# EDGAR Filing Document

**Accession Number:** 0001137360
**File Stem:** 0000930413-25-002126
**Filing Date:** 2025-7
**Character Count:** 1189355
**Document Hash:** 17b5b9cc97379b0406358684129efa96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002126.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0000930413-25-002126

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VanEck ETF Trust
- **CENTRAL INDEX KEY:** 0001137360

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10325
- **FILM NUMBER:** 251109841

**BUSINESS ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-293-2000

**MAIL ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VanEck Vectors ETF Trust
- **DATE OF NAME CHANGE:** 20160427

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKET VECTORS ETF TRUST
- **DATE OF NAME CHANGE:** 20070312

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARKET VECTORS TRUST
- **DATE OF NAME CHANGE:** 20050516

## Series and Classes Contracts Data

### VanEck Intermediate Muni ETF (Series ID: S000019190)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000053007 | VanEck Intermediate Muni ETF | ITM             |

### VanEck Long Muni ETF (Series ID: S000019191)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000053008 | VanEck Long Muni ETF | MLN             |

### VanEck Short Muni ETF (Series ID: S000019192)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000053009 | VanEck Short Muni ETF | SMB             |

### VanEck High Yield Muni ETF (Series ID: S000019193)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000053010 | VanEck High Yield Muni ETF | HYD             |

### VanEck IG Floating Rate ETF (Series ID: S000028942)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000088892 | VanEck IG Floating Rate ETF | FLTR            |

### VanEck CEF Muni Income ETF (Series ID: S000032925)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000101627 | VanEck CEF Muni Income ETF | XMPT            |

### VanEck Emerging Markets High Yield Bond ETF (Series ID: S000036768)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000112445 | VanEck Emerging Markets High Yield Bond ETF | HYEM            |

### VanEck Fallen Angel High Yield Bond ETF (Series ID: S000036772)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000112461 | VanEck Fallen Angel High Yield Bond ETF | ANGL            |

### VanEck Short High Yield Muni ETF (Series ID: S000038973)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000119796 | VanEck Short High Yield Muni ETF | SHYD            |

### VanEck Green Bond ETF (Series ID: S000056168)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000176891 | VanEck Green Bond ETF | GRNB            |

### VanEck HIP Sustainable Muni ETF (Series ID: S000068447)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218865 | VanEck HIP Sustainable Muni ETF | SMI             |

### VanEck Moody's Analytics IG Corporate Bond ETF (Series ID: S000069556)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000221910 | VanEck Moody's Analytics IG Corporate Bond ETF | MIG             |

### VanEck Moody's Analytics BBB Corporate Bond ETF (Series ID: S000069557)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000221911 | VanEck Moody's Analytics BBB Corporate Bond ETF | MBBB            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-10325

VANECK ETF TRUST

(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation

666 Third Avenue, New York, NY 10017

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 293-2000

Date of fiscal year end: APRIL 30

Date of reporting period: APRIL 30, 2025

Item 1. REPORTS TO STOCKHOLDERS. <br>

# VanEck CEF Muni Income ETF

## Ticker: XMPT

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck CEF Muni Income ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference(a)</sup>** |
| VanEck CEF Muni Income ETF | $43 | 0.41% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>(a)</sup> | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |

---

### How did the Fund perform **last year?** 
* Municipal closed-end funds delivered strong total returns during the reporting period. These returns were supported by stable income and improving sentiment in the municipal market even as rate volatility persisted and Federal Reserve policy remained on hold.

* The underlying closed-end fund holdings traded at a weighted average discount to NAV of -7.76%, wider than the Fund's since-inception average of -5.81%, reflecting continued investor caution despite resilient performance.

* The Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Municipal Credit Income Fund were the largest contributors to the Fund's performance. The Blackrock Investment Quality Municipal Fund and Pimco Municipal Income Fund II were the largest detractors from the Fund's performance.

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](i63f1414adbf84c3d3a2367f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XMPT** | **MUNI** | **CEFMXTR** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $9738 | $9967 | $9739 |
| **Jun 15** | $9533 | $9953 | $9537 |
| **Jul 15** | $9749 | $10032 | $9759 |
| **Aug 15** | $9706 | $10054 | $9720 |
| **Sep 15** | $9882 | $10122 | $9897 |
| **Oct 15** | $10151 | $10165 | $10169 |
| **Nov 15** | $10182 | $10215 | $10205 |
| **Dec 15** | $10413 | $10296 | $10487 |
| **Jan 16** | $10674 | $10410 | $10702 |
| **Feb 16** | $10786 | $10419 | $10818 |
| **Mar 16** | $11018 | $10465 | $11053 |
| **Apr 16** | $11287 | $10545 | $11331 |
| **May 16** | $11298 | $10578 | $11347 |
| **Jun 16** | $11747 | $10750 | $11800 |
| **Jul 16** | $11792 | $10744 | $11853 |
| **Aug 16** | $11709 | $10769 | $11772 |
| **Sep 16** | $11624 | $10717 | $11688 |
| **Oct 16** | $10956 | $10616 | $11020 |
| **Nov 16** | $10418 | $10229 | $10482 |
| **Dec 16** | $10572 | $10341 | $10673 |
| **Jan 17** | $10882 | $10394 | $10936 |
| **Feb 17** | $10899 | $10461 | $10958 |
| **Mar 17** | $10880 | $10485 | $10941 |
| **Apr 17** | $11069 | $10561 | $11132 |
| **May 17** | $11280 | $10717 | $11346 |
| **Jun 17** | $11304 | $10692 | $11373 |
| **Jul 17** | $11568 | $10771 | $11641 |
| **Aug 17** | $11613 | $10861 | $11694 |
| **Sep 17** | $11531 | $10820 | $11601 |
| **Oct 17** | $11347 | $10840 | $11422 |
| **Nov 17** | $11403 | $10794 | $11483 |
| **Dec 17** | $11452 | $10901 | $11578 |
| **Jan 18** | $11008 | $10786 | $11083 |
| **Feb 18** | $10944 | $10740 | $11023 |
| **Mar 18** | $10926 | $10776 | $11006 |
| **Apr 18** | $10909 | $10734 | $10994 |
| **May 18** | $11134 | $10861 | $11228 |
| **Jun 18** | $11112 | $10873 | $11205 |
| **Jul 18** | $11159 | $10898 | $11257 |
| **Aug 18** | $11261 | $10915 | $11364 |
| **Sep 18** | $10997 | $10846 | $11099 |
| **Oct 18** | $10549 | $10768 | $10652 |
| **Nov 18** | $10822 | $10886 | $10933 |
| **Dec 18** | $10774 | $11015 | $10936 |
| **Jan 19** | $11406 | $11096 | $11529 |
| **Feb 19** | $11615 | $11156 | $11744 |
| **Mar 19** | $11895 | $11318 | $12032 |
| **Apr 19** | $11982 | $11359 | $12123 |
| **May 19** | $12208 | $11515 | $12360 |
| **Jun 19** | $12393 | $11563 | $12552 |
| **Jul 19** | $12719 | $11651 | $12885 |
| **Aug 19** | $12946 | $11820 | $13119 |
| **Sep 19** | $12862 | $11737 | $13040 |
| **Oct 19** | $12823 | $11752 | $13005 |
| **Nov 19** | $12846 | $11772 | $13032 |
| **Dec 19** | $12965 | $11808 | $13195 |
| **Jan 20** | $13387 | $12005 | $13587 |
| **Feb 20** | $13223 | $12156 | $13425 |
| **Mar 20** | $12080 | $11761 | $12272 |
| **Apr 20** | $11601 | $11609 | $11794 |
| **May 20** | $12366 | $11961 | $12578 |
| **Jun 20** | $12566 | $12051 | $12784 |
| **Jul 20** | $13201 | $12226 | $13431 |
| **Aug 20** | $13067 | $12189 | $13299 |
| **Sep 20** | $13056 | $12188 | $13291 |
| **Oct 20** | $13013 | $12165 | $13253 |
| **Nov 20** | $13642 | $12328 | $13898 |
| **Dec 20** | $13914 | $12399 | $14235 |
| **Jan 21** | $14110 | $12467 | $14386 |
| **Feb 21** | $13859 | $12286 | $14133 |
| **Mar 21** | $14155 | $12352 | $14440 |
| **Apr 21** | $14430 | $12457 | $14726 |
| **May 21** | $14749 | $12503 | $15058 |
| **Jun 21** | $14994 | $12537 | $15313 |
| **Jul 21** | $15195 | $12625 | $15524 |
| **Aug 21** | $15286 | $12585 | $15623 |
| **Sep 21** | $14752 | $12498 | $15079 |
| **Oct 21** | $14673 | $12485 | $15004 |
| **Nov 21** | $14866 | $12577 | $15206 |
| **Dec 21** | $15075 | $12592 | $15425 |
| **Jan 22** | $13912 | $12283 | $14236 |
| **Feb 22** | $13682 | $12222 | $14006 |
| **Mar 22** | $12964 | $11882 | $13275 |
| **Apr 22** | $12147 | $11565 | $12442 |
| **May 22** | $12585 | $11732 | $12897 |
| **Jun 22** | $11944 | $11537 | $12247 |
| **Jul 22** | $12674 | $11824 | $13005 |
| **Aug 22** | $12120 | $11550 | $12439 |
| **Sep 22** | $10848 | $11155 | $11131 |
| **Oct 22** | $10518 | $11076 | $10798 |
| **Nov 22** | $11764 | $11586 | $12081 |
| **Dec 22** | $11492 | $11584 | $11806 |
| **Jan 23** | $12065 | $11906 | $12398 |
| **Feb 23** | $11427 | $11638 | $11747 |
| **Mar 23** | $11689 | $11883 | $12021 |
| **Apr 23** | $11597 | $11865 | $11930 |
| **May 23** | $11301 | $11776 | $11629 |
| **Jun 23** | $11492 | $11876 | $11830 |
| **Jul 23** | $11644 | $11904 | $11991 |
| **Aug 23** | $11149 | $11772 | $11484 |
| **Sep 23** | $10362 | $11463 | $10672 |
| **Oct 23** | $10082 | $11337 | $10387 |
| **Nov 23** | $11336 | $12004 | $11684 |
| **Dec 23** | $11800 | $12278 | $12166 |
| **Jan 24** | $11888 | $12252 | $12262 |
| **Feb 24** | $11988 | $12256 | $12369 |
| **Mar 24** | $12158 | $12244 | $12550 |
| **Apr 24** | $11731 | $12116 | $12114 |
| **May 24** | $12005 | $12085 | $12401 |
| **Jun 24** | $12494 | $12270 | $12909 |
| **Jul 24** | $12695 | $12372 | $13122 |
| **Aug 24** | $12943 | $12467 | $13383 |
| **Sep 24** | $13330 | $12591 | $13787 |
| **Oct 24** | $12954 | $12426 | $13403 |
| **Nov 24** | $13307 | $12614 | $13772 |
| **Dec 24** | $12608 | $12470 | $13053 |
| **Jan 25** | $12915 | $12505 | $13378 |
| **Feb 25** | $13177 | $12631 | $13656 |
| **Mar 25** | $12803 | $12425 | $13273 |
| **Apr 25** | $12528 | $12360 | $12995 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck CEF Muni Income ETF** | 6.79% | 1.55% | 2.28% |
| **S-Network Municipal Bond Closed-End Fund Index (CEFMXTR)** | 7.27% | 1.96% | 2.65% |
| **ICE US Broad Municipal Index (MUNI)** | 2.01% | 1.26% | 2.14% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$169,948,612

* Number of Portfolio Holdings55

* Portfolio Turnover Rate12%

* Advisory Fees Paid$852,139

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i17ed8658bea3b1fc7abf3c77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.3% |
| Municipal Closed-End Funds | 99.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Nuveen AMT-Free Quality Municipal Income Fund | 8.0% |
| Nuveen Quality Municipal Income Fund | 7.7% |
| Nuveen AMT-Free Municipal Credit Income Fund | 7.4% |
| Nuveen Municipal Credit Income Fund | 6.7% |
| BlackRock Municipal 2030 Target Term Trust | 5.7% |
| Nuveen Municipal Value Fund, Inc. | 5.1% |
| BlackRock MuniYield Quality Fund, Inc. | 2.8% |
| BlackRock MuniYield Quality Fund III, Inc. | 2.5% |
| Nuveen Municipal High Income Opportunity Fund | 2.5% |
| Invesco Municipal Opportunity Trust | 2.3% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Emerging Markets High Yield Bond ETF

## Ticker: HYEM

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Emerging Markets High Yield Bond ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Emerging Markets High Yield Bond ETF | $42 | 0.40% |

---

### How did the Fund perform **last year?** 
* The Fund delivered a positive return over the period, supported by income and a decline in U.S. Treasury yields during the period, which offset higher credit spreads.

* Issuers in the energy, basic industry, and banking sectors contributed most to return over the period, while no sectors contributed negatively.

* By country of risk, Argentina, China, and Turkey were the largest contributors to return, driven by strong returns and generally higher allocations in the Fund. There were no material detractors from a country of risk perspective.

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](ia830159da384a6ee51ec9ff9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HYEM** | **GBMP** | **EMLH** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $10099 | $9831 | $10144 |
| **Jun 15** | $10008 | $9785 | $10052 |
| **Jul 15** | $9956 | $9809 | $9997 |
| **Aug 15** | $9723 | $9817 | $9753 |
| **Sep 15** | $9467 | $9865 | $9504 |
| **Oct 15** | $9839 | $9886 | $9876 |
| **Nov 15** | $9845 | $9733 | $9897 |
| **Dec 15** | $9525 | $9777 | $9633 |
| **Jan 16** | $9455 | $9872 | $9492 |
| **Feb 16** | $9574 | $10084 | $9630 |
| **Mar 16** | $9958 | $10343 | $10040 |
| **Apr 16** | $10238 | $10475 | $10331 |
| **May 16** | $10274 | $10346 | $10380 |
| **Jun 16** | $10528 | $10647 | $10653 |
| **Jul 16** | $10775 | $10728 | $10896 |
| **Aug 16** | $10921 | $10679 | $11054 |
| **Sep 16** | $11046 | $10731 | $11180 |
| **Oct 16** | $11049 | $10447 | $11197 |
| **Nov 16** | $10884 | $10039 | $11016 |
| **Dec 16** | $10981 | $9998 | $11187 |
| **Jan 17** | $11238 | $10106 | $11396 |
| **Feb 17** | $11399 | $10157 | $11590 |
| **Mar 17** | $11404 | $10171 | $11593 |
| **Apr 17** | $11573 | $10284 | $11782 |
| **May 17** | $11586 | $10435 | $11792 |
| **Jun 17** | $11546 | $10426 | $11762 |
| **Jul 17** | $11615 | $10597 | $11840 |
| **Aug 17** | $11752 | $10703 | $11986 |
| **Sep 17** | $11831 | $10609 | $12084 |
| **Oct 17** | $11897 | $10568 | $12160 |
| **Nov 17** | $11859 | $10678 | $12090 |
| **Dec 17** | $11858 | $10717 | $12140 |
| **Jan 18** | $11960 | $10835 | $12202 |
| **Feb 18** | $11850 | $10739 | $12112 |
| **Mar 18** | $11792 | $10853 | $12058 |
| **Apr 18** | $11721 | $10686 | $11979 |
| **May 18** | $11544 | $10604 | $11794 |
| **Jun 18** | $11408 | $10557 | $11653 |
| **Jul 18** | $11595 | $10540 | $11851 |
| **Aug 18** | $11268 | $10544 | $11501 |
| **Sep 18** | $11574 | $10457 | $11817 |
| **Oct 18** | $11498 | $10348 | $11744 |
| **Nov 18** | $11443 | $10385 | $11690 |
| **Dec 18** | $11438 | $10595 | $11752 |
| **Jan 19** | $11929 | $10756 | $12202 |
| **Feb 19** | $12061 | $10696 | $12357 |
| **Mar 19** | $12116 | $10832 | $12421 |
| **Apr 19** | $12182 | $10802 | $12492 |
| **May 19** | $12180 | $10955 | $12490 |
| **Jun 19** | $12513 | $11196 | $12833 |
| **Jul 19** | $12627 | $11170 | $12959 |
| **Aug 19** | $12207 | $11411 | $12516 |
| **Sep 19** | $12415 | $11291 | $12738 |
| **Oct 19** | $12596 | $11365 | $12933 |
| **Nov 19** | $12674 | $11275 | $13027 |
| **Dec 19** | $12843 | $11333 | $13277 |
| **Jan 20** | $13056 | $11484 | $13434 |
| **Feb 20** | $12914 | $11569 | $13292 |
| **Mar 20** | $10896 | $11318 | $11107 |
| **Apr 20** | $11418 | $11529 | $11645 |
| **May 20** | $12099 | $11593 | $12362 |
| **Jun 20** | $12530 | $11697 | $12834 |
| **Jul 20** | $12826 | $12069 | $13144 |
| **Aug 20** | $13062 | $12030 | $13399 |
| **Sep 20** | $12898 | $11990 | $13243 |
| **Oct 20** | $12911 | $11978 | $13267 |
| **Nov 20** | $13454 | $12186 | $13839 |
| **Dec 20** | $13710 | $12336 | $14187 |
| **Jan 21** | $13753 | $12205 | $14177 |
| **Feb 21** | $13840 | $11962 | $14280 |
| **Mar 21** | $13737 | $11737 | $14173 |
| **Apr 21** | $13876 | $11882 | $14321 |
| **May 21** | $14000 | $11976 | $14459 |
| **Jun 21** | $14072 | $11898 | $14537 |
| **Jul 21** | $13946 | $12049 | $14399 |
| **Aug 21** | $14109 | $11999 | $14589 |
| **Sep 21** | $13915 | $11768 | $14380 |
| **Oct 21** | $13734 | $11735 | $14187 |
| **Nov 21** | $13518 | $11700 | $13951 |
| **Dec 21** | $13584 | $11671 | $14004 |
| **Jan 22** | $13277 | $11415 | $13692 |
| **Feb 22** | $12617 | $11273 | $12986 |
| **Mar 22** | $12359 | $10924 | $12531 |
| **Apr 22** | $12094 | $10329 | $12296 |
| **May 22** | $11922 | $10357 | $12105 |
| **Jun 22** | $11217 | $10028 | $11377 |
| **Jul 22** | $11280 | $10252 | $11424 |
| **Aug 22** | $11443 | $9843 | $11607 |
| **Sep 22** | $10889 | $9318 | $11036 |
| **Oct 22** | $10621 | $9251 | $10748 |
| **Nov 22** | $11527 | $9686 | $11703 |
| **Dec 22** | $11861 | $9727 | $12084 |
| **Jan 23** | $12326 | $10036 | $12589 |
| **Feb 23** | $12062 | $9711 | $12324 |
| **Mar 23** | $12046 | $10017 | $12306 |
| **Apr 23** | $12026 | $10068 | $12284 |
| **May 23** | $11908 | $9877 | $12148 |
| **Jun 23** | $12147 | $9879 | $12398 |
| **Jul 23** | $12297 | $9934 | $12557 |
| **Aug 23** | $12211 | $9806 | $12459 |
| **Sep 23** | $12189 | $9513 | $12436 |
| **Oct 23** | $12026 | $9394 | $12269 |
| **Nov 23** | $12463 | $9864 | $12728 |
| **Dec 23** | $12825 | $10275 | $13101 |
| **Jan 24** | $12997 | $10145 | $13286 |
| **Feb 24** | $13155 | $10010 | $13449 |
| **Mar 24** | $13349 | $10066 | $13647 |
| **Apr 24** | $13288 | $9806 | $13599 |
| **May 24** | $13515 | $9939 | $13839 |
| **Jun 24** | $13650 | $9958 | $13987 |
| **Jul 24** | $13887 | $10236 | $14230 |
| **Aug 24** | $14094 | $10473 | $14446 |
| **Sep 24** | $14333 | $10650 | $14695 |
| **Oct 24** | $14320 | $10292 | $14684 |
| **Nov 24** | $14426 | $10336 | $14793 |
| **Dec 24** | $14419 | $10105 | $14792 |
| **Jan 25** | $14598 | $10165 | $14965 |
| **Feb 25** | $14773 | $10322 | $15150 |
| **Mar 25** | $14746 | $10385 | $15123 |
| **Apr 25** | $14613 | $10682 | $14979 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck Emerging Markets High Yield Bond ETF** | 9.97% | 5.06% | 3.87% |
| **ICE BofA Diversified High Yield US Emerging Markets Corp Plus Index (EMLH)** | 10.15% | 5.16% | 4.12% |
| **ICE BofA Global Broad Market Plus Index (GBMP)** | 8.94% | (1.51)% | 0.66% |

---

EMLH replaced the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index effective May 11, 2015. Index history prior to May 11, 2015 reflects the performance of the BofA Merrill Lynch High Yield US Emerging Markets Liquid Corporate Plus Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$376,733,591

* Number of Portfolio Holdings513

* Portfolio Turnover Rate34%

* Advisory Fees Paid$1,573,338

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib7227bf5fc6931d837450d62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.5% |
| Government | 2.8% |
| Real Estate | 3.0% |
| Consumer Non-Cyclicals | 3.0% |
| Healthcare | 3.6% |
| Technology | 4.1% |
| Consumer Cyclicals | 4.5% |
| Utilities | 7.7% |
| Industrials | 9.3% |
| Basic Materials | 12.4% |
| Energy | 18.0% |
| Financials | 29.1% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Industrial & Commercial Bank of China Ltd., 3.20% (Perpetual) | 2.2% |
| Provincia de Buenos Aires, 6.62%, 9/1/2037 | 1.5% |
| Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/1/2026 | 1.0% |
| Samarco Mineracao SA, 9.50%, 6/30/2031 | 0.7% |
| First Quantum Minerals Ltd., 9.38%, 3/1/2029 | 0.6% |
| Ecopetrol SA, 8.88%, 1/13/2033 | 0.5% |
| First Quantum Minerals Ltd., 8.62%, 6/1/2031 | 0.5% |
| Latam Airlines Group SA, 7.88%, 4/15/2030 | 0.5% |
| Wynn Macau Ltd., 5.62%, 8/26/2028 | 0.5% |
| OTP Bank Nyrt, 8.75%, 5/15/2033 | 0.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Fallen Angel High Yield Bond ETF

## Ticker: ANGL

### Principal U.S. Listing Exchange: The NASDAQ Stock Market LLC

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Fallen Angel High Yield Bond ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Fallen Angel High Yield Bond ETF | $26 | 0.25% |

---

### How did the Fund perform **last year?** 
* High yield total returns over the period were supported primarily by high coupon income and movements in interest rates, but were tempered by wider spreads.

* The telecom sector experienced strong total returns and contributed the most to performance, followed by retail and real estate. The automotive sector was the only sector to detract from performance.

* BB rated bonds contributed most to Fund performance, driven by strong returns and high average weight in the Fund. There were no material detractors from a credit rating perspective.

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](i3b38d9e6aa8cf26421c85245.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ANGL** | **US00** | **H0CF** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $10015 | $9976 | $10025 |
| **Jun 15** | $9876 | $9869 | $9888 |
| **Jul 15** | $9817 | $9939 | $9822 |
| **Aug 15** | $9692 | $9925 | $9704 |
| **Sep 15** | $9447 | $9991 | $9495 |
| **Oct 15** | $9667 | $9995 | $9693 |
| **Nov 15** | $9450 | $9967 | $9492 |
| **Dec 15** | $9097 | $9934 | $9219 |
| **Jan 16** | $8991 | $10076 | $9034 |
| **Feb 16** | $9135 | $10151 | $9171 |
| **Mar 16** | $9770 | $10239 | $9823 |
| **Apr 16** | $10359 | $10277 | $10421 |
| **May 16** | $10341 | $10282 | $10427 |
| **Jun 16** | $10636 | $10472 | $10711 |
| **Jul 16** | $10904 | $10540 | $11002 |
| **Aug 16** | $11183 | $10526 | $11283 |
| **Sep 16** | $11286 | $10517 | $11391 |
| **Oct 16** | $11410 | $10432 | $11526 |
| **Nov 16** | $11298 | $10182 | $11412 |
| **Dec 16** | $11401 | $10194 | $11613 |
| **Jan 17** | $11707 | $10217 | $11850 |
| **Feb 17** | $11868 | $10287 | $12026 |
| **Mar 17** | $11873 | $10282 | $12029 |
| **Apr 17** | $12002 | $10360 | $12170 |
| **May 17** | $12093 | $10442 | $12267 |
| **Jun 17** | $12076 | $10433 | $12252 |
| **Jul 17** | $12257 | $10476 | $12448 |
| **Aug 17** | $12309 | $10574 | $12507 |
| **Sep 17** | $12500 | $10519 | $12710 |
| **Oct 17** | $12554 | $10527 | $12775 |
| **Nov 17** | $12523 | $10513 | $12749 |
| **Dec 17** | $12503 | $10562 | $12822 |
| **Jan 18** | $12759 | $10440 | $12989 |
| **Feb 18** | $12497 | $10342 | $12734 |
| **Mar 18** | $12361 | $10409 | $12596 |
| **Apr 18** | $12465 | $10333 | $12711 |
| **May 18** | $12427 | $10406 | $12663 |
| **Jun 18** | $12427 | $10394 | $12664 |
| **Jul 18** | $12573 | $10395 | $12816 |
| **Aug 18** | $12638 | $10463 | $12889 |
| **Sep 18** | $12713 | $10396 | $12968 |
| **Oct 18** | $12454 | $10315 | $12707 |
| **Nov 18** | $12211 | $10375 | $12462 |
| **Dec 18** | $11910 | $10567 | $12211 |
| **Jan 19** | $12539 | $10675 | $12781 |
| **Feb 19** | $12773 | $10674 | $13033 |
| **Mar 19** | $12906 | $10883 | $13176 |
| **Apr 19** | $13093 | $10885 | $13380 |
| **May 19** | $12914 | $11082 | $13197 |
| **Jun 19** | $13288 | $11226 | $13583 |
| **Jul 19** | $13431 | $11255 | $13733 |
| **Aug 19** | $13460 | $11561 | $13772 |
| **Sep 19** | $13497 | $11493 | $13813 |
| **Oct 19** | $13583 | $11523 | $13907 |
| **Nov 19** | $13625 | $11517 | $13975 |
| **Dec 19** | $13890 | $11505 | $14327 |
| **Jan 20** | $14051 | $11738 | $14430 |
| **Feb 20** | $13928 | $11952 | $14314 |
| **Mar 20** | $12064 | $11867 | $12334 |
| **Apr 20** | $12781 | $12075 | $13099 |
| **May 20** | $13332 | $12136 | $13707 |
| **Jun 20** | $13755 | $12218 | $14155 |
| **Jul 20** | $14599 | $12406 | $15043 |
| **Aug 20** | $14751 | $12304 | $15210 |
| **Sep 20** | $14439 | $12302 | $14892 |
| **Oct 20** | $14532 | $12242 | $15003 |
| **Nov 20** | $15414 | $12361 | $15923 |
| **Dec 20** | $15741 | $12375 | $16342 |
| **Jan 21** | $15863 | $12279 | $16402 |
| **Feb 21** | $15964 | $12059 | $16499 |
| **Mar 21** | $15832 | $11932 | $16371 |
| **Apr 21** | $16098 | $12035 | $16661 |
| **May 21** | $16137 | $12071 | $16714 |
| **Jun 21** | $16535 | $12173 | $17131 |
| **Jul 21** | $16716 | $12304 | $17317 |
| **Aug 21** | $16835 | $12287 | $17457 |
| **Sep 21** | $16785 | $12170 | $17418 |
| **Oct 21** | $16864 | $12172 | $17509 |
| **Nov 21** | $16645 | $12220 | $17283 |
| **Dec 21** | $16944 | $12180 | $17603 |
| **Jan 22** | $16221 | $11925 | $16847 |
| **Feb 22** | $15948 | $11773 | $16566 |
| **Mar 22** | $15745 | $11444 | $16364 |
| **Apr 22** | $15031 | $11024 | $15635 |
| **May 22** | $15102 | $11071 | $15698 |
| **Jun 22** | $14088 | $10922 | $14651 |
| **Jul 22** | $14832 | $11175 | $15430 |
| **Aug 22** | $14615 | $10871 | $15220 |
| **Sep 22** | $13979 | $10392 | $14551 |
| **Oct 22** | $14165 | $10250 | $14751 |
| **Nov 22** | $14528 | $10622 | $15136 |
| **Dec 22** | $14531 | $10577 | $15139 |
| **Jan 23** | $15073 | $10895 | $15723 |
| **Feb 23** | $14832 | $10622 | $15479 |
| **Mar 23** | $15042 | $10891 | $15700 |
| **Apr 23** | $15119 | $10961 | $15781 |
| **May 23** | $14945 | $10841 | $15598 |
| **Jun 23** | $15211 | $10802 | $15875 |
| **Jul 23** | $15398 | $10793 | $16076 |
| **Aug 23** | $15403 | $10726 | $16082 |
| **Sep 23** | $15144 | $10459 | $15813 |
| **Oct 23** | $14996 | $10297 | $15658 |
| **Nov 23** | $15848 | $10749 | $16561 |
| **Dec 23** | $16412 | $11147 | $17143 |
| **Jan 24** | $16498 | $11134 | $17242 |
| **Feb 24** | $16432 | $10982 | $17172 |
| **Mar 24** | $16662 | $11074 | $17418 |
| **Apr 24** | $16371 | $10807 | $17114 |
| **May 24** | $16539 | $10990 | $17287 |
| **Jun 24** | $16578 | $11095 | $17329 |
| **Jul 24** | $16929 | $11352 | $17702 |
| **Aug 24** | $17193 | $11513 | $17972 |
| **Sep 24** | $17407 | $11668 | $18204 |
| **Oct 24** | $17258 | $11383 | $18051 |
| **Nov 24** | $17486 | $11497 | $18285 |
| **Dec 24** | $17359 | $11312 | $18131 |
| **Jan 25** | $17605 | $11376 | $18399 |
| **Feb 25** | $17678 | $11623 | $18474 |
| **Mar 25** | $17616 | $11627 | $18411 |
| **Apr 25** | $17404 | $11670 | $18181 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck Fallen Angel High Yield Bond ETF** | 6.31% | 6.37% | 5.70% |
| **ICE US Fallen Angel High Yield 10% Constrained Index (H0CF)** | 6.23% | 6.78% | 6.16% |
| **ICE BofA US Broad Market Index (US00)** | 7.99% | (0.68)% | 1.56% |

---

H0CF replaced the ICE BofAML US Fallen Angel High Yield Index effective February 28, 2020. Index history prior to February 28, 2020 reflects the performance of the ICE BofAML US Fallen Angel High Yield Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$2,801,978,351

* Number of Portfolio Holdings133

* Portfolio Turnover Rate43%

* Advisory Fees Paid$7,604,009

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i58c65f21d442d8fd11e92970.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.1% |
| Other Investments | 0.5% |
| Utilities | 1.1% |
| Healthcare | 3.5% |
| Consumer Non-Cyclicals | 6.2% |
| Industrials | 6.7% |
| Financials | 7.1% |
| Energy | 7.2% |
| Real Estate | 8.4% |
| Basic Materials | 14.3% |
| Technology | 15.0% |
| Consumer Cyclicals | 27.9% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Vodafone Group PLC, 7.00%, 4/4/2079 | 3.3% |
| Nissan Motor Co. Ltd., 4.34%, 9/17/2027 | 2.9% |
| Nissan Motor Co. Ltd., 4.81%, 9/17/2030 | 2.8% |
| Entegris, Inc., 4.75%, 4/15/2029 | 2.5% |
| Walgreens Boots Alliance, Inc., 3.45%, 6/1/2026 | 2.3% |
| Celanese US Holdings LLC, 6.42%, 7/15/2027 | 2.2% |
| Dresdner Funding Trust I, 8.15%, 6/30/2031 | 1.7% |
| Celanese US Holdings LLC, 6.60%, 11/15/2028 | 1.5% |
| Celanese US Holdings LLC, 6.95%, 11/15/2033 | 1.5% |
| Celanese US Holdings LLC, 6.80%, 11/15/2030 | 1.5% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Green Bond ETF

## Ticker: GRNB

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Green Bond ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Green Bond ETF | $21 | 0.20% |

---

### How did the Fund perform **last year?** 
* High coupon income and movements in interest rates drove investment grade U.S. dollar denominated green bond returns over the reporting period.

* All sectors contributed positively to returns, with utility, real estate and banking sector issuers contributing the most.

* From a country of risk perspective, most issuers contributed positively to the Fund, but the United States as the largest exposure in the Fund, on average, contributed most significantly. There were no material detractors by country of risk.

### How did the Fund perform since inception?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (3/3/2017).

![Growth of 10K Chart](i862299533317f7f421643363.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **GRNB** | **US00** | **SPGRUSST** |
| **Mar 17** | $10000 | $10000 | $10000 |
| **Mar 17** | $10101 | $10061 | $10113 |
| **Apr 17** | $10286 | $10137 | $10288 |
| **May 17** | $10526 | $10216 | $10530 |
| **Jun 17** | $10568 | $10207 | $10588 |
| **Jul 17** | $10834 | $10250 | $10854 |
| **Aug 17** | $10965 | $10346 | $11007 |
| **Sep 17** | $10875 | $10292 | $10922 |
| **Oct 17** | $10835 | $10300 | $10887 |
| **Nov 17** | $10967 | $10286 | $11034 |
| **Dec 17** | $10977 | $10334 | $11068 |
| **Jan 18** | $11158 | $10215 | $11245 |
| **Feb 18** | $10961 | $10118 | $11052 |
| **Mar 18** | $11056 | $10184 | $11156 |
| **Apr 18** | $10874 | $10110 | $10983 |
| **May 18** | $10662 | $10181 | $10759 |
| **Jun 18** | $10668 | $10170 | $10768 |
| **Jul 18** | $10690 | $10171 | $10801 |
| **Aug 18** | $10659 | $10237 | $10767 |
| **Sep 18** | $10608 | $10172 | $10711 |
| **Oct 18** | $10407 | $10092 | $10516 |
| **Nov 18** | $10403 | $10151 | $10522 |
| **Dec 18** | $10530 | $10339 | $10669 |
| **Jan 19** | $10684 | $10445 | $10826 |
| **Feb 19** | $10648 | $10444 | $10791 |
| **Mar 19** | $10746 | $10648 | $10904 |
| **Apr 19** | $10737 | $10650 | $10896 |
| **May 19** | $10782 | $10843 | $10955 |
| **Jun 19** | $11143 | $10983 | $11336 |
| **Jul 19** | $11083 | $11012 | $11296 |
| **Aug 19** | $11185 | $11312 | $11411 |
| **Sep 19** | $11104 | $11245 | $11308 |
| **Oct 19** | $11152 | $11275 | $11357 |
| **Nov 19** | $11127 | $11269 | $11341 |
| **Dec 19** | $11102 | $11257 | $11342 |
| **Jan 20** | $11342 | $11485 | $11565 |
| **Feb 20** | $11486 | $11694 | $11707 |
| **Mar 20** | $11088 | $11611 | $11289 |
| **Apr 20** | $11399 | $11815 | $11594 |
| **May 20** | $11524 | $11874 | $11755 |
| **Jun 20** | $11674 | $11954 | $11902 |
| **Jul 20** | $11885 | $12139 | $12113 |
| **Aug 20** | $11832 | $12039 | $12079 |
| **Sep 20** | $11828 | $12037 | $12080 |
| **Oct 20** | $11790 | $11977 | $12051 |
| **Nov 20** | $11932 | $12095 | $12199 |
| **Dec 20** | $11948 | $12108 | $12255 |
| **Jan 21** | $11933 | $12014 | $12215 |
| **Feb 21** | $11783 | $11799 | $12082 |
| **Mar 21** | $11654 | $11675 | $11948 |
| **Apr 21** | $11749 | $11775 | $12045 |
| **May 21** | $11796 | $11810 | $12097 |
| **Jun 21** | $11875 | $11910 | $12187 |
| **Jul 21** | $11967 | $12039 | $12279 |
| **Aug 21** | $11974 | $12022 | $12294 |
| **Sep 21** | $11844 | $11907 | $12168 |
| **Oct 21** | $11745 | $11910 | $12074 |
| **Nov 21** | $11745 | $11956 | $12062 |
| **Dec 21** | $11731 | $11917 | $12063 |
| **Jan 22** | $11464 | $11667 | $11785 |
| **Feb 22** | $11283 | $11519 | $11586 |
| **Mar 22** | $11026 | $11197 | $11318 |
| **Apr 22** | $10657 | $10786 | $10945 |
| **May 22** | $10693 | $10832 | $10989 |
| **Jun 22** | $10462 | $10687 | $10744 |
| **Jul 22** | $10679 | $10934 | $10956 |
| **Aug 22** | $10470 | $10637 | $10754 |
| **Sep 22** | $10073 | $10168 | $10335 |
| **Oct 22** | $9976 | $10029 | $10229 |
| **Nov 22** | $10336 | $10393 | $10602 |
| **Dec 22** | $10341 | $10349 | $10599 |
| **Jan 23** | $10609 | $10660 | $10887 |
| **Feb 23** | $10399 | $10393 | $10677 |
| **Mar 23** | $10601 | $10656 | $10876 |
| **Apr 23** | $10700 | $10724 | $10976 |
| **May 23** | $10603 | $10607 | $10881 |
| **Jun 23** | $10603 | $10569 | $10871 |
| **Jul 23** | $10650 | $10560 | $10919 |
| **Aug 23** | $10608 | $10494 | $10880 |
| **Sep 23** | $10442 | $10233 | $10721 |
| **Oct 23** | $10321 | $10075 | $10601 |
| **Nov 23** | $10716 | $10517 | $11008 |
| **Dec 23** | $11058 | $10907 | $11365 |
| **Jan 24** | $11065 | $10894 | $11377 |
| **Feb 24** | $10987 | $10745 | $11307 |
| **Mar 24** | $11082 | $10835 | $11394 |
| **Apr 24** | $10903 | $10574 | $11218 |
| **May 24** | $11063 | $10753 | $11386 |
| **Jun 24** | $11154 | $10856 | $11479 |
| **Jul 24** | $11354 | $11107 | $11697 |
| **Aug 24** | $11525 | $11265 | $11865 |
| **Sep 24** | $11666 | $11416 | $12015 |
| **Oct 24** | $11484 | $11137 | $11833 |
| **Nov 24** | $11573 | $11249 | $11927 |
| **Dec 24** | $11459 | $11068 | $11812 |
| **Jan 25** | $11522 | $11131 | $11873 |
| **Feb 25** | $11698 | $11372 | $12064 |
| **Mar 25** | $11689 | $11376 | $12063 |
| **Apr 25** | $11711 | $11418 | $12084 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| **VanEck Green Bond ETF** | 7.42% | 0.54% | 1.95% |
| **S&P Green Bond U.S. Dollar Select Index Total Return (SPGRUSST)** | 7.72% | 0.83% | 2.35% |
| **ICE BofA US Broad Market Index (US00)** | 7.99% | (0.68)% | 1.64% |

---

\* Inception of Fund: 03/03/2017

SPGRUSST replaced the S&P Green Bond Select Index effective September 1, 2019. Index history prior to September 1, 2019 reflects the performance of the S&P Green Bond Select Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$125,913,342

* Number of Portfolio Holdings443

* Portfolio Turnover Rate15%

* Advisory Fees Paid$216,168

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1cf580bcd75e50107c070e85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.1% |
| Other Investments | 0.8% |
| Energy | 1.6% |
| Consumer Non-Cyclicals | 1.9% |
| Industrials | 3.1% |
| Mortgage Securities | 3.4% |
| Technology | 4.2% |
| Consumer Cyclicals | 4.5% |
| Basic Materials | 5.8% |
| Real Estate | 7.8% |
| Government | 11.4% |
| Utilities | 20.6% |
| Financials | 32.8% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| European Investment Bank, 3.75%, 2/14/2033 | 1.5% |
| European Investment Bank, 4.38%, 10/10/2031 | 1.3% |
| Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/2026 | 0.9% |
| Turkiye Government International Bond, 9.12%, 7/13/2030 | 0.9% |
| New Development Bank, 5.12%, 4/26/2026 | 0.7% |
| Ford Motor Co., 3.25%, 2/12/2032 | 0.7% |
| Kreditanstalt fuer Wiederaufbau, 4.38%, 2/28/2034 | 0.7% |
| Gaci First Investment Co., 5.25%, 10/13/2032 | 0.7% |
| Industrial & Commercial Bank of China Ltd., 4.98%, 10/25/2026 | 0.6% |
| Freddie Mac Multifamily Structured Pass Through Certificates, 2.88%, 4/25/2026 | 0.6% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck High Yield Muni ETF

## Ticker: HYD

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck High Yield Muni ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck High Yield Muni ETF | $32 | 0.32% |

---

### How did the Fund perform **last year?** 
* High yield municipal bonds led the municipal market over the reporting period, supported by strong credit conditions, high income levels, and constrained new issuance. As investor appetite for yield remained firm, spreads tightened and market technicals were favorable.

* Securities from New York, Pennsylvania and California were the largest contributors to the Fund's performance, and no state materially detracted from performance.

* The Fund's exposure to the hospitals, health and education sectors contributed the most to performance over the reporting period, while exposure to tobacco bonds was the largest detractor.

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](i1556e3f2549a2c8deb5dc5f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HYD** | **MUNI** | **MHYX** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $9977 | $9967 | $9991 |
| **Jun 15** | $9878 | $9953 | $9884 |
| **Jul 15** | $9921 | $10032 | $9940 |
| **Aug 15** | $9947 | $10054 | $9973 |
| **Sep 15** | $10057 | $10122 | $10110 |
| **Oct 15** | $10167 | $10165 | $10244 |
| **Nov 15** | $10204 | $10215 | $10305 |
| **Dec 15** | $10234 | $10296 | $10378 |
| **Jan 16** | $10372 | $10410 | $10483 |
| **Feb 16** | $10404 | $10419 | $10546 |
| **Mar 16** | $10546 | $10465 | $10691 |
| **Apr 16** | $10659 | $10545 | $10800 |
| **May 16** | $10765 | $10578 | $10915 |
| **Jun 16** | $10971 | $10750 | $11143 |
| **Jul 16** | $11002 | $10744 | $11193 |
| **Aug 16** | $11062 | $10769 | $11214 |
| **Sep 16** | $11061 | $10717 | $11202 |
| **Oct 16** | $10892 | $10616 | $11054 |
| **Nov 16** | $10260 | $10229 | $10416 |
| **Dec 16** | $10267 | $10341 | $10566 |
| **Jan 17** | $10455 | $10394 | $10693 |
| **Feb 17** | $10632 | $10461 | $10915 |
| **Mar 17** | $10728 | $10485 | $10994 |
| **Apr 17** | $10839 | $10561 | $11097 |
| **May 17** | $11012 | $10717 | $11324 |
| **Jun 17** | $10999 | $10692 | $11288 |
| **Jul 17** | $11067 | $10771 | $11394 |
| **Aug 17** | $11239 | $10861 | $11558 |
| **Sep 17** | $11239 | $10820 | $11513 |
| **Oct 17** | $11232 | $10840 | $11548 |
| **Nov 17** | $11265 | $10794 | $11565 |
| **Dec 17** | $11352 | $10901 | $11712 |
| **Jan 18** | $11346 | $10786 | $11597 |
| **Feb 18** | $11310 | $10740 | $11594 |
| **Mar 18** | $11389 | $10776 | $11743 |
| **Apr 18** | $11433 | $10734 | $11778 |
| **May 18** | $11615 | $10861 | $12010 |
| **Jun 18** | $11652 | $10873 | $12061 |
| **Jul 18** | $11709 | $10898 | $12111 |
| **Aug 18** | $11760 | $10915 | $12195 |
| **Sep 18** | $11689 | $10846 | $12138 |
| **Oct 18** | $11494 | $10768 | $11997 |
| **Nov 18** | $11521 | $10886 | $12092 |
| **Dec 18** | $11590 | $11015 | $12201 |
| **Jan 19** | $11688 | $11096 | $12286 |
| **Feb 19** | $11762 | $11156 | $12356 |
| **Mar 19** | $12014 | $11318 | $12648 |
| **Apr 19** | $12058 | $11359 | $12712 |
| **May 19** | $12264 | $11515 | $12934 |
| **Jun 19** | $12324 | $11563 | $12998 |
| **Jul 19** | $12380 | $11651 | $13087 |
| **Aug 19** | $12630 | $11820 | $13372 |
| **Sep 19** | $12590 | $11737 | $13316 |
| **Oct 19** | $12608 | $11752 | $13343 |
| **Nov 19** | $12647 | $11772 | $13396 |
| **Dec 19** | $12652 | $11808 | $13439 |
| **Jan 20** | $12931 | $12005 | $13736 |
| **Feb 20** | $13200 | $12156 | $14028 |
| **Mar 20** | $11697 | $11761 | $12582 |
| **Apr 20** | $11231 | $11609 | $12152 |
| **May 20** | $11574 | $11961 | $12604 |
| **Jun 20** | $11915 | $12051 | $13064 |
| **Jul 20** | $12206 | $12226 | $13436 |
| **Aug 20** | $12227 | $12189 | $13469 |
| **Sep 20** | $12192 | $12188 | $13477 |
| **Oct 20** | $12198 | $12165 | $13481 |
| **Nov 20** | $12452 | $12328 | $13785 |
| **Dec 20** | $12646 | $12399 | $14043 |
| **Jan 21** | $12931 | $12467 | $14324 |
| **Feb 21** | $12752 | $12286 | $14175 |
| **Mar 21** | $12845 | $12352 | $14327 |
| **Apr 21** | $13010 | $12457 | $14527 |
| **May 21** | $13153 | $12503 | $14673 |
| **Jun 21** | $13289 | $12537 | $14836 |
| **Jul 21** | $13415 | $12625 | $15016 |
| **Aug 21** | $13368 | $12585 | $14984 |
| **Sep 21** | $13220 | $12498 | $14877 |
| **Oct 21** | $13135 | $12485 | $14818 |
| **Nov 21** | $13297 | $12577 | $14995 |
| **Dec 21** | $13321 | $12592 | $15028 |
| **Jan 22** | $12931 | $12283 | $14600 |
| **Feb 22** | $12814 | $12222 | $14544 |
| **Mar 22** | $12349 | $11882 | $14049 |
| **Apr 22** | $11889 | $11565 | $13566 |
| **May 22** | $12026 | $11732 | $13758 |
| **Jun 22** | $11584 | $11537 | $13317 |
| **Jul 22** | $11968 | $11824 | $13798 |
| **Aug 22** | $11682 | $11550 | $13498 |
| **Sep 22** | $10981 | $11155 | $12740 |
| **Oct 22** | $10765 | $11076 | $12523 |
| **Nov 22** | $11341 | $11586 | $13204 |
| **Dec 22** | $11289 | $11584 | $13184 |
| **Jan 23** | $11670 | $11906 | $13693 |
| **Feb 23** | $11352 | $11638 | $13351 |
| **Mar 23** | $11483 | $11883 | $13545 |
| **Apr 23** | $11520 | $11865 | $13597 |
| **May 23** | $11437 | $11776 | $13528 |
| **Jun 23** | $11602 | $11876 | $13731 |
| **Jul 23** | $11628 | $11904 | $13786 |
| **Aug 23** | $11515 | $11772 | $13650 |
| **Sep 23** | $11142 | $11463 | $13238 |
| **Oct 23** | $10892 | $11337 | $12969 |
| **Nov 23** | $11596 | $12004 | $13830 |
| **Dec 23** | $11910 | $12278 | $14228 |
| **Jan 24** | $11961 | $12252 | $14307 |
| **Feb 24** | $12030 | $12256 | $14398 |
| **Mar 24** | $12113 | $12244 | $14504 |
| **Apr 24** | $11985 | $12116 | $14354 |
| **May 24** | $12043 | $12085 | $14430 |
| **Jun 24** | $12252 | $12270 | $14719 |
| **Jul 24** | $12354 | $12372 | $14867 |
| **Aug 24** | $12449 | $12467 | $15021 |
| **Sep 24** | $12598 | $12591 | $15206 |
| **Oct 24** | $12458 | $12426 | $15039 |
| **Nov 24** | $12615 | $12614 | $15253 |
| **Dec 24** | $12446 | $12470 | $15062 |
| **Jan 25** | $12527 | $12505 | $15164 |
| **Feb 25** | $12671 | $12631 | $15346 |
| **Mar 25** | $12456 | $12425 | $15088 |
| **Apr 25** | $12252 | $12360 | $14899 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck High Yield Muni ETF** | 2.22% | 1.75% | 2.05% |
| **ICE Broad High Yield Crossover Municipal Index (MHYX)** | 3.80% | 4.16% | 4.07% |
| **ICE US Broad Municipal Index (MUNI)** | 2.01% | 1.26% | 2.14% |

---

From December 1, 2022 forward, the index data reflects that of the Fund's underlying index, MHYX. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE High Yield Crossover Municipal Bond Transition Index. Index data prior to March 1, 2022 reflects that of the Bloomberg Barclays Municipal Custom High Yield Composite Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$3,380,822,225

* Number of Portfolio Holdings1,619

* Portfolio Turnover Rate17%

* Advisory Fees Paid$10,108,214

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6106c6a56f618faa5ad76624.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 4.6% |
| Other Investments | 2.6% |
| Miscellaneous | 1.7% |
| Transportation | 1.9% |
| Power | 2.3% |
| Tobacco | 2.8% |
| Airport | 3.2% |
| Utilities | 3.2% |
| Multi-Family Housing | 3.4% |
| State GO | 3.4% |
| Toll & Turnpike | 4.0% |
| Leasing COPS & Appropriations | 4.1% |
| Health | 7.7% |
| Local GO | 7.8% |
| Education | 9.0% |
| Tax | 9.8% |
| Hospitals | 11.9% |
| Industrial Development Revenue | 16.6% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/2058 | 1.0% |
| California Infrastructure & Economic Development Bank, Broghtlime West Passenger Rail Project, 9.50%, 1/1/2065 | 1.0% |
| Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project, 5.45%, 9/1/2052 | 0.6% |
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., 4.00%, 7/15/2041 | 0.6% |
| California Municipal Finance Authority, United Airlines, Inc., International Airport Project, 4.00%, 7/15/2029 | 0.5% |
| California Statewide Communities Development Authority, Loma Linda University Medical Center, 5.00%, 12/1/2041 | 0.5% |
| New York Transportation Development Corporation, John F. Kennedy International Airport New Terminal Project, 5.50%, 6/30/2060 | 0.5% |
| California Statewide Communities Development Authority, Loma Linda University Medical Center, 5.25%, 12/1/2056 | 0.4% |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments LLC, 5.00%, 6/30/2058 | 0.4% |
| Buckeye Tobacco Settlement Financing Authority, 5.00%, 6/1/2055 | 0.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck HIP Sustainable Muni ETF

## Ticker: SMI

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck HIP Sustainable Muni ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck HIP Sustainable Muni ETF | $24 | 0.24% |

---

### How did the Fund perform **last year?** 
* Sustainable municipal bonds modestly lagged traditional benchmarks over the reporting period, though strong demand for ESG-aligned fixed income and improving macroeconomic conditions supported a partial rebound.

* Securities from California and New York were the largest contributors to Fund performance stemming primarily from being the two largest allocations in the Fund. Securities from Texas were the largest detractors.

* The Fund's exposure to the water & sewer, tax and state general obligations sectors contributed the most to performance over the reporting period, while exposure to the education sector detracted the most.

