
Development
Authority,
Series
B
(RB)
4.75%,
12/01/54
(c)
5,000
4,372,731
Selma
Alabama
Industrial
Development
Board,
International
Paper
Company
Project,
Series
A
(RB)
4.20%,
05/01/34
750
748,635
Southeast
Energy
Authority
A
Cooperative
District,
Project
No.
4,
Series
B-1
(RB)
5.00%,
05/01/53
(c)
(p)
2,570
2,657,372
Par
(000’s)
Value
Alabama
(continued)
Southeast
Energy
Authority,
Cooperative
District
Energy
Supply,
Series
A
(RB)
5.00%,
11/01/35
(c)
$
4,615
$
4,760,641
Southeast
Energy
Authority,
Cooperative
District
Energy
Supply,
Series
B
(RB)
5.25%,
03/01/55
(c)
(p)
4,500
4,672,296
Southeast
Energy
Authority,
Cooperative
District
Gas
Supply,
Series
F
(RB)
5.25%,
11/01/55
(c)
(p)
3,500
3,762,852
Tuscaloosa
County
Industrial
Development
Authority,
Hunt
Refining
Project,
Series
A
(RB)
5.25%,
05/01/44
(c)
7,000
6,751,098
95,036,362
Alaska
:
0.0%
Municipality
of
Anchorage,
Alaska
Port,
Series
A
(RB)
4.50%,
02/01/60
(c)
750
642,007
Northern
Tobacco
Securitization
Corp.,
Series
B-2
(RB)
0.00%,
06/01/66
(c)
^
3,000
340,566
982,573
American
Samoa
:
0.1%
American
Samoa
Economic
Development
Authority,
Series
A
(RB)
5.00%,
09/01/38
(c)
3,250
3,175,662
6.62%,
09/01/35
(c)
1,000
1,003,169
4,178,831
Arizona
:
2.5%
Arizona
Industrial
Development
Authority,
Academies
of
Math
and
Science
(RB)
5.00%,
07/01/39
(c)
1,000
962,764
Arizona
Industrial
Development
Authority,
Academies
of
Math
and
Science,
Series
B
(RB)
5.00%,
07/01/29
(c)
175
176,779
Arizona
Industrial
Development
Authority,
American
Charter
School
Foundation
Project
(RB)
6.00%,
07/01/37
(c)
1,125
1,148,057
6.00%,
07/01/47
(c)
2,940
2,958,917
Arizona
Industrial
Development
Authority,
Arizona
Agribusiness
and
Equine
Center,
Inc.
Project,
Series
B
(RB)
5.00%,
03/01/37
(c)
1,545
1,494,212
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
A
(RB)
5.12%,
07/01/37
(c)
250
250,502
5.25%,
07/01/47
(c)
500
475,354
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Arizona
(continued)
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
D
(RB)
5.00%,
07/01/47
(c)
$
270
$
248,264
5.00%,
07/01/51
(c)
515
464,213
Arizona
Industrial
Development
Authority,
Basis
School
Project,
Series
G
(RB)
(AGM)
5.00%,
07/01/47
(c)
500
459,748
Arizona
Industrial
Development
Authority,
Benjamin
Franklin
Charter
School
Projects,
Series
A
(RB)
5.25%,
07/01/53
(c)
1,000
900,255
Arizona
Industrial
Development
Authority,
Doral
Academy
Project,
Series
A
(RB)
4.00%,
07/15/51
(c)
500
349,250
Arizona
Industrial
Development
Authority,
Education
Facility,
Leman
Academy
of
Excellence,
East
and
Central
Tucson
Projects,
Series
A
(RB)
4.00%,
07/01/29
(c)
350
347,359
5.00%,
07/01/54
(c)
1,000
850,018
Arizona
Industrial
Development
Authority,
Education
Facility,
Leman
Academy
of
Excellence,
Series
A
(RB)
4.50%,
07/01/54
(c)
500
399,208
Arizona
Industrial
Development
Authority,
Education
Facility,
Series
A
(RB)
4.00%,
07/01/61
(c)
2,500
1,914,132
5.25%,
07/01/37
(c)
2,650
2,639,764
Arizona
Industrial
Development
Authority,
Heritage
Academy
-
Gateway
and
Laveen
Projects,
Series
A
(RB)
5.00%,
07/01/51
(c)
2,420
1,992,601
Arizona
Industrial
Development
Authority,
Kaizen
Education
Project
(RB)
5.70%,
07/01/47
(c)
1,000
1,000,259
Arizona
Industrial
Development
Authority,
KIPP
NYC
Public
Charter
Schools
-
Macombs
Facility
Project,
Series
A
(RB)
4.00%,
07/01/51
(c)
400
322,533
Arizona
Industrial
Development
Authority,
Point
320
LLC,
Series
A
(RB)
3.62%,
05/20/33
5,537
5,329,848
Arizona
Industrial
Development
Authority,
Series
A
(RB)
5.00%,
07/01/51
(c)
1,000
823,389
6.75%,
03/01/65
(c)
2,000
1,861,986
Par
(000’s)
Value
Arizona
(continued)
Arizona
Industrial
Development
Authority,
Somerset
Academy
of
Las
Vegas,
Series
A
(RB)
4.00%,
12/15/51
(c)
$
1,400
$
1,029,817
Chandler
Industrial
Development
Authority
(RB)
4.00%,
06/01/49
(c)
(p)
2,000
1,989,560
City
of
Mesa,
Arizona
Utility
Systems
(RB)
(AGC)
4.50%,
07/01/49
(c)
2,000
1,874,729
City
of
Phoenix
Civic
Improvement
Corp.,
Series
B
(RB)
(BAM)
5.00%,
07/01/44
(c)
2,990
2,947,523
Glendale
Industrial
Development
Authority,
Beatitudes
Campus
Project
(RB)
4.00%,
11/15/27
(c)
190
178,642
5.00%,
11/15/40
(c)
1,000
718,130
Glendale
Industrial
Development
Authority,
Royal
Oaks
Inspirata
Pointe
Project,
Series
A
(RB)
5.00%,
05/15/56
(c)
1,340
1,086,841
Industrial
Development
Authority
of
the
City
of
Phoenix,
Basis
Schools,
Inc.
Project,
Series
A
(RB)
5.00%,
07/01/35
(c)
900
900,215
5.00%,
07/01/45
(c)
500
467,524
5.00%,
07/01/46
(c)
1,000
921,981
Industrial
Development
Authority
of
the
City
of
Phoenix,
Downtown
Student
Housing,
Series
A
(RB)
5.00%,
07/01/42
(c)
1,250
1,210,620
Industrial
Development
Authority
of
the
City
of
Phoenix,
Legacy
Traditional
School
Project
(RB)
5.00%,
07/01/45
(c)
4,435
4,139,457
Industrial
Development
Authority
of
the
City
of
Phoenix,
Legacy
Traditional
School
Project,
Series
A
(RB)
5.00%,
07/01/36
(c)
750
751,651
Maricopa
County
Arizona
Industrial
Development
Authority,
Commercial
Metals
Company
Project
(RB)
4.00%,
10/15/47
(c)
7,300
5,720,963
Maricopa
County
Industrial
Development
Authority,
Benjamin
Franklin
Charter
School
Projects,
Series
A
(RB)
6.00%,
07/01/52
(c)
1,000
1,001,590
Par
(000’s)
Value
Arizona
(continued)
Maricopa
County
Industrial
Development
Authority,
Legacy
Traditional
Schools
Projects,
Series
A
(RB)
(SD
CRED
PROG)
5.00%,
07/01/49
(c)
$
1,300
$
1,233,692
5.00%,
07/01/54
(c)
1,400
1,312,216
Maricopa
County
Industrial
Development
Authority,
Legacy
Traditional
Schools
Projects,
Series
B
(RB)
5.00%,
07/01/39
(c)
500
500,790
5.00%,
07/01/49
(c)
1,990
1,828,365
5.00%,
07/01/54
(c)
500
452,487
Maricopa
County
Industrial
Development
Authority,
Paradise
School
Project
(RB)
5.00%,
07/01/47
(c)
1,750
1,531,445
Phoenix
Arizona
Industrial
Development
Authority,
Falcon
Properties
LLC,
Project,
Series
A
(RB)
4.15%,
12/01/57
(c)
5,000
3,232,137
Phoenix
Arizona
Industrial
Development
Authority,
Guam
Facilities
Foundation,
Inc.
Project
(RB)
5.12%,
02/01/34
(c)
1,000
950,138
Phoenix
Arizona
Industrial
Development
Authority,
Provident
Group
-
Falcon
Properties
LLC,
Project,
Series
A
(RB)
4.00%,
12/01/51
(c)
1,000
665,236
Pima
County
Industrial
Development
Authority,
Edkey
Charter
Schools
Project
(RB)
5.25%,
07/01/36
(c)
(d)
*
250
175,000
5.38%,
07/01/46
(c)
(d)
*
250
175,000
5.50%,
07/01/51
(c)
(d)
*
250
175,000
Pima
County,
Industrial
Development
Authority,
Edkey
Charter
School
Project
(RB)
5.00%,
07/01/30
(c)
(d)
*
1,000
700,000
Sacramento
County,
Community
Facilities
District
No.
2005-2
(RB)
5.00%,
12/01/32
2,000
2,136,444
Salt
Verde
Financial
Corp.
(RB)
5.00%,
12/01/37
7,105
7,386,996
5.25%,
12/01/25
265
266,586
5.25%,
12/01/27
215
223,355
5.25%,
12/01/28
245
258,160
Sierra
Vista
Industrial
Development
Authority
(RB)
6.25%,
06/15/45
(c)
750
747,649
6.38%,
06/15/64
(c)
1,000
1,006,759
Par
(000’s)
Value
Arizona
(continued)
Sierra
Vista
Industrial
Development
Authority,
Wake
Preparatory
Academy
(RB)
5.25%,
06/15/35
(c)
$
500
$
500,449
Tempe
Industrial
Development
Authority,
Friendship
Village
of
Tempe
(RB)
5.00%,
12/01/54
(c)
355
302,970
The
Industrial
Development
Authority
of
the
City
of
Sierra
Vista,
American
Leadership
Academy
Project
(RB)
5.00%,
06/15/44
(c)
1,000
902,785
5.00%,
06/15/54
(c)
1,000
846,573
5.00%,
06/15/59
(c)
750
624,652
80,443,539
Arkansas
:
1.3%
Arkansas
Development
Finance
Authority,
Big
River
Steel
Project
(RB)
4.50%,
09/01/49
(c)
17,520
16,132,122
4.75%,
09/01/49
(c)
4,500
4,180,794
Arkansas
Development
Finance
Authority,
Environmental
Improvement,
United
States
Steel
Corporation
Project
(RB)
5.45%,
09/01/52
(c)
19,750
19,312,756
5.70%,
05/01/53
(c)
3,205
3,217,527
42,843,199
California
:
14.9%
Alameda
Corridor
Transportation
Authority,
Second
Subordinate
Lien,
Series
B
(RB)
5.00%,
10/01/34
(c)
3,000
3,046,280
5.00%,
10/01/35
(c)
1,650
1,672,826
5.00%,
10/01/36
(c)
1,730
1,751,177
5.00%,
10/01/37
(c)
5,535
5,600,317
Alameda
Corridor
Transportation
Authority,
Series
A
(RB)
(AGM)
0.00%,
10/01/53
(c)
^
1,905
446,471
Anaheim
Community
Facilities
District
No.
08-1
(ST)
4.00%,
09/01/36
(c)
160
154,699
4.00%,
09/01/41
(c)
615
548,210
4.00%,
09/01/46
(c)
420
354,747
Anaheim
Public
Financing
Authority,
Anaheim
Public
Improvement
Project,
Series
A
(RB)
(BAM)
5.00%,
09/01/36
(c)
2,000
2,041,023
Antelope
Valley
Healthcare
District,
Series
A
(RB)
5.25%,
03/01/36
(c)
1,480
1,485,663
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
California
(continued)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
A
(RB)
5.00%,
01/01/56
(c)
(p)
$
1,500
$
1,545,015
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
B
(RB)
5.00%,
01/01/55
(c)
(p)
4,000
4,165,749
5.00%,
03/01/56
(c)
(p)
1,500
1,592,985
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
B-1
(RB)
5.00%,
07/01/53
(c)
(p)
6,080
6,361,326
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
C
(RB)
5.25%,
01/01/54
(c)
(p)
8,470
8,841,836
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
D
(RB)
5.50%,
05/01/54
(c)
(p)
10,000
10,562,539
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
D
(RB)
(GTY
AGMT)
5.00%,
10/01/55
(c)
(p)
7,000
7,296,285
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
G
(RB)
5.00%,
11/01/55
(c)
(p)
3,000
3,114,135
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
G-1
(RB)
5.25%,
11/01/54
(c)
(p)
1,000
1,058,650
California
Community
Choice
Financing
Authority,
Clean
Energy
Project,
Series
H
(RB)
5.00%,
01/01/56
(c)
(p)
2,500
2,711,855
California
Community
College
Financing
Authority,
Orange
Coast
College
Project
(RB)
5.25%,
05/01/53
(c)
1,695
1,708,637
California
Community
Housing
Agency,
Essential
Housing,
Glendale
Properties,
Series
A-1
(RB)
4.00%,
02/01/56
(c)
5,000
3,888,784
California
Community
Housing
Agency,
Essential
Housing,
Glendale
Properties,
Series
A-2
(RB)
3.00%,
08/01/56
(c)
4,000
2,548,538
California
Community
Housing
Agency,
Essential
Housing,
Serenity
at
Larkspur,
Series
A
(RB)
5.00%,
02/01/50
(c)
1,500
1,051,237
Par
(000’s)
Value
California
(continued)
California
Community
Housing
Agency,
Essential
Housing,
Series
A
(RB)
5.00%,
08/01/50
(c)
$
2,985
$
2,710,849
California
Community
Housing
Agency,
Essential
Housing,
Series
A-1
(RB)
3.00%,
02/01/57
(c)
3,500
2,237,329
California
Community
Housing
Agency,
Essential
Housing,
Summit
at
Sausalito
Apartments,
Series
A-1
(RB)
3.00%,
02/01/57
(c)
1,000
633,806
California
Community
Housing
Agency,
Essential
Housing,
Summit
at
Sausalito
Apartments,
Series
A-2
(RB)
4.00%,
02/01/50
(c)
2,000
1,438,945
California
Community
Housing
Agency,
Series
A-1
(RB)
4.00%,
02/01/56
(c)
4,500
3,572,400
California
County
Tobacco
Securitization
Agency,
Golden
Gate
Tobacco,
Series
A
(RB)
5.00%,
06/01/36
(c)
15
14,159
California
County
Tobacco
Securitization
Agency,
Series
A
(RB)
4.00%,
06/01/49
(c)
1,050
866,423
California
Enterprise
Development
Authority,
Series
A
(RB)
5.00%,
06/01/44
(c)
500
465,656
5.00%,
06/01/54
(c)
1,000
892,333
California
Enterprise
Development
Authority,
The
Rocklin
Academy
Project
(RB)
5.00%,
06/01/54
(c)
500
448,744
5.00%,
06/01/64
(c)
1,000
872,369
California
Health
Facilities
Financing
Authority,
Adventist
Health
System,
Series
A
(RB)
4.00%,
03/01/39
(c)
1,910
1,695,623
5.00%,
12/01/31
2,500
2,715,211
5.00%,
12/01/34
(c)
2,000
2,135,783
5.25%,
12/01/43
(c)
2,000
1,999,041
5.25%,
12/01/44
(c)
3,175
3,148,971
California
Health
Facilities
Financing
Authority,
Children’s
Hospital,
Series
A
(RB)
4.00%,
08/15/49
(c)
250
194,054
4.20%,
08/15/42
(c)
500
430,626
5.00%,
08/15/37
(c)
460
460,592
5.00%,
08/15/42
(c)
3,735
3,600,631
5.00%,
08/15/47
(c)
1,000
942,908
Par
(000’s)
Value
California
(continued)
California
Health
Facilities
Financing
Authority,
Commonspirit
Health,
Series
A
(RB)
5.25%,
12/01/49
(c)
$
7,230
$
7,397,745
California
Health
Facilities
Financing
Authority,
Providence
St.
Joseph
Health,
Series
A
(RB)
5.00%,
10/01/50
(c)
(p)
500
535,209
California
Health
Facilities
Financing
Authority,
Sutter
Health,
Series
A
(RB)
4.00%,
11/15/42
(c)
300
272,195
California
Housing
Finance
Agency
(RB)
3.25%,
08/20/36
1,883
1,756,022
3.50%,
11/20/35
2,332
2,177,381
California
Housing
Finance
Agency,
Series
A
(RB)
4.00%,
03/20/33
7,045
7,100,658
California
Infrastructure
&
Economic
Development
Bank,
Broghtlime
West
Passenger
Rail
Project,
Series
A
(RB)
9.50%,
01/01/65
(c)
(p)
42,140
37,596,082
California
Infrastructure
&
Economic
Development
Bank,
California
Science
Center
Phase
III
Project,
Series
A
(RB)
4.00%,
05/01/55
(c)
1,000
823,447
California
Infrastructure
&
Economic
Development
Bank,
Charter
School
Portfolio
Project,
Series
A-1
(RB)
5.00%,
01/01/55
(c)
1,000
830,709
California
Infrastructure
&
Economic
Development
Bank,
Senior
National
Charter
School,
Series
B
(RB)
5.00%,
11/01/49
(c)
250
239,781
5.00%,
11/01/59
(c)
1,180
1,106,244
California
Municipal
Finance
Authority
(RB)
5.12%,
11/01/40
(c)
1,000
1,002,683
5.38%,
11/01/45
(c)
775
766,782
California
Municipal
Finance
Authority,
Baptist
University,
Series
A
(RB)
5.00%,
11/01/35
(c)
875
902,636
California
Municipal
Finance
Authority,
California
Baptist
University,
Series
A
(RB)
5.50%,
11/01/45
(c)
500
476,979
Par
(000’s)
Value
California
(continued)
California
Municipal
Finance
Authority,
Charter
School
Santa
Rosa
Academy
Project
(RB)
5.00%,
07/01/62
(c)
$
1,000
$
868,791
California
Municipal
Finance
Authority,
CHF-Davis
I,
LLC
-
West
Village
Student
Housing
Project
(RB)
5.00%,
05/15/38
(c)
500
506,590
California
Municipal
Finance
Authority,
CHF-Davis
I,
LLC
-
West
Village
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/48
(c)
150
129,590
California
Municipal
Finance
Authority,
CHF-Davis
II,
LLC
-
Orchard
Park
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/46
(c)
5,000
4,529,780
California
Municipal
Finance
Authority,
CHF-Davis
II,
LLC
-
Orchard
Park
Student
Housing
Project,
Series
A
(RB)
(BAM)
4.00%,
05/15/41
(c)
1,500
1,410,992
California
Municipal
Finance
Authority,
Eisenhower
Medical
Center,
Series
A
(RB)
5.00%,
07/01/30
(c)
200
204,794
5.00%,
07/01/31
(c)
250
255,040
California
Municipal
Finance
Authority,
John
Adams
Academies
Lincoln
Project,
Series
A
(RB)
5.00%,
10/01/39
(c)
500
473,436
5.00%,
10/01/49
(c)
500
432,878
5.00%,
10/01/57
(c)
500
420,186
California
Municipal
Finance
Authority,
Julian
Charter
School
Project,
Series
A
(RB)
5.62%,
03/01/45
(c)
2,390
2,094,784
California
Municipal
Finance
Authority,
LINXS
APM
Project,
Series
A
(RB)
5.00%,
06/30/28
65
67,552
5.00%,
06/30/29
(c)
600
621,088
5.00%,
12/31/29
(c)
500
516,801
5.00%,
12/31/43
(c)
7,675
7,446,865
California
Municipal
Finance
Authority,
LINXS
APM
Project,
Series
A
(RB)
(AGM)
3.00%,
12/31/30
(c)
1,950
1,873,918
5.00%,
06/30/31
(c)
1,035
1,060,693
5.00%,
12/31/33
(c)
3,800
3,858,181
5.00%,
12/31/34
(c)
700
706,997
5.00%,
12/31/37
(c)
1,000
1,004,342
5.00%,
12/31/47
(c)
4,750
4,511,663
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
California
(continued)
California
Municipal
Finance
Authority,
Northbay
Healthcare
Group,
Series
A
(RB)
5.25%,
11/01/47
(c)
$
230
$
217,355
California
Municipal
Finance
Authority,
Palmdale
Aerospace
Academy,
Series
A
(RB)
5.00%,
07/01/38
(c)
130
124,627
5.00%,
07/01/41
(c)
500
454,479
5.00%,
07/01/49
(c)
2,815
2,447,136
California
Municipal
Finance
Authority,
PRS-California
Obligated
Group
Projects,
Series
A
(RB)
5.00%,
11/15/44
(c)
1,000
975,131
5.00%,
04/01/54
(c)
1,000
927,091
California
Municipal
Finance
Authority,
Series
A
(RB)
5.38%,
01/01/55
(c)
1,500
1,364,058
5.50%,
01/01/60
(c)
1,000
916,233
California
Municipal
Finance
Authority,
Social
Bonds
-
Healthright
360,
Series
A
(RB)
5.00%,
11/01/49
(c)
1,000
850,240
California
Municipal
Finance
Authority,
St.
Mary's
School
Aliso
Viejo,
Series
A
(RB)
5.88%,
05/01/59
(c)
570
558,594
California
Municipal
Finance
Authority,
UCR
Dundee-
Glasgow
Student
Housing
Project
(RB)
(BAM)
4.00%,
05/15/48
(c)
250
215,984
California
Municipal
Finance
Authority,
United
Airlines,
Inc.,
International
Airport
Project
(RB)
4.00%,
07/15/29
19,000
18,679,158
California
Pollution
Control
Financing
Authority,
Poseidon
Resources
LP
Desalination
Project
(RB)
(ACA)
5.00%,
07/01/37
(c)
3,500
3,489,414
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal,
CalPlant
I
Project
(RB)
7.00%,
07/01/22
(d)
*
1,000
11,250
7.50%,
07/01/32
(c)
(d)
*
10,500
118,125
7.50%,
12/01/39
(c)
(d)
*
6,863
68
8.00%,
07/01/39
(c)
(d)
*
6,635
74,644
California
Pollution
Control
Financing
Authority,
Solid
Waste
Disposal,
CalPlant
I
Project
(RB)
(SAW)
7.50%,
07/01/32
(d)
*
1,000
11,250
Par
(000’s)
Value
California
(continued)
California
Pollution
Control
Financing
Authority,
Water
Furnishing,
Poseidon
Resources
LP
Desalination
Project
(RB)
5.00%,
07/01/38
(c)
$
1,000
$
1,022,964
California
Public
Finance
Authority
(RB)
5.62%,
06/15/55
(c)
1,000
963,959
6.00%,
06/15/65
(c)
2,345
2,343,595
California
Public
Finance
Authority,
Enso
Village
Project,
Series
A
(RB)
5.00%,
06/01/54
(c)
400
342,022
California
Public
Finance
Authority,
Series
A
(RB)
5.88%,
06/01/39
(c)
1,000
964,421
6.38%,
06/01/59
(c)
5,000
4,414,265
6.62%,
03/01/65
(c)
1,000
944,351
California
School
Finance
Authority,
Charter
School
Facility,
Grimmway
School,
Series
A
(RB)
5.00%,
07/01/36
(c)
2,000
2,001,575
California
School
Finance
Authority,
Charter
School
Project
(RB)
5.50%,
07/01/54
(c)
1,000
902,505
5.60%,
07/01/64
(c)
1,250
1,116,324
California
School
Finance
Authority,
Charter
School,
John
Adams
Academies,
Series
A
(RB)
5.00%,
07/01/52
(c)
1,000
872,324
California
School
Finance
Authority,
NCCD-Santa
Rosa
Properties
LLC,
Series
A
(RB)
4.00%,
11/01/51
(c)
1,000
762,169
California
School
Finance
Authority,
New
Designs
Chapter
School
Project,
Series
A
(RB)
5.00%,
06/01/64
(c)
1,000
864,214
California
School
Finance
Authority,
River
Springs
Charter
School
Project,
Series
A
(RB)
5.00%,
07/01/47
(c)
2,000
1,808,716
California
School
Finance
Authority,
Rocketship
Education,
Series
A
(RB)
5.12%,
06/01/47
(c)
250
225,496
5.25%,
06/01/52
(c)
250
223,705
CALIFORNIA
ST
MUNI
FIN
AUTH
CH
(RB)
5.00%,
07/01/31
(c)
1,000
986,185
Par
(000’s)
Value
California
(continued)
California
Statewide
Communities
Development
Authority,
Baptist
University,
Series
A
(RB)
3.50%,
11/01/27
$
950
$
939,432
5.00%,
11/01/41
(c)
1,000
944,235
California
Statewide
Communities
Development
Authority,
College
Housing
(RB)
5.25%,
07/01/49
(c)
250
237,290
California
Statewide
Communities
Development
Authority,
Front
Porch
Communutios
and
Services,
Series
A
(RB)
3.00%,
04/01/51
(c)
2,000
1,315,408
California
Statewide
Communities
Development
Authority,
Irvine
East
Campus
Armaments,
CHF-Irvine,
LLC
(RB)
5.00%,
05/15/30
(c)
385
389,417
5.00%,
05/15/33
(c)
545
549,172
California
Statewide
Communities
Development
Authority,
Lancer
Educational
Student
Housing
Project,
Series
A
(RB)
5.00%,
06/01/39
(c)
435
425,952
California
Statewide
Communities
Development
Authority,
Loma
Linda
University
Medical
Center,
Series
A
(RB)
5.00%,
12/01/41
(c)
17,050
16,440,776
5.25%,
12/01/44
(c)
6,340
6,110,077
5.25%,
12/01/48
(c)
4,000
3,809,887
5.25%,
12/01/56
(c)
12,900
11,925,982
5.50%,
12/01/54
(c)
11,630
11,263,888
5.50%,
12/01/58
(c)
3,500
3,378,859
California
Statewide
Communities
Development
Authority,
Provident
Group
Pomona
Properties
LLC,
Series
A
(RB)
5.00%,
12/01/46
(c)
4,730
4,421,176
California
Statewide
Communities
Development
Authority,
University
of
California,
Irvine
East
Campus
Apartments
(RB)
3.50%,
05/15/36
(c)
615
572,882
5.00%,
05/15/47
(c)
3,170
3,137,434
California
Statewide
Financing
Authority,
Pooled
Tobacco
Securitization
Program,
Series
C
(RB)
6.00%,
05/01/43
(c)
900
919,348
Par
(000’s)
Value
California
(continued)
City
and
County
of
San
Francisco,
Airport
Commission,
International
Airport,
Series
A
(RB)
5.00%,
05/01/33
$
1,250
$
1,363,759
City
and
County
of
San
Francisco,
Airport
Commission,
International
Airport,
Series
C
(RB)
5.00%,
05/01/32
3,000
3,268,683
City
and
County
of
San
Francisco,
Mission
Rock
Facilities
and
Services,
Series
A
(ST)
4.00%,
09/01/41
(c)
1,635
1,440,874
City
of
Dublin,
Community
Facilities
District
No.