### How did the Fund perform since inception?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (9/8/2021).

![Growth of 10K Chart](id853928f138a02b9b171f8b1.jpg)

---

| | | |
|:---|:---|:---|
| | **SMI** | **MUNI** |
| **Sep 21** | $10000 | $10000 |
| **Sep 21** | $9936 | $9936 |
| **Oct 21** | $9929 | $9926 |
| **Nov 21** | $10006 | $9998 |
| **Dec 21** | $10023 | $10011 |
| **Jan 22** | $9782 | $9765 |
| **Feb 22** | $9740 | $9716 |
| **Mar 22** | $9435 | $9446 |
| **Apr 22** | $9174 | $9194 |
| **May 22** | $9306 | $9327 |
| **Jun 22** | $9143 | $9172 |
| **Jul 22** | $9358 | $9400 |
| **Aug 22** | $9126 | $9182 |
| **Sep 22** | $8834 | $8868 |
| **Oct 22** | $8761 | $8806 |
| **Nov 22** | $9138 | $9211 |
| **Dec 22** | $9168 | $9209 |
| **Jan 23** | $9398 | $9465 |
| **Feb 23** | $9175 | $9252 |
| **Mar 23** | $9368 | $9447 |
| **Apr 23** | $9333 | $9433 |
| **May 23** | $9279 | $9362 |
| **Jun 23** | $9368 | $9441 |
| **Jul 23** | $9385 | $9464 |
| **Aug 23** | $9281 | $9359 |
| **Sep 23** | $9029 | $9113 |
| **Oct 23** | $8908 | $9013 |
| **Nov 23** | $9452 | $9543 |
| **Dec 23** | $9650 | $9761 |
| **Jan 24** | $9646 | $9741 |
| **Feb 24** | $9647 | $9743 |
| **Mar 24** | $9624 | $9734 |
| **Apr 24** | $9533 | $9632 |
| **May 24** | $9530 | $9607 |
| **Jun 24** | $9673 | $9755 |
| **Jul 24** | $9753 | $9835 |
| **Aug 24** | $9799 | $9911 |
| **Sep 24** | $9889 | $10010 |
| **Oct 24** | $9780 | $9878 |
| **Nov 24** | $9917 | $10028 |
| **Dec 24** | $9794 | $9914 |
| **Jan 25** | $9805 | $9941 |
| **Feb 25** | $9895 | $10041 |
| **Mar 25** | $9712 | $9878 |
| **Apr 25** | $9646 | $9826 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| **VanEck HIP Sustainable Muni ETF** | 1.19% | (0.98)% |
| **ICE US Broad Municipal Index (MUNI)** | 2.01% | (0.48)% |

---

\* Inception of Fund: 09/08/2021

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$11,262,305

* Number of Portfolio Holdings35

* Portfolio Turnover Rate10%

* Advisory Fees Paid$28,602

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i3ebfd21425a527752470c27a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 4.4% |
| Power | 2.0% |
| Miscellaneous | 2.2% |
| Utilities | 2.2% |
| Leasing COPS & Appropriations | 4.4% |
| Transportation | 4.5% |
| Toll & Turnpike | 5.0% |
| State GO | 6.7% |
| Tax | 7.2% |
| Airport | 7.6% |
| Water & Sewer | 8.1% |
| Education | 12.8% |
| Hospitals | 13.1% |
| Local GO | 19.8% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| New York State Dormitory Authority, New York Columbia University, 5.00%, 10/1/2047 | 5.3% |
| Wylie Independent School District, 5.00%, 8/15/2039 | 4.8% |
| City and County of Honolulu, Hawaii Wastewater System, 4.00%, 7/1/2033 | 4.5% |
| Port Authority of New York & New Jersey, 5.00%, 11/15/2042 | 4.5% |
| City of Los Angeles Department of Airports, 5.00%, 5/15/2051 | 4.2% |
| Dallas Independent School District, Unlimited Tax School Building, 4.00%, 2/15/2054 | 4.0% |
| New York City Municipal Water Finance Authority, Water & Sewer System, 5.00%, 6/15/2039 | 3.6% |
| San Francisco City & County, International Airport, 5.00%, 5/1/2034 | 3.4% |
| Pennsylvania Turnpike Commission, 5.00%, 12/1/2051 | 3.0% |
| Arizona Industrial Development Authority, KIPP NYC Public Charter Schools - Macombs Facility Project, 4.00%, 7/1/2051 | 3.0% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck IG Floating Rate ETF

## Ticker: FLTR

### Principal U.S. Listing Exchange: NYSE Arca, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck IG Floating Rate ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck IG Floating Rate ETF | $14 | 0.14% |

---

### How did the Fund perform **last year?** 
* The Fund benefitted from high interest rates which drove higher coupon income, as the Federal Reserve maintained a higher-for-longer stance.

* The largest contribution to Fund performance came from the banking sector, which has the largest weight within the Fund, followed by the financial services and automotive sectors. No sectors had negative performance during the period.

* In terms of country of risk, the largest contribution to performance came from U.S. issuers, followed by United Kingdom and Australia issuers.

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](i5fcfee065817ad1e44da3c55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FLTR** | **US00** | **MVFLTR** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $10005 | $9976 | $10006 |
| **Jun 15** | $9995 | $9869 | $9995 |
| **Jul 15** | $9988 | $9939 | $9996 |
| **Aug 15** | $9986 | $9925 | $9994 |
| **Sep 15** | $9964 | $9991 | $9979 |
| **Oct 15** | $9962 | $9995 | $9985 |
| **Nov 15** | $9977 | $9967 | $9999 |
| **Dec 15** | $9963 | $9934 | $9993 |
| **Jan 16** | $9954 | $10076 | $9980 |
| **Feb 16** | $9945 | $10151 | $9981 |
| **Mar 16** | $9977 | $10239 | $10012 |
| **Apr 16** | $10010 | $10277 | $10052 |
| **May 16** | $10039 | $10282 | $10084 |
| **Jun 16** | $10049 | $10472 | $10094 |
| **Jul 16** | $10082 | $10540 | $10131 |
| **Aug 16** | $10120 | $10526 | $10187 |
| **Sep 16** | $10118 | $10517 | $10192 |
| **Oct 16** | $10136 | $10432 | $10213 |
| **Nov 16** | $10155 | $10182 | $10240 |
| **Dec 16** | $10166 | $10194 | $10272 |
| **Jan 17** | $10205 | $10217 | $10298 |
| **Feb 17** | $10250 | $10287 | $10348 |
| **Mar 17** | $10274 | $10282 | $10371 |
| **Apr 17** | $10290 | $10360 | $10391 |
| **May 17** | $10308 | $10442 | $10415 |
| **Jun 17** | $10331 | $10433 | $10442 |
| **Jul 17** | $10357 | $10476 | $10471 |
| **Aug 17** | $10368 | $10574 | $10485 |
| **Sep 17** | $10396 | $10519 | $10514 |
| **Oct 17** | $10432 | $10527 | $10553 |
| **Nov 17** | $10453 | $10513 | $10573 |
| **Dec 17** | $10453 | $10562 | $10593 |
| **Jan 18** | $10516 | $10440 | $10643 |
| **Feb 18** | $10523 | $10342 | $10648 |
| **Mar 18** | $10503 | $10409 | $10633 |
| **Apr 18** | $10557 | $10333 | $10689 |
| **May 18** | $10565 | $10406 | $10700 |
| **Jun 18** | $10576 | $10394 | $10711 |
| **Jul 18** | $10616 | $10395 | $10756 |
| **Aug 18** | $10646 | $10463 | $10788 |
| **Sep 18** | $10671 | $10396 | $10810 |
| **Oct 18** | $10666 | $10315 | $10810 |
| **Nov 18** | $10602 | $10375 | $10748 |
| **Dec 18** | $10508 | $10567 | $10682 |
| **Jan 19** | $10671 | $10675 | $10819 |
| **Feb 19** | $10731 | $10674 | $10877 |
| **Mar 19** | $10776 | $10883 | $10928 |
| **Apr 19** | $10843 | $10885 | $10998 |
| **May 19** | $10859 | $11082 | $11018 |
| **Jun 19** | $10895 | $11226 | $11053 |
| **Jul 19** | $10944 | $11255 | $11107 |
| **Aug 19** | $10957 | $11561 | $11121 |
| **Sep 19** | $10992 | $11493 | $11158 |
| **Oct 19** | $11039 | $11523 | $11208 |
| **Nov 19** | $11072 | $11517 | $11241 |
| **Dec 19** | $11079 | $11505 | $11276 |
| **Jan 20** | $11151 | $11738 | $11327 |
| **Feb 20** | $11156 | $11952 | $11335 |
| **Mar 20** | $10510 | $11867 | $10673 |
| **Apr 20** | $10871 | $12075 | $11050 |
| **May 20** | $10980 | $12136 | $11166 |
| **Jun 20** | $11097 | $12218 | $11291 |
| **Jul 20** | $11160 | $12406 | $11359 |
| **Aug 20** | $11203 | $12304 | $11405 |
| **Sep 20** | $11207 | $12302 | $11411 |
| **Oct 20** | $11223 | $12242 | $11430 |
| **Nov 20** | $11252 | $12361 | $11461 |
| **Dec 20** | $11262 | $12375 | $11481 |
| **Jan 21** | $11301 | $12279 | $11514 |
| **Feb 21** | $11321 | $12059 | $11535 |
| **Mar 21** | $11303 | $11932 | $11519 |
| **Apr 21** | $11313 | $12035 | $11531 |
| **May 21** | $11331 | $12071 | $11550 |
| **Jun 21** | $11343 | $12173 | $11563 |
| **Jul 21** | $11347 | $12304 | $11570 |
| **Aug 21** | $11352 | $12287 | $11576 |
| **Sep 21** | $11358 | $12170 | $11584 |
| **Oct 21** | $11353 | $12172 | $11579 |
| **Nov 21** | $11341 | $12220 | $11569 |
| **Dec 21** | $11337 | $12180 | $11563 |
| **Jan 22** | $11342 | $11925 | $11573 |
| **Feb 22** | $11326 | $11773 | $11558 |
| **Mar 22** | $11272 | $11444 | $11504 |
| **Apr 22** | $11263 | $11024 | $11498 |
| **May 22** | $11240 | $11071 | $11470 |
| **Jun 22** | $11143 | $10922 | $11370 |
| **Jul 22** | $11174 | $11175 | $11396 |
| **Aug 22** | $11258 | $10871 | $11480 |
| **Sep 22** | $11273 | $10392 | $11491 |
| **Oct 22** | $11269 | $10250 | $11483 |
| **Nov 22** | $11332 | $10622 | $11541 |
| **Dec 22** | $11414 | $10577 | $11619 |
| **Jan 23** | $11561 | $10895 | $11769 |
| **Feb 23** | $11654 | $10622 | $11862 |
| **Mar 23** | $11573 | $10891 | $11786 |
| **Apr 23** | $11669 | $10961 | $11877 |
| **May 23** | $11774 | $10841 | $11982 |
| **Jun 23** | $11857 | $10802 | $12068 |
| **Jul 23** | $11943 | $10793 | $12156 |
| **Aug 23** | $12003 | $10726 | $12215 |
| **Sep 23** | $12064 | $10459 | $12276 |
| **Oct 23** | $12105 | $10297 | $12319 |
| **Nov 23** | $12173 | $10749 | $12388 |
| **Dec 23** | $12263 | $11147 | $12478 |
| **Jan 24** | $12372 | $11134 | $12593 |
| **Feb 24** | $12466 | $10982 | $12687 |
| **Mar 24** | $12557 | $11074 | $12774 |
| **Apr 24** | $12617 | $10807 | $12843 |
| **May 24** | $12694 | $10990 | $12927 |
| **Jun 24** | $12751 | $11095 | $12986 |
| **Jul 24** | $12817 | $11352 | $13054 |
| **Aug 24** | $12867 | $11513 | $13103 |
| **Sep 24** | $12943 | $11668 | $13183 |
| **Oct 24** | $13017 | $11383 | $13258 |
| **Nov 24** | $13081 | $11497 | $13321 |
| **Dec 24** | $13147 | $11312 | $13391 |
| **Jan 25** | $13205 | $11376 | $13453 |
| **Feb 25** | $13274 | $11623 | $13523 |
| **Mar 25** | $13315 | $11627 | $13566 |
| **Apr 25** | $13301 | $11670 | $13551 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck IG Floating Rate ETF** | 5.42% | 4.12% | 2.89% |
| **MVIS<sup>®</sup> US Investment Grade Floating Rate Index (MVFLTR)** | 5.51% | 4.16% | 3.09% |
| **ICE BofA US Broad Market Index (US00)** | 7.99% | (0.68)% | 1.56% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$2,344,336,594

* Number of Portfolio Holdings346

* Portfolio Turnover Rate110%

* Advisory Fees Paid$2,608,397

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ia0f9716e8c175a6a6f245469.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.6% |
| Other Investments | 3.7% |
| Utilities | 1.0% |
| Energy | 1.9% |
| Industrials | 3.2% |
| Consumer Cyclicals | 4.3% |
| Financials | 84.3% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Commonwealth Bank of Australia, 5.18%, 3/14/2030 | 1.7% |
| Wells Fargo & Co., 5.45%, 4/22/2028 | 1.2% |
| Morgan Stanley Bank NA, 5.32%, 7/14/2028 | 1.2% |
| Morgan Stanley, 5.40%, 4/13/2028 | 1.2% |
| Commonwealth Bank of Australia, 5.01%, 3/14/2028 | 1.1% |
| DBS Group Holdings Ltd., 4.97%, 3/21/2028 | 1.1% |
| Sumitomo Mitsui Trust Bank Ltd., 5.36%, 3/13/2030 | 1.1% |
| United Overseas Bank Ltd., 4.96%, 4/2/2028 | 1.0% |
| Australia & New Zealand Banking Group Ltd., 5.22%, 12/16/2029 | 1.0% |
| National Australia Bank Ltd., 5.17%, 1/14/2030 | 0.9% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Intermediate Muni ETF

## Ticker: ITM

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Intermediate Muni ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Intermediate Muni ETF | $18 | 0.18% |

---

### How did the Fund perform **last year?** 
* Intermediate municipal bonds delivered positive performance over the reporting period, supported by stronger reinvestment flows and growing expectations for Federal Reserve policy easing. While the yield curve remained inverted, demand for duration modestly improved.

* Securities from New York, California and Texas, the largest exposures in the Fund, were also the largest contributors to performance. There were no material detractors by state.

* The Fund's exposure to the state general obligations, local general obligations and tax sectors contributed the most to performance over the reporting period given their higher relative average allocations in the Fund. There were no material detractors by sector. 

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](i729462411d1cf18627ba9564.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ITM** | **MUNI** | **MBNI** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $9946 | $9967 | $9960 |
| **Jun 15** | $9924 | $9953 | $9937 |
| **Jul 15** | $10012 | $10032 | $10032 |
| **Aug 15** | $10036 | $10054 | $10064 |
| **Sep 15** | $10142 | $10122 | $10174 |
| **Oct 15** | $10196 | $10165 | $10220 |
| **Nov 15** | $10245 | $10215 | $10278 |
| **Dec 15** | $10326 | $10296 | $10385 |
| **Jan 16** | $10518 | $10410 | $10568 |
| **Feb 16** | $10513 | $10419 | $10570 |
| **Mar 16** | $10544 | $10465 | $10612 |
| **Apr 16** | $10638 | $10545 | $10712 |
| **May 16** | $10644 | $10578 | $10725 |
| **Jun 16** | $10843 | $10750 | $10936 |
| **Jul 16** | $10844 | $10744 | $10935 |
| **Aug 16** | $10863 | $10769 | $10946 |
| **Sep 16** | $10821 | $10717 | $10900 |
| **Oct 16** | $10686 | $10616 | $10738 |
| **Nov 16** | $10154 | $10229 | $10199 |
| **Dec 16** | $10266 | $10341 | $10374 |
| **Jan 17** | $10343 | $10394 | $10440 |
| **Feb 17** | $10408 | $10461 | $10516 |
| **Mar 17** | $10444 | $10485 | $10549 |
| **Apr 17** | $10553 | $10561 | $10660 |
| **May 17** | $10752 | $10717 | $10875 |
| **Jun 17** | $10701 | $10692 | $10824 |
| **Jul 17** | $10791 | $10771 | $10927 |
| **Aug 17** | $10900 | $10861 | $11020 |
| **Sep 17** | $10831 | $10820 | $10955 |
| **Oct 17** | $10868 | $10840 | $10987 |
| **Nov 17** | $10789 | $10794 | $10901 |
| **Dec 17** | $10904 | $10901 | $11055 |
| **Jan 18** | $10729 | $10786 | $10855 |
| **Feb 18** | $10659 | $10740 | $10803 |
| **Mar 18** | $10710 | $10776 | $10855 |
| **Apr 18** | $10663 | $10734 | $10823 |
| **May 18** | $10798 | $10861 | $10958 |
| **Jun 18** | $10788 | $10873 | $10959 |
| **Jul 18** | $10822 | $10898 | $10993 |
| **Aug 18** | $10839 | $10915 | $11025 |
| **Sep 18** | $10769 | $10846 | $10943 |
| **Oct 18** | $10665 | $10768 | $10858 |
| **Nov 18** | $10829 | $10886 | $11018 |
| **Dec 18** | $10973 | $11015 | $11185 |
| **Jan 19** | $11114 | $11096 | $11309 |
| **Feb 19** | $11185 | $11156 | $11380 |
| **Mar 19** | $11364 | $11318 | $11590 |
| **Apr 19** | $11407 | $11359 | $11631 |
| **May 19** | $11611 | $11515 | $11827 |
| **Jun 19** | $11658 | $11563 | $11873 |
| **Jul 19** | $11767 | $11651 | $11989 |
| **Aug 19** | $11979 | $11820 | $12220 |
| **Sep 19** | $11855 | $11737 | $12082 |
| **Oct 19** | $11854 | $11752 | $12093 |
| **Nov 19** | $11868 | $11772 | $12123 |
| **Dec 19** | $11875 | $11808 | $12172 |
| **Jan 20** | $12168 | $12005 | $12452 |
| **Feb 20** | $12341 | $12156 | $12639 |
| **Mar 20** | $11885 | $11761 | $12124 |
| **Apr 20** | $11681 | $11609 | $11940 |
| **May 20** | $12128 | $11961 | $12407 |
| **Jun 20** | $12207 | $12051 | $12512 |
| **Jul 20** | $12419 | $12226 | $12775 |
| **Aug 20** | $12358 | $12189 | $12680 |
| **Sep 20** | $12332 | $12188 | $12683 |
| **Oct 20** | $12297 | $12165 | $12632 |
| **Nov 20** | $12498 | $12328 | $12873 |
| **Dec 20** | $12547 | $12399 | $12960 |
| **Jan 21** | $12650 | $12467 | $13045 |
| **Feb 21** | $12381 | $12286 | $12766 |
| **Mar 21** | $12452 | $12352 | $12854 |
| **Apr 21** | $12568 | $12457 | $12989 |
| **May 21** | $12612 | $12503 | $13028 |
| **Jun 21** | $12640 | $12537 | $13064 |
| **Jul 21** | $12753 | $12625 | $13210 |
| **Aug 21** | $12697 | $12585 | $13152 |
| **Sep 21** | $12563 | $12498 | $13014 |
| **Oct 21** | $12525 | $12485 | $12954 |
| **Nov 21** | $12646 | $12577 | $13094 |
| **Dec 21** | $12662 | $12592 | $13126 |
| **Jan 22** | $12229 | $12283 | $12668 |
| **Feb 22** | $12161 | $12222 | $12626 |
| **Mar 22** | $11708 | $11882 | $12156 |
| **Apr 22** | $11312 | $11565 | $11741 |
| **May 22** | $11515 | $11732 | $11951 |
| **Jun 22** | $11303 | $11537 | $11734 |
| **Jul 22** | $11662 | $11824 | $12102 |
| **Aug 22** | $11380 | $11550 | $11820 |
| **Sep 22** | $10939 | $11155 | $11366 |
| **Oct 22** | $10892 | $11076 | $11310 |
| **Nov 22** | $11402 | $11586 | $11853 |
| **Dec 22** | $11439 | $11584 | $11893 |
| **Jan 23** | $11758 | $11906 | $12233 |
| **Feb 23** | $11490 | $11638 | $11959 |
| **Mar 23** | $11738 | $11883 | $12216 |
| **Apr 23** | $11718 | $11865 | $12200 |
| **May 23** | $11591 | $11776 | $12072 |
| **Jun 23** | $11684 | $11876 | $12168 |
| **Jul 23** | $11716 | $11904 | $12202 |
| **Aug 23** | $11578 | $11772 | $12059 |
| **Sep 23** | $11255 | $11463 | $11718 |
| **Oct 23** | $11132 | $11337 | $11601 |
| **Nov 23** | $11788 | $12004 | $12295 |
| **Dec 23** | $12084 | $12278 | $12610 |
| **Jan 24** | $12047 | $12252 | $12574 |
| **Feb 24** | $12051 | $12256 | $12580 |
| **Mar 24** | $12035 | $12244 | $12569 |
| **Apr 24** | $11891 | $12116 | $12411 |
| **May 24** | $11804 | $12085 | $12320 |
| **Jun 24** | $11982 | $12270 | $12515 |
| **Jul 24** | $12077 | $12372 | $12620 |
| **Aug 24** | $12174 | $12467 | $12729 |
| **Sep 24** | $12295 | $12591 | $12855 |
| **Oct 24** | $12104 | $12426 | $12650 |
| **Nov 24** | $12294 | $12614 | $12850 |
| **Dec 24** | $12152 | $12470 | $12702 |
| **Jan 25** | $12221 | $12505 | $12768 |
| **Feb 25** | $12361 | $12631 | $12918 |
| **Mar 25** | $12123 | $12425 | $12668 |
| **Apr 25** | $12061 | $12360 | $12606 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck Intermediate Muni ETF** | 1.43% | 0.64% | 1.89% |
| **ICE Intermediate AMT-Free Broad National Municipal Index (MBNI)** | 1.57% | 1.09% | 2.34% |
| **ICE US Broad Municipal Index (MUNI)** | 2.01% | 1.26% | 2.14% |

---

From December 1, 2022 forward, the index data reflects that of the Fund's underlying index, MBNI. Index data from March 1, 2022 to November 30, 2022 reflects the ICE Intermediate AMT-Free Broad National Municipal Transition Index. Index data prior to March 1, 2022 reflects that of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$1,950,323,319

* Number of Portfolio Holdings1,277

* Portfolio Turnover Rate11%

* Advisory Fees Paid$3,401,344

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ie3a4cdd00ef0bab6b621c6b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 3.5% |
| Other Investments | 2.4% |
| Airport | 1.8% |
| Multi-Family Housing | 1.8% |
| Miscellaneous | 2.3% |
| Leasing COPS & Appropriations | 3.5% |
| Toll & Turnpike | 4.6% |
| Utilities | 4.7% |
| Transportation | 5.5% |
| Power | 6.6% |
| Education | 7.0% |
| Water & Sewer | 7.0% |
| Hospitals | 7.6% |
| State GO | 13.6% |
| Tax | 13.7% |
| Local GO | 14.4% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| California Community Choice Financing Authority, Clean Energy Project, 5.00%, 8/1/2055 | 0.6% |
| California Community Choice Financing Authority, Clean Energy Project, 4.00%, 2/1/2052 | 0.5% |
| State of California, Various Purpose, 4.00%, 3/1/2036 | 0.5% |
| California Community Choice Financing Authority, Clean Energy Project, 5.00%, 1/1/2056 | 0.4% |
| New Jersey Transportation Trust Fund Authority, 5.00%, 6/15/2038 | 0.3% |
| State of California, Various Purpose, 5.25%, 8/1/2032 | 0.3% |
| New York City Municipal Water Finance Authority, 5.00%, 6/15/2034 | 0.3% |
| California Housing Finance Agency, 3.75%, 3/25/2035 | 0.3% |
| National Finance Authority Municipal Certificates, 4.17%, 1/20/2041 | 0.3% |
| South Carolina Jobs-Economic Development Authority, Novant Health, Inc., 5.00%, 11/1/2034 | 0.3% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Long Muni ETF

## Ticker: MLN

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Long Muni ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Long Muni ETF | $24 | 0.24% |

---

### How did the Fund perform **last year?** 
* Long maturity municipal bonds delivered stable performance during the reporting period, benefiting from improving valuations, favorable supply dynamics, and resilient credit fundamentals, despite continued sensitivity to rate volatility.

* Securities from New York, Texas and California, the largest exposures in the Fund, were also the largest contributors to performance. There were no material detractors by state.

* The single-family housing sector contributed the most to performance attributed to strong returns and moderate allocation weight in the Fund. Hospitals and Tax sector bonds also contributed positively to performance primarily driven by high relative allocations in the Fund. There were no material detractors by sector.

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](i3849e608181d18e9fe4ded98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **MLN** | **MUNI** | **MBNL** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $9958 | $9967 | $9964 |
| **Jun 15** | $9928 | $9953 | $9923 |
| **Jul 15** | $10039 | $10032 | $10051 |
| **Aug 15** | $10054 | $10054 | $10075 |
| **Sep 15** | $10140 | $10122 | $10165 |
| **Oct 15** | $10190 | $10165 | $10210 |
| **Nov 15** | $10287 | $10215 | $10316 |
| **Dec 15** | $10392 | $10296 | $10457 |
| **Jan 16** | $10562 | $10410 | $10603 |
| **Feb 16** | $10560 | $10419 | $10607 |
| **Mar 16** | $10652 | $10465 | $10714 |
| **Apr 16** | $10780 | $10545 | $10846 |
| **May 16** | $10880 | $10578 | $10946 |
| **Jun 16** | $11172 | $10750 | $11249 |
| **Jul 16** | $11150 | $10744 | $11227 |
| **Aug 16** | $11182 | $10769 | $11269 |
| **Sep 16** | $11097 | $10717 | $11157 |
| **Oct 16** | $10915 | $10616 | $10941 |
| **Nov 16** | $10298 | $10229 | $10334 |
| **Dec 16** | $10407 | $10341 | $10544 |
| **Jan 17** | $10490 | $10394 | $10587 |
| **Feb 17** | $10550 | $10461 | $10667 |
| **Mar 17** | $10586 | $10485 | $10698 |
| **Apr 17** | $10673 | $10561 | $10786 |
| **May 17** | $10912 | $10717 | $11053 |
| **Jun 17** | $10890 | $10692 | $11019 |
| **Jul 17** | $10999 | $10771 | $11139 |
| **Aug 17** | $11097 | $10861 | $11255 |
| **Sep 17** | $11037 | $10820 | $11177 |
| **Oct 17** | $11108 | $10840 | $11237 |
| **Nov 17** | $11118 | $10794 | $11260 |
| **Dec 17** | $11299 | $10901 | $11460 |
| **Jan 18** | $11083 | $10786 | $11216 |
| **Feb 18** | $10990 | $10740 | $11159 |
| **Mar 18** | $11077 | $10776 | $11251 |
| **Apr 18** | $10995 | $10734 | $11179 |
| **May 18** | $11191 | $10861 | $11382 |
| **Jun 18** | $11179 | $10873 | $11361 |
| **Jul 18** | $11167 | $10898 | $11361 |
| **Aug 18** | $11190 | $10915 | $11405 |
| **Sep 18** | $11066 | $10846 | $11293 |
| **Oct 18** | $10913 | $10768 | $11154 |
| **Nov 18** | $11074 | $10886 | $11312 |
| **Dec 18** | $11216 | $11015 | $11486 |
| **Jan 19** | $11303 | $11096 | $11554 |
| **Feb 19** | $11385 | $11156 | $11635 |
| **Mar 19** | $11694 | $11318 | $11977 |
| **Apr 19** | $11782 | $11359 | $12077 |
| **May 19** | $12011 | $11515 | $12313 |
| **Jun 19** | $12058 | $11563 | $12345 |
| **Jul 19** | $12152 | $11651 | $12461 |
| **Aug 19** | $12462 | $11820 | $12806 |
| **Sep 19** | $12352 | $11737 | $12684 |
| **Oct 19** | $12346 | $11752 | $12680 |
| **Nov 19** | $12367 | $11772 | $12718 |
| **Dec 19** | $12347 | $11808 | $12751 |
| **Jan 20** | $12687 | $12005 | $13082 |
| **Feb 20** | $12974 | $12156 | $13375 |
| **Mar 20** | $12350 | $11761 | $12650 |
| **Apr 20** | $11988 | $11609 | $12308 |
| **May 20** | $12492 | $11961 | $12855 |
| **Jun 20** | $12651 | $12051 | $13027 |
| **Jul 20** | $12927 | $12226 | $13350 |
| **Aug 20** | $12835 | $12189 | $13232 |
| **Sep 20** | $12803 | $12188 | $13211 |
| **Oct 20** | $12758 | $12165 | $13147 |
| **Nov 20** | $13062 | $12328 | $13492 |
| **Dec 20** | $13134 | $12399 | $13616 |
| **Jan 21** | $13287 | $12467 | $13749 |
| **Feb 21** | $12920 | $12286 | $13386 |
| **Mar 21** | $13031 | $12352 | $13524 |
| **Apr 21** | $13223 | $12457 | $13723 |
| **May 21** | $13323 | $12503 | $13822 |
| **Jun 21** | $13394 | $12537 | $13909 |
| **Jul 21** | $13510 | $12625 | $14070 |
| **Aug 21** | $13416 | $12585 | $13948 |
| **Sep 21** | $13248 | $12498 | $13792 |
| **Oct 21** | $13232 | $12485 | $13748 |
| **Nov 21** | $13447 | $12577 | $13997 |
| **Dec 21** | $13477 | $12592 | $14025 |
| **Jan 22** | $12950 | $12283 | $13492 |
| **Feb 22** | $12817 | $12222 | $13426 |
| **Mar 22** | $12160 | $11882 | $12782 |
| **Apr 22** | $11470 | $11565 | $12127 |
| **May 22** | $11741 | $11732 | $12401 |
| **Jun 22** | $11245 | $11537 | $11911 |
| **Jul 22** | $11699 | $11824 | $12387 |
| **Aug 22** | $11202 | $11550 | $11881 |
| **Sep 22** | $10571 | $11155 | $11232 |
| **Oct 22** | $10376 | $11076 | $11037 |
| **Nov 22** | $11193 | $11586 | $11896 |
| **Dec 22** | $11116 | $11584 | $11816 |
| **Jan 23** | $11583 | $11906 | $12326 |
| **Feb 23** | $11190 | $11638 | $11918 |
| **Mar 23** | $11523 | $11883 | $12266 |
| **Apr 23** | $11516 | $11865 | $12270 |
| **May 23** | $11429 | $11776 | $12182 |
| **Jun 23** | $11566 | $11876 | $12332 |
| **Jul 23** | $11587 | $11904 | $12364 |
| **Aug 23** | $11347 | $11772 | $12114 |
| **Sep 23** | $10868 | $11463 | $11605 |
| **Oct 23** | $10616 | $11337 | $11342 |
| **Nov 23** | $11621 | $12004 | $12416 |
| **Dec 23** | $11983 | $12278 | $12823 |
| **Jan 24** | $11954 | $12252 | $12790 |
| **Feb 24** | $11937 | $12256 | $12772 |
| **Mar 24** | $11914 | $12244 | $12749 |
| **Apr 24** | $11748 | $12116 | $12557 |
| **May 24** | $11765 | $12085 | $12577 |
| **Jun 24** | $11999 | $12270 | $12849 |
| **Jul 24** | $12099 | $12372 | $12963 |
| **Aug 24** | $12160 | $12467 | $13038 |
| **Sep 24** | $12331 | $12591 | $13220 |
| **Oct 24** | $12126 | $12426 | $12995 |
| **Nov 24** | $12407 | $12614 | $13299 |
| **Dec 24** | $12170 | $12470 | $13046 |
| **Jan 25** | $12141 | $12505 | $13014 |
| **Feb 25** | $12283 | $12631 | $13168 |
| **Mar 25** | $11986 | $12425 | $12830 |
| **Apr 25** | $11864 | $12360 | $12712 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck Long Muni ETF** | 0.99% | (0.21)% | 1.72% |
| **ICE Long AMT-Free Broad National Municipal Index (MBNL)** | 1.23% | 0.65% | 2.43% |
| **ICE US Broad Municipal Index (MUNI)** | 2.01% | 1.26% | 2.14% |

---

From December 1, 2022 forward, the index data reflects that of the Fund's underlying index, MBNL. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE Long AMT-Free Broad National Municipal Transition Index. Index data prior to March 1, 2022 reflects that of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$535,887,443

* Number of Portfolio Holdings609

* Portfolio Turnover Rate9%

* Advisory Fees Paid$1,228,678

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i25f81b800230d39a2eb06dd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.5% |
| Other | 1.2% |
| Health | 1.1% |
| Miscellaneous | 1.4% |
| Multi-Family Housing | 1.9% |
| Airport | 2.4% |
| Utilities | 2.6% |
| Power | 3.0% |
| Leasing COPS & Appropriations | 3.3% |
| Transportation | 5.0% |
| Single Family Housing | 5.7% |
| State GO | 5.7% |
| Toll & Turnpike | 5.7% |
| Education | 7.7% |
| Water & Sewer | 8.6% |
| Tax | 13.7% |
| Hospitals | 14.4% |
| Local GO | 15.1% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| City of New York, 5.25%, 2/1/2053 | 0.8% |
| North Carolina Turnpike Authority, Triangle Expressway System, 5.00%, 1/1/2058 | 0.6% |
| New York State Dormitory Authority, White Plants Hospital, 5.50%, 10/1/2054 | 0.4% |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, 5.50%, 5/1/2052 | 0.4% |
| Lamar Consolidated Independent School District, 5.50%, 2/15/2058 | 0.4% |
| State of California, Various Purpose, 5.00%, 9/1/2048 | 0.4% |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, 5.25%, 5/15/2054 | 0.4% |
| City of San Antonio, Texas Electric & Gas Systems, 5.25%, 2/1/2054 | 0.4% |
| University of California, 5.00%, 5/15/2052 | 0.4% |
| New York State Urban Development Corp., Personal Income Tax, 5.00%, 3/15/2047 | 0.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Moody's Analytics BBB Corporate Bond ETF

## Ticker: MBBB

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Moody's Analytics BBB Corporate Bond ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Moody's Analytics BBB Corporate Bond ETF | $27 | 0.25% |

---

### How did the Fund perform **last year?** 
* BBB-rated corporate bonds had a positive return over the period primarily driven by high coupon income and movements in interest rates. 

* The banking sector was the largest contributor to performance, followed by telecom, and consumer goods. No sector detracted from performance. 

* All maturity bands contributed positively to performance, with greater than 15-year maturity bonds contributing the most.

### How did the Fund perform since inception?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (12/1/2020).

![Growth of 10K Chart](i883307877ec19ee71a0140d1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **MBBB** | **US00** | **MVBI** |
| **Dec 20** | $10000 | $10000 | $10000 |
| **Dec 20** | $10114 | $10054 | $10149 |
| **Jan 21** | $10068 | $9975 | $10066 |
| **Feb 21** | $9984 | $9797 | $9949 |
| **Mar 21** | $9854 | $9694 | $9848 |
| **Apr 21** | $9970 | $9777 | $9962 |
| **May 21** | $10045 | $9807 | $10044 |
| **Jun 21** | $10193 | $9890 | $10202 |
| **Jul 21** | $10314 | $9996 | $10317 |
| **Aug 21** | $10291 | $9982 | $10306 |
| **Sep 21** | $10206 | $9887 | $10216 |
| **Oct 21** | $10193 | $9889 | $10217 |
| **Nov 21** | $10174 | $9928 | $10206 |
| **Dec 21** | $10173 | $9895 | $10199 |
| **Jan 22** | $9855 | $9688 | $9862 |
| **Feb 22** | $9577 | $9565 | $9577 |
| **Mar 22** | $9335 | $9297 | $9286 |
| **Apr 22** | $8877 | $8956 | $8833 |
| **May 22** | $8936 | $8994 | $8891 |
| **Jun 22** | $8667 | $8874 | $8633 |
| **Jul 22** | $8922 | $9079 | $8894 |
| **Aug 22** | $8702 | $8832 | $8674 |
| **Sep 22** | $8280 | $8443 | $8226 |
| **Oct 22** | $8220 | $8327 | $8167 |
| **Nov 22** | $8642 | $8629 | $8592 |
| **Dec 22** | $8645 | $8593 | $8598 |
| **Jan 23** | $9027 | $8851 | $8969 |
| **Feb 23** | $8740 | $8630 | $8685 |
| **Mar 23** | $8961 | $8848 | $8942 |
| **Apr 23** | $9028 | $8905 | $9009 |
| **May 23** | $8917 | $8808 | $8901 |
| **Jun 23** | $8961 | $8776 | $8952 |
| **Jul 23** | $9025 | $8768 | $9022 |
| **Aug 23** | $8964 | $8714 | $8965 |
| **Sep 23** | $8769 | $8497 | $8765 |
| **Oct 23** | $8607 | $8366 | $8604 |
| **Nov 23** | $9124 | $8733 | $9135 |
| **Dec 23** | $9493 | $9056 | $9501 |
| **Jan 24** | $9522 | $9046 | $9530 |
| **Feb 24** | $9380 | $8922 | $9391 |
| **Mar 24** | $9507 | $8997 | $9526 |
| **Apr 24** | $9300 | $8780 | $9316 |
| **May 24** | $9489 | $8929 | $9512 |
| **Jun 24** | $9544 | $9014 | $9566 |
| **Jul 24** | $9780 | $9223 | $9802 |
| **Aug 24** | $9932 | $9354 | $9955 |
| **Sep 24** | $10109 | $9480 | $10136 |
| **Oct 24** | $9894 | $9248 | $9923 |
| **Nov 24** | $10031 | $9341 | $10058 |
| **Dec 24** | $9865 | $9190 | $9886 |
| **Jan 25** | $9917 | $9243 | $9946 |
| **Feb 25** | $10114 | $9443 | $10144 |
| **Mar 25** | $10080 | $9446 | $10110 |
| **Apr 25** | $10083 | $9481 | $10108 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| **VanEck Moody's Analytics BBB Corporate Bond ETF** | 8.42% | 0.19% |
| **MVIS<sup>®</sup> Moody's Analytics US BBB Corporate Bond Index (MVBI)** | 8.50% | 0.24% |
| **ICE BofA US Broad Market Index (US00)** | 7.99% | (1.20)% |

---

\* Inception of Fund: 12/01/2020

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$8,555,045

* Number of Portfolio Holdings210

* Portfolio Turnover Rate59%

* Advisory Fees Paid$22,462

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](idcfc39184a8448a57e0a8765.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.7% |
| Basic Materials | 1.5% |
| Real Estate | 3.7% |
| Energy | 5.2% |
| Healthcare | 6.8% |
| Utilities | 7.0% |
| Industrials | 8.5% |
| Consumer Cyclicals | 10.3% |
| Consumer Non-Cyclicals | 17.2% |
| Technology | 18.8% |
| Financials | 19.3% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| McDonald's Corp., 2.12%, 3/1/2030 | 1.6% |
| Verizon Communications, Inc., 2.55%, 3/21/2031 | 1.6% |
| Verizon Communications, Inc., 4.33%, 9/21/2028 | 1.5% |
| Fiserv, Inc., 3.20%, 7/1/2026 | 1.4% |
| Societe Generale SA, 4.25%, 8/19/2026 | 1.2% |
| Oracle Corp., 5.38%, 7/15/2040 | 1.1% |
| Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/2045 | 1.1% |
| Lowe's Cos, Inc., 2.62%, 4/1/2031 | 1.0% |
| Deutsche Telekom International Finance BV, 8.75%, 6/15/2030 | 1.0% |
| Tyson Foods, Inc., 4.55%, 6/2/2047 | 1.0% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Moody's Analytics IG Corporate Bond ETF

## Ticker: MIG

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Moody's Analytics IG Corporate Bond ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Moody's Analytics IG Corporate Bond ETF | $21 | 0.20% |

---

### How did the Fund perform **last year?** 
* Investment-grade corporate bonds had a positive return over the period primarily driven by high coupon income and movements in interest rates. 

* The banking sector was the largest contributor to performance, followed by consumer goods and telecom. No sector detracted from performance. 

* The Fund's majority allocation to BBB bonds experienced strong returns and was a significant contributor to Fund returns.

* All maturity bands contributed positively to performance, with greater than 15-year maturity bonds contributing the most.

### How did the Fund perform since inception?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception (12/1/2020).

![Growth of 10K Chart](icc5ee041b72792fb71c97b8a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **MIG** | **US00** | **MVCI** |
| **Dec 20** | $10000 | $10000 | $10000 |
| **Dec 20** | $10092 | $10054 | $10125 |
| **Jan 21** | $10040 | $9975 | $10029 |
| **Feb 21** | $9948 | $9797 | $9893 |
| **Mar 21** | $9799 | $9694 | $9779 |
| **Apr 21** | $9903 | $9777 | $9890 |
| **May 21** | $9977 | $9807 | $9973 |
| **Jun 21** | $10123 | $9890 | $10122 |
| **Jul 21** | $10248 | $9996 | $10233 |
| **Aug 21** | $10222 | $9982 | $10221 |
| **Sep 21** | $10133 | $9887 | $10131 |
| **Oct 21** | $10130 | $9889 | $10140 |
| **Nov 21** | $10121 | $9928 | $10136 |
| **Dec 21** | $10114 | $9895 | $10129 |
| **Jan 22** | $9807 | $9688 | $9809 |
| **Feb 22** | $9589 | $9565 | $9567 |
| **Mar 22** | $9343 | $9297 | $9310 |
| **Apr 22** | $8898 | $8956 | $8868 |
| **May 22** | $8970 | $8994 | $8930 |
| **Jun 22** | $8715 | $8874 | $8686 |
| **Jul 22** | $8962 | $9079 | $8936 |
| **Aug 22** | $8734 | $8832 | $8710 |
| **Sep 22** | $8309 | $8443 | $8263 |
| **Oct 22** | $8238 | $8327 | $8194 |
| **Nov 22** | $8643 | $8629 | $8601 |
| **Dec 22** | $8650 | $8593 | $8612 |
| **Jan 23** | $8999 | $8851 | $8956 |
| **Feb 23** | $8734 | $8630 | $8693 |
| **Mar 23** | $8933 | $8848 | $8912 |
| **Apr 23** | $9007 | $8905 | $8986 |
| **May 23** | $8898 | $8808 | $8879 |
| **Jun 23** | $8919 | $8776 | $8910 |
| **Jul 23** | $8983 | $8768 | $8976 |
| **Aug 23** | $8924 | $8714 | $8918 |
| **Sep 23** | $8731 | $8497 | $8725 |
| **Oct 23** | $8577 | $8366 | $8571 |
| **Nov 23** | $9065 | $8733 | $9072 |
| **Dec 23** | $9429 | $9056 | $9433 |
| **Jan 24** | $9443 | $9046 | $9449 |
| **Feb 24** | $9306 | $8922 | $9314 |
| **Mar 24** | $9423 | $8997 | $9437 |
| **Apr 24** | $9219 | $8780 | $9235 |
| **May 24** | $9395 | $8929 | $9413 |
| **Jun 24** | $9453 | $9014 | $9469 |
| **Jul 24** | $9682 | $9223 | $9697 |
| **Aug 24** | $9834 | $9354 | $9850 |
| **Sep 24** | $10001 | $9480 | $10018 |
| **Oct 24** | $9789 | $9248 | $9807 |
| **Nov 24** | $9908 | $9341 | $9925 |
| **Dec 24** | $9748 | $9190 | $9760 |
| **Jan 25** | $9796 | $9243 | $9815 |
| **Feb 25** | $9985 | $9443 | $10007 |
| **Mar 25** | $9962 | $9446 | $9983 |
| **Apr 25** | $9979 | $9481 | $9991 |

---

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| . | **1 Year** | **Life\*** |
| **VanEck Moody's Analytics IG Corporate Bond ETF** | 8.24% | (0.05)% |
| **MVIS<sup>®</sup> Moody's Analytics US Investment Grade Corporate Bond Index (MVCI)** | 8.19% | (0.02)% |
| **ICE BofA US Broad Market Index (US00)** | 7.99% | (1.20)% |

---

\* Inception of Fund: 12/01/2020

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$21,328,005

* Number of Portfolio Holdings386

* Portfolio Turnover Rate56%

* Advisory Fees Paid$31,559

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1e4244b0b4948df336a1ffd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.0% |
| Other Investments | 0.9% |
| Real Estate | 2.2% |
| Healthcare | 4.8% |
| Consumer Cyclicals | 6.4% |
| Energy | 6.4% |
| Industrials | 6.4% |
| Utilities | 10.0% |
| Technology | 18.7% |
| Financials | 20.5% |
| Consumer Non-Cyclicals | 21.7% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Altria Group, Inc., 4.80%, 2/14/2029 | 1.1% |
| Fiserv, Inc., 2.25%, 6/1/2027 | 0.9% |
| AT&T, Inc., 3.80%, 12/1/2057 | 0.9% |
| BNP Paribas SA, 5.12%, 1/13/2029 | 0.8% |
| Verizon Communications, Inc., 4.02%, 12/3/2029 | 0.8% |
| T-Mobile USA, Inc., 3.88%, 4/15/2030 | 0.8% |
| BNP Paribas SA, 5.89%, 12/5/2034 | 0.7% |
| UBS Group AG, 3.09%, 5/14/2032 | 0.7% |
| Centene Corp., 3.00%, 10/15/2030 | 0.7% |
| Centene Corp., 4.62%, 12/15/2029 | 0.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Short High Yield Muni ETF

## Ticker: SHYD

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Short High Yield Muni ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Short High Yield Muni ETF | $36 | 0.35% |

---

### How did the Fund perform **last year?** 
* Short-term high yield municipal bonds performed well over the reporting period as investors continued to seek high tax-exempt income with limited duration exposure. Tightening credit spreads and stable fundamentals supported returns.

* Securities from New York, Pennsylvania, and Illinois were the largest contributors to the Fund's performance. There were no material detractors to performance from a state exposure perspective.

* The Fund's sector exposures all contributed positively to performance over the reporting period, but the hospital bonds, industrial development bonds and local general obligation bonds were the most significant contributors. 

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](i36e770b404a06cb6f9243d1b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SHYD** | **MUNI** | **MIHX** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $9993 | $9967 | $10006 |
| **Jun 15** | $9920 | $9953 | $9962 |
| **Jul 15** | $9898 | $10032 | $9974 |
| **Aug 15** | $9898 | $10054 | $9990 |
| **Sep 15** | $9966 | $10122 | $10066 |
| **Oct 15** | $10037 | $10165 | $10154 |
| **Nov 15** | $10045 | $10215 | $10153 |
| **Dec 15** | $10028 | $10296 | $10182 |
| **Jan 16** | $10102 | $10410 | $10245 |
| **Feb 16** | $10113 | $10419 | $10282 |
| **Mar 16** | $10159 | $10465 | $10349 |
| **Apr 16** | $10214 | $10545 | $10420 |
| **May 16** | $10238 | $10578 | $10460 |
| **Jun 16** | $10347 | $10750 | $10590 |
| **Jul 16** | $10354 | $10744 | $10624 |
| **Aug 16** | $10371 | $10769 | $10660 |
| **Sep 16** | $10353 | $10717 | $10636 |
| **Oct 16** | $10281 | $10616 | $10566 |
| **Nov 16** | $9877 | $10229 | $10079 |
| **Dec 16** | $9842 | $10341 | $10112 |
| **Jan 17** | $9920 | $10394 | $10182 |
| **Feb 17** | $9983 | $10461 | $10245 |
| **Mar 17** | $10034 | $10485 | $10272 |
| **Apr 17** | $10131 | $10561 | $10389 |
| **May 17** | $10212 | $10717 | $10500 |
| **Jun 17** | $10226 | $10692 | $10489 |
| **Jul 17** | $10288 | $10771 | $10584 |
| **Aug 17** | $10410 | $10861 | $10716 |
| **Sep 17** | $10375 | $10820 | $10679 |
| **Oct 17** | $10380 | $10840 | $10711 |
| **Nov 17** | $10357 | $10794 | $10649 |
| **Dec 17** | $10384 | $10901 | $10694 |
| **Jan 18** | $10373 | $10786 | $10699 |
| **Feb 18** | $10371 | $10740 | $10686 |
| **Mar 18** | $10405 | $10776 | $10723 |
| **Apr 18** | $10442 | $10734 | $10797 |
| **May 18** | $10560 | $10861 | $10947 |
| **Jun 18** | $10593 | $10873 | $11000 |
| **Jul 18** | $10658 | $10898 | $11070 |
| **Aug 18** | $10672 | $10915 | $11127 |
| **Sep 18** | $10618 | $10846 | $11089 |
| **Oct 18** | $10542 | $10768 | $11076 |
| **Nov 18** | $10589 | $10886 | $11159 |
| **Dec 18** | $10636 | $11015 | $11244 |
| **Jan 19** | $10755 | $11096 | $11342 |
| **Feb 19** | $10809 | $11156 | $11404 |
| **Mar 19** | $10955 | $11318 | $11550 |
| **Apr 19** | $10981 | $11359 | $11591 |
| **May 19** | $11130 | $11515 | $11728 |
| **Jun 19** | $11182 | $11563 | $11791 |
| **Jul 19** | $11242 | $11651 | $11862 |
| **Aug 19** | $11389 | $11820 | $12009 |
| **Sep 19** | $11330 | $11737 | $11959 |
| **Oct 19** | $11361 | $11752 | $12006 |
| **Nov 19** | $11398 | $11772 | $12053 |
| **Dec 19** | $11413 | $11808 | $12111 |
| **Jan 20** | $11635 | $12005 | $12305 |
| **Feb 20** | $11796 | $12156 | $12462 |
| **Mar 20** | $10839 | $11761 | $11588 |
| **Apr 20** | $10604 | $11609 | $11387 |
| **May 20** | $10801 | $11961 | $11627 |
| **Jun 20** | $11105 | $12051 | $11880 |
| **Jul 20** | $11276 | $12226 | $12116 |
| **Aug 20** | $11310 | $12189 | $12151 |
| **Sep 20** | $11309 | $12188 | $12159 |
| **Oct 20** | $11317 | $12165 | $12161 |
| **Nov 20** | $11488 | $12328 | $12325 |
| **Dec 20** | $11618 | $12399 | $12547 |
| **Jan 21** | $11841 | $12467 | $12712 |
| **Feb 21** | $11693 | $12286 | $12634 |
| **Mar 21** | $11753 | $12352 | $12729 |
| **Apr 21** | $11864 | $12457 | $12843 |
| **May 21** | $11944 | $12503 | $12914 |
| **Jun 21** | $12042 | $12537 | $13012 |
| **Jul 21** | $12133 | $12625 | $13120 |
| **Aug 21** | $12114 | $12585 | $13124 |
| **Sep 21** | $12009 | $12498 | $13077 |
| **Oct 21** | $11964 | $12485 | $13054 |
| **Nov 21** | $12057 | $12577 | $13135 |
| **Dec 21** | $12073 | $12592 | $13171 |
| **Jan 22** | $11788 | $12283 | $12931 |
| **Feb 22** | $11694 | $12222 | $12901 |
| **Mar 22** | $11350 | $11882 | $12636 |
| **Apr 22** | $11084 | $11565 | $12417 |
| **May 22** | $11172 | $11732 | $12507 |
| **Jun 22** | $11019 | $11537 | $12366 |
| **Jul 22** | $11262 | $11824 | $12625 |
| **Aug 22** | $11096 | $11550 | $12470 |
| **Sep 22** | $10731 | $11155 | $12111 |
| **Oct 22** | $10648 | $11076 | $12043 |
| **Nov 22** | $10947 | $11586 | $12379 |
| **Dec 22** | $10979 | $11584 | $12414 |
| **Jan 23** | $11196 | $11906 | $12698 |
| **Feb 23** | $11024 | $11638 | $12537 |
| **Mar 23** | $11141 | $11883 | $12688 |
| **Apr 23** | $11131 | $11865 | $12705 |
| **May 23** | $11071 | $11776 | $12646 |
| **Jun 23** | $11181 | $11876 | $12752 |
| **Jul 23** | $11186 | $11904 | $12794 |
| **Aug 23** | $11131 | $11772 | $12758 |
| **Sep 23** | $10958 | $11463 | $12569 |
| **Oct 23** | $10820 | $11337 | $12459 |
| **Nov 23** | $11158 | $12004 | $12881 |
| **Dec 23** | $11382 | $12278 | $13103 |
| **Jan 24** | $11369 | $12252 | $13165 |
| **Feb 24** | $11431 | $12256 | $13219 |
| **Mar 24** | $11493 | $12244 | $13303 |
| **Apr 24** | $11445 | $12116 | $13250 |
| **May 24** | $11454 | $12085 | $13273 |
| **Jun 24** | $11573 | $12270 | $13415 |
| **Jul 24** | $11648 | $12372 | $13520 |
| **Aug 24** | $11736 | $12467 | $13650 |
| **Sep 24** | $11876 | $12591 | $13768 |
| **Oct 24** | $11811 | $12426 | $13692 |
| **Nov 24** | $11912 | $12614 | $13811 |
| **Dec 24** | $11838 | $12470 | $13738 |
| **Jan 25** | $11922 | $12505 | $13835 |
| **Feb 25** | $12021 | $12631 | $13958 |
| **Mar 25** | $11935 | $12425 | $13854 |
| **Apr 25** | $11855 | $12360 | $13788 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck Short High Yield Muni ETF** | 3.58% | 2.26% | 1.72% |
| **ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX)** | 4.06% | 3.90% | 3.26% |
| **ICE US Broad Municipal Index (MUNI)** | 2.01% | 1.26% | 2.14% |

---

From December 1, 2022 forward, the index data reflects that of the Fund's underlying index, MIHX. Index data from March 1, 2022 to November 30, 2022 reflects that of the ICE 1-12 Year Broad High Yield Crossover Municipal Bond Transition Index. Index data prior to March 1, 2022 reflects that of the Bloomberg Barclays Municipal High Yield Short Duration Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$318,278,595

* Number of Portfolio Holdings430

* Portfolio Turnover Rate25%

* Advisory Fees Paid$1,106,236

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i78b126502eeaf10baa45705d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.1% |
| Other Investments | 1.0% |
| Toll & Turnpike | 1.2% |
| Transportation | 1.7% |
| Multi-Family Housing | 1.8% |
| Water & Sewer | 2.0% |
| Miscellaneous | 2.6% |
| Leasing COPS & Appropriations | 3.6% |
| Airport | 3.7% |
| State GO | 5.2% |
| Health | 6.1% |
| Utilities | 6.2% |
| Education | 6.4% |
| Tax | 7.5% |
| Power | 7.6% |
| Hospitals | 8.7% |
| Local GO | 10.1% |
| Industrial Development Revenue | 23.5% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| California Infrastructure & Economic Development Bank, Broghtlime West Passenger Rail Project, 9.50%, 1/1/2065 | 2.4% |
| California Municipal Finance Authority, United Airlines, Inc., International Airport Project, 4.00%, 7/15/2029 | 2.0% |
| Puerto Rico Commonwealth, 5.75%, 7/1/2031 | 1.3% |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, 5.00%, 8/1/2031 | 1.3% |
| Puerto Rico Commonwealth, 4.00%, 7/1/2033 | 1.2% |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, 5.25%, 8/1/2031 | 1.0% |
| Puerto Rico Commonwealth, 5.62%, 7/1/2029 | 1.0% |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, 5.00%, 7/1/2030 | 1.0% |
| City of Houston, Airport System, United Airlines, Inc. Terminal E Project, 5.00%, 7/1/2029 | 0.9% |
| Mission Economic Development Corp., Senior Lien, Natgasoline Project, 4.62%, 10/1/2031 | 0.8% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

# VanEck Short Muni ETF

## Ticker: SMB

### Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.

### **Annual Shareholder Report - April 30, 2025**![Image](ia3a486e9221b804eceb6f381.jpg)

This annual shareholder report contains important information about the VanEck Short Muni ETF (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| VanEck Short Muni ETF | $7 | 0.07% |

---

### How did the Fund perform **last year?** 
* Short maturity municipal bonds posted modest gains over the reporting period. While the inverted yield curve limited upside performance, strong credit quality and continued demand for low-duration tax-exempt income supported returns.

* Securities from California, New York and Texas were the largest contributors to the Fund's performance, driven by positive returns and high relative allocations in the Fund. No state exposures materially detracted from returns. 

* The Fund's exposure to the state general obligations, local general obligations and refunded sectors, the largest exposures in the Fund, contributed the most to performance over the reporting period, but all sector exposures contributed positively.

### How did the Fund perform over the past 10 years?

### Cumulative Performance Based on $10,000 Investment
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 fiscal years.

![Growth of 10K Chart](i2d2716f3a9a18610427c4a57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SMB** | **MUNI** | **MBNS** |
| **Apr 15** | $10000 | $10000 | $10000 |
| **May 15** | $9963 | $9967 | $9974 |
| **Jun 15** | $9990 | $9953 | $9999 |
| **Jul 15** | $10034 | $10032 | $10043 |
| **Aug 15** | $10037 | $10054 | $10049 |
| **Sep 15** | $10070 | $10122 | $10095 |
| **Oct 15** | $10108 | $10165 | $10136 |
| **Nov 15** | $10084 | $10215 | $10120 |
| **Dec 15** | $10076 | $10296 | $10129 |
| **Jan 16** | $10166 | $10410 | $10222 |
| **Feb 16** | $10199 | $10419 | $10258 |
| **Mar 16** | $10162 | $10465 | $10223 |
| **Apr 16** | $10195 | $10545 | $10262 |
| **May 16** | $10175 | $10578 | $10245 |
| **Jun 16** | $10231 | $10750 | $10314 |
| **Jul 16** | $10264 | $10744 | $10348 |
| **Aug 16** | $10255 | $10769 | $10342 |
| **Sep 16** | $10213 | $10717 | $10301 |
| **Oct 16** | $10193 | $10616 | $10268 |
| **Nov 16** | $10016 | $10229 | $10059 |
| **Dec 16** | $10031 | $10341 | $10101 |
| **Jan 17** | $10122 | $10394 | $10190 |
| **Feb 17** | $10172 | $10461 | $10256 |
| **Mar 17** | $10170 | $10485 | $10257 |
| **Apr 17** | $10215 | $10561 | $10309 |
| **May 17** | $10277 | $10717 | $10388 |
| **Jun 17** | $10236 | $10692 | $10350 |
| **Jul 17** | $10299 | $10771 | $10411 |
| **Aug 17** | $10338 | $10861 | $10463 |
| **Sep 17** | $10296 | $10820 | $10407 |
| **Oct 17** | $10289 | $10840 | $10403 |
| **Nov 17** | $10182 | $10794 | $10297 |
| **Dec 17** | $10198 | $10901 | $10331 |
| **Jan 18** | $10203 | $10786 | $10326 |
| **Feb 18** | $10192 | $10740 | $10311 |
| **Mar 18** | $10178 | $10776 | $10304 |
| **Apr 18** | $10143 | $10734 | $10270 |
| **May 18** | $10220 | $10861 | $10350 |
| **Jun 18** | $10251 | $10873 | $10384 |
| **Jul 18** | $10282 | $10898 | $10420 |
| **Aug 18** | $10283 | $10915 | $10415 |
| **Sep 18** | $10231 | $10846 | $10364 |
| **Oct 18** | $10209 | $10768 | $10350 |
| **Nov 18** | $10276 | $10886 | $10419 |
| **Dec 18** | $10343 | $11015 | $10505 |
| **Jan 19** | $10429 | $11096 | $10584 |
| **Feb 19** | $10467 | $11156 | $10627 |
| **Mar 19** | $10522 | $11318 | $10689 |
| **Apr 19** | $10519 | $11359 | $10690 |
| **May 19** | $10611 | $11515 | $10786 |
| **Jun 19** | $10654 | $11563 | $10840 |
| **Jul 19** | $10731 | $11651 | $10914 |
| **Aug 19** | $10759 | $11820 | $10961 |
| **Sep 19** | $10702 | $11737 | $10884 |
| **Oct 19** | $10740 | $11752 | $10936 |
| **Nov 19** | $10756 | $11772 | $10959 |
| **Dec 19** | $10766 | $11808 | $10987 |
| **Jan 20** | $10870 | $12005 | $11095 |
| **Feb 20** | $10914 | $12156 | $11149 |
| **Mar 20** | $10708 | $11761 | $10891 |
| **Apr 20** | $10693 | $11609 | $10893 |
| **May 20** | $10948 | $11961 | $11163 |
| **Jun 20** | $10989 | $12051 | $11210 |
| **Jul 20** | $11067 | $12226 | $11314 |
| **Aug 20** | $11061 | $12189 | $11312 |
| **Sep 20** | $11060 | $12188 | $11326 |
| **Oct 20** | $11045 | $12165 | $11305 |
| **Nov 20** | $11099 | $12328 | $11359 |
| **Dec 20** | $11113 | $12399 | $11395 |
| **Jan 21** | $11164 | $12467 | $11430 |
| **Feb 21** | $11078 | $12286 | $11343 |
| **Mar 21** | $11107 | $12352 | $11385 |
| **Apr 21** | $11149 | $12457 | $11425 |
| **May 21** | $11152 | $12503 | $11428 |
| **Jun 21** | $11154 | $12537 | $11429 |
| **Jul 21** | $11202 | $12625 | $11487 |
| **Aug 21** | $11189 | $12585 | $11480 |
| **Sep 21** | $11144 | $12498 | $11439 |
| **Oct 21** | $11129 | $12485 | $11412 |
| **Nov 21** | $11143 | $12577 | $11426 |
| **Dec 21** | $11140 | $12592 | $11435 |
| **Jan 22** | $10935 | $12283 | $11204 |
| **Feb 22** | $10896 | $12222 | $11164 |
| **Mar 22** | $10700 | $11882 | $10952 |
| **Apr 22** | $10561 | $11565 | $10806 |
| **May 22** | $10687 | $11732 | $10940 |
| **Jun 22** | $10661 | $11537 | $10913 |
| **Jul 22** | $10797 | $11824 | $11057 |
| **Aug 22** | $10644 | $11550 | $10906 |
| **Sep 22** | $10456 | $11155 | $10714 |
| **Oct 22** | $10453 | $11076 | $10711 |
| **Nov 22** | $10644 | $11586 | $10908 |
| **Dec 22** | $10660 | $11584 | $10928 |
| **Jan 23** | $10796 | $11906 | $11068 |
| **Feb 23** | $10651 | $11638 | $10927 |
| **Mar 23** | $10800 | $11883 | $11074 |
| **Apr 23** | $10754 | $11865 | $11038 |
| **May 23** | $10704 | $11776 | $10990 |
| **Jun 23** | $10757 | $11876 | $11044 |
| **Jul 23** | $10775 | $11904 | $11063 |
| **Aug 23** | $10763 | $11772 | $11047 |
| **Sep 23** | $10670 | $11463 | $10949 |
| **Oct 23** | $10675 | $11337 | $10953 |
| **Nov 23** | $10922 | $12004 | $11205 |
| **Dec 23** | $11029 | $12278 | $11317 |
| **Jan 24** | $11018 | $12252 | $11307 |
| **Feb 24** | $11031 | $12256 | $11320 |
| **Mar 24** | $11017 | $12244 | $11312 |
| **Apr 24** | $10982 | $12116 | $11275 |
| **May 24** | $10969 | $12085 | $11262 |
| **Jun 24** | $11054 | $12270 | $11350 |
| **Jul 24** | $11139 | $12372 | $11436 |
| **Aug 24** | $11237 | $12467 | $11537 |
| **Sep 24** | $11297 | $12591 | $11597 |
| **Oct 24** | $11238 | $12426 | $11534 |
| **Nov 24** | $11297 | $12614 | $11595 |
| **Dec 24** | $11263 | $12470 | $11560 |
| **Jan 25** | $11321 | $12505 | $11619 |
| **Feb 25** | $11383 | $12631 | $11683 |
| **Mar 25** | $11361 | $12425 | $11658 |
| **Apr 25** | $11340 | $12360 | $11637 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| **VanEck Short Muni ETF** | 3.26% | 1.18% | 1.27% |
| **ICE Short AMT-Free Broad National Municipal Index (MBNS)** | 3.21% | 1.33% | 1.53% |
| **ICE US Broad Municipal Index (MUNI)** | 2.01% | 1.26% | 2.14% |

---

From December 1, 2022 forward, the index data reflects that of the Fund's underlying index, MBNS. Index data from March 1, 2022 to November 30, 2022 reflects the ICE Short AMT-Free Broad National Municipal Transition Index. Index data prior to March 1, 2022 reflects that of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Individual performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in an index. Indices are unmanaged and returns include the reinvestment of all dividends.

### Key Fund Statistics
* Total Net Assets$264,878,837

* Number of Portfolio Holdings332

* Portfolio Turnover Rate17%

* Advisory Fees Paid$185,340

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if09ad99201d85ebaf25c0969.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.2% |
| Other Investments | 1.5% |
| Pollution Control | 1.0% |
| Miscellaneous | 1.3% |
| Airport | 1.5% |
| Multi-Family Housing | 1.9% |
| Toll & Turnpike | 3.3% |
| Leasing COPS & Appropriations | 3.9% |
| Transportation | 4.8% |
| Hospitals | 5.3% |
| Water & Sewer | 5.3% |
| Education | 5.7% |
| Power | 5.8% |
| Refunded | 6.4% |
| Utilities | 8.9% |
| Tax | 9.1% |
| Local GO | 14.7% |
| State GO | 18.4% |

---

#### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| State of California, Various Purpose, 5.00%, 4/1/2030 | 1.2% |
| California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, 1.75%, 9/1/2029 | 0.8% |
| Black Belt Energy Gas District, Series C-1, 4.00%, 10/1/2052 | 0.8% |
| King County,Washington, 4.00%, 7/1/2030 | 0.8% |
| City of Chicago, 5.00%, 1/1/2030 | 0.8% |
| Fort Bend, Texas Independent School District, 5.00%, 8/15/2030 | 0.8% |
| Conroe, Texas Independent School District, 5.00%, 2/15/2027 | 0.8% |
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, 5.00%, 6/1/2045 | 0.7% |
| Los Angeles Unified School District, 5.00%, 7/1/2030 | 0.7% |
| Tennessee Energy Acquisition Corp., Gas Project, 4.00%, 11/1/2049 | 0.7% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/](i4b24b862250d35a3bc0c2159.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.

<br> Item 2. CODE OF ETHICS. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies
 to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing
 similar functions.

(b) The Registrant's code of ethics is reasonably described in this Form N-CSR.

(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item
 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period
 covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. <br>

The Registrant's Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are "audit committee financial experts" and "independent" as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. <br>

---

| | |
|:---|:---|
|  | The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is April 30. |
| (a) | Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended April 30, 2025 and April 30, 2024, were $300,600 and $450,000, respectively. |
| (b) | Audit-Related Fees. Not applicable. |
| (c) | Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended April 30, 2025 and April 30, 2024, were $111,000 and $184,250 respectively. |
| (d) | All Other Fees |
|  | None. |
| (e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
|  | The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

(g) Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to the registrant's investment adviser, and entities controlled by, or under common control with the adviser that provide ongoing services to the registrant for the fiscal years ended April 30, 2025 and April 30, 2024, were $328,582 and $269,695 respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entities controlled by, or under common control with the investment adviser that provide ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. <br>

The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Ms. Hesslein and Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Ms. Hesslein is the Chairperson of the Audit Committee.

Item 6. INVESTMENTS. <br>

Information included in Item 7.

Item 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025<br> ANNUAL FINANCIAL STATEMENTS AND OTHER<br> INFORMATION | ![](x1_c113018x157x2m4.jpg) | &nbsp;&nbsp;![](x1_c113018x157x1m4.jpg) |

---

---

| | | |
|:---|:---|:---|
| **XMPT** | \| | CEF Muni Income ETF |
| **HYD** | \| | High Yield Muni ETF |
| **SMI** | \| | HIP Sustainable Muni ETF |
| **ITM** | \| | Intermediate Muni ETF |
| **MLN** | \| | Long Muni ETF |
| **SHYD** | \| | Short High Yield Muni ETF |
| **SMB** | \| | Short Muni ETF |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedule of Investments](#xx1xc113018a001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CEF Muni Income ETF](#xx1xc113018a002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[High Yield Muni ETF](#xx1xc113018a003xm4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[HIP Sustainable Muni ETF](#xx1xc113018a004xm4) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Intermediate Muni ETF](#xx1xc113018a005xm4) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long Muni ETF](#xx1xc113018a006xm4) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short High Yield Muni ETF](#xx1xc113018a007xm4) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short Muni ETF](#xx1xc113018a008xm4) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc113018a009xm4) | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc113018a010xm4) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc113018a011xm4) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc113018a012xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CEF Muni Income ETF](#xx1xc113018a013xm4) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[High Yield Muni ETF](#xx1xc113018a014xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[HIP Sustainable Muni ETF](#xx1xc113018a015xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Intermediate Muni ETF](#xx1xc113018a016xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Long Muni ETF](#xx1xc113018a017xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short High Yield Muni ETF](#xx1xc113018a018xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short Muni ETF](#xx1xc113018a019xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc113018a020xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx1xc113018a021xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#xx1xc113018a022xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes In and Disagreements with Accountants](#xx1xc113018a023xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc113018a024xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc113018a025xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Advisory Contracts](#xx1xc113018a026xm4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |

---

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **CLOSED-END FUNDS: 99.7%(a)** |  |  |
| abrdn National Municipal Income Fund | 86064 | $848591 |
| Alliance Bernstein National Municipal Income Fund, Inc. | 197817 | 2051362 |
| BlackRock 2037 Municipal Target Term Trust | 25924 | 621657 |
| BlackRock Investment Quality Municipal Trust, Inc. | 105804 | 1158554 |
| BlackRock Long-Term Municipal Advantage Trust | 65924 | 604523 |
| BlackRock MuniAssets Fund, Inc. | 188737 | 1938329 |
| BlackRock Municipal 2030 Target Term Trust | 460421 | 9779342 |
| BlackRock Municipal Income Quality Trust | 161560 | 1712536 |
| BlackRock Municipal Income Trust | 268476 | 2606902 |
| BlackRock Municipal Income Trust II | 294107 | 2961657 |
| BlackRock MuniHoldings Fund, Inc. | 323319 | 3656738 |
| BlackRock MuniHoldings Quality Fund II, Inc. | 134463 | 1311014 |
| BlackRock MuniVest Fund II, Inc. | 142467 | 1456013 |
| BlackRock MuniVest Fund, Inc. | 355511 | 2456581 |
| BlackRock MuniYield Fund, Inc. | 283218 | 2888824 |
| BlackRock MuniYield Quality Fund II, Inc. | 135697 | 1320332 |
| BlackRock MuniYield Quality Fund III, Inc. | 406282 | 4290338 |
| BlackRock MuniYield Quality Fund, Inc. | 432402 | 4816958 |
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 124231 | 1258460 |
| BNY Mellon Municipal Income, Inc. | 97953 | 683712 |
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 338348 | 1904899 |
| BNY Mellon Strategic Municipals, Inc. | 428986 | 2509568 |
| DWS Municipal Income Trust | 167004 | 1513056 |
| Eaton Vance Municipal Bond Fund | 329607 | 3193892 |
| Eaton Vance Municipal Income 2028 Term Trust | 46027 | 829867 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| Eaton Vance Municipal Income Trust | 191028 | $1942755 |
| Eaton Vance National Municipal Opportunities Trust | 95674 | 1608280 |
| Invesco Advantage Municipal Income Trust II | 222330 | 1887582 |
| Invesco Municipal Income Opportunities Trust | 227289 | 1331914 |
| Invesco Municipal Opportunity Trust | 414213 | 3872892 |
| Invesco Municipal Trust | 337650 | 3170533 |
| Invesco Quality Municipal Income Trust | 320940 | 3036092 |
| Invesco Trust for Investment Grade Municipals | 327632 | 3161649 |
| Invesco Value Municipal Income Trust | 232694 | 2748116 |
| MFS Municipal Income Trust | 286429 | 1483702 |
| Neuberger Berman Municipal Fund, Inc. | 202036 | 2046625 |
| Nuveen AMT-Free Municipal Credit Income Fund | 1049753 | 12513056 |
| Nuveen AMT-Free Municipal Value Fund | 108768 | 1490122 |
| Nuveen AMT-Free Quality Municipal Income Fund | 1246062 | 13557155 |
| Nuveen Dynamic Municipal Opportunities Fund | 292825 | 2901896 |
| Nuveen Municipal Credit Income Fund | 962855 | 11467603 |
| Nuveen Municipal High Income Opportunity Fund | 404278 | 4257047 |
| Nuveen Municipal Value Fund, Inc. | 1001438 | 8682467 |
| Nuveen Quality Municipal Income Fund | 1161011 | 13107814 |
| Nuveen Select Tax-Free Income Portfolio | 182240 | 2549538 |
| PIMCO Municipal Income Fund | 95412 | 778562 |
| PIMCO Municipal Income Fund II | 279501 | 2138183 |
| PIMCO Municipal Income Fund III | 164672 | 1146117 |
| Pioneer Municipal High Income Advantage Fund, Inc. | 116436 | 950118 |
| Pioneer Municipal High Income Fund Trust | 110417 | 1007003 |

---

See Notes to Financial Statements

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| Pioneer Municipal High Income Opportunities Fund, Inc. | 80956 | $949614 |
| Putnam Managed Municipal Income Trust | 270193 | 1604946 |
| Putnam Municipal Opportunities Trust | 184005 | 1829010 |
| Western Asset Managed Municipals Fund, Inc. | 339520 | 3385014 |
| Western Asset Municipal High Income Fund, Inc. | 73366 | 528235 |
| **Total Closed-End Funds: 99.7%**<br> (Cost: $197,149,340) |  | 169507345 |
| **Other assets less liabilities: 0.3%** |  | 441267 |
| **NET ASSETS: 100.0%** |  | $169948612 |

---

**Footnotes:**

(a) Each underlying fund's shareholder reports and registration documents are available
 free of charge on the SEC's website at https:// www.sec.gov.