2015-1
(ST)
5.00%,
09/01/37
(c)
1,150
1,166,798
5.00%,
09/01/39
(c)
500
508,578
5.00%,
09/01/44
(c)
500
500,934
5.00%,
09/01/47
(c)
485
479,997
5.00%,
09/01/49
(c)
500
492,318
City
of
Fontana,
Community
Facilities
District
No.
109,
Narra
Hills
(ST)
5.00%,
09/01/49
(c)
1,000
975,170
5.00%,
09/01/54
(c)
1,400
1,349,640
City
of
Fontana,
Community
Facilities
District
No.
90
(ST)
4.00%,
09/01/51
(c)
500
416,333
City
of
Fremont,
Community
Facilities
District
No.
1
(ST)
5.00%,
09/01/40
(c)
250
249,399
City
of
Irvine,
Community
Facilities
District
No.
2013-3
(ST)
4.00%,
09/01/32
(c)
230
230,567
4.00%,
09/01/33
(c)
250
250,234
4.00%,
09/01/34
(c)
250
249,775
City
of
Los
Angeles
Department
of
Airports,
Series
A
(RB)
5.00%,
05/15/34
500
542,030
5.00%,
05/15/35
500
538,891
5.50%,
05/15/55
(c)
1,000
1,036,415
City
of
Los
Angeles
Department
of
Airports,
Series
D
(RB)
5.25%,
05/15/51
(c)
5,000
5,179,225
City
of
Los
Angeles
Department
of
Airports,
Series
E
(RB)
5.25%,
05/15/55
(c)
4,000
4,128,440
City
of
Los
Angeles
Department
of
Airports,
Series
F
(RB)
5.00%,
05/15/35
500
538,891
City
of
Rancho
Cordova,
Sunridge
Anatolia
Community
Facilities
District
No.
2003-1
(ST)
4.00%,
09/01/37
(c)
180
173,662
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
California
(continued)
City
of
Rocklin,
Community
Facilities
District
No.
10
(ST)
5.00%,
09/01/39
(c)
$
810
$
810,339
City
of
Roseville,
Amoruso
Ranch
Community
Facilities
District
No.1,
Improvement
Area
No.1
(ST)
5.00%,
09/01/49
(c)
1,000
955,311
City
of
Roseville,
Fiddyment
Ranch
Community
Facilities
District
No.
1
(ST)
3.75%,
09/01/36
(c)
500
464,059
5.00%,
09/01/34
(c)
155
158,214
City
of
Roseville,
Fiddyment
Ranch
Community
Facilities
District
No.
5
(ST)
5.00%,
09/01/47
(c)
3,450
3,427,999
City
of
Roseville,
Westpark
Community
Facility
District
No.
1
(ST)
5.00%,
09/01/37
(c)
200
200,041
City
of
San
Clemente,
Facilities
District
No.
2006-1
(ST)
5.00%,
09/01/40
(c)
1,045
1,047,058
CMFA
Special
Finance
Agency
VII,
Essential
Housing,
The
Breakwater
Apartments,
Series
A-1
(RB)
3.00%,
08/01/56
(c)
4,000
2,601,144
CMFA
Special
Finance
Agency
VIII,
Essential
Housing,
Series
A-1
(RB)
3.00%,
08/01/56
(c)
8,360
5,317,428
CMFA
Special
Finance
Agency
XII,
Essential
Housing,
Series
A-1
(RB)
3.25%,
02/01/57
(c)
5,500
3,735,589
CMFA
Special
Finance
Agency
XII,
Essential
Housing,
Series
A-2
(RB)
4.38%,
08/01/49
(c)
1,000
808,693
CMFA
Special
Finance
Agency,
Essential
Housing,
Series
A-1
(RB)
4.00%,
08/01/56
(c)
2,975
2,415,198
Compton
Public
Finance
Authority
(RB)
4.00%,
09/01/27
(c)
600
600,027
4.50%,
09/01/32
(c)
1,585
1,584,939
Corona
California,
Community
Facilities
District
No.
2018-1
(ST)
5.00%,
09/01/54
(c)
500
487,844
County
of
Los
Angeles,
Community
Facilities
District
No.
2019-1
of
the
Sulphur
Union
School
District,
Series
A
(ST)
5.00%,
09/01/54
(c)
1,000
948,328
Par
(000’s)
Value
California
(continued)
County
of
Los
Angeles,
Community
Facilities
District
No.
2021-01
(ST)
5.00%,
09/01/47
(c)
$
1,000
$
990,995
CSCDA
Community
Improvement
Authority,
Essential
Housing,
Series
A
(RB)
3.00%,
09/01/56
(c)
2,060
1,322,855
5.00%,
07/01/51
(c)
1,500
1,342,797
CSCDA
Community
Improvement
Authority,
Essential
Housing,
Series
A
(RB)
(NATL)
4.00%,
10/01/56
(c)
2,500
1,942,661
CSCDA
Community
Improvement
Authority,
Essential
Housing,
Series
A-1
(RB)
2.65%,
12/01/46
(c)
2,515
2,006,192
2.80%,
03/01/47
(c)
1,875
1,395,119
3.00%,
07/01/43
(c)
2,500
1,874,611
3.00%,
07/01/45
(c)
1,000
746,211
3.40%,
10/01/46
(c)
2,000
1,494,499
3.50%,
10/01/46
(c)
1,000
782,063
3.60%,
05/01/47
(c)
2,000
1,560,289
CSCDA
Community
Improvement
Authority,
Essential
Housing,
Series
A-2
(RB)
3.00%,
12/01/56
(c)
5,000
3,334,722
3.00%,
03/01/57
(c)
9,000
5,700,676
3.12%,
07/01/56
(c)
2,500
1,565,790
3.12%,
08/01/56
(c)
4,205
2,977,814
3.25%,
04/01/57
(c)
3,000
2,063,193
4.00%,
07/01/56
(c)
5,350
3,904,333
4.00%,
10/01/56
(c)
7,750
5,640,985
CSCDA
Community
Improvement
Authority,
Essential
Housing,
Series
B
(RB)
4.00%,
10/01/48
(c)
500
367,566
4.00%,
12/01/48
(c)
1,000
753,025
4.00%,
04/01/57
(c)
1,000
707,725
Folsom
Ranch
Financing
Authority
(ST)
5.00%,
09/01/32
(c)
1,100
1,131,435
5.00%,
09/01/37
(c)
2,000
2,030,808
Folsom
Ranch
Financing
Authority,
Folsom
Community
Facilities
District
No.
18
(ST)
5.00%,
09/01/49
(c)
1,000
972,489
Golden
State
Tobacco
Securitization
Corp.,
California
Tobacco
Settlement,
Series
B-2
(RB)
0.00%,
06/01/66
(c)
^
71,000
6,820,977
Par
(000’s)
Value
California
(continued)
Independent
Cities
Finance
Authority,
Mobil
Home
Park,
Series
A
(RB)
3.75%,
10/15/46
(c)
$
250
$
199,262
Irvine
Unified
School
District,
Series
B
(ST)
5.00%,
09/01/51
(c)
1,075
1,048,023
Lake
Elsinore
Public
Financing
Authority,
Local
Agency
(ST)
5.00%,
09/01/40
(c)
405
405,815
Lincoln
Public
Financing
Authority,
Twelve
Bridges,
Series
B
(SA)
6.00%,
09/02/27
(c)
16
16,041
Los
Angeles
County,
California
Community
Facilities
District
No.
2021-01,
Valencia-
Facilities
Improvement
Area
No.
2
(ST)
5.00%,
09/01/54
(c)
500
479,138
Los
Angeles
Department
of
International
Airports,
Governmental
Purpose,
Series
D
(RB)
5.25%,
05/15/48
(c)
1,000
1,044,489
Los
Angeles
Department
of
Water
&
Power
(RB)
5.00%,
07/01/28
(c)
500
526,499
Los
Angeles
Department
of
Water
&
Power
(RB)
(BAM)
5.00%,
07/01/55
(c)
500
498,176
5.25%,
07/01/45
(c)
415
429,411
Mountain
House
Community
Facilities
District,
Special
Tax
(ST)
5.00%,
09/01/55
(c)
1,240
1,162,488
MSR
Energy
Authority,
California
Gas,
Series
A
(RB)
6.12%,
11/01/29
380
401,884
7.00%,
11/01/34
2,000
2,375,618
MSR
Energy
Authority,
California
Gas,
Series
B
(RB)
6.50%,
11/01/39
1,000
1,183,755
7.00%,
11/01/34
11,000
13,065,897
MSR
Energy
Authority,
California
Gas,
Series
C
(RB)
7.00%,
11/01/34
1,470
1,746,079
Orange
County
Community
Facilities
District
No.
1,
Series
A
(ST)
4.25%,
08/15/38
(c)
975
960,855
5.25%,
08/15/45
(c)
455
449,601
Pajaro
Valley
Health
Care
District,
Counties
of
Santa
Cruz
and
Monterey,
California,
Series
A
(GO)
5.00%,
09/01/54
(c)
500
464,444
Par
(000’s)
Value
California
(continued)
Palm
Desert
California
Improvement,
Section
29
Assessment
District
No.
2004-
02
(SA)
4.00%,
09/02/37
(c)
$
1,100
$
1,056,182
Palomar
Health
(RB)
5.00%,
11/01/31
(c)
250
234,844
Palomar
Pomerado
Health,
Series
A
(GO)
(NATL)
0.00%,
08/01/25
^
125
125,000
Perris
Union
High
School
District
Financing
Authority
(ST)
5.00%,
09/01/41
(c)
1,000
1,000,211
Poway
Unified
School
District
Public
Financing
Authority,
Series
A
(ST)
5.00%,
09/01/34
(c)
750
750,627
River
Islands
Public
Financing
Authority,
Community
Facilities
District
No.
2003-1
(ST)
4.50%,
09/01/44
(c)
1,700
1,545,928
5.00%,
09/01/54
(c)
1,000
937,147
River
Islands
Public
Financing
Authority,
Community
Facilities
District
No.
2003-1,
Series
A-1
(ST)
5.00%,
09/01/38
(c)
500
505,449
Romoland
School
District
No.
2004-1
(ST)
5.00%,
09/01/48
(c)
500
497,444
Sacramento
County,
Community
Facilities
District
No.
2005-2
(ST)
5.00%,
09/01/40
(c)
345
345,444
5.00%,
09/01/45
(c)
495
485,328
San
Francisco
California
City
&
County,
Airport
Commission,
International
Airport,
Series
A
(RB)
5.00%,
05/01/35
750
815,437
5.00%,
05/01/35
(c)
2,000
2,141,101
5.00%,
01/01/47
(c)
1,475
1,444,952
5.25%,
05/01/42
(c)
3,190
3,299,731
5.50%,
05/01/55
(c)
10,755
11,103,540
San
Jacinto
Unified
School
District
Financing
Authority
(ST)
5.00%,
09/01/49
(c)
300
290,546
San
Joaquin
Hills
Transportation
Corridor
Agency,
Junior
Lien
Toll
Road,
Series
B
(RB)
5.25%,
01/15/49
(c)
100
100,000
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
California
(continued)
San
Joaquin
Hills
Transportation
Corridor
Agency,
Toll
Road,
Series
A
(RB)
(NATL)
0.00%,
01/15/32
^
$
145
$
114,445
0.00%,
01/15/36
^
105
67,624
San
Joaquin
Valley
Clean
Energy
Authority,
Series
A
(RB)
5.50%,
01/01/56
(c)
(p)
2,000
2,201,633
San
Joquin
Hills
Transportation
Corridor
Agency,
Series
A
(RB)
4.00%,
01/15/34
(c)
3,130
3,196,432
Saugus
Hart
School
Facilities
Financing
Authority,
Community
Facilities
District
No.
2006-1
(ST)
5.00%,
09/01/41
(c)
500
500,150
Southern
California
Public
Power
Authority,
Transmission
System
Renewal
Project
(RB)
5.00%,
07/01/53
(c)
(p)
1,000
1,057,118
State
of
California,
Various
Purpose
(GO)
3.00%,
11/01/50
(c)
1,000
706,830
Successor
Agency
of
Pttsburg,
Los
Medanos
Community
Development
Project,
Series
A
(TA)
(AGM)
5.00%,
09/01/29
(c)
1,020
1,046,379
Tejon
Ranch
Public
Facilities
Finance
Authority,
Series
A
(ST)
5.00%,
09/01/54
(c)
1,000
942,713
Tobacco
Securitization
Authority
of
Southern
California,
Series
B
(RB)
0.00%,
06/01/46
(c)
^
5,000
1,150,077
Tustin
Community
Facilities
District,
Series
A
(ST)
5.00%,
09/01/40
(c)
100
100,197
5.00%,
09/01/45
(c)
100
100,197
William
S.
Hart
Union
High
School
District
No.
2015-1
(ST)
5.00%,
09/01/42
(c)
445
432,846
488,805,474
Colorado
:
1.9%
Adams
&
Arapahoe
Counties
Joint
School
District
28J
Aurora
(GO)
(SAW)
5.50%,
12/01/33
1,500
1,759,931
5.50%,
12/01/34
1,000
1,179,289
Aerotropolis
Colorado
Regional
Transportation
Authority
(RB)
4.38%,
12/01/52
(c)
3,000
2,364,724
Par
(000’s)
Value
Colorado
(continued)
Arkansas
River
Power
Authority,
Power
Supply
System,
Series
A
(RB)
5.00%,
10/01/43
(c)
$
2,010
$
1,965,804
Base
Village
Metropolitan
District
No.
2,
Series
A
(GO)
5.75%,
12/01/46
(c)
1,000
999,947
Board
of
Governors
of
Colorado
State
University
System,
Series
C
(RB)
5.00%,
03/01/36
(c)
1,200
1,325,837
Brighton
Crossing
Metropolitan
District
No.
6,
Series
A
(GO)
5.00%,
12/01/35
(c)
500
498,413
5.00%,
12/01/40
(c)
500
475,354
Centerra
Metropolitan
District
No.
1,
Larimer
County
(GO)
5.00%,
12/01/51
(c)
1,000
922,933
Centerra
Metropolitan
District
No.
1,
Larimer
County
(TA)
5.00%,
12/01/29
(c)
500
501,135
5.00%,
12/01/37
(c)
500
499,935
5.00%,
12/01/47
(c)
500
465,740
City
and
County
of
Denver,
United
Airlines,
Inc.
Project
(RB)
5.00%,
10/01/32
(c)
10,195
10,194,392
City
of
Fruita,
Colorado
Healthcare
Canyons
Hospital
and
Medical
Center,
Series
B
(RB)
5.50%,
01/01/48
(c)
2,250
2,043,447
City
of
Louisville,
Redtail
Ridge
Metropolitan
District,
Capital
Appreciation
Turbo
(GO)
0.00%,
12/01/32
(c)
^
1,500
896,530
Colorado
Educational
and
Cultural
Facilities
Authority,
Rocky
Mountain
Classical
Academy
Project
(RB)
5.00%,
10/01/49
(c)
500
439,191
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A
(RB)
3.25%,
08/01/49
(c)
5
3,616
Colorado
Health
Facilities
Authority,
CommonSpirit
Health,
Series
A-2
(RB)
5.00%,
08/01/44
(c)
2,000
1,959,658
Colorado
Health
Facilities
Authority,
Covenant
Living
Communities
and
Services,
Series
A
(RB)
5.12%,
12/01/55
(c)
1,000
954,326
Par
(000’s)
Value
Colorado
(continued)
Colorado
Health
Facilities
Authority,
Senior
Living
Second
Tier,
American
Eagle
Portfolio
Project
Series
B-1
(RB)
2.00%,
07/01/57
(c)
$
536
$
42,893
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
(RB)
5.00%,
12/31/51
(c)
350
326,858
Crowfoot
Valley
Ranch
Metropolitan
District
No.
2,
Series
B
(GO)
6.12%,
12/15/54
(c)
750
717,300
Fountain
Urban
Renewal
Authority,
South
Academy
Highlands
Project,
Series
A
(TA)
4.50%,
11/01/29
(c)
645
644,951
Green
Valley
Ranch
East
Metropolitan
District
No.
6,
Series
A
(GO)
5.88%,
12/01/50
(c)
1,000
1,010,799
Jefferson
Center
Metropolitan
District
No.
1,
Series
A-2
(RB)
4.38%,
12/01/47
(c)
1,500
1,289,975
Kinston
Metropolitan
District
No.
5,
Series
A
(GO)
5.12%,
12/01/50
(c)
1,000
889,367
Painted
Prairie
Public
Improvement
Authority
(RB)
5.00%,
12/01/39
(c)
1,000
865,012
Palisade
Metropolitan
District
No.
2,
Series
B
(RB)
5.88%,
12/15/54
(c)
1,000
926,240
Peak
Metropolitan
District
No.
1,
El
Paco
County,
Series
A
(GO)
4.00%,
12/01/35
(c)
540
467,147
Prairie
Center
Metropolitan
District
No.
3,
Adams
County,
Series
A
(RB)
5.00%,
12/15/41
(c)
4,000
3,873,706
Public
Authority
for
Colorado
Energy
Natural
Gas
(RB)
6.50%,
11/15/38
2,000
2,331,486
Rampart
Range
Metropolitan
District
No.
5,
Colorado
Limited
Tax
Supported
and
Special
Bonds
(RB)
4.00%,
12/01/51
(c)
3,000
2,332,450
Reunion
Metropolitan
District,
Colorado,
Series
A
(RB)
3.62%,
12/01/44
(c)
937
650,528
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
(GO)
5.00%,
04/01/35
3,000
3,167,903
Par
(000’s)
Value
Colorado
(continued)
Southglenn
Metropolitan
District
(GO)
5.00%,
12/01/46
(c)
$
838
$
735,197
Southlands
Metropolitan
District
No.
1,
Series
A-1
(GO)
5.00%,
12/01/47
(c)
1,200
1,097,679
St.
Vrain
Lakes
Metropolitan
District
No.
4,
Colorado,
Series
A
(GO)
6.75%,
09/20/54
(c)
1,000
674,882
STC
Metropolitan
District
No.
2,
Series
A-1
(GO)
(AGC)
5.25%,
12/01/45
(c)
500
506,812
Sterling
Ranch
Community
Authority
Board,
Colorado
Limited
Tax,
Series
A
(RB)
4.25%,
12/01/50
(c)
1,000
841,273
6.50%,
12/01/54
(c)
1,000
1,009,979
Sterling
Ranch
Community
Authority
Board,
Douglas
County
(SA)
5.62%,
12/01/43
(c)
850
837,813
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Series
A
(RB)
5.75%,
12/01/54
(c)
1,000
950,298
Verve
Metropolitan
District
No.
1
(GO)
5.00%,
12/01/36
(c)
1,025
964,164
5.75%,
12/01/33
(c)
1,000
1,008,785
Village
Metropolitan
District
(GO)
5.00%,
12/01/49
(c)
1,750
1,665,085
Windler
Public
Improvement
Authority,
Series
A-1
(RB)
(BAM)
4.00%,
12/01/36
(c)
1,000
874,070
4.00%,
12/01/41
(c)
1,000
797,564
60,950,418
Connecticut
:
1.5%
Bridgeport
Housing
Authority,
Energy
Performance
Equipment
(RB)
5.60%,
06/01/26
(c)
220
219,923
City
of
Hartford,
Connecticut,
State
Contract
Assistance
(RB)
5.00%,
07/15/32
2,250
2,511,851
5.00%,
07/15/33
2,500
2,800,556
Connecticut
State
Health
&
Educational
Facilities
Authority
(RB)
5.00%,
07/01/64
(p)
2,500
2,808,525
Connecticut
State
Health
and
Educational
Facilities
Authority,
Church
Home
of
Harford,
Series
A
(RB)
5.00%,
09/01/46
(c)
3,500
3,158,560
5.00%,
09/01/53
(c)
1,200
1,042,123
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Connecticut
(continued)
Connecticut
State
Health
and
Educational
Facilities
Authority,
Griffin
Hospital,
Series
G
(RB)
5.00%,
07/01/44
(c)
$
1,100
$
1,005,832
5.00%,
07/01/50
(c)
2,630
2,312,573
Connecticut
State
Health
and
Educational
Facilities
Authority,
Mary
Wade
Home
Issue,
Series
A-1
(RB)
5.00%,
10/01/54
(c)
2,000
1,478,985
Connecticut
State
Health
and
Educational
Facilities
Authority,
McLean
Issue,
Series
A
(RB)
5.00%,
01/01/55
(c)
2,000
1,547,249
Connecticut
State
Health
and
Educational
Facilities
Authority,
Nuvance
Health
Issue,
Series
A
(RB)
5.00%,
07/01/33
(c)
1,000
1,039,738
Connecticut
State
Health
and
Educational
Facilities
Authority,
Stamford
Hospital,
Series
L-1
(RB)
4.00%,
07/01/30
1,000
1,027,321
Connecticut
State
Health
and
Educational
Facilities
Authority,
University
of
Hartford,
Series
N
(RB)
4.00%,
07/01/44
(c)
250
189,206
Connecticut
State
Health
and
Educational
Facilities
Authority,
University
of
Hartford,
Series
N
(RB)
(SD
CRED
PROG)
4.00%,
07/01/49
(c)
250
178,470
Connecticut
State
Health
and
Educational
Facilities
Authority,
Yale
University,
Series
B
(RB)
5.00%,
07/01/64
(p)
4,500
4,984,063
Stamford
Housing
Authority,
Mozaic
Concierge
Living
Project,
Series
A
(RB)
5.50%,
10/01/35
(c)
800
814,078
6.25%,
10/01/60
(c)
1,600
1,510,451
6.50%,
10/01/55
(c)
2,200
2,167,313
Stamford
Housing
Authority,
Mozaic
Concierge
Living
Project,
Series
B
(RB)
5.38%,
10/01/33
1,500
1,503,031
Stamford
Housing
Authority,
Mozaic
Concierge
Living
Project,
Series
C
(RB)
4.75%,
10/01/32
4,500
4,563,330
Stamford
Housing
Authority,
Mozaic
Concierge
Living
Project,
Series
D
(RB)
4.25%,
10/01/30
3,000
3,027,565
Par
(000’s)
Value
Connecticut
(continued)
State
of
Connecticut,
Series
A
(GO)
5.00%,
03/15/45
(c)
$
1,000
$
1,034,147
State
of
Connecticut,
Series
B
(GO)
5.00%,
12/01/34
2,250
2,551,864
Steel
Point
Infrastructure
Improvement
District
(TA)
4.00%,
04/01/41
(c)
1,125
1,003,242
4.00%,
04/01/51
(c)
1,000
800,595
6.00%,
04/01/52
(c)
1,000
1,036,494
Town
of
Hamden,
Whitney
Center
Project
(RB)
5.00%,
01/01/50
(c)
3,000
2,497,253
48,814,338
Delaware
:
0.1%
County
of
Kent,
Delaware
Student
Housing
and
Dinning
Facility,
State
University
Project,
Series
A
(RB)
5.00%,
07/01/48
(c)
1,450
1,328,769
Delaware
Economic
Development
Authority,
Aspira
Chapter
School,
Series
A
(RB)
4.00%,
06/01/52
(c)
915
659,297
5.00%,
06/01/36
(c)
250
249,489
5.00%,
06/01/46
(c)
1,000
893,375
Delaware
State
Economic,
Development
Authority
Chapter
School,
Series
A
(RB)
5.00%,
06/01/51
(c)
1,100
950,709
4,081,639
District
of
Columbia
:
1.0%
District
of
Columbia
Income
Tax
Revenue
(RB)
5.00%,
06/01/32
2,000
2,253,443
5.00%,
06/01/33
1,000
1,130,232
5.00%,
06/01/34
1,000
1,131,930
5.00%,
06/01/36
(c)
2,000
2,229,090
5.25%,
06/01/50
(c)
2,000
2,069,244
District
of
Columbia,
Ingleside
at
Rock
Creek
Project,
Series
A
(RB)
5.00%,
07/01/32
(c)
250
253,090
5.00%,
07/01/42
(c)
1,180
1,105,292
District
of
Columbia,
Latin
American
Montessori
Bilingual
Public
Charter
School
Issue
(RB)
5.00%,
06/01/40
(c)
500
470,416
5.00%,
06/01/50
(c)
1,500
1,305,792
District
of
Columbia,
Series
A
(RB)
5.00%,
07/01/48
(c)
2,260
2,127,295
District
of
Columbia,
Tobacco
Settlement
Financing
Corp.,
Series
A
(RB)
0.00%,
06/15/46
(c)
^
27,500
6,620,820
Par
(000’s)
Value
District
of
Columbia
(continued)
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Series
A
(RB)
0.00%,
10/01/37
^
$
9,325
$
5,193,337
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Series
B
(RB)
0.00%,
10/01/37
^
1,020
590,717
4.00%,
10/01/36
(c)
250
246,409
4.00%,
10/01/44
(c)
7,315
6,388,407
6.50%,
10/01/44
(c)
245
257,538
33,373,052
Florida
:
5.9%
Alachua
County
Health
Facilities
Authority
(RB)
4.00%,
10/01/30
(c)
735
735,518
Broward
County
Florida
Port
Facilities,
Series
B
(RB)
4.00%,
09/01/38
(c)
1,000
932,755
Cape
Coral
Health
Facilities
Authority,
Gulf
Care,
Inc.