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Closed-End Funds | $169507345 | $— | $— | $169507345 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 95.4%** |  |  |
| **Alabama: 2.1%** |  |  |
| Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/35 (c) | $1400 | $1355304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/45 (c) | 2000 | 1781631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/50 (c) | 3900 | 3482499 |
| Alabama State Port Authority Docks Facilities, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 (c) | 1675 | 1713468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/34 (c) | 1000 | 1011713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Project No. 8, Series A (RB)<br> 4.00%, 12/01/52 (c) (p) | 7000 | 6879738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series A (RB)<br> 5.25%, 01/01/54 (c) (p) | 5000 | 5261546 |
| Homewood Educational Building Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/54 (c) | 1000 | 1018505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/54 (c) | 1000 | 1018505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover Industrial Development Board, United States Steel Corp. Project (RB)<br> 6.38%, 11/01/50 (p) | 1180 | 1297696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG)<br> 5.75%, 10/01/49 (c) | 8540 | 8560403 |
| Jefferson County, Sewer Revenue Warrants (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/45 (c) | 2175 | 2231769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/49 (c) | 7140 | 7204142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/53 (c) | 6530 | 6688032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile County Industrial Development Authority, Series B (RB)<br> 4.75%, 12/01/54 (c) | 6000 | 5476256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB)<br> 5.00%, 11/01/35 (c) | 4615 | 4754800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, Cooperative District Energy Supply, Series B (RB)<br> 5.25%, 03/01/55 (c) (p) | 4500 | 4750193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB)<br> 5.25%, 05/01/44 (c) | 7000 | 6836101 |
|  |  | 71322301 |
| **Alaska: 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipality of Anchorage, Alaska Port, Series A (RB)<br> 4.50%, 02/01/60 (c) | 750 | 678832 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Alaska (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Tobacco Securitization Corp., Series B-2 (RB)<br> 0.00%, 06/01/66 (c) ^ | $3000 | $380458 |
|  |  | 1059290 |
| **American Samoa: 0.1%** |  |  |
| American Samoa Economic Development Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/38 (c) | 3250 | 3199673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 09/01/35 (c) | 1000 | 1008207 |
|  |  | 4207880 |
| **Arizona: 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Academies of Math and Science (RB)<br> 5.00%, 07/01/39 (c) | 1000 | 982483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB)<br> 5.00%, 07/01/29 (c) | 200 | 200815 |
| Arizona Industrial Development Authority, American Charter School Foundation Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/37 (c) | 1195 | 1225492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/47 (c) | 2940 | 2983616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB)<br> 5.00%, 03/01/37 (c) | 1545 | 1504517 |
| Arizona Industrial Development Authority, Basis School Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 07/01/37 (c) | 250 | 250656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/47 (c) | 500 | 494407 |
| Arizona Industrial Development Authority, Basis School Project, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/47 (c) | 270 | 258267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/51 (c) | 515 | 481618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AGM)<br> 5.00%, 07/01/47 (c) | 500 | 478273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)<br> 5.25%, 07/01/53 (c) | 1000 | 942642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Doral Academy Project, Series A (RB)<br> 4.00%, 07/15/51 (c) | 500 | 393094 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/29 (c) | $400 | $389515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/54 (c) | 1000 | 892043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, Series A (RB)<br> 4.50%, 07/01/54 (c) | 500 | 424093 |
| Arizona Industrial Development Authority, Education Facility, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/61 (c) | 2500 | 2000324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/37 (c) | 2650 | 2652767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Heritage Academy - Gateway and Laveen Projects, Series A (RB)<br> 5.00%, 07/01/51 (c) | 2420 | 2082957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Kaizen Education Project (RB)<br> 5.70%, 07/01/47 (c) | 1000 | 1004317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Point 320 LLC, Series A (RB)<br> 3.62%, 05/20/33 | 5570 | 5223230 |
| Arizona Industrial Development Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/51 (c) | 1000 | 860726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/65 (c) | 2000 | 1885384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB)<br> 4.00%, 12/15/51 (c) | 1400 | 1081728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chandler Industrial Development Authority (RB)<br> 4.00%, 06/01/49 (c) (p) | 2000 | 1989600 |
| City of Mesa, Arizona Utility Systems (RB) (AGC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/49 (c) | 2000 | 1951742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/41 (c) | 1000 | 1074647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Series B (RB) (BAM)<br> 5.00%, 07/01/44 (c) | 2990 | 2998795 |
| Glendale Industrial Development Authority, Beatitudes Campus Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/27 (c) | 190 | 182420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/40 (c) | 1000 | 855861 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB)<br> 5.00%, 05/15/56 (c) | $1340 | $1164551 |
| Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/25 | 105 | 104814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/35 (c) | 900 | 900333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/45 (c) | 500 | 481241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 1000 | 959098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB)<br> 5.00%, 07/01/42 (c) | 1250 | 1211549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB)<br> 5.00%, 07/01/45 (c) | 4435 | 4241555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB)<br> 5.00%, 07/01/36 (c) | 750 | 752044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB)<br> 4.00%, 10/15/47 (c) | 7300 | 6102427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB)<br> 6.00%, 07/01/52 (c) | 1000 | 1011394 |
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/49 (c) | 1300 | 1282505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/54 (c) | 1400 | 1364891 |
| Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/39 (c) | 500 | 502356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/49 (c) | 1990 | 1878766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/54 (c) | 500 | 462694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Paradise School Project (RB)<br> 5.00%, 07/01/47 (c) | 1750 | 1676149 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB)<br> 4.15%, 12/01/57 (c) | $5000 | $3349307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB)<br> 5.12%, 02/01/34 (c) | 1000 | 938017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB)<br> 4.00%, 12/01/51 (c) | 1000 | 687217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County Industrial Development Authority, American Leadership Academy Project (RB)<br> 5.62%, 06/15/45 (c) | 1250 | 1250055 |
| Pima County Industrial Development Authority, Edkey Charter Schools Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/36 (c) (d) \* | 250 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/01/46 (c) (d) \* | 250 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/51 (c) (d) \* | 250 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County, Industrial Development Authority, Edkey Charter School Project (RB)<br> 5.00%, 07/01/30 (c) (d) \* | 1000 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sacramento County, Community Facilities District No. 2005-2 (RB)<br> 5.00%, 12/01/32 | 2000 | 2103792 |
| Salt Verde Financial Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/37 | 7105 | 7392210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/25 | 265 | 266944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/27 | 215 | 222315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/28 | 245 | 255859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Vista Industrial Development Authority (RB)<br> 6.38%, 06/15/64 (c) | 1000 | 1028454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempe Industrial Development Authority, Friendship Village of Tempe (RB)<br> 5.00%, 12/01/54 (c) | 355 | 318586 |
| The Industrial Development Authority of the City of Sierra Vista, American Leadership Academy Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/44 (c) | 1000 | 960068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/54 (c) | 1000 | 927995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/59 (c) | 750 | 688477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/64 (c) | 3000 | 2721035 |
|  |  | 86177727 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Arkansas: 1.2%** | | |
| Arkansas Development Finance Authority, Big River Steel Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/49 (c) | $12520 | $11214162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/49 (c) | 6000 | 5578639 |
| Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/52 (c) | 19750 | 19765741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/53 (c) | 3205 | 3249216 |
|  |  | 39807758 |
| **California: 15.0%** |  |  |
| Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/34 (c) | 3000 | 3039516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/35 (c) | 1650 | 1670171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/36 (c) | 2230 | 2255620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/37 (c) | 5535 | 5594532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alameda Corridor Transportation Authority, Series A (RB) (AGM)<br> 0.00%, 10/01/53 (c) ^ | 1905 | 486146 |
| Anaheim Community Facilities District No. 08-1 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/36 (c) | 160 | 154379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/41 (c) | 615 | 560326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/46 (c) | 420 | 367365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM)<br> 5.00%, 09/01/36 (c) | 2000 | 2033772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antelope Valley Healthcare District, Series A (RB)<br> 5.25%, 03/01/36 (c) | 1480 | 1482156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project, Series A (RB)<br> 5.00%, 01/01/56 (c) (p) | 5750 | 5924717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project, Series B (RB)<br> 5.00%, 01/01/55 (c) (p) | 4000 | 4127875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB)<br> 5.00%, 07/01/53 (c) (p) | 1580 | 1639375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project, Series C (RB)<br> 5.25%, 01/01/54 (c) (p) | 8470 | 8803899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project, Series D (RB)<br> 5.50%, 05/01/54 (c) (p) | 10000 | 10511698 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series G (RB) <br> 5.00%, 11/01/55 (c) (p) | $3000 | $3092239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series H (RB) <br> 5.00%, 01/01/56 (c) (p) | 2500 | 2676377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community College Financing Authority, Orange Coast College Project (RB) <br> 5.25%, 05/01/53 (c) | 1695 | 1722344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) <br> 4.00%, 02/01/56 (c) | 4000 | 3273831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) <br> 3.00%, 08/01/56 (c) | 4000 | 2752720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Serenity at Larkspur, Series A (RB) <br> 5.00%, 02/01/50 (c) | 1500 | 1049504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Series A (RB) <br> 5.00%, 08/01/50 (c) | 2985 | 2794256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Series A-1 (RB) <br> 3.00%, 02/01/57 (c) | 3500 | 2326524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-1 (RB) <br> 3.00%, 02/01/57 (c) | 1000 | 650996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) <br> 4.00%, 02/01/50 (c) | 2000 | 1511855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Series A-1 (RB) <br> 4.00%, 02/01/56 (c) | 4500 | 3689011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Housing Agency, Stoneridge Apartments, Series A (RB) <br> 4.00%, 02/01/56 (c) | 4000 | 3029322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) <br> 5.00%, 06/01/36 (c) | 15 | 14299 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Series A (RB) <br> 4.00%, 06/01/49 (c) | $1050 | $907860 |
| California Enterprise Development Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/44 (c) | 500 | 484249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/54 (c) | 1000 | 936356 |
| California Enterprise Development Authority, The Rocklin Academy Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/54 (c) | 500 | 471657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/64 (c) | 1000 | 921870 |
| California Health Facilities Financing Authority, Adventist Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/39 (c) | 1910 | 1832820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 | 2500 | 2690528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 2000 | 2118869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/43 (c) | 2000 | 2046031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/44 (c) | 3175 | 3230095 |
| California Health Facilities Financing Authority, Children's Hospital, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/49 (c) | 250 | 202629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 08/15/42 (c) | 500 | 443890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/37 (c) | 460 | 460901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/42 (c) | 3735 | 3694705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/47 (c) | 1000 | 977288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) <br> 5.25%, 12/01/49 (c) | 7230 | 7536997 |
| California Housing Finance Agency (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/20/36 | 1892 | 1726486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/20/35 | 2343 | 2229941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Housing Finance Agency, Series A (RB)<br> 4.00%, 03/20/33 | 7084 | 6995009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Broghtlime West Passenger Rail Project, Series A (RB) <br> 9.50%, 01/01/65 (c) (p) | 34140 | 32972279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) <br> 4.00%, 05/01/55 (c) | 1000 | 880978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) <br> 5.00%, 01/01/55 (c) | 1000 | 897173 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| California Infrastructure & Economic Development Bank, Senior National Charter School, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/49 (c) | $250 | $251184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/59 (c) | 1180 | 1167138 |
| California Municipal Finance Authority, California Baptist University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/01/45 (c) | 500 | 495629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 11/01/33 (c) | 900 | 901554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Charter School Santa Rosa Academy Project (RB) <br> 5.00%, 07/01/62 (c) | 1000 | 917116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) <br> 5.00%, 05/15/38 (c) | 500 | 510103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) <br> 4.00%, 05/15/48 (c) | 150 | 134836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) <br> 4.00%, 05/15/46 (c) | 5000 | 4695848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) <br> 4.00%, 05/15/41 (c) | 1500 | 1443094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Medical Centers, Series A (RB) <br> 4.00%, 02/01/42 (c) | 1165 | 1042265 |
| California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 200 | 205019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 250 | 255850 |
| California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/39 (c) | 500 | 483332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/49 (c) | 500 | 454346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/57 (c) | 500 | 442003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Julian Charter School Project, Series A (RB) <br> 5.62%, 03/01/45 (c) | 2390 | 2173811 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| **California (continued)** |  |  |
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 | $65 | $66895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/29 (c) | 600 | 616880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/29 (c) | 500 | 513760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/43 (c) | 7675 | 7676263 |
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/31/30 (c) | 1950 | 1819983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/31 (c) | 1035 | 1055817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/33 (c) | 3800 | 3847092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/34 (c) | 700 | 705602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/37 (c) | 1000 | 1005694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/47 (c) | 4750 | 4729088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) <br> 5.25%, 11/01/47 (c) | 230 | 214974 |
| California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/38 (c) | 130 | 130037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/41 (c) | 500 | 481815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/49 (c) | 2815 | 2652629 |
| California Municipal Finance Authority, PRS-California Obligated Group Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/44 (c) | 1000 | 1006423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/54 (c) | 1000 | 994483 |
| California Municipal Finance Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/01/55 (c) | 1500 | 1423556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/60 (c) | 1000 | 958596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) <br> 5.00%, 11/01/49 (c) | 1000 | 882164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, St. Mary's School Aliso Viejo, Series A (RB) <br> 5.88%, 05/01/59 (c) | 570 | 575666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) <br> 4.00%, 05/15/48 (c) | 250 | 224726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) <br> 4.00%, 07/15/29 | 19000 | 18398126 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA)<br> 5.00%, 07/01/37 (c) | $5000 | $5000196 |
| California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 07/01/22 (d) \*∞ | 1000 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/01/32 (c) (d) \*∞ | 10500 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 12/01/39 (c) (d) \*∞ | 6863 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/01/39 (c) (d) \*∞ | 6635 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW)<br> 7.50%, 07/01/32 (d) \*∞ | 1000 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority, Water Furnishing, Poseidon Resources LP Desalination Project (RB)<br> 5.00%, 07/01/38 (c) | 1000 | 1033957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority, Enso Village Project, Series A (RB)<br> 5.00%, 06/01/54 (c) | 400 | 358990 |
| California Public Finance Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/39 (c) | 1000 | 960122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/01/59 (c) | 5000 | 4567703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 03/01/65 (c) | 1000 | 947567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB)<br> 5.00%, 07/01/36 (c) | 2000 | 2002938 |
| California School Finance Authority, Charter School Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/54 (c) | 1000 | 947388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 07/01/64 (c) | 1250 | 1177068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, Charter School, John Adams Academies, Series A (RB)<br> 5.00%, 07/01/52 (c) | 1000 | 912894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB)<br> 4.00%, 11/01/51 (c) | 1000 | 795346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California School Finance Authority, New Designs Chapter School Project, Series A (RB)<br> 5.00%, 06/01/64 (c) | 1000 | 909986 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| California School Finance Authority, River Springs Charter School Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/47 (c) | $2000 | $1943470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 07/01/46 (c) | 5000 | 5022241 |
| California School Finance Authority, Rocketship Education, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 06/01/47 (c) | 250 | 235824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/52 (c) | 250 | 234286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Adventist Health System, Series A (RB)<br> 5.00%, 03/01/48 (c) | 3760 | 3669228 |
| California Statewide Communities Development Authority, Baptist University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/27 | 950 | 927432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/41 (c) | 1000 | 968079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/01/43 (c) | 1000 | 1001103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, College Housing (RB)<br> 5.25%, 07/01/49 (c) | 250 | 242626 |
| California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/39 (c) (d) \* | 4 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/24 (c) (d) \* | 1 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Daughters of Charity Health System, Series H (RB)<br> 5.75%, 07/01/25 (c) (d) \* | 0 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Front Porch Communutios and Services, Series A (RB)<br> 3.00%, 04/01/51 (c) | 2000 | 1396056 |
| California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/30 (c) | 385 | 389001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/33 (c) | 545 | 549444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB)<br> 5.00%, 06/01/39 (c) | 435 | 432127 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Lancer Plaza Project (RB)<br> 5.62%, 11/01/33 (c) | $965 | $965820 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/36 (c) | 3595 | 3619749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/41 (c) | 17050 | 17086586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/44 (c) | 6340 | 6301933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/48 (c) | 4000 | 4008299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/56 (c) | 14900 | 14882884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/54 (c) | 11630 | 11500523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/58 (c) | 3500 | 3523728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB)<br> 5.00%, 12/01/46 (c) | 4730 | 4609086 |
| California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/15/36 (c) | 615 | 570581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/47 (c) | 3170 | 3179530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB)<br> 6.00%, 05/01/43 (c) | 900 | 920264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of San Francisco, Mission Rock Facilities and Services, Series A (ST)<br> 4.00%, 09/01/41 (c) | 1635 | 1472439 |
| City of Dublin, Community Facilities District No. 2015-1 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/37 (c) | 1150 | 1169432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/39 (c) | 500 | 511538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/44 (c) | 500 | 506193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/47 (c) | 485 | 487061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/49 (c) | 500 | 503314 |
| City of Fontana, Community Facilities District No. 109, Narra Hills (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/49 (c) | 1000 | 1008324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/54 (c) | 1400 | 1398426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fontana, Community Facilities District No. 90 (ST)<br> 4.00%, 09/01/51 (c) | 500 | 432724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fremont, Community Facilities District No. 1 (ST)<br> 5.00%, 09/01/40 (c) | 250 | 250090 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| City of Irvine, Community Facilities District No. 2013-3 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/32 (c) | $230 | $229925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/33 (c) | 250 | 248608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/34 (c) | 250 | 247597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Irvine, Reassessment District No. 15-2 (SA)<br> 5.00%, 09/02/42 (c) | 750 | 750439 |
| City of Los Angeles Department of Airports, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/34 | 500 | 536431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/35 | 500 | 536109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/55 (c) | 3000 | 3024167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/55 (c) | 1000 | 1048143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series D (RB)<br> 5.25%, 05/15/51 (c) | 5000 | 5318323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series E (RB)<br> 5.25%, 05/15/55 (c) | 4000 | 4244365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series F (RB)<br> 5.00%, 05/15/35 | 500 | 536109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rancho Cordova, Sunridge Anatolia Community Facilities District No. 2003-1 (ST)<br> 4.00%, 09/01/37 (c) | 180 | 174040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Rocklin, Community Facilities District No. 10 (ST)<br> 5.00%, 09/01/39 (c) | 810 | 811828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Roseville, Amoruso Ranch Community Facilities District No.1, Improvement Area No.1 (ST)<br> 5.00%, 09/01/49 (c) | 1000 | 989245 |
| City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 09/01/36 (c) | 500 | 462654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/34 (c) | 155 | 158188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST)<br> 5.00%, 09/01/47 (c) | 3450 | 3466930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Roseville, Westpark Community Facility District No. 1 (ST)<br> 5.00%, 09/01/37 (c) | 200 | 200218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Clemente, Facilities District No. 2006-1 (ST)<br> 5.00%, 09/01/40 (c) | 1045 | 1046690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency VII, Essential Housing, The Breakwater Apartments, Series A-1 (RB)<br> 3.00%, 08/01/56 (c) | 4000 | 2649018 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB)<br> 3.00%, 08/01/56 (c) | $8360 | $5469941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency XII, Essential Housing, Series A-1 (RB)<br> 3.25%, 02/01/57 (c) | 5500 | 3843207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB)<br> 4.38%, 08/01/49 (c) | 1000 | 806442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMFA Special Finance Agency, Essential Housing, Series A-1 (RB)<br> 4.00%, 08/01/56 (c) | 2975 | 2495761 |
| Compton Public Finance Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/27 (c) | 600 | 595623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/32 (c) | 1585 | 1572430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corona California, Community Facilities District No. 2018-1 (ST)<br> 5.00%, 09/01/54 (c) | 500 | 503791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Los Angeles, Community Facilities District No. 2019-1 of the Sulphur Union School District, Series A (ST)<br> 5.00%, 09/01/54 (c) | 1000 | 1000160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Los Angeles, Community Facilities District No. 2021-01 (ST)<br> 5.00%, 09/01/47 (c) | 1000 | 1012652 |
| CSCDA Community Improvement Authority, Essential Housing, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/56 (c) | 2060 | 1368244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/51 (c) | 1500 | 1375486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSCDA Community Improvement Authority, Essential Housing, Series A (RB) (NATL)<br> 4.00%, 10/01/56 (c) | 2500 | 1980510 |
| CSCDA Community Improvement Authority, Essential Housing, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 12/01/46 (c) | 2615 | 1978956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 03/01/47 (c) | 1875 | 1365547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/43 (c) | 2500 | 1906779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/45 (c) | 1000 | 764216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/01/46 (c) | 2000 | 1533381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/46 (c) | 1000 | 791559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/47 (c) | 2000 | 1603228 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| CSCDA Community Improvement Authority, Essential Housing, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/56 (c) | $5000 | $3304166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/57 (c) | 9000 | 5657926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 07/01/56 (c) | 2500 | 1617385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 08/01/56 (c) | 4205 | 3061399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/01/56 (c) | 2000 | 1337594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/01/57 (c) | 3000 | 2116177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/56 (c) | 5350 | 4026358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/56 (c) | 7750 | 5827152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/58 (c) | 3000 | 2131507 |
| CSCDA Community Improvement Authority, Essential Housing, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/48 (c) | 500 | 356600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/48 (c) | 1000 | 743418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/57 (c) | 1000 | 702302 |
| Folsom Ranch Financing Authority (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 (c) | 1100 | 1129041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/37 (c) | 2000 | 2035576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Folsom Ranch Financing Authority, Folsom Community Facilities District No. 18 (ST)<br> 5.00%, 09/01/49 (c) | 1000 | 997561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB)<br> 0.00%, 06/01/66 (c) ^ | 71000 | 7641027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Cities Finance Authority, Mobil Home Park, Series A (RB)<br> 3.75%, 10/15/46 (c) | 250 | 206172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irvine Unified School District, Series B (ST)<br> 5.00%, 09/01/51 (c) | 1075 | 1076890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake Elsinore Public Financing Authority, Local Agency (ST)<br> 5.00%, 09/01/40 (c) | 405 | 405159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Public Financing Authority, Twelve Bridges, Series B (SA)<br> 6.00%, 09/02/27 (c) | 16 | 16030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles County, California Community Facilities District No. 2021-01, Valencia- Facilities Improvement Area No. 2 (ST)<br> 5.00%, 09/01/54 (c) | 500 | 498675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of International Airports, Governmental Purpose, Series D (RB)<br> 5.25%, 05/15/48 (c) | 1000 | 1074692 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain House Community Facilities District, Special Tax (ST)<br> 5.00%, 09/01/55 (c) | $1240 | $1228975 |
| MSR Energy Authority, California Gas, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 11/01/29 | 380 | 398057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/01/34 | 2000 | 2364636 |
| MSR Energy Authority, California Gas, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/39 | 1000 | 1188486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/01/34 | 11000 | 13005497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSR Energy Authority, California Gas, Series C (RB)<br> 7.00%, 11/01/34 | 1470 | 1738007 |
| Orange County Community Facilities District No. 1, Series A (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/38 (c) | 975 | 968599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/45 (c) | 455 | 455140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pajaro Valley Health Care District, Counties of Santa Cruz and Monterey, California, Series A (GO)<br> 5.00%, 09/01/54 (c) | 500 | 483765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Desert California Improvement, Section 29 Assessment District No. 2004- 02 (SA)<br> 4.00%, 09/02/37 (c) | 1100 | 1058426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health (RB)<br> 5.00%, 11/01/31 (c) | 250 | 232752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Pomerado Health, Series A (GO) (NATL)<br> 0.00%, 08/01/25 ^ | 125 | 123363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perris Union High School District Financing Authority (ST)<br> 5.00%, 09/01/41 (c) | 1000 | 1000388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poway Unified School District Public Financing Authority, Series A (ST)<br> 5.00%, 09/01/34 (c) | 750 | 752324 |
| River Islands Public Financing Authority, Community Facilities District No. 2003-1 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/01/44 (c) | 1700 | 1593474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/54 (c) | 1000 | 974861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST)<br> 5.00%, 09/01/38 (c) | 500 | 507393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romoland School District No. 2004-1 (ST)<br> 5.00%, 09/01/48 (c) | 500 | 503708 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| Sacramento County, Community Facilities District No. 2005-2 (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/40 (c) | $345 | $346299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/45 (c) | 495 | 495625 |
| San Francisco California City & County, Airport Commission, International Airport, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/33 | 1250 | 1331774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/35 | 750 | 799185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/35 (c) | 2000 | 2120352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/47 (c) | 1475 | 1472962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/42 (c) | 7190 | 7486113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/55 (c) | 10755 | 11254151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco California City & County, Airport Commission, International Airport, Series C (RB)<br> 5.00%, 05/01/32 | 3000 | 3200611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jacinto Unified School District Financing Authority (ST)<br> 5.00%, 09/01/49 (c) | 300 | 300593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB)<br> 5.25%, 01/15/49 (c) | 100 | 100024 |
| San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/15/32 ^ | 145 | 111311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/15/36 ^ | 105 | 66599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy Authority, Series A (RB)<br> 5.50%, 01/01/56 (c) (p) | 2000 | 2198070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joquin Hills Transportation Corridor Agency, Series A (RB)<br> 4.00%, 01/15/34 (c) | 3130 | 3169275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST)<br> 5.00%, 09/01/41 (c) | 500 | 501016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Various Purpose (GO)<br> 3.00%, 11/01/50 (c) | 1000 | 761673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successor Agency of Pttsburg, Los Medanos Community Development Project, Series A (TA) (AGM)<br> 5.00%, 09/01/29 (c) | 1020 | 1042049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tejon Ranch Public Facilities Finance Authority, Series A (ST)<br> 5.00%, 09/01/54 (c) | 1000 | 985262 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Securitization Authority of Southern California, Series B (RB)<br> 0.00%, 06/01/46 (c) ^ | $5000 | $1211004 |
| Tustin Community Facilities District, Series A (ST) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/40 (c) | 100 | 100178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/45 (c) | 100 | 100084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William S. Hart Union High School District No. 2015-1 (ST)<br> 5.00%, 09/01/42 (c) | 445 | 443237 |
|  |  | 505770646 |
| **Colorado: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerotropolis Colorado Regional Transportation Authority (RB)<br> 4.38%, 12/01/52 (c) | 3000 | 2438590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas River Power Authority, Power Supply System, Series A (RB)<br> 5.00%, 10/01/43 (c) | 2010 | 2011152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Village Metropolitan District No. 2, Series A (GO)<br> 5.75%, 12/01/46 (c) | 1000 | 999981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Governors of Colorado State University System, Series C (RB)<br> 5.00%, 03/01/36 (c) | 1200 | 1320054 |
| Brighton Crossing Metropolitan District No. 6, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/35 (c) | 500 | 493029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/40 (c) | 500 | 473500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyons Metropolitan District No. 5, Colorado Limited Tax, Series A (GO) (BAM)<br> 5.25%, 12/01/59 (c) | 1000 | 1015216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerra Metropolitan District No. 1, Larimer County (GO)<br> 5.00%, 12/01/51 (c) | 1000 | 867569 |
| Centerra Metropolitan District No. 1, Larimer County (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 500 | 495495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/37 (c) | 500 | 476641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/47 (c) | 500 | 443342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Denver, United Airlines, Inc. Project (RB)<br> 5.00%, 10/01/32 (c) | 10195 | 10194536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB)<br> 5.50%, 01/01/48 (c) | 2250 | 2115452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Louisville, Redtail Ridge Metropolitan District, Capital Appreciation Turbo (GO)<br> 0.00%, 12/01/32 (c) ^ | 1500 | 862680 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB)<br> 5.00%, 10/01/49 (c) | $500 | $461148 |
| Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/49 (c) | 5 | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/44 (c) | 2000 | 1984949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Covenant Living Communities and Services, Series A (RB)<br> 5.12%, 12/01/55 (c) | 1000 | 1002795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB)<br> 5.00%, 12/01/35 (c) | 1000 | 1001141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB)<br> 2.00%, 07/01/57 (c) | 536 | 42893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)<br> 5.00%, 12/31/51 (c) | 350 | 341603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowfoot Valley Ranch Metropolitan District No. 2, Series B (GO)<br> 6.12%, 12/15/54 (c) | 750 | 738812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA)<br> 4.50%, 11/01/29 (c) | 670 | 656763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Valley Ranch East Metropolitan District No. 6, Series A (GO)<br> 5.88%, 12/01/50 (c) | 1000 | 943709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson Center Metropolitan District No. 1, Series A-2 (RB)<br> 4.38%, 12/01/47 (c) | 1500 | 1299737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinston Metropolitan District No. 5, Series A (GO)<br> 5.12%, 12/01/50 (c) | 1000 | 893285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painted Prairie Public Improvement Authority (RB)<br> 5.00%, 12/01/39 (c) | 1000 | 918891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palisade Metropolitan District No. 2, Series B (RB)<br> 5.88%, 12/15/54 (c) | 1000 | 908916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peak Metropolitan District No. 1, El Paco County, Series A (GO)<br> 4.00%, 12/01/35 (c) | 540 | 460742 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prairie Center Metropolitan District No. 3, Adams County, Series A (RB)<br> 5.00%, 12/15/41 (c) | $4000 | $3844633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas (RB)<br> 6.50%, 11/15/38 | 2000 | 2337121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB)<br> 4.00%, 12/01/51 (c) | 3000 | 2342663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB)<br> 4.00%, 07/15/39 | 1500 | 1425506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reunion Metropolitan District, Colorado, Series A (RB)<br> 3.62%, 12/01/44 (c) | 937 | 652022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southglenn Metropolitan District (GO)<br> 5.00%, 12/01/46 (c) | 838 | 738375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southlands Metropolitan District No. 1, Series A-1 (GO)<br> 5.00%, 12/01/47 (c) | 1200 | 1106085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Vrain Lakes Metropolitan District No. 4, Colorado, Series A (GO)<br> 6.75%, 09/20/54 (c) | 1000 | 665396 |
| STC Metropolitan District No. 2, Series A-1 (GO) (AGC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/55 (c) | 2500 | 2503661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/45 (c) | 500 | 509980 |
| Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/50 (c) | 1000 | 848699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/54 (c) | 1000 | 1012757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Ranch Community Authority Board, Douglas County (SA)<br> 5.62%, 12/01/43 (c) | 880 | 879308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Ranch Community Authority Board, Douglas County, Series A (RB)<br> 5.75%, 12/01/54 (c) | 1000 | 966471 |
| Velocity Metropolitan District No. 3 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/01/34 (c) | 500 | 476292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/01/39 (c) | 1500 | 1416191 |
| Verve Metropolitan District No. 1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/36 (c) | 1025 | 916162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/33 (c) | 1000 | 968229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Metropolitan District (GO)<br> 5.00%, 12/01/49 (c) | 1750 | 1652894 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| Windler Public Improvement Authority, Series A-1 (RB) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/36 (c) | $1000 | $877023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/41 (c) | 1000 | 807000 |
|  |  | 62812890 |
| **Connecticut: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgeport Housing Authority, Energy Performance Equipment (RB)<br> 5.60%, 06/01/26 (c) | 430 | 427824 |
| City of Hartford, Connecticut, State Contract Assistance (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/32 | 2250 | 2474471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/33 | 2500 | 2765695 |
| Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/46 (c) | 3500 | 3203701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/53 (c) | 1200 | 1049027 |
| Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/44 (c) | 1100 | 1035358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/50 (c) | 2630 | 2401687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB)<br> 5.00%, 10/01/54 (c) | 2000 | 1499753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB)<br> 5.00%, 01/01/55 (c) | 2000 | 1622222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)<br> 5.00%, 07/01/33 (c) | 1000 | 1033052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series L-1 (RB)<br> 4.00%, 07/01/30 | 1000 | 1007378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB)<br> 4.00%, 07/01/44 (c) | 250 | 194993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG)<br> 4.00%, 07/01/49 (c) | 250 | 186081 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Connecticut (continued)** |  |  |
| Stamford Housing Authority, Mozaic Concierge Living Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/35 (c) | $800 | $800818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/60 (c) | 1600 | 1562657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/55 (c) | 2200 | 2212573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series B (RB)<br> 5.38%, 10/01/33 | 1500 | 1476627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series C (RB)<br> 4.75%, 10/01/32 | 5000 | 4964361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stamford Housing Authority, Mozaic Concierge Living Project, Series D (RB)<br> 4.25%, 10/01/30 | 3000 | 2982818 |
| State of Connecticut, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/41 (c) | 1110 | 1196767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/45 (c) | 1000 | 1056051 |
| State of Connecticut, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/40 (c) | 2220 | 1834030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 | 2250 | 2542732 |
| Steel Point Infrastructure Improvement District (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/41 (c) | 1125 | 1000120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/51 (c) | 1000 | 803095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/52 (c) | 1000 | 1040061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Hamden, Whitney Center Project (RB)<br> 5.00%, 01/01/50 (c) | 3000 | 2615253 |
|  |  | 44989205 |
| **Delaware: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB)<br> 5.00%, 07/01/48 (c) | 1450 | 1381388 |
| Delaware Economic Development Authority, Aspira Chapter School, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/52 (c) | 915 | 701802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/36 (c) | 250 | 250081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/46 (c) | 1000 | 931980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic, Development Authority Chapter School, Series A (RB)<br> 5.00%, 06/01/51 (c) | 1100 | 997814 |
|  |  | 4263065 |
| **District of Columbia: 0.7%** |  |  |
| District of Columbia, Ingleside at Rock Creek Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/32 (c) | 250 | 252006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/42 (c) | 1180 | 1124078 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **District of Columbia (continued)** |  |  |
| District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/40 (c) | $500 | $480983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/50 (c) | 1500 | 1369440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series A (RB)<br> 5.00%, 07/01/48 (c) | 2260 | 2237001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Tobacco Settlement Financing Corp., Series A (RB)<br> 0.00%, 06/15/46 (c) ^ | 27500 | 6861522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB)<br> 0.00%, 10/01/37 ^ | 9325 | 5041306 |
| Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/37 ^ | 1020 | 585753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/36 (c) | 250 | 245630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/44 (c) | 7315 | 6581616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/44 (c) | 245 | 260991 |
|  |  | 25040326 |
| **Florida: 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broward County Florida Port Facilities, Series B (RB)<br> 4.00%, 09/01/38 (c) | 1000 | 954605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB)<br> 6.00%, 07/01/50 (c) | 295 | 184208 |
| Capital Projects Finance Authority, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/54 (c) | 500 | 473058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/58 (c) | 500 | 468041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/44 (c) | 400 | 400174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Education Growth Fund, Series A-1 (RB)<br> 5.00%, 07/01/56 (c) | 12200 | 10756293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB)<br> 5.00%, 12/15/35 (c) | 1335 | 1302025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG)<br> 5.00%, 12/15/40 (c) | 500 | 469222 |
| Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/29 (c) | 300 | 292766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 07/01/39 (c) | 500 | 475757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/49 (c) | 500 | 451205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/01/54 (c) | 500 | 449664 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB)<br> 5.25%, 06/15/47 (c) | $500 | $458648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) (SBG)<br> 5.00%, 06/15/39 (c) | 1000 | 934452 |
| Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/28 | 2200 | 2174172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/43 (c) | 2000 | 1997222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/58 (c) | 2200 | 2097578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB)<br> 5.00%, 01/01/55 (c) | 2250 | 1989519 |
| Capital Trust Authority Charter School, Mason Classical Academy Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/44 (c) | 750 | 704033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/54 (c) | 1060 | 955468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/64 (c) | 1500 | 1315759 |
| Capital Trust Authority Educational Facilities, Florida Institute of Technology Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/55 (c) | 1200 | 1113263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/01/65 (c) | 2500 | 2314224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Academic Chapter Schools, Inc. Project, Series A (RB)<br> 5.25%, 06/01/64 (c) | 1000 | 907140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Authority, Educational Facilities, St. Johns Classical Academy, Inc. Project, Series A (RB)<br> 5.25%, 06/15/59 (c) | 1000 | 931567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlotte County Industrial Development Authority, Utilities Project (RB)<br> 5.00%, 10/01/49 (c) | 1000 | 946485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB)<br> 5.00%, 11/01/50 (c) | 2080 | 1995195 |
| City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 | 1100 | 1137295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/31 (c) | 3000 | 3104986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/38 (c) | 500 | 509934 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/35 (c) | $230 | $211473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/40 (c) | 1210 | 1209997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/44 (c) | 1305 | 1297009 |
| City of Venice, Florida Retirement Community, Village on the Isle Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/55 (c) | 580 | 557529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 01/01/60 (c) | 1000 | 967064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Venice, Florida Retirement Community, Village on the Isle Project, Series B-3 (RB)<br> 4.25%, 01/01/30 (c) | 500 | 495611 |
| Collier County Industrial Development Authority, Arlington of Naples Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/15/24 (d) \* | 440 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 05/15/44 (c) (d) \* | 343 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collier County Industrial Development Authority, NCH Healthcare System Projects, Series A (RB) (AGM)<br> 5.00%, 10/01/54 (c) | 2000 | 2026193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broward, Florida Airport System, Series A (RB)<br> 5.00%, 10/01/29 (c) | 1135 | 1136291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broward, Florida Port Facilities, Series A (RB)<br> 5.00%, 09/01/49 (c) | 1645 | 1655193 |
| County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/45 (c) | 2000 | 1754701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/31 (c) | 2000 | 2093518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Aviation, Series A (RB)<br> 5.50%, 10/01/55 (c) | 1000 | 1043464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB)<br> 5.50%, 07/01/53 (c) | 3000 | 3001951 |
| Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/44 (c) | 10000 | 9999762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/47 (c) | 3700 | 3729988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/53 (c) | 10000 | 10048153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series A (RB)<br> 8.25%, 07/01/57 (c) (p) | 1500 | 1546410 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Florida (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 07/15/59 (c) (p) | $2000 | $2065987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Central Charter School Project (RB)<br> 5.88%, 08/15/52 (c) | 1000 | 928873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB)<br> 5.00%, 06/15/47 (c) | 2225 | 2166133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB)<br> 5.00%, 06/01/35 (c) | 425 | 424671 |
| Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/55 (c) | 2000 | 1395602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/50 (c) | 1000 | 933581 |
| Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/15/29 (c) | 900 | 900436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/35 (c) | 500 | 500312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 06/15/46 (c) | 685 | 685089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/43 (c) | 1000 | 1062690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/15/53 (c) | 1000 | 1053566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series B (RB)<br> 5.25%, 06/15/41 (c) | 1000 | 951504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB)<br> 5.00%, 02/01/52 (c) | 2000 | 1869236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB)<br> 6.12%, 07/01/32 (c) (p) | 4000 | 4053992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County, Industrial Development Authority, Tampa General Hospital Project, Series A (RB)<br> 4.00%, 08/01/45 (c) | 6500 | 5764602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB)<br> 5.75%, 08/15/50 (c) | 2000 | 1892779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB)<br> 5.75%, 06/15/42 (c) | 500 | 497062 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB)<br> 5.25%, 10/01/57 (c) | $1000 | $869485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Healthcare Facilities, Series C (RB)<br> 5.00%, 11/15/44 (c) | 500 | 497241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Healthcare Facilities, Shell Poin Project. Series C (RB)<br> 5.00%, 11/15/54 (c) | 7000 | 6645619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Healthcare Facilities, Shell Point (RB)<br> 5.00%, 11/15/49 (c) | 1630 | 1576397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Healthcare Facilities, Shell Point, Series A (RB)<br> 5.25%, 11/15/54 (c) | 1500 | 1490492 |
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/39 (c) | 1880 | 1880351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/44 (c) | 2000 | 1999895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AGM)<br> 4.00%, 11/15/46 (c) | 1500 | 1315079 |
| Miami World Center Community Development District (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 11/01/39 (c) | 750 | 758081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/49 (c) | 250 | 251810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County Industrial Development Authority, Series A (RB)<br> 5.50%, 07/01/61 (c) | 1000 | 936554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Date County, Florida Subordinate Special (RB)<br> 5.00%, 10/01/28 (c) | 1360 | 1392331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)<br> 5.00%, 10/01/35 (c) | 500 | 500511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midtown Miami Community Development District, Parking Garage Project, Series A (SA)<br> 5.00%, 05/01/37 (c) | 85 | 84948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Broward Hospital District, Broward Health, Series B (RB)<br> 5.00%, 01/01/32 (c) | 155 | 157541 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/48 (c) | $2000 | $1990550 |
| Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 200 | 201067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/46 (c) | 200 | 196727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority, Orlando Health (RB)<br> 4.00%, 10/01/52 (c) | 2000 | 1722594 |
| Orange County Health Facilities Authority, Orlando Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/56 (c) | 3000 | 2851287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/56 (c) | 1000 | 1025041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion (RB)<br> 4.25%, 06/01/56 (c) | 400 | 319038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB)<br> 5.00%, 06/01/55 (c) | 3730 | 3443052 |
| Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/39 (c) | 1000 | 933386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/51 (c) | 2500 | 2199018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Cost Park Community Development District (SA)<br> 5.70%, 05/01/37 (c) | 125 | 126678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understaing Inc. Project (RB)<br> 5.00%, 07/01/39 (c) | 1900 | 1855538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Country Industrial Development Authority, Florida Industrial Development (RB)<br> 5.88%, 01/01/33 (d) \* | 4820 | 2795600 |
| Seminole County Industrial Development Authority, Retirement Facility, Legacy Pointe at UCF Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/49 (c) | 500 | 464488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/54 (c) | 1500 | 1418206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB)<br> 5.00%, 12/01/55 (c) | 1100 | 1085156 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** | | |
| Village Community Development District No. 12 (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 05/01/26 | $100 | $99582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 05/01/31 (c) | 985 | 957703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/01/43 (c) | 890 | 818116 |
| Village Community Development District No. 13 (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/01/29 | 710 | 678798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/01/51 (c) | 1490 | 1121342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 05/01/39 (c) | 2735 | 2392907 |
| Village Community Development District No. 15 (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 05/01/44 (c) | 500 | 477963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/01/55 (c) | 2750 | 2604891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/54 (c) | 1000 | 1001175 |
|  |  | 165320696 |
| **Georgia: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta Development Authority, Gulch Enterprise Zone Project (RB)<br> 6.50%, 12/15/48 (c) | 2000 | 1723432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta Development Authority, Westside Gulch Area Project, Series A-1 (TA)<br> 5.50%, 04/01/39 (c) | 1000 | 1003880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burke County Development Authority, Series C (RB) (SAW)<br> 4.12%, 11/01/45 (c) | 8525 | 7593235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fayette County Development Authority, Soccer Federation, Inc. Project (RB)<br> 5.25%, 10/01/54 (c) | 1000 | 1029383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG)<br> 5.50%, 12/01/28 (c) | 1025 | 1020135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB)<br> 4.00%, 04/01/41 (c) | 2500 | 2185034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM)<br> 5.00%, 03/01/37 (c) | 700 | 420000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB)<br> 5.00%, 02/15/45 (c) | 3575 | 3568364 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Georgia (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George L Smith II World Congress Center Authority, Series A (RB)<br> 4.00%, 01/01/54 (c) | $1750 | $1460678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Local Government, Grantor Trust, Series A (CP) (NATL)<br> 4.75%, 06/01/28 | 416 | 423202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB)<br> 5.00%, 08/01/47 (c) | 2680 | 2668295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB)<br> 5.75%, 06/15/37 (c) | 250 | 254166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series C (RB)<br> 4.00%, 08/01/52 (c) (p) | 8000 | 7936690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series E (RB)<br> 5.00%, 05/01/55 (c) (p) | 3835 | 3982569 |
| Marietta Development Authority, Life University, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37 (c) | 2000 | 1929642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/47 (c) | 1000 | 912633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB)<br> 5.00%, 07/01/60 (c) | 375 | 372687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senoia Development Authority, Chapter School, Series A (RB)<br> 6.50%, 07/01/54 (c) | 500 | 458143 |
| White County Development Authority, Truett McConnell University Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 10/01/39 (c) | 500 | 436946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/49 (c) | 500 | 407423 |
|  |  | 39786537 |
| **Guam: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government (GO)<br> 5.00%, 11/15/31 (c) | 945 | 955709 |
| Guam Government, Business Privilege Tax, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/39 (c) | 600 | 546159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33 (c) | 5805 | 5828792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/34 (c) | 1040 | 1042212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35 (c) | 1100 | 1103469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/39 (c) | 1085 | 1087215 |
| Guam Government, Business Privilege Tax, Series F (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/36 (c) | 1000 | 956244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/42 (c) | 4000 | 3631355 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Guam (continued)** | | |
| Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/30 | $500 | $489118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/40 (c) | 500 | 485635 |
| Guam Government, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 2290 | 2319609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/46 (c) | 3120 | 3129837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority, Series A (RB)<br> 5.00%, 10/01/40 (c) | 500 | 505295 |
|  |  | 22080649 |
| **Hawaii: 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuakini, Hawaii Health System, Series A (RB)<br> 6.38%, 07/01/32 (c) | 1505 | 1355873 |
| **Idaho: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Falls Auditorium District, Annual Appropriation Certificates of Participation (CP)<br> 5.25%, 05/15/51 (c) | 2000 | 1892394 |
| Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/33 (c) | 450 | 392409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/37 (c) | 1135 | 1097972 |
| Idaho Health Facilities Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/50 (c) | 1000 | 1028068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/53 (c) | 1000 | 1023260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority, Terraces of Boise, Series A (RB)<br> 3.80%, 10/01/31 (c) | 100 | 92344 |
|  |  | 5526447 |
| **Illinois: 8.6%** |  |  |
| Chicago Board of Education, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 | 1000 | 1026190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 1195 | 1212116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 1265 | 1272424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/32 (c) | 5575 | 5689186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 5100 | 5186036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 250 | 249944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 395 | 400057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/35 (c) | 2400 | 2426427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/36 (c) | 6990 | 7045589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/37 (c) | 3610 | 3629156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/39 (c) | 6000 | 5985617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/40 (c) | 6350 | 6315266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/42 (c) | 12755 | 11865221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/47 (c) | 7000 | 6623368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/35 (c) | 3000 | 3099866 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/47 (c) | $2600 | $2726484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/26 (c) | 5200 | 5273332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/44 (c) | 4210 | 4243651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/46 (c) | 2250 | 2324200 |
| Chicago Board of Education, Series A (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 1250 | 1282202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 1250 | 1278914 |
| Chicago Board of Education, Series A (GO) (AMBAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/25 | 145 | 145804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/26 | 175 | 177173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/31 | 1285 | 1332625 |
| Chicago Board of Education, Series A (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/27 ^ | 760 | 683101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/28 ^ | 390 | 335544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/30 ^ | 55 | 43298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/26 | 245 | 247930 |
| Chicago Board of Education, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/39 (c) | 5000 | 4516972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/40 (c) | 5000 | 4476600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 1500 | 1527809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 (c) | 1600 | 1638178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 200 | 200538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 1105 | 1105089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 1680 | 1680032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/46 (c) | 4000 | 4053088 |
| Chicago Board of Education, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 2000 | 2036588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 1000 | 1008910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 8805 | 8708636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/35 (c) | 11015 | 11012556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/39 (c) | 12180 | 11743097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/35 (c) | 1160 | 1160998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education, Series C (GO) (AGM)<br> 5.00%, 12/01/30 (c) | 500 | 516338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education, Series E (GO)<br> 5.12%, 12/01/32 (c) | 3640 | 3640057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education, Series G (GO)<br> 5.00%, 12/01/44 (c) | 3000 | 2836333 |
| Chicago Board of Education, Series H (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/36 (c) | 9730 | 9426166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/46 (c) | 12710 | 11824011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport (RB) (AGM)<br> 5.00%, 01/01/48 (c) | 1000 | 996615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series A (RB) (AGM)<br> 5.25%, 01/01/45 (c) | 3000 | 3088845 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series B (RB)<br> 4.50%, 01/01/56 (c) | $1105 | $1055893 |
| Chicago School Reform Board of Trustees, Series A (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/25 ^ | 355 | 346498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/29 ^ | 1460 | 1201399 |
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/25 ^ | 2210 | 2157073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/26 ^ | 1630 | 1528681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/27 ^ | 1030 | 925782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/28 ^ | 690 | 593656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/29 ^ | 645 | 530755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/31 ^ | 520 | 390322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB)<br> 5.00%, 06/01/26 | 100 | 101578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago (RB) (AMBAC)<br> 5.75%, 11/01/30 | 765 | 811601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Board of Education, Series A (GO)<br> 6.00%, 12/01/49 (c) | 5000 | 5270162 |
| City of Chicago, City Colleges (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/28 ^ | 345 | 314805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/30 ^ | 420 | 348608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/33 ^ | 985 | 712471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/34 ^ | 760 | 522400 |
| City of Chicago, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 200 | 203737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 725 | 738547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/32 (c) | 1500 | 1560897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/33 (c) | 3000 | 3111094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/34 (c) | 3000 | 3099963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/44 (c) | 2400 | 2357829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/45 (c) | 4000 | 3868276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/45 (c) | 2000 | 2001052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/41 (c) | 1000 | 1023819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/49 (c) | 3000 | 3005704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/38 (c) | 5000 | 5095556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series A (GO) (NATL)<br> 0.00%, 01/01/29 ^ | 140 | 121233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series A (GO) (SAW)<br> 5.00%, 01/01/29 | 2775 | 2876840 |
| City of Chicago, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/33 | 1500 | 1582260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/41 (c) | 1000 | 1010575 |
| City of Chicago, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/32 ^ | 195 | 147132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 380 | 384501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 (c) | 250 | 251584 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Wastewater Transmission, Series B (RB) (BAM)<br> 5.00%, 01/01/34 | $250 | $277169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority (RB)<br> 5.00%, 11/01/30 (c) | 100 | 88336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Acero Charter Schools, Inc. (RB)<br> 4.00%, 10/01/42 (c) | 1000 | 844537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Admiral Lake Project (RB)<br> 5.12%, 05/15/38 (c) | 390 | 334780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Central Baptist Village (RB)<br> 5.38%, 11/15/39 (c) | 35 | 33458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, CHF - Cook, LLC - Northeastern Illinois University Project, Series A (RB)<br> 5.00%, 07/01/30 (c) | 1000 | 958388 |
| Illinois Finance Authority, Friendship Village of Schaumburg (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 (d) \* | 2675 | 21403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/37 (c) (d) \* | 5797 | 46372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/15/45 (c) (d) \* | 5467 | 43733 |
| Illinois Finance Authority, Goodman Theatre Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/01/45 (c) | 1505 | 1500392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 10/01/50 (c) | 1000 | 999300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Illinois Institute of Technology (RB)<br> 5.00%, 09/01/40 (c) | 175 | 161216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Intrinsic School Project, Series A (RB)<br> 6.00%, 12/01/45 (c) | 500 | 500972 |
| Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/29 (c) | 500 | 335000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 250 | 167500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/35 (c) | 5 | 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Roosevelt University (RB)<br> 5.50%, 04/01/32 (c) | 475 | 462642 |
| Illinois Finance Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/34 | 250 | 255286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/44 (c) | 500 | 475107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Solis Wate Disposal, Series B (RB)<br> 7.38%, 09/01/42 (c) (p) | 2500 | 2768021 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Student Housing and Academic Facility, Series A (RB)<br> 5.00%, 02/15/47 (c) | $4125 | $3896970 |
| Illinois Sports Facilities Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/28 | 1000 | 1021256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 | 1000 | 1028600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/30 (c) | 3055 | 3128695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority (RB) (AGM)<br> 5.00%, 06/15/27 (c) | 3000 | 3005430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority (RB) (AMBAC)<br> 0.00%, 06/15/26 ^ | 690 | 660948 |
| Illinois State, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 (c) | 500 | 514638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/43 (c) | 500 | 502560 |
| Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/52 ^ | 4750 | 1061969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/52 (c) | 1500 | 1208630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/50 (c) | 7305 | 7252943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/57 (c) | 1040 | 1012825 |
| Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series A (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/30 ^ | 745 | 602458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/30 ^ | 475 | 375975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/31 ^ | 125 | 96807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/33 ^ | 1500 | 1031563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/34 ^ | 190 | 127432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/34 ^ | 590 | 385619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/39 ^ | 115 | 57667 |
| Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/50 ^ | 35755 | 9015752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/40 (c) | 1000 | 1002006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/53 (c) | 1500 | 1471613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northeastern Illinois University, Capital Improvement Project (CP)<br> 4.00%, 10/01/38 (c) | 585 | 474532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB)<br> 4.00%, 12/01/31 (c) | 2000 | 2006819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (GO)<br> 5.00%, 02/01/27 | 500 | 512868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (RB)<br> 3.00%, 06/15/31 (c) | 100 | 92578 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** | | |
| State of Illinois, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | $500 | $521921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/28 | 5 | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 100 | 102200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/41 (c) | 365 | 369063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/46 (c) | 4865 | 4878957 |
| State of Illinois, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/27 | 2000 | 2053648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/42 (c) | 3000 | 3125414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/45 (c) | 1470 | 1504742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/49 (c) | 5900 | 5986937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series D (GO)<br> 5.00%, 11/01/25 | 250 | 251948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB)<br> 6.00%, 03/01/63 (c) | 1000 | 991447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Bolingbrook, Special Service Area No. 1 (ST)<br> 5.25%, 03/01/41 (c) | 500 | 492530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village of Bridgeview (GO)<br> 5.00%, 12/01/42 (c) | 360 | 324469 |
| Will County Community High School District No. 210, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/29 ^ | 90 | 77907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/31 ^ | 245 | 194632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 01/01/33 ^ | 540 | 390300 |
|  |  | 291667913 |
| **Indiana: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anderson, Indiana Economic Development, Anderson University (RB)<br> 4.75%, 10/01/27 (c) | 135 | 118589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Valparaiso, Pratt Paper, LLC Project (RB)<br> 5.00%, 01/01/54 (c) | 2000 | 1913680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB)<br> 5.00%, 10/01/32 (c) | 150 | 146054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB)<br> 3.00%, 11/01/30 | 1500 | 1437066 |
| Indiana Finance Authority Student Housing (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/55 (c) | 2000 | 1847396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/60 (c) | 1000 | 986946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority Student Housing, Series A (RB)<br> 5.25%, 07/01/64 (c) | 1000 | 979230 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Indiana (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Baptist Healthcare System, Series A (RB)<br> 5.00%, 08/15/51 (c) | $2000 | $1963511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Midwestern Disaster Relief, Series A (RB)<br> 4.25%, 11/01/30 | 5000 | 5050380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB)<br> 3.00%, 11/01/30 | 5000 | 4790220 |
| Indiana Finance Authority, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/33 | 1000 | 1113701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/34 | 500 | 559508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/45 (c) | 500 | 526875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, United States Steel Corp. Project, Series A (RB)<br> 4.12%, 12/01/26 | 5500 | 5479116 |
| Indianapolis Local Public Improvement Bond Bank (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/43 (c) | 2340 | 2446376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/53 (c) | 1000 | 1045238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 03/01/57 (c) | 3135 | 3282993 |
|  |  | 33686879 |
| **Iowa: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Coralville, Marriott Hotel and Convention Center, Series E (CP)<br> 4.00%, 06/01/29 (c) | 1025 | 984897 |
| Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/43 (c) | 655 | 641658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/48 (c) | 4000 | 3838439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB)<br> 4.75%, 08/01/42 (c) | 12000 | 11449931 |
| Iowa Finance Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/49 (c) | 3500 | 3318102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/15/59 (c) | 1000 | 947366 |
| Iowa Higher Education Loan Authority, Wartburg College Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/25 | 600 | 594990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/37 (c) | 2115 | 1880239 |
|  |  | 23655622 |
| **Kansas: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hutchinson, Regional Medical Center, Inc. (RB)<br> 5.00%, 12/01/41 (c) | 250 | 207590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB)<br> 5.00%, 05/15/43 (c) | 1000 | 948173 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Kansas (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB)<br> 4.00%, 06/01/46 (c) | $3000 | $2429112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB)<br> 4.00%, 06/01/27 (c) | 175 | 174920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, Health Care Facilities, Series I (RB)<br> 5.00%, 05/15/38 (c) | 1355 | 1287990 |
| City of Wichita, Health Care Facilities, Series III (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/34 (c) | 250 | 244488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/50 (c) | 500 | 417461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB)<br> 4.00%, 06/01/36 (c) | 1000 | 903400 |
| Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/42 (c) | 1000 | 1019275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/52 (c) | 1000 | 1013444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County KS, Unified School District No. 500 (GO) (BAM)<br> 5.00%, 09/01/50 (c) | 1000 | 1026959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County, Unified School District No. 500 (GO) (BAM)<br> 5.25%, 09/01/55 (c) | 1500 | 1561979 |
|  |  | 11234791 |
| **Kentucky: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christian County, Jennie Stuart Medical Center (RB)<br> 5.38%, 02/01/36 (c) | 100 | 100460 |
| City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 01/01/42 (c) | 2250 | 2084656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/01/52 (c) | 3000 | 2775056 |
| Kentucky Economic Development Finance Authority Hospital, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/31 (c) | 1315 | 1332681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/45 (c) | 1720 | 1686660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AGM)<br> 5.00%, 12/01/47 (c) | 760 | 760251 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Kentucky (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM)<br> 5.00%, 12/01/45 (c) | $2655 | $2661750 |
| Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/31 (c) | 2545 | 2403516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/36 (c) | 350 | 310597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/46 (c) | 250 | 195600 |
| Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/32 (c) | 400 | 369556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/45 (c) | 180 | 142506 |
| Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/26 | 175 | 176425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/41 (c) | 990 | 982352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/41 (c) | 750 | 752597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB)<br> 5.00%, 06/01/40 (c) | 500 | 497344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series A (RB)<br> 5.25%, 06/01/55 (c) (p) | 5000 | 5251252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB)<br> 5.00%, 05/01/55 (c) (p) | 2500 | 2597420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series B (RB)<br> 5.00%, 01/01/55 (c) (p) | 1500 | 1571642 |
| Louisville & Jefferson County, UOFL Health Project, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/47 (c) | 2500 | 2514200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/47 (c) | 3170 | 3160181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/52 (c) | 4000 | 3829704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paducah Electric Plant Board, Series A (RB) (AGM)<br> 5.00%, 10/01/29 (c) | 1045 | 1069137 |
|  |  | 37225543 |
| **Louisiana: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calcasieu Parish Memorial Hospital Service District (RB)<br> 5.00%, 12/01/39 (c) | 3800 | 3603197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Shreveport (GO) (AGC)<br> 5.00%, 03/01/49 (c) | 1000 | 1015703 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Louisiana (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Shreveport, Water and Sewer, Series C (RB) (BAM)<br> 5.00%, 12/01/25 | $100 | $100839 |
| Louisiana Local Government Environmental Facilities and Community Development Authority, Christwood Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/30 | 750 | 737059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37 (c) | 1020 | 1012952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/53 (c) | 300 | 280167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB)<br> 4.00%, 11/01/46 (c) | 2775 | 2410198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL)<br> 4.00%, 11/01/44 (c) | 1800 | 1570784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB)<br> 4.25%, 12/01/35 (c) | 175 | 147000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)<br> 3.50%, 11/01/32 (c) | 5745 | 5441640 |
| Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/66 (c) | 1000 | 964894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/59 (c) | 1000 | 1022835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/01/64 (c) | 7000 | 7267019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Lake Charles Academy Foundation Project, Series A (RB)<br> 5.00%, 12/15/43 (c) | 1000 | 947243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Lake Charles Chapter Academy Project, Series A (RB)<br> 5.00%, 12/15/34 (c) | 1500 | 1503932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Loyola University Project, (RB)<br> 5.25%, 10/01/46 (c) | 1500 | 1512305 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Louisiana (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project (RB)<br> 7.75%, 07/01/39 (c) (d) \*∞ | $1647 | $16 |
| Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/01/23 (d) \*∞ | 2259 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/01/39 (c) (d) \*∞ | 1389 | 14 |
| Parish of St. James, Nustar Logistics, LP Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/01/41 (p) | 750 | 750557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 07/01/40 (c) | 11355 | 12055580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parish of St. James, Nustar Logistics, LP Project, Series A (RB)<br> 6.35%, 10/01/40 (c) | 6000 | 6370181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parish of St. John the Baptist, Series A-3 (RB)<br> 2.20%, 06/01/37 (p) | 3500 | 3434810 |
| State of Louisiana, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/33 | 1485 | 1654184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/34 | 1000 | 1120888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/36 (c) | 2000 | 2229990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/45 (c) | 2500 | 2642365 |
|  |  | 59796375 |
| **Maine: 0.2%** |  |  |
| Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/46 (c) | 1695 | 1311111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/41 (c) | 1000 | 928569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 3345 | 3036780 |
|  |  | 5276460 |
| **Maryland: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltimore Maryland, Special Obligation, Harbor Point Project (RB)<br> 5.00%, 06/01/51 (c) | 1000 | 942041 |
| City of Baltimore, Convention Center Hotel (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/30 (c) | 1000 | 1008590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/39 (c) | 1000 | 979465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/42 (c) | 2250 | 2161545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/46 (c) | 2000 | 1911538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Baltimore, East Baltimore Research Park Project, Series A (RB)<br> 5.00%, 09/01/38 (c) | 500 | 496539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Baltimore, Harbor Point Project (RB)<br> 5.12%, 06/01/43 (c) | 250 | 240780 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Maryland (continued)** |  |  |