Project
(RB)
6.00%,
07/01/50
(c)
295
178,217
Capital
Projects
Finance
Authority,
Imagine
School
at
North
Port
Project,
Series
A
(RB)
5.00%,
06/15/35
(c)
850
835,079
Capital
Projects
Finance
Authority,
Series
A-1
(RB)
5.00%,
06/01/54
(c)
500
453,966
5.00%,
06/01/58
(c)
500
451,438
5.25%,
06/01/44
(c)
400
389,065
Capital
Projects
Finance
Authority/FL
(RB)
6.25%,
06/15/45
(c)
1,000
988,732
6.50%,
06/15/55
(c)
1,000
985,383
Capital
Trust
Agency,
Education
Growth
Fund,
Series
A-1
(RB)
5.00%,
07/01/56
(c)
8,200
6,849,448
Capital
Trust
Agency,
Educational
Facilities,
Franklin
Academy
Projects
(RB)
5.00%,
12/15/35
(c)
1,335
1,300,683
Capital
Trust
Agency,
Educational
Facilities,
Franklin
Academy
Projects
(RB)
(SD
CRED
PROG)
5.00%,
12/15/40
(c)
500
458,487
Capital
Trust
Agency,
Educational
Facilities,
Pineapple
Cove
Classical
Academy,
Inc.,
Series
A
(RB)
4.50%,
07/01/29
(c)
230
228,687
5.12%,
07/01/39
(c)
500
466,544
5.25%,
07/01/49
(c)
500
431,166
5.38%,
07/01/54
(c)
500
429,284
Par
(000’s)
Value
Florida
(continued)
Capital
Trust
Agency,
Educational
Facilities,
Renaissance
Charter
School,
Inc.,
Series
A
(RB)
5.25%,
06/15/47
(c)
$
500
$
447,758
Capital
Trust
Agency,
Educational
Facilities,
Renaissance
Charter
School,
Inc.,
Series
A
(RB)
(SBG)
5.00%,
06/15/39
(c)
1,000
927,316
Capital
Trust
Agency,
University
Bridge,
LLC
Student
Housing
Project,
Series
A
(RB)
4.00%,
12/01/28
2,200
2,200,857
5.25%,
12/01/43
(c)
2,000
1,915,436
5.25%,
12/01/58
(c)
2,200
2,012,154
Capital
Trust
Agency,
Wonderful
Foundations
Charter
Schools
Portfolio
Projects,
Series
A
(RB)
5.00%,
01/01/55
(c)
2,250
1,843,276
Capital
Trust
Authority
Charter
School,
Mason
Classical
Academy
Project,
Series
A
(RB)
5.00%,
06/01/44
(c)
750
682,221
5.00%,
06/01/54
(c)
1,060
917,946
5.00%,
06/01/64
(c)
1,500
1,258,801
Capital
Trust
Authority
Educational
Facilities,
Florida
Institute
of
Technology
Project,
Series
A
(RB)
5.25%,
07/01/55
(c)
1,200
1,106,317
5.38%,
07/01/65
(c)
2,500
2,298,030
Capital
Trust
Authority,
Academic
Chapter
Schools,
Inc.
Project,
Series
A
(RB)
5.25%,
06/01/64
(c)
1,000
837,826
Capital
Trust
Authority,
Educational
Facilities,
St.
Johns
Classical
Academy,
Inc.
Project,
Series
A
(RB)
5.25%,
06/15/59
(c)
1,000
869,420
Charlotte
County
Industrial
Development
Authority,
Utilities
Project
(RB)
5.00%,
10/01/49
(c)
1,000
910,516
City
of
Jacksonville,
Health
Care
Facilities,
Brooks
Rehabilitation
(RB)
5.00%,
11/01/50
(c)
2,080
1,984,776
City
of
Orlando,
Senior
Tourist
Development
Tax,
Series
A
(RB)
(AGM)
5.00%,
11/01/27
1,100
1,146,559
5.00%,
11/01/31
(c)
3,000
3,134,142
5.00%,
11/01/38
(c)
500
507,688
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Florida
(continued)
City
of
Tallahassee,
Health
Facilities
Authority,
Memorial
Healthcare,
Inc.
Project
(RB)
4.00%,
12/01/35
(c)
$
230
$
212,894
5.00%,
12/01/40
(c)
1,210
1,200,645
5.00%,
12/01/44
(c)
1,305
1,258,250
City
of
Venice,
Florida
Retirement
Community,
Village
on
the
Isle
Project,
Series
A
(RB)
5.50%,
01/01/55
(c)
580
532,154
5.62%,
01/01/60
(c)
1,000
927,413
City
of
Venice,
Florida
Retirement
Community,
Village
on
the
Isle
Project,
Series
B-3
(RB)
4.25%,
01/01/30
(c)
500
501,336
Collier
County
Industrial
Development
Authority,
NCH
Healthcare
System
Projects,
Series
A
(RB)
(AGM)
5.00%,
10/01/54
(c)
2,000
1,974,964
County
of
Broward,
Florida
Airport
System,
Series
A
(RB)
5.00%,
10/01/29
(c)
1,135
1,137,348
County
of
Broward,
Florida
Port
Facilities,
Series
A
(RB)
5.00%,
09/01/49
(c)
1,645
1,647,194
County
of
Escambia,
Health
Facilities
Authority,
Baptist
Health
Care
Corp.,
Series
A
(RB)
(SAW)
4.00%,
08/15/45
(c)
2,000
1,673,305
5.00%,
08/15/31
(c)
2,000
2,115,848
County
of
Miami-Dade,
Florida
Aviation,
Series
A
(RB)
5.50%,
10/01/55
(c)
1,000
1,017,679
County
of
Miami-Dade,
Florida
Professional
Sports
Franchise
Facilities,
Series
A
(RB)
(AGC)
0.00%,
10/01/45
^
3,000
1,076,480
County
of
Palm
Beach
FL
(RB)
5.50%,
10/01/45
(c)
1,000
1,003,263
5.75%,
10/01/55
(c)
1,000
1,007,303
5.75%,
10/01/65
(c)
2,000
1,998,753
Florida
Development
Finance
Corp.
(RB)
5.00%,
07/01/38
(c)
1,000
814,002
5.00%,
07/01/41
(c)
2,205
1,794,803
Florida
Development
Finance
Corp.,
Brightline
Florida
Passenger
Rail
Project
(RB)
5.00%,
07/01/34
(c)
1,000
814,088
5.00%,
07/01/37
(c)
750
610,870
5.50%,
07/01/53
(c)
3,000
2,444,747
Par
(000’s)
Value
Florida
(continued)
Florida
Development
Finance
Corp.,
Brightline
Florida
Passenger
Rail
Project
(RB)
(AGM)
5.00%,
07/01/44
(c)
$
17,025
$
16,286,054
5.25%,
07/01/47
(c)
3,700
3,538,433
5.25%,
07/01/53
(c)
24,725
23,675,750
Florida
Development
Finance
Corp.,
Brightline
Florida
Passenger
Rail
Project,
Series
A
(RB)
8.25%,
07/01/57
(c)
(p)
1,500
1,275,009
10.00%,
07/15/59
(c)
(p)
2,000
1,200,000
Florida
Development
Finance
Corp.,
Central
Charter
School
Project
(RB)
5.88%,
08/15/52
(c)
1,000
889,719
Florida
Development
Finance
Corp.,
Educational
Facilities,
Mater
Academy
Project,
Series
A
(RB)
5.00%,
06/15/47
(c)
2,225
2,074,172
Florida
Development
Finance
Corp.,
Glenridge
on
Palmer
Ranch
Project
(RB)
5.00%,
06/01/35
(c)
425
427,481
Florida
Development
Finance
Corp.,
Mayflower
Retirement
Community
Project,
Series
A
(RB)
4.00%,
06/01/55
(c)
2,000
1,327,121
5.25%,
06/01/50
(c)
1,000
890,779
Florida
Development
Finance
Corp.,
Renaissance
Charter
School,
Inc.
Project,
Series
A
(RB)
5.75%,
06/15/29
(c)
800
800,696
6.00%,
06/15/35
(c)
500
500,199
6.12%,
06/15/46
(c)
685
676,825
6.62%,
06/15/43
(c)
1,000
1,041,132
6.75%,
06/15/53
(c)
1,000
1,031,311
Florida
Development
Finance
Corp.,
Renaissance
Charter
School,
Inc.
Project,
Series
B
(RB)
5.25%,
06/15/41
(c)
1,000
927,418
Florida
Development
Finance
Corp.,
UF
Health
Jacksonville
Project,
Series
A
(RB)
5.00%,
02/01/52
(c)
2,000
1,805,102
Florida
Development
Finance
Corp.,
Waste
Pro
USA,
Inc.
Project
(RB)
6.12%,
07/01/32
(c)
(p)
3,000
3,033,767
Florida
Higher
Educational
Facilities
Financing
Authority
(RB)
5.00%,
07/01/35
(c)
2,750
2,731,698
6.00%,
07/01/45
(c)
3,000
2,937,678
Par
(000’s)
Value
Florida
(continued)
6.25%,
07/01/55
(c)
$
3,000
$
2,943,099
Florida
Local
Government
Finance
Commission
(RB)
6.00%,
07/01/55
(c)
500
482,977
6.00%,
07/01/60
(c)
500
478,656
Hillsborough
County,
Industrial
Development
Authority,
Tampa
General
Hospital
Project,
Series
A
(RB)
4.00%,
08/01/45
(c)
6,500
5,575,700
Kingston
One
Community
Development
District
(SA)
5.75%,
05/01/45
(c)
500
491,705
Lake
County,
Florida
Retirement
Facility,
Lakeside
at
Waterman
Village
Project,
Series
A
(RB)
5.75%,
08/15/50
(c)
2,000
1,826,294
Lee
County
Industrial
Development
Authority,
Community
Charter
Schools,
LLC
Projects,
Series
A
(RB)
5.75%,
06/15/42
(c)
500
482,842
Lee
County
Industrial
Development
Authority,
Cypress
Cove
at
HealthPark
Florida,
Inc.
Project,
Series
A
(RB)
5.25%,
10/01/57
(c)
1,000
832,934
Lee
County
Industrial
Development
Authority,
Healthcare
Facilities,
Series
C
(RB)
5.00%,
11/15/44
(c)
500
479,923
Lee
County
Industrial
Development
Authority,
Healthcare
Facilities,
Shell
Poin
Project.
Series
C
(RB)
5.00%,
11/15/54
(c)
3,000
2,727,910
Lee
County
Industrial
Development
Authority,
Healthcare
Facilities,
Shell
Point
(RB)
5.00%,
11/15/49
(c)
1,630
1,511,526
Lee
County
Industrial
Development
Authority,
Healthcare
Facilities,
Shell
Point,
Series
A
(RB)
5.25%,
11/15/54
(c)
1,500
1,438,153
Miami
Beach
Health
Facilities
Authority,
Mount
Sinai
Medical
Center
(RB)
5.00%,
11/15/39
(c)
1,880
1,879,952
5.00%,
11/15/44
(c)
2,000
1,945,240
Miami
Beach
Health
Facilities
Authority,
Mount
Sinai
Medical
Center,
Series
B
(RB)
(AGM)
4.00%,
11/15/46
(c)
1,500
1,253,790
Par
(000’s)
Value
Florida
(continued)
Miami
Beach
Redevelopment
Agency
(TA)
(AG)
5.00%,
02/01/35
$
500
$
550,771
Miami
World
Center
Community
Development
District
(SA)
5.12%,
11/01/39
(c)
750
754,666
5.25%,
11/01/49
(c)
250
244,384
Miami-Dade
County
Industrial
Development
Authority,
Series
A
(RB)
5.50%,
07/01/61
(c)
1,000
877,295
Miami-Date
County,
Florida
Subordinate
Special
(RB)
5.00%,
10/01/28
(c)
1,360
1,396,073
Mid-Bay
Bridge
Authority,
First
Senior
Lien,
Series
A
(RB)
5.00%,
10/01/35
(c)
500
501,747
Midtown
Miami
Community
Development
District,
Parking
Garage
Project,
Series
A
(SA)
5.00%,
05/01/37
(c)
85
84,998
North
Broward
Hospital
District,
Broward
Health,
Series
B
(RB)
5.00%,
01/01/32
(c)
155
158,553
5.00%,
01/01/48
(c)
2,000
1,930,034
Northern
Palm
Beach
County
Improvement
District,
Unit
of
Development
No.
2C
(RB)
5.00%,
08/01/37
(c)
200
200,921
5.00%,
08/01/46
(c)
200
191,130
Orange
County
Health
Facilities
Authority,
Orlando
Health
(RB)
4.00%,
10/01/52
(c)
2,000
1,648,019
Orange
County
Health
Facilities
Authority,
Orlando
Health,
Series
A
(RB)
4.50%,
10/01/56
(c)
3,000
2,667,617
5.25%,
10/01/56
(c)
1,000
997,880
Palm
Beach
County
Health
Facilities
Authority,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton
Expansion
(RB)
4.25%,
06/01/56
(c)
400
310,780
Palm
Beach
County
Health
Facilities
Authority,
Toby
&
Leon
Cooperman
Sinai
Residences
of
Boca
Raton
Expansion,
Series
A
(RB)
5.00%,
06/01/55
(c)
3,730
3,332,091
Palm
Beach
County,
Palm
Beach
Atlantic
University
Housing
Project,
Series
A
(RB)
5.00%,
04/01/39
(c)
1,000
971,945
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Florida
(continued)
Palm
Cost
Park
Community
Development
District
(SA)
5.70%,
05/01/37
(c)
$
120
$
121,556
Pinellas
County
Industrial
Development
Authority,
Drs.
Kiran
&
Pallavi
Patel
2017
Foundation
For
Global
Understaing
Inc.
Project
(RB)
5.00%,
07/01/39
(c)
1,900
1,823,859
Polk
Country
Industrial
Development
Authority,
Florida
Industrial
Development
(RB)
5.88%,
01/01/33
(d)
*
4,820
2,651,000
Seminole
County
Industrial
Development
Authority,
Retirement
Facility,
Legacy
Pointe
at
UCF
Project,
Series
A
(RB)
5.50%,
11/15/49
(c)
500
434,488
5.75%,
11/15/54
(c)
1,500
1,332,769
Tallahassee
Florida
Health
Facilities,
Tallahassee
Memorial
Healthcare,
Inc.
Project,
Series
A
(RB)
5.00%,
12/01/55
(c)
1,100
1,041,926
Village
Community
Development
District
No.
12
(SA)
3.25%,
05/01/26
50
49,987
3.62%,
05/01/31
(c)
980
970,542
4.25%,
05/01/43
(c)
885
791,216
Village
Community
Development
District
No.
13
(SA)
3.00%,
05/01/29
570
557,067
3.50%,
05/01/51
(c)
1,485
1,069,890
3.55%,
05/01/39
(c)
2,720
2,355,324
Village
Community
Development
District
No.
15
(SA)
4.55%,
05/01/44
(c)
500
462,072
4.80%,
05/01/55
(c)
2,750
2,454,500
5.25%,
05/01/54
(c)
1,000
965,521
192,200,496
Georgia
:
1.0%
Atlanta
Development
Authority,
Gulch
Enterprise
Zone
Project
(RB)
6.50%,
12/15/48
(c)
2,000
1,700,525
Atlanta
Development
Authority,
Westside
Gulch
Area
Project,
Series
A-1
(TA)
5.50%,
04/01/39
(c)
1,000
998,713
Burke
County
Development
Authority,
Series
C
(RB)
(SAW)
4.12%,
11/01/45
(c)
8,525
7,383,855
Par
(000’s)
Value
Georgia
(continued)
Fayette
County
Development
Authority,
Soccer
Federation,
Inc.
Project
(RB)
5.25%,
10/01/54
(c)
$
1,000
$
1,001,938
Floyd
County
Development
Authority,
Spires
at
Berry
College
Project,
Series
A
(RB)
(SBG)
5.50%,
12/01/28
(c)
1,025
1,026,634
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority,
Canterbury
Court
Project,
Series
A
(RB)
4.00%,
04/01/41
(c)
2,500
2,131,954
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority,
Canterbury
Court
Project,
Series
A
(RB)
(SD
CRED
PROG)
5.00%,
04/01/47
(c)
3,540
3,163,465
Gainesville
and
Hall
County
Development
Authority,
Educational
Facilities,
Riverside
Military
Academy,
Inc.
Project
(RB)
(BAM)
5.00%,
03/01/37
(c)
700
350,000
Gainesville
and
Hall
County
Hospital
Authority,
Northeast
Georgia
Health
System,
Inc.
Project,
Series
A
(RB)
5.00%,
02/15/45
(c)
3,575
3,494,807
George
L
Smith
II
World
Congress
Center
Authority,
Series
A
(RB)
4.00%,
01/01/54
(c)
1,750
1,405,694
Georgia
Local
Government,
Grantor
Trust,
Series
A
(CP)
(NATL)
4.75%,
06/01/28
416
428,679
Glynn-Brunswick
Memorial
Hospital
Authority,
Southeast
Georgia
Health
System
Project
(RB)
5.00%,
08/01/47
(c)
2,680
2,573,639
Macon-Bibb
County
Urban
Development
Authority,
Academy
for
Classical
Education,
Inc.,
Series
A
(RB)
5.75%,
06/15/37
(c)
250
252,772
Main
Street
Natural
Gas,
Inc.,
Series
E
(RB)
5.00%,
05/01/55
(c)
(p)
3,835
4,028,329
Marietta
Development
Authority,
Life
University,
Inc.
Project,
Series
A
(RB)
5.00%,
11/01/37
(c)
2,000
1,890,239
5.00%,
11/01/47
(c)
1,000
858,757
Par
(000’s)
Value
Georgia
(continued)
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
and
4,
Series
A
(RB)
5.00%,
07/01/60
(c)
$
375
$
362,178
Senoia
Development
Authority,
Chapter
School,
Series
A
(RB)
6.50%,
07/01/54
(c)
500
439,573
White
County
Development
Authority,
Truett
McConnell
University
Project,
Series
A
(RB)
5.12%,
10/01/39
(c)
500
430,037
5.25%,
10/01/49
(c)
500
391,170
34,312,958
Guam
:
0.7%
Guam
Government
(GO)
5.00%,
11/15/31
(c)
945
979,858
Guam
Government,
Business
Privilege
Tax,
Series
D
(RB)
4.00%,
11/15/39
(c)
600
542,548
5.00%,
11/15/33
(c)
5,805
5,812,004
5.00%,
11/15/34
(c)
1,040
1,041,023
5.00%,
11/15/35
(c)
1,100
1,100,808
5.00%,
11/15/39
(c)
1,085
1,083,639
Guam
Government,
Business
Privilege
Tax,
Series
F
(RB)
4.00%,
01/01/36
(c)
500
480,930
4.00%,
01/01/42
(c)
4,000
3,532,545
Guam
Government,
Department
of
Education,
John
F.
Kennedy
High
School
Refunding
and
Energy
Efficiency
Project,
Series
A
(CP)
4.25%,
02/01/30
500
499,988
5.00%,
02/01/40
(c)
500
479,655
Guam
Government,
Series
A
(RB)
5.00%,
12/01/34
(c)
2,290
2,314,184
5.00%,
12/01/46
(c)
3,120
3,048,224
Guam
Power
Authority,
Series
A
(RB)
5.00%,
10/01/40
(c)
500
498,086
Territory
of
Guam
(RB)
5.00%,
01/01/32
1,000
1,079,885
5.00%,
01/01/33
1,000
1,076,277
5.00%,
01/01/34
1,000
1,077,619
24,647,273
Hawaii
:
0.0%
Kuakini,
Hawaii
Health
System,
Series
A
(RB)
6.38%,
07/01/32
(c)
1,355
1,223,638
Underline
Idaho
:
0.2%
Idaho
Falls
Auditorium
District,
Annual
Appropriation
Certificates
of
Participation
(CP)
5.25%,
05/15/51
(c)
2,000
1,805,827
Par
(000’s)
Value
Idaho
(continued)
Idaho
Health
Facilities
Authority,
Madison
Memorial
Hospital
Project
(RB)
3.50%,
09/01/33
(c)
$
450
$
398,419
5.00%,
09/01/37
(c)
1,135
1,096,767
Idaho
Health
Facilities
Authority,
Series
A
(RB)
5.25%,
03/01/50
(c)
1,000
1,010,588
5.25%,
03/01/53
(c)
1,000
992,798
Idaho
Health
Facilities
Authority,
Terraces
of
Boise,
Series
A
(RB)
3.80%,
10/01/31
(c)
100
95,571
5,399,970
Illinois
:
8.7%
Chicago
Board
of
Education,
Series
A
(GO)
5.00%,
12/01/29
1,000
1,042,866
5.00%,
12/01/30
(c)
1,195
1,224,147
5.00%,
12/01/30
(c)
1,265
1,289,223
5.00%,
12/01/32
(c)
5,575
5,733,992
5.00%,
12/01/33
(c)
5,100
5,210,922
5.00%,
12/01/33
(c)
250
251,316
5.00%,
12/01/34
(c)
395
400,266
5.00%,
12/01/35
(c)
2,400
2,412,224
5.00%,
12/01/36
(c)
6,990
6,966,893
5.00%,
12/01/37
(c)
3,610
3,545,247
5.00%,
12/01/39
(c)
6,000
5,717,853
5.00%,
12/01/40
(c)
6,350
5,949,309
5.00%,
12/01/42
(c)
12,755
11,862,378
5.00%,
12/01/47
(c)
7,000
6,304,976
5.25%,
12/01/35
(c)
3,000
3,100,176
5.88%,
12/01/47
(c)
2,600
2,645,510
7.00%,
12/01/26
(c)
5,200
5,250,540
7.00%,
12/01/44
(c)
4,210
4,225,482
7.00%,
12/01/46
(c)
2,250
2,312,386
Chicago
Board
of
Education,
Series
A
(GO)
(AGM)
5.00%,
12/01/33
(c)
1,250
1,279,107
5.00%,
12/01/34
(c)
1,250
1,270,762
Chicago
Board
of
Education,
Series
A
(GO)
(AMBAC)
5.50%,
12/01/25
145
145,739
5.50%,
12/01/26
175
177,950
5.50%,
12/01/31
1,285
1,375,261
Chicago
Board
of
Education,
Series
A
(GO)
(NATL)
0.00%,
12/01/27
^
760
698,189
0.00%,
12/01/28
^
390
344,615
0.00%,
12/01/30
^
55
44,401
5.50%,
12/01/26
245
249,035
Chicago
Board
of
Education,
Series
B
(GO)
4.00%,
12/01/39
(c)
5,000
4,421,887
4.00%,
12/01/40
(c)
5,000
4,370,906
5.00%,
12/01/27
1,500
1,542,268
5.00%,
12/01/31
(c)
1,600
1,656,128
5.00%,
12/01/33
(c)
1,105
1,105,011
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Illinois
(continued)
5.00%,
12/01/33
(c)
$
200
$
201,341
5.00%,
12/01/34
(c)
1,680
1,677,034
6.50%,
12/01/46
(c)
4,000
4,032,021
Chicago
Board
of
Education,
Series
C
(GO)
5.00%,
12/01/27
2,000
2,056,358
5.00%,
12/01/30
(c)
1,000
1,017,672
5.00%,
12/01/34
(c)
8,805
8,789,454
5.25%,
12/01/35
(c)
3,515
3,515,023
5.25%,
12/01/39
(c)
12,180
11,966,165
6.00%,
12/01/35
(c)
1,160
1,161,025
Chicago
Board
of
Education,
Series
C
(GO)
(AGM)
5.00%,
12/01/30
(c)
500
520,273
Chicago
Board
of
Education,
Series
E
(GO)
5.12%,
12/01/32
(c)
3,640
3,640,818
Chicago
Board
of
Education,
Series
G
(GO)
5.00%,
12/01/44
(c)
3,000
2,723,725
Chicago
Board
of
Education,
Series
H
(GO)
5.00%,
12/01/36
(c)
9,730
9,444,401
5.00%,
12/01/46
(c)
7,710
6,865,868
Chicago
O'Hare
International
Airport
(RB)
(AGM)
5.00%,
01/01/48
(c)
1,000
967,572
Chicago
O'Hare
International
Airport,
Series
A
(RB)
(AGM)
5.25%,
01/01/45
(c)
3,000
3,027,982
Chicago
O'Hare
International
Airport,
Series
B
(RB)
4.50%,
01/01/56
(c)
1,105
996,222
Chicago
School
Reform
Board
of
Trustees,
Series
A
(GO)
(NATL)
0.00%,
12/01/25
^
355
350,808
0.00%,
12/01/29
^
1,460
1,236,560
Chicago
School
Reform
Board
of
Trustees,
Series
B-1
(GO)
(NATL)
0.00%,
12/01/25
^
2,210
2,183,903
0.00%,
12/01/26
^
1,630
1,554,436
0.00%,
12/01/27
^
1,030
946,230
0.00%,
12/01/28
^
690
609,704
0.00%,
12/01/29
^
645
546,289
0.00%,
12/01/31
^
520
399,567
Chicago
Transit
Authority,
Federal
Transit
Administration
Section
5307
Urbanized
Area
Formula
(RB)
5.00%,
06/01/26
100
101,603
City
of
Chicago
(RB)
(AMBAC)
5.75%,
11/01/30
765
816,635
City
of
Chicago
IL
(GO)
6.00%,
01/01/50
(c)
2,000
2,044,852
City
of
Chicago
IL
(GO)
(BAM)
6.00%,
01/01/46
(c)
1,000
1,059,444
Par
(000’s)
Value
Illinois
(continued)
City
of
Chicago,
Board
of
Education,
Series
A
(GO)
6.00%,
12/01/49
(c)
$
5,000
$
5,111,689
City
of
Chicago,
City
Colleges
(GO)
(NATL)
0.00%,
01/01/28
^
345
321,198
0.00%,
01/01/30
^
420
359,696
0.00%,
01/01/33
^
985
731,521
0.00%,
01/01/34
^
760
534,649
City
of
Chicago,
Series
A
(GO)
5.00%,
01/01/27
200
204,163
5.00%,
01/01/27
725
740,091
5.00%,
01/01/32
(c)
1,500
1,569,499
5.00%,
01/01/33
(c)
3,000
3,118,607
5.00%,
01/01/34
(c)
3,000
3,097,940
5.00%,
01/01/44
(c)
2,400
2,275,653
5.00%,
01/01/45
(c)
4,000
3,761,797
5.25%,
01/01/45
(c)
2,000
1,944,736
5.50%,
01/01/41
(c)
1,000
1,009,691
5.50%,
01/01/49
(c)
3,000
2,897,469
6.00%,
01/01/38
(c)
5,000
5,079,546
City
of
Chicago,
Series
A
(GO)
(NATL)
0.00%,
01/01/29
^
140
124,640
City
of
Chicago,
Series
A
(GO)
(SAW)
5.00%,
01/01/29
2,775
2,898,270
City
of
Chicago,
Series
B
(GO)
5.00%,
01/01/33
1,500
1,581,007
5.00%,
01/01/41
(c)
1,000
983,082
City
of
Chicago,
Series
C
(GO)
0.00%,
01/01/32
^
195
151,390
5.00%,
01/01/26
380
383,641
5.00%,
01/01/27
(c)
250
251,526
City
of
Chicago,
Wastewater
Transmission,
Series
B
(RB)
(BAM)
5.00%,
01/01/34
250
278,812
Illinois
Finance
Authority
(RB)
5.00%,
11/01/30
(c)
100
88,519
5.88%,
09/01/46
(c)
7,250
6,902,501
Illinois
Finance
Authority,
Acero
Charter
Schools,
Inc.
(RB)
4.00%,
10/01/42
(c)
1,000
818,153
Illinois
Finance
Authority,
Admiral
Lake
Project
(RB)
5.12%,
05/15/38
(c)
390
331,780
Illinois
Finance
Authority,
Central
Baptist
Village
(RB)
5.38%,
11/15/39
(c)
35
32,784
Illinois
Finance
Authority,
CHF
-
Cook,
LLC
-
Northeastern
Illinois
University
Project,
Series
A
(RB)
5.00%,
07/01/30
(c)
1,000
978,740
Illinois
Finance
Authority,
Friendship
Village
of
Schaumburg
(RB)
5.00%,
02/15/27
(d)
*
2,675
21,403
Par
(000’s)
Value
Illinois
(continued)
5.00%,
02/15/37
(c)
(d)
*
$
5,797
$
46,372
5.12%,
02/15/45
(c)
(d)
*
5,467
43,733
Illinois
Finance
Authority,
Goodman
Theatre
Project,
Series
A
(RB)
6.00%,
10/01/45
(c)
1,505
1,470,975
6.12%,
10/01/50
(c)
1,000
975,089
Illinois
Finance
Authority,
Illinois
Institute
of
Technology
(RB)
5.00%,
09/01/40
(c)
175
159,658
Illinois
Finance
Authority,
Intrinsic
School
Project,
Series
A
(RB)
6.00%,
12/01/45
(c)
500
499,925
Illinois
Finance
Authority,
Lutheran
Life
Communities
Obligated
Group,
Series
A
(RB)
5.00%,
11/01/29
(c)
500
325,000
5.00%,
11/01/30
(c)
250
162,500
5.00%,
11/01/35
(c)
5
3,250
Illinois
Finance
Authority,
Roosevelt
University
(RB)
5.50%,
04/01/32
(c)
475
474,997
Illinois
Finance
Authority,
Series
B
(RB)
5.00%,
10/01/34
250
256,868
5.00%,
10/01/44
(c)
500
460,896
Illinois
Finance
Authority,
Solis
Wate
Disposal,
Series
B
(RB)
7.38%,
09/01/42
(c)
(p)
2,500
2,724,735
Illinois
Finance
Authority,
Student
Housing
and
Academic
Facility,
Series
A
(RB)
5.00%,
02/15/47
(c)
4,125
3,755,914
Illinois
Finance
Authority,
Surface
Freight
Transfer
Facilities
(RB)
4.80%,
12/01/43
(c)
(p)
1,500
1,499,537
Illinois
Sports
Facilities
Authority
(RB)
5.00%,
06/15/28
1,000
1,035,584
5.00%,
06/15/29
1,000
1,047,722
5.00%,
06/15/30
(c)
1,555
1,623,729
Illinois
Sports
Facilities
Authority
(RB)
(AGM)
5.00%,
06/15/27
(c)
3,000
3,006,538
Illinois
Sports
Facilities
Authority
(RB)
(AMBAC)
0.00%,
06/15/26
^
690
669,956
Illinois
State,
Series
A
(GO)
5.00%,
12/01/31
(c)
500
516,142
5.00%,
05/01/43
(c)
500
500,270
Par
(000’s)
Value
Illinois
(continued)
Metropolitan
Pier
and
Exposition
Authority,
Illinois
McCormick
Place
Expansion
Project,
Series
A
(RB)
0.00%,
12/15/52
^
$
4,750
$
1,036,769
4.00%,
06/15/52
(c)
1,500
1,184,517
5.00%,
06/15/50
(c)
7,305
7,098,764
5.00%,
06/15/57
(c)
1,040
990,122
Metropolitan
Pier
and
Exposition
Authority,
Illinois
McCormick
Place
Expansion
Project,
Series
A
(RB)
(NATL)
0.00%,
06/15/30
^
745
628,632
0.00%,
12/15/30
^
475
392,338
0.00%,
06/15/31
^
125
100,674
0.00%,
12/15/33
^
1,500
1,071,657
0.00%,
06/15/34
^
190
132,163
0.00%,
12/15/34
^
590
399,572
0.00%,
06/15/39
^
115
58,765
Metropolitan
Pier
and
Exposition
Authority,
Illinois
McCormick
Place
Expansion
Project,
Series
B
(RB)
0.00%,
12/15/50
^
35,755
8,776,798
5.00%,
12/15/40
(c)
1,000
1,001,126
5.00%,
06/15/53
(c)
1,500
1,455,969
Northeastern
Illinois
University,
Capital
Improvement
Project
(CP)
4.00%,
10/01/38
(c)
585
469,181
Northern
Illinois
Municipal
Power
Agent
Power
Project,
Prairie
State
Project,
Series
A
(RB)
4.00%,
12/01/31
(c)
2,000
2,009,036
State
of
Illinois
(GO)
5.00%,
02/01/27
500
515,835
State
of
Illinois
(RB)
3.00%,
06/15/31
(c)
100
95,344
State
of
Illinois,
Series
A
(GO)
5.00%,
10/01/28
500
528,974
5.00%,
11/01/28
5
5,305
5.00%,
12/01/34
(c)
100
102,131
5.00%,
05/01/41
(c)
365
366,952
5.00%,
03/01/46
(c)
4,865
4,738,670
State
of
Illinois,
Series
B
(GO)
5.00%,
03/01/27
2,000
2,066,506
5.25%,
05/01/42
(c)
3,000
3,076,862
5.25%,
05/01/45
(c)
1,470
1,483,598
5.25%,
05/01/49
(c)
5,900
5,884,556
State
of
Illinois,
Series
D
(GO)
5.00%,
11/01/25
250
251,397
Upper
Illinois
River
Valley
Development
Authority,
Elgin
Math
and
Science
Academy
Charter
School
Project,
Series
A
(RB)
6.00%,
03/01/63
(c)
1,000
944,180
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Illinois
(continued)
Village
of
Bolingbrook,
Special
Service
Area
No.
1
(ST)
5.25%,
03/01/41
(c)
$
500
$
493,545
Village
of
Bridgeview
(GO)
5.00%,
12/01/42
(c)
360
318,063
Will
County
Community
High
School
District
No.
210,
Series
B
(GO)
0.00%,
01/01/29
^
90
80,099
0.00%,
01/01/31
^
245
200,686
0.00%,
01/01/33
^
540
400,746
286,783,065
Indiana
:
1.1%
City
of
Anderson,
Indiana
Economic
Development,
Anderson
University
(RB)
4.75%,
10/01/27
(c)
135
116,289
City
of
Valparaiso,
Pratt
Paper,
LLC
Project
(RB)
5.00%,
01/01/54
(c)
2,000
1,828,817
Indiana
Finance
Authority
(RB)
5.00%,
02/01/32
2,000
2,206,661
5.00%,
02/01/33
2,000
2,213,882
5.00%,
10/01/64
(c)
(p)
2,000
2,136,222
Indiana
Finance
Authority
Educational
Facilities,
Earlham
College
Project,
Series
A
(RB)
5.00%,
10/01/32
(c)
150
147,888
Indiana
Finance
Authority
Midwestern
Disaster
Relief,
Ohio
Valley
Electric
Corp.
Project,
Series
C
(RB)
3.00%,
11/01/30
1,500
1,458,730
Indiana
Finance
Authority
Student
Housing
(RB)
5.25%,
07/01/55
(c)
2,000
1,771,741
5.75%,
07/01/60
(c)
1,000
938,207
Indiana
Finance
Authority
Student
Housing,
Series
A
(RB)
5.25%,
07/01/64
(c)
1,000
950,273
Indiana
Finance
Authority,
Baptist
Healthcare
System,
Series
A
(RB)
5.00%,
08/15/51
(c)
2,000
1,952,659
Indiana
Finance
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
B
(RB)
3.00%,
11/01/30
5,000
4,862,432
Indiana
Finance
Authority,
Series
C
(RB)
5.00%,
02/01/33
1,000
1,133,851
5.00%,
02/01/34
500
568,362
5.00%,
02/01/45
(c)
500
514,593
Indiana
Finance
Authority,
United
States
Steel
Corp.
Project,
Series
A
(RB)
4.12%,
12/01/26
5,500
5,512,938
Par
(000’s)
Value
Indiana
(continued)
Indianapolis
Local
Public
Improvement
Bond
Bank
(RB)
5.75%,
03/01/43
(c)
$
2,340
$
2,404,624
6.00%,
03/01/53
(c)
1,000
1,020,332
6.12%,
03/01/57
(c)
3,135
3,217,204
34,955,705
Iowa
:
0.7%
City
of
Coralville,
Marriott
Hotel
and
Convention
Center,
Series
E
(CP)
4.00%,
06/01/29
(c)
1,025
990,938
Iowa
Finance
Authority,
Lifespace
Communities,
Inc.,
Series
A
(RB)
5.00%,
05/15/43
(c)
655
623,593
5.00%,
05/15/48
(c)
4,000
3,653,797
Iowa
Finance
Authority,
Midwestern
Disaster
Area,
Alcoa
Inc.
Project
(RB)
4.75%,
08/01/42
(c)
12,000
11,210,514
Iowa
Finance
Authority,
Series
A
(RB)
5.00%,
05/15/49
(c)
3,500
3,180,068
5.12%,
05/15/59
(c)
1,000
910,890
Iowa
Higher
Education
Loan
Authority,
Wartburg
College
Project
(RB)
4.00%,
10/01/25
600
598,525
5.00%,
10/01/37
(c)
2,115
1,871,729
23,040,054
Kansas
:
0.3%
City
of
Hutchinson,
Regional
Medical
Center,
Inc.
(RB)
5.00%,
12/01/41
(c)
250
203,664
City
of
Lenexa,
Kansas
Health
Care
Facility,
Lakeview
Village,
Inc.,
Series
A
(RB)
5.00%,
05/15/43
(c)
1,000
930,457
City
of
Manhattan,
Kansas
Health
Care
Facilities
Authority,
Meadowlark
Hills
Retirement
Community,
Series
A
(RB)
4.00%,
06/01/46
(c)
3,000
2,328,980
City
of
Manhattan,
Kansas
Sales
Tax,
Downtown
Redevelopment
Star
Project
Area
(RB)
4.00%,
06/01/27
(c)
50
50,039
City
of
Wichita,
Health
Care
Facilities,
Series
I
(RB)
5.00%,
05/15/38
(c)
1,355
1,261,469
City
of
Wichita,
Health
Care
Facilities,
Series
III
(RB)
5.00%,
05/15/34
(c)
250
244,249
5.00%,
05/15/50
(c)
500
395,390
Par
(000’s)
Value
Kansas
(continued)
Manhattan
Kansas
Health
Care
Facilities,
Meadowlark
Hills,
Series
A
(RB)
4.00%,
06/01/36
(c)
$
1,000
$
899,665
Topeka
Kansas
Health
Care
Facilities,
Brewster
Place,
Series
A
(RB)
6.25%,
12/01/42
(c)
1,000
1,001,805
6.50%,
12/01/52
(c)
1,000
984,498
Wyandotte
County
KS,
Unified
School
District
No.
500
(GO)
(BAM)
5.00%,
09/01/50
(c)
1,000
1,000,447
Wyandotte
County,
Unified
School
District
No.
500
(GO)
(BAM)
5.25%,
09/01/55
(c)
1,500
1,521,200
10,821,863
Kentucky
:
1.3%
Christian
County,
Jennie
Stuart
Medical
Center
(RB)
5.38%,
02/01/36
(c)
100
100,335
City
of
Henderson,
Kentucky
Exempt
Facilities,
Pratt
Paper,
LLC
Project,
Series
A
(RB)
4.45%,
01/01/42
(c)
2,250
2,052,131
4.70%,
01/01/52
(c)
3,000
2,633,549
Kentucky
Economic
Development
Finance
Authority
Hospital,
Series
A
(RB)
5.00%,
06/01/31
(c)
1,315
1,338,343
5.00%,
06/01/45
(c)
1,720
1,633,334
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Authority,
Inc.,
Series
A
(RB)
(AGM)
5.00%,
12/01/47
(c)
760
742,841
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project,
Series
A
(RB)
(AGM)
5.00%,
12/01/45
(c)
2,655
2,609,507
Kentucky
Economic
Development
Finance
Authority,
Masonic
Home
Independent
Living
II,
Inc.,
Series
A
(RB)
5.00%,
05/15/31
(c)
2,545
2,472,584
5.00%,
05/15/36
(c)
350
316,324
5.00%,
05/15/46
(c)
1,250
966,575
Kentucky
Economic
Development
Finance
Authority,
Masonic
Homes
of
Kentucky,
Inc.
(RB)
5.38%,
11/15/32
(c)
1,250
1,203,116
5.50%,
11/15/45
(c)
180
143,326
Par
(000’s)
Value
Kentucky
(continued)
Kentucky
Economic
Development
Finance
Authority,
Owensboro
Health
System,
Inc.,
Series
A
(RB)
5.00%,
06/01/26
$
175
$
176,751
5.25%,
06/01/41
(c)
750
748,371
Kentucky
Economic
Development
Finance
Authority,
Owensboro
Health
System,
Inc.,
Series
B
(RB)
5.00%,
06/01/40
(c)
500
488,074
Kentucky
Public
Energy
Authority,
Gas
Supply,
Series
A
(RB)
5.25%,
06/01/55
(c)
(p)
9,000
9,504,441
Kentucky
Public
Energy
Authority,
Gas
Supply,
Series
A-1
(RB)
5.00%,
05/01/55
(c)
(p)
2,500
2,623,784
Kentucky
Public
Energy
Authority,
Gas
Supply,
Series
B
(RB)
5.00%,
01/01/55
(c)
(p)
1,500
1,587,279
Louisville
&
Jefferson
County,
UOFL
Health
Project,
Series
A
(RB)
(AGM)
5.00%,
05/15/47
(c)
3,170
3,040,260
5.00%,
05/15/47
(c)
2,500
2,426,574
5.00%,
05/15/52
(c)
4,000
3,765,866
Paducah
Electric
Plant
Board,
Series
A
(RB)
(AGM)
5.00%,
10/01/29
(c)
1,045
1,071,644
41,645,009
Louisiana
:
1.5%
Calcasieu
Parish
Memorial
Hospital
Service
District
(RB)
5.00%,
12/01/39
(c)
3,800
3,557,945
City
of
Shreveport
(GO)
(AGC)
5.00%,
03/01/49
(c)
1,000
972,781
City
of
Shreveport,
Water
and
Sewer,
Series
C
(RB)
(BAM)
5.00%,
12/01/25
100
100,664
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Christwood
Project
(RB)
4.25%,
11/15/30
750
749,023
5.00%,
11/15/37
(c)
1,020
998,711
5.25%,
11/15/53
(c)
300
266,399
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
City
of
New
Orleans
Gomesa
Project
(RB)
4.00%,
11/01/46
(c)
2,775
2,304,090
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Louisiana
(continued)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Jefferson
Parish
Gomesa
Project
(RB)
(NATL)
4.00%,
11/01/44
(c)
$
1,800
$
1,511,452
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Parc
Fontaine
Apartments,
Series
A
(RB)
4.25%,
12/01/35
(c)
175
128,625
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Westlake
Chemical
Corp.
Project
(RB)
3.50%,
11/01/32
(c)
3,245
3,104,134
Louisiana
Public
Facilities
Authority
(RB)
5.00%,
05/15/30
(c)
2,000
2,168,568
6.00%,
06/15/59
(c)
500
478,830
Louisiana
Public
Facilities
Authority,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project
(RB)
5.00%,
09/01/66
(c)
1,000
912,293
5.50%,
09/01/59
(c)
1,000
996,371
5.75%,
09/01/64
(c)
7,000
7,111,717
Louisiana
Public
Facilities
Authority,
Lake
Charles
Academy
Foundation
Project,
Series
A
(RB)
5.00%,
12/15/43
(c)
1,000
912,864
Louisiana
Public
Facilities
Authority,
Lake
Charles
Chapter
Academy
Project,
Series
A
(RB)
5.00%,
12/15/34
(c)
1,500
1,506,643
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal,
Louisiana
Pellets,
Inc.
Project
(RB)
7.75%,
07/01/39
(c)
(d)
*
1,647
16
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal,
Louisiana
Pellets,
Inc.
Project,
Series
A
(RB)
7.50%,
07/01/23
(d)
*
2,259
22
8.38%,
07/01/39
(c)
(d)
*
1,389
14
Parish
of
St.
James,
Nustar
Logistics,
LP
Project
(RB)
6.35%,
07/01/40
(c)
6,355
6,811,075
Parish
of
St.
James,
Nustar
Logistics,
LP
Project,
Series
A
(RB)
6.35%,
10/01/40
(c)
6,000
6,429,629
Par
(000’s)
Value
Louisiana
(continued)
Parish
of
St.
John
the
Baptist,
Series
A-3
(RB)
2.20%,
06/01/37
(p)
$
2,000
$
1,983,808
State
of
Louisiana,
Series
B
(GO)
5.00%,
06/01/33
1,485
1,685,021
5.00%,
06/01/34
1,000
1,136,038
5.00%,
06/01/36
(c)
2,000
2,220,342
48,047,075
Maine
:
0.2%
Maine
Health
and
Higher
Educational
Facilities
Authority,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
A
(RB)
4.00%,
07/01/46
(c)
1,695
1,263,849
5.00%,
07/01/41
(c)
1,000
909,820
5.00%,
07/01/46
(c)
3,345
2,940,476
5,114,145
Maryland
:
1.0%
Baltimore
Maryland,
Special
Obligation,
Harbor
Point
Project
(RB)
5.00%,
06/01/51
(c)
1,000
938,732
City
of
Baltimore,
Convention
Center
Hotel
(RB)
5.00%,
09/01/30
(c)
1,000
1,017,012
5.00%,
09/01/39
(c)
1,000
969,015
5.00%,
09/01/42
(c)
2,250
2,118,656
5.00%,
09/01/46
(c)
2,000
1,852,979
City
of
Baltimore,
East
Baltimore
Research
Park
Project,
Series
A
(RB)
5.00%,
09/01/38
(c)
500
500,142
City
of
Baltimore,
Harbor
Point
Project
(RB)
5.12%,
06/01/43
(c)
250
245,056
Frederick
County,
Maryland
Educational
Facilities
Project,
Mount
Saint
Mary's
University,
Series
A
(RB)
5.00%,
09/01/32
(c)
2,000
2,002,110
5.00%,
09/01/37
(c)
1,000
953,784
5.00%,
09/01/45
(c)
1,000
875,461
Frederick
County,
Maryland
Urban
Community
Development
Authority,
Series
A
(ST)
4.00%,
07/01/50
(c)
1,925
1,592,267
Frederick
County,
Maryland,
Jefferson
Technology
Park
Project,
Series
B
(TA)
4.62%,
07/01/43
(c)
1,800
1,649,665
Howard
County,
Series
A
(TA)
4.50%,
02/15/47
(c)
2,500
2,192,939
Par
(000’s)
Value
Maryland
(continued)
Maryland
Economic
Development
Corp.,
Core
Natural
Resources,
Inc.
Project
(RB)
5.00%,
07/01/48
(c)
(p)
$
2,000
$
2,010,814
Maryland
Economic
Development
Corp.,
Metro
Centre
at
Owings
Mills
Project
(TA)
4.38%,
07/01/36
(c)
470
444,501
4.50%,
07/01/44
(c)
530
466,383
Maryland
Economic
Development
Corp.,
Port
Covington
Project
(TA)
4.00%,
09/01/40
(c)
2,250
1,997,272
4.00%,
09/01/50
(c)
3,250
2,581,689
Maryland
Economic
Development
Corp.,
Purple
Line
Light
Rail
Project,
Series
B
(RB)
5.25%,
06/30/52
(c)
1,085
1,025,487
Maryland
Health
&
Higher
Educational
Facilities
Authority
(RB)
(AGC)
5.00%,
07/01/55
(c)
3,000
2,943,561
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Mercy
Medical
Center,
Series
A
(RB)
5.00%,
07/01/38
(c)
250
250,950
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Series
A
(RB)
5.25%,
07/01/52
(c)
2,250
2,250,181
Prince
George
County,
Collington
Episcopal
Life
Care
Community,
Inc.
(RB)
5.25%,
04/01/37
(c)
1,000
963,036
Prince
George's
County,
Suitland-Naylor
Road
Project
(TA)
4.75%,
07/01/36
(c)
400
400,074
32,241,766
Massachusetts
:
1.9%
Collegiate
Charter
School
of
Lowell
(RB)
5.00%,
06/15/39
(c)
365
357,204
Commonwealth
of
Massachusetts
(RB)
(BAM)
5.50%,
01/01/34
1,420
1,605,675
Commonwealth
of
Massachusetts,
Series
A
(GO)
5.00%,
04/01/45
(c)
1,000
1,029,530
5.00%,
04/01/50
(c)
1,250
1,272,635
5.00%,
04/01/55
(c)
1,100
1,111,405
Commonwealth
of
Massachusetts,
Series
E
(GO)
5.00%,
08/01/54
(c)
5,000
5,038,906
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency
(RB)
5.00%,
09/01/59
(c)
$
2,000
$
1,957,171
6.38%,
07/15/45
(c)
500
485,732
Massachusetts
Development
Finance
Agency,
Beth
Israel
Lahey
Health,
Inc.,
Series
J
(RB)
5.00%,
07/01/53
(c)
1,500
1,458,098
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center,
Series
D
(RB)
5.00%,
07/01/44
(c)
2,120
2,015,899
Massachusetts
Development
Finance
Agency,
Boston
Medical
Center,
Series
G
(RB)
5.25%,
07/01/52
(c)
1,435
1,387,085
Massachusetts
Development
Finance
Agency,
Boston
Student
Housing
Project
(RB)
5.00%,
10/01/48
(c)
1,000
898,498
Massachusetts
Development
Finance
Agency,
Brown
University
Health,
Series
A
(RB)
5.25%,
08/15/45
(c)
1,000
1,004,857
5.50%,
08/15/50
(c)
1,500
1,503,031
Massachusetts
Development
Finance
Agency,
Care
Communities,
LLC
Issue,
Series
A
(RB)
5.50%,
07/15/35
250
248,064
Massachusetts
Development
Finance
Agency,
Emmanuel
College,
Series
A
(RB)
5.00%,
10/01/43
(c)
1,035
964,300
Massachusetts
Development
Finance
Agency,
Lasell
Village,
Inc.