| Frederick County, Maryland Educational Facilities Project, Mount Saint Mary's University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 (c) | $2000 | $1986805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/37 (c) | 1000 | 963148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/45 (c) | 4000 | 3681688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frederick County, Maryland Urban Community Development Authority, Series A (ST) <br> 4.00%, 07/01/50 (c) | 1960 | 1632781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) <br> 4.62%, 07/01/43 (c) | 1800 | 1654659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howard County, Series A (TA)<br> 4.50%, 02/15/47 (c) | 2500 | 2206239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp. (RB)<br> 5.25%, 06/30/55 (c) | 2500 | 2474709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp., Core Natural Resources, Inc. Project (RB)<br> 5.00%, 07/01/48 (c) (p) | 2000 | 1952849 |
| Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/01/36 (c) | 470 | 439596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/44 (c) | 530 | 468977 |
| Maryland Economic Development Corp., Port Covington Project (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/40 (c) | 2250 | 1988632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/50 (c) | 3250 | 2575591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB)<br> 5.25%, 06/30/52 (c) | 1085 | 1074465 |
| Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/42 (c) | 400 | 361661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/38 (c) | 250 | 251566 |
| Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 (c) | 625 | 625807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/40 (c) | 500 | 499991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Health and Higher Educational Facilities Authority, Series A (RB)<br> 5.25%, 07/01/52 (c) | 2250 | 2294704 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Maryland (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George County, Collington Episcopal Life Care Community, Inc. (RB)<br> 5.25%, 04/01/37 (c) | $1000 | $975880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince George's County, Suitland-Naylor Road Project (TA)<br> 4.75%, 07/01/36 (c) | 500 | 497273 |
|  |  | 36347519 |
| **Massachusetts: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collegiate Charter School of Lowell (RB)<br> 5.00%, 06/15/39 (c) | 365 | 364594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts (RB) (BAM)<br> 5.50%, 01/01/34 | 1420 | 1601754 |
| Commonwealth of Massachusetts, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/42 (c) | 1000 | 1073946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/45 (c) | 1000 | 1057921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/50 (c) | 1250 | 1299437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/55 (c) | 6100 | 6313036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series E (GO)<br> 5.00%, 08/01/54 (c) | 5000 | 5172992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency (RB)<br> 5.00%, 09/01/59 (c) | 2000 | 2000080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB)<br> 5.00%, 07/01/53 (c) | 1500 | 1500445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston Medical Center, Series D (RB)<br> 5.00%, 07/01/44 (c) | 2120 | 2081593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston Medical Center, Series G (RB)<br> 5.25%, 07/01/52 (c) | 1435 | 1435133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston Student Housing Project (RB)<br> 5.00%, 10/01/48 (c) | 1000 | 934058 |
| Massachusetts Development Finance Agency, Brown University Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/45 (c) | 1000 | 1026634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/50 (c) | 1500 | 1562020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Emmanuel College, Series A (RB)<br> 5.00%, 10/01/43 (c) | 1035 | 953883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lasell Village, Inc. (RB)<br> 5.00%, 07/01/29 | 1500 | 1566999 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/50 (c) | $1000 | $1005709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/55 (c) | 1000 | 1000144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lawrence General Hospital (RB)<br> 5.00%, 07/01/34 (c) | 1000 | 922696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB)<br> 5.25%, 07/01/34 (c) | 350 | 329014 |
| Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/38 (c) | 500 | 511153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 11/15/46 (c) | 500 | 505414 |
| Massachusetts Development Finance Agency, Merrimack College Student Housing Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/54 (c) | 1000 | 965903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/60 (c) | 1000 | 954279 |
| Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/32 (c) | 1000 | 979537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 10/01/42 (c) | 2500 | 2211083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/47 (c) | 1400 | 1332590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/57 (c) | 14550 | 13378054 |
| Massachusetts Development Finance Agency, Series N-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/54 (c) | 2000 | 1862640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/50 (c) | 4000 | 4018485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB)<br> 4.00%, 07/01/36 (c) | 1500 | 1401899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AGM)<br> 4.00%, 06/01/56 (c) | 5 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Suffolk University (RB)<br> 5.00%, 07/01/34 (c) | 1120 | 1124471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB)<br> 5.00%, 10/01/41 (c) | 1930 | 1893102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB)<br> 5.00%, 10/01/48 (c) | 1000 | 851193 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | $190 | $192586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 510 | 495812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, UMass Memorial Health Care, Series N-2 (RB)<br> 5.00%, 07/01/35 (c) | 1000 | 1083937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Wellforce, Inc., Series C (RB) (AGM)<br> 3.00%, 10/01/45 (c) | 3000 | 2294387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB)<br> 5.00%, 07/01/33 (c) | 1250 | 1264642 |
|  |  | 70526712 |
| **Michigan: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB)<br> 5.00%, 02/15/41 (c) | 290 | 275674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Detroit, Michigan Unlimited Tax (GO)<br> 5.50%, 04/01/45 (c) | 250 | 257000 |
| City of Detroit, Michigan Unlimited Tax, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/46 (c) | 135 | 135654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/50 (c) | 1475 | 1473242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Detroit Service Learning Academy, Public School Academy (RB) (AGM)<br> 4.00%, 07/01/41 (c) | 1000 | 843710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint Michigan Hospital Building Authority, Hurley Medical Center (RB)<br> 4.00%, 07/01/41 (c) | 500 | 444445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flint Michigan Hospital Building Authority, Hurley Medical Center, Series B (RB)<br> 4.75%, 07/01/28 (c) | 315 | 309112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivywood Classical Academy (RB)<br> 6.25%, 01/01/59 (c) | 1000 | 979644 |
| Michigan Finance Authority, Corewell Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/35 (c) | 3000 | 3291292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/46 (c) | 2000 | 2051155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Corewell Health, Series B-2 (RB)<br> 5.00%, 08/15/55 (p) | 6000 | 6457741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Henry Ford Health Detroit South Campus (RB)<br> 5.50%, 02/28/57 (c) | 4255 | 4461559 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Michigan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Presbyterian Villages of Michigan (RB)<br> 5.50%, 11/15/45 (c) | $300 | $250658 |
| Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/39 (c) | 215 | 215130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/44 (c) | 3575 | 3575972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Thomas M. Cooley Law School Project (RB)<br> 5.00%, 07/01/34 (c) | 795 | 795747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB)<br> 0.00%, 06/01/65 (c) ^ | 15500 | 1616475 |
| Michigan Strategic Fund, I-75 Improvement Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/31 (c) | 600 | 617742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/32 (c) | 700 | 716901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/48 (c) | 1470 | 1443255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Strategic Fund, I-75 Improvement Project (RB) (AGM)<br> 4.50%, 06/30/48 (c) | 1000 | 913262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Tobacco Settlement Finance Authority, Series B (RB)<br> 0.00%, 06/01/52 (c) ^ | 260 | 31973 |
| Western Michigan University, Series A (RB) (AGC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/49 (c) | 1000 | 1049429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/54 (c) | 1500 | 1563170 |
|  |  | 33769942 |
| **Minnesota: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chippewa County, Chippewa County-Montevideo Hospital Project (RB)<br> 4.00%, 03/01/37 (c) | 135 | 125193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anoka, Homestead at Anoka, Inc. Project (RB)<br> 4.25%, 11/01/27 (c) | 310 | 302433 |
| City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/35 (c) | 1070 | 989080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/40 (c) | 245 | 215955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Brooklyn Park, Minnesota Chapter School (RB)<br> 5.12%, 06/15/54 (c) | 1000 | 912327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Crookston, Health Care Facilities, Riverview Health Project (RB)<br> 5.00%, 05/01/34 (c) | 3000 | 2150301 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Minnesota (continued)** |  |  |
| City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/40 (c) | $500 | $500176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/50 (c) | 2860 | 2860168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Forest Lake, International Language Academy, Series A (RB) (SAW)<br> 5.38%, 08/01/50 (c) | 500 | 490867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Maple Grove, Minnesota Health Care Facilities (RB)<br> 3.38%, 05/01/33 (c) | 115 | 104120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Minneapolis, Fairview Health Services, Series A (RB)<br> 5.00%, 11/15/34 (c) | 1830 | 1871483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Cloud, Centracare Health System (RB)<br> 5.00%, 05/01/54 (c) | 1000 | 1006708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Louis Park, Place Via Sol Project (RB) (AMBAC)<br> 6.00%, 07/01/53 (d) (p) \*∞ | 1927 | 192740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Housing and Redevelopment Authority, Series A (RB)<br> 5.75%, 09/01/46 (c) | 325 | 326377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Paul, Minnesota Housing and Redevelopment Authority (RB)<br> 4.00%, 11/15/43 (c) | 2000 | 1707673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Economic Development Authority, Benedictine Health System, Series A (RB)<br> 4.00%, 07/01/41 (c) | 2255 | 1822901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB)<br> 5.00%, 11/15/49 (c) | 2000 | 1989606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB)<br> 5.00%, 05/01/46 (c) | 1000 | 685088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB)<br> 4.25%, 05/01/40 (c) | 900 | 609360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB)<br> 4.00%, 08/01/36 (c) | 250 | 227838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB)<br> 4.00%, 07/01/56 (c) | 1150 | 791154 |
|  |  | 19881548 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Mississippi: 0.2%** |  |  |
| Mississippi Development Bank, Magnolia Regional Health Center Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/41 (c) | $3500 | $2753363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/32 (c) | 1530 | 1539043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB)<br> 5.00%, 09/01/41 (c) | 3000 | 2983101 |
|  |  | 7275507 |
| **Missouri: 0.8%** |  |  |
| Boone County, Boone Hospital Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/34 (c) | 410 | 288083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/38 (c) | 565 | 404017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Liberty, Liberty Commons Project, Series A (TA)<br> 5.75%, 06/01/35 (c) | 500 | 460068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Nevada, Regional Medical Center (RB) (ACA)<br> 4.30%, 10/01/26 (c) | 25 | 24874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)<br> 4.38%, 11/15/35 (c) | 250 | 225434 |
| Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/48 (c) | 1000 | 1005551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/54 (c) | 250 | 246525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series B (RB)<br> 5.00%, 02/01/46 (c) | 1460 | 1379669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB)<br> 4.00%, 02/01/42 (c) | 475 | 416185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I-470 Western Gateway Transportation Development District, Series A (RB)<br> 5.25%, 12/01/48 (c) | 1100 | 1047432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB)<br> 5.00%, 11/15/46 | 5352 | 3568309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas City Missouri Industrial Development Authority, Historic Northeast Redevelopment Plan, Series A-1 (RB)<br> 5.00%, 06/01/46 (c) | 500 | 469534 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Missouri (continued)** |  |  |
| Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/37 (c) | $1500 | $1432786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/50 (c) | 2000 | 1690346 |
| Lees Summit Industrial Development Authority, John Knox Village, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/32 (c) | 2430 | 2432433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/36 (c) | 1550 | 1528153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/42 (c) | 2000 | 1839570 |
| Lee's Summit, Industrial Development Authority, Senior Living Facilities, John Knox Village, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/39 (c) | 1000 | 1018573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/15/54 (c) | 500 | 500493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB)<br> 5.00%, 02/01/42 (c) | 3000 | 3002946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB)<br> 5.00%, 01/01/50 (c) | 1000 | 726724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis County, Industrial Development Authority, Friendship Village St. Louis (RB)<br> 5.00%, 09/01/48 (c) | 2500 | 2364188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB)<br> 5.00%, 09/01/38 (c) | 500 | 503146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis County, Industrial Development Authority, St. Andrew's Resources, Series A (RB)<br> 5.00%, 12/01/35 (c) | 150 | 144476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University City of Missouri, Industrial Development Authority, Series A (RB)<br> 4.88%, 06/15/36 (c) | 900 | 882264 |
|  |  | 27601779 |
| **Montana: 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montana Facility Finance Authority, Health Care Facilities, Children's Home & Hospital Project, Series A (RB)<br> 4.00%, 07/01/50 (c) | 1970 | 1275017 |
| **Nebraska: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)<br> 5.00%, 09/01/30 | 2000 | 2096611 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| **Nebraska (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/34 | $1000 | $1059245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/36 | 500 | 527597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project, Series G (RB)<br> 5.00%, 05/01/53 (c) (p) | 235 | 243097 |
|  |  | 3926550 |
| **Nevada: 0.5%** |  |  |
| City of Las Vegas, Special Improvement District No. 814 (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/44 (c) | 230 | 191612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/49 (c) | 520 | 414259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Las Vegas, Special Improvement District No. 818 (SA)<br> 5.00%, 12/01/49 (c) | 500 | 470961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Reno, Special Assessment District No. 1, Local Improvement (SA)<br> 5.25%, 06/01/54 (c) | 750 | 696509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Reno, Tax Increment Senior Lien, Series C (TA)<br> 5.40%, 06/01/27 (c) | 745 | 741831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Special Improvement District No. 159 (SA)<br> 5.00%, 08/01/35 (c) | 155 | 155214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henderson Local Improvement District No. T-18 (SA)<br> 4.00%, 09/01/35 (c) | 590 | 524522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Las Vegas, Special Improvement District No. 64 (SA)<br> 4.62%, 06/01/49 (c) | 220 | 192897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Las Vegas, Special Improvement District No. 64 (SA) (SAW)<br> 4.62%, 06/01/43 (c) | 465 | 421322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Nevada, Department of Business and Industry, Brightline West Passenger Rail Project, Series A (RB)<br> 9.50%, 01/01/65 (c) (p) | 10500 | 10114241 |
| State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/35 (c) | 2000 | 2001385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/38 (c) | 400 | 395496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/48 (c) | 500 | 463479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/15/45 (c) | 1000 | 962550 |
|  |  | 17746278 |
| **New Hampshire: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Bridgeland Water and Utility Districts (RB)<br> 5.38%, 12/15/35 (c) | 2114 | 2089725 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Hampshire (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Covanta Project, Series B (RB)<br> 4.62%, 11/01/42 (c) | $4225 | $3772186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Emberly and Cantera Creek Projects (RB)<br> 5.38%, 12/01/31 (c) | 750 | 731459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Highlands Project (RB)<br> 5.12%, 12/15/30 (c) | 750 | 730161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, New Hampshire Business, Series A-2 (RB)<br> 4.17%, 01/20/41 | 3997 | 3667387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB)<br> 4.88%, 11/01/42 (c) | 3375 | 3106687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, New Hampshire, Presbyterian Senior Living Project, Series A (RB)<br> 5.25%, 07/01/48 (c) | 1000 | 1008332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Silverado Project (RB)<br> 5.00%, 12/01/28 (c) | 1000 | 987700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Springpoints Living Project (RB)<br> 4.00%, 01/01/41 (c) | 1000 | 860750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Valencia Project (RB)<br> 5.30%, 12/01/32 (c) | 750 | 739769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority, Vista Project, Series A (RB)<br> 5.62%, 07/01/46 (c) | 2600 | 2467687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Series A (RB) (BAM)<br> 4.12%, 01/20/34 | 1297 | 1286330 |
|  |  | 21448173 |
| **New Jersey: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB)<br> 5.00%, 06/01/36 (c) | 470 | 470153 |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/29 (c) | 1410 | 1410068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/33 (c) | 60 | 60012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 11/15/30 (c) | 2035 | 2035277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 11/15/30 (c) | 285 | 285039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/27 (c) | 655 | 655082 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA)<br> 5.75%, 04/01/31 | $55 | $53715 |
| New Jersey Economic Development Authority, Lions Gate Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/01/29 (c) | 535 | 527750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/34 (c) | 500 | 491029 |
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/32 (c) | 1640 | 1600562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/34 (c) | 2000 | 1954321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 (c) | 4640 | 4677962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM)<br> 5.00%, 07/01/28 (c) | 2500 | 2571708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA)<br> 0.00%, 07/01/26 ^ | 515 | 492813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB)<br> 5.00%, 10/01/47 (c) | 3300 | 3203878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB)<br> 5.00%, 06/15/48 (c) | 2880 | 2896024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB)<br> 5.00%, 06/15/38 (c) | 600 | 620432 |
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/35 (c) | 680 | 681269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/28 (c) | 435 | 435670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)<br> 5.00%, 06/15/26 (c) | 105 | 105196 |
| New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/01/34 (c) | 350 | 350070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/27 (c) | 500 | 500553 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB)<br> 4.12%, 07/01/30 (c) | $150 | $142210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Rider University, Series F (RB)<br> 5.00%, 07/01/47 (c) | 490 | 352351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB)<br> 5.00%, 10/01/28 (c) | 500 | 521768 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/33 ^ | 5 | 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26 | 5 | 5147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/28 | 200 | 211208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/37 (c) | 1000 | 1080144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/38 (c) | 1500 | 1608725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/39 (c) | 385 | 395365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/39 (c) | 3000 | 3262213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series BB (RB)<br> 3.00%, 06/15/50 (c) | 3000 | 2153845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC)<br> 0.00%, 12/15/28 ^ | 100 | 87774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL)<br> 0.00%, 12/15/31 ^ | 365 | 284328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series CC (RB)<br> 5.25%, 06/15/50 (c) | 1000 | 1039772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL)<br> 5.25%, 01/01/27 | 100 | 102355 |
| Passaic County Improvement Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/55 (c) | 750 | 705424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/60 (c) | 500 | 460918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Jersey Port Corp., Marine Terminal, Series B (RB)<br> 5.00%, 01/01/34 (c) | 360 | 368422 |
| Tobacco Settlement Financing Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/46 (c) | 10290 | 10157564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/46 (c) | 2675 | 2686192 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series B (RB)<br> 5.00%, 06/01/46 (c) | $7400 | $7183818 |
|  |  | 58891683 |
| **New Mexico: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group - LA Vida Llena Expansion Project, Series A (RB)<br> 5.00%, 07/01/49 (c) | 3480 | 3074667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Single Family Program, Series C (RB)<br> 5.10%, 09/01/55 (c) | 1000 | 1008153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Single Family Program, Series I (RB)<br> 5.05%, 09/01/50 (c) | 1000 | 1008511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB)<br> 5.00%, 06/01/54 (c) (p) | 1000 | 1048084 |
|  |  | 6139415 |
| **New York: 10.8%** |  |  |
| Brooklyn Arena Local Development Corp., Barclays Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/15/32 ^ | 395 | 293038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/15/33 ^ | 370 | 261769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/15/47 ^ | 180 | 56498 |
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/26 | 345 | 349646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/42 (c) | 9515 | 9537358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB)<br> 5.50%, 09/01/45 (c) | 4725 | 4730106 |
| Build NYC Resource Corp., Bayridge Preparatory School Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/49 (c) | 1255 | 1165776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/59 (c) | 3800 | 3444510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)<br> 5.00%, 12/31/28 | 4505 | 4480250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB)<br> 5.75%, 06/01/42 (c) | 1000 | 1010873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB)<br> 5.25%, 07/01/52 (c) | 1000 | 1007200 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/57 (c) | $1000 | $1006619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Manhattan College Project (RB)<br> 4.00%, 08/01/42 (c) | 1310 | 1106542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB)<br> 5.62%, 12/01/50 (c) | 1200 | 1075316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW)<br> 5.00%, 06/15/51 (c) | 6500 | 5887110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn Project, Series A (RB)<br> 5.50%, 06/15/63 (c) | 1000 | 986235 |
| City of New York, Series G (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/37 (c) | 1000 | 1107828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/53 (c) | 6000 | 6331774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Troy Capital Resource Corp., Series A (RB)<br> 4.00%, 09/01/40 (c) | 1250 | 1148619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Sullivan, Adelaar Infrastructure Project, Series A-2 (SA)<br> 5.35%, 11/01/49 (c) | 2000 | 1906019 |
| Dutchess County Local Development Corp., Bard College Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/40 (c) | 1500 | 1528578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/45 (c) | 1000 | 1003284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/51 (c) | 3370 | 3318388 |
| Erie Tobacco Asset Securitization Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/38 (c) | 5 | 4576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/45 (c) | 2000 | 1766120 |
| Metropolitan Transportation Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/41 (c) | 1000 | 1054028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/49 (c) | 1625 | 1676040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/55 (c) | 2000 | 2076288 |
| Monroe County Industrial Development Corp., Eugenio Maria De Hostos Charter School Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/44 (c) | 1000 | 917066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/59 (c) | 1000 | 860864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB)<br> 3.00%, 12/01/40 (c) | 5 | 3854 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/35 (c) | $2100 | $2035297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 (c) | 500 | 529008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nassau County Tobacco Settlement Corp., Series A-3 (RB)<br> 5.12%, 06/01/46 (c) | 2905 | 2465765 |
| New York & New Jersey Port Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/50 (c) | 3000 | 3114147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/55 (c) | 2500 | 2583772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi-Family Housing, Series B-2 (RB)<br> 3.95%, 11/01/64 (c) (p) | 1500 | 1509382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi-Family Housing, Series F-1 (RB)<br> 4.55%, 11/01/54 (c) | 2000 | 1959563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi-Family Mortgage, Series D (RB)<br> 4.00%, 12/15/31 (c) | 250 | 252669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi-Family Mortgage, Series E (RB)<br> 4.38%, 12/15/31 (c) | 1000 | 1009644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi-Family Mortgage, Series F (RB)<br> 5.25%, 12/15/31 (c) | 500 | 506074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Industrial Development Agency, Airport Facilities, Series A (RB)<br> 5.00%, 07/01/28 (c) | 1400 | 1407608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Convention Center Development Corp. (RB)<br> 5.00%, 11/15/40 (c) | 3325 | 3330173 |
| New York Counties Tobacco Trust IV, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/01/45 (c) | 500 | 374936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/42 (c) | 7335 | 6539011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/45 (c) | 785 | 679218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Counties Tobacco Trust IV, Series E (RB)<br> 0.00%, 06/01/55 (c) ^ | 5 | 417 |
| New York Counties Tobacco Trust VI, Series A-2B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/45 (c) | 1270 | 1117448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/51 (c) | 5000 | 4309922 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., 3 World Trade Center Project (RB)<br> 5.38%, 11/15/40 (c) | $10000 | $10000362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB)<br> 2.80%, 09/15/69 (c) | 7000 | 6394612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB)<br> 5.25%, 10/01/35 | 3000 | 3351957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Catholic Health System, Series A (RB)<br> 4.00%, 07/01/45 (c) | 2500 | 2083823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC)<br> 5.50%, 07/01/35 | 480 | 497499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL)<br> 5.25%, 07/01/31 | 150 | 151741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Fordham University, Series A (RB)<br> 5.00%, 07/01/41 (c) | 1550 | 1558799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 1 (RB)<br> 5.25%, 07/01/54 (c) | 1000 | 1046709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB)<br> 5.00%, 08/01/27 | 1000 | 1025925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New School, Series A (RB)<br> 5.00%, 07/01/46 (c) | 2500 | 2501257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York University, Series A (RB) (AGM)<br> 5.00%, 07/01/43 (c) | 2375 | 2407086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A (RB)<br> 5.00%, 07/01/31 (c) | 1370 | 1397618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, White Plains Hospital (RB)<br> 5.25%, 10/01/49 (c) | 1100 | 1112416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, White Plants Hospital (RB) (AGC)<br> 5.50%, 10/01/54 (c) | 4300 | 4540082 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Yeshiva University, Series A (RB)<br> 5.00%, 07/15/50 (c) | $6300 | $6210728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series A (RB)<br> 3.95%, 11/01/50 (c) (p) | 1000 | 986653 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 3420 | 3420367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 9640 | 9641049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/01/31 (c) | 5675 | 5877698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/01/36 (c) | 2000 | 2053474 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/36 (c) | 1750 | 1645065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/01/45 (c) | 7500 | 6797162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 (c) | 4600 | 4671940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/33 (c) | 5230 | 5283034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/35 (c) | 10650 | 10800806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/40 (c) | 7000 | 7016156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 04/01/40 (c) | 5895 | 6105832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/35 (c) | 10000 | 10917532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project (RB)<br> 5.50%, 12/31/54 (c) | 4900 | 4985272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A (RB)<br> 5.50%, 12/31/60 (c) | 6000 | 6095198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A (RB) (AGC)<br> 5.25%, 12/31/54 (c) | 4000 | 4064313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series B (RB) (AGC)<br> 5.00%, 12/31/54 (c) | 1000 | 614041 |
| New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/31 | 5765 | 5337413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/60 (c) | 2500 | 2401108 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/30/49 (c) | $1850 | $1857543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/30/60 (c) | 10000 | 10029271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/30/54 (c) | 3475 | 3644552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB) (AGM)<br> 5.00%, 12/01/32 | 6080 | 6415735 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/31 (c) | 1000 | 981669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 420 | 420062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/34 (c) | 4230 | 4230529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/41 (c) | 11445 | 11445913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 10130 | 9924464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/50 (c) | 9720 | 9639614 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/39 (c) | 1000 | 1013737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/41 (c) | 6000 | 6029662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/42 (c) | 1000 | 998342 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 | 5000 | 5239943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 | 2355 | 2479579 |
| New York Transportation Development Corporation, John F. Kennedy International Airport New Terminal Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/54 (c) | 6000 | 6091364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/60 (c) | 14895 | 15101804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB)<br> 4.75%, 11/01/42 (c) | 2250 | 2039991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onondaga Civic Development Corp., Syracuse University Project (RB)<br> 5.50%, 12/01/56 (c) | 3000 | 3221479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB)<br> 5.00%, 10/01/45 (c) | 355 | 239616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB)<br> 0.00%, 06/01/66 (c) ^ | 10515 | 984036 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| Triborough Bridge and Tunnel Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/54 (c) | $2000 | $2101053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/59 (c) | 1000 | 1061375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)<br> 5.00%, 09/01/36 (c) | 2020 | 2087951 |
| TSASC, Inc., Tobacco Settlement Bonds, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/45 (c) | 4600 | 4186852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/48 (c) | 3000 | 2710735 |
| Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/37 (c) | 400 | 359658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/53 (c) | 180 | 141172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westchester County Local Development Corp., Medical Center (RB)<br> 5.00%, 11/01/46 (c) | 4860 | 4436886 |
| Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 2000 | 1915746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/56 (c) | 4500 | 4105464 |
| Westchester Tobacco Asset Securitization Corp., Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/41 (c) | 200 | 200285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)<br> 5.00%, 10/15/54 (c) | 275 | 253486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AGM)<br> 5.00%, 10/15/39 (c) | 315 | 313119 |
|  |  | 363723640 |
| **North Carolina: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)<br> 5.00%, 12/31/37 (c) | 1000 | 1000787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Health Care Facilities First Mortgage (RB)<br> 5.00%, 10/01/25 | 35 | 34938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 (c) | 1000 | 996713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/35 (c) | 2270 | 2204508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Retirement Facilities (RB)<br> 5.00%, 10/01/31 (c) | 3530 | 3553360 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **North Carolina (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/37 (c) | $1140 | $1140853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/54 (c) | 1000 | 1017821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series B-3 (RB)<br> 4.25%, 09/01/28 (c) | 500 | 494724 |
| North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 (c) | 165 | 163228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/54 (c) | 1485 | 1402409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AGM)<br> 5.00%, 07/01/49 (c) | 385 | 356937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission, Salemtowne Project (RB)<br> 5.25%, 10/01/37 (c) | 465 | 450896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority (RB) (AGM)<br> 4.00%, 01/01/55 (c) | 1625 | 1409490 |
| North Carolina Turnpike Authority Triangle Expressway System Senior Lien (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 (c) | 1000 | 1022851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/40 (c) | 5000 | 5101907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/49 (c) | 1430 | 1420683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority Triangle Expressway System Senior Lien, Series B (RB) (AGM)<br> 5.00%, 01/01/32 (c) | 100 | 105256 |
| State of North Carolina, Department of State Treasurer (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/36 (c) | 1500 | 1669030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/40 (c) | 1625 | 1756630 |
|  |  | 25303021 |
| **North Dakota: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Grand Forks, Altru Health System (RB)<br> 5.00%, 12/01/32 (c) | 2000 | 2073256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Grand Forks, Altru Health System (RB) (AGM)<br> 4.00%, 12/01/41 (c) | 1000 | 871697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Grand Forks, Altru Health System, Series A (RB) (AGM)<br> 5.00%, 12/01/53 (c) | 1000 | 1006375 |
| City of Williston, Eagle Crest Apartments LLC Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/01/23 (d) \* | 423 | 44369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/01/38 (c) (d) \* | 883 | 92705 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **North Dakota (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB)<br>7.00%, 12/15/43 (c) (d) \*  | $5500 | $55 |
| County of Ward, North Dakota Health Care Facilities, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/43 (c) | 1000 | 948394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/48 (c) | 3000 | 2810782 |
|  |  | 7847633 |
| **Ohio: 2.9%** |  |  |
| Akron Bath Copley Joint Township Hospital District, Summa Health System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/41 (c) | 500 | 503433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/46 (c) | 5000 | 5019053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunswick City School District, Classroom Facilities and School Improvement (GO) (BAM)<br>5.25%, 12/01/53 (c)  | 2000 | 2074972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB)<br>5.00%, 06/01/55 (c)  | 16075 | 14048505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centerville Ohio Health Care, Graceworks Lutheran Services (RB)<br>5.25%, 11/01/47 (c)  | 1000 | 909943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Norwood, Rookwood Exchange Project (TA)<br>5.00%, 12/01/41 (c)  | 500 | 484040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB)<br>5.00%, 12/01/28  | 600 | 607932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cuyahoga County Port Authority, Series A (RB)<br>5.88%, 01/01/49 (c)  | 750 | 711020 |
| Columbus Regional Airport Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/35 | 1000 | 1055440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/50 (c) | 1000 | 1044123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/55 (c) | 2000 | 2082433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG)<br>6.50%, 03/01/48 (c)  | 3800 | 2475381 |
| County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/33 | 3000 | 3263320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34 | 1000 | 1086620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Butler, Ohio Hospital (RB)<br>5.00%, 11/15/32 (c)  | 1035 | 1042322 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Ohio (continued)** |  |  |
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/47 (c) | $340 | $313408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/15/47 (c) | 10000 | 9944890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/52 (c) | 1225 | 1223620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/57 (c) | 3000 | 2974259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hamilton, Ohio Hospital Facilities (RB)<br>5.50%, 08/01/51 (c)  | 1000 | 1001752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AGM)<br>5.25%, 11/15/48 (c)  | 8000 | 7836095 |
| County of Montgomery, Premier Health Partners, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/42 (c) | 3940 | 3481674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/45 (c) | 1250 | 1062618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County Port Authority, JSW Steel USA Inc. Project (RB)<br>3.50%, 12/01/51 (c)  | 1000 | 735411 |
| Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/33 (c) | 490 | 491841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/44 (c) | 1750 | 1673983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, AMG Vanadium Project (RB)<br>5.00%, 07/01/49 (c)  | 11000 | 9928944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, Dayton Co. Project, Series B (RB)<br>4.25%, 11/01/40 (p)  | 2000 | 2009822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB)<br>4.25%, 11/01/39 (p)  | 1000 | 1005507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)<br>3.25%, 09/01/29  | 2750 | 2651368 |
| Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/38 (c) | 1000 | 948746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/48 (c) | 2000 | 1815011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB)<br>5.38%, 09/15/27 (c)  | 5000 | 5000629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Multifamily Housing, Haven's Edge Apartments Project, Series A (RB)<br>5.70%, 08/01/43 (c)  | 2000 | 2038911 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Ohio (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio University, Series A (RB)<br>5.00%, 12/01/45 (c)  | $1250 | $1259701 |
| Southeastern Ohio Port Authority, Hospital Facilities, Memorial Health System Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/35 (c) | 245 | 226606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/43 (c) | 1240 | 1065838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/43 (c) | 70 | 63971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington County, Ohio Hospital Facilities, Memorial Health System (RB)<br>6.75%, 12/01/52 (c)  | 2235 | 2393697 |
|  |  | 97556839 |
| **Oklahoma: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB)<br>8.00%, 08/01/39 (c)  | 1000 | 800000 |
| Norman Regional Hospital Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/01/38 (c) | 340 | 249424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/45 (c) | 1000 | 740532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma County Finance Authority (RB)<br>6.50%, 06/15/64 (c)  | 1250 | 1238111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Development Finance Authority, Oklahoma City University Project (RB)<br>5.00%, 08/01/44 (c)  | 4305 | 4110377 |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/33 (c) | 700 | 715787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/43 (c) | 2900 | 2930968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/48 (c) | 11000 | 11050256 |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/52 (c) | 1300 | 1305018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/57 (c) | 7290 | 7316015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Housing Finance Agency, Single Family Mortgage, Series B (RB)<br>4.88%, 09/01/45 (c)  | 1000 | 1001959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers County Industrial Development Authority (RB)<br>3.62%, 04/01/40 (c)  | 375 | 329518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust, American Airlines, Inc. (RB)<br>5.00%, 06/01/35 (c) (p)  | 6455 | 6450289 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Oklahoma (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB)<br>5.50%, 06/01/35 (c)  | $5000 | $5000934 |
|  |  | 43239188 |
| **Oregon: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multnomah County, Oregon Hospital Facilities Authority, Parkview Project, Series A (RB) (AGM)<br>4.00%, 12/01/36 (c)  | 1000 | 905869 |
| Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/35 (c) | 2260 | 2262339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/46 (c) | 1000 | 988547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State, Interstate 5 Bridge Replacement Project, Series E (GO)<br>5.00%, 05/15/50 (c)  | 1000 | 1015883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State, Series A (GO)<br>5.25%, 05/01/50 (c)  | 1000 | 1065673 |
|  |  | 6238311 |
| **Pennsylvania: 3.5%** |  |  |
| Adams County General Authority, Brethren Home Community Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/34 (c) | 250 | 259169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/59 (c) | 1000 | 939823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County Airport Authority, Pittsburgh International Airport, Series A (RB) (AGM)<br>5.50%, 01/01/48 (c)  | 1410 | 1468486 |
| Allentown Neighborhood Improvement Zone Development Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 | 550 | 554072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 | 840 | 853022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/32 (c) | 250 | 251609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/33 (c) | 250 | 252458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/42 (c) | 2245 | 2118701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/42 (c) | 2000 | 1941131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/42 (c) | 2000 | 1887484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/01/42 (c) | 4000 | 3874813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berks County Municipal Authority, Tower Health Project, Series A-3 (RB)<br>5.00%, 06/30/39 (c)  | 14064 | 13016897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berks County Municipal Authority, Tower Health Project, Series B-1 (RB)<br>6.00%, 06/30/44 (c)  | 5279 | 3803247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB)<br>6.00%, 10/01/48 (c)  | 1000 | 936338 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Health and Education Facilities Authority, Immaculata University Project (RB)<br>5.00%, 11/01/46 (c)  | $430 | $349226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Industrial Development Authority, Collegium Chapter School Project, Series A (RB)<br>5.25%, 10/15/47 (c)  | 1250 | 1162396 |
| Chester County Industrial Development Authority, Woodland at Greystone Project (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/38 (c) | 1000 | 956441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 03/01/48 (c) | 1704 | 1539166 |
| Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/46 (c) | 440 | 442313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/51 (c) | 345 | 345278 |
| Cumberland County Municipal Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/33 (c) | 125 | 119210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/45 (c) | 3000 | 2678230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB)<br>5.12%, 06/01/46 (c)  | 395 | 376246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC)<br>5.50%, 08/01/28 | 2360 | 2521613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB)<br>5.00%, 09/15/37 (c)  | 1000 | 911261 |
| Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/49 (c) | 500 | 432646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/54 (c) | 215 | 181410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geisinger Authority, Health System, Series A (RB)<br>5.00%, 04/01/50 (c)  | 1000 | 1000901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County Hospital Authority, Brethren Village Project (RB)<br>5.12%, 07/01/37 (c)  | 1000 | 972613 |
| Lancaster County Hospital Authority, St. Anne's Retirement Community, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/40 (c) | 425 | 372153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/45 (c) | 310 | 256503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/50 (c) | 425 | 337416 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB)<br>5.00%, 10/01/40 (c)  | $5150 | $4440475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB)<br>5.00%, 12/01/47 (c)  | 2000 | 1894884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB)<br>5.00%, 05/01/47 (c)  | 1800 | 1812435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Industrial Development Authority, Series A (RB)<br>4.10%, 04/01/53 (p)  | 2500 | 2498794 |
| Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 (c) | 150 | 149256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/40 (c) | 870 | 830325 |
| Moon Industrial Development Authority, Baptist Homes Society (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/01/30 (c) | 300 | 260688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/01/45 (c) | 590 | 449482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB)<br>5.00%, 11/01/39 (c)  | 1000 | 953999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB)<br>6.00%, 06/30/61 (c)  | 7000 | 7324038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB)<br>5.00%, 12/31/25  | 1105 | 1112546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc. project (RB)<br>5.45%, 01/01/51 (c) (p)  | 2500 | 2478330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Covanta Project, Series A (RB)<br>3.25%, 08/01/39 (c)  | 2750 | 2173265 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/32 | $1000 | $1060306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/30/53 (c) | 2000 | 1983139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/40 (c) | 3000 | 3150760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/30/48 (c) | 6030 | 6204505 |
| Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/57 (c) | 1780 | 1735903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/42 (c) | 1805 | 1884656 |
| Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/26 (c) | 1485 | 1505275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/28 (c) | 575 | 579983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/31/30 (c) | 410 | 412584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/42 (c) | 6945 | 6933476 |
| Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 12/01/38 (c) (d) \* | 3040 | 912000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/01/53 (c) (d) \* | 6470 | 1941000 |
| Pennsylvania Higher Educational Facilities Authority, La Salle University (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/37 (c) | 1915 | 1504935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/42 (c) | 1000 | 730197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, University of Sciences (RB)<br>5.00%, 11/01/42 (c)  | 1100 | 1099966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Chapter School Project (RB)<br>5.00%, 06/15/43 (c)  | 1000 | 966337 |
| Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/01/40 (c) | 440 | 435119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/45 (c) | 440 | 433177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/01/50 (c) | 415 | 410066 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB)<br>5.00%, 06/15/39 (c)  | $355 | $334031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, KIPP Philadelphia Charter School Project, Series B (RB) (AGM)<br>5.00%, 04/01/46 (c)  | 1000 | 887793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, LA Salle University (RB)<br>4.00%, 05/01/42 (c)  | 2000 | 1286235 |
| Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/40 (c) | 500 | 484212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/50 (c) | 1000 | 924028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB)<br>5.00%, 07/01/32 (c)  | 735 | 736691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB)<br>5.00%, 07/01/33 (c)  | 1000 | 1011243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) (AGM)<br>5.00%, 07/01/37 (c)  | 500 | 523203 |
| Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 1240 | 1258443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/32 (c) | 220 | 222905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB)<br>5.00%, 06/01/36 (c)  | 1500 | 1362251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The School District of Philadelphia, Series F (GO) (SAW)<br>5.00%, 09/01/26  | 1000 | 1024297 |
|  |  | 117429505 |
| **Puerto Rico: 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Children's Trust Fund, Series A (RB)<br>0.00%, 05/15/57 (c) ^  | 200000 | 12173700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cofina Class 2 Trust (RB) (AMBAC)<br>0.00%, 08/01/47 ^  | 80 | 23490 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Puerto Rico (continued)** |  |  |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 | $7500 | $7672310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/37 (c) | 6290 | 6386180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/47 (c) | 5000 | 4733012 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 | 3000 | 3075858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/37 (c) | 3365 | 3410243 |
| Puerto Rico Commonwealth, Series A-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/33 (c) ^ | 12285 | 8247218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/41 (c) | 8260 | 7040518 |
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/33 (c) | 13570 | 12967915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/35 (c) | 12538 | 11681985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/37 (c) | 9500 | 8718946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/01/25 | 1817 | 1819602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/31 | 10055 | 10667298 |
| Puerto Rico Electric Power Authority (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/30 | 2705 | 2643242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/32 | 450 | 437836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL)<br>5.00%, 07/01/33 (c)  | 20 | 19776 |
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/46 (c) ^ | 38670 | 12482931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/34 (c) | 2800 | 2748187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/58 (c) | 35460 | 33925890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGC)<br>4.55%, 07/01/40 (c)  | 10414 | 9844351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC)<br>4.75%, 07/01/53 (c)  | 10777 | 10019584 |
| Puerto Rico Sales Tax Financing Corp., Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 07/01/40 (c) | 13145 | 12360034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 07/01/40 (c) | 12590 | 11838177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/01/40 (c) | 6432 | 6080168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 07/01/58 (c) | 5000 | 4615416 |
| Puerto Rico Sales Tax Financing Corp., Series B-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/01/53 (c) | 3000 | 2789157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/58 (c) | 3000 | 2870211 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Puerto Rico (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico Sales Tax Rev Restructed BDS Cofina A-1 (RB)<br>0.00%, 07/01/51 (c) ^  | $54235 | $12875845 |
|  |  | 224169080 |
| **Rhode Island: 0.2%** |  |  |
| Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 | 100 | 100310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/31 (c) | 500 | 500280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/36 (c) | 3750 | 3693555 |
| Rhode Island Health and Educational Building Corp., Lifespan (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/33 (c) | 1000 | 1006131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/39 (c) | 2215 | 2216726 |
|  |  | 7517002 |
| **South Carolina: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkeley County, South Carolina Nexton Improvement District (SA)<br>4.38%, 11/01/49 (c)  | 800 | 669427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB)<br>5.00%, 01/01/34 (c)  | 1000 | 1014580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scago Educational Facilities, School District of Pickens County Project (RB)<br>5.00%, 12/01/29 (c)  | 1425 | 1426243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series A (RB)<br>5.25%, 11/01/44 (c)  | 500 | 520903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series B (RB)<br>5.00%, 11/01/49 (c) (p)  | 1000 | 1065540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Project (RB)<br>5.75%, 11/15/54 (c)  | 1000 | 1018567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Educational Facilities (RB)<br>6.50%, 06/15/54 (c)  | 1000 | 982189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)<br>5.00%, 11/01/33 (c)  | 500 | 500340 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **South Carolina (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37 (c) | $650 | $628569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB)<br>5.75%, 06/15/49 (c)  | 500 | 441900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB)<br>5.00%, 04/01/47 (c)  | 3000 | 2817615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB)<br>5.00%, 05/01/43 (c)  | 320 | 265289 |
| South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/27 (c) | 165 | 162266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/37 (c) | 2000 | 2017192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/52 (c) | 2000 | 1874873 |
|  |  | 15405493 |
| **South Dakota: 0.1%** |  |  |
| City of Sioux Falls, Dow Rummel Village Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/42 (c) | 750 | 671431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/46 (c) | 500 | 432714 |
| County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/51 (c) | 1550 | 1227780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/56 (c) | 1410 | 1087772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/61 (c) | 1300 | 979097 |
|  |  | 4398794 |
| **Tennessee: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol Industrial Development Board, Pinnacle Project, Series A (RB)<br>5.00%, 12/01/35 (c)  | 2000 | 1900458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB)<br>5.00%, 08/01/44 (c)  | 310 | 307667 |
| Knox County Health Educational and Housing Facility Board (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/40 (c) | 295 | 251828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/47 (c) | 290 | 225014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/36 (c) | 1055 | 1057854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB)<br>5.25%, 10/01/58 (c)  | 2000 | 1997655 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Tennessee (continued)** |  |  |
| Shelby County, Tennessee Health Educational and Housing Facility, Madrone Memphis Student Housing I, LLC - University of Memphis Project, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/44 (c) | $500 | $482498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/56 (c) | 750 | 721409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Corp. Gas Supply, Series A (RB)<br>5.50%, 10/01/53 (c) (p)  | 6375 | 6684178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Gas Project, Series B (RB)<br>5.62%, 09/01/26  | 5000 | 5090349 |
|  |  | 18718910 |
| **Texas: 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB)<br>7.50%, 12/01/45 (c) (d) \*  | 1500 | 499532 |
| Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/56 (c) (p) | 1000 | 995448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/15/59 (c) | 1000 | 907390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/64 (c) | 500 | 457928 |
| Arlington Higher Education Finance Corp., Cypress Christian School (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/01/43 (c) | 1000 | 1007191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/53 (c) | 1000 | 1003557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/01/63 (c) | 1000 | 1008615 |
| Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/51 (c) | 1000 | 733928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/62 (c) | 5 | 5044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)<br>5.00%, 01/01/33 (c)  | 500 | 495062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW)<br>5.00%, 01/01/27  | 280 | 281007 |
| Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 715 | 713821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/34 (c) | 500 | 487297 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| Bexar County Health Facilities Development Corp., Army Retirement Residence project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/37 (c) | $850 | $819160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/41 (c) | 2000 | 1846602 |
| Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/40 (c) | 610 | 582606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/45 (c) | 215 | 201950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW)<br>8.50%, 03/01/39 (c)  | 3510 | 2808000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG)<br>7.00%, 03/01/39 (c) (d) \*  | 1785 | 1428000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB)<br>3.62%, 07/01/26 (c) | 2200 | 2095099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Series C (RB)<br>5.00%, 01/01/27 (c)  | 7000 | 7068479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB)<br>4.00%, 07/01/41 (c)  | 7500 | 6745421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)<br>4.00%, 07/15/41 (c)  | 21780 | 19585129 |
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/27 | 5590 | 5616227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 | 2500 | 2514876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB)<br>5.00%, 07/15/28  | 1000 | 1005950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B (RB)<br>5.25%, 07/15/33 | 3000 | 3041982 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/34 | $6000 | $6059062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/35 (c) | 3000 | 3064286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/36 (c) | 4000 | 4071336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/37 (c) | 4000 | 4053992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/38 (c) | 5425 | 5489801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/39 (c) | 6000 | 6041250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB)<br>5.00%, 07/15/30 (c) | 4335 | 4335349 |
| Clifton Higher Education Finance Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 08/15/30 (c) | 730 | 730290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/35 (c) | 610 | 610203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/48 (c) | 1000 | 965112 |
| Clifton Higher Education Finance Corp., Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/27 (c) | 1000 | 999877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/33 (c) | 500 | 500180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/38 (c) | 500 | 500115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp., Valor Education, Series A (RB)<br>6.00%, 06/15/54 (c)  | 500 | 471925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conroe Local Government Corp., Conroe Convention Center Hotel, Series A (RB)<br>4.00%, 10/01/50 (c)  | 2035 | 1538862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas County Flood Control District No. 1 (GO)<br>5.00%, 04/01/32 (c)  | 850 | 828948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB)<br>6.00%, 12/01/62 (c)  | 1000 | 914737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Cultural Education Facilities Finance Corp., Brazoz Presbyterian Homes, Inc. Project (RB)<br>5.00%, 01/01/48 (c)  | 1000 | 953358 |
| Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/25 ^ | 495 | 485378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/27 ^ | 590 | 540110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/29 ^ | 1405 | 1196235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/30 ^ | 115 | 94333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Second Lien, Series B (RB) (AGC)<br>5.00%, 11/15/46 (c)  | 1000 | 1024523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matagorda County, Navigation District No. 1, Series A (RB) (AMBAC) <br>4.40%, 05/01/30 | 1035 | 1043962 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matagorda County, Navigation District No. 1, Series B-1 (RB)<br>4.00%, 06/01/30 (c)  | $5000 | $4943071 |
| Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/15/30 (c) (d) \* | 237 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/15/42 (c) (d) \* | 907 | 9069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB)<br>4.62%, 10/01/31 (c)  | 11500 | 11414759 |
| Montgomery County Toll Road Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/43 (c) | 3310 | 3314709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/48 (c) | 5915 | 5917690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB)<br>5.00%, 07/01/52 (c)  | 235 | 105750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB)<br>5.00%, 07/01/36 (c)  | 230 | 227409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Jubilee academic Center (RB)<br>4.00%, 08/15/41 (c)  | 2315 | 1984502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Jubilee academic Center, Series A (RB)<br>5.00%, 08/15/59 (c)  | 1500 | 1353436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Jubilee academic Center, Series B (RB)<br>5.00%, 08/15/54 (c)  | 1500 | 1373067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB)<br>5.25%, 08/15/27 (c)  | 115 | 112452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project, Series a (RB)<br>5.00%, 01/01/55 (c)  | 2000 | 1658730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB)<br>5.50%, 11/15/46 (c)  | 750 | 595855 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/35 (c) | $100 | $97596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/47 (c) | 440 | 424761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB)<br>5.25%, 10/01/49 (c)  | 1000 | 895453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project, Series A (RB)<br>5.25%, 10/01/55 (c)  | 1500 | 1312001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB)<br>5.50%, 01/01/57 (c)  | 4000 | 3661130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Superior Living Foundation Project, Series A (RB)<br>6.50%, 07/01/56 (c)  | 1000 | 928831 |
| New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/50 (c) | 250 | 201784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/55 (c) | 250 | 195953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/35 (c) | 1000 | 981389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North East Texas Regional Mobility Authority, Series B (RB)<br>5.00%, 01/01/41 (c)  | 400 | 400674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olney Hamilton Hospital District (GO)<br>6.25%, 09/15/54 (c)  | 1000 | 1015711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB)<br>8.00%, 02/01/39 (c) (d) \*  | 2725 | 2452500 |
| Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/36 (c) | 1055 | 1012235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/46 (c) | 1400 | 1264245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reagan Hospital District, Series A (GO)<br>5.12%, 02/01/39 (c)  | 1000 | 952425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB)<br>5.00%, 05/15/37 (c)  | 125 | 121138 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB)<br> 6.38%, 02/15/48 (c) (d) \* | $535 | $294250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB)<br> 5.00%, 07/01/48 (c) | 2500 | 2501614 |
| Texas Municipal Gas Acquisition and Supply Corp. III (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/28 | 925 | 956094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/29 | 1375 | 1427111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/32 | 3425 | 3582309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp. V (RB)<br> 5.00%, 01/01/55 (c) (p) | 2000 | 2080460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp., Series D (RB)<br> 6.25%, 12/15/26 | 695 | 714320 |
| Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/31/38 (c) | 4550 | 4314047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/39 (c) | 1700 | 1604456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/31/39 (c) | 2550 | 2390792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project (RB)<br> 5.50%, 12/31/58 (c) | 6000 | 6154486 |
| Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments LLC (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/58 (c) | 15250 | 14822820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/42 (c) | 2250 | 2316822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/43 (c) | 1000 | 1025531 |
| Town of Westlake, Solana Public Improvement District (SA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 09/01/35 (c) | 910 | 892152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/01/40 (c) | 910 | 883674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/45 (c) | 885 | 852892 |
|  |  | 206213049 |
| **Utah: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Desert Public Infrastructure District (GO)<br> 4.00%, 03/01/51 (c) | 3100 | 2416048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fields Estates Public Infrastructure District, Series A (GO)<br> 6.12%, 03/01/55 (c) | 500 | 483976 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Utah (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fields Estates Public Infrastructure District, Series A-2 (SA)<br> 5.25%, 12/01/53 (c) | $1000 | $924536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grapevine Wash Local District, Grapevine Wash Assessment Area No. 1, Series A-2 (SA)<br> 5.25%, 12/01/44 (c) | 1000 | 924348 |
| Mida Mountain Village Public Infrastructure District (TA) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 06/15/54 (c) | 1000 | 908403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/54 (c) | 1000 | 1001854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA)<br> 5.00%, 08/01/50 (c) | 2000 | 1852184 |
| Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/37 (c) | 1500 | 1420000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/15/48 (c) | 2195 | 1969595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wakara Ridge Public Infrastructure District, Special Assessment Area (SA)<br> 5.62%, 12/01/54 (c) | 3150 | 3123836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington County, Black Desert Public Infrastructure District (SA)<br> 5.62%, 12/01/53 (c) | 3000 | 2921666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolf Creek Infrastructure Financing District No. 1 (SA)<br> 5.75%, 12/01/44 (c) | 2000 | 1945761 |
|  |  | 19892207 |
| **Vermont: 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB)<br> 4.00%, 05/01/37 (c) | 500 | 461383 |
| **Virgin Islands: 0.4%** |  |  |
| Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | 1000 | 1026109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/32 | 5010 | 5153064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/39 (c) | 2000 | 1978889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Series A (RB)<br> 6.00%, 04/01/53 (c) | 2000 | 2011297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL)<br> 4.25%, 10/01/29 (c) | 720 | 723735 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Virgin Islands (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB)<br> 4.50%, 10/01/44 (c) | $550 | $442658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB)<br> 5.00%, 10/01/30 (c) | 1000 | 990191 |
| Virgin Islands Water & Power Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 (c) | 1170 | 1164880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 (c) | 170 | 163571 |
|  |  | 13654394 |
| **Virginia: 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol Industrial Development Authority, Series B (RB)<br> 6.35%, 11/01/44 (c) (d) \* | 250 | 138718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Hill Community Development Authority, Potomac Shores Project (SA)<br> 5.15%, 03/01/35 (c) | 200 | 200172 |
| Chesapeake Bay Bridge and Tunnel District, First Tier (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 5000 | 4999764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/51 (c) | 1025 | 1015146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Hopewell, Sewer System, Series A (RB)<br> 5.00%, 07/15/33 (c) | 240 | 240026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB)<br> 5.00%, 11/01/35 | 1000 | 1089561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farms New Kent Community Development Authority, Series A (SA)<br> 3.75%, 03/01/36 (c) | 2650 | 2444727 |
| Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/50 (c) | 1500 | 1363572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/59 (c) | 1000 | 883826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henrico County Economic Development Authority, Series A (RB)<br> 5.00%, 11/01/48 (c) | 2000 | 2008948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James City County Economic Development Authority, Series A (RB)<br> 6.88%, 12/01/58 (c) | 1000 | 1069919 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB)<br> 5.00%, 01/01/47 (c) | $4950 | $4950265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prince William Water and Sewer System (RB)<br> 5.00%, 07/15/55 (c) | 2000 | 2089410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke County Economic Development Authority, Residential Care Facility (RB)<br> 5.50%, 09/01/58 (c) (p) | 2280 | 2228089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp./VA (RB)<br> 5.00%, 06/01/47 (c) | 5000 | 4482298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Beach Development Authority (RB)<br> 5.00%, 09/01/40 (c) | 1750 | 1734961 |
| Virginia Beach Development Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/01/53 (c) | 1000 | 1102129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/01/59 (c) | 6560 | 7192372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Educational Facilities, 21st Century College & Equipment Programs, Series A (RB)<br> 3.00%, 02/01/38 (c) | 1000 | 853332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Marymount University Project, Series B (RB)<br> 5.25%, 07/01/30 (c) | 1300 | 1221923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB)<br> 5.00%, 01/01/34 (c) | 2500 | 2579480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO, LLC Project (RB)<br> 4.00%, 01/01/38 (c) | 5000 | 4645139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, I-495 Hot Lanes Project (RB)<br> 5.00%, 12/31/47 (c) | 6305 | 6335560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AGM)<br> 4.00%, 12/01/36 (c) | 1000 | 946993 |
| Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/40 (c) | 1250 | 1134399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/41 (c) | 1000 | 895178 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/48 (c) | $3925 | $3281386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/33 (c) | 4945 | 5123270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB)<br> 5.00%, 12/31/52 (c) | 2000 | 2002710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB)<br> 5.00%, 12/31/56 (c) | 5520 | 5244718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Senior Lien, 95 Express Lanes LLC Project (RB)<br> 4.00%, 01/01/39 (c) | 2960 | 2726733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Series A (RB)<br> 5.50%, 12/01/54 (c) | 1000 | 1016846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Transform 66 P3 Project (RB)<br> 5.00%, 12/31/49 (c) | 1000 | 972718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC)<br> 0.75%, 10/01/40 (p) | 1000 | 985096 |
|  |  | 79199384 |
| **Washington: 1.0%** |  |  |
| King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/30 (c) | 500 | 501845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/01/35 (c) | 500 | 502196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/45 (c) | 250 | 242511 |
| Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/34 (c) | 205 | 206124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/37 (c) | 3000 | 3011673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Convention Center Public Facilities District (RB)<br> 4.00%, 07/01/58 (c) | 2000 | 1568089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (RB)<br> 3.50%, 12/20/35 | 4044 | 3726177 |
| Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 1150 | 1145740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 2150 | 1940750 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Eliseo Project, Series A (RB)<br> 4.00%, 01/01/41 (c) | $3000 | $2411437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Parkshore Juanita Bay Project, Series A (RB)<br> 5.75%, 01/01/53 (c) | 1000 | 956729 |
| Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/36 (c) | 2125 | 2098771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/51 (c) | 3495 | 3046430 |
| Washington State Housing Finance Commission, Radford Court and Nordheim Court Portfolio (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/54 (c) | 500 | 485135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/59 (c) | 1000 | 1021051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB)<br> 5.00%, 01/01/55 (c) | 6000 | 5155085 |
| Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 500 | 406770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/51 (c) | 1250 | 975488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Convention Center Public Facilities District (RB)<br> 4.00%, 07/01/31 | 2700 | 2698006 |
|  |  | 32100007 |
| **West Virginia: 0.2%** |  |  |
| Harrison County Building Commission, General Services Administration Building Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 10/01/45 (c) | 700 | 481658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/01/50 (c) | 820 | 536070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/01/40 (c) | 1000 | 799184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Economic Development Authority, Solid Waste Facility, Core Natural Resources, Inc. Project (RB)<br> 5.45%, 01/01/55 (c) (p) | 4000 | 3965467 |
|  |  | 5782379 |
| **Wisconsin: 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB)<br> 5.00%, 12/01/55 (c) | 1000 | 878640 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Educational Facilities, Cincinnati Classical Academy, Series A (RB)<br> 6.00%, 06/15/64 (c) | $500 | $478447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority Retirement Facilities, Southminster (RB)<br> 5.00%, 10/01/48 (c) | 1000 | 916838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Bancroft Neurohealth Project, Series A (RB)<br> 5.12%, 06/01/48 (c) | 250 | 234198 |
| Public Finance Authority, Bonnie Cone Classical Academy, Inc. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 06/15/54 (c) | 750 | 708673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 06/15/59 (c) | 1000 | 933807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW)<br> 4.00%, 12/01/51 (c) | 5250 | 4304469 |
| Public Finance Authority, Chapter School (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/55 (c) | 2000 | 1802699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/60 (c) | 1000 | 889007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Chapter School, Series A (RB)<br> 5.00%, 06/15/54 (c) | 1375 | 1251917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Chapter school. Series B (RB)<br> 0.00%, 07/01/62 | 1000 | 730000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Cornerstone Charter Academy, Series A (RB)<br> 5.12%, 02/01/46 (c) | 550 | 542826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Corvian Community School Project, Series A (RB)<br> 5.00%, 06/15/39 (c) | 500 | 455437 |
| Public Finance Authority, Crossroads Health Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/01/53 (c) | 1000 | 998815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 07/01/58 (c) | 1000 | 1000354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB)<br> 5.88%, 10/01/54 (c) | 1000 | 618156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Foundation Academy Charter School Project (RB)<br> 5.00%, 07/01/35 | 295 | 296894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB)<br> 5.00%, 02/01/52 (c) | 2000 | 1938280 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/62 (c) | $3005 | $2884297 |
| Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/25 | 25 | 24937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/38 (c) | 1500 | 1436321 |
| Public Finance Authority, Kanala NUI Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/50 (c) | 1000 | 1024883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/61 (c) | 1000 | 1010655 |
| Public Finance Authority, Living Community First Mortgage (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/01/29 (c) | 335 | 307990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/37 (c) | 1250 | 1193965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA)<br> 3.75%, 07/01/51 (c) (d) \* | 890 | 597917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB)<br> 5.25%, 05/15/37 (c) | 1350 | 1350710 |
| Public Finance Authority, Mater Academy of Nevada - East Las Vegas Campus Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/44 (c) | 690 | 659354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/54 (c) | 1500 | 1373853 |
| Public Finance Authority, Math and Science Academy (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/65 (c) | 4000 | 3790891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/55 (c) | 2100 | 2073315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Miami Worldcenter Project, Series A (TA)<br> 5.00%, 06/01/41 (c) | 1000 | 1001115 |
| Public Finance Authority, Million air Three LLC General Aviation Facilities Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/30 (c) | 250 | 255952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/01/46 (c) | 500 | 510414 |
| Public Finance Authority, Penick Village (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/29 (c) | 315 | 306403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/39 (c) | 500 | 483847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/49 (c) | 500 | 448468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Pinecrest Academy, Sloan Canyon Campus Project, Series A (RB)<br> 4.00%, 07/15/34 (c) | 580 | 549329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB)<br> 5.20%, 12/01/37 (c) | 1405 | 1429929 |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Revolution Academy, Series A (RB)<br> 6.25%, 10/01/53 (c) | $1000 | $1021007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Roseman University of Health Sciences Project (RB)<br> 5.88%, 04/01/45 (c) | 4000 | 4001403 |
| Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/41 (c) | 500 | 435877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/51 (c) | 1500 | 1035760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/54 (c) | 4765 | 3841378 |
| Public Finance Authority, Sloan Canyon Campus Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/15/44 (c) | 750 | 664136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/15/49 (c) | 800 | 704125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/15/53 (c) | 1000 | 861366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Student Housing, KSU Bixby Real Estate Foundation, LLC Project, Series A (RB)<br> 5.25%, 06/15/55 (c) | 1000 | 1007971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Student Housing, KSU Bixby Real Estate Foundation, LLC Project, Series C (RB)<br> 5.75%, 06/15/55 (c) | 1000 | 990427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Texas Infrastructure Program, Mayfair Project, Series A-4 (RB)<br> 5.50%, 11/15/32 (c) | 750 | 731234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB)<br> 4.00%, 09/01/56 (c) | 1060 | 707464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB)<br> 7.38%, 01/01/50 (c) (d) \* | 4265 | 43 |
| Public Finance Authority, Ultimate Medical Academy Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/34 (c) | 2000 | 1996715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/39 (c) | 1950 | 1879298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB)<br> 4.00%, 09/01/41 (c) | 1000 | 795729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Wingate University, Series A (RB)<br> 5.25%, 10/01/48 (c) | 2255 | 2154123 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB)<br> 5.00%, 07/01/42 (c) | $9000 | $8723155 |
| Public Finance Authority, Wisconsin Texas Infrastructure Program (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/37 (c) ^ | 2000 | 977966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/38 (c) ^ | 1000 | 441638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/30 (c) | 500 | 493267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/36 (c) | 1000 | 973800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Wisconsin Texas Infrastructure Program, Bridgewater Project (RB)<br> 5.62%, 12/15/30 (c) | 419 | 410289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Wisconsin Texas Infrastructure Program, Nolina and Sorella Projects (RB)<br> 5.50%, 12/15/32 (c) | 430 | 412334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Wonderful Foundation Charter School Portfolio Project, Series A-1 (RB)<br> 5.00%, 01/01/55 (c) | 2545 | 2250367 |
| Wisconsin Health and Educational Facilities Authority, Chiara Housing and Services Inc., Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/35 (c) | 750 | 746516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/01/55 (c) | 1000 | 972099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW)<br> 4.00%, 07/01/48 (c) | 105 | 83011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB)<br> 4.38%, 07/01/38 (c) | 850 | 738932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Series A (RB) (BAM)<br> 4.50%, 02/15/54 (c) | 1000 | 964440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB)<br> 5.00%, 11/01/39 (c) | 950 | 920159 |
| Wisconsin Public Finance Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/44 (c) | 1800 | 1859099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/54 (c) | 2000 | 2086849 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AGM)<br> 5.00%, 02/15/32 (c) | $1500 | $1584154 |
|  |  | 89160133 |
| **Total Municipal Bonds: 95.4%** <br> (Cost: $3,430,450,662) |  | 3224905348 |
| **Other assets less liabilities: 4.6%** |  | 155916877 |
| **NET ASSETS: 100.0%** |  | $3380822225 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ACA | Credit Agricole SA |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |
| XLCA | Syncora Guarantee, Inc. |