(RB)
5.00%,
07/01/29
1,500
1,588,959
5.25%,
07/01/50
(c)
1,000
962,134
5.25%,
07/01/55
(c)
1,000
950,467
Massachusetts
Development
Finance
Agency,
Lawrence
General
Hospital
(RB)
5.00%,
07/01/34
(c)
1,000
919,795
Massachusetts
Development
Finance
Agency,
Lawrence
General
Hospital,
Series
A
(RB)
5.25%,
07/01/34
(c)
350
327,856
Massachusetts
Development
Finance
Agency,
Linden
Ponds,
Inc.
Facility
(RB)
5.00%,
11/15/38
(c)
500
508,787
5.12%,
11/15/46
(c)
500
500,872
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
Merrimack
College
Student
Housing
Project,
Series
A
(RB)
5.00%,
07/01/54
(c)
$
1,000
$
890,833
5.00%,
07/01/60
(c)
1,000
874,933
Massachusetts
Development
Finance
Agency,
Newbridge
on
the
Charles,
Inc.
(RB)
4.00%,
10/01/32
(c)
1,000
998,908
4.12%,
10/01/42
(c)
2,500
2,168,717
5.00%,
10/01/47
(c)
1,400
1,293,504
5.00%,
10/01/57
(c)
14,550
12,970,244
Massachusetts
Development
Finance
Agency,
Series
N-1
(RB)
4.50%,
07/01/54
(c)
2,000
1,755,962
5.25%,
07/01/50
(c)
4,000
3,987,013
Massachusetts
Development
Finance
Agency,
South
Shore
Hospital
Issue,
Series
I
(RB)
4.00%,
07/01/36
(c)
1,500
1,400,463
Massachusetts
Development
Finance
Agency,
Springfield
College
Issue,
Series
A
(RB)
(AGM)
4.00%,
06/01/56
(c)
5
3,515
Massachusetts
Development
Finance
Agency,
Suffolk
University
(RB)
5.00%,
07/01/34
(c)
1,120
1,121,798
Massachusetts
Development
Finance
Agency,
UMass
Boston
Student
Housing
Project
(RB)
5.00%,
10/01/41
(c)
1,930
1,852,859
Massachusetts
Development
Finance
Agency,
UMass
Dartmouth
Student
Housing
Project
(RB)
5.00%,
10/01/48
(c)
1,000
865,362
Massachusetts
Development
Finance
Agency,
UMass
Memorial
Health
Care,
Series
I
(RB)
5.00%,
07/01/29
(c)
190
193,034
5.00%,
07/01/46
(c)
510
484,951
Massachusetts
Development
Finance
Agency,
UMass
Memorial
Health
Care,
Series
N-2
(RB)
5.00%,
07/01/35
(c)
1,000
1,091,955
Massachusetts
Development
Finance
Agency,
Wellforce,
Inc.,
Series
C
(RB)
(AGM)
3.00%,
10/01/45
(c)
3,000
2,179,356
Par
(000’s)
Value
Massachusetts
(continued)
Massachusetts
State
Development
Finance
Agency,
Wellforce
Issue,
Series
A
(RB)
5.00%,
07/01/33
(c)
$
1,250
$
1,270,916
63,501,283
Michigan
:
1.0%
Calhoun
County
Hospital
Finance
Authority,
Oaklawn
Hospital
(RB)
5.00%,
02/15/41
(c)
290
270,108
City
of
Detroit,
Michigan
Unlimited
Tax
(GO)
5.50%,
04/01/45
(c)
250
253,183
City
of
Detroit,
Michigan
Unlimited
Tax,
Series
A
(GO)
5.00%,
04/01/46
(c)
135
131,674
5.00%,
04/01/50
(c)
1,475
1,405,414
Detroit
Service
Learning
Academy,
Public
School
Academy
(RB)
(AGM)
4.00%,
07/01/41
(c)
1,000
821,929
Flint
Michigan
Hospital
Building
Authority,
Hurley
Medical
Center
(RB)
4.00%,
07/01/41
(c)
500
447,085
Flint
Michigan
Hospital
Building
Authority,
Hurley
Medical
Center,
Series
B
(RB)
4.75%,
07/01/28
(c)
235
234,306
Ivywood
Classical
Academy
(RB)
6.25%,
01/01/59
(c)
1,000
934,735
Michigan
Finance
Authority,
Corewell
Health,
Series
A
(RB)
5.00%,
08/15/35
(c)
2,500
2,780,002
5.00%,
08/15/46
(c)
2,000
2,028,712
Michigan
Finance
Authority,
Corewell
Health,
Series
B-2
(RB)
5.00%,
08/15/55
(p)
6,000
6,435,203
Michigan
Finance
Authority,
Henry
Ford
Health
Detroit
South
Campus
(RB)
5.50%,
02/28/57
(c)
4,255
4,276,912
Michigan
Finance
Authority,
Presbyterian
Villages
of
Michigan
(RB)
5.50%,
11/15/45
(c)
300
241,808
Michigan
Finance
Authority,
Public
Lighting
Authority
Local
Project,
Series
B
(RB)
5.00%,
07/01/39
(c)
215
215,104
5.00%,
07/01/44
(c)
3,575
3,575,253
Michigan
Finance
Authority,
Thomas
M.
Cooley
Law
School
Project
(RB)
5.00%,
07/01/34
(c)
795
795,814
Par
(000’s)
Value
Michigan
(continued)
Michigan
Finance
Authority,
Tobacco
Settlement
Bonds,
Series
B-2
(RB)
0.00%,
06/01/65
(c)
^
$
15,500
$
1,420,715
Michigan
Strategic
Fund,
I-75
Improvement
Project
(RB)
5.00%,
06/30/31
(c)
600
618,246
5.00%,
12/31/32
(c)
700
716,674
5.00%,
06/30/48
(c)
1,470
1,393,640
Michigan
Strategic
Fund,
I-75
Improvement
Project
(RB)
(AGM)
4.50%,
06/30/48
(c)
1,000
902,227
Michigan
Tobacco
Settlement
Finance
Authority,
Series
B
(RB)
0.00%,
06/01/52
(c)
^
260
29,783
Western
Michigan
University,
Series
A
(RB)
(AGC)
5.25%,
11/15/49
(c)
1,000
1,025,996
5.25%,
11/15/54
(c)
1,500
1,530,718
32,485,241
Minnesota
:
0.7%
Chippewa
County,
Chippewa
County-Montevideo
Hospital
Project
(RB)
4.00%,
03/01/37
(c)
135
125,272
City
of
Anoka,
Homestead
at
Anoka,
Inc.
Project
(RB)
4.25%,
11/01/27
(c)
310
306,060
City
of
Apple
Valley
MN
(RB)
5.38%,
09/01/45
(c)
420
404,654
5.50%,
09/01/55
(c)
600
574,210
5.62%,
09/01/65
(c)
815
780,249
City
of
Brainerd
MN
(RB)
5.50%,
05/01/45
(c)
1,000
944,439
City
of
Brooklyn
Park,
Charter
School,
Athlos
Leadership
Academy
Project,
Series
A
(RB)
5.50%,
07/01/35
(c)
1,070
989,981
5.50%,
07/01/40
(c)
245
211,660
City
of
Brooklyn
Park,
Minnesota
Chapter
School
(RB)
5.12%,
06/15/54
(c)
1,000
873,084
City
of
Coon
Rapids
MN
(RB)
6.50%,
06/15/47
(c)
1,000
1,000,292
City
of
Crookston,
Health
Care
Facilities,
Riverview
Health
Project
(RB)
5.00%,
05/01/34
(c)
3,000
2,153,618
City
of
Deephaven,
Charter
School,
Eagle
Ridge
Academy
Project,
Series
A
(RB)
5.25%,
07/01/40
(c)
500
499,986
5.50%,
07/01/50
(c)
2,860
2,776,293
Par
(000’s)
Value
Minnesota
(continued)
City
of
Forest
Lake,
International
Language
Academy,
Series
A
(RB)
(SAW)
5.38%,
08/01/50
(c)
$
500
$
467,561
City
of
Maple
Grove,
Minnesota
Health
Care
Facilities
(RB)
3.38%,
05/01/33
(c)
115
106,186
City
of
Minneapolis,
Fairview
Health
Services,
Series
A
(RB)
5.00%,
11/15/34
(c)
1,830
1,874,394
City
of
St.
Cloud,
Centracare
Health
System
(RB)
5.00%,
05/01/54
(c)
1,000
981,715
City
of
St.
Louis
Park,
Place
Via
Sol
Project
(RB)
(AMBAC)
6.00%,
07/01/53
(d)
(p)
*
1,927
192,740
City
of
St.
Paul,
Housing
and
Redevelopment
Authority,
Series
A
(RB)
5.75%,
09/01/46
(c)
325
324,669
City
of
St.
Paul,
Minnesota
Housing
and
Redevelopment
Authority
(RB)
4.00%,
11/15/43
(c)
2,000
1,659,977
Duluth
Economic
Development
Authority,
Benedictine
Health
System,
Series
A
(RB)
4.00%,
07/01/41
(c)
2,255
1,806,797
Minneapolis
Minnesota
Heath
Care
System,
Fairview
Health
Services,
Series
A
(RB)
5.00%,
11/15/49
(c)
2,000
1,912,801
Minnesota
Higher
Education
Facilities
Authority,
Augsburg
College,
Series
A
(RB)
5.00%,
05/01/46
(c)
1,000
662,732
Minnesota
Higher
Education
Facilities
Authority,
Augsburg
College,
Series
B
(RB)
4.25%,
05/01/40
(c)
860
573,892
Township
of
Baytown,
St.
Croix
Preparatory
Academy
Project,
Series
A
(RB)
4.00%,
08/01/36
(c)
250
224,741
Woodbury,
Minnesota
Charter
School
Lease,
Woodbury
Leadership
Academy
Project,
Series
A
(RB)
4.00%,
07/01/56
(c)
1,150
800,870
23,228,873
Mississippi
:
0.2%
Mississippi
Development
Bank,
Magnolia
Regional
Health
Center
Project
(RB)
4.00%,
10/01/41
(c)
3,500
2,699,759
5.00%,
10/01/32
(c)
1,530
1,557,895
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Mississippi
(continued)
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Baptist
Memorial
Health
Corp.,
Series
A
(RB)
5.00%,
09/01/41
(c)
$
3,000
$
2,900,215
7,157,869
Missouri
:
0.9%
Boone
County,
Boone
Hospital
Center
(RB)
3.00%,
08/01/34
(c)
410
296,268
4.00%,
08/01/38
(c)
565
408,916
City
of
Liberty,
Liberty
Commons
Project,
Series
A
(TA)
5.75%,
06/01/35
(c)
500
466,051
City
of
Nevada,
Regional
Medical
Center
(RB)
(ACA)
4.30%,
10/01/26
(c)
25
24,895
City
of
St.
Louis,
Industrial
Development
Authority,
Ballpark
Village
Development
Project,
Series
A
(RB)
4.38%,
11/15/35
(c)
250
225,853
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
(RB)
5.00%,
10/01/35
(c)
500
487,756
6.00%,
10/01/45
(c)
500
479,834
Health
and
Educational
Facilities
Authority,
Lutheran
Senior
Services
Projects,
Series
A
(RB)
5.25%,
02/01/48
(c)
1,000
955,202
5.25%,
02/01/54
(c)
250
234,365
Health
and
Educational
Facilities
Authority,
Lutheran
Senior
Services
Projects,
Series
B
(RB)
5.00%,
02/01/46
(c)
1,460
1,311,991
Health
and
Educational
Facilities
Authority,
Lutheran
Senior
Services
Projects,
Series
C
(RB)
4.00%,
02/01/42
(c)
475
397,599
I-470
Western
Gateway
Transportation
Development
District,
Series
A
(RB)
5.25%,
12/01/48
(c)
1,100
1,039,795
Kansas
City
Industrial
Development
Authority,
Methodist
Retire
Home,
Series
B
(RB)
5.00%,
11/15/46
5,352
3,552,017
Kansas
City
Missouri
Industrial
Development
Authority,
Historic
Northeast
Redevelopment
Plan,
Series
A-1
(RB)
5.00%,
06/01/46
(c)
500
460,757
Par
(000’s)
Value
Missouri
(continued)
Kirkwood
Industrial
Development
Authority,
Missouri
Retirement
Community,
Series
A
(RB)
5.25%,
05/15/37
(c)
$
1,500
$
1,445,608
5.25%,
05/15/50
(c)
2,000
1,668,538
Lees
Summit
Industrial
Development
Authority,
John
Knox
Village,
Series
A
(RB)
5.00%,
08/15/32
(c)
2,430
2,443,733
5.00%,
08/15/36
(c)
1,550
1,518,474
5.00%,
08/15/42
(c)
2,000
1,784,838
Lee's
Summit,
Industrial
Development
Authority,
Senior
Living
Facilities,
John
Knox
Village,
Series
A
(RB)
5.00%,
08/15/39
(c)
1,000
1,002,914
5.62%,
08/15/54
(c)
500
476,817
Missouri
State
Health
and
Educational
Facilities
Authority,
Lutheran
Senior
Services
Project,
Series
A
(RB)
5.00%,
02/01/42
(c)
3,000
2,899,581
St.
Joseph
Industrial
Development
Authority,
Missouri
Healthcare,
Series
A
(RB)
5.00%,
01/01/50
(c)
1,000
697,165
St.
Louis
County,
Industrial
Development
Authority,
Friendship
Village
St.
Louis
(RB)
5.00%,
09/01/48
(c)
2,500
2,253,213
St.
Louis
County,
Industrial
Development
Authority,
Friendship
Village
St.
Louis,
Series
A
(RB)
5.00%,
09/01/38
(c)
500
497,449
St.
Louis
County,
Industrial
Development
Authority,
St.
Andrew's
Resources,
Series
A
(RB)
5.00%,
12/01/35
(c)
150
144,035
University
City
of
Missouri,
Industrial
Development
Authority,
Series
A
(RB)
4.88%,
06/15/36
(c)
880
871,529
28,045,193
Montana
:
0.1%
City
of
Kalispell,
Immanuel
Living
at
Buffalo
Hill
Project,
Series
B
(RB)
4.25%,
05/15/30
(c)
500
502,293
Montana
Facility
Finance
Authority,
Health
Care
Facilities,
Children's
Home
&
Hospital
Project,
Series
A
(RB)
4.00%,
07/01/50
(c)
1,970
1,231,233
1,733,526
Par
(000’s)
Value
Nebraska
:
0.2%
Central
Plains
Energy
Project,
Gas
Project
Crossover
No.
3,
Series
A
(RB)
5.00%,
09/01/30
$
2,000
$
2,111,356
5.00%,
09/01/34
1,000
1,066,746
5.00%,
09/01/36
500
527,861
Central
Plains
Energy
Project,
Gas
Supply,
Series
A
(RB)
5.00%,
08/01/55
(c)
(p)
2,000
2,124,127
Central
Plains
Energy
Project,
Series
G
(RB)
5.00%,
05/01/53
(c)
(p)
235
244,563
6,074,653
Nevada
:
0.5%
City
of
Las
Vegas,
Special
Improvement
District
No.
814
(SA)
4.00%,
06/01/44
(c)
225
186,777
4.00%,
06/01/49
(c)
515
407,427
City
of
Las
Vegas,
Special
Improvement
District
No.
818
(SA)
5.00%,
12/01/49
(c)
500
464,202
City
of
Reno,
Special
Assessment
District
No.
1,
Local
Improvement
(SA)
5.25%,
06/01/54
(c)
750
688,560
City
of
Reno,
Tax
Increment
Senior
Lien,
Series
C
(TA)
5.40%,
06/01/27
(c)
505
505,061
Clark
County,
Special
Improvement
District
No.
159
(SA)
5.00%,
08/01/35
(c)
155
155,057
Henderson
Local
Improvement
District
No.
T-18
(SA)
4.00%,
09/01/35
(c)
590
531,885
North
Las
Vegas,
Special
Improvement
District
No.
64
(SA)
4.62%,
06/01/49
(c)
210
182,793
North
Las
Vegas,
Special
Improvement
District
No.
64
(SA)
(SAW)
4.62%,
06/01/43
(c)
440
397,632
State
of
Nevada,
Department
of
Business
and
Industry,
Brightline
West
Passenger
Rail
Project,
Series
A
(RB)
9.50%,
01/01/65
(c)
(p)
10,500
9,115,190
State
of
Nevada,
Department
of
Business
and
Industry,
Somerset
Academy,
Series
A
(RB)
5.00%,
12/15/35
(c)
2,000
1,995,886
5.00%,
12/15/38
(c)
400
385,925
5.00%,
12/15/48
(c)
500
440,045
5.12%,
12/15/45
(c)
1,000
916,673
16,373,113
Par
(000’s)
Value
New
Hampshire
:
0.8%
National
Finance
Authority,
Affordable
Housing
(RB)
4.75%,
06/20/41
(c)
(p)
$
500
$
499,034
National
Finance
Authority,
Bridgeland
Water
and
Utility
Districts
(RB)
5.38%,
12/15/35
(c)
2,114
2,067,764
National
Finance
Authority,
Covanta
Project,
Series
B
(RB)
4.62%,
11/01/42
(c)
4,225
3,734,790
National
Finance
Authority,
Emberly
and
Cantera
Creek
Projects
(RB)
5.38%,
12/01/31
(c)
713
712,717
National
Finance
Authority,
Highlands
Project
(RB)
5.12%,
12/15/30
(c)
675
675,614
National
Finance
Authority,
Mirador
Project
(RB)
6.00%,
12/01/31
(c)
750
752,812
National
Finance
Authority,
New
Hampshire
Business,
Series
A-2
(RB)
4.09%,
01/20/41
3,988
3,548,432
National
Finance
Authority,
New
Hampshire
Resource
Recovery,
Covanta
Project,
Series
C
(RB)
4.88%,
11/01/42
(c)
3,375
3,041,008
National
Finance
Authority,
New
Hampshire,
Presbyterian
Senior
Living
Project,
Series
A
(RB)
5.25%,
07/01/48
(c)
1,000
956,939
National
Finance
Authority,
Silverado
Project
(RB)
5.00%,
12/01/28
(c)
1,000
1,001,392
National
Finance
Authority,
Springpoints
Living
Project
(RB)
4.00%,
01/01/41
(c)
1,000
847,244
National
Finance
Authority,
Valencia
Project
(RB)
5.30%,
12/01/32
(c)
750
747,851
National
Finance
Authority,
Vista
Project,
Series
A
(RB)
5.62%,
07/01/46
(c)
2,600
2,472,793
National
Finance
Authority,
Wildflower
Project
(RB)
0.00%,
12/15/33
(c)
^
505
305,855
New
Hampshire
Business
Finance
Authority
(RB)
0.00%,
12/01/31
(c)
^
5,000
3,312,414
5.15%,
06/20/41
(c)
(p)
1,000
1,003,889
New
Hampshire
Business
Finance
Authority,
Series
A
(RB)
(BAM)
4.12%,
01/20/34
1,291
1,278,169
26,958,717
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
New
Jersey
:
1.9%
New
Jersey
Economic
Development
Authority,
Bancroft
Neurohealth
Project,
Series
A
(RB)
5.00%,
06/01/36
(c)
$
470
$
466,715
New
Jersey
Economic
Development
Authority,
Continental
Airlines,
Inc.
Project
(RB)
5.25%,
09/15/29
(c)
1,410
1,411,468
5.50%,
06/01/33
(c)
60
60,060
5.62%,
11/15/30
(c)
285
285,299
5.62%,
11/15/30
(c)
2,035
2,037,136
5.75%,
09/15/27
(c)
655
656,342
New
Jersey
Economic
Development
Authority,
Kapkowski
Road
Landfill
Reclamation
Improvement
District
Project
(SA)
5.75%,
04/01/31
55
54,872
New
Jersey
Economic
Development
Authority,
Lions
Gate
Project
(RB)
4.88%,
01/01/29
(c)
535
534,983
5.00%,
01/01/34
(c)
500
493,671
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
A
(RB)
4.00%,
07/01/32
(c)
1,640
1,608,506
4.00%,
07/01/34
(c)
2,000
1,941,742
5.00%,
07/01/33
(c)
4,640
4,684,750
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
A
(RB)
(BAM)
5.00%,
07/01/28
(c)
2,500
2,590,310
New
Jersey
Economic
Development
Authority,
Motor
Vehicle
Surcharges,
Series
B
(RB)
(XLCA)
0.00%,
07/01/26
^
515
500,210
New
Jersey
Economic
Development
Authority,
Port
Newark
Container
Terminal
LLC
Project
(RB)
5.00%,
10/01/47
(c)
3,300
3,100,762
New
Jersey
Economic
Development
Authority,
Rapuano
Port
&
Rail
Terminal
Project
(RB)
6.38%,
01/01/35
(c)
1,250
1,270,354
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
EEE
(RB)
5.00%,
06/15/48
(c)
2,880
2,841,674
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
LLL
(RB)
5.00%,
06/15/38
(c)
$
600
$
615,771
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction,
Series
WW
(RB)
5.25%,
06/15/28
(c)
435
435,540
New
Jersey
Economic
Development
Authority,
The
Goethals
Bridge
Replacement
Project
(RB)
5.12%,
01/01/34
(c)
350
350,484
5.50%,
01/01/27
(c)
500
501,109
New
Jersey
Economic
Development
Authority,
West
Campus
Housing,
LLC,
Series
A
(RB)
4.12%,
07/01/30
(c)
150
145,363
New
Jersey
Educational
Facilities
Authority,
Princeton
University,
Series
A
(RB)
5.00%,
07/01/64
(c)
(p)
3,000
3,320,363
New
Jersey
Educational
Facilities
Authority,
Rider
University,
Series
F
(RB)
5.00%,
07/01/47
(c)
490
364,226
New
Jersey
Health
Care
Facilities
Financing
Authority,
Hospital
Asset
Transformation
Program
(RB)
5.00%,
10/01/28
(c)
500
529,187
New
Jersey
Transportation
Trust
Fund
Authority,
Series
A
(RB)
0.00%,
12/15/33
^
5
3,661
5.00%,
12/15/26
5
5,167
5.00%,
12/15/28
200
215,502
5.00%,
06/15/37
(c)
1,000
1,070,545
5.00%,
06/15/38
(c)
1,500
1,588,254
5.00%,
12/15/39
(c)
385
392,304
5.25%,
06/15/39
(c)
3,000
3,211,078
New
Jersey
Transportation
Trust
Fund
Authority,
Series
BB
(RB)
3.00%,
06/15/50
(c)
3,000
2,064,446
New
Jersey
Transportation
Trust
Fund
Authority,
Series
C
(RB)
(AMBAC)
0.00%,
12/15/28
^
100
90,783
New
Jersey
Transportation
Trust
Fund
Authority,
Series
C
(RB)
(NATL)
0.00%,
12/15/31
^
365
294,833
Par
(000’s)
Value
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
Series
CC
(RB)
5.25%,
06/15/50
(c)
$
1,000
$
1,017,474
Newark
Housing
Port
Authority,
Marine
Terminal
Redevelopment
Project
(RB)
(NATL)
5.25%,
01/01/27
100
102,705
Passaic
County
Improvement
Authority,
Series
A
(RB)
5.00%,
01/01/55
(c)
750
671,880
5.00%,
01/01/60
(c)
500
437,748
South
Jersey
Port
Corp.,
Marine
Terminal,
Series
B
(RB)
5.00%,
01/01/34
(c)
360
367,427
Tobacco
Settlement
Financing
Corp.,
Series
A
(RB)
5.00%,
06/01/46
(c)
10,290
9,902,672
5.25%,
06/01/46
(c)
2,675
2,658,047
Tobacco
Settlement
Financing
Corp.,
Series
B
(RB)
5.00%,
06/01/46
(c)
8,610
8,308,907
63,204,330
New
Mexico
:
0.2%
New
Mexico
Hospital
Equipment
Loan
Council,
Haverland
Carter
Lifestyle
Group
-LA
Vida
Llena
Expansion
Project,
Series
A
(RB)
5.00%,
07/01/49
(c)
3,480
2,936,177
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Program,
Series
C
(RB)
5.10%,
09/01/55
(c)
1,000
996,383
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Program,
Series
I
(RB)
5.05%,
09/01/50
(c)
1,000
1,000,329
New
Mexico
Municipal
Energy
Acquisition
Authority,
Gas
Supply
(RB)
5.00%,
06/01/54
(c)
(p)
1,000
1,061,717
5,994,606
New
York
:
10.7%
Brooklyn
Arena
Local
Development
Corp.,
Barclays
Center
(RB)
0.00%,
07/15/32
^
395
298,974
0.00%,
07/15/33
^
370
266,221
0.00%,
07/15/47
^
180
52,898
Brooklyn
Arena
Local
Development
Corp.,
Barclays
Center,
Series
A
(RB)
5.00%,
07/15/26
345
349,668
5.00%,
07/15/42
(c)
9,515
9,262,180
Build
NYC
Resource
Corp.
(RB)
5.62%,
07/01/45
(c)
500
478,223
Par
(000’s)
Value
New
York
(continued)
Build
NYC
Resource
Corp.,
Albert
Einstein
School
of
Medicine,
Inc.,
Project
(RB)
5.50%,
09/01/45
(c)
$
4,725
$
4,595,009
Build
NYC
Resource
Corp.,
Bayridge
Preparatory
School
Project
(RB)
5.00%,
09/01/49
(c)
1,255
1,113,159
5.00%,
09/01/59
(c)
3,800
3,268,749
Build
NYC
Resource
Corp.,
East
Harlem
Scholars
Academy
Charter
School
Project
(RB)
5.75%,
06/01/42
(c)
1,000
997,599
Build
NYC
Resource
Corp.,
Kipp
NYC
Public
School
Facilities
-
Canal
West
Project
(RB)
5.25%,
07/01/52
(c)
1,000
957,133
5.25%,
07/01/57
(c)
1,000
946,271
Build
NYC
Resource
Corp.,
Richmond
University
Medical
Center
Project,
Series
A
(RB)
5.62%,
12/01/50
(c)
1,200
1,037,965
Build
NYC
Resource
Corp.,
Shefa
School
Project,
Series
A
(RB)
(SAW)
5.00%,
06/15/51
(c)
6,500
5,624,542
Build
NYC
Resource
Corp.,
Unity
Preparatory
Charter
School
of
Brooklyn
Project,
Series
A
(RB)
5.50%,
06/15/63
(c)
1,000
936,278
City
of
New
York,
Series
G
(GO)
5.00%,
02/01/37
(c)
1,000
1,094,070
5.25%,
02/01/53
(c)
1,500
1,532,733
City
of
Troy
Capital
Resource
Corp.,
Series
A
(RB)
4.00%,
09/01/40
(c)
1,250
1,125,575
County
of
Sullivan,
Adelaar
Infrastructure
Project,
Series
A-2
(SA)
5.35%,
11/01/49
(c)
2,000
1,914,291
Dutchess
County
Local
Development
Corp.,
Bard
College
Project,
Series
A
(RB)
5.00%,
07/01/40
(c)
1,500
1,512,776
5.00%,
07/01/45
(c)
1,000
972,066
5.00%,
07/01/51
(c)
3,370
3,175,748
Erie
Tobacco
Asset
Securitization
Corp.,
Series
A
(RB)
5.00%,
06/01/38
(c)
5
4,507
5.00%,
06/01/45
(c)
2,000
1,620,276
Metropolitan
Transportation
Authority,
Series
A
(RB)
5.00%,
11/15/41
(c)
1,000
1,019,344
5.25%,
11/15/49
(c)
1,625
1,638,375
5.25%,
11/15/55
(c)
2,000
2,009,960
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
New
York
(continued)
Monroe
County
Industrial
Development
Corp.,
Eugenio
Maria
De
Hostos
Charter
School
Project,
Series
A
(RB)
5.00%,
07/01/44
(c)
$
1,000
$
885,588
5.00%,
07/01/59
(c)
1,000
830,385
Monroe
County
Industrial
Development
Corp.,
Rochester
regional
Health
Project,
Series
A
(RB)
3.00%,
12/01/40
(c)
5
3,773
Monroe
County
Industrial
Development
Corp.,
Rochester
Regional
Health
Project,
Series
A
(RB)
4.00%,
12/01/35
(c)
2,100
2,045,124
5.00%,
12/01/31
(c)
500
533,838
Nassau
County
Tobacco
Settlement
Corp.,
Series
A-3
(RB)
5.12%,
06/01/46
(c)
2,905
2,324,226
New
York
&
New
Jersey
Port
Authority
(RB)
5.00%,
01/15/50
(c)
3,000
3,042,094
5.00%,
01/15/55
(c)
2,500
2,525,577
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
B-2
(RB)
3.95%,
11/01/64
(c)
(p)
1,500
1,531,771
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
C-2
(RB)
3.75%,
05/01/65
(c)
(p)
2,000
2,027,042
New
York
City
Housing
Development
Corp.,
Multi-
Family
Housing,
Series
F-1
(RB)
4.55%,
11/01/54
(c)
2,000
1,899,892
New
York
City
Housing
Development
Corp.,
Multi-
Family
Mortgage,
Series
D
(RB)
4.00%,
12/15/31
(c)
250
257,617
New
York
City
Housing
Development
Corp.,
Multi-
Family
Mortgage,
Series
E
(RB)
4.38%,
12/15/31
(c)
1,000
1,024,938
New
York
City
Housing
Development
Corp.,
Multi-
Family
Mortgage,
Series
F
(RB)
5.25%,
12/15/31
(c)
1,250
1,280,906
New
York
City
Industrial
Development
Agency,
Airport
Facilities,
Series
A
(RB)
5.00%,
07/01/28
(c)
1,110
1,110,254
Par
(000’s)
Value
New
York
(continued)
New
York
Convention
Center
Development
Corp.
(RB)
5.00%,
11/15/40
(c)
$
3,325
$
3,325,362
New
York
Counties
Tobacco
Trust
IV,
Series
A
(RB)
3.75%,
06/01/45
(c)
500
363,076
5.00%,
06/01/42
(c)
7,335
6,139,064
5.00%,
06/01/45
(c)
785
656,252
New
York
Counties
Tobacco
Trust
IV,
Series
E
(RB)
0.00%,
06/01/55
(c)
^
5
377
New
York
Counties
Tobacco
Trust
VI,
Series
A-2B
(RB)
5.00%,
06/01/45
(c)
1,270
1,083,169
5.00%,
06/01/51
(c)
5,000
4,146,198
New
York
Energy
Finance
Development
Corp.
(RB)
5.00%,
07/01/56
(c)
(p)
2,500
2,607,651
New
York
Liberty
Development
Corp.,
3
World
Trade
Center
Project
(RB)
5.00%,
11/15/44
(c)
7,000
6,710,792
5.38%,
11/15/40
(c)
10,000
9,868,052
New
York
Liberty
Development
Corp.,
Bank
of
America
Tower
at
One
Bryant
Park
Project,
Series
3
(RB)
2.80%,
09/15/69
(c)
7,000
6,385,182
New
York
Liberty
Development
Corp.,
Goldman
Sachs
Headquarters
LLC
(RB)
5.25%,
10/01/35
3,000
3,357,875
New
York
State
Dormitory
Authority,
Catholic
Health
System,
Series
A
(RB)
4.00%,
07/01/45
(c)
2,500
1,997,720
New
York
State
Dormitory
Authority,
CUNY
Student
Housing
Project
(RB)
(AMBAC)
5.50%,
07/01/35
480
499,808
New
York
State
Dormitory
Authority,
Fit
Student
Housing
Corp.
(RB)
(NATL)
5.25%,
07/01/31
150
154,007
New
York
State
Dormitory
Authority,
Fordham
University,
Series
A
(RB)
5.00%,
07/01/41
(c)
1,550
1,553,794
New
York
State
Dormitory
Authority,
Memorial
Sloan
Kettering
Cancer
Center,
Series
1
(RB)
5.25%,
07/01/54
(c)
1,000
1,027,815
New
York
State
Dormitory
Authority,
Montefiore
Obligated
Group,
Series
A
(RB)
5.00%,
08/01/27
1,000
1,029,253
Par
(000’s)
Value
New
York
(continued)
New
York
State
Dormitory
Authority,
New
York
University,
Series
A
(RB)
(AGM)
5.00%,
07/01/43
(c)
$
2,375
$
2,384,777
New
York
State
Dormitory
Authority,
White
Plains
Hospital
(RB)
5.25%,
10/01/49
(c)
1,100
1,090,795
New
York
State
Dormitory
Authority,
White
Plants
Hospital
(RB)
(AGC)
5.50%,
10/01/54
(c)
4,300
4,407,883
New
York
State
Dormitory
Authority,
Yeshiva
University,
Series
A
(RB)
5.00%,
07/15/50
(c)
6,300
6,012,047
New
York
State
Housing
Finance
Agency,
Series
A
(RB)
3.95%,
11/01/50
(c)
(p)
1,000
971,668
New
York
Transportation
Development
Corp.
(RB)
6.00%,
06/30/44
(c)
700
737,579
6.00%,
06/30/50
(c)
750
778,070
6.00%,
06/30/59
(c)
1,000
1,025,356
New
York
Transportation
Development
Corp.
(RB)
(AG)
6.00%,
06/30/43
(c)
800
860,899
New
York
Transportation
Development
Corp.,
American
Airlines,
Inc.
John
F.
Kennedy
International
Airport
Project
(RB)
5.00%,
08/01/26
(c)
3,420
3,419,982
5.00%,
08/01/31
(c)
9,640
9,639,461
5.25%,
08/01/31
(c)
5,675
5,799,915
5.38%,
08/01/36
(c)
2,000
2,037,245
New
York
Transportation
Development
Corp.,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project
(RB)
4.00%,
01/01/36
(c)
1,750
1,627,520
4.38%,
10/01/45
(c)
7,500
6,513,040
5.00%,
01/01/30
(c)
4,600
4,694,175
5.00%,
01/01/33
(c)
5,230
5,309,277
5.00%,
10/01/35
(c)
6,650
6,732,725
5.00%,
10/01/40
(c)
7,000
6,887,667
5.62%,
04/01/40
(c)
5,895
6,049,031
6.00%,
04/01/35
(c)
10,000
10,834,439
New
York
Transportation
Development
Corp.,
JFK
Airport
Terminal
6
Redevelopment
Project
(RB)
5.50%,
12/31/54
(c)
9,900
9,684,784
Par
(000’s)
Value
New
York
(continued)
New
York
Transportation
Development
Corp.,
JFK
Airport
Terminal
6
Redevelopment
Project,
Series
A
(RB)
5.50%,
12/31/60
(c)
$
1,000
$
967,672
New
York
Transportation
Development
Corp.,
JFK
Airport
Terminal
6
Redevelopment
Project,
Series
A
(RB)
(AGC)
5.25%,
12/31/54
(c)
4,000
3,922,222
New
York
Transportation
Development
Corp.,
JFK
Airport
Terminal
6
Redevelopment
Project,
Series
B
(RB)
(AGC)
5.00%,
12/31/54
(c)
1,000
603,876
New
York
Transportation
Development
Corp.,
John
F.
Kennedy
International
Airport
New
Terminal
4
Project
(RB)
(AGM)
5.00%,
12/01/30
5,000
5,388,416
5.00%,
12/01/31
2,355
2,554,942
New
York
Transportation
Development
Corp.,
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
(RB)
3.00%,
08/01/31
5,765
5,299,182
5.00%,
06/30/60
(c)
2,500
2,248,697
5.25%,
06/30/49
(c)
1,850
1,774,238
5.38%,
06/30/60
(c)
10,000
9,518,972
6.00%,
06/30/54
(c)
6,475
6,580,039
New
York
Transportation
Development
Corp.,
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
(RB)
(AGM)
5.00%,
12/01/32
6,080
6,563,142
New
York
Transportation
Development
Corp.,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
A
(RB)
4.00%,
07/01/31
(c)
1,000
999,980
5.00%,
07/01/30
(c)
420
420,471
5.00%,
07/01/34
(c)
4,230
4,234,226
5.00%,
07/01/41
(c)
11,445
11,444,621
5.00%,
07/01/46
(c)
18,530
17,642,174
5.25%,
01/01/50
(c)
9,720
9,391,091
New
York
Transportation
Development
Corp.,
LaGuardia
Airport
Terminals
B
Redevelopment
Project,
Series
A
(RB)
(AGM)
4.00%,
07/01/35
(c)
1,660
1,603,510
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
New
York
(continued)
New
York
Transportation
Development
Corp.,
Terminal
4
John
F.
Kennedy
International
Airport
Project
(RB)
5.00%,
12/01/39
(c)
$
1,000
$
1,003,973
5.00%,
12/01/41
(c)
6,000
5,927,280
5.00%,
12/01/42
(c)
1,000
979,100
New
York
Transportation
Development
Corporation,
John
F.
Kennedy
International
Airport
New
Terminal
Project
(RB)
5.50%,
06/30/54
(c)
7,895
7,626,486
Niagara
Area
Development
Corp.,
New
York
Solid
Waste
Disposal
Facility,
Series
A
(RB)
4.75%,
11/01/42
(c)
2,250
1,996,913
Onondaga
Civic
Development
Corp.,
Syracuse
University
Project
(RB)
5.50%,
12/01/56
(c)
3,000
3,162,044
Otsego
County
Capital
Resource
Corp.,
Hartwick
College
Project,
Series
A
(RB)
5.00%,
10/01/45
(c)
355
240,154
Suffolk
Tobacco
Asset
Securitization
Corp.,
Series
B-2
(RB)
0.00%,
06/01/66
(c)
^
10,515
868,998
Triborough
Bridge
and
Tunnel
Authority,
Series
A
(RB)
5.50%,
12/01/59
(c)
1,000
1,038,124
Troy
Capital
Resource
Corp.,
Rensselaer
Polytechnic
Institute
Project,
Series
A
(RB)
5.00%,
09/01/36
(c)
2,020
2,097,872
TSASC,
Inc.,
Tobacco
Settlement
Bonds,
Series
B
(RB)
5.00%,
06/01/45
(c)
5,600
4,821,376
5.00%,
06/01/48
(c)
3,000
2,553,389
Ulster
County
Capital
Resource
Corp.,
Woodland
Pond
of
New
Paltz
Project
(RB)
5.00%,
09/15/37
(c)
400
356,177
5.25%,
09/15/53
(c)
180
135,108
Westchester
County
Local
Development
Corp.,
Medical
Center
(RB)
5.00%,
11/01/46
(c)
4,860
4,283,272
Westchester
County
Local
Development
Corp.,
Purchase
Senior
Learning
Community
Inc.,
Project,
Series
A
(RB)
5.00%,
07/01/46
(c)
2,000
1,778,722
5.00%,
07/01/56
(c)
4,500
3,835,047
Par
(000’s)
Value
New
York
(continued)
Westchester
Tobacco
Asset
Securitization
Corp.,
Series
B
(RB)
5.00%,
06/01/41
(c)
$
200
$
195,600
Yonkers
Economic
Development
Corp.,
Charter
School
of
Educational
Excellence
Project,
Series
A
(RB)
5.00%,
10/15/54
(c)
275
241,240
Yonkers
Economic
Development
Corp.,
Charter
School
of
Educational
Excellence
Project,
Series
A
(RB)
(AGM)
5.00%,
10/15/39
(c)
315
306,522
352,136,265
North
Carolina
:
0.7%
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
(RB)
4.20%,
05/01/34
500
499,090
North
Carolina
Department
of
Transportation,
I-77
Hot
Lanes
Project
(RB)
5.00%,
12/31/37
(c)
1,000
1,000,336
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
First
Mortgage
(RB)
5.00%,
10/01/25
35
35,016
5.00%,
10/01/30
(c)
1,000
1,000,118
5.00%,
10/01/35
(c)
2,270
2,191,941
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
(RB)
5.00%,
10/01/31
(c)
3,530
3,567,522
5.00%,
10/01/37
(c)
1,140
1,140,536
5.25%,
12/01/54
(c)
1,000
943,494
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage,
Penick
Village
Project,
Series
B-3
(RB)
4.25%,
09/01/28
(c)
500
500,088
North
Carolina
Medical
Care
Commission,
Retirement
Facilities,
Series
A
(RB)
5.00%,
10/01/30
(c)
165
165,205
5.50%,
09/01/54
(c)
1,485
1,382,752
North
Carolina
Medical
Care
Commission,
Retirement
Facilities,
Series
A
(RB)
(AGM)
5.00%,
07/01/49
(c)
385
340,449
North
Carolina
Medical
Care
Commission,
Salemtowne
Project
(RB)
5.25%,
10/01/37
(c)
465
445,915
Par
(000’s)
Value
North
Carolina
(continued)
North
Carolina
Turnpike
Authority
(RB)
(AGM)
4.00%,
01/01/55
(c)
$
1,625
$
1,355,546
North
Carolina
Turnpike
Authority
Triangle
Expressway
System
Senior
Lien
(RB)
5.00%,
01/01/30
(c)
1,000
1,025,126
5.00%,
01/01/40
(c)
5,000
5,057,256
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
(RB)
5.00%,
01/01/49
(c)
1,430
1,393,108
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System,
Series
B
(RB)
(AGM)
5.00%,
01/01/32
(c)
100
105,865
State
of
North
Carolina,
Department
of
State
Treasurer
(RB)
5.00%,
03/01/36
(c)
1,500
1,675,265
23,824,628
North
Dakota
:
0.2%
City
of
Grand
Forks,
Altru
Health
System
(RB)
5.00%,
12/01/32
(c)
2,000
2,096,019
City
of
Grand
Forks,
Altru
Health
System,
Series
A
(RB)
(AGM)
5.00%,
12/01/53
(c)
1,000
974,728
City
of
Williston,
Eagle
Crest
Apartments
LLC
Project
(RB)
6.25%,
09/01/23
(d)
*
405
15,435
7.75%,
09/01/38
(c)
(d)
*
846
32,251
County
of
Grand
Forks,
Red
River
Biorefinery,
LLC
Project,
Series
A
(RB)
7.00%,
12/15/43
(c)
(d)
*
5,500
55
County
of
Ward,
North
Dakota
Health
Care
Facilities,
Series
C
(RB)
5.00%,
06/01/43
(c)
1,000
927,105
5.00%,
06/01/48
(c)
3,000
2,709,567
6,755,160
Ohio
:
3.2%
Akron
Bath
Copley
Joint
Township
Hospital
District,
Summa
Health
System
(RB)
5.25%,
11/15/41
(c)
500
505,800
5.25%,
11/15/46
(c)
5,000
5,050,208
Brunswick
City
School
District,
Classroom
Facilities
and
School
Improvement
(GO)
(BAM)
5.25%,
12/01/53
(c)
2,000
2,029,839
Par
(000’s)
Value
Ohio
(continued)
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
B-2
(RB)
5.00%,
06/01/55
(c)
$
21,655
$
17,614,855
Centerville
Ohio
Health
Care,
Graceworks
Lutheran
Services
(RB)
5.25%,
11/01/47
(c)
1,000
860,702
City
of
Norwood,
Rookwood
Exchange
Project
(TA)
5.00%,
12/01/41
(c)
500
485,051
Cleveland
Cuyahoga
County,
Port
Authority
Cultural
Facility,
Playhouse
Square
Foundation
Project
(RB)
5.00%,
12/01/28
600
611,881
Cleveland-Cuyahoga
County
Port
Authority,
Series
A
(RB)
5.88%,
01/01/49
(c)
750
710,545
Columbus
Regional
Airport
Authority,
Series
A
(RB)
5.00%,
01/01/35
1,000
1,070,668
5.50%,
01/01/50
(c)
3,000
3,069,962
Columbus-Franklin
County
Finance
Authority,
Ohio
Dominican
University
Project
(RB)
(SBG)
6.50%,
03/01/48
(c)
3,800
2,479,275
County
of
Allen,
Ohio,
Hospital
Facilities,
Bon
Secours
Mercy
Health,
Inc.,
Series
A
(RB)
5.00%,
11/01/33
3,000
3,337,936
5.00%,
11/01/34
1,000
1,110,534
County
of
Butler,
Ohio
Hospital
(RB)
5.00%,
11/15/32
(c)
1,035
1,046,659
County
of
Cuyahoga,
Ohio
Hospital,
The
Metrohealth
System
(RB)
4.75%,
02/15/47
(c)
340
302,225
5.25%,
02/15/47
(c)
10,000
9,448,035
5.50%,
02/15/52
(c)
1,225
1,164,612
5.50%,
02/15/57
(c)
3,000
2,811,387
County
of
Hamilton,
Ohio
Hospital
Facilities
(RB)
5.50%,
08/01/51
(c)
1,000
968,299
County
of
Lukas,
Ohio
Hospital,
Promedica
Healthcare,
Series
A
(RB)
(AGM)
5.25%,
11/15/48
(c)
8,000
7,531,040
County
of
Montgomery,
Premier
Health
Partners,
Series
A
(RB)
4.00%,
11/15/42
(c)
3,940
3,391,225
4.00%,
11/15/45
(c)
1,250
1,028,121
Jefferson
County
Port
Authority,
JSW
Steel
USA
Inc.
Project
(RB)
3.50%,
12/01/51
(c)
1,000
719,014
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Ohio
(continued)
Muskingum
County,
Ohio
Hospital
Facilities,
Genesis
HealthCare
System
Project
(RB)
5.00%,
02/15/33
(c)
$
490
$
491,885
5.00%,
02/15/44
(c)
1,750
1,605,653
Ohio
Air
Quality
Development
Authority,
AMG
Vanadium
Project
(RB)
5.00%,
07/01/49
(c)
11,000
9,317,054
Ohio
Air
Quality
Development
Authority,
Dayton
Co.
Project,
Series
B
(RB)
4.25%,
11/01/40
(p)
2,000
2,025,964
Ohio
Air
Quality
Development
Authority,
Duke
Energy
Corp.
Project,
Series
B
(RB)
4.25%,
11/01/39
(p)
1,000
1,014,583
Ohio
Air
Quality
Development
Authority,
Ohio
Valley
Electric
Corp.
Project,
Series
A
(RB)
3.25%,
09/01/29
2,750
2,711,338
Ohio
Air
Quality
Development
Authority,
Pratt
Paper
LLC
Project
(RB)
4.25%,
01/15/38
(c)
1,000
951,803
4.50%,
01/15/48
(c)
2,000
1,748,172
Ohio
Airport
Special
Revenue,
Continental
Airlines,
Inc.
Project
(RB)
5.38%,
09/15/27
(c)
5,000
5,002,940
Ohio
Housing
Finance
Agency,
Multifamily
Housing,
Haven's
Edge
Apartments
Project,
Series
A
(RB)
5.70%,
08/01/43
(c)
2,000
2,006,735
Ohio
State
University/The
(RB)
3.00%,
12/01/44
(c)
6,790
5,069,908
Ohio
University,
Series
A
(RB)
5.00%,
12/01/45
(c)
1,250
1,253,414
Port
of
Greater
Cincinnati
Development
Authority
(RB)
6.50%,
01/01/45
(c)
500
494,933
Southeastern
Ohio
Port
Authority,
Hospital
Facilities,
Memorial
Health
System
Project
(RB)
5.00%,
12/01/35
(c)
245
223,393
5.00%,
12/01/43
(c)
1,240
1,009,833
5.50%,
12/01/43
(c)
70
60,647
Washington
County,
Ohio
Hospital
Facilities,
Memorial
Health
System
(RB)
6.75%,
12/01/52
(c)
2,235
2,299,879
104,636,007
Par
(000’s)
Value
Oklahoma
:
1.1%
Atoka
Industrial
Development
Authority
Solid
Waste
Disposal
Facilities,
Gladieux
Metals
Recycling
Oklahoma,
LLC
Project
(RB)
8.00%,
08/01/39
(c)
$
1,000
$
450,000
Norman
Regional
Hospital
Authority
(RB)
3.25%,
09/01/38
(c)
340
243,548
4.00%,
09/01/45
(c)
1,000
701,059
Oklahoma
County
Finance
Authority
(RB)
6.50%,
06/15/64
(c)
1,250
1,182,045
Oklahoma
Development
Finance
Authority,
Oklahoma
City
University
Project
(RB)
5.00%,
08/01/44
(c)
4,305
3,992,083
Oklahoma
Development
Finance
Authority,
OU
Medicine
Project,
Series
B
(RB)
5.00%,
08/15/33
(c)
700
717,157
5.25%,
08/15/43
(c)
2,900
2,839,237
5.25%,
08/15/48
(c)
11,000
10,279,163
Oklahoma
Development
Finance
Authority,
OU
Medicine
Project,
Series
B
(RB)
(AGM)
5.50%,
08/15/52
(c)
1,300
1,235,413
5.50%,
08/15/57
(c)
7,290
6,868,863
Oklahoma
Housing
Finance
Agency,
Single
Family
Mortgage,
Series
B
(RB)
4.88%,
09/01/45
(c)
1,000
987,733
Rogers
County
Industrial
Development
Authority
(RB)
3.62%,
04/01/40
(c)
375
313,450
Tulsa
Municipal
Airport
Trust,
American
Airlines,
Inc.,
Series
B
(RB)
5.50%,
06/01/35
(c)
5,000
4,999,491
34,809,242
Oregon
:
0.3%
Multnomah
County,
Oregon
Hospital
Facilities
Authority,
Parkview
Project,
Series
A
(RB)
(AGM)
4.00%,
12/01/36
(c)
1,000
903,108
Oregon
State
Facilities
Authority
(RB)
5.50%,
06/15/45
(c)
475
458,296
5.62%,
06/15/55
(c)
810
767,751
6.00%,
06/15/65
(c)
1,000
985,984
Oregon
State
Facilities
Authority,
Samaritan
Health
Services
Project,
Series
A
(RB)
5.00%,
10/01/35
(c)
2,260
2,231,118
5.00%,
10/01/46
(c)
1,000
932,177
Par
(000’s)
Value
Oregon
(continued)
Oregon
State,
Interstate
5
Bridge
Replacement
Project,
Series
E
(GO)
5.00%,
05/15/50
(c)
$
1,000
$
992,793
Oregon
State,
Series
A
(GO)
5.25%,
05/01/50
(c)
1,000
1,041,499
8,312,726
Pennsylvania
:
3.3%
Adams
County
General
Authority,
Brethren
Home
Community
Project,
Series
A
(RB)
5.00%,
06/01/34
(c)
250
259,922
5.00%,
06/01/59
(c)
1,000
882,804
Allegheny
County
Airport
Authority,
Pittsburgh
International
Airport,
Series
A
(RB)
(AGM)
5.50%,
01/01/48
(c)
1,410
1,442,881
Allentown
Neighborhood
Improvement
Zone
Development
Authority
(RB)
5.00%,
05/01/28
425
435,791
5.00%,
05/01/28
620
640,968
5.00%,
05/01/32
(c)
250
253,850
5.00%,
05/01/33
(c)
250
255,268
5.00%,
05/01/42
(c)
1,960
1,918,404
5.00%,
05/01/42
(c)
2,000
1,933,662
5.00%,
05/01/42
(c)
2,245
2,177,807
5.38%,
05/01/42
(c)
4,000
3,962,419
Berks
County
Municipal
Authority,
Tower
Health
Project,
Series
A-3
(RB)
5.00%,
06/30/39
(c)
10,064
9,123,003
Berks
County
Municipal
Authority,
Tower
Health
Project,
Series
B-1
(RB)
6.00%,
06/30/44
(c)
1,279
922,928
Central
Texas
Regional
Mobility
Authority,
Subordinated
Lien,
Series
G
(RB)
6.00%,
10/01/48
(c)
1,000
899,578
Chester
County
Health
and
Education
Facilities
Authority,
Immaculata
University
Project
(RB)
5.00%,
11/01/46
(c)
430
336,155
Chester
County
Industrial
Development
Authority,
Collegium
Chapter
School
Project,
Series
A
(RB)
5.25%,
10/15/47
(c)
1,250
1,082,828
Chester
County
Industrial
Development
Authority,
Woodland
at
Greystone
Project
(SA)
5.00%,
03/01/38
(c)
1,000
964,901
5.12%,
03/01/48
(c)
1,704
1,529,488
Par
(000’s)
Value
Pennsylvania
(continued)
City
of
Philadelphia
PA
Airport
Revenue
(RB)
(AGM)
4.00%,
07/01/46
(c)
$
1,750
$
1,485,253
Crawford
County
Hospital
Authority,
Meadville
Medical
Center
Project,
Series
A
(RB)
6.00%,
06/01/46
(c)
440
440,826
6.00%,
06/01/51
(c)
345
337,172
Cumberland
County
Municipal
Authority
(RB)
4.00%,
01/01/33
(c)
125
119,448
5.00%,
01/01/45
(c)
3,000
2,580,682
Delaware
County
Industrial
Development
Authority,
Chester
Community
Charter
School
Project,
Series
A
(RB)
5.12%,
06/01/46
(c)
395
364,125
Delaware
Valley,
Pennsylvania
Regional
Finance
Authority,
Series
A
(RB)
(AMBAC)
5.50%,
08/01/28
2,360
2,552,053
Erie
Pennsylvania
Higher
Education
Building
Authority,
Mercyhurst
University
Project
(RB)
5.00%,
09/15/37
(c)
1,000
907,009
Franklin
County
Industrial
Development
Authority,
Menno-Haven,
Inc.