---

**Footnotes:**

---

| | |
|:---|:---|
| (c) | Callable Security — the date disclosed is the date the security may be redeemed by the issuer |
| (d) | Security in default |
| (p) | Putable Security — the date disclosed is the date the security may be redeemed by the fund |
| \* | Non-income producing |
| ^ | Zero Coupon Bond |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alabama | $— | $71322301 | $— | $71322301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska |  | 1059290 |  | 1059290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Samoa |  | 4207880 |  | 4207880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona |  | 86177727 |  | 86177727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arkansas |  | 39807758 |  | 39807758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California |  | 505770386 | 260 | 505770646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado |  | 62812890 |  | 62812890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut |  | 44989205 |  | 44989205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware |  | 4263065 |  | 4263065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia |  | 25040326 |  | 25040326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida |  | 165320696 |  | 165320696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia |  | 39786537 |  | 39786537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam |  | 22080649 |  | 22080649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaii |  | 1355873 |  | 1355873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho |  | 5526447 |  | 5526447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois |  | 291667913 |  | 291667913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana |  | 33686879 |  | 33686879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa |  | 23655622 |  | 23655622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas |  | 11234791 |  | 11234791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky |  | 37225543 |  | 37225543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana |  | 59796322 | 53 | 59796375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine |  | 5276460 |  | 5276460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland |  | 36347519 |  | 36347519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts |  | 70526712 |  | 70526712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan |  | 33769942 |  | 33769942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota |  | 19688808 | 192740 | 19881548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi |  | 7275507 |  | 7275507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri |  | 27601779 |  | 27601779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montana |  | 1275017 |  | 1275017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebraska |  | 3926550 |  | 3926550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada |  | 17746278 |  | 17746278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hampshire |  | 21448173 |  | 21448173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey |  | 58891683 |  | 58891683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico |  | 6139415 |  | 6139415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York |  | 363723640 |  | 363723640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina |  | 25303021 |  | 25303021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Dakota |  | 7847633 |  | 7847633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio |  | 97556839 |  | 97556839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma |  | 43239188 |  | 43239188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon |  | 6238311 |  | 6238311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania |  | 117429505 |  | 117429505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico |  | 224169080 |  | 224169080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island |  | 7517002 |  | 7517002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina |  | 15405493 |  | 15405493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Dakota |  | 4398794 |  | 4398794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee |  | 18718910 |  | 18718910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas |  | 206213049 |  | 206213049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah |  | 19892207 |  | 19892207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont |  | 461383 |  | 461383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands |  | 13654394 |  | 13654394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia |  | 79199384 |  | 79199384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington |  | 32100007 |  | 32100007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia |  | 5782379 |  | 5782379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin |  | 89160133 |  | 89160133 |
| **Total** | $— | $3224712295 | $193053 | $3224905348 |

---

See Notes to Financial Statements

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 95.6%** |  |  |
| **Arizona: 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, KIPP NYC Public Charter Schools - Macombs Facility Project, Series A (RB)<br> 4.00%, 07/01/51 (c) | $400 | $334962 |
| **California: 19.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Sutter Health, Series A (RB)<br> 4.00%, 11/15/42 (c) | 300 | 281207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series A (RB)<br> 5.00%, 05/15/51 (c) | 475 | 475327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Dorado Irrigation District, Series C (RB)<br> 4.00%, 03/01/34 (c) | 250 | 250041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series A (GO)<br> 5.00%, 07/01/28 (c) | 250 | 250590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County, International Airport, Series E (RB)<br> 5.00%, 05/01/34 (c) | 370 | 382080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Various Purpose (GO)<br> 5.00%, 04/01/27 | 250 | 259345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series BB (RB)<br> 5.00%, 05/15/49 (c) | 250 | 255426 |
|  |  | 2154016 |
| **Colorado: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Colorado, Series A (CP)<br> 4.00%, 12/15/40 (c) | 250 | 239854 |
| **Connecticut: 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series A (GO)<br> 4.00%, 04/15/36 (c) | 250 | 249517 |
| **Hawaii: 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Wastewater System, Series A (RB)<br> 4.00%, 07/01/33 (c) | 510 | 511709 |
| **Massachusetts: 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Federal Highway Grant Anticipation Notes, Series A (RB)<br> 5.00%, 06/15/27 (c) | 250 | 250290 |
| **Michigan: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)<br> 4.00%, 12/01/49 (c) | 250 | 215780 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Nevada: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Valley Water District, Series A (GO)<br> 4.00%, 06/01/46 (c) | $250 | $231533 |
| **New York: 22.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series B-1 (GO)<br> 5.00%, 10/01/37 (c) | 250 | 255249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Water & Sewer System, Series GG (RB)<br> 5.00%, 06/15/39 (c) | 400 | 400751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Personal Income Tax, Series D (RB) (BAM)<br> 4.00%, 02/15/37 (c) | 280 | 276920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New School, Series A (RB)<br> 5.00%, 07/01/27 (c) | 250 | 255366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York Columbia University, Series A (RB)<br> 5.00%, 10/01/47 | 550 | 594879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., Personal Income Tax, Series A (RB)<br> 5.00%, 03/15/42 (c) | 250 | 259884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey (RB)<br> 5.00%, 11/15/42 (c) | 500 | 501158 |
|  |  | 2544207 |
| **North Carolina: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of North Carolina, Hospitals at Chapel Hill (RB)<br> 5.00%, 02/01/45 | 265 | 281635 |
| **Ohio: 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Franklin, Hospital Facilities (RB)<br> 4.12%, 05/15/45 (c) | 250 | 234025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Franklin, Hospital Facilities, Series A (RB) (XLCA)<br> 4.00%, 05/15/47 (c) | 250 | 226047 |
|  |  | 460072 |
| **Oregon: 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon State, Department of Administrative Services, State Lottery, Series D (RB)<br> 5.00%, 04/01/29 (c) | 250 | 250049 |
| **Pennsylvania: 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania (GO) (AGM)<br> 4.00%, 08/15/29 (c) | 250 | 250254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series B (RB)<br> 4.00%, 12/01/46 (c) | 250 | 223405 |

---

See Notes to Financial Statements

VANECK HIP SUSTAINABLE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/51 (c) | $330 | $337503 |
|  |  | 811162 |
| **Texas: 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas Independent School District, Unlimited Tax School Building (GO)<br> 4.00%, 02/15/54 (c) | 500 | 447446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wylie Independent School District (GO)<br> 5.00%, 08/15/39 (c) | 500 | 539210 |
|  |  | 986656 |
| **Washington: 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Seattle, City Light Department, Series A (RB)<br> 4.00%, 07/01/51 (c) | 250 | 223184 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County, Washington Public Hospital District No. 1 (GO)<br> 5.00%, 12/01/32 (c) | $250 | $254443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County, Washington School District No. 414 (GO) (SBG)<br> 4.00%, 12/01/30 (c) | 250 | 251163 |
|  |  | 728790 |
| **Wisconsin: 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Wisconsin (RB)<br> 5.00%, 07/01/28 (c) | 265 | 275568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority, Aspipus, Inc. (RB)<br> 4.00%, 08/15/38 (c) | 250 | 236889 |
|  |  | 512457 |
| **Total Municipal Bonds: 95.6%** <br> (Cost: $11,531,428) |  | 10762689 |
| **Other assets less liabilities: 4.4%** |  | 499616 |
| **NET ASSETS: 100.0%** |  | $11262305 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| RB | Revenue Bond |
| SBG | School Board Guaranteed |
| XLCA | Syncora Guarantee, Inc. |

---

**Footnotes:**

(c) Callable Security — the date disclosed is the date the security may be redeemed by the issuer