Project
(RB)
5.00%,
12/01/49
(c)
500
413,199
5.00%,
12/01/54
(c)
215
172,825
Geisinger
Authority,
Health
System,
Series
A
(RB)
5.00%,
04/01/50
(c)
1,000
962,991
Lancaster
County
Hospital
Authority,
Brethren
Village
Project
(RB)
5.12%,
07/01/37
(c)
1,000
967,183
Lancaster
County
Hospital
Authority,
St.
Anne's
Retirement
Community,
Inc.
Project
(RB)
5.00%,
03/01/40
(c)
425
376,888
5.00%,
03/01/45
(c)
310
253,768
5.00%,
03/01/50
(c)
425
331,937
Monroe
County
Industrial
Development
Authority/PA
(TA)
5.00%,
07/01/33
250
250,660
Montgomery
County
Higher
Education
and
Health
Authority,
Holy
Redeemer
Health
System,
Series
A
(RB)
5.00%,
10/01/40
(c)
5,150
4,262,612
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Pennsylvania
(continued)
Montgomery
County
Higher
Education
and
Health
Authority,
Presbytery
Homes,
Inc.
Project
(RB)
5.00%,
12/01/47
(c)
$
2,000
$
1,815,368
Montgomery
County
Higher
Education
and
Health
Authority,
Thomas
Jefferson
University,
Series
B
(RB)
5.00%,
05/01/47
(c)
1,800
1,749,389
Montgomery
County
Industrial
Development
Authority,
Series
A
(RB)
4.10%,
04/01/53
(p)
2,500
2,539,991
Montgomery
County
Industrial
Development
Authority,
Whitemarsh
Continuing
Care
Retirement
Community
Project
(RB)
5.00%,
01/01/30
(c)
150
150,037
5.25%,
01/01/40
(c)
870
821,383
Moon
Industrial
Development
Authority,
Baptist
Homes
Society
(RB)
5.62%,
07/01/30
(c)
300
285,117
6.00%,
07/01/45
(c)
590
500,137
Northampton
County
Industrial
Development
Authority,
Morningstar
Senior
Living,
Inc.
Project
(RB)
5.00%,
11/01/39
(c)
1,000
934,432
Pennsylvania
Economic
Development
Financing
Authority, Penndot
Major
Bridges
Package
One
Project
(RB)
6.00%,
06/30/61
(c)
7,000
7,174,659
Pennsylvania
Economic
Development
Financing
Authority, Pennsylvania
Rapid
Bridge
Replacement
Project
(RB)
5.00%,
12/31/25
1,105
1,112,268
Pennsylvania
Economic
Development
Financing
Authority,
Core
Natural
Resources,
Inc.
project
(RB)
5.45%,
01/01/51
(c)
(p)
2,500
2,539,674
Pennsylvania
Economic
Development
Financing
Authority,
Covanta
Project,
Series
A
(RB)
3.25%,
08/01/39
(c)
2,750
2,159,569
Pennsylvania
Economic
Development
Financing
Authority,
Penndot
Major
Bridges
Package
One
Project
(RB)
5.00%,
06/30/32
1,000
1,071,084
5.25%,
06/30/53
(c)
2,000
1,885,412
Par
(000’s)
Value
Pennsylvania
(continued)
5.50%,
06/30/40
(c)
$
3,000
$
3,085,753
5.75%,
06/30/48
(c)
6,030
6,088,516
Pennsylvania
Economic
Development
Financing
Authority,
Penndot
Major
Bridges
Package
One
Project
(RB)
(AGM)
5.00%,
12/31/57
(c)
1,780
1,683,609
5.50%,
06/30/42
(c)
1,805
1,872,293
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania
Rapid
Bridge
Replacement
Project
(RB)
5.00%,
12/31/26
(c)
1,485
1,507,658
5.00%,
12/31/28
(c)
575
581,430
5.00%,
12/31/30
(c)
410
413,748
5.00%,
06/30/42
(c)
6,945
6,741,330
Pennsylvania
Economic
Development
Financing
Authority,
Tapestry
Moon
Senior
Housing
Project,
Series
A
(RB)
6.50%,
12/01/38
(c)
(d)
*
3,040
608,000
6.75%,
12/01/53
(c)
(d)
*
6,470
1,294,000
Pennsylvania
Higher
Educational
Facilities
Authority,
La
Salle
University
(RB)
5.00%,
05/01/37
(c)
1,915
1,471,493
5.00%,
05/01/42
(c)
1,000
695,697
Pennsylvania
Higher
Educational
Facilities
Authority,
University
of
Sciences
(RB)
5.00%,
11/01/42
(c)
1,100
1,067,307
Philadelphia
Authority
for
Industrial
Development,
Chapter
School
Project
(RB)
5.00%,
06/15/43
(c)
1,000
932,585
Philadelphia
Authority
for
Industrial
Development,
Greater
Philadelphia
Health
Action,
Inc.
Project,
Series
A
(RB)
6.38%,
06/01/40
(c)
440
431,025
6.50%,
06/01/45
(c)
440
422,121
6.62%,
06/01/50
(c)
415
394,424
Philadelphia
Authority
for
Industrial
Development,
Independence
Charter
School
West
Project
(RB)
5.00%,
06/15/39
(c)
355
327,601
Philadelphia
Authority
for
Industrial
Development,
KIPP
Philadelphia
Charter
School
Project,
Series
B
(RB)
(AGM)
5.00%,
04/01/46
(c)
1,000
852,339
Par
(000’s)
Value
Pennsylvania
(continued)
Philadelphia
Authority
for
Industrial
Development,
LA
Salle
University
(RB)
4.00%,
05/01/42
(c)
$
2,000
$
1,213,591
Philadelphia
Authority
for
Industrial
Development,
Performing
Arts,
String
Theory
Charter
School
Project
(RB)
5.00%,
06/15/40
(c)
500
473,495
5.00%,
06/15/50
(c)
1,000
879,697
Philadelphia
Authority
for
Industrial
Development,
Wesley
Enhanced
Living
Obligation
Group,
Series
A
(RB)
5.00%,
07/01/32
(c)
735
738,846
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Temple
University
Health
System
(RB)
5.00%,
07/01/33
(c)
1,000
1,010,779
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Temple
University
Health
System
(RB)
(AGM)
5.00%,
07/01/37
(c)
500
520,951
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Temple
University
Health
System,
Series
A
(RB)
5.00%,
07/01/31
(c)
1,240
1,261,097
5.00%,
07/01/32
(c)
220
223,080
Scranton-Lackawanna,
Pennsylvania
Health
and
Welfare
Authority
(RB)
5.00%,
06/01/36
(c)
1,500
1,361,164
The
School
District
of
Philadelphia,
Series
F
(GO)
(SAW)
5.00%,
09/01/26
1,000
1,025,423
109,718,860
Puerto
Rico
:
7.0%
Children's
Trust
Fund,
Series
A
(RB)
0.00%,
05/15/57
(c)
^
200,000
11,186,440
Cofina
Class
2
Trust
(RB)
(AMBAC)
0.00%,
08/01/47
^
80
22,916
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority,
Series
A
(RB)
5.00%,
07/01/30
9,500
9,937,919
5.00%,
07/01/37
(c)
6,290
6,481,111
5.00%,
07/01/47
(c)
5,000
4,711,306
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority,
Series
B
(RB)
5.00%,
07/01/29
3,000
3,120,887
Par
(000’s)
Value
Puerto
Rico
(continued)
5.00%,
07/01/37
(c)
$
3,365
$
3,454,309
Puerto
Rico
Commonwealth,
Series
A-1
(GO)
0.00%,
07/01/33
(c)
^
17,588
12,209,265
4.00%,
07/01/41
(c)
8,260
7,204,779
Puerto
Rico
Commonwealth,
Series
A-1
(GO)
(BAM-TCRS)
4.00%,
07/01/33
(c)
13,570
13,241,507
4.00%,
07/01/35
(c)
12,538
11,967,167
4.00%,
07/01/37
(c)
9,000
8,482,039
5.75%,
07/01/31
10,055
10,921,570
Puerto
Rico
Electric
Power
Authority
(RB)
(NATL)
5.25%,
07/01/30
2,705
2,722,528
5.25%,
07/01/32
450
450,004
Puerto
Rico
Industrial,
Tourist,
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority,
University
Plaza
Project,
Series
A
(RB)
(NATL)
5.00%,
07/01/33
(c)
20
19,942
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
0.00%,
07/01/46
(c)
^
48,670
15,145,622
4.50%,
07/01/34
(c)
2,800
2,799,859
5.00%,
07/01/58
(c)
25,036
22,915,862
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
(AGC)
4.55%,
07/01/40
(c)
10,414
9,849,401
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
(RB)
(AMBAC)
4.75%,
07/01/53
(c)
16,201
14,541,653
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-2
(RB)
4.33%,
07/01/40
(c)
5,590
5,203,121
4.33%,
07/01/40
(c)
20,145
18,750,783
4.55%,
07/01/40
(c)
6,432
6,083,286
4.78%,
07/01/58
(c)
10,000
8,828,709
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
B-1
(RB)
4.75%,
07/01/53
(c)
3,000
2,692,733
5.00%,
07/01/58
(c)
3,000
2,745,949
Puerto
Rico
Sales
Tax
Rev
Restructed
BDS
Cofina
A-1
(RB)
0.00%,
07/01/51
(c)
^
54,235
12,495,657
228,186,324
Rhode
Island
:
0.2%
Rhode
Island
Health
and
Educational
Building
Corp.,
Care
New
England,
Series
B
(RB)
5.00%,
09/01/26
100
100,758
5.00%,
09/01/31
(c)
500
501,282
5.00%,
09/01/36
(c)
3,750
3,656,370
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Rhode
Island
(continued)
Rhode
Island
Health
and
Educational
Building
Corp.,
Lifespan
(RB)
5.00%,
05/15/33
(c)
$
1,000
$
1,001,176
5.00%,
05/15/39
(c)
2,215
2,154,922
7,414,508
South
Carolina
:
0.5%
Berkeley
County,
South
Carolina
Nexton
Improvement
District
(SA)
4.38%,
11/01/49
(c)
800
666,447
Piedmont
Municipal
Power
Agency,
South
Carolina
Electric,
Series
C
(RB)
5.00%,
01/01/34
(c)
1,000
1,014,535
Scago
Educational
Facilities,
School
District
of
Pickens
County
Project
(RB)
5.00%,
12/01/29
(c)
1,425
1,426,785
South
California
Jobs,
Economic
Development
Authority
Hospital
Facilities,
Bon
Second
Mercy
Health,
Inc.,
Series
A
(RB)
5.25%,
11/01/44
(c)
500
514,936
South
California
Jobs,
Economic
Development
Authority
Hospital
Facilities,
Bon
Second
Mercy
Health,
Inc.,
Series
B
(RB)
5.00%,
11/01/49
(c)
(p)
1,000
1,083,902
South
Carolina
Jobs-Economic
Development
Authority,
Beaufort
Memorial
Hospital
&
South
of
Broad
Healthcare
Project
(RB)
5.75%,
11/15/54
(c)
1,000
1,000,465
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
(RB)
6.50%,
06/15/54
(c)
1,000
937,016
South
Carolina
Jobs-Economic
Development
Authority,
Hampton
Medical
Center
Project
(RB)
5.00%,
11/01/33
(c)
500
501,960
5.00%,
11/01/37
(c)
650
626,726
South
Carolina
Jobs-Economic
Development
Authority,
High
Point
Academy
Project,
Series
A
(RB)
5.75%,
06/15/49
(c)
500
422,940
South
Carolina
Jobs-Economic
Development
Authority,
South
Carolina
Episcopal
Home
at
Still
Hopes
(RB)
5.00%,
04/01/47
(c)
3,000
2,684,282
Par
(000’s)
Value
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
The
Lutheran
Homes
of
South
Carolina,
Inc.
(RB)
5.00%,
05/01/43
(c)
$
320
$
261,429
South
Carolina
Jobs-Economic
Development
Authority,
The
Woodlands
at
Furman
(RB)
4.00%,
11/15/27
(c)
165
164,803
5.25%,
11/15/37
(c)
2,000
2,014,764
5.25%,
11/15/52
(c)
2,000
1,814,011
15,135,001
South
Dakota
:
0.1%
City
of
Sioux
Falls,
Dow
Rummel
Village
Project
(RB)
5.00%,
11/01/42
(c)
750
655,484
5.00%,
11/01/46
(c)
500
417,970
County
of
Lincoln,
South
Dakota
Economic
Development,
Augustana
College
Association
Project,
Series
A
(RB)
4.00%,
08/01/51
(c)
1,550
1,166,584
4.00%,
08/01/56
(c)
1,410
1,028,685
4.00%,
08/01/61
(c)
1,300
923,594
4,192,317
Tennessee
:
0.5%
Bristol
Industrial
Development
Board,
Pinnacle
Project,
Series
A
(RB)
5.00%,
12/01/35
(c)
2,000
1,893,139
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Series
A-2
(RB)
5.00%,
08/01/44
(c)
310
303,747
Knox
County
Health
Educational
and
Housing
Facility
Board
(RB)
4.00%,
09/01/40
(c)
295
246,694
4.00%,
09/01/47
(c)
290
217,270
5.00%,
04/01/36
(c)
1,055
1,058,067
Metropolitan
Government
of
Nashville
and
Davidson
County,
Health
and
Educational
Facilities
Board,
Lipscomb
University
Project,
Series
A
(RB)
5.25%,
10/01/58
(c)
2,000
1,920,021
Shelby
County,
Tennessee
Health
Educational
and
Housing
Facility,
Madrone
Memphis
Student
Housing
I,
LLC
-
University
of
Memphis
Project,
Series
A-1
(RB)
5.00%,
06/01/44
(c)
500
464,556
5.25%,
06/01/56
(c)
750
676,814
Tennessee
Corp.
Gas
Supply,
Series
A
(RB)
5.50%,
10/01/53
(c)
(p)
5,375
5,604,300
Par
(000’s)
Value
Tennessee
(continued)
Tennessee
Energy
Acquisition
Corp.,
Gas
Project,
Series
B
(RB)
5.62%,
09/01/26
$
5,000
$
5,093,495
17,478,103
Texas
:
6.0%
Angelina
and
Neches
River
Authority,
Industrial
Development
Corp.,
Solid
Waste
Disposal
and
Wastewater
Treatment
Facilities,
Series
A
(RB)
7.50%,
12/01/45
(c)
(d)
*
1,500
148,628
Arlington
Higher
Education
Finance
Corp.,
Basis
Texas
Charter
Schools,
Inc.
(RB)
4.50%,
06/15/56
(c)
(p)
1,000
998,485
4.88%,
06/15/59
(c)
1,000
879,006
5.00%,
06/15/64
(c)
500
443,817
Arlington
Higher
Education
Finance
Corp.,
Cypress
Christian
School
(RB)
5.75%,
06/01/43
(c)
1,000
984,895
6.00%,
06/01/53
(c)
1,000
964,753
6.25%,
06/01/63
(c)
1,000
975,362
Arlington
Higher
Education
Finance
Corp.,
Legacy
Traditional
School
-
Texas
Project,
Series
A
(RB)
6.75%,
02/15/62
(c)
5
4,777
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
First
Tier,
Series
A
(RB)
5.00%,
01/01/33
(c)
500
502,107
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
First
Tier,
Series
A
(RB)
(SAW)
5.00%,
01/01/27
280
283,466
Austin
Convention
Enterprises,
Inc.,
Convention
Center
Hotel,
Second
Tier,
Series
B
(RB)
5.00%,
01/01/26
715
716,454
5.00%,
01/01/34
(c)
500
499,066
Bexar
County
Health
Facilities
Development
Corp.,
Army
Retirement
Residence
project
(RB)
5.00%,
07/15/37
(c)
850
810,268
5.00%,
07/15/41
(c)
2,000
1,799,403
Board
of
Managers,
Joint
Guadalupe
County,
City
of
Seguin
Hospital
(RB)
5.00%,
12/01/40
(c)
610
572,470
5.00%,
12/01/45
(c)
215
195,627
Par
(000’s)
Value
Texas
(continued)
Brazoria
County
Industrial
Development
Corp.,
Texas
Solid
Waste
Disposal
Facilities,
Gladieux
Recycling,
LLC
Project
(RB)
(SAW)
8.50%,
03/01/39
(c)
$
3,510
$
2,106,000
Brazoria
County
Industrial
Development
Corp.,
Texas
Solid
Waste
Disposal
Facilities,
Gladieux
Recycling,
LLC
Project
(RB)
(SBG)
7.00%,
03/01/39
(c)
(d)
*
1,785
1,071,000
Calhoun
County
Navigation
Industrial
Development
Authority,
Max
Midstream
Texas
LLC
Project,
Series
A
(RB)
3.62%,
07/01/26
(c)
2,200
2,123,952
Central
Texas
Regional
Mobility
Authority,
Series
C
(RB)
5.00%,
01/01/27
(c)
7,000
7,060,804
City
of
Houston
TX
Airport
System
Revenue
(RB)
5.00%,
07/01/32
500
539,796
5.00%,
07/01/34
500
537,870
City
of
Houston,
Airport
System,
Series
A
(RB)
5.00%,
07/01/33
500
538,570
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
A
(RB)
4.00%,
07/01/41
(c)
7,500
6,445,658
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
B-1
(RB)
4.00%,
07/15/41
(c)
21,780
18,713,742
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Series
C
(RB)
5.00%,
07/15/27
5,590
5,613,359
5.00%,
07/15/28
2,500
2,512,969
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Technical
Operations
Center
Project
(RB)
5.00%,
07/15/28
1,000
1,005,188
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Terminal
Improvement
Projects,
Series
B
(RB)
5.25%,
07/15/33
3,000
3,124,325
5.25%,
07/15/34
4,000
4,157,953
5.50%,
07/15/35
(c)
3,000
3,173,057
5.50%,
07/15/36
(c)
4,000
4,192,050
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Texas
(continued)
5.50%,
07/15/37
(c)
$
4,000
$
4,163,393
5.50%,
07/15/38
(c)
5,425
5,604,501
5.50%,
07/15/39
(c)
4,000
4,110,628
City
of
Houston,
Texas
Airport
System
Special
Facilities,
United
Airlines,
Inc.,
Terminal
Improvement
Projects,
Series
B-1
(RB)
5.00%,
07/15/30
(c)
4,335
4,334,706
Clifton
Higher
Education
Finance
Corp.
(RB)
5.00%,
02/15/33
500
549,636
5.00%,
02/15/34
750
824,874
5.00%,
02/15/35
(c)
750
814,460
Clifton
Higher
Education
Finance
Corp.,
Series
A
(RB)
5.12%,
08/15/30
(c)
730
730,696
5.50%,
08/15/35
(c)
610
610,670
6.00%,
06/15/48
(c)
1,000
920,342
Clifton
Higher
Education
Finance
Corp.,
Series
D
(RB)
5.25%,
08/15/27
(c)
1,000
1,001,001
5.75%,
08/15/33
(c)
500
500,597
6.00%,
08/15/38
(c)
500
500,639
Clifton
Higher
Education
Finance
Corp.,
Valor
Education,
Series
A
(RB)
6.00%,
06/15/54
(c)
500
451,364
Conroe
Local
Government
Corp.,
Conroe
Convention
Center
Hotel,
Series
A
(RB)
4.00%,
10/01/50
(c)
2,035
1,485,508
Dallas
County
Flood
Control
District
No.
1
(GO)
5.00%,
04/01/32
(c)
850
843,592
Dallas
Texas
Housing
Finance
Corp.
Residential
Development,
The
Briscoe
Apartments,
Series
A
(RB)
6.00%,
12/01/62
(c)
1,000
878,153
Harris
County,
Cultural
Education
Facilities
Finance
Corp.,
Brazoz
Presbyterian
Homes,
Inc.
Project
(RB)
5.00%,
01/01/48
(c)
1,000
897,964
Harris
County,
Houston
Sports
Authority,
Junior
Lien,
Series
H
(RB)
(NATL)
0.00%,
11/15/25
^
495
490,697
0.00%,
11/15/27
^
590
551,408
0.00%,
11/15/29
^
1,405
1,232,904
0.00%,
11/15/30
^
115
97,219
Harris
County,
Houston
Sports
Authority,
Second
Lien,
Series
B
(RB)
(AGC)
5.00%,
11/15/46
(c)
1,000
1,005,525
Par
(000’s)
Value
Texas
(continued)
Matagorda
County,
Navigation
District
No.
1,
Series
A
(RB)
(AMBAC)
4.40%,
05/01/30
$
1,035
$
1,081,792
Matagorda
County,
Navigation
District
No.
1,
Series
B-1
(RB)
4.00%,
06/01/30
(c)
5,000
5,001,590
Mesquite
Health
Facility
Development
Corp.,
Christian
Care
Centers,
Inc.
Project
(RB)
(NATL)
5.12%,
02/15/30
(c)
(d)
*
237
2,369
5.12%,
02/15/42
(c)
(d)
*
907
9,069
Mission
Economic
Development
Corp.,
Graphic
Packaging
International
LLC
Project
(RB)
5.00%,
12/01/64
(p)
2,750
2,794,225
Mission
Economic
Development
Corp.,
Senior
Lien,
Natgasoline
Project
(RB)
4.62%,
10/01/31
(c)
13,325
13,329,007
Montgomery
County
Toll
Road
Authority
(RB)
5.00%,
09/15/43
(c)
3,310
3,310,344
5.00%,
09/15/48
(c)
5,915
5,813,271
New
Hope
Cultural
Education
Facilities
Finance
Corp.
(RB)
5.25%,
07/01/32
250
249,286
6.75%,
07/01/44
(c)
500
492,572
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
4-K
Housing,
Inc.
Stoney
Brook
Project,
Series
B
(RB)
5.00%,
07/01/52
(c)
235
110,450
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Carillon
Lifecare
Community
Project
(RB)
5.00%,
07/01/36
(c)
230
228,722
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Jubilee
academic
Center
(RB)
4.00%,
08/15/41
(c)
2,315
1,931,592
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Jubilee
academic
Center,
Series
A
(RB)
5.00%,
08/15/59
(c)
1,500
1,286,563
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Jubilee
academic
Center,
Series
B
(RB)
5.00%,
08/15/54
(c)
1,500
1,307,343
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Legacy
Preparatory
Charter
Academy,
Series
A
(RB)
5.25%,
08/15/27
(c)
115
112,720
Par
(000’s)
Value
Texas
(continued)
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Morningside
Ministries
Project,
Series
a
(RB)
5.00%,
01/01/55
(c)
$
2,000
$
1,578,898
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
MRC
Senior
Living
-
The
Langford
Project,
Series
A
(RB)
5.50%,
11/15/46
(c)
750
581,296
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
NCCD-College
Station
Properties
LLC,
Series
A
(RB)
5.00%,
07/01/35
(c)
100
97,286
5.00%,
07/01/47
(c)
440
404,578
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Presbyterian
Village
North
Project
(RB)
5.25%,
10/01/49
(c)
1,000
873,258
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Presbyterian
Village
North
Project,
Series
A
(RB)
5.25%,
10/01/55
(c)
1,500
1,277,067
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Sanctuary
LTC
Project,
Series
A-1
(RB)
5.50%,
01/01/57
(c)
4,000
3,562,489
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Superior
Living
Foundation
Project,
Series
A
(RB)
6.50%,
07/01/56
(c)
1,000
879,904
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Wesleyan
Homes,
Inc.
Project
(RB)
5.00%,
01/01/50
(c)
250
193,058
5.00%,
01/01/55
(c)
250
187,084
5.50%,
01/01/35
(c)
1,000
982,229
North
East
Texas
Regional
Mobility
Authority,
Series
B
(RB)
5.00%,
01/01/41
(c)
400
393,248
North
Texas
Tollway
Authority
(RB)
5.00%,
01/01/35
(c)
1,000
1,097,967
Port
Beaumont
Navigation
District,
Allegiant
Industrial
Island
Park
Project
(RB)
8.00%,
02/01/39
(c)
(d)
*
2,725
2,043,750
Port
of
Beaumont
Navigation
District
(RB)
5.00%,
01/01/39
(c)
2,000
1,870,330
Par
(000’s)
Value
Texas
(continued)
Pottsboro
Higher
Education
Finance
Corp.,
Imagine
International
Academy
of
North
Texas
LLC,
Series
A
(RB)
5.00%,
08/15/36
(c)
$
1,055
$
1,021,522
5.00%,
08/15/46
(c)
1,400
1,226,920
Reagan
Hospital
District,
Series
A
(GO)
5.12%,
02/01/39
(c)
1,000
944,719
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Air
Force
Villages
Obligated
Group
Project
(RB)
5.00%,
05/15/37
(c)
125
119,987
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
C.C.
Young
Memorial
Home
Project,
Series
A
(RB)
6.38%,
02/15/48
(c)
(d)
*
535
347,750
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
Christus
Health,
Series
B
(RB)
5.00%,
07/01/48
(c)
2,500
2,428,229
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
III
(RB)
5.00%,
12/15/28
925
969,691
5.00%,
12/15/29
1,375
1,452,460
5.00%,
12/15/32
3,425
3,633,653
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
V
(RB)
5.00%,
01/01/55
(c)
(p)
2,000
2,106,276
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.,
Series
D
(RB)
6.25%,
12/15/26
695
712,839
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
Managed
Lanes
Project,
Series
A
(RB)
4.00%,
12/31/38
(c)
4,550
4,204,333
4.00%,
12/31/39
(c)
2,550
2,316,236
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Project
(RB)
5.50%,
12/31/58
(c)
6,000
6,010,325
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
Segments
LLC
(RB)
5.00%,
06/30/58
(c)
3,000
2,741,748
5.50%,
06/30/42
(c)
2,250
2,282,323
5.50%,
06/30/43
(c)
1,000
1,009,815
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Texas
(continued)
Town
of
Westlake,
Solana
Public
Improvement
District
(SA)
6.12%,
09/01/35
(c)
$
910
$
902,099
6.25%,
09/01/40
(c)
910
887,906
6.38%,
09/01/45
(c)
885
850,425
195,547,967
Utah
:
0.5%
Black
Desert
Public
Infrastructure
District
(GO)
4.00%,
03/01/51
(c)
1,000
773,560
Fields
Estates
Public
Infrastructure
District,
Series
A
(GO)
6.12%,
03/01/55
(c)
500
481,795
Fields
Estates
Public
Infrastructure
District,
Series
A-2
(SA)
5.25%,
12/01/53
(c)
1,000
919,396
Grapevine
Wash
Local
District,
Grapevine
Wash
Assessment
Area
No.
1,
Series
A-2
(SA)
5.25%,
12/01/44
(c)
1,000
929,061
Mida
Mountain
Village
Public
Infrastructure
District
(TA)
5.12%,
06/15/54
(c)
1,000
917,557
6.00%,
06/15/54
(c)
1,000
997,104
Mida
Mountain
Village
Public
Infrastructure
District,
Mountain
Village
Assessment
Area,
Series
A
(SA)
5.00%,
08/01/50
(c)
2,000
1,847,302
Utah
Charter
School
Finance
Authority,
Freedom
Academy
Foundation
Project
(RB)
5.25%,
06/15/37
(c)
1,500
1,410,489
5.38%,
06/15/48
(c)
2,195
1,885,714
Verk
Industrial
Regional
Public
Infrastructure
District
(TA)
6.62%,
09/01/47
(c)
500
507,461
Wakara
Ridge
Public
Infrastructure
District,
Special
Assessment
Area
(SA)
5.62%,
12/01/54
(c)
3,150
3,113,641
Washington
County,
Black
Desert
Public
Infrastructure
District
(SA)
5.62%,
12/01/53
(c)
1,000
972,413
Wolf
Creek
Infrastructure
Financing
District
No.
1
(SA)
5.75%,
12/01/44
(c)
2,000
1,954,749
16,710,242
Vermont
:
0.0%
Vermont
Economic
Development
Authority,
Wake
Robin
Corp.
Project,
Series
A
(RB)
4.00%,
05/01/37
(c)
500
455,150
Underline
Par
(000’s)
Value
Virgin
Islands
:
0.4%
Matching
Fund
Special
Purpose
Securitization
Corp.,
Virgin
Island,
Series
A
(RB)
5.00%,
10/01/28
$
1,000
$
1,022,298
5.00%,
10/01/32
5,010
5,116,023
5.00%,
10/01/39
(c)
2,000
1,996,732
Virgin
Islands
Public
Finance
Authority,
Series
A
(RB)
6.00%,
04/01/53
(c)
2,000
1,953,266
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes
Loan
Note
(RB)
(NATL)
4.25%,
10/01/29
(c)
720
722,130
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes
Loan
Note,
Series
C
(RB)
4.50%,
10/01/44
(c)
550
444,471
Virgin
Islands
Public
Finance
Authority,
Virgin
Islands
Gross
Receipts
Taxes,
Series
C
(RB)
5.00%,
10/01/30
(c)
1,000
1,000,126
Virgin
Islands
Water
&
Power
Authority,
Series
B
(RB)
5.00%,
07/01/27
(c)
170
165,872
12,420,918
Virginia
:
2.2%
Bristol
Industrial
Development
Authority,
Series
B
(RB)
6.35%,
11/01/44
(c)
(d)
*
250
162,500
Cherry
Hill
Community
Development
Authority,
Potomac
Shores
Project
(SA)
5.15%,
03/01/35
(c)
200
200,195
Chesapeake
Bay
Bridge
and
Tunnel
District,
First
Tier
(RB)
5.00%,
07/01/46
(c)
5,000
4,920,672
5.00%,
07/01/51
(c)
1,025
988,028
City
of
Hopewell,
Sewer
System,
Series
A
(RB)
5.00%,
07/15/33
(c)
220
220,057
Economic
Development
Authority
of
Henrico
County,
Bon
Secours
Mercy
Health,
Inc.,
Series
A
(RB)
5.00%,
11/01/35
1,000
1,099,794
Farms
New
Kent
Community
Development
Authority,
Series
A
(SA)
3.75%,
03/01/36
(c)
2,470
2,314,038
Farmville
Industrial
Development
Authority,
Educational
Facilities,
Longwood
University
Student
Housing
Projects,
Series
A
(RB)
5.00%,
01/01/50
(c)
1,500
1,296,826
Par
(000’s)
Value
Virginia
(continued)
5.00%,
01/01/59
(c)
$
1,000
$
836,014
Henrico
County
Economic
Development
Authority,
Series
A
(RB)
5.00%,
11/01/48
(c)
2,000
1,983,302
James
City
County
Economic
Development
Authority,
Series
A
(RB)
6.88%,
12/01/58
(c)
1,000
1,044,397
Lynchburg
Economic
Development
Authority,
Central
Health,
Inc.,
Series
A
(RB)
5.00%,
01/01/47
(c)
4,950
4,780,705
Tobacco
Settlement
Financing
Corp./VA
(RB)
5.00%,
06/01/47
(c)
5,000
4,171,959
Virginia
Beach
Development
Authority
(RB)
5.00%,
09/01/40
(c)
1,750
1,698,639
Virginia
Beach
Development
Authority,
Series
A
(RB)
7.00%,
09/01/53
(c)
1,000
1,083,719
7.00%,
09/01/59
(c)
6,560
7,072,159
Virginia
College
Building
Authority,
Marymount
University
Project,
Series
B
(RB)
5.25%,
07/01/30
(c)
1,300
1,225,168
Virginia
Small
Business
Financing
Authority,
95
Express
Lanes
LLC
Project
(RB)
5.00%,
01/01/34
(c)
2,500
2,606,722
Virginia
Small
Business
Financing
Authority,
Elizabeth
River
Crossing
OPCO,
LLC
Project
(RB)
4.00%,
01/01/38
(c)
5,000
4,692,775
Virginia
Small
Business
Financing
Authority,
I-495
Hot
Lanes
Project
(RB)
5.00%,
12/31/47
(c)
6,305
6,028,134
Virginia
Small
Business
Financing
Authority,
Residential
Care
Facilities,
Lifespire
of
Virginia
(RB)
(AGM)
4.00%,
12/01/36
(c)
1,000
961,284
Virginia
Small
Business
Financing
Authority,
Senior
Lien
95
Express
Lanes,
LLC
Project
(RB)
4.00%,
01/01/40
(c)
1,250
1,121,139
4.00%,
01/01/41
(c)
1,000
879,632
4.00%,
01/01/48
(c)
3,925
3,177,091
5.00%,
01/01/33
(c)
4,945
5,195,995
Par
(000’s)
Value
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
Senior
Lien
I-495
Hot
Lanes
Project
(RB)
5.00%,
12/31/52
(c)
$
2,000
$
1,875,679
Virginia
Small
Business
Financing
Authority,
Senior
Lien
Transform
66
P3
Project
(RB)
5.00%,
12/31/56
(c)
5,520
5,106,542
Virginia
Small
Business
Financing
Authority,
Senior
Lien,
95
Express
Lanes
LLC
Project
(RB)
4.00%,
01/01/39
(c)
2,960
2,707,558
Virginia
Small
Business
Financing
Authority,
Series
A
(RB)
5.50%,
12/01/54
(c)
1,000
984,758
Virginia
Small
Business
Financing
Authority,
Transform
66
P3
Project
(RB)
5.00%,
12/31/49
(c)
1,000
931,779
Wise
County
Industrial
Development
Authority,
Virginia
Electric
and
Power
Co.
Project,
Series
A
(RB)
(AGC)
0.75%,
10/01/40
(p)
1,000
996,714
72,363,974
Washington
:
1.1%
King
County
Public
Hospital
District
No.
4,
Snoqualmie
Valley
Hospital,
Series
A
(RB)
5.75%,
12/01/30
(c)
500
501,708
6.00%,
12/01/35
(c)
500
501,283
6.25%,
12/01/45
(c)
250
242,783
Port
Seattle
Washington
Industrial
Development
Corp.,
Delta
Air
Lines,
Inc.
Project
(RB)
5.00%,
04/01/30
(c)
1,800
1,799,931
Washington
Health
Care
Facilities
Authority,
Virginia
Mason
Medical
Center
(RB)
5.00%,
08/15/34
(c)
205
206,077
5.00%,
08/15/37
(c)
1,500
1,493,031
Washington
State
Convention
Center
Public
Facilities
District
(RB)
4.00%,
07/01/58
(c)
2,000
1,527,759
Washington
State
Housing
Finance
Commission
(RB)
3.50%,
12/20/35
3,226
3,032,287
Washington
State
Housing
Finance
Commission,
Bayview
Manor
Senior
Project,
Series
A
(RB)
5.00%,
07/01/36
(c)
1,150
1,142,660
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Washington
(continued)
5.00%,
07/01/46
(c)
$
2,150
$
1,881,802
Washington
State
Housing
Finance
Commission,
Blakeley
and
Laurel
Village,
Series
A
(RB)
(BAM)
5.25%,
07/01/55
(c)
4,000
3,936,809
Washington
State
Housing
Finance
Commission,
Eliseo
Project,
Series
A
(RB)
4.00%,
01/01/41
(c)
3,000
2,266,743
Washington
State
Housing
Finance
Commission,
Parkshore
Juanita
Bay
Project,
Series
A
(RB)
5.75%,
01/01/53
(c)
1,000
912,415
Washington
State
Housing
Finance
Commission,
Presbyterian
Retirement
Communities
Northwest
Projects,
Series
A
(RB)
5.00%,
01/01/36
(c)
2,125
2,126,882
5.00%,
01/01/51
(c)
3,495
3,022,149
Washington
State
Housing
Finance
Commission,
Radford
Court
and
Nordheim
Court
Portfolio
(RB)
5.00%,
07/01/54
(c)
500
467,269
5.50%,
07/01/59
(c)
1,000
999,427
Washington
State
Housing
Finance
Commission,
Transforming
Age
Projects,
Series
A
(RB)
5.00%,
01/01/55
(c)
6,000
5,111,970
Washington
State
Housing
Finance
Commission,
Wesley
Homes
at
Lea
Hill
Project
(RB)
5.00%,
07/01/46
(c)
500
406,057
5.00%,
07/01/51
(c)
1,250
965,665
Washington
State,
Convention
Center
Public
Facilities
District
(RB)
4.00%,
07/01/31
2,700
2,749,242
35,293,949
West
Virginia
:
0.2%
Harrison
County
Building
Commission,
General
Services
Administration
Building
Project
(RB)
3.12%,
10/01/45
(c)
700
452,525
3.25%,
10/01/50
(c)
820
521,639
3.50%,
10/01/40
(c)
1,000
804,397
West
Virginia
Economic
Development
Authority,
Solid
Waste
Facility,
Commercial
Meaels
Company
Project
(RB)
4.62%,
04/15/55
(c)
(p)
2,500
2,437,974
Par
(000’s)
Value
West
Virginia
(continued)
West
Virginia
Economic
Development
Authority,
Solid
Waste
Facility,
Core
Natural
Resources,
Inc.
Project
(RB)
5.45%,
01/01/55
(c)
(p)
$
3,500
$
3,558,545
7,775,080
Wisconsin
:
2.6%
Public
Finance
Authority
(RB)
5.75%,
06/30/60
(c)
2,000
1,928,981
5.75%,
12/31/65
(c)
2,000
1,909,617
6.50%,
06/30/60
(c)
2,000
2,104,207
Public
Finance
Authority
Educational
Facilities,
Charter
Day
School,
Inc.
Project,
Series
A
(RB)
5.00%,
12/01/55
(c)
1,000
836,331
Public
Finance
Authority
Educational
Facilities,
Cincinnati
Classical
Academy,
Series
A
(RB)
6.00%,
06/15/64
(c)
500
471,173
Public
Finance
Authority
Retirement
Facilities,
Southminster
(RB)
5.00%,
10/01/48
(c)
1,000
902,028
Public
Finance
Authority,
Bancroft
Neurohealth
Project,
Series
A
(RB)
5.12%,
06/01/48
(c)
250
222,049
Public
Finance
Authority,
Bonnie
Cone
Classical
Academy,
Inc.
(RB)
5.62%,
06/15/54
(c)
750
662,193
5.62%,
06/15/59
(c)
1,000
863,371
Public
Finance
Authority,
Carson
Valley
Medical
Center,
Series
A
(RB)
(SAW)
4.00%,
12/01/51
(c)
5,250
4,036,712
Public
Finance
Authority,
Chapter
School
(RB)
5.00%,
07/01/55
(c)
2,000
1,730,232
5.00%,
07/01/60
(c)
1,000
851,437
Public
Finance
Authority,
Chapter
School,
Series
A
(RB)
5.00%,
06/15/54
(c)
1,375
1,193,954
Public
Finance
Authority,
Chapter
school.
Series
B
(RB)
0.00%,
07/01/62
1,000
720,000
Public
Finance
Authority,
Cornerstone
Charter
Academy,
Series
A
(RB)
5.12%,
02/01/46
(c)
550
508,659
Public
Finance
Authority,
Crossroads
Health
Project,
Series
A
(RB)
8.00%,
07/01/53
(c)
1,000
961,257
8.12%,
07/01/58
(c)
1,000
961,442
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
Educational
Facilities,
Lake
Erie
College
Project,
Series
A
(RB)
5.88%,
10/01/54
(c)
$
1,000
$
618,676
Public
Finance
Authority,
Foundation
Academy
Charter
School
Project
(RB)
5.00%,
07/01/35
295
299,933
Public
Finance
Authority,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Series
A
(RB)
5.00%,
02/01/52
(c)
2,000
1,876,618
Public
Finance
Authority,
Healthcare
Facility
Expansion,
Church
Home
of
Hartford,
Inc.
Project,
Series
A
(RB)
5.00%,
09/01/25
25
25,010
5.00%,
09/01/38
(c)
1,500
1,468,468
Public
Finance
Authority,
Kanala
NUI
Project
(RB)
5.25%,
11/15/50
(c)
1,000
987,915
5.25%,
11/15/61
(c)
1,000
964,848
Public
Finance
Authority,
Living
Community
First
Mortgage
(RB)
4.25%,
05/01/29
(c)
275
250,643
5.00%,
03/01/37
(c)
1,250
1,186,181
Public
Finance
Authority,
Lombard
Conference
and
Hotel
Center,
Second-Tier
(RB)
(ACA)
3.75%,
07/01/51
(c)
(d)
*
874
583,856
Public
Finance
Authority,
Marys
Woods
at
Marylhurst
Project,
Series
A
(RB)
5.25%,
05/15/37
(c)
1,350
1,351,142
Public
Finance
Authority,
Mater
Academy
of
Nevada
-
East
Las
Vegas
Campus
Project,
Series
A
(RB)
5.00%,
12/15/44
(c)
690
615,889
Public
Finance
Authority,
Math
and
Science
Academy
(RB)
5.25%,
06/15/65
(c)
1,500
1,371,469
5.50%,
06/15/55
(c)
2,100
2,038,909
Public
Finance
Authority,
Million
air
Three
LLC
General
Aviation
Facilities
Project,
Series
A
(RB)
5.50%,
09/01/30
(c)
250
260,604
6.25%,
09/01/46
(c)
500
502,036
Public
Finance
Authority,
Penick
Village
(RB)
4.00%,
09/01/29
(c)
315
314,018
5.00%,
09/01/39
(c)
500
482,586
5.00%,
09/01/49
(c)
500
432,534
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
Pinecrest
Academy,
Sloan
Canyon
Campus
Project,
Series
A
(RB)
4.00%,
07/15/34
(c)
$
580
$
552,472
Public
Finance
Authority,
Prime
Healthcare
Foundation,
Inc.,
Series
A
(RB)
5.20%,
12/01/37
(c)
1,405
1,426,320
Public
Finance
Authority,
Revolution
Academy,
Series
A
(RB)
6.25%,
10/01/53
(c)
1,000
1,003,317
Public
Finance
Authority,
Roseman
University
of
Health
Sciences
Project
(RB)
5.88%,
04/01/45
(c)
4,000
3,871,800
Public
Finance
Authority,
Sky
Harbour
Capital
LLC,
Aviation
Facilities
Project
(RB)
4.00%,
07/01/41
(c)
500
424,923
4.25%,
07/01/54
(c)
4,765
3,668,258
Public
Finance
Authority,
Sloan
Canyon
Campus
Project,
Series
A
(RB)
4.25%,
07/15/44
(c)
750
636,205
4.50%,
07/15/49
(c)
800
668,937
4.50%,
07/15/53
(c)
1,000
817,610
Public
Finance
Authority,
Student
Housing,
KSU
Bixby
Real
Estate
Foundation,
LLC
Project,
Series
A
(RB)
5.25%,
06/15/55
(c)
1,000
975,868
Public
Finance
Authority,
Student
Housing,
KSU
Bixby
Real
Estate
Foundation,
LLC
Project,
Series
C
(RB)
5.75%,
06/15/55
(c)
1,000
949,180
Public
Finance
Authority,
Texas
Infrastructure
Program,
Mayfair
Project,
Series
A-4
(RB)
5.50%,
11/15/32
(c)
750
744,760
Public
Finance
Authority,
The
Foundation
of
the
University
of
North
Carolina,
Inc.,
Series
A
(RB)
4.00%,
09/01/56
(c)
1,060
724,574
Public
Finance
Authority,
Trinity
Regional
Hospital
Sachse,
Series
A-1
(RB)
7.38%,
01/01/50
(c)
(d)
*
4,265
43
Public
Finance
Authority,
Ultimate
Medical
Academy
Project,
Series
A
(RB)
5.00%,
10/01/34
(c)
2,000
2,033,193
5.00%,
10/01/39
(c)
1,950
1,906,218
VANECK
HIGH
YIELD
MUNI
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
Par
(000’s)
Value
Wisconsin
(continued)
Public
Finance
Authority,
UNC
Health
Southeastern,
Series
A
(RB)
4.00%,
02/01/35
(c)
$
1,500
$
1,332,220
Public
Finance
Authority,
University
of
North
Carolina
at
Charlotte
Inc.,
Series
A
(RB)
4.00%,
09/01/41
(c)
1,000
817,795
Public
Finance
Authority,
Wingate
University,
Series
A
(RB)
5.25%,
10/01/48
(c)
2,255
2,021,924
Public
Finance
Authority,
Wisconsin
Senior
Airport
Facilities,
Series
B
(RB)
5.00%,
07/01/42
(c)
9,000
8,775,392
Public
Finance
Authority,
Wisconsin
Texas
Infrastructure
Program
(RB)
0.00%,
12/15/37
(c)
^
2,000
993,121
0.00%,
12/15/38
(c)
^
1,000
448,173
5.00%,
07/15/30
(c)
294
294,182
5.00%,
12/15/36
(c)
1,000
983,765
Public
Finance
Authority,
Wisconsin
Texas
Infrastructure
Program,
Bridgewater
Project
(RB)
5.62%,
12/15/30
(c)
419
419,147
Public
Finance
Authority,
Wisconsin
Texas
Infrastructure
Program,
Nolina
and
Sorella
Projects
(RB)
5.50%,
12/15/32
(c)
430
419,728
Wisconsin
Health
&
Educational
Facilities
Authority
(RB)
5.00%,
08/15/30
1,000
1,087,996
5.62%,
07/01/35
(c)
320
329,610
6.38%,
07/01/45
(c)
500
508,209
Wisconsin
Health
and
Educational
Facilities
Authority,
Chiara
Housing
and
Services
Inc.,
Project
(RB)
5.00%,
07/01/35
(c)
720
718,537
5.88%,
07/01/55
(c)
1,000
949,132
Wisconsin
Health
and
Educational
Facilities
Authority,
Covenant
Communities,
Inc.
Project,
Series
A-1
(RB)
(SAW)
4.00%,
07/01/48
(c)
105
81,588
Wisconsin
Health
and
Educational
Facilities
Authority,
Covenant
Communities,
Inc.
Project,
Series
B
(RB)
4.38%,
07/01/38
(c)
850
748,739
Par
(000’s)
Value
Wisconsin
(continued)
Wisconsin
Health
and
Educational
Facilities
Authority,
Marshfield
Clinic
Health
System,
Series
A
(RB)
(BAM)
4.50%,
02/15/54
(c)
$
1,000
$
896,185
Wisconsin
Health
and
Educational
Facilities
Authority,
St.
Camillus
Health
System,
Inc.,
Series
A
(RB)
5.00%,
11/01/39
(c)
950
901,052
Wisconsin
Public
Finance
Authority
(RB)
5.50%,
07/01/44
(c)
1,800
1,806,077
5.75%,
07/01/54
(c)
2,000
2,014,982
Wisconsin
State
Health
&
Educational
Facilities
Authority,
Marshfield
Clinic
Health
System,
Inc.,
Series
A
(RB)
(AGM)
5.00%,
02/15/32
(c)
1,500
1,604,882
85,051,092
Total
Municipal
Bonds:
98.0%
(Cost:
$3,458,394,688)
3,212,917,359
Other
assets
less
liabilities:
2.0%
65,189,758
NET
ASSETS:
100.0%
$
3,278,107,117
FootnoteRuleAboveBlank
Footnotes:
Definitions:
ACA
Credit
Agricole
SA
AGC
Assured
Guaranty
Corp.
AGM
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Assurance
Co.
CP
Certificate
of
Participation
GO
General
Obligation
NATL
National
Public
Finance
Guarantee
Corp.
RB
Revenue
Bond
SA
Special
Assessment
SAW
State
Aid
Withholding
SBG
School
Board
Guaranteed
SD
CRED
PROG
Special
District
Credit
Enhancement
Program
TA
Tax
Allocation
XLCA
Syncora
Guarantee,
Inc.
(c)
Callable
Security
—
the
date
disclosed
is
the
date
the
security
may
be
redeemed
by
the
issuer
(p)
Putable
Security
—
the
date
disclosed
is
the
date
the
security
may
be
redeemed
by
the
fund
^
Zero
Coupon
Bond
*
Non-income
producing
(d)
Security
in
default
Summary
of
Investments
by
Sector
%
of
Investments
Value
Industrial
Development
Revenue
18.0
%
$
577,941,309
Hospitals
11.8
378,318,956
Tax
10.4
335,005,480
Education
10.0
320,205,772
Health
8.0
256,984,078
Local
GO
7.6
242,953,394
Leasing
COPS
&
Appropriations
4.4
142,394,718
Toll
&
Turnpike
4.0
128,493,434
Multi-Family
Housing
3.5
113,078,503
Airport
3.4
111,147,004
State
GO
3.3
104,864,393
Utilities
3.1
101,263,936
Tobacco
3.0
96,802,257
Power
2.6
84,098,014
Transportation
2.0
63,258,767
Miscellaneous
1.9
59,907,178
Water
&
Sewer
1.0
31,427,504
Pollution
Control
0.6
18,693,973
Utilities
-
Other
0.5
14,912,216
Special
Tax
0.4
12,495,657
Unassigned
0.2
8,382,736
Misc
0.1
4,226,569
Refunded
0.1
3,077,066
Single
Family
Housing
0.1
2,984,445
100.0
%
$
3,212,917,359