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Municipal Bonds \* | $— | $10762689 | $— | $10762689 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 96.5%** |  |  |
| **Alabama: 1.9%** |  |  |
| Alabama Public School and College Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/36 (c) | $2000 | $1996072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/31 (c) | 525 | 574798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34 (c) | 2015 | 2170408 |
| Auburn University, Alabama, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/35 | 1000 | 1126630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/36 (c) | 1000 | 1112671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District (RB)<br> 5.00%, 10/01/55 (c) (p) | 1000 | 1040559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series A (RB)<br> 4.00%, 06/01/51 (c) (p) | 5065 | 4971059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees of the University of Alabama, Series B (RB)<br> 3.00%, 07/01/33 (c) | 860 | 792547 |
| County of Jefferson, Alabama Sewer Warrants (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/37 (c) | 1000 | 1058991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/38 (c) | 2000 | 2108295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/40 (c) | 1000 | 1049832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Southeast A Cooperative District, Energy Supply, Series A (RB)<br> 5.50%, 11/01/53 (c) (p) | 1710 | 1832846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District, Series A (RB)<br> 5.00%, 09/01/34 | 2500 | 2603056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District, Project No. 1, Series A (RB)<br> 5.00%, 08/01/54 (c) (p) | 1000 | 1045302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District, Series B (RB)<br> 5.00%, 06/01/49 (c) (p) | 2000 | 2092345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, A Cooperative District Energy Supply, Series C (RB)<br> 5.00%, 10/01/55 (c) (p) | 2000 | 2098462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, Cooperative District Commodity Supply, Project No.2, Series B (RB)<br> 4.00%, 12/01/51 (c) (p) | 3000 | 2951106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB)<br> 5.00%, 11/01/35 (c) | 2000 | 2060585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, Cooperative District Energy Supply, Series B (RB)<br> 5.25%, 03/01/55 (c) (p) | 1000 | 1055598 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Alabama (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, Series A (RB)<br> 5.00%, 01/01/56 (c) (p) | $1000 | $1025677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Black Belt Energy Gas District, Series D (RB)<br> 5.00%, 03/01/55 (c) (p) | 1000 | 1054348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Alabama, Board of Trustee, Series A (RB)<br> 4.00%, 07/01/35 (c) | 820 | 817377 |
|  |  | 36638564 |
| **Alaska: 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Housing Finance Corp., Series B (RB)<br> 2.15%, 06/01/36 (c) | 1040 | 795272 |
| **Arizona: 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Point 320 LLC, Series A (RB)<br> 3.62%, 05/20/33 | 1591 | 1492351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Transportation Board, Highway (RB)<br> 5.00%, 07/01/31 (c) | 1050 | 1066650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Mesa, Arizona Utility System (RB)<br> 4.00%, 07/01/31 (c) | 1550 | 1551546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Mesa, Arizona Utility System (RB) (AGC)<br> 5.00%, 07/01/40 (c) | 1500 | 1624908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Excise Tax, Series A (RB)<br> 5.00%, 07/01/35 (c) | 1785 | 1788033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Junior Lien Water System (RB)<br> 5.00%, 07/01/40 (c) | 1895 | 2034379 |
| City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/32 (c) | 1000 | 1047222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/34 (c) | 1275 | 1326700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series D (RB)<br> 5.00%, 07/01/33 (c) | 550 | 565920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB)<br> 2.40%, 06/01/35 (c) | 1150 | 916264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB)<br> 2.40%, 06/01/35 (c) | 1500 | 1195127 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Arizona (continued)** |  |  |
| Maricopa County, Industrial Development Authority, Banner Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/38 (c) | $1500 | $1436756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/41 (c) | 2000 | 1828419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/38 (c) | 605 | 611593 |
| Salt River Project Agricultural Improvement and Power District, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/32 (c) | 2380 | 2482786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/32 | 1000 | 1114243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/32 (c) | 1000 | 1001268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Verde Financial Corp. (RB)<br> 5.00%, 12/01/37 | 4600 | 4785948 |
|  |  | 27870113 |
| **Arkansas: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Fort Worth, Water and Sewer Construction (RB)<br> 5.00%, 10/01/34 (c) | 1000 | 1034192 |
| **California: 17.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaheim Housing and Public Improvements Authority, Electric Utility Distribution Improvements, Series A (RB)<br> 5.00%, 10/01/35 (c) | 1000 | 1035137 |
| Bay Area Toll Authority, Series S-7 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/01/36 (c) | 1270 | 1165749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/33 (c) | 2905 | 2930088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series A (RB)<br> 5.00%, 01/01/56 (c) (p) | 1000 | 1030385 |
| California Community Choice Financing Authority, Clean Energy Project, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/55 (c) (p) | 10345 | 10849095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/54 (c) (p) | 5065 | 5264670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series D (RB)<br> 5.00%, 02/01/55 (c) (p) | 3000 | 3156310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series E (RB)<br> 5.00%, 02/01/55 (c) (p) | 3000 | 3162126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series G (RB)<br> 5.00%, 11/01/55 (c) (p) | 3000 | 3092239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series H (RB)<br> 5.00%, 01/01/56 (c) (p) | 7500 | 8029132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Series F (RB)<br> 5.00%, 02/01/55 (c) (p) | 4000 | 4233817 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice, Financing Authority Clean Energy Project, Series B-1 (RB)<br> 4.00%, 02/01/52 (c) (p) | $9500 | $9397328 |
| California Health Facilities Financing Authority, Adventist Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/39 (c) | 1000 | 868096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/40 (c) | 1250 | 1306855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB)<br> 5.00%, 08/15/31 (c) | 310 | 316672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series B (RB)<br> 3.00%, 08/15/34 (c) | 400 | 368562 |
| California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/37 (c) | 1060 | 1045449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/38 (c) | 500 | 489885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB)<br> 3.00%, 10/01/41 (c) | 680 | 559441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Series B (RB)<br> 4.00%, 11/15/41 (c) | 1000 | 941949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Stanford Health Care, Series A (RB)<br> 5.00%, 11/15/31 (c) | 750 | 781964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Sutter Health, Series A (RB)<br> 5.00%, 11/15/35 (c) | 1575 | 1624806 |
| California Housing Finance Agency (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/20/36 | 1892 | 1726486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/20/35 | 1171 | 1114971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/25/35 | 6038 | 5928834 |
| California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/31 (c) | 500 | 480364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/32 (c) | 360 | 342893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, May Lee State Office Complex, Series A (RB)<br> 5.00%, 04/01/41 (c) | 2980 | 3206086 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, New Natural Resources Headquarters, Series C (RB)<br> 5.00%, 11/01/40 (c) | $2650 | $2819026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Various Capital Projects, Series A (RB)<br> 5.00%, 08/01/35 (c) | 2000 | 2175846 |
| California State Public Works Board, Various Capital Projects, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 2000 | 2217134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/35 (c) | 1845 | 2033520 |
| California State Public Works Board, Various Capital Projects, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/31 (c) | 1000 | 1005785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/34 (c) | 1000 | 1093034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/35 (c) | 2835 | 3187220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/36 (c) | 3000 | 3348848 |
| California State University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/31 (c) | 1510 | 1534022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/31 (c) | 2035 | 2045924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB)<br> 3.00%, 04/01/37 (c) | 1000 | 882386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Valley Energy Authority (RB)<br> 5.00%, 12/01/55 (c) (p) | 2000 | 2113717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP)<br> 4.00%, 04/01/36 (c) | 2000 | 1982795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series A (RB)<br> 5.00%, 05/15/35 | 2000 | 2263962 |
| City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/36 (c) | 1000 | 1014591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/37 (c) | 1400 | 1502307 |
| City of Los Angeles, Department of Water and Power, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/37 (c) | 1150 | 1203828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/38 (c) | 1900 | 1990232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Los Angeles, Long Beach Unified School District, Series D-1 (GO)<br> 0.00%, 08/01/39 (c) ^ | 1250 | 651973 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Santa Clara, Series C (GO)<br> 5.00%, 08/01/33 (c) | $525 | $546197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department of Water and Power, City of Los Angeles, Series A (RB)<br> 5.00%, 07/01/38 (c) | 445 | 465114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Bay Municipal Utility District, Water System, Series A (RB)<br> 5.00%, 06/01/32 (c) | 1000 | 1000822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM-TCRS)<br> 4.00%, 07/01/35 (c) | 1150 | 1150126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fontana Redevelopment Agency Successor Agency, Series A (TA)<br> 5.00%, 10/01/32 (c) | 760 | 787769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fremont Union High School District (GO)<br> 4.00%, 08/01/40 (c) | 2350 | 2213415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grossmont Healthcare District, San Diego County, Series D (GO)<br> 4.00%, 07/15/40 (c) | 1000 | 1001178 |
| Kern High School District, Series C (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/31 (c) | 1600 | 1412111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/01/32 (c) | 3000 | 2572399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles California, Department of Airports of The City of Los Angeles, Series D (RB)<br> 5.00%, 05/15/41 (c) | 2000 | 2163923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles California, Department of Water and Power, Series B (RB)<br> 5.00%, 07/01/39 (c) | 1000 | 1045424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Community College District, Series J (GO)<br> 4.00%, 08/01/33 (c) | 750 | 756064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Community College District, Series L (GO)<br> 5.00%, 08/01/36 (c) | 1000 | 1114309 |
| Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/35 (c) | 1000 | 1008290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/36 (c) | 1045 | 1047656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/38 (c) | 1460 | 1458492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/39 (c) | 1000 | 991133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 795 | 826534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/35 (c) | 1000 | 1081439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 900 | 983582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/37 (c) | 1060 | 1152786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/38 (c) | 2530 | 2737869 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB)4.00%, 12/01/38 (c) | $1500 | $1448306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles County, Public Works Financing Authority, Series H (RB)<br> 5.25%, 12/01/41 (c) | 3000 | 3290867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of International Airport, Series B (RB)<br> 4.00%, 05/15/39 (c) | 1900 | 1899977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water and Power, Series A (RB)<br> 5.00%, 07/01/40 (c) | 2000 | 2045603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water and Power, Series B (RB)<br> 5.00%, 07/01/40 (c) | 1380 | 1419202 |
| Los Angeles Department of Water and Power, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/34 (c) | 1125 | 1174284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 1500 | 1550815 |
| Los Angeles Department of Water and Power, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/38 (c) | 2000 | 2029324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/39 (c) | 1000 | 1032637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Municipal Improvement Corp., Series B (RB)<br> 4.00%, 11/01/35 (c) | 2000 | 1973279 |
| Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/37 (c) | 2000 | 2019173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/38 (c) | 1605 | 1610439 |
| Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/37 (c) | 1500 | 1518074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/35 (c) | 1300 | 1426624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series A (GO)<br> 4.00%, 07/01/33 (c) | 1580 | 1626586 |
| Los Angeles Unified School District, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/35 (c) | 1880 | 1725034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/36 (c) | 2000 | 2029663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series QRR (GO)<br> 5.00%, 07/01/41 (c) | 2250 | 2443761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series RYQ (GO)<br> 4.00%, 07/01/37 (c) | 1000 | 1009586 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Diablo Unified School District, Series B (GO)<br> 4.00%, 08/01/35 (c) | $1000 | $1024733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM)<br> 4.00%, 12/01/40 (c) | 500 | 493857 |
| MSR Energy Authority, California Gas, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/39 | 2225 | 2644381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/01/34 | 2220 | 2624746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakland Unified School District, Series A (GO) (BAM)<br> 4.00%, 08/01/39 (c) | 1055 | 1051009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County, Local Transportation Authority Sales Tax (RB)<br> 4.00%, 02/15/38 (c) | 1500 | 1509158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Health, Series B (GO)<br> 4.00%, 08/01/35 (c) | 1000 | 884716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peralta Community College District, Series D (GO)<br> 4.00%, 08/01/39 (c) | 2000 | 2004133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB)<br> 4.00%, 10/01/39 (c) | 1000 | 976866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center Pooled, Series L (RB)<br> 5.00%, 05/15/33 (c) | 650 | 659392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside County Transportation Commission, Series A (RB)<br> 4.00%, 06/01/41 (c) | 1425 | 1334632 |
| Riverside County Transportation Commission, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/38 (c) | 2375 | 2304212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/37 (c) | 560 | 580771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Series A (RB)<br> 5.00%, 07/01/34 (c) | 535 | 567531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Series B (RB)<br> 5.00%, 07/01/34 (c) | 2075 | 2237067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Unified School District, Series I (GO)<br> 0.00%, 07/01/35 (c) ^ | 1000 | 666413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County, Airport Commission, San Francisco International Airport, Series B (RB)<br> 4.00%, 05/01/37 (c) | 1010 | 1017891 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City & County, Public Utilities Commission Wastewater, Series A (RB)<br> 5.00%, 10/01/36 (c) | $1000 | $1103121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco County Transportation Authority (RB)<br> 3.00%, 02/01/34 (c) | 500 | 468572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco Unified School District, Series B (GO)<br> 4.00%, 06/15/34 (c) | 2000 | 2024124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jacinto County, Transportation Authority, Limited Tax (RB)<br> 4.00%, 03/01/41 (c) | 1000 | 946277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy Authority, Series A (RB)<br> 5.50%, 01/01/56 (c) (p) | 1000 | 1099035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joquin Hills Transportation Corridor Agency, Series A (RB)<br> 4.00%, 01/15/34 (c) | 1000 | 1012548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jose Evergreen Community College District, Series B (GO)<br> 3.00%, 09/01/41 (c) | 825 | 690075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santa Clara County Financing Authority, Capital Facilities, Series A (RB)<br> 5.00%, 05/01/34 (c) | 1855 | 2054480 |
| Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/35 (c) | 1000 | 904233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/32 (c) | 1510 | 1510130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santa Clara County, Mountain View, Los Altos Union High School, Series A (GO)<br> 3.35%, 08/01/36 (c) | 1520 | 1436487 |
| Santa Clara Unified School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/34 (c) | 395 | 372742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/34 (c) | 2000 | 1878749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/35 (c) | 1535 | 1410827 |
| Santa Monica-Malibu Unified School District, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/39 (c) | 1000 | 1092904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/40 (c) | 1000 | 1084647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Department of Water Resources, Central Valley Project, Series AX (RB)<br> 5.00%, 12/01/31 (c) | 915 | 957930 |
| State of California, Various Purpose (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/33 (c) | 2000 | 1922037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 04/01/35 (c) | 1575 | 1500174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/32 (c) | 1815 | 1820668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/33 (c) | 700 | 700195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/33 (c) | 1795 | 1845950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/34 (c) | 1500 | 1495937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/34 (c) | 2000 | 2046365 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/34 (c) | $2895 | $2940962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/34 (c) | 50 | 52417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/35 (c) | 25 | 26209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/35 (c) | 1285 | 1292044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/36 (c) | 9300 | 9275102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/36 (c) | 200 | 208753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/37 (c) | 5020 | 4995563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/37 (c) | 2000 | 2007423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/38 (c) | 2000 | 1973298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/39 (c) | 2300 | 2268803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31 (c) | 5050 | 5424612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31 | 4000 | 4432785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/31 (c) | 2645 | 2750099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/32 (c) | 2500 | 2662992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/32 | 4270 | 4756196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34 (c) | 1610 | 1743396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/35 (c) | 2285 | 2451168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/35 (c) | 45 | 48979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/35 (c) | 3500 | 3688731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/35 (c) | 490 | 497556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/35 (c) | 2250 | 2484531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/36 (c) | 1000 | 1125594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/36 (c) | 3000 | 3148909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/36 (c) | 3000 | 3348086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/36 (c) | 3245 | 3388173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/36 (c) | 2000 | 2211111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/36 (c) | 1500 | 1666449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/36 (c) | 2000 | 2200888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/36 (c) | 2000 | 2145752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 4000 | 4446653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/39 (c) | 1250 | 1376267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/39 (c) | 2615 | 2843474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Various Purpose (GO) (AGM)<br> 5.25%, 08/01/32 | 5750 | 6432770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Various Purpose (GO) (SAW)<br> 5.00%, 12/01/34 (c) | 1000 | 1013866 |
| The Regents of the University of California, Series BV (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/38 (c) | 2000 | 2198688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/40 (c) | 1000 | 1086250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Regents of the University of California, Series BW (RB)<br> 5.00%, 05/15/40 (c) | 1000 | 1086250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series BE (RB)<br> 5.00%, 05/15/36 (c) | 1500 | 1600250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series BM (RB)<br> 5.00%, 05/15/35 (c) | 1000 | 1107673 |
| University of California, Series BN (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/35 (c) | 2000 | 2215347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/36 (c) | 1000 | 1101369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/37 (c) | 1000 | 1094709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/41 (c) | 1000 | 1070249 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series BQ (RB)<br> 5.00%, 05/15/35 (c) | $1000 | $1107673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series O (RB)<br> 5.00%, 05/15/36 (c) | 1170 | 1216399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series Q (RB)<br> 4.00%, 05/15/39 (c) | 2500 | 2481401 |
|  |  | 332960989 |
| **Colorado: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Governors of Colorado State University System, Series C (RB)<br> 5.00%, 03/01/36 (c) | 1000 | 1100045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boulder Valley School District No. Re-2 Boulder (GO) (SAW)<br> 5.00%, 12/01/41 (c) | 500 | 500207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cherry Creek School District No. 5, Arapahoe County, Colorado (GO) (SAW)<br> 5.25%, 12/15/41 (c) | 1000 | 1099781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Denver, Series A-2 (RB)<br> 0.00%, 08/01/36 (c) ^ | 1200 | 721092 |
| Colorado Health Facilities Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/38 (c) | 2350 | 2247812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/57 (c) (p) | 1465 | 1606277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Advenhealth, Series A (RB)<br> 4.00%, 11/15/38 (c) | 2000 | 1944453 |
| Colorado Health Facilities Authority, Commonspirit Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 | 2000 | 2198712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/39 (c) | 3500 | 3663396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Sanford, Series A (RB)<br> 4.00%, 11/01/39 (c) | 2000 | 1926685 |
| Denver City and County School District No. 1 (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/36 (c) | 1430 | 1279006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/39 (c) | 1000 | 1059248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver City and County School, Board of Water Commissioners, Series A (RB)<br> 3.00%, 12/15/37 (c) | 1000 | 870182 |
| Pueblo City, Schools District No. 60 (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/15/37 (c) | 500 | 430629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/34 (c) | 1010 | 1068842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/38 (c) | 1625 | 1695311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District, Fastracks Project, Series A (RB)<br> 5.00%, 11/01/36 (c) | 1820 | 1829291 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| Regional Transportation District, Fastracks Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/41 (c) | $850 | $556055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/33 (c) | 530 | 545155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34 (c) | 1995 | 2051086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School District No. 1, County of Denver, State of Colorado, Series A (GO) (SAW)<br> 5.25%, 12/01/40 (c) | 1000 | 1116349 |
| State of Colorado, Series A (CP) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/36 (c) | 1750 | 1739849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/36 (c) | 1315 | 1307372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/39 (c) | 1540 | 1497919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/34 (c) | 1000 | 1082020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Colorado, Series A (CP) (SAW)<br> 4.00%, 12/15/37 (c) | 1000 | 978848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Regents of the University of Colorado, Series A (RB)<br> 5.00%, 06/01/36 (c) | 2000 | 2237877 |
| University of Colorado, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/33 (c) | 330 | 304597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/33 (c) | 470 | 460682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County School District No. 6 (GO) (SAW)<br> 5.00%, 12/01/36 (c) | 2165 | 2277467 |
|  |  | 41396245 |
| **Connecticut: 2.3%** |  |  |
| City of Hartford, Connecticut, State Contract Assistance (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/32 | 1500 | 1649647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/33 | 1000 | 1106278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New Haven, Connecticut (GO) (AGC)<br> 5.00%, 08/01/33 | 2000 | 2191797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB)<br> 4.40%, 11/15/38 (c) | 1530 | 1521792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW)<br> 1.70%, 05/15/34 (c) | 1290 | 1004231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB)<br> 3.20%, 11/15/32 (c) | 260 | 245862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Hartford Health Issue, Series A (RB) (SD CRED PROG)<br> 5.00%, 07/01/34 (c) | 335 | 350655 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Connecticut (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB)<br> 5.00%, 07/01/32 (c) | $1700 | $1757841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut Health and Educational Facilities Authority, Series U (RB)<br> 5.00%, 07/01/33 | 2000 | 2249657 |
| State of Connecticut, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/32 (c) | 2200 | 2095103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/34 (c) | 1000 | 927720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/35 (c) | 2500 | 2274022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/36 (c) | 1000 | 894302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/37 (c) | 2000 | 2000732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/35 | 500 | 564270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/36 (c) | 1000 | 1118410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/37 (c) | 1000 | 1099608 |
| State of Connecticut, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 | 1500 | 1695154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/37 (c) | 1505 | 1654911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series C (GO)<br> 4.00%, 06/01/34 (c) | 1950 | 1976355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series E (GO)<br> 5.00%, 11/15/32 | 1000 | 1115438 |
| State of Connecticut, Series F (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31 (c) | 1550 | 1557669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32 (c) | 1525 | 1531235 |
| State of Connecticut, Special Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/31 | 1650 | 1814610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 | 350 | 385583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 (c) | 475 | 482930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/35 (c) | 1500 | 1616574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Special Tax, Series A (ST)<br> 5.00%, 05/01/37 (c) | 2500 | 2636976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Special Tax, Transportation Infrastructure Purposes, Series A (RB)<br> 5.00%, 05/01/33 (c) | 1025 | 1116525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Transportation Infrastructure, Series A-2 (RB)<br> 5.00%, 07/01/35 (c) | 2000 | 2248263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Transportation Infrustructure Purposes, Series D (RB)<br> 4.00%, 11/01/38 (c) | 2000 | 1992773 |
|  |  | 44876923 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Delaware: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB)<br> 4.00%, 07/01/40 (c) | $1000 | $940684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Delaware (GO)<br> 2.00%, 02/01/35 (c) | 1000 | 789887 |
| State of Delaware, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/01/36 (c) | 650 | 503760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/41 (c) | 1000 | 992914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/36 (c) | 1000 | 1113754 |
|  |  | 4340999 |
| **District of Columbia: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Federal Highway Grant Anticipation (RB) (SAW)<br> 5.00%, 12/01/34 (c) | 2250 | 2379448 |
| District of Columbia, Income Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/40 (c) | 2000 | 1899948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 2000 | 2162098 |
| District of Columbia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/33 (c) | 580 | 595062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/34 (c) | 1000 | 1024302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/35 (c) | 750 | 779285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/37 (c) | 1000 | 1083269 |
| District of Columbia, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/01/41 (c) | 2000 | 1643015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/36 (c) | 1000 | 1050732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series C (RB)<br> 5.00%, 05/01/36 (c) | 1000 | 1057155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Water and Sewer Authority, Series A (RB)<br> 5.00%, 10/01/40 (c) | 1000 | 1079393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority (RB)<br> 5.00%, 07/01/36 (c) | 1000 | 1016285 |
| Washington Metropolitan Area Transit Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/34 (c) | 4000 | 4065408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/37 (c) | 2000 | 2129766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/37 (c) | 1400 | 1471903 |
| Washington Metropolitan Area Transit Authority, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 (c) | 550 | 564648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/34 (c) | 810 | 828965 |
| Washington Metropolitan Area Transit Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 650 | 670425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/34 (c) | 1880 | 1924018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/37 (c) | 1140 | 1156399 |
|  |  | 28581524 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broward County, Florida Tourist Development, Convention Center Expansion Project (RB)<br> 4.00%, 09/01/36 (c) | $2000 | $2009214 |
| Central Florida Expressway Authority (RB) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/34 (c) | 520 | 477841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/41 (c) | 845 | 779833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, Series A (RB)<br> 4.00%, 07/01/31 (c) | 1250 | 1254766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, Series A (RB) (BAM)<br> 5.00%, 07/01/38 (c) | 2000 | 2039438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority, Series B (RB)<br> 4.00%, 07/01/39 (c) | 2000 | 1917001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Gainesville, Utilities System, Series A (RB)<br> 5.00%, 10/01/34 (c) | 1045 | 1077526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Jacksonville, Series A (RB)<br> 5.00%, 10/01/32 (c) | 1095 | 1159768 |
| City of Orlando, Senior Tourist Development Tax, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/31 (c) | 2000 | 2069990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37 (c) | 560 | 572122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Tampa Florida, H. Lee Moffitt Cancer Center Project, Series B (RB)<br> 4.00%, 07/01/38 (c) | 1000 | 960360 |
| County of Miami-Dade (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/31 (c) ^ | 565 | 430953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 10/01/32 (c) ^ | 400 | 290474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/34 (c) | 2005 | 2044845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Building Better Communities Program, Series A (GO)<br> 5.00%, 07/01/34 (c) | 555 | 563292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW)<br> 4.00%, 07/01/36 (c) | 1600 | 1610238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Expressway Authority Toll System, Series A (RB)<br> 5.00%, 07/01/39 (c) | 2000 | 2001338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Aviation, Series A (RB)<br> 4.00%, 10/01/39 (c) | 1500 | 1452683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Transit System (RB)<br> 4.00%, 07/01/34 (c) | 865 | 865918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Water and Sewer System (RB)<br> 5.00%, 10/01/32 (c) | 3500 | 3796777 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Water and Sewer System, Series B (RB)<br> 3.00%, 10/01/34 (c) | $370 | $342567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Lakeland Regional Health Systems (RB)<br> 4.00%, 11/15/35 (c) | 2000 | 1959737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Homeowner Mortgage (RB)<br> 2.10%, 07/01/35 (c) | 950 | 747248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEA Electric System, Series A (RB) (AGC)<br> 5.00%, 10/01/33 | 1000 | 1121298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEA Electric System, Series B (RB)<br> 5.00%, 10/01/32 (c) | 885 | 913924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEA Water & Sewer System Revenue (RB)<br> 5.00%, 10/01/39 (c) | 750 | 824054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County, Industrial Development Authority, Health System, Inc., Series A (RB)<br> 5.00%, 04/01/34 (c) | 605 | 625848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leon County, City of Tallahassee, Blueprint Intergovernmental Agency (RB)<br> 5.00%, 10/01/38 (c) | 1000 | 1073565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County, Building Better Communities Program, Series D (GO)<br> 5.00%, 07/01/41 (c) | 2000 | 2020064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami-Dade County, Florida Water and Sewer System, Series B (RB)<br> 5.00%, 10/01/40 (c) | 500 | 537161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority, Orlando Health Obligated Group, Series A (RB)<br> 5.00%, 10/01/40 (c) | 1000 | 1058288 |
| Orange County, Health Facilities Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/36 (c) | 1325 | 1333330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/39 (c) | 1000 | 1001372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orlando Utilities Commission, Series B (RB)<br> 5.00%, 10/01/39 (c) | 750 | 824060 |
| Reedy Creek Improvement District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/31 (c) | 1000 | 1008557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/35 (c) | 1000 | 1015756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Miami Health Facilities Authority, Baptist Health (RB)<br> 5.00%, 08/15/32 (c) | 800 | 821496 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida Board of Governors, Florida State University Athletics Association, Series A (RB) (BAM)<br> 5.00%, 10/01/40 (c) | $2000 | $2137710 |
| State of Florida, Department of Transportation Financing Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/31 (c) | 1000 | 947879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/01/35 (c) | 1000 | 897820 |
|  |  | 48586111 |
| **Georgia: 2.5%** |  |  |
| City of Atlanta, Airport Passenger Facility Charge, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/35 (c) | 800 | 842734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/38 (c) | 2275 | 2358217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Atlanta, Water and Wastewater (RB)<br> 5.00%, 11/01/32 (c) | 1000 | 1001622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Atlanta, Water and Wastewater (RB) (BAM)<br> 5.00%, 11/01/34 | 1000 | 1124775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fulton (GO)<br> 4.00%, 07/01/40 (c) | 1500 | 1493122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dekalb County, Water and Sewerage, Series B (RB) (AGM)<br> 5.00%, 10/01/35 (c) | 1530 | 1545343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fulton County, Georgia Water and Sewerage, Series A (RB)<br> 3.00%, 01/01/37 (c) | 3000 | 2648258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)<br> 4.00%, 02/15/42 (c) | 1000 | 915470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Housing and Finance Authority, Series A (RB)<br> 4.10%, 12/01/39 (c) | 1000 | 980460 |
| Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 12/01/31 (c) | 925 | 856392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 12/01/41 (c) | 215 | 176435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia State Housing and Finance Authority, Series A (RB)<br> 4.15%, 12/01/40 (c) | 1000 | 979374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas Inc, Series C (RB)<br> 5.00%, 12/01/54 (c) (p) | 1000 | 1035270 |
| Main Street Natural Gas, Inc., Gas Supply, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/35 | 2000 | 2087527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/37 | 2000 | 2071268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/38 | 1000 | 1030275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/54 (c) (p) | 2000 | 2104237 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Georgia (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Gas Supply, Series D (RB)<br> 5.00%, 04/01/54 (c) (p) | $2000 | $2101488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Gas Supply, Series E (RB)<br> 5.00%, 12/01/53 (c) (p) | 2000 | 2098231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series A (RB)<br> 5.00%, 06/01/55 (c) (p) | 1500 | 1584368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series E (RB)<br> 5.00%, 05/01/55 (c) (p) | 1500 | 1557719 |
| Private Colleges and Universities Authority, Emory University, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/36 (c) | 2175 | 2180465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/38 (c) | 2000 | 1968182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/40 (c) | 2000 | 1946798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Georgia, Private Colleges and Universities Authority, Emory University, Series B (RB)<br> 5.00%, 09/01/33 | 1000 | 1123020 |
| State of Georgia, Road and Tollway Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/31 (c) | 2550 | 2775389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/32 (c) | 2000 | 2168042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Georgia, Road and Tollway Authority, Series A (RB)<br> 4.00%, 07/15/35 (c) | 3255 | 3272583 |
| State of Georgia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/32 (c) | 2000 | 2055716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/33 (c) | 1200 | 1231959 |
|  |  | 49314739 |
| **Hawaii: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City & County of Honolulu HI (GO)<br> 5.00%, 09/01/32 (c) | 1015 | 1047941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Rail Transit Project, Series B (GO)<br> 5.00%, 03/01/31 (c) | 1930 | 2081580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Wastewater System, Series A (RB)<br> 4.00%, 07/01/33 (c) | 970 | 973250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Wastewater System, Series B (RB)<br> 5.00%, 07/01/36 (c) | 875 | 918749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii (RB)<br> 5.00%, 01/01/36 (c) | 1000 | 1073919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM)<br> 5.00%, 07/01/34 (c) | 2000 | 2144432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series FK (GO)<br> 3.25%, 05/01/33 (c) | 1000 | 958272 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Hawaii (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/34 (c) | $690 | $707695 |
|  |  | 9905838 |
| **Idaho: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Health Facilities Authority, St. Luke's Health System Project, Series C (RB)<br> 5.00%, 03/01/60 (c) (p) | 1000 | 1087393 |
| **Illinois: 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series A (RB)<br> 5.00%, 01/01/35 (c) | 1000 | 1059489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series A (RB) (AGM)<br> 4.00%, 01/01/37 (c) | 500 | 495991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series B (RB)<br> 5.00%, 01/01/34 (c) | 365 | 372389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Chicago O'Hare International Airport, Customer Facility Charge (RB) (BAM)<br> 5.25%, 01/01/41 (c) | 1205 | 1300205 |
| City of Chicago, Chicago O'Hare International Airport, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/39 (c) | 2000 | 2015377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/41 (c) | 2120 | 2124675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Second Lien Wastewater Transmission, Series B (RB) (BAM)<br> 5.00%, 01/01/33 | 1000 | 1086752 |
| City of Chicago, Second Lien Water (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34 (c) | 1420 | 1458279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/36 (c) | 1500 | 1534400 |
| City of Chicago, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/32 (c) | 1000 | 1040598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/33 (c) | 2455 | 2545913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/38 (c) | 2000 | 2076304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series B (GO)<br> 4.00%, 01/01/40 (c) | 1064 | 938778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series C (GO)<br> 5.00%, 01/01/38 (c) | 1150 | 1140522 |
| City of Chicago, Wastewater Transmission, Series A (RB) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/40 (c) | 1000 | 1058370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/41 (c) | 1000 | 1053298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Wastewater Transmission, Series B (RB)<br> 5.00%, 01/01/36 (c) | 750 | 761318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Wastewater Transmission, Series B (RB) (AGM)<br> 5.00%, 01/01/37 (c) | 1000 | 1063651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Carle Foundation, Series A (RB)<br> 4.00%, 08/15/37 (c) | 1500 | 1416815 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/38 (c) | $1500 | $1408049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/35 (c) | 1000 | 1060461 |
| Illinois Finance Authority, Clean Water Initiative (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/35 (c) | 1600 | 1606667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/37 (c) | 1000 | 987174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 2560 | 2700143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Clean Water Initiative (RB) (AGM)<br> 5.00%, 07/01/34 (c) | 1400 | 1485592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Memorial Health System (RB)<br> 5.00%, 04/01/34 (c) | 1435 | 1491301 |
| Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/40 (c) | 1625 | 1516359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/32 (c) | 1365 | 1456809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/33 (c) | 1000 | 1063564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/34 (c) | 1295 | 1373789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Series C (RB)<br> 4.12%, 08/15/37 (c) | 2145 | 2011457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, The University of Chicago, Series B (RB)<br> 5.00%, 04/01/36 (c) | 3500 | 3810000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority, Series B (RB)<br> 3.45%, 10/01/33 (c) | 420 | 397924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency Power Supply System, Series A (RB)<br> 4.00%, 02/01/34 (c) | 1500 | 1462902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Finance Authority, Ann & Robert H. Lurie Children's Hospital (RB)<br> 4.00%, 08/15/37 (c) | 1000 | 952040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Finance Authority, University of Chicago, Series A (RB)<br> 5.00%, 10/01/33 | 1000 | 1108138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Municipal Electric Agency, Power Supply, Series A (RB)<br> 4.00%, 02/01/35 (c) | 2000 | 1933331 |
| Illinois State Toll Highway Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/37 (c) | 2000 | 2189621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/40 (c) | 2000 | 1984328 |
| Illinois State Toll Highway Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/37 (c) | 1500 | 1506119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/40 (c) | 1000 | 1002235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State, Series C (GO)<br> 4.00%, 10/01/40 (c) | 1000 | 907237 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)<br> 0.00%, 06/15/37 (c) ^ | $1500 | $848171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago, Series B (GO) (NATL-IBC FGIC)<br> 5.25%, 12/01/35 | 500 | 581323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Illinois Municipal Power Agency, Series A (RB)<br> 4.00%, 12/01/36 (c) | 1500 | 1425432 |
| State of Illinois (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/39 (c) | 2385 | 2498464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/39 (c) | 2000 | 2098370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Sales Tax, Series A (RB) (BAM)<br> 3.00%, 06/15/32 (c) | 3000 | 2723832 |
| State of Illinois, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/40 (c) | 2460 | 2248439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/33 (c) | 2500 | 2575242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/34 (c) | 1000 | 1052637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/35 (c) | 2250 | 2304804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/35 (c) | 1000 | 1019781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/41 (c) | 630 | 637014 |
| State of Illinois, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/34 (c) | 2000 | 1943633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/36 (c) | 1000 | 1049852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series D (GO)<br> 5.00%, 07/01/36 (c) | 1000 | 1049909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series D (RB)<br> 3.00%, 06/15/32 (c) | 680 | 617402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Seris B (GO)<br> 5.00%, 05/01/38 (c) | 1145 | 1202095 |
|  |  | 85834764 |
| **Indiana: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avon Indiana Community School Building Corp., Ad Valorem Property Tax First Mortgage (RB)<br> 5.25%, 07/15/39 (c) | 1000 | 1089879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Indianapolis, Indiana Water System, Series A (RB)<br> 5.00%, 10/01/36 (c) | 1720 | 1780580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, First Lien Wastewater Utility (RB)<br> 4.00%, 10/01/35 (c) | 2500 | 2511723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Indiana University Health Inc., Series B (RB)<br> 5.00%, 10/01/55 (c) (p) | 1000 | 1100840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Municipal Power Agency, Series A (RB)<br> 5.00%, 01/01/42 (c) | 1000 | 1005648 |
| Indiana State Finance Authority, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/35 | 500 | 561732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/36 (c) | 1000 | 1111896 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Indiana (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/37 (c) | $1500 | $1653388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/40 (c) | 500 | 541122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel, Series E (RB)<br> 5.50%, 03/01/38 (c) | 1000 | 1057479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Series A (RB) (AGM)<br> 4.00%, 06/01/39 (c) | 1000 | 976553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPS Multi-School Building Corp. (RB)<br> 5.00%, 07/15/41 (c) | 1000 | 1044359 |
| Westfield Washington Multi- School Building Corporation, Hamilton County, Indiana, Series A (RB) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/35 (c) | 750 | 829739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/41 (c) | 750 | 803619 |
|  |  | 16068557 |
| **Iowa: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority (RB)<br> 5.00%, 08/01/31 (c) | 1000 | 1035733 |
| Iowa Finance Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/36 (c) | 1000 | 1105207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 1000 | 1077611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 1000 | 1098274 |
|  |  | 4316825 |
| **Kansas: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Johnson, Internal Improvement, Series A (GO)<br> 4.00%, 09/01/34 (c) | 750 | 752269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB)<br> 5.00%, 11/15/54 (p) | 2450 | 2665674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Kansas, Department of Transportation, Series A (RB)<br> 5.00%, 09/01/32 (c) | 1165 | 1204184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Kansas Hospital Authority (RB)<br> 4.00%, 09/01/40 (c) | 2000 | 1877892 |
|  |  | 6500019 |
| **Kentucky: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AGM)<br> 4.00%, 12/01/41 (c) | 750 | 692476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB)<br> 5.25%, 04/01/54 (c) (p) | 3000 | 3189202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series B (RB)<br> 5.00%, 01/01/55 (c) (p) | 3000 | 3143284 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Kentucky (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM)<br> 5.00%, 05/01/34 (c) | $3285 | $3416901 |
| Kentucky State Property and Building Commission, Project No. 131, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/40 (c) | 1000 | 1070468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/41 (c) | 1000 | 1060825 |
| Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/36 (c) | 1000 | 952569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31 (c) | 290 | 294256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisville and Jefferson County, Metropolitan Sewer District, Series A (RB)<br> 5.00%, 05/15/38 (c) | 2000 | 2187679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Kentucky, Series A (RB)<br> 3.00%, 10/01/35 (c) | 770 | 688852 |
|  |  | 16696512 |
| **Louisiana: 1.0%** |  |  |
| Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/37 (c) | 1300 | 1285059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 615 | 648489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson Sales Tax District, Series B (RB) (AGM)<br> 4.00%, 12/01/35 (c) | 500 | 500356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB)<br> 2.50%, 04/01/36 (c) | 1455 | 1174546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)<br> 3.50%, 11/01/32 (c) | 5040 | 4773867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisville Public Facilities Authority, Tulane University, Series A (RB)<br> 5.00%, 10/15/36 (c) | 1000 | 1069739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Louisiana, Gasoline & Fuels Tax (RB)<br> 5.00%, 05/01/33 | 1000 | 1108660 |
| State of Louisiana, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/32 (c) | 750 | 815064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/33 (c) | 930 | 996519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/35 (c) | 1000 | 1103384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/36 (c) | 1000 | 1096517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/38 (c) | 1000 | 1064388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Louisiana, Series A (GO) (BAM)<br> 5.00%, 03/01/34 (c) | 910 | 970812 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Louisiana (continued)** | | |
| State of Louisiana, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/34 | $1000 | $1120888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/35 | 1000 | 1124431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/36 (c) | 1000 | 1114995 |
|  |  | 19967714 |
| **Maryland: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Baltimore, Public Improvement (GO)<br> 4.00%, 03/01/34 (c) | 890 | 903865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Baltimore, Public Improvement (GO) (AGC)<br> 4.00%, 03/01/34 (c) | 1925 | 1949192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Baltimore, Public Improvement (GO) (CA MTG INS)<br> 4.00%, 03/01/36 (c) | 2420 | 2436994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Montgomery, Series A (GO)<br> 3.00%, 08/01/32 (c) | 750 | 715457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Community Development Administration, Series A (RB) (AGM)<br> 1.95%, 09/01/41 (c) | 310 | 203283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Department of Transportation (RB)<br> 3.00%, 09/01/31 (c) | 500 | 481508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Stadium Authority (RB)<br> 5.00%, 06/01/40 (c) | 1000 | 1072326 |
| Prince George's County, Public Improvement, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/34 (c) | 1500 | 1687679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/35 (c) | 2500 | 2792312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/36 (c) | 2500 | 2596876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, Department of Transportation (RB)<br> 3.12%, 05/01/31 (c) | 855 | 834012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, Department of Transportation (RB) (SAW)<br> 2.12%, 10/01/31 (c) | 2340 | 2068971 |
| State of Maryland, State and Local Facilities Loan (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/32 (c) | 530 | 537592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/32 (c) | 3000 | 3208424 |
| State of Maryland, State and Local Facilities Loan, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/31 (c) | 1000 | 959998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/31 (c) | 1500 | 1632991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO)<br> 5.00%, 06/01/34 (c) | 1650 | 1674919 |
|  |  | 25756399 |
| **Massachusetts: 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Boston, Series A (GO)<br> 5.00%, 11/01/39 (c) | 2000 | 2156248 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts (GO)<br> 5.00%, 08/01/41 (c) | $1000 | $1077390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts (RB) (BAM)<br> 5.50%, 01/01/34 | 3000 | 3383987 |
| Commonwealth of Massachusetts, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31 | 3000 | 3331956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/40 (c) | 1500 | 1623680 |
| Commonwealth of Massachusetts, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 600 | 611407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/34 (c) | 1860 | 1890241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/40 (c) | 1500 | 1627747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series C (GO) (AGM)<br> 5.00%, 05/01/31 | 2665 | 2946205 |
| Commonwealth of Massachusetts, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/35 (c) | 1165 | 1173505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/37 (c) | 2000 | 1989215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 365 | 389210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series D (GO) (SBG)<br> 5.00%, 07/01/38 (c) | 2000 | 2114798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series D (RB) (NATL)<br> 5.50%, 01/01/34 | 1000 | 1101113 |
| Commonwealth of Massachusetts, Series E (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/33 (c) | 1275 | 1209580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/33 (c) | 1000 | 1000098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/38 (c) | 1000 | 988449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/39 (c) | 3000 | 2927013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/32 (c) | 1000 | 1086067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/37 (c) | 1010 | 1045663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Transportation Fund, Series A (GO)<br> 5.00%, 12/01/33 (c) | 500 | 511310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Transportation Fund, Series A (RB)<br> 5.00%, 06/01/37 (c) | 800 | 859097 |
| Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/38 (c) | 2000 | 1980528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/40 (c) | 1000 | 1076950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Bay Transportation Authority, Series A (RB)<br> 5.00%, 07/01/40 (c) | 1000 | 1088038 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB)<br> 5.00%, 07/01/35 (c) | $255 | $261632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Children's Hospital, Series T (RB)<br> 5.00%, 03/01/34 (c) | 1000 | 1116533 |
| Massachusetts Development Finance Agency, Harvard University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/36 (c) | 1035 | 1014336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/40 | 3860 | 4314914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Harvard University, Series B (RB)<br> 5.00%, 02/15/33 | 2000 | 2218781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB)<br> 4.00%, 07/01/35 (c) | 1500 | 1481652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series A (RB)<br> 5.00%, 10/01/41 (c) | 1000 | 1071331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series A-1 (RB)<br> 5.00%, 05/15/55 (p) | 5000 | 5492769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series B (RB)<br> 4.00%, 02/15/36 | 1000 | 1016955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Suffolk University (RB)<br> 5.00%, 07/01/35 (c) | 500 | 500917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts School Building Authority, Dedicated Sales Tax, Series C (RB)<br> 5.00%, 08/15/37 (c) | 1150 | 1150042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority, Series B (RB) (AGM)<br> 5.25%, 08/01/30 | 1000 | 1112994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority, Series C (RB)<br> 5.00%, 08/01/31 (c) | 2115 | 2200841 |
| The Commonwealth of Massachusetts, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/36 (c) | 1000 | 1116286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/40 (c) | 1000 | 1092136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/41 (c) | 1000 | 1081864 |
| University of Massachusetts Building Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/34 (c) | 1220 | 1282797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34 (c) | 750 | 795551 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Massachusetts Building Authority (RB) (SD CRED PROG)<br> 5.00%, 11/01/32 (c) | $500 | $534475 |
|  |  | 68046301 |
| **Michigan: 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees of Oakland University (RB)<br> 5.00%, 03/01/41 (c) | 1100 | 1100824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Detroit City School District, Series A (GO) (AGM)<br> 5.25%, 05/01/32 | 2220 | 2441347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series A (RB)<br> 5.00%, 07/01/37 (c) | 3000 | 3281798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)<br> 5.00%, 07/01/31 (c) | 570 | 578708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series C (RB)<br> 5.00%, 07/01/33 (c) | 1025 | 1038596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB)<br> 4.00%, 05/15/36 (c) | 2000 | 1928720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority Hospital, McLaren Health Care, Series A (RB)<br> 5.00%, 05/15/38 (c) | 1500 | 1500624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Corewell Health, Series A (RB)<br> 5.00%, 08/15/35 (c) | 1000 | 1097097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Corewell Health, Series B-2 (RB)<br> 5.00%, 08/15/55 (p) | 2500 | 2690725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Henry Ford Health System (RB)<br> 3.00%, 11/15/33 (c) | 355 | 327451 |
| Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/40 (c) | 1000 | 926661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 2000 | 2049768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/35 (c) | 585 | 598247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series A (RB)<br> 4.30%, 10/01/40 (c) | 725 | 711832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series B (RB)<br> 4.50%, 12/01/38 (c) | 1500 | 1494772 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Michigan (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State University, Series A (RB)<br> 5.00%, 08/15/40 (c) | $2000 | $2006462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Building Authority, Series I (RB)<br> 5.00%, 10/15/32 (c) | 570 | 581183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Environmental Program, Series A (GO)<br> 3.00%, 05/15/36 (c) | 750 | 685856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB)<br> 3.10%, 12/01/31 (c) | 1370 | 1288715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Karegnondi Water Authority, Counties of Genesee, Lapeer and Sanila (RB) (BAM)<br> 5.00%, 11/01/41 (c) | 750 | 796759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Trunk Line Fund (RB)<br> 5.00%, 11/15/36 (c) | 1000 | 1099045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Trunk Line Fund, Series A (RB)<br> 5.00%, 11/15/35 (c) | 1900 | 2057536 |
|  |  | 30282726 |
| **Minnesota: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB)<br> 5.00%, 12/15/31 (c) | 1000 | 1028081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hennepin, Series A (GO)<br> 5.00%, 12/01/36 (c) | 2000 | 2242574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Agricultural & Economic Development Board (RB)<br> 5.00%, 01/01/38 (c) | 1000 | 1066923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority, Series A (RB)<br> 5.00%, 03/01/33 (c) | 1500 | 1518758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of Minnesota, Series B (RB)<br> 5.00%, 12/01/31 (c) | 1000 | 1038236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Minnesota, State Office Building Project (CP)<br> 5.00%, 11/01/41 (c) | 1075 | 1149625 |
| State of Minnesota, Various Purpose, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/33 (c) | 1000 | 1073604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/36 (c) | 1000 | 1061085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/36 (c) | 2000 | 2148455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 2000 | 2138062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG)<br> 3.00%, 02/01/33 (c) | 1000 | 952331 |
|  |  | 15417734 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Mississippi: 0.1%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB)<br> 5.00%, 09/01/41 (c) | $500 | $497183 |
| State of Mississippi, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/34 (c) | 1000 | 1030494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/36 (c) | 550 | 562627 |
|  |  | 2090304 |
| **Missouri: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of St. Louis, Hazewood School District, Series A (GO) (BAM)<br> 5.00%, 03/01/38 (c) | 1000 | 1063559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB)<br> 4.00%, 12/01/32 (c) | 685 | 686620 |
| Springfield School District No. R-12 (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/35 (c) | 2415 | 2441160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/36 (c) | 450 | 471687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis School District, Board of Education (GO) (AGM)<br> 5.00%, 04/01/37 (c) | 1000 | 1071095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Community College District of St. Louis (CP)<br> 5.00%, 04/01/40 (c) | 1000 | 1062752 |
|  |  | 6796873 |
| **Nebraska: 0.5%** |  |  |
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 | 1280 | 1353546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/34 | 4300 | 4554753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/35 | 2000 | 2115290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plans Energy Project, Gas Project Crossover No.3, Series B (RB)<br> 5.00%, 09/01/31 | 1215 | 1280879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Power Generation Agency, Whelan Energy Center, Series A (RB)<br> 5.00%, 01/01/35 | 750 | 837480 |
|  |  | 10141948 |
| **Nevada: 0.9%** |  |  |
| Clark County School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/35 (c) | 1000 | 1099634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/39 (c) | 1000 | 1074339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County School District (GO) (AGM)<br> 3.00%, 06/15/37 (c) | 1500 | 1264212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County School District, Limited Tax, Series A (GO)<br> 5.00%, 06/15/40 (c) | 1000 | 1062085 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Nevada (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County School District, Series A (GO)<br> 5.00%, 06/15/39 (c) | $1375 | $1457856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada Limited Tax, Flood Control (GO)<br> 4.00%, 11/01/33 (c) | 1675 | 1676012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada Limited Tax, Series A (GO)<br> 4.00%, 06/15/41 (c) | 1000 | 948277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB)<br> 5.00%, 07/01/32 (c) | 470 | 498555 |
| Clark County, School District, Series A (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/32 (c) | 1000 | 1074175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/34 (c) | 915 | 976292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, School District, Series B (GO) (BAM)<br> 3.00%, 06/15/38 (c) | 1500 | 1245481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, School District, Series C (GO)<br> 5.00%, 06/15/32 (c) | 1050 | 1082125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Transportation Improvement, Limited Tax, Series B (GO)<br> 4.00%, 12/01/39 (c) | 2245 | 2157974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Valley Water District, Series C (GO)<br> 3.00%, 06/01/32 (c) | 1000 | 944944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AGM)<br> 4.00%, 12/01/33 (c) | 760 | 764488 |
|  |  | 17326449 |
| **New Hampshire: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority Municipal Certificates, Series 1 (RB)<br> 4.17%, 01/20/41 | 5998 | 5701758 |
| **New Jersey: 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Camden, Board of Education of Township of Cherry Hill (GO)<br> 4.00%, 08/01/35 (c) | 500 | 506476 |
| County of Hudson (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/34 (c) | 2000 | 1575476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/35 (c) | 685 | 523599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM)<br> 3.12%, 07/01/31 (c) | 755 | 718194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AGM)<br> 5.00%, 11/01/33 (c) | 1000 | 1053405 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** | | |
| New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/36 (c) | $1250 | $1303913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/37 (c) | 1970 | 2047380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series MMM (RB)<br> 4.00%, 06/15/36 (c) | 1080 | 1057311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series QQQ (RB)<br> 4.00%, 06/15/36 (c) | 1000 | 978991 |
| New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/37 (c) | 1975 | 1519185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/41 (c) | 500 | 341466 |
| New Jersey Educational Facilities Authority, Princeton University, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/36 (c) | 1000 | 790296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 03/01/38 (c) | 2000 | 1497763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Princeton University, Series I (RB)<br> 5.00%, 07/01/32 (c) | 500 | 517485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, Princeton Unviersity, Series A-2 (RB)<br> 5.00%, 03/01/41 (c) | 2500 | 2702918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB)<br> 3.38%, 07/01/34 (c) | 360 | 337650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Valley Health System (RB)<br> 5.00%, 07/01/31 (c) | 1000 | 1057859 |
| New Jersey State Turnpike Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/33 (c) | 1080 | 1121418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/34 (c) | 2900 | 3003506 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/31 (c) | 2830 | 2857944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/40 (c) | 3045 | 2974265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/33 (c) | 1395 | 1447265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/34 (c) | 635 | 656493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/37 (c) | 3000 | 3240431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/38 (c) | 6000 | 6434900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/39 (c) | 2640 | 2870748 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A-1 (RB)<br> 4.10%, 06/15/31 (c) | $780 | $782756 |
| New Jersey Transportation Trust Fund Authority, Series AA (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/39 (c) | 1000 | 957312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 06/15/39 (c) | 1000 | 970348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/40 (c) | 1000 | 1051541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series BB (RB)<br> 4.00%, 06/15/36 (c) | 1045 | 1032171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series CC (RB)<br> 5.00%, 06/15/33 | 1000 | 1096029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series G (RB)<br> 5.00%, 01/01/36 (c) | 2500 | 2577559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series G (RB) (AGM)<br> 4.00%, 01/01/33 (c) | 1630 | 1632663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey, Economic Development Authority, Series SSS (RB)<br> 5.00%, 06/15/34 | 1500 | 1638855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey, Transportation Trust Fund Authority, Series A (RB)<br> 4.00%, 06/15/40 (c) | 1000 | 949492 |
| State of New Jersey, Various Purposes (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/30 (c) | 3000 | 2709893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/34 (c) | 3000 | 2438274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/38 (c) | 2000 | 2099951 |
| Tobacco Settlement Financing Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/31 (c) | 500 | 512747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/32 (c) | 2755 | 2818794 |
|  |  | 66404722 |
| **New Mexico: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New Mexico (GO)<br> 5.00%, 03/01/33 | 1000 | 1118482 |
| **New York: 17.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Battery Park City Authorization, Series B (RB)<br> 5.00%, 11/01/36 (c) | 1000 | 1114794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York NY (GO)<br> 5.00%, 09/01/37 (c) | 2000 | 2152351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York Trust for Cultural Resources, Lincoln Center for Performing Arts Inc., Series A (RB)<br> 4.00%, 12/01/34 (c) | 1500 | 1528756 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Housing Development Corp., Series G-1 (RB)<br> 3.10%, 11/01/32 (c) | $500 | $475497 |
| City of New York, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/34 (c) | 485 | 482841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/38 (c) | 600 | 585963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/34 (c) | 2170 | 2382572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 1000 | 1086375 |
| City of New York, Series B-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 | 500 | 545093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31 (c) | 500 | 533266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/32 (c) | 1125 | 1195800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/40 (c) | 1575 | 1700184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series C (GO)<br> 4.00%, 08/01/41 (c) | 1000 | 942836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series D (GO)<br> 4.00%, 04/01/41 (c) | 1000 | 943505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series D-1 (GO) (BAM)<br> 5.00%, 03/01/37 (c) | 1565 | 1648423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series E (GO)<br> 5.00%, 04/01/37 (c) | 1000 | 1085672 |
| City of New York, Series E-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/32 (c) | 1015 | 1057643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/39 (c) | 2000 | 2052206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/34 (c) | 1000 | 1044165 |
| City of New York, Series F (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/40 (c) | 750 | 808738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/41 (c) | 750 | 803105 |
| City of New York, Series F-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/36 (c) | 1000 | 1093965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 1000 | 1086376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/38 (c) | 1000 | 1081892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/39 (c) | 1330 | 1429391 |
| City of New York, Series G (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/35 | 1215 | 1362309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/36 (c) | 3000 | 3351113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/37 (c) | 500 | 553914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/40 (c) | 5000 | 5407873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series L (GO)<br> 5.00%, 04/01/32 (c) | 655 | 692756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series L-5 (GO)<br> 5.00%, 04/01/34 (c) | 1865 | 2019441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AGM)<br> 4.00%, 04/01/40 (c) | 925 | 854756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB)<br> 3.00%, 12/01/37 (c) | 865 | 703511 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB)<br> 5.00%, 11/15/35 (c) | $1500 | $1647841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Suffolk, New York Water System, Series A (RB)<br> 5.00%, 06/01/36 (c) | 1515 | 1586043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Suffolk, Public Improvement, Series C (GO)<br> 5.00%, 09/01/35 (c) | 1500 | 1607597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dormitory Authority of the State of New York (RB)<br> 5.00%, 03/15/40 (c) | 1500 | 1608894 |
| Dormitory Authority of the State of New York, General Purpose, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/37 (c) | 1000 | 1097883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/38 (c) | 1000 | 1087127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/41 (c) | 2000 | 2138732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dormitory Authority of the State of New York, Series B (RB)<br> 5.00%, 03/15/33 | 1000 | 1112909 |
| Hudson Yards Infrastructure Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/32 (c) | 1700 | 1739682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/33 (c) | 460 | 469918 |
| Long Island Power Authority, Electric System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/31 (c) | 305 | 314224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 (c) | 500 | 514251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/33 (c) | 750 | 770289 |
| Long Island Power Authority, Electric System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/36 (c) | 450 | 401300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/36 (c) | 1500 | 1593042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/41 (c) | 2000 | 2111013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island Power Authority, Electric System, Series B (RB)<br> 5.00%, 09/01/36 (c) | 1000 | 1013383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Dedicated Tax Fund, Series B (RB)<br> 5.00%, 11/15/40 (c) | 2000 | 2163818 |
| Metropolitan Transportation Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/33 (c) | 340 | 339173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/40 (c) | 1000 | 933953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35 (c) | 1000 | 1093045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/40 (c) | 1000 | 1057298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/40 (c) | 2000 | 2124816 |
| Metropolitan Transportation Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/34 | 2000 | 2215478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35 (c) | 2000 | 2028265 |
| Metropolitan Transportation Authority, Series C-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/32 (c) | 1980 | 1984453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31 (c) | 1445 | 1493767 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33 (c) | $2540 | $2613883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/34 (c) | 810 | 831501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series C-2 (RB)<br> 0.00%, 11/15/33 ^ | 1035 | 734092 |
| Metropolitan Transportation Authority, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 11/15/35 (c) | 265 | 223500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/32 (c) | 400 | 400348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32 (c) | 1570 | 1619456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33 (c) | 535 | 550562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series D-1 (RB) (BAM)<br> 5.00%, 11/15/33 (c) | 2000 | 2011864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series A (RB) (AGC)<br> 2.90%, 11/01/37 (c) | 1000 | 829333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB)<br> 2.35%, 11/01/35 (c) | 1100 | 891098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series B-2 (RB)<br> 3.95%, 11/01/64 (c) (p) | 2000 | 2012510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series C-1 (RB)<br> 2.25%, 11/01/41 (c) | 800 | 564576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series I-1 (RB)<br> 2.35%, 11/01/40 (c) | 525 | 384046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AGM)<br> 4.00%, 03/01/32 (c) | 2500 | 2481498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series A (RB)<br> 3.00%, 06/15/36 (c) | 4130 | 3716509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series AA (RB)<br> 5.00%, 06/15/32 (c) | 1000 | 1067043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series CC-1 (RB)<br> 5.00%, 06/15/38 (c) | 1000 | 1015926 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| New York City Municipal Water Finance Authority, Series DD (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/34 (c) | $3685 | $4118408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/34 | 5360 | 6082905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series FF-2 (RB)<br> 5.00%, 06/15/33 (c) | 500 | 528657 |
| New York City Municipal Water Finance Authority, Water & Sewer System, Series DD (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/38 (c) | 1000 | 1153750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/39 (c) | 1000 | 1144217 |
| New York City Transitional Finance Authority Building Aid, Series S (RB) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/35 (c) | 1015 | 1010055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/40 (c) | 1305 | 1305054 |
| New York City Transitional Finance Authority Future Tax, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/36 (c) | 1000 | 1094663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37 (c) | 2000 | 2200706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/39 (c) | 1000 | 1083049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax, Series C-1 (RB)<br> 5.00%, 05/01/40 (c) | 1815 | 1957233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax, Series D (RB)<br> 5.00%, 05/01/33 | 1000 | 1113097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax, Series F-1 (RB)<br> 5.00%, 02/01/39 (c) | 1000 | 1074424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax, Series H (RB)<br> 5.00%, 11/01/38 (c) | 5000 | 5486580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW)<br> 4.00%, 07/15/36 (c) | 1375 | 1359642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW)<br> 5.00%, 07/15/31 (c) | 1010 | 1056092 |
| New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/33 (c) | 1605 | 1668431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/35 (c) | 1000 | 1035525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW)<br> 5.00%, 07/15/33 (c) | 500 | 519760 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/37 (c) | $2000 | $1740525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/36 (c) | 3000 | 3189946 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/31 (c) | 630 | 631952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/32 (c) | 1000 | 1096754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/33 (c) | 450 | 455078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/34 (c) | 880 | 889069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/35 (c) | 655 | 661109 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/35 (c) | 2000 | 1985457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/36 (c) | 1000 | 1099724 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 690 | 701105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 1000 | 1083996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/32 (c) | 540 | 548161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/32 (c) | 1000 | 1023454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/32 (c) | 1065 | 1087594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/33 (c) | 895 | 907431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/34 (c) | 780 | 807833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/34 (c) | 1000 | 1083494 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/30 (c) | 2280 | 2339342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/33 (c) | 900 | 917033 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/39 (c) | 1690 | 1646439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/41 (c) | 500 | 475045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/37 (c) | 2500 | 2655685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)<br> 5.00%, 02/01/39 (c) | 1710 | 1721811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series C (RB)<br> 5.00%, 05/01/33 | 1000 | 1113097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series C, Subseries C-1 (RB)<br> 5.00%, 05/01/39 (c) | 2000 | 2173900 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| New York City Transitional Finance Authority, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/37 (c) | $3000 | $3313331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/39 (c) | 4300 | 4641432 |
| New York City Transitional Finance Authority, Series E (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/35 (c) | 2000 | 2225587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/38 (c) | 2000 | 2186550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/39 (c) | 2000 | 2166097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/40 (c) | 3000 | 3235095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series F (RB)<br> 5.00%, 11/01/32 | 2000 | 2219063 |
| New York City Transitional Finance Authority, Series H (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/35 (c) | 2000 | 2235479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/40 (c) | 3000 | 3245186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Water and Sewer System, Series AA-2 (RB)<br> 3.00%, 06/15/40 (c) | 915 | 737952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Water and Sewer System, Series EE (RB) (AGC)<br> 5.00%, 06/15/40 (c) | 2085 | 2158957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Environmental Facilities Corporation, New York City Municipal Water Finance Authory Projects, Series A (RB)<br> 5.00%, 06/15/40 (c) | 1000 | 1098181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB)<br> 5.25%, 10/01/35 | 1000 | 1117319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority (RB)<br> 5.00%, 07/01/35 | 2000 | 2237173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2B (RB)<br> 5.00%, 07/01/49 (c) (p) | 3000 | 3259528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Memorial Sloan- Kettering Cancer Center (RB)<br> 4.00%, 07/01/37 (c) | 1000 | 993163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York Northwell Health, Series A (RB)<br> 5.00%, 05/01/34 | 4000 | 4364082 |
| New York State Dormitory Authority, New York University, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/38 (c) | 1000 | 950230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/32 (c) | 385 | 404488 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 (c) | $1140 | $1176724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York University, Series A (RB) (AGC)<br> 5.00%, 03/15/38 (c) | 1250 | 1282800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York White Plants Hospital (RB) (AGC)<br> 5.25%, 10/01/41 (c) | 750 | 807049 |
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/15/42 (c) | 500 | 390839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/39 (c) | 2000 | 2029786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Personal Income Tax, Series E (RB)<br> 4.00%, 03/15/38 (c) | 1500 | 1467171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Sales Tax, Series A (RB)<br> 5.00%, 03/15/37 (c) | 1000 | 1092565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM)<br> 4.00%, 10/01/35 (c) | 1315 | 1311130 |
| New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM-ST AID WITHHLDG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/35 (c) | 2040 | 2199104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/36 (c) | 1000 | 1073045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)<br> 5.00%, 10/01/32 (c) | 1200 | 1220214 |
| New York State Dormitory Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/33 (c) | 1000 | 1000236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/35 (c) | 2475 | 2450913 |
| New York State Dormitory Authority, State Personal Income Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/15/38 (c) | 3120 | 2655149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/36 (c) | 1235 | 1217227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/37 (c) | 1135 | 1121705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/37 (c) | 1075 | 1062407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/38 (c) | 2795 | 2736212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/32 (c) | 595 | 609375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/34 (c) | 2370 | 2499575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/35 (c) | 1950 | 2052108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/36 (c) | 3910 | 4102573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/39 (c) | 2000 | 2135966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/38 (c) | 1305 | 1357154 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Personal Income Tax, Series B (RB)<br> 5.00%, 02/15/37 (c) | $2270 | $2313951 |
| New York State Dormitory Authority, State Personal Income Tax, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/32 (c) | 940 | 956612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/33 (c) | 2000 | 2137533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Personal Income Tax, Series E (RB)<br> 4.00%, 03/15/37 (c) | 2000 | 1976572 |
| New York State Dormitory Authority, State Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/33 (c) | 1000 | 1025032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/34 (c) | 2110 | 2158557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Sales Tax, Series C (RB)<br> 5.00%, 03/15/35 (c) | 1970 | 2043456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)<br> 5.00%, 06/15/32 (c) | 415 | 423005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB)<br> 5.00%, 06/15/36 (c) | 1250 | 1325843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB)<br> 5.00%, 06/15/33 (c) | 1000 | 1029603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series A (RB)<br> 3.95%, 11/01/50 (c) (p) | 2500 | 2466632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series A-1 (RB)<br> 3.60%, 11/01/44 (c) (p) | 500 | 495146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series H (RB) (AGM)<br> 2.10%, 11/01/35 (c) | 835 | 655029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Personal Income Tax, Series A-1 (RB)<br> 4.00%, 03/15/40 (c) | 525 | 500409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series A (RB)<br> 5.00%, 01/01/41 (c) | 1000 | 1001499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series B (RB) (AGM)<br> 4.00%, 01/01/37 (c) | 800 | 799470 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| New York State Thruway Authority, Series L (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/01/37 (c) | $1120 | $1060525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/36 (c) | 2500 | 2508408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series P (RB)<br> 5.00%, 01/01/38 (c) | 1000 | 1089016 |
| New York State Thruway Authority, State Personal Income, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/34 (c) | 2000 | 2158192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/35 (c) | 800 | 858781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., State Personal Income, Series A (RB)<br> 5.00%, 03/15/37 (c) | 1475 | 1565064 |
| New York State Urban Development Corp., State Personal Income, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/34 (c) | 1000 | 1003140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/37 (c) | 1000 | 981838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/32 (c) | 4295 | 4422663 |
| New York State Urban Development Corp., State Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/35 (c) | 1000 | 1058625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/36 (c) | 4500 | 4864928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State, Urban Development Coporation, Series B (RB)<br> 5.00%, 03/15/36 (c) | 1000 | 1101496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transitional Finance Authority, Series E (RB)<br> 5.00%, 11/01/36 (c) | 1760 | 1949079 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/41 (c) | 2480 | 2284085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/35 (c) | 750 | 785402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/37 (c) | 1000 | 1037724 |
| Port Authority of New York & New Jersey (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/40 (c) | 1000 | 1085424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/41 (c) | 2000 | 2154121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 194 (RB)<br> 5.00%, 10/15/41 (c) | 1000 | 1000849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 209 (RB)<br> 5.00%, 07/15/36 (c) | 500 | 515678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 211 (RB)<br> 5.00%, 09/01/34 (c) | 500 | 518839 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York and New Jersey, Series 217 (RB)<br> 5.00%, 11/01/36 (c) | $500 | $526580 |
| Port Authority of New York and New Jersey, Series 222 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/36 (c) | 2600 | 2584798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/37 (c) | 3975 | 3931340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/34 (c) | 1000 | 1075502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/35 (c) | 1000 | 1070261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New York, Dormitory Authority, Series A (RB)<br> 5.00%, 03/15/41 (c) | 1000 | 1074203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New York, Mortgage Agency, Series 195 (RB)<br> 3.00%, 10/01/31 (c) | 615 | 574751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New York, Mortgage Agency, Series 205 (RB)<br> 3.12%, 10/01/32 (c) | 460 | 433177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Hempstead, New York Public Improvement (GO)<br> 4.00%, 05/01/41 (c) | 1000 | 999923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A-1 (RB)<br> 5.00%, 05/15/40 (c) | 750 | 807569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series A (RB)<br> 5.00%, 11/15/31 | 1000 | 1113997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB)<br> 5.00%, 05/15/31 | 1130 | 1251742 |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/36 (c) | 3000 | 3318009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/37 (c) | 1225 | 1320388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/38 (c) | 2000 | 2191672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, Series A (RB)<br> 5.00%, 12/01/40 (c) | 1000 | 1076341 |
| Triborough Bridge and Tunnel Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/31 | 1000 | 1112119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/32 (c) | 1070 | 1097670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33 (c) | 1255 | 1284999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/37 (c) | 1000 | 1018013 |
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/31 (c) | 1795 | 1898239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/37 (c) | 500 | 515230 |
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/33 (c) | 500 | 505792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/35 (c) | 845 | 851943 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSASC, Inc., Tobacco Settlement, Series A (RB)<br> 5.00%, 06/01/41 (c) | $1000 | $991236 |
| Utility Debt Securitization Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/36 (c) | 2830 | 2842608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/38 (c) | 2000 | 2050099 |
| Utility Debt Securitization Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/32 (c) | 610 | 621495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/33 (c) | 2000 | 2035473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/35 (c) | 500 | 508868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority, Series E (RB)<br> 5.00%, 12/15/35 (c) | 2000 | 2233097 |
|  |  | 349099583 |
| **North Carolina: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB)<br> 5.00%, 01/15/49 (p) | 3000 | 3259688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB)<br> 4.00%, 01/15/35 (c) | 1925 | 1925400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Wake (RB)<br> 3.00%, 03/01/35 (c) | 1500 | 1377691 |
| North Carolina Charlotte Douglas International Airport, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/38 (c) | 1000 | 988258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/39 (c) | 1670 | 1634203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency Home Ownership (RB)<br> 4.60%, 07/01/37 (c) | 1000 | 1004044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Municipal Power Agency No. 1, Series A (RB)<br> 5.00%, 01/01/32 (c) | 1000 | 1068465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB)<br> 5.00%, 01/01/32 (c) | 500 | 510226 |
| North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/33 (c) | 890 | 893769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/34 (c) | 360 | 361498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/35 (c) | 800 | 802929 |
| State of North Carolina, Department of State Treasurer (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/36 (c) | 1500 | 1669031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/40 (c) | 1000 | 1081003 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **North Carolina (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Department of State Treasurer, Series B (GO)<br> 2.12%, 06/01/36 (c) | $625 | $506634 |
| State of North Carolina, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/34 (c) | 380 | 354303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/31 (c) | 1100 | 1201012 |
| State of North Carolina, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/31 (c) | 1000 | 1068960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/34 (c) | 1000 | 1105051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Series B (RB)<br> 3.00%, 05/01/31 (c) | 800 | 769919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of North Carolina at Chapel Hill, Series B (RB)<br> 5.00%, 12/01/37 (c) | 1000 | 1086049 |
|  |  | 22668133 |
| **Ohio: 2.0%** |  |  |
| Akron Bath Copley Joint Township Hospital District, Summa Health (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/35 (c) | 1000 | 963080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/36 (c) | 1000 | 950576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Inc., Spairie State Campus Project, Series A (RB)<br> 5.00%, 02/15/37 (c) | 1000 | 1077566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Inc., Spairie State Campus Project, Series A (RB) (BAM-TCRS)<br> 4.00%, 02/15/34 (c) | 1520 | 1532743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Inc., Spairie State Campus Project, Series B (RB)<br> 5.00%, 02/15/35 (c) | 1360 | 1430816 |
| Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/32 (c) | 500 | 519048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/33 (c) | 500 | 517196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/34 (c) | 3000 | 3087965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Columbus, Various Purpose, Series A (GO)<br> 5.00%, 08/15/40 (c) | 1000 | 1089828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Columbus, Various Purpose, Series B (GO)<br> 5.00%, 04/01/31 (c) | 1245 | 1328206 |
| County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/33 | 1000 | 1087773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34 | 1000 | 1086620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Butler, Ohio Hospital Facilities, UC Health (RB)<br> 4.00%, 11/15/37 (c) | 500 | 460878 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Ohio (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)<br> 5.00%, 02/15/42 (c) | $1000 | $974000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hamilton, Series A (RB)<br> 4.00%, 12/01/31 (c) | 1000 | 1003957 |
| Ohio Turnpike and Infrastructure Commission, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/32 (c) | 500 | 519136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/39 (c) | 2000 | 2175389 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 | 2500 | 2834478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/40 (c) | 1000 | 1090539 |
| Ohio Water Development Authority, Drinking Water Assistance, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/36 (c) | 1335 | 1440866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/40 (c) | 1000 | 1086589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Water Development Authority, Fresh Water (RB)<br> 5.00%, 12/01/37 (c) | 1760 | 1850646 |
| Ohio Water Development Authority, Water Pollution Control, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/33 (c) | 1000 | 1082736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/37 (c) | 1970 | 2093702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio Common Schools, Series A (GO)<br> 5.00%, 06/15/40 (c) | 1000 | 1092072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB)<br> 4.00%, 01/01/34 (c) | 760 | 759812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Cleveland Clinic System, Series B (RB) (BAM)<br> 4.00%, 01/01/41 (c) | 835 | 792536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Highway Capital Improvement, Series T (GO)<br> 5.00%, 05/01/33 (c) | 1000 | 1028760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Major New Infrastructure Project (RB)<br> 5.00%, 12/15/31 | 1225 | 1360433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Ohio, Ohio Water Development Authority, Water Pollution Control, Series A (RB)<br> 5.00%, 12/01/40 (c) | 1000 | 1086589 |
| State of Ohio, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/35 | 1000 | 1137634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/36 (c) | 840 | 926115 |
|  |  | 39468284 |
| **Oklahoma: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand River Dam Authority (RB)<br> 5.00%, 06/01/38 (c) | 2000 | 2138341 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Oklahoma (continued)** |  |  |
| Grand River Dam Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/33 (c) | $2000 | $2004125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/31 (c) | 515 | 526846 |
| Oklahoma Turnpike Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/40 (c) | 500 | 540553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/41 (c) | 500 | 536397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority, Series C (RB)<br> 5.00%, 01/01/35 (c) | 565 | 577082 |
|  |  | 6323344 |
| **Oregon: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB)<br> 5.00%, 08/15/33 (c) | 720 | 760946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asante Health System, Hospital Facilities Authority of the City of Medford, Asante Projects, Series A (RB) (AGM)<br> 5.00%, 08/15/34 (c) | 700 | 736206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Portland Oregon, Sewer System, Series A (RB)<br> 3.00%, 03/01/37 (c) | 2350 | 2094754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corvallis School District No. 509J, Series B (GO) (SBG)<br> 5.00%, 06/15/35 (c) | 1285 | 1326788 |
| Hillsboro School District No. 1J (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/31 (c) | 1000 | 1028003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/35 (c) | 590 | 602644 |
| Marion and Polk County, Salem-Keizer School District No. 24J, Series B (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/35 (c) | 740 | 742913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/32 (c) | 545 | 566362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marion and Polk County, Salem-Keizer School District No. 24J, Series C (GO) (SBG)<br> 4.00%, 06/15/38 (c) | 2000 | 2002647 |
| Multnomah and Clackamas Counties, School District No. 10JT, Series B (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/32 (c) ^ | 1215 | 900607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 06/15/33 (c) ^ | 1010 | 713545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J, Series B (GO) (SBG)<br> 3.00%, 06/15/33 (c) | 1280 | 1204031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multnomah County, School District No. 1J (GO) (SBG)<br> 5.00%, 06/15/35 (c) | 1000 | 1101411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland Community College District (GO)<br> 5.00%, 06/15/36 (c) | 1000 | 1098816 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Oregon (continued)** |  |  |
| State of Oregon Department of Administrative Services, Oregon State Lottery, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/35 | $1000 | $1130537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/36 (c) | 500 | 561039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/41 (c) | 1000 | 1077640 |
| State of Oregon, Department of Transportation, Highway User Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/38 (c) | 3000 | 2988290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/36 (c) | 1000 | 1068176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/36 (c) | 1650 | 1736679 |
| State of Oregon, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/36 (c) | 1000 | 1104897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/42 (c) | 500 | 549198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon, Series A (RB)<br> 3.25%, 10/01/34 (c) | 570 | 534398 |
|  |  | 25630527 |
| **Pennsylvania: 3.6%** |  |  |
| Allegheny County Hospital Development Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/33 (c) | 1120 | 1151194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/33 (c) | 810 | 844716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County Sanitary Authority Sewer (RB)<br> 5.00%, 12/01/35 (c) | 1000 | 1006142 |
| City of Philadelphia, Gas Works (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31 (c) | 735 | 748994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/32 (c) | 970 | 988065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/33 (c) | 680 | 692098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia, Series A (RB) (AGC)<br> 4.00%, 07/01/36 (c) | 1000 | 1000823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia, Series B (GO)<br> 5.00%, 02/01/37 (c) | 1500 | 1561767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia, Series C (RB) (AGC)<br> 5.00%, 09/01/37 (c) | 2000 | 2182754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, Series A (RB)<br> 5.00%, 06/01/33 (c) | 1595 | 1596920 |
| Commonwealth of Pennsylvania (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/15/35 (c) | 1055 | 931585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/32 (c) | 1500 | 1503508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/34 (c) | 1500 | 1501049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 | 2000 | 2232949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/37 (c) | 1000 | 1083798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/39 (c) | 2000 | 2172613 |
| Geisinger Authority Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/39 (c) | 1000 | 959507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/39 (c) | 3100 | 3121203 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB)<br> 3.38%, 11/15/33 (c) | $1000 | $955731 |
| Pennsylvania Higher Educational Facilities Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/34 (c) | 120 | 123573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/34 (c) | 645 | 635843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, The University of Pennsylvania, Series A (RB)<br> 5.00%, 02/15/35 | 500 | 566416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series B (RB)<br> 5.25%, 11/01/41 (c) | 1500 | 1591259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB)<br> 4.00%, 08/15/31 (c) | 1000 | 999952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB)<br> 5.00%, 10/01/34 (c) | 2675 | 2692775 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28%, 10/01/41 (c) | 500 | 352087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 10/01/31 (c) | 700 | 651933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/39 (c) | 1000 | 845051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 10/01/31 (c) | 425 | 405063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 10/01/32 (c) | 315 | 312097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB)<br> 4.30%, 10/01/41 (c) | 1000 | 985919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB)<br> 3.20%, 10/01/32 (c) | 300 | 283214 |
| Pennsylvania Turnpike Commission (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/33 | 2000 | 2225800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/36 (c) | 2000 | 2203890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/40 (c) | 1000 | 1082248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Motor License (RB)<br> 4.00%, 12/01/37 (c) | 2000 | 2005536 |
| Pennsylvania Turnpike Commission, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/32 (c) | 750 | 764198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 1000 | 1106947 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/37 (c) | $1250 | $1295978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/37 (c) | 1000 | 1048750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series A-1 (RB)<br> 5.00%, 12/01/37 (c) | 1025 | 1045108 |
| Pennsylvania Turnpike Commission, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/36 (c) | 1000 | 1001076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/37 (c) | 1025 | 1016853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 1010 | 1016993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 700 | 757313 |
| Pittsburgh Water and Sewer Authority, Series B (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/31 | 1460 | 1611214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 | 2000 | 2226037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/33 | 2000 | 2241397 |
| School District of Philadelphia, Series F (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/32 (c) | 485 | 494996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/37 (c) | 1000 | 1015118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/38 (c) | 1570 | 1591895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Pennsylvania (GO)<br> 5.00%, 09/01/31 | 2000 | 2205936 |
| State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/32 (c) | 1750 | 1767104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/33 (c) | 1225 | 1234547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Pennsylvania State University, Series A (RB)<br> 5.00%, 09/01/40 (c) | 1790 | 1795758 |
|  |  | 69435290 |
| **Rhode Island: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Commerce Corp., Department of Transportation, Series A (RB)<br> 5.00%, 05/15/38 (c) | 1000 | 1090514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corporation, Hospital Financing (RB)<br> 5.00%, 05/15/34 | 1000 | 1072078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AGM)<br> 2.10%, 10/01/35 (c) | 1000 | 777185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Rhode Island, Series A (GO)<br> 5.00%, 08/01/39 (c) | 2000 | 2145521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Series A (RB)<br> 5.00%, 06/01/40 (c) | 1000 | 1000215 |
|  |  | 6085513 |
| **South Carolina: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Columbia, South Carolina, Series B (RB)<br> 4.00%, 02/01/41 (c) | 2000 | 1913977 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **South Carolina (continued)** |  |  |
| Lancaster County, School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/01/32 (c) | $325 | $313479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/35 (c) | 1000 | 1000018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriots Energy Group Financing Agency, Gas Supply, Series A (RB)<br> 5.25%, 10/01/54 (c) (p) | 5000 | 5233453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piedmont Municipal Power Agency, Series B (RB)<br> 5.00%, 01/01/32 (c) | 1000 | 1063759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series B (RB)<br> 5.00%, 11/01/49 (c) (p) | 1000 | 1065540 |
| South Carolina Jobs-Economic Development Authority, Novant Health, Inc., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34 (c) | 5000 | 5506368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/01/40 (c) | 1000 | 1080304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Transportation Infrastructure Bank, Series A (RB)<br> 5.00%, 10/01/37 (c) | 1000 | 1021227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina, Public Service Authority, Series A (RB)<br> 5.00%, 12/01/37 (c) | 1500 | 1500193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB)<br> 4.00%, 06/01/39 (c) | 1000 | 987876 |
|  |  | 20686194 |
| **Tennessee: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Shelby, Public Improvement, Series B (GO)<br> 4.00%, 04/01/40 (c) | 1000 | 974683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville and Davidson County (GO)<br> 4.00%, 01/01/32 (c) | 580 | 581025 |
| Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/31 (c) | 1000 | 1071430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 | 1240 | 1348385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/34 | 2000 | 2177653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee (RB)<br> 0.00%, 04/01/33 (c) ^ | 2550 | 1733011 |
| Shelby County, Public Improvement, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/33 (c) | 3000 | 3029455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/34 (c) | 1000 | 1007501 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Tennessee (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/35 (c) | $1000 | $1005589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Tennessee, Series A (GO)<br> 5.00%, 05/01/35 (c) | 1000 | 1115661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Corp. Gas Supply, Series A (RB)<br> 5.50%, 10/01/53 (c) (p) | 2000 | 2096997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB)<br> 5.00%, 05/01/52 (c) (p) | 4000 | 4171730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Health and Educational Facilities Board of the Town of Greenville Tennessee, Ballad Health, Series A (RB)<br> 4.00%, 07/01/40 (c) | 1155 | 1082600 |
|  |  | 21395720 |
| **Texas: 9.0%** |  |  |
| Aldine Independent School District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/33 (c) | 910 | 912430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/34 (c) | 675 | 675710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Independent School District, Unlimited Tax School Building (GO)<br> 4.00%, 02/15/34 (c) | 1000 | 1010620 |
| Austin Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/36 (c) | 1500 | 1637781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 1000 | 1097613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bexar County Hospital District, Limited Tax (GO)<br> 4.00%, 02/15/35 (c) | 1000 | 998250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System (RB)<br> 5.00%, 08/15/41 (c) | 2000 | 2158546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series A (RB)<br> 3.00%, 08/15/41 (c) | 525 | 423690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series A (RB) (AGM)<br> 5.00%, 08/15/31 (c) | 850 | 909476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series B (RB)<br> 5.00%, 07/01/36 | 2250 | 2554892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Hill Independent School District (GO)<br> 5.00%, 02/15/41 (c) | 1000 | 1064265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Austin, Electric Utility System (RB)<br> 5.00%, 11/15/35 (c) | 2000 | 2200789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Dallas, Series A (GO)<br> 3.00%, 02/15/36 (c) | 600 | 528386 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Dallas, Waterworks and Sewer System, Series A (RB)<br> 5.00%, 10/01/31 (c) | $600 | $612974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Dallas, Waterworks and Sewer System, Series C (RB)<br> 5.00%, 10/01/33 (c) | 1500 | 1621061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Denton, Utility System (RB)<br> 5.00%, 12/01/31 (c) | 965 | 984112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Airport System, Series D (RB)<br> 5.00%, 07/01/36 (c) | 1000 | 1014800 |
| City of Houston, Combined Utility System, First Lien, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/33 (c) | 4500 | 4861912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/36 (c) | 1000 | 1098664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Combined Utility System, First Lien, Series C (RB)<br> 4.00%, 11/15/36 (c) | 1500 | 1503287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Combined Utility System, First Lien, Series D (RB)<br> 5.00%, 11/15/33 (c) | 1000 | 1045987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Public Improvement, Series A (GO)<br> 5.00%, 03/01/32 (c) | 1000 | 1060285 |
| City of Houston, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/32 (c) | 520 | 533606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/40 (c) | 1000 | 1068000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Public Improvement, Series A (GO)<br> 5.00%, 03/01/34 (c) | 1000 | 1102571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio TX Electric & Gas Systems Revenue (RB)<br> 5.00%, 02/01/40 (c) | 1000 | 1067029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Bexar County, Series B (RB)<br> 5.00%, 05/15/35 (c) | 1000 | 1116933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Electric and Gas Systems (RB)<br> 5.00%, 02/01/33 (c) | 1000 | 1090461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Electric and Gas Systems, Series B (RB)<br> 5.00%, 02/01/39 (c) | 1000 | 1071215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Series A (RB)<br> 5.00%, 05/15/37 (c) | 1000 | 1103688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Creek Independent School District, Unlimited Tax (GO)<br> 5.00%, 02/15/38 (c) | 2000 | 2178718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpus Christi Independent School District (GO)<br> 4.00%, 08/15/32 (c) | 320 | 323655 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Bexar, Alamo Community College District (GO)<br> 4.00%, 08/15/32 (c) | $1000 | $1023079 |
| County of Collin, Community College District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/33 (c) | 500 | 477224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/31 (c) | 925 | 934356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Dallas, Cedar Hill Independent School District (GO)<br> 5.00%, 02/15/40 (c) | 1000 | 1070288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Dallas, Garland Independent School District, Series A (GO)<br> 5.00%, 02/15/37 (c) | 500 | 544733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Dallas, Highland Park Independent School District (GO)<br> 3.00%, 02/15/35 (c) | 1540 | 1424912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Harris, Cultural Education Facilities Finance Corp., TECO Project (RB)<br> 4.00%, 11/15/32 (c) | 950 | 943199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Harris, Houston Independent School District, Series A (GO)<br> 4.00%, 02/15/39 (c) | 1000 | 972711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Harris, Toll Road, Senior Lien, Series A (RB)<br> 5.00%, 08/15/33 (c) | 675 | 685393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District (GO)<br> 4.00%, 02/15/38 (c) | 1275 | 1269117 |
| Cypress-Fairbanks Independent School District, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/34 (c) | 500 | 464327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/35 (c) | 2335 | 2135681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/37 (c) | 1500 | 1503914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/31 (c) | 1805 | 1922904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas Area Rapid Transit, Senior Lien (RB)<br> 5.00%, 12/01/33 (c) | 1835 | 1956437 |
| Dallas Independent School District, Unlimited Tax School Building (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/35 (c) | 1000 | 1092341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/36 (c) | 1000 | 1086341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/40 (c) | 1500 | 1594641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Mountain and Saginaw Independent School District (GO)<br> 4.00%, 08/15/32 (c) | 335 | 335855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EP Tuscany Zaragosa PFC Residential Development, Tuscany at Mega Hills and Villas (RB)<br> 4.00%, 12/01/33 (c) | 1000 | 978032 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| Frisco Independent School District (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/32 (c) | $1350 | $1384039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/36 (c) | 1345 | 1345931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/36 (c) | 1000 | 1048924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series B (RB)<br> 5.00%, 07/01/36 (c) | 3000 | 3275999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Cultural Education Facilities Finance Corp., Texas Children's Hospital, Series A (RB)<br> 3.00%, 10/01/40 (c) | 1145 | 931773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Flood Control District Improvement, Series A (GO)<br> 4.00%, 10/01/35 (c) | 1000 | 1011131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Hospital District (RB)<br> 4.00%, 02/15/42 (c) | 560 | 498072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority (RB) (AGC)<br> 5.00%, 11/15/37 (c) | 1000 | 1090279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Texas Permanent Improvement (GO)<br> 5.00%, 09/15/41 (c) | 1000 | 1062169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hays Consolidated Independent School District (GO)<br> 5.00%, 02/15/40 (c) | 1000 | 1063707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Katy Independent School District, Fort Bend, Harris and Waller Counties (GO)<br> 5.00%, 02/15/38 (c) | 2510 | 2556852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Consolidated Independent School District, Fort Bend County, Texas, Series A (GO)<br> 5.00%, 02/15/41 (c) | 2000 | 2121581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lewisville Independent School District, Denton and Tarrant Counties (GO)<br> 5.00%, 08/15/37 (c) | 1910 | 2072258 |
| Lone Star College System (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/32 (c) | 1500 | 1501002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/33 (c) | 400 | 405205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority (RB) (AGM)<br> 5.00%, 05/15/32 (c) | 1000 | 1089937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM)<br> 5.00%, 05/15/36 (c) | 1000 | 1091862 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midland County Texas, Midland Independent School District (GO)<br> 4.00%, 02/15/39 (c) | $2555 | $2533144 |
| New Hope Cultural Education Facilities Finance Corp. Hospital, Children's Healthcare, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/36 (c) | 1005 | 962353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/40 (c) | 555 | 507608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Municipal Water District, Water System (RB)<br> 5.00%, 09/01/35 (c) | 715 | 725841 |
| North Texas Tollway Authority System, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/33 (c) | 1975 | 1977909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/36 (c) | 2000 | 1941785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/38 (c) | 2250 | 2114900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/34 | 3000 | 3328389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/39 (c) | 1000 | 1007582 |
| North Texas Tollway Authority, First Tier, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 01/01/40 (c) | 2000 | 1954514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/33 (c) | 500 | 503548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/41 (c) | 1500 | 1584057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Second Tier, Series B (RB) (AGM)<br> 4.00%, 01/01/35 (c) | 450 | 443973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northside Independent School District, Unlimited Tax (GO)<br> 5.00%, 08/15/32 (c) | 880 | 912851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent University Fund, University of Texas System, Series A (RB)<br> 5.00%, 07/01/33 (c) | 1180 | 1306886 |
| Pflugerville Independent School District, Unlimited Tax, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/34 (c) | 1875 | 2037900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/37 (c) | 1000 | 1065598 |
| Plano Independent School District, Unlimited Tax (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/35 (c) | 1000 | 1094287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/36 (c) | 1000 | 1087906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Houston Authority of Harris County, Series A-2 (GO)<br> 5.00%, 10/01/34 (c) | 1000 | 1078225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Texas, Conroe Independent School Disrict (GO)<br> 5.00%, 02/15/38 (c) | 1000 | 1092486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Texas, Tarrant County College District (GO)<br> 5.00%, 08/15/40 (c) | 2020 | 2132165 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Texas, Tarrant County, Hurst-Euless-Bedford Independent School District (GO)<br> 4.00%, 08/15/40 (c) | $1000 | $979019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Department of Housing & Community Affairs, Series A (RB) (GNMA/FNMA)<br> 3.80%, 07/01/39 (c) | 1670 | 1558706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (RB)<br> 5.00%, 12/15/31 | 1475 | 1541018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV, Series B (RB)<br> 5.50%, 01/01/54 (c) (p) | 3000 | 3222680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp. III (RB)<br> 5.00%, 12/15/32 | 1000 | 1045930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp. V (RB)<br> 5.00%, 01/01/55 (c) (p) | 2000 | 2080460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Power Agency (RB) (AGM)<br> 3.00%, 09/01/38 (c) | 1000 | 837264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group LLC I-635 Managed Lanes Project, Series A (RB)<br> 4.00%, 06/30/36 (c) | 1390 | 1349512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB)<br> 4.00%, 12/31/37 (c) | 1000 | 961273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corporation, Series A (RB)<br> 4.00%, 12/31/39 (c) | 2000 | 1869037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)<br> 5.00%, 08/15/41 (c) | 2255 | 2372849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Transportation Commission, Highway Improvement, Series A (GO)<br> 5.00%, 04/01/38 (c) | 1000 | 1007274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Transportation Commission, State of Texas Highway Improvement (GO)<br> 5.00%, 04/01/40 (c) | 2500 | 2672898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board (RB)<br> 3.00%, 10/15/34 (c) | 500 | 461437 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/35 (c) | $750 | $680849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/36 (c) | 950 | 847054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/31 (c) | 2000 | 2057175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/35 (c) | 2000 | 2000001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/36 (c) | 1000 | 1115793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/39 (c) | 1000 | 1087157 |
| Texas Water Development Board, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/35 (c) | 2650 | 2366386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/33 (c) | 600 | 603958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/33 (c) | 400 | 402212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/34 (c) | 1000 | 1000219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/34 (c) | 1000 | 1002907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/15/39 (c) | 1000 | 1038354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/15/40 (c) | 2000 | 2016417 |
| Texas Water Development Board, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/34 (c) | 1000 | 1004342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/37 (c) | 3000 | 2948890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/32 (c) | 1500 | 1582920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board, Series D (RB)<br> 3.00%, 10/15/37 (c) | 500 | 437766 |
| Tomball Independent School District, Unlimited Tax (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/37 (c) | 1100 | 1195306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/38 (c) | 1000 | 1081311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/42 (c) | 1000 | 1060459 |
| Travis County, Texas Permanent Improvement (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/41 (c) | 1000 | 960679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/40 (c) | 1000 | 1076457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Houston, Board of Regents, Series A (RB)<br> 5.00%, 02/15/35 (c) | 1500 | 1622844 |
| University of Texas, Board of Regents, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/34 (c) | 2000 | 2203074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/40 (c) | 1000 | 1072107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Texas, Board of Regents, Series B (RB)<br> 5.00%, 07/01/37 (c) | 1990 | 2202015 |
|  |  | 174617528 |
| **Utah: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Utah Water Conservancy District, Series B (RB)<br> 4.00%, 10/01/34 (c) | 395 | 395080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermountain Power Agency, Utah Power Supply, Series A (RB)<br> 4.00%, 07/01/36 (c) | 2000 | 1944286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Utah, Series A (RB)<br> 5.00%, 08/01/31 (c) | 365 | 377501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Utah, Series B (RB)<br> 5.00%, 08/01/38 (c) | 2220 | 2375772 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Utah (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Telecommunication Open Infrastructure Agency (RB)<br> 5.25%, 06/01/37 (c) | $2770 | $3014767 |
| Utah Transit Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/40 (c) | 2000 | 2160994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/41 (c) | 1000 | 1068627 |
|  |  | 11337027 |
| **Vermont: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Vermont & State Agricultural College (RB)<br> 4.00%, 10/01/40 (c) | 2000 | 1905908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vermont Educational & Health Buildings Financing Agency, Series A (RB)<br> 5.00%, 12/01/31 (c) | 1000 | 1010798 |
|  |  | 2916706 |
| **Virginia: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington County, Public Improvement (GO)<br> 5.00%, 06/15/34 (c) | 2000 | 2221087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fairfax, Public Improvement, Series A (GO)<br> 2.00%, 10/01/34 (c) | 375 | 305362 |
| County of Fairfax, Public Improvement, Series A (GO) (SAW) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/36 (c) | 1000 | 1005747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/31 (c) | 750 | 788025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/32 (c) | 1755 | 1873656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Loudoun, Economic Development Authority, Public Facility, Series A (RB)<br> 3.00%, 12/01/36 (c) | 1500 | 1314636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB)<br> 5.00%, 11/01/35 | 2000 | 2179121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hampton Roads Transportation Accountability Commission, Series A (RB)<br> 4.00%, 07/01/40 (c) | 665 | 652070 |
| Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/36 (c) | 2750 | 2470241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/36 (c) | 1500 | 1501227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/38 (c) | 2095 | 2090295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/35 (c) | 1950 | 2070783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Bidding Group 2, Series A (RB)<br> 4.00%, 02/01/41 (c) | 1000 | 968034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board, Series A (RB)<br> 4.00%, 05/15/36 (c) | 1000 | 996467 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/32 (c) | $800 | $830827 |
| Virginia Public Building Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/32 (c) | 695 | 652708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 08/01/34 (c) | 1050 | 975471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/33 (c) | 1000 | 1083391 |
| Virginia Public Building Authority, Series A-2 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/35 (c) | 1000 | 1013106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/37 (c) | 1000 | 1001535 |
|  |  | 25993789 |
| **Washington: 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S (RB)<br> 5.00%, 11/01/41 (c) | 1000 | 1007409 |
| City of Seattle, Municipal Light and Power Improvement, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/36 (c) | 1000 | 1006959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/37 (c) | 1000 | 1001961 |
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/32 (c) | 695 | 722113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 (c) | 400 | 411069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 (c) | 1930 | 2080134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/35 (c) | 2000 | 2207707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 1000 | 1096798 |
| Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 2605 | 2775045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/36 (c) | 1000 | 1049999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/38 (c) | 500 | 521178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Northwest, Colombia Generating Station Electric, Series C (RB)<br> 5.00%, 07/01/34 (c) | 1000 | 1035115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everett Housing Authority, Hunting Park Apartments Project (RB)<br> 4.00%, 07/01/37 (c) | 3845 | 3702365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin County, Pasco School District No. 1 (GO) (SBG)<br> 5.00%, 12/01/38 (c) | 1000 | 1078049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County, School District No. 210 Federal Way (GO) (SBG)<br> 4.00%, 12/01/33 (c) | 880 | 888061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County, School District No. 401 Highline (GO) (SBG)<br> 3.12%, 12/01/32 (c) | 690 | 659286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County, School District No. 411 Issaquah (GO) (SBG)<br> 4.00%, 12/01/31 (c) | 635 | 636624 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County, School District No. 414 Lake Washington (GO) (SBG)<br> 5.00%, 12/01/31 (c) | $980 | $1006236 |
| Kitsap County, School District No. 401 Central Kitsap (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/32 (c) | 1425 | 1427856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/33 (c) | 1250 | 1251486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/34 (c) | 1000 | 999402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pierce County, School District No. 403 Bethel (GO) (SBG)<br> 5.00%, 12/01/32 (c) | 500 | 531552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pierce County, Washington School District No. 320, Pierce County (GO) (SBG)<br> 5.00%, 12/01/36 (c) | 1000 | 1109235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renton School District No. 43, Kings County, Washington (GO) (SBG)<br> 5.00%, 12/01/37 (c) | 1615 | 1751172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO)<br> 5.00%, 08/01/31 (c) | 825 | 841117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG)<br> 5.00%, 06/01/31 (c) | 1000 | 1086427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Series A (GO)<br> 5.00%, 08/01/33 (c) | 755 | 767985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Series C (GO)<br> 5.00%, 08/01/32 (c) | 880 | 906553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Series D (GO)<br> 5.00%, 08/01/31 (c) | 880 | 909636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Various Purpose, Series A (GO)<br> 5.00%, 08/01/34 (c) | 500 | 513560 |
| State of Washington, Various Purpose, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/35 (c) | 2175 | 2353247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/40 (c) | 2165 | 2211434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Various Purpose, Series D (GO)<br> 5.00%, 02/01/40 (c) | 735 | 744265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Various Purpose, Series R-C (GO)<br> 5.00%, 08/01/34 (c) | 880 | 903866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Washington, Series A (RB)<br> 5.00%, 04/01/37 (c) | 1000 | 1108002 |
| Washington Health Care Facilities Authority, Multicare Health System, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/36 (c) | 1815 | 1838296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/37 (c) | 2000 | 2022249 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Washington (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB)<br> 4.00%, 10/01/34 (c) | $1820 | $1783566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Providence St. Joseph Health, Series D (RB)<br> 5.00%, 10/01/38 (c) | 2270 | 2270731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission (RB)<br> 3.50%, 12/20/35 | 1627 | 1499136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Motor Vehicle Fuel Tax, Series A (GO)<br> 5.00%, 06/01/36 (c) | 1050 | 1121493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Motor Vehicle Fuel Tax, Series F (GO)<br> 5.00%, 06/01/39 (c) | 2000 | 2128751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Shoreline School District No. 412 (GO) (SBG)<br> 4.00%, 12/01/36 (c) | 1000 | 1001991 |
| Washington State, Various Purpose, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/37 (c) | 1250 | 1341226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/38 (c) | 2000 | 2177066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/38 (c) | 1000 | 1059280 |
| Washington State, Various Purpose, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/35 (c) | 1000 | 1034857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/36 (c) | 1000 | 1065415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/38 (c) | 1145 | 1177355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/39 (c) | 1080 | 1120033 |
|  |  | 64944348 |
| **West Virginia: 0.2%** |  |  |
| State of West Virginia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 (c) | 1000 | 1062875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/36 (c) | 500 | 522585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB)<br> 5.00%, 06/01/36 (c) | 1320 | 1414687 |
|  |  | 3000147 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Wisconsin: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleton-Cross Plains Area School District, Series A (GO)<br> 3.25%, 03/01/36 (c) | $350 | $331079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Renown Regional Medical Center Project, Series A (RB)<br> 4.25%, 06/01/41 (c) | 500 | 457399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Wisconsin, Series 1 (RB)<br> 5.00%, 07/01/39 (c) | 750 | 833843 |
| State of Wisconsin, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/35 (c) | 1000 | 1101514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/36 (c) | 1000 | 1095265 |
| Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/35 (c) | 1500 | 1455684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/39 (c) | 1875 | 1757334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/36 (c) | 1000 | 1007316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Children's Hospital of Wisconsin, Inc. (RB)<br> 4.00%, 08/15/31 (c) | 500 | 498956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB)<br> 4.12%, 09/01/35 (c) | 1000 | 1005996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Housing and Economic Development Authority, Series C (RB)<br> 4.12%, 09/01/39 (c) | 1000 | 977089 |
|  |  | 10521475 |
| **Wyoming: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG)<br> 3.62%, 07/15/39 (c) | 3000 | 2622404 |
| **Total Municipal Bonds: 96.5%** <br> (Cost: $1,968,948,025) |  | 1882603001 |
| **Other assets less liabilities: 3.5%** |  | 67720318 |
| **NET ASSETS: 100.0%** |  | $1950323319 |

---

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

------

**Definitions:**

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |
| TA | Tax Allocation |

---

**Footnotes:**

---

| | |
|:---|:---|
| (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 |

---

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Municipal Bonds \* | $— | $1882603001 | $— | $1882603001 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 98.5%** |  |  |
| **Alabama: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alabama Corrections Institution Finance Authority, Series A (RB)<br> 5.25%, 07/01/47 (c) | $1000 | $1030478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Huntsville, Alabama Scholl, Series D (GO)<br> 5.00%, 03/01/53 (c) | 1000 | 1030809 |
| Jefferson County, Sewer Revenue Warrants (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/49 (c) | 1000 | 1008984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/53 (c) | 1500 | 1536301 |
|  |  | 4606572 |
| **Arizona: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM)<br> 4.00%, 06/01/44 (c) | 500 | 458983 |
| City of Phoenix Civic Improvement Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/44 (c) | 1000 | 916982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/49 (c) | 1000 | 1006770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Water System, Series A (RB)<br> 5.00%, 07/01/44 (c) | 750 | 777726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB)<br> 4.00%, 04/01/46 (c) | 750 | 660054 |
| Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/47 (c) | 1000 | 1044076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/50 (c) | 1000 | 1036495 |
|  |  | 5901086 |
| **Arkansas: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Springdale, Arkansas Sales and Use Tax, Series B (RB) (BAM)<br> 4.25%, 08/01/53 (c) | 1000 | 921549 |
| **California: 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airport Commission of the City and County of San Francisco, International Airport, Series E (RB)<br> 5.00%, 05/01/48 (c) | 995 | 1007851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airport Commission of the City and County of San Francisco, International Airport, Series F (RB)<br> 5.00%, 05/01/50 (c) | 1000 | 1017387 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alameda County, Pleasanton United School District (GO)<br> 4.00%, 08/01/52 (c) | $1500 | $1382170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anaheim Housing & Public Improvements Authority, Electric Utility Distribution System improvements, Series C (RB) (NATL)<br> 5.00%, 10/01/45 (c) | 500 | 501574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California County Tobacco Securitization Agency, Series A (RB)<br> 4.00%, 06/01/49 (c) | 850 | 734934 |
| California Health Facilities Financing Authority, Adventist Health System, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/43 (c) | 825 | 843988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/44 (c) | 500 | 508676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Cedars-Sinai Health System, Series A (RB)<br> 3.00%, 08/15/51 (c) | 1000 | 719688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, City of Hope (RB)<br> 5.00%, 11/15/49 (c) | 750 | 740729 |
| California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/45 (c) | 1000 | 925709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/49 (c) | 70 | 73265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/49 (c) | 1930 | 1740928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/45 (c) | 1000 | 1027102 |
| California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/44 (c) | 1000 | 920564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/51 (c) | 1000 | 877782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Pin Health, Series A (RB)<br> 4.00%, 06/01/50 (c) | 750 | 625366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Series A (RB)<br> 4.00%, 03/01/43 (c) | 1000 | 903476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank (RB)<br> 5.00%, 05/15/47 (c) | 500 | 509402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Series A (RB)<br> 5.00%, 04/01/49 (c) | 750 | 753745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, May Lee Satet Office Complex, Series A (RB)<br> 5.00%, 04/01/44 (c) | 1045 | 1105073 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/49 (c) | $1500 | $1566074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Adventist Health System, Series A (RB)<br> 5.00%, 03/01/48 (c) | 1000 | 975858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Front Porch Communutios and Services, Series A (RB)<br> 3.00%, 04/01/51 (c) | 1000 | 698028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Montage Health, Series A (RB)<br> 4.00%, 06/01/46 (c) | 1055 | 1010066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chabot-Las Positas Community College District, Series C (GO)<br> 5.25%, 08/01/48 (c) | 1000 | 1076503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaffey Joint Union High School District, Series C (GO)<br> 5.25%, 08/01/47 (c) | 500 | 510496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaffey Joint Union High School District, Series G (GO)<br> 5.25%, 08/01/52 (c) | 1000 | 1060649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chino Valley Unified School District, Series B (GO) (SBG)<br> 5.00%, 08/01/55 (c) | 620 | 636433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of San Francisco, Multiple Capital Improvement Project, Series R-1 (CP)<br> 4.00%, 04/01/45 (c) | 1000 | 936104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of San Francisco, Public Utilities Commission Water, Series D (RB)<br> 3.00%, 11/01/50 (c) | 500 | 360699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series D (RB)<br> 5.25%, 05/15/51 (c) | 1000 | 1063665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series E (RB)<br> 5.25%, 05/15/55 (c) | 1000 | 1061091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles, Department of Airports, Series D (RB)<br> 4.00%, 05/15/48 (c) | 750 | 694042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Bernardino, Raito Unified School District (GO) (BAM)<br> 5.00%, 08/01/52 (c) | 1000 | 1047172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East Bay Municipal Utility District, Water System, Series A (RB)<br> 4.00%, 06/01/45 (c) | 1210 | 1179054 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Dorado Irrigation District, Series A (CP) (AGM)<br> 4.00%, 03/01/45 (c) | $630 | $589661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fayette County Development Authority, Soccer Federation, Inc. Project (RB)<br> 5.50%, 12/01/49 (c) | 1000 | 1081401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency, Junior Lien Toll Road., Series C (RB)<br> 4.00%, 01/15/43 (c) | 1600 | 1536630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fremont Union High School District, Series A (GO)<br> 4.00%, 08/01/46 (c) | 500 | 484353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glendale Community College District, Series B (GO)<br> 3.00%, 08/01/47 (c) | 325 | 240405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Unified School District (GO) (BAM)<br> 4.00%, 08/01/43 (c) | 1000 | 941240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irvin Facilities Financing Authority, Irvine Great Park Infrastructure Project, Series A (ST)<br> 5.00%, 09/01/43 (c) | 500 | 531759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water and Power, Series A (RB)<br> 5.00%, 07/01/49 (c) | 800 | 801702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water and Power, Series B (RB)<br> 5.25%, 07/01/53 (c) | 500 | 506970 |
| Los Angeles Department of Water and Power, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/47 (c) | 500 | 502290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/52 (c) | 750 | 746917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water and Power, Series E (RB)<br> 5.00%, 07/01/53 (c) | 1000 | 994321 |
| Los Angeles Unified School District, Unlimited and Valorem Property Tax (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/49 (c) | 750 | 692649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/47 (c) | 1000 | 1058597 |
| Metropolitan Water District of Southern California, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/48 (c) | 1500 | 1588902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/53 (c) | 1000 | 1052169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miracosta Community College District, Series A (GO)<br> 4.00%, 08/01/42 (c) | 530 | 521297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakland Unified School District, Alameda County Election, Series A (GO) (BAM)<br> 4.00%, 08/01/46 (c) | 1000 | 963608 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Unified School District (GO)<br> 3.25%, 08/01/42 (c) | $1000 | $866487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perris Union High School District, Riverside County, Series A (GO) (AGM)<br> 4.00%, 09/01/43 (c) | 570 | 539231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of University of California, Medical Center Pooled, Series L (RB)<br> 4.00%, 05/15/44 (c) | 1015 | 959139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regents of University of California, Medical Center Pooled, Series P (RB)<br> 4.00%, 05/15/53 (c) | 500 | 465099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverside Community College District, Riverside County, Series A (GO)<br> 4.00%, 08/01/54 (c) | 1000 | 928755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sacramento Area Flood Control Agency, Series A (SA)<br> 5.00%, 10/01/47 (c) | 1500 | 1505980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sacramento City Unified School District, Series G (GO) (AGM)<br> 4.00%, 08/01/49 (c) | 500 | 453502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Association of Governments South Bay Expressway Toll, Series A (RB)<br> 5.00%, 07/01/42 (c) | 610 | 619333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Community College District, Series A-1 (GO)<br> 5.00%, 08/01/55 (c) | 1000 | 1052620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego County Regional Airport Authority, Series A (RB)<br> 5.00%, 07/01/44 (c) | 750 | 767512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Public Facilities Financing Authority, Series A (RB)<br> 5.25%, 08/01/48 (c) | 1000 | 1064279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Unified School District, Series I (GO)<br> 4.00%, 07/01/47 (c) | 595 | 558515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco Bay Area Rapid Transit District, Series B-1 (GO)<br> 3.00%, 08/01/49 (c) | 600 | 444020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco Bay Area Rapid Transit District, Series C-1 (GO)<br> 4.00%, 08/01/45 (c) | 610 | 577449 |
| San Francisco City and County, International Airport, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/52 (c) | 1000 | 898146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/47 (c) | 700 | 706460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/49 (c) | 500 | 520702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/52 (c) | 1000 | 1029290 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB)<br> 4.00%, 10/01/48 (c) | $885 | $807668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Mateo County Community College District, Series B (GO)<br> 5.00%, 09/01/45 (c) | 820 | 843761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW)<br> 4.00%, 08/01/44 (c) | 500 | 471808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saugus Union School District School Facilities Improvement District No.1, Series C (GO)<br> 2.38%, 08/01/44 (c) | 1000 | 691667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern California Public Power Authority, Southern Transmission System (RB)<br> 5.25%, 07/01/53 (c) | 500 | 509017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Community College District, Series A (GO)<br> 4.00%, 08/01/47 (c) | 750 | 702074 |
| State of California, Various Purpose (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/43 (c) | 400 | 321850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/50 (c) | 710 | 540788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 10/01/47 (c) | 645 | 559909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/44 (c) | 500 | 481058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 03/01/49 (c) | 1000 | 950105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/42 (c) | 1500 | 1600466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/46 (c) | 610 | 634409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/46 (c) | 15 | 16498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/47 (c) | 515 | 522944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/48 (c) | 2000 | 2110200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/48 (c) | 935 | 955120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/49 (c) | 1000 | 1023249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/54 (c) | 600 | 654579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Regents of the University of California, Series CC (RB)<br> 5.00%, 05/15/53 (c) | 750 | 785103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series BK (RB)<br> 5.00%, 05/15/52 (c) | 2000 | 2071015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series BN (RB)<br> 5.00%, 05/15/42 (c) | 1000 | 1063631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series EE (RB)<br> 5.00%, 05/15/43 (c) | 500 | 519092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series M (RB)<br> 5.00%, 05/15/42 (c) | 1950 | 1979994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series O (RB)<br> 5.00%, 05/15/58 (c) | 1000 | 1015249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of California, Series Q (RB)<br> 5.00%, 05/15/46 (c) | 500 | 516603 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventura Unified School District, Series A (GO)<br> 4.00%, 08/01/52 (c) | $500 | $459264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Contra Costa Unified School District, Series B (GO) (BAM)<br> 5.00%, 08/01/49 (c) | 1000 | 1052677 |
|  |  | 83446531 |
| **Colorado: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arapahoe County, Cherry Creek Colorado School District No 5. (GO) (SAW)<br> 5.25%, 12/15/43 (c) | 1000 | 1081376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Governors of Colorado State University System, Series C (RB)<br> 4.00%, 03/01/47 (c) | 1050 | 924213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyons Metropolitan District No. 5, Limited Tax, Series A (GO) (BAM)<br> 5.00%, 12/01/49 (c) | 1000 | 1002188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Colorado Springs, Utilities System, Series C (RB)<br> 5.00%, 11/15/50 (c) | 600 | 615447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Westminster, Colorado Water & Wastewater Utility (RB)<br> 5.00%, 12/01/54 (c) | 1000 | 1034844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Bridge and Tunnel, Enterprise Infrastructure, Series A (RB) (AGM)<br> 5.25%, 12/01/49 (c) | 500 | 526644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority Hospital, Series A (RB) (SBG)<br> 4.00%, 11/15/43 (c) | 685 | 627425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, CommonSpirit Health, Series A (RB)<br> 5.50%, 11/01/47 (c) | 1000 | 1041196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB)<br> 3.25%, 08/01/49 (c) | 500 | 380121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Sanford, Series A (RB)<br> 5.00%, 11/01/44 (c) | 500 | 496761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB)<br> 5.00%, 12/31/51 (c) | 250 | 244002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County School District No. 5J (GO) (SAW)<br> 4.00%, 12/01/45 (c) | 1000 | 932045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weld County School District No. 6 (GO) (SAW)<br> 4.00%, 12/01/45 (c) | 800 | 753074 |
|  |  | 9659336 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Connecticut: 0.6%** |  |  |
| Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 11/15/49 (c) | $1000 | $981295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/43 (c) | 500 | 500460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB)<br> 5.00%, 12/01/45 (c) | 750 | 748003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut Special Tax, Series A-2 (RB)<br> 5.00%, 07/01/42 (c) | 1000 | 1069207 |
|  |  | 3298965 |
| **Delaware: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Delaware, Series A (GO)<br> 4.00%, 05/01/42 (c) | 500 | 490671 |
| **District of Columbia: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Children's Hospital (RB)<br> 5.00%, 07/15/44 (c) | 500 | 500062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Income Tax, Series C (RB)<br> 4.00%, 05/01/45 (c) | 805 | 747408 |
| District of Columbia, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 03/01/45 (c) | 575 | 399870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/48 (c) | 500 | 494912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AGM)<br> 4.00%, 10/01/52 (c) | 1000 | 876856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series B (RB)<br> 4.00%, 10/01/49 (c) | 1250 | 1080053 |
| Washington Metropolitan Area Transit Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/15/43 (c) | 750 | 578509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/46 (c) | 1000 | 899495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/48 (c) | 1000 | 1031521 |
|  |  | 6608686 |
| **Florida: 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brevard County, Florida Health Facilities Authority, Series A (RB)<br> 5.00%, 04/01/52 (c) | 1055 | 1052393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Cape Coral, Florida Water and Sewer (RB) (BAM)<br> 5.25%, 10/01/53 (c) | 1000 | 1056529 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/45 (c) | $1000 | $882985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/50 (c) | 2000 | 1918457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM-TCRS)<br> 5.00%, 10/01/47 (c) | 500 | 522600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broward, Florida Port Facilities, Series A (RB)<br> 5.00%, 09/01/49 (c) | 500 | 503098 |
| County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/47 (c) | 1000 | 883986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/51 (c) | 1010 | 879435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Seaport, Series A (RB) (AGM)<br> 4.00%, 10/01/49 (c) | 2000 | 1811881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Water and Sewer System (RB)<br> 4.00%, 10/01/48 (c) | 1000 | 900434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children's Hospital Project, Series A (RB)<br> 4.00%, 08/01/51 (c) | 500 | 439507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB)<br> 4.00%, 05/15/53 (c) | 330 | 267397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Saint Luce, School Board, Series A (CP) (AGM)<br> 5.00%, 07/01/48 (c) | 1000 | 1027706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Sarasota, Florida Utility System, Series A (RB)<br> 5.00%, 10/01/50 (c) | 500 | 513448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Atlantic University Finance Corp. (RB) <br> 5.00%, 07/01/49 (c) | 500 | 512876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series A (RB)<br> 4.00%, 12/01/50 (c) | 750 | 645890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Homeowner Mortgage (RB)<br> 6.25%, 01/01/55 (c) | 1000 | 1088714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort Pierce Utilities Authority, Series A (RB) (AGM)<br> 4.00%, 10/01/52 (c) | 1000 | 900262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halifax Hospital Medical Center (RB)<br> 4.00%, 06/01/46 (c) | 525 | 463347 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB)<br> 2.25%, 08/01/51 (c) | $500 | $283866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillsborough County, Industrial Development Authority Health System, Series C (RB)<br> 5.50%, 11/15/54 (c) | 1000 | 1070683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jea Water and Sewer System, Series A (RB)<br> 5.25%, 10/01/49 (c) | 1000 | 1053702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Healthcare Facilities, Series C (RB)<br> 5.00%, 11/15/44 (c) | 1000 | 994481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Broward Hospital District, Broward Health, Series B (RB)<br> 5.00%, 01/01/48 (c) | 1000 | 995275 |
| Orange County Health Facilities Authority, Orlando Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/56 (c) | 750 | 712822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/56 (c) | 1000 | 1025041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority, Series A (RB)<br> 5.00%, 10/01/47 (c) | 1000 | 999708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palm Beach County, Health Facilities Authority, Baptist Health (RB) (SBG)<br> 3.00%, 08/15/44 (c) | 1000 | 767151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Broward Hospital District, Series A (RB)<br> 3.00%, 05/01/46 (c) | 750 | 590528 |
|  |  | 24764202 |
| **Georgia: 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Development Authority, Children's Healthcare of Atlanta, Inc., Series A (RB)<br> 4.00%, 07/01/44 (c) | 660 | 597844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burke County Development Authority, Series C (RB) (SAW)<br> 4.12%, 11/01/45 (c) | 1000 | 890702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Burke, Development Authority, Series D (RB)<br> 4.12%, 11/01/45 (c) | 260 | 231583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fulton, Georgia Water and Sewerage, Series A (RB)<br> 2.25%, 01/01/43 (c) | 500 | 334224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fayette County Development Authority, Soccer Federation, Inc. Project (RB)<br> 5.25%, 10/01/54 (c) | 1250 | 1286728 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Georgia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB)<br> 4.00%, 02/15/45 (c) | $1295 | $1154929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia State Housing & Finance Authority, Series A (RB)<br> 4.70%, 12/01/55 (c) | 1000 | 990795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia State Road and Tollway Authority, Managed Lane System, Series A (RB)<br> 3.00%, 07/15/51 (c) | 500 | 361431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macon Water Authority (RB)<br> 5.00%, 10/01/54 (c) | 500 | 517178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series C (RB)<br> 5.00%, 05/15/49 | 990 | 1002138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB)<br> 3.00%, 07/01/47 (c) | 1000 | 747712 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/63 (c) | 500 | 468268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/49 (c) | 1000 | 992119 |
| Municipal Electric Authority of Georgia, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/63 (c) | 500 | 496841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/49 (c) | 500 | 526013 |
|  |  | 10598505 |
| **Hawaii: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Series C (GO)<br> 4.00%, 08/01/43 (c) | 750 | 705930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Honolulu, Wastewater System, Seies A (RB)<br> 5.25%, 07/01/54 (c) | 1000 | 1052163 |
|  |  | 1758093 |
| **Idaho: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Housing and Finance Association, Single Family Mortgage, Series A (RB)<br> 4.60%, 01/01/49 (c) | 720 | 706089 |
| **Illinois: 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Second Lien Water Project, Series A (RB) (AGM)<br> 5.25%, 11/01/53 (c) | 500 | 516573 |
| City of Chicago, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/44 (c) | 1000 | 945714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/44 (c) | 750 | 736822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/45 (c) | 750 | 725302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/43 (c) | 750 | 762381 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| City of Chicago, Wastewater Transmission Project, Series A (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/53 (c) | $500 | $521627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/62 (c) | 1550 | 1616400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB)<br> 5.00%, 08/15/44 (c) | 1000 | 972686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority (RB)<br> 6.00%, 10/01/55 (c) | 785 | 860837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority, Series A (RB)<br> 4.75%, 10/01/49 (c) | 490 | 488113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority, Series G (RB)<br> 5.00%, 10/01/46 (c) | 795 | 801326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Housing Development Authority, Series K (RB) (FNMA/GNMA/FHLMC COLL)<br> 5.35%, 04/01/47 (c) | 755 | 766989 |
| Illinois State Toll Highway Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/44 (c) | 1005 | 940696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/46 (c) | 1000 | 924575 |
| Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/47 (c) | 1500 | 1252975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/53 (c) | 735 | 716808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago, Series A (GO)<br> 4.00%, 12/01/46 (c) | 1500 | 1373078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A (RB)<br> 4.00%, 01/01/48 (c) | 1000 | 874599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales Tax Securitization Corp., Series A (RB) (BAM-TCRS)<br> 4.00%, 01/01/48 (c) | 1000 | 885767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St Clair County Community Unit School District No. 187, Series A (RB) (AGM)<br> 5.00%, 01/01/54 (c) | 1000 | 1021312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (GO) (AGC)<br> 5.75%, 05/01/45 (c) | 750 | 782972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series A (GO)<br> 5.00%, 03/01/46 (c) | 1250 | 1253586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series B (GO)<br> 5.25%, 05/01/49 (c) | 500 | 507367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series C (GO)<br> 4.00%, 11/01/44 (c) | 900 | 773149 |
|  |  | 21021654 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Indiana: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fishers Town Hall Building Corp., Series A (RB)<br> 5.62%, 07/15/48 (c) | $1000 | $1099521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Health Facility (RB)<br> 5.25%, 03/01/54 (c) | 1500 | 1508630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Housing and Community Development Authority, Single Family Mortgage, Series B-1 (RB)<br> 4.75%, 07/01/49 (c) | 500 | 499193 |
| Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/49 (c) | 500 | 504699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/54 (c) | 1000 | 1003413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel (RB) (BAM)<br> 5.00%, 03/01/53 (c) | 1000 | 1022202 |
|  |  | 5637658 |
| **Iowa: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Series A (RB)<br> 5.00%, 08/01/49 (c) | 530 | 545158 |
| Iowa Finance Authority, Single Family Mortgage, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 07/01/49 (c) | 1000 | 987189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/01/43 (c) | 500 | 499766 |
|  |  | 2032113 |
| **Kansas: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyandotte County, Unified School District No. 500 (GO) (BAM)<br> 5.25%, 09/01/55 (c) | 1000 | 1041319 |
| **Kentucky: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Bond Development Corp., Lexington Center Corp. Project (RB)<br> 4.00%, 09/01/48 (c) | 1225 | 1074278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission (RB)<br> 5.00%, 10/01/44 (c) | 500 | 519807 |
|  |  | 1594085 |
| **Louisiana: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AGM)<br> 4.00%, 12/01/49 (c) | 700 | 604762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Stadium and Exposition District, Series A (RB)<br> 5.25%, 07/01/53 (c) | 1500 | 1538192 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Louisiana (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Louisiana, Series A (GO)<br> 4.00%, 04/01/43 (c) | $1500 | $1402092 |
|  |  | 3545046 |
| **Maine: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine Health & Higher Educational Facilities Authority (RB)<br> 5.25%, 10/01/54 (c) | 1000 | 1039336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maine Turnpike Authority (RB)<br> 4.00%, 07/01/50 (c) | 750 | 667372 |
|  |  | 1706708 |
| **Maryland: 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Baltimore, Metropolitan District (GO)<br> 5.00%, 03/01/49 (c) | 1000 | 1043579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Community Development Administration, Villages at Marley Station, Series D-1 (RB)<br> 4.35%, 02/01/44 | 1000 | 973613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB)<br> 4.00%, 01/01/51 (c) | 500 | 415098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB)<br> 3.00%, 07/01/46 (c) | 500 | 387317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Health and Higher Educational Facilities Authority, Lifebridge Health (RB)<br> 5.00%, 07/01/47 (c) | 1000 | 987258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Health and Higher Educational Facilities Authority, Series A (RB)<br> 5.25%, 07/01/52 (c) | 750 | 764901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Stadium Authority, Built to Learn, Series A (RB)<br> 4.00%, 06/01/52 (c) | 1000 | 916662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Stadium Authority, Construction and Revitalization Program, Series A (RB)<br> 5.00%, 05/01/42 (c) | 1000 | 1022785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County, Trinity Health Credit Group, Series MD (RB)<br> 5.00%, 12/01/44 (c) | 1000 | 996169 |
|  |  | 7507382 |
| **Massachusetts: 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts Transportation, Series A (RB)<br> 3.00%, 06/01/50 (c) | 800 | 583668 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| Commonwealth of Massachusetts Transportation, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/52 (c) | $2000 | $2045701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/54 (c) | 750 | 778421 |
| Commonwealth of Massachusetts, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/42 (c) | 275 | 276865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/45 (c) | 1000 | 1011226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/49 (c) | 1000 | 1010705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/49 (c) | 500 | 518221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/50 (c) | 750 | 779662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/53 (c) | 1000 | 1031418 |
| Commonwealth of Massachusetts, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 04/01/51 (c) | 1300 | 730201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/52 (c) | 1190 | 1220100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series C (GO)<br> 3.00%, 03/01/48 (c) | 360 | 266067 |
| Commonwealth of Massachusetts, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/45 (c) | 750 | 770699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/53 (c) | 1000 | 1032727 |
| Commonwealth of Massachusetts, Series E (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/45 (c) | 605 | 622689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/50 (c) | 1000 | 1018759 |
| Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/51 (c) | 800 | 735782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/53 (c) | 1000 | 909051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Clean Water Trust, Series B (RB)<br> 5.00%, 02/01/43 (c) | 750 | 804879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB)<br> 5.00%, 07/01/53 (c) | 1500 | 1500445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston Medical Center, Series D (RB)<br> 5.00%, 07/01/44 (c) | 500 | 490942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston Medical Center, Series G (RB)<br> 5.25%, 07/01/52 (c) | 1000 | 1000093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Boston University, Series FF (RB)<br> 5.00%, 10/01/48 (c) | 1105 | 1148493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Lasell Village, Inc. (RB)<br> 5.25%, 07/01/55 (c) | 895 | 895129 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Port Authority, Series B (RB) (SBG)<br> 5.00%, 07/01/44 (c) | $305 | $311423 |
| Massachusetts School Building Authority, Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/44 (c) | 555 | 567845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/50 (c) | 750 | 764597 |
|  |  | 22825808 |
| **Michigan: 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB)<br> 5.00%, 07/01/46 (c) | 390 | 383775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB)<br> 5.00%, 07/01/46 (c) | 570 | 571729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karegnondi Water Authority, Counties of Genesee, Lapeer, and Sanilac (RB) (BAM)<br> 5.00%, 11/01/43 (c) | 750 | 790844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lansing Board of Water and Light, Michigan Utility System, Series A (RB)<br> 5.00%, 07/01/49 (c) | 1000 | 1032833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Beaumont Health, Series A (RB)<br> 5.00%, 11/01/44 (c) | 1000 | 999062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, McLaren Health Care, System A (RB)<br> 4.00%, 02/15/47 (c) | 1000 | 899406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)<br> 5.00%, 12/01/42 (c) | 500 | 504127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan Finance Authority, Wayne Criminal (RB) (BAM-TCRS)<br> 4.00%, 11/01/48 (c) | 1000 | 893728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Building Authority, Facilities Program, Series I (RB)<br> 5.00%, 10/15/50 (c) | 500 | 500775 |
| Michigan State Housing Development Authority, Rental Housing, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/01/49 (c) | 500 | 385774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 10/01/60 (c) | 1000 | 790252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/43 (c) | 1000 | 982148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State University, Board of Trustee, Series B (RB)<br> 5.00%, 02/15/48 (c) | 765 | 774148 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Michigan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Trunk Line Fund (RB)<br> 5.00%, 11/15/46 (c) | $1000 | $1053065 |
|  |  | 10561666 |
| **Minnesota: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Economic Development Authority, Minnesota Health Facilities, Series A (RB)<br> 5.25%, 02/15/58 (c) | 1000 | 1004878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis St. Paul Metropolitan Airports Commission, Series A (RB)<br> 5.00%, 01/01/52 (c) | 1000 | 1019846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Residential Housing, Series B (RB)<br> 2.50%, 07/01/51 (c) | 530 | 322177 |
| Minnesota Housing Finance Agency Residential Housing, Series I (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 07/01/45 (c) | 890 | 571221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/51 (c) | 310 | 303710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Housing Finance Agency Residential Housing, Series M (RB)<br> 5.15%, 07/01/45 (c) | 485 | 501928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG)<br> 4.25%, 02/01/43 (c) | 500 | 500032 |
|  |  | 4223792 |
| **Mississippi: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mississippi Home Corp., Single Family Mortgage, Series C (RB)<br> 4.85%, 12/01/54 (c) | 1000 | 1001754 |
| **Missouri: 0.8%** |  |  |
| County of Jackson, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/53 (c) | 1000 | 933000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/01/58 (c) | 1000 | 944187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri Housing Development Commission, Single Family Mortgage, Series G (RB)<br> 4.35%, 11/01/44 (c) | 500 | 497554 |
| Missouri State, Health & Educational Facilities Authority, Mercy Health, Series F (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/01/55 (c) | 1000 | 917981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/45 (c) | 1000 | 986127 |
|  |  | 4278849 |
| **Nebraska: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)<br> 5.00%, 09/01/42 | 500 | 519794 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Nebraska (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Omaha and County of Douglas, Public Building, Series B (GO)<br> 4.00%, 05/01/50 (c) | $550 | $491755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority, Single Family Housing, Series A (RB)<br> 4.65%, 09/01/55 (c) | 2000 | 1956211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nebraska Investment Finance Authority, Single Family Housing, Series E (RB)<br> 4.80%, 09/01/53 (c) | 500 | 503425 |
| University of Nebraska Facilities Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/59 (c) | 750 | 665715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/62 (c) | 500 | 440777 |
|  |  | 4577677 |
| **Nevada: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Carson, Nevada Hospital, Tahoe Regional Healthcare Project (RB)<br> 5.00%, 09/01/42 (c) | 390 | 382435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Henderson, Utility System, Series A-1 (GO)<br> 4.00%, 06/01/50 (c) | 675 | 602071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Clarke, School District, Limited Tax, Series A (GO)<br> 4.00%, 06/15/42 (c) | 500 | 470784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Convention and Visitors Authority, Series B (RB)<br> 4.00%, 07/01/49 (c) | 1000 | 862022 |
|  |  | 2317312 |
| **New Hampshire: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AGM)<br> 3.00%, 08/15/46 (c) | 1975 | 1553847 |
| **New Jersey: 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority School Facilities, Series FFF (RB)<br> 4.62%, 06/15/48 (c) | 1000 | 966306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Educational Facilities Authority, New Jersey Princeton University, Series B (RB)<br> 5.25%, 03/01/54 (c) | 1000 | 1062698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB)<br> 2.50%, 07/01/51 (c) | 490 | 289548 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Housing and Mortgage Finance Agency, Single Family Housing (RB)<br> 4.80%, 10/01/53 (c) | $500 | $503572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series K (RB)<br> 4.55%, 10/01/44 (c) | 1000 | 991744 |
| New Jersey Transportation Trust Fund Authority, Series AA (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/45 (c) | 1500 | 1353409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/49 (c) | 590 | 561236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/49 (c) | 320 | 336672 |
| New Jersey Transportation Trust Fund Authority, Series BB (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/15/46 (c) | 365 | 294905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/44 (c) | 1000 | 912630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/46 (c) | 1000 | 1020438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/50 (c) | 1000 | 1036432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series CC (RB)<br> 5.25%, 06/15/55 (c) | 1000 | 1038423 |
| New Jersey Turnpike Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/48 (c) | 1000 | 902504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/51 (c) | 1000 | 907277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series B (RB)<br> 5.25%, 01/01/49 (c) | 1500 | 1588783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Jersey Transportation Authority, Transportation System, Series A (RB)<br> 5.00%, 11/01/45 (c) | 500 | 505771 |
|  |  | 14272348 |
| **New Mexico: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series C (RB)<br> 4.95%, 09/01/45 (c) | 750 | 756351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Mortgage Finance Authority, Single Family Mortgage, Series F (RB)<br> 3.05%, 07/01/44 (c) | 290 | 230791 |
|  |  | 987142 |
| **New York: 21.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series A (GO)<br> 4.00%, 08/01/50 (c) | 1000 | 884596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series C (GO)<br> 5.25%, 09/01/50 (c) | 1000 | 1055025 |
| City of New York, Series D (GO) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/50 (c) | 1000 | 885341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/43 (c) | 750 | 773575 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series F (GO)<br> 5.00%, 03/01/50 (c) | $1000 | $1020714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series G (GO)<br> 5.25%, 02/01/53 (c) | 4000 | 4221182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB)<br> 4.00%, 07/01/50 (c) | 900 | 808025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutchess County Local Development Corp., Bard College Project, Series A (RB)<br> 5.00%, 07/01/51 (c) | 1000 | 984685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp., Series A (RB)<br> 5.00%, 02/15/42 (c) | 645 | 649405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp., Series A (RB) (AGM)<br> 4.00%, 02/15/47 (c) | 1000 | 911839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island Power Authority, Electric System (RB)<br> 5.00%, 09/01/42 (c) | 1000 | 1009496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island Power Authority, Electric System, Series B (RB)<br> 5.00%, 09/01/45 (c) | 1000 | 999966 |
| Metropolitan Transportation Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/51 (c) | 1000 | 906250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/49 (c) | 1500 | 1547114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/55 (c) | 1000 | 1038144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A (RB) (AGM)<br> 5.00%, 11/15/44 (c) | 715 | 729626 |
| Metropolitan Transportation Authority, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/43 (c) | 400 | 352258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/49 (c) | 1000 | 865981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/45 (c) | 590 | 590350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series B-1 (RB)<br> 5.00%, 11/15/51 (c) | 500 | 498077 |
| Metropolitan Transportation Authority, Series C-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/45 (c) | 1000 | 986332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/56 (c) | 1050 | 1052937 |
| Metropolitan Transportation Authority, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/42 (c) | 1245 | 1117238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/46 (c) | 250 | 215137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB)<br> 4.00%, 12/01/46 (c) | 650 | 564901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTA Hudson Rail Yards Trust, Series A (RB)<br> 5.00%, 11/15/56 (c) | 1000 | 994133 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB)<br> 4.00%, 06/15/49 (c) | $500 | $456228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Housing Impact, Series A (RB)<br> 4.80%, 02/01/53 (c) | 500 | 500299 |
| New York City Housing Development Corp., Multi-Family Housing, Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/54 (c) | 1000 | 998862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 11/01/53 (c) | 1500 | 1504862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi-Family Housing, Series E-1 (RB)<br> 4.85%, 11/01/53 (c) | 750 | 754686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi-Family Housing, Series F-1 (RB)<br> 4.55%, 11/01/54 (c) | 1000 | 979782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi-Family Housing, Series J (RB)<br> 3.05%, 11/01/49 (c) | 555 | 403141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB)<br> 4.00%, 06/15/44 (c) | 1500 | 1394453 |
| New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/50 (c) | 1000 | 914982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/48 (c) | 850 | 874885 |
| New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/45 (c) | 2000 | 1846553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/44 (c) | 955 | 992835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/49 (c) | 1000 | 1017270 |
| New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/15/47 (c) | 710 | 581892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/45 (c) | 1500 | 1378446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/52 (c) | 1000 | 1027303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/54 (c) | 1500 | 1579099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) (FHA 542(C))<br> 5.00%, 06/15/51 (c) | 500 | 513051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB)<br> 4.12%, 06/15/47 (c) | 1000 | 944735 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB)<br> 5.00%, 06/15/45 (c) | $1000 | $1039786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW)<br> 3.00%, 07/15/49 (c) | 350 | 244428 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/01/53 (c) | 500 | 472054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/50 (c) | 1000 | 1051765 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/47 (c) | 1930 | 1375496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/42 (c) | 1500 | 1419618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB)<br> 5.25%, 05/01/48 (c) | 1000 | 1055040 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/42 (c) | 1120 | 1056170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/44 (c) | 1000 | 929702 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/49 (c) | 1085 | 1123425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/50 (c) | 1200 | 1240344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/48 (c) | 1750 | 1855463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/01/52 (c) | 2000 | 2142456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB)<br> 4.00%, 11/01/47 (c) | 500 | 453799 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/01/51 (c) | 650 | 366366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/44 (c) | 1000 | 907200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/43 (c) | 1000 | 1004992 |
| New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/01/51 (c) | 1000 | 892872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/47 (c) | 1000 | 1052299 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Water and Sewer System, Series BB (RB)<br> 4.00%, 06/15/50 (c) | $640 | $585588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, Series D (GO)<br> 4.00%, 04/01/50 (c) | 1000 | 889938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City, Series D-1 (GO)<br> 5.00%, 12/01/43 (c) | 1000 | 1021916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., 1 World Trade Center Project (RB)<br> 4.00%, 02/15/43 (c) | 620 | 569292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., 4 World Trade Center Project, Series A (RB) (BAM-TCRS)<br> 3.00%, 11/15/51 (c) | 2125 | 1480186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Liberty Development Corp., 7 World Trade Center Project, Series A (RB)<br> 3.00%, 09/15/43 (c) | 1495 | 1145321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 1 (RB)<br> 5.25%, 07/01/54 (c) | 1000 | 1046709 |
| New York State Dormitory Authority, New School, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/43 (c) | 475 | 434474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 420 | 420211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York University, Series A (RB)<br> 5.00%, 07/01/49 (c) | 1000 | 1017570 |
| New York State Dormitory Authority, Northwell Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/52 (c) | 1300 | 1315501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/01/54 (c) | 1000 | 1032804 |
| New York State Dormitory Authority, Personal Income Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/49 (c) | 500 | 510829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/52 (c) | 800 | 841817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Personal Income Tax, Series B (RB)<br> 5.00%, 02/15/42 (c) | 1500 | 1512717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Sales Tax, Series E (RB)<br> 5.00%, 03/15/48 (c) | 500 | 504726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, St. John's University, Series A (RB)<br> 4.00%, 07/01/48 (c) | 550 | 471950 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| New York State Dormitory Authority, State Sales Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/47 (c) | $800 | $715276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/49 (c) | 1000 | 930653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/45 (c) | 1000 | 1011782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/49 (c) | 1000 | 1037299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, White Plants Hospital (RB) (AGC)<br> 5.50%, 10/01/54 (c) | 2250 | 2375624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Homeowner Mortgage (RB)<br> 4.90%, 10/01/53 (c) | 1340 | 1357414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG)<br> 2.55%, 04/01/50 (c) | 330 | 207601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Power Authority, Series A (RB)<br> 4.00%, 11/15/50 (c) | 500 | 449697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Junior Indebtedness, Series B (RB)<br> 4.00%, 01/01/45 (c) | 1440 | 1306257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Personal Income Tax, Series A (RB)<br> 4.00%, 03/15/55 (c) | 500 | 442140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series P (RB)<br> 5.25%, 01/01/54 (c) | 1000 | 1049821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., Personal Income Tax (RB)<br> 5.00%, 03/15/63 (c) | 2000 | 2048372 |
| New York State Urban Development Corp., Personal Income Tax, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/53 (c) | 1000 | 890641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/43 (c) | 500 | 508951 |
| New York State Urban Development Corp., Personal Income Tax, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/15/48 (c) | 550 | 395570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/47 (c) | 2000 | 2051292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., Personal Income Tax, Series E (RB)<br> 3.00%, 03/15/49 (c) | 1735 | 1230677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., State Sales Tax, Series A (RB)<br> 3.00%, 03/15/50 (c) | 1000 | 715507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State, Dormitory Authority, Personal Income Tax, Series D (RB)<br> 5.00%, 02/15/48 (c) | 820 | 836366 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)<br> 4.00%, 12/01/42 (c) | $925 | $838378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Authority of New York & New Jersey (RB)<br> 5.00%, 09/01/49 (c) | 1000 | 1038710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB)<br> 4.25%, 05/15/58 (c) | 1000 | 917477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A (RB)<br> 5.25%, 12/01/47 (c) | 1000 | 1061924 |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/56 (c) | 500 | 502264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/53 (c) | 750 | 782090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/54 (c) | 2000 | 2107784 |
| Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/51 (c) | 750 | 683808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/51 (c) | 1000 | 1024828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB)<br> 4.50%, 05/15/47 (c) | 500 | 501184 |
| Triborough Bridge and Tunnel Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/49 (c) | 1000 | 1016435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/51 (c) | 1000 | 1018388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/54 (c) | 750 | 759129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/54 (c) | 1000 | 1050526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/59 (c) | 1500 | 1592062 |
|  |  | 113266442 |
| **North Carolina: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency, Home Ownership (RB)<br> 4.88%, 07/01/42 (c) | 495 | 504946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Housing Finance Agency, Home Ownership, Series A (RB)<br> 4.38%, 07/01/44 (c) | 1000 | 997319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority Triangle Expressway System Senior Lien (RB)<br> 5.00%, 01/01/49 (c) | 750 | 745113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System (RB)<br> 5.00%, 01/01/44 (c) | 500 | 503704 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **North Carolina (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) (AGM)<br> 5.00%, 01/01/58 (c) | $3350 | $3373863 |
|  |  | 6124945 |
| **North Dakota: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB)<br> 4.70%, 07/01/47 (c) | 1000 | 996613 |
| **Ohio: 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)<br> 4.00%, 06/01/48 (c) | 1000 | 840132 |
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/57 (c) | 1000 | 941311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/15/47 (c) | 1000 | 994489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/57 (c) | 1000 | 991419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Franklin, Nationwide Children's Hospital Project, Series A (RB)<br> 5.00%, 11/01/48 | 1000 | 1042111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Franklin, Ohio Various Purpose Sales Tax (RB)<br> 5.00%, 06/01/48 (c) | 1075 | 1087627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hamilton, Ohio Healthcare Improvement, Life Enriching Communities Project (RB)<br> 5.00%, 01/01/46 (c) | 250 | 243054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Hamilton, Ohio Hospital Facilities, TriHealth, Inc. (RB)<br> 5.00%, 08/15/42 (c) | 1000 | 1004803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio State University, Series A (RB)<br> 4.00%, 12/01/48 (c) | 1000 | 897107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Water Development Authority Water Pollution Control Loan Fund (RB)<br> 5.00%, 12/01/44 (c) | 750 | 795133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series B (RB)<br> 5.00%, 12/01/53 (c) | 500 | 502257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Cincinnati, Series A (RB)<br> 5.25%, 06/01/49 (c) | 1500 | 1575065 |
|  |  | 10914508 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Oklahoma: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority (RB)<br> 5.50%, 01/01/54 (c) | $750 | $808406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority, Series A (RB)<br> 4.00%, 01/01/48 (c) | 700 | 645984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oklahoma Water Resources Board, Series C (RB)<br> 4.00%, 10/01/49 (c) | 750 | 681513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Oklahoma, Series A (RB) (BAM)<br> 5.00%, 07/01/49 (c) | 835 | 863434 |
|  |  | 2999337 |
| **Oregon: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Portland, Oregon Second Lien, Series A (RB)<br> 5.00%, 10/01/54 (c) | 750 | 771423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Portland, Oregon Sewer System, Series A (RB)<br> 5.00%, 12/01/42 (c) | 500 | 529985 |
| Multnomah County School District No. 1J, Series B (GO) (SBG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/15/42 (c) | 550 | 348353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/15/42 (c) | 295 | 246520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oregon Health and Science University, Series A (RB)<br> 4.00%, 07/01/51 (c) | 1000 | 911515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Oregon, Series A (GO)<br> 5.25%, 05/01/45 (c) | 1000 | 1082836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon, Series A (RB)<br> 3.00%, 09/01/44 (c) | 935 | 711100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Oregon, Series A (RB)<br> 5.00%, 04/01/50 (c) | 1000 | 1023208 |
|  |  | 5624940 |
| **Pennsylvania: 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB)<br> 4.00%, 09/01/50 (c) | 645 | 535697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia, Pennsylvania Gas Works (RB)<br> 5.00%, 08/01/47 (c) | 805 | 807860 |
| City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/47 (c) | 500 | 501539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/52 (c) | 500 | 500570 |
| City of Philadelphia, Pennsylvania Water & Wastewater, Series C (RB) (AGC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/49 (c) | 500 | 524997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/54 (c) | 500 | 521435 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania (GO)<br> 4.00%, 08/15/43 (c) | $1000 | $947789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania, Series A (CP) (FHA)<br> 4.00%, 07/01/46 (c) | 1170 | 1050145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geisinger Authority, Health System, Series A (RB)<br> 5.00%, 04/01/50 (c) | 1750 | 1751577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster County, Hospital Authority, Penn State Health (RB)<br> 5.00%, 11/01/51 (c) | 1000 | 990311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project, Series B-2 (RB)<br> 5.25%, 07/01/46 (c) | 1000 | 1012796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series B-1 (RB) (AGC)<br> 4.25%, 11/01/48 (c) | 1000 | 908463 |
| Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/53 (c) | 1000 | 991178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/01/51 (c) | 1000 | 1000826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 10/01/43 (c) | 500 | 499715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/43 (c) | 1000 | 1022058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB)<br> 3.65%, 10/01/42 (c) | 260 | 232973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania State University (RB)<br> 5.25%, 09/01/53 (c) | 1000 | 1045403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AGM)<br> 5.00%, 12/01/48 (c) | 290 | 294185 |
| Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (BAM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/01/51 (c) | 1000 | 713084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/51 (c) | 1000 | 920598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series A (RB) (AGM)<br> 4.00%, 12/01/49 (c) | 1045 | 919511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series A-1 (RB)<br> 5.00%, 12/01/47 (c) | 900 | 907867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series B (RB)<br> 4.00%, 12/01/46 (c) | 1000 | 893620 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/45 (c) | $800 | $826212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series C (RB)<br> 5.00%, 12/01/49 (c) | 750 | 777899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development, Children's Hospital, Series A (RB)<br> 5.50%, 07/01/53 (c) | 500 | 537672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper Merion Area School District, Series A (GO) (SAW)<br> 4.00%, 01/15/46 (c) | 1105 | 1024594 |
|  |  | 22660574 |
| **Rhode Island: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Providence Public Building Authority, Capital Improvement Program, Series A (RB) (AGC)<br> 5.25%, 09/15/44 (c) | 750 | 789257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Rhode Island, Series A (GO)<br> 4.12%, 08/01/42 (c) | 600 | 599703 |
|  |  | 1388960 |
| **South Carolina: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB)<br> 4.00%, 12/01/44 (c) | 855 | 787505 |
| South Carolina Jobs-Economic Development Authority, Novant Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/01/47 (c) | 750 | 715116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/01/54 (c) | 1000 | 942840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB)<br> 5.00%, 05/01/48 (c) | 1000 | 989924 |
| South Carolina Public Service Authority, Santee Cooper, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/52 (c) | 500 | 431802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/49 (c) | 1000 | 1004724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/49 (c) | 1000 | 1036771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series E (RB)<br> 5.25%, 12/01/55 (c) | 1500 | 1502086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of South Carolina, Campus Village Project, Series A (RB)<br> 5.00%, 05/01/46 (c) | 820 | 845777 |
|  |  | 8256545 |
| **South Dakota: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Dakota Housing Development Authority, Homeownership Mortage, Series C (RB)<br> 6.25%, 11/01/55 (c) | 1000 | 1106030 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Tennessee: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board (RB)<br> 5.25%, 12/01/49 (c) | $1000 | $1026435 |
| Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/46 (c) | 1500 | 1491394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/49 (c) | 500 | 519506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Housing Development Agency, Residential Finance Program (RB)<br> 2.95%, 07/01/49 (c) | 335 | 241418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Housing Development Agency, Residential Finance Program, Series A (RB)<br> 5.40%, 07/01/53 (c) | 1000 | 1032439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB)<br> 5.00%, 11/01/42 (c) | 1040 | 1055157 |
|  |  | 5366349 |
| **Texas: 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp. (RB)<br> 4.12%, 08/15/49 (c) | 1000 | 903645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB)<br> 3.00%, 02/15/46 (c) | 1000 | 739151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB)<br> 4.00%, 08/15/44 (c) | 675 | 623305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arlington Texas, Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB)<br> 4.50%, 08/15/55 (c) | 1000 | 963550 |
| Austin Independent School District, Unlimited Tax School Building (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/44 (c) | 750 | 711183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/48 (c) | 1000 | 932420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Senior Lien, Series E (RB)<br> 5.00%, 01/01/45 (c) | 750 | 760043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Austin, Texas Electricity Utility System, Series A (RB)<br> 5.00%, 11/15/49 (c) | 1375 | 1400118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Austin, Waterwaste System (RB)<br> 5.00%, 11/15/43 (c) | 1000 | 1046998 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Corpus Christi, Texas Utility System (RB) <br> 5.00%, 07/15/49 (c) | $1000 | $1034461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of El Paso, Texas Combination Tax (GO) <br> 4.00%, 08/15/45 (c) | 950 | 852427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Lubbock, Texas Electric Light & Power System (RB) <br> 4.00%, 04/15/46 (c) | 650 | 570173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Royse, Independent School District (GO) <br> 5.00%, 02/15/48 (c) | 950 | 980849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Texas Electric & Gas Systems (RB) <br> 5.00%, 02/01/44 (c) | 500 | 514669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Texas Electric & Gas Systems, Series B (RB) <br> 5.00%, 02/01/54 (c) | 1000 | 1026990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Texas Electric & Gas Systems, Series D (RB) <br> 5.25%, 02/01/54 (c) | 2000 | 2103174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Seguin, Texas Combination Tax and Limited Pledge (GO) <br> 5.25%, 09/01/58 (c) | 1000 | 1046821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifton Higher Education Finance Corp. (RB) <br> 4.00%, 08/15/44 (c) | 1000 | 924622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conroe Independent School District (GO) <br> 4.25%, 02/15/50 (c) | 750 | 713788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conroe Independent School District, Unlimited Tax School (GO) <br> 5.00%, 02/15/49 (c) | 1000 | 1032785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowley Independent School District (GO) <br> 5.00%, 02/01/49 (c) | 1000 | 1031279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cypress-Fairbanks Independent School District, Series A (GO) <br> 2.25%, 02/15/43 (c) | 600 | 402139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dallas Fort Worth International Airport, Series B (RB) <br> 4.00%, 11/01/45 (c) | 1000 | 925202 |
| Dallas Independent School District, Unlimited Tax School Building (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/53 (c) | 1000 | 898050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/54 (c) | 1000 | 894891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/49 (c) | 1000 | 1037640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denton Independent School District, Unlimited Tax School Building (GO) <br> 5.00%, 08/15/48 (c) | 1000 | 1036224 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Montgomery County, Improvement District Sales Tax (RB) (AGC) <br> 5.25%, 08/15/49 (c) | $750 | $788954 |
| El Paso Independent School District, Unlimited Tax School Building (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/48 (c) | 205 | 212806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/15/48 (c) | 795 | 730601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Bens County, Unlimited Tax Road (GO) <br> 5.25%, 03/01/53 (c) | 1000 | 1047813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) <br> 4.00%, 10/01/49 (c) | 770 | 682878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) <br> 5.00%, 10/01/48 (c) | 640 | 645949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) <br> 4.00%, 12/01/45 (c) | 590 | 534816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, Cultural Education Facilities Finance Corp., Texas Children's Hospital, Series A (RB) <br> 4.00%, 10/01/47 (c) | 1000 | 896245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, Flood Control District, Series A (GO) <br> 4.00%, 10/01/45 (c) | 500 | 461846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County, Texas Toll Road, Series A (RB) <br> 4.00%, 08/15/48 (c) | 1000 | 898322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District (GO)<br> 5.00%, 08/15/43 (c) | 1000 | 1064749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joshua Independent School District (GO) <br> 4.00%, 08/15/49 (c) | 750 | 682419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keller Independent School District (GO) <br> 4.00%, 02/15/47 (c) | 1000 | 936604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District (GO) (AGM) <br> 5.50%, 02/15/58 (c) | 2000 | 2116946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leander Independent School District, Series A (GO) <br> 0.00%, 08/16/42 (c) ^ | 900 | 388761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Hill Independent School District (GO) <br> 5.00%, 02/01/54 (c) | 1885 | 1936685 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project (RB)<br> 5.00%, 05/15/45 (c) | $1500 | $1500795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project, Series S (RB)<br> 5.00%, 05/15/43 (c) | 500 | 504546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority System, Second Tier (RB)<br> 4.25%, 01/01/49 (c) | 750 | 652880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwest Independent School District, Unlimited Tax School Building (GO)<br> 4.00%, 02/15/47 (c) | 1000 | 936604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pflugerville Independent School District, Unlimited Tax School Building, Series A (GO)<br> 5.00%, 02/15/48 (c) | 1000 | 1015080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwall Independent School District (GO)<br> 4.00%, 02/15/53 (c) | 1000 | 892324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Jacinto College District, Series A (GO)<br> 5.00%, 02/15/44 (c) | 900 | 917544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB)<br> 5.25%, 01/01/53 (c) | 1000 | 1021828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center (RB)<br> 5.25%, 12/01/49 (c) | 1000 | 1049711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texarkana Independent School District, Unlimited Tax (GO)<br> 4.00%, 02/15/53 (c) | 1000 | 892324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas City, Independent School District, Unlimited Tax (GO)<br> 4.00%, 08/15/53 (c) | 1015 | 904781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas City, Independent School District, Unlimited Tax (RB)<br> 5.00%, 10/15/53 (c) | 1000 | 1035219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Department of Housing and Community Affairs, Residential Mortgage, Series B (RB)<br> 5.25%, 07/01/53 (c) | 1000 | 1020253 |
| Texas Water Development Board (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/45 (c) | 500 | 465016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 10/15/52 (c) | 1000 | 1016770 |
| Texas Water Development Board, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/49 (c) | 990 | 897638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/43 (c) | 840 | 855478 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board, Series B (RB)<br> 4.00%, 10/15/43 (c) | $1000 | $941455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tomball Independent School District, Unlimited Tax (GO)<br> 4.00%, 02/15/45 (c) | 1000 | 936599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Houston, Series A (RB)<br> 5.00%, 02/15/56 (c) | 500 | 512476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue (RB)<br> 5.00%, 08/01/49 (c) | 1000 | 1043041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waller Independent School District, Series A (GO)<br> 4.00%, 02/15/48 (c) | 500 | 458544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waxahachie Independent School District (GO)<br> 4.00%, 02/15/49 (c) | 750 | 687886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weslaco Independent School District (GO)<br> 4.12%, 02/15/49 (c) | 1470 | 1374726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ysleta Independent School District (GO)<br> 5.00%, 08/15/56 (c) | 500 | 509553 |
|  |  | 61176062 |
| **Utah: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Lake City, International Airport, Series B (RB)<br> 5.00%, 07/01/43 (c) | 360 | 364050 |
| University of Utah, Board of Higher Education, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/51 (c) | 1000 | 909794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/46 (c) | 1160 | 1197641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah County, IHC Health Services, Inc., Series B (RB)<br> 3.00%, 05/15/47 (c) | 210 | 163438 |
|  |  | 2634923 |
| **Virginia: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fairfax, Industrial Development Authority, Inova Health System Project (RB)<br> 5.00%, 05/15/51 (c) | 1000 | 1037813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fairfax, Industrial Development Authority, Inova Health System Project, Series A (RB)<br> 4.00%, 05/15/48 (c) | 1000 | 917207 |
| Hampton Roads Transportation Accountability Commission, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/57 (c) | 600 | 538238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/50 (c) | 625 | 636741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/60 (c) | 500 | 507989 |

---

See Notes to Financial Statements

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Virginia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Virginia, Series A (RB) <br> 5.00%, 04/01/42 (c) | $1000 | $1013527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, Series K (RB) <br> 2.55%, 12/01/46 (c) | 1000 | 665635 |
|  Virginia Small Business Financing Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/45 (c) | 500 | 433546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/54 (c) | 500 | 508423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamsburg Economic Development Authority, Virginia Student Housing, William and Mary Project, Series A (RB) (AGM) <br> 4.38%, 07/01/63 (c) | 1000 | 924707 |
|  |  | 7183826 |
| **Washington: 1.4%** |  |  |
| City of Seattle, Washington Municipal Light and Power, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/01/45 (c) | 1000 | 907090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/53 (c) | 1000 | 1027489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station Electric, Series A (RB) <br> 4.00%, 07/01/42 (c) | 1000 | 946330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King County, Public Hospital District No. 2, Evergreen Health, Series A (GO) <br> 4.00%, 12/01/45 (c) | 650 | 567258 |
| State of Washington, Various Purpose, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/42 (c) | 1000 | 1027598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/43 (c) | 1090 | 1136882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Washington, Series C (RB) <br> 3.12%, 07/01/42 (c) | 1925 | 1524797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State Housing Finance Commission, Radford Court and Nordheim Court Portfolio (RB) <br> 5.00%, 07/01/54 (c) | 500 | 485135 |
|  |  | 7622579 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **West Virginia: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) <br> 4.38%, 06/01/53 (c) | $1000 | $926447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Parkways Authority, Turnpike Toll (RB) <br> 5.00%, 06/01/47 (c) | 620 | 626313 |
|  |  | 1552760 |
| **Wisconsin: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janesville Wisconsin School District, Series B (GO) <br> 4.38%, 03/01/43 (c) | 750 | 731140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Pooled Charter School (RB) <br> 5.75%, 07/01/62 (c) | 952 | 964140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals and Clinics Authority, Series B (RB) <br> 5.00%, 04/01/49 (c) | 500 | 508357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Children's Hospital, Inc. (RB) <br> 4.00%, 08/15/47 (c) | 1000 | 889179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) <br> 5.00%, 02/15/46 (c) | 250 | 247176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) <br> 4.85%, 09/01/43 (c) | 1000 | 998979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership, Series C (RB) <br> 4.75%, 03/01/51 (c) | 1000 | 1004703 |
|  |  | 5343674 |
| **Total Municipal Bonds: 98.5%**<br> (Cost: $560,183,511) |  | 527665512 |
| **Other assets less liabilities: 1.5%** |  | 8221931 |
| **NET ASSETS: 100.0%** |  | $535887443 |

---

See Notes to Financial Statements

**Definitions:**

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FHA | Federal Housing Association |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |

---

**Footnotes:**

(c) Callable Security — the date disclosed is the date the security may be redeemed by the issuer <br> ^ Zero Coupon Bond

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Municipal Bonds \* | $— | $527665512 | $— | $527665512 |

---

<br> <sup>\*</sup> See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 98.9%** | | |
| **Alabama: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Project No. 8, Series A (RB)<br> 4.00%, 12/01/52 (c) (p) | $2000 | $1965639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series C-1 (RB)<br> 4.00%, 10/01/52 (c) (p) | 500 | 499170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Birmingham, Special Care Facilities Financing Authority, Methodist Home (RB)<br> 5.50%, 06/01/30 (c) | 500 | 491066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Jefferson, Alabama Sewer (RB)<br> 5.00%, 10/01/35 (c) | 500 | 537098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Southeast, Cooperative District Energy Supply, Series B (RB)<br> 5.25%, 07/01/54 (c) (p) | 500 | 530767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoover Industrial Development Board, United States Steel Corp. Project (RB)<br> 6.38%, 11/01/50 (p) | 390 | 428900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Alabama Gas Supply District, Series B (RB)<br> 5.00%, 06/01/49 (c) (p) | 1000 | 1046172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB)<br> 5.00%, 11/01/35 (c) | 1000 | 1030293 |
|  |  | 6529105 |
| **Arizona: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Basis School Projects, Series A (RB)<br> 4.75%, 07/01/29 (c) | 975 | 976159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB)<br> 4.00%, 07/01/29 (c) | 400 | 389515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB)<br> 4.00%, 07/15/30 (c) | 390 | 381769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Point 320 LLC, Series A (RB)<br> 3.62%, 05/20/33 | 398 | 373088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB)<br> 5.00%, 07/01/30 (c) | 1000 | 1044993 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Arizona (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix, Industrial Development Authority, Basis Schools, Inc. Project, Series A (RB)<br> 4.00%, 07/01/25 | $100 | $99823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)<br> 4.00%, 07/01/29 | 1390 | 1372518 |
| Salt Verde Financial Corp. (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/28 | 10 | 10443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/29 | 370 | 393035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sierra Vista Industrial Development Authority, American Leadership Academy Project (RB)<br> 5.00%, 06/15/34 (c) | 250 | 253710 |
|  |  | 5295053 |
| **California: 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series A (RB)<br> 5.00%, 01/01/56 (c) (p) | 1500 | 1545578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB)<br> 5.00%, 12/01/53 (c) (p) | 1000 | 1039451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series B (RB)<br> 5.00%, 01/01/55 (c) (p) | 1235 | 1274482 |
| California Community Choice Financing Authority, Clean Energy Project, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/55 (c) (p) | 1000 | 1048729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/01/54 (c) (p) | 1500 | 1559132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series E (RB)<br> 5.00%, 02/01/55 (c) (p) | 1000 | 1054042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series G (RB)<br> 5.00%, 11/01/55 (c) (p) | 2000 | 2061492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Adventist Health System, Series A (RB)<br> 5.00%, 12/01/34 (c) | 1000 | 1059434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Housing Finance Agency, Series A (RB)<br> 4.00%, 03/20/33 | 2600 | 2566976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure & Economic Development Bank, Broghtlime West Passenger Rail Project, Series A (RB)<br> 9.50%, 01/01/65 (c) (p) | 8000 | 7726369 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, CHF-Davis I, LLC-West Village Student Housing Project, Series A (RB)<br> 5.00%, 05/15/30 (c) | $1340 | $1396493 |
| California Municipal Finance Authority, Community Medical Centers, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/27 | 50 | 51024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/28 (c) | 50 | 50979 |
| California Municipal Finance Authority, LINXS APM Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/27 | 610 | 622715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/30/28 | 220 | 226415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AGM)<br> 5.00%, 06/30/31 (c) | 260 | 265229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, St. Mary's School, Series B (RB)<br> 4.65%, 05/01/30 (c) | 500 | 501412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB)<br> 4.00%, 07/15/29 | 6625 | 6415136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB)<br> 7.00%, 07/01/22 (d) \*∞ | 1000 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW)<br> 7.50%, 07/01/32 (d) \*∞ | 1360 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A-1 (RB)<br> 3.38%, 07/01/25 | 400 | 399481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Public Finance Authority, Series A (RB)<br> 5.70%, 06/01/34 (c) | 500 | 494275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Baptist University, Series A (RB)<br> 3.50%, 11/01/27 | 635 | 619915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Daughters of Charity Health System, Series A (RB)<br> 5.75%, 07/01/24 (c) (d) \* | 0 | 370 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Daughters of Charity Health System, Series G (RB)<br> 5.50%, 07/01/22 (c) | $1 | $1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)<br> 5.00%, 05/15/33 (c) | 300 | 302446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)<br> 5.25%, 12/01/34 (c) | 1740 | 1740715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB)<br> 5.00%, 07/01/29 | 250 | 252336 |
| City and County of San Francisco, Airport Commission, International Airport, Series H (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 | 500 | 514576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/29 | 500 | 523299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of San Francisco, International Airport Commission, Series A (RB)<br> 5.00%, 05/01/29 | 500 | 523299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series A (RB)<br> 5.00%, 05/15/35 | 1000 | 1072219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Los Angeles Department of Airports, Series F (RB)<br> 5.00%, 05/15/35 | 500 | 536110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compton Public Finance Authority (RB)<br> 4.50%, 09/01/32 (c) | 1000 | 992069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Centro Financing Authority, El Centro Regional Medical Center Project (RB)<br> 4.50%, 07/01/29 (c) | 685 | 667254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irvine Unified School District Community Facilities District No. 09-1, Series D (ST)<br> 5.00%, 09/01/26 | 110 | 112224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles California, Department of Airports of The City of Los Angeles, Series A (RB)<br> 5.00%, 05/15/30 | 750 | 794185 |

---

See Notes to Financial Statements

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSR Energy Authority, California Gas, Series A (RB)<br> 6.12%, 11/01/29 | $215 | $225216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSR Energy Authority, California Gas, Series B (RB)<br> 7.00%, 11/01/34 | 1000 | 1182318 |
| Palomar Health (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 250 | 250335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 (c) | 90 | 88244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco California City & County, Airport Commission, International Airport, Series A (RB)<br> 5.00%, 05/01/33 | 500 | 532710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco California City & County, Airport Commission, International Airport, Series C (RB)<br> 5.00%, 05/01/32 | 1000 | 1066870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Joaquin Valley Clean Energy Authority, Series A (RB)<br> 5.50%, 01/01/56 (c) (p) | 1000 | 1099035 |
|  |  | 44455671 |
| **Colorado: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Denver, Colorado Airport System, Series A (RB)<br> 5.00%, 12/01/29 (c) | 295 | 305255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of Denver, United Airlines, Inc. Project (RB)<br> 5.00%, 10/01/32 (c) | 2425 | 2424890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Louisville, Redtail Ridge Metropolitan District, Capital Appreciation Turbo (GO)<br> 0.00%, 12/01/32 (c) ^ | 500 | 287560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB)<br> 3.50%, 05/15/30 (c) | 1000 | 940767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denver Convention Center Hotel Authority (RB)<br> 5.00%, 12/01/27 (c) | 600 | 601844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Painted Prairie Public Improvement Authority (RB)<br> 4.00%, 12/01/29 (c) | 1000 | 946411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy, Natural Gas Purchase (RB)<br> 6.25%, 11/15/28 | 120 | 125175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STC Metropolitan District No. 2, Series A (GO)<br> 4.00%, 12/01/29 (c) | 500 | 515022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Velocity Metropolitan District No. 3 (GO)<br> 5.12%, 12/01/34 (c) | 1000 | 952584 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colorado (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windler Public Improvement Authority, Series A-1 (RB) (BAM)<br> 4.00%, 12/01/31 (c) | $1000 | $939049 |
|  |  | 8038557 |
| **Connecticut: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB)<br> 4.00%, 07/01/30 (c) | 120 | 115618 |
| Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 | 430 | 431333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 | 870 | 870955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Hamden, Whitney Center Project (RB)<br> 5.00%, 01/01/30 (c) | 335 | 336545 |
|  |  | 1754451 |
| **Delaware: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, NRG Energy Project, Series A (RB)<br> 1.25%, 10/01/45 (c) (p) | 1000 | 979891 |
| **District of Columbia: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Latin American Montessori Bilingual Public Charter School (RB)<br> 4.00%, 06/01/30 | 435 | 420771 |
| **Florida: 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB)<br> 3.38%, 07/01/31 | 1390 | 1307059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, Elim Senior Housing, Inc., Project (RB)<br> 5.00%, 08/01/27 (c) | 275 | 266677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB)<br> 4.00%, 06/15/31 (c) | 535 | 504628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Venice, Florida Retirement Community, Village on the Isle Project, Series B-3 (RB)<br> 4.25%, 01/01/30 (c) | 250 | 247805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Broward, Florida Airport System, Series A (RB)<br> 5.00%, 10/01/29 (c) | 290 | 290330 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW)<br> 5.00%, 08/15/31 (c) | $1500 | $1570139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB)<br> 5.00%, 06/01/30 (c) | 315 | 309713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Seaport Department, Series A (RB)<br> 5.00%, 10/01/36 (c) | 880 | 905320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Palm Beach, Atlantic University Housing Project, Series A (RB)<br> 5.00%, 04/01/29 | 300 | 299382 |
| Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/34 (c) | 1000 | 1009493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/35 (c) | 1000 | 1003131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Education Facilities, Central School Project (RB)<br> 5.00%, 08/15/32 | 500 | 484408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Education Facilities, Cornerstone Chapter Academy Project (RB)<br> 5.00%, 10/01/32 (c) | 500 | 506000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Renaissance Chapter School Inc. Project, Series C (RB)<br> 4.00%, 09/15/30 (c) | 470 | 443900 |
| Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/29 (c) | 1140 | 1146345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 07/01/32 (c) (p) | 485 | 491547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JEA Electric System, Series B (RB)<br> 5.00%, 10/01/29 (c) | 110 | 114201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Healthcare Facilities, Series B-3 (RB)<br> 4.12%, 11/15/29 (c) | 1000 | 993689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polk Country Industrial Development Authority, Florida Industrial Development (RB)<br> 5.88%, 01/01/33 (d) \* | 1930 | 1119400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Community Development District No 15 (SA)<br> 4.00%, 05/01/34 (c) | 500 | 485392 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Florida (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Community Development District No. 12 (SA) (SAW)<br> 3.80%, 05/01/28 | $370 | $368523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Village Community Development District No. 13 (SA)<br> 3.00%, 05/01/29 | 235 | 224672 |
|  |  | 14091754 |
| **Georgia: 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta Development Authority, Westside Gulch Area Project, Series A-1 (TA)<br> 5.00%, 04/01/34 (c) | 500 | 491582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DeKalb County Housing Authority, Georgia Affordable Multifamily Housing, Series A (RB)<br> 4.00%, 12/01/33 (c) | 1500 | 1486407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG)<br> 5.50%, 12/01/28 (c) | 205 | 204027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Local Government, Grantor Trust, Series A (CP) (NATL)<br> 4.75%, 06/01/28 | 380 | 386578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB)<br> 5.00%, 08/01/34 (c) | 1500 | 1501204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series E (RB)<br> 5.00%, 05/01/55 (c) (p) | 500 | 519240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB)<br> 5.00%, 11/01/27 | 250 | 250523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White County Development Authority, Truett McConnell University Project, Series A (RB)<br> 5.00%, 10/01/29 (c) | 170 | 164830 |
|  |  | 5004391 |
| **Guam: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Business Privilege Tax, Series D (RB)<br> 5.00%, 11/15/27 (c) | 360 | 362335 |
| Guam Government, Business Privilege Tax, Series F (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/36 (c) | 395 | 377716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 | 1000 | 1042600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 | 1000 | 1050044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Government, Series A (RB)<br> 5.00%, 12/01/25 | 1000 | 1006660 |

---

See Notes to Financial Statements

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Guam (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guam Power Authority, Series A (RB)<br> 5.00%, 10/01/33 (c) | $940 | $1011084 |
|  |  | 4850439 |
| **Hawaii: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB)<br> 3.10%, 05/01/26 | 500 | 489285 |
| **Illinois: 10.0%** |  |  |
| Chicago Board of Education, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 | 1000 | 1026190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 1000 | 1014323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/32 (c) | 2000 | 2040964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 1500 | 1525305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/26 (c) | 200 | 202820 |
| Chicago Board of Education, Series A (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 250 | 256983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 200 | 206211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 (c) | 250 | 252335 |
| Chicago Board of Education, Series A (GO) (AMBAC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/26 | 230 | 232855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/31 | 1000 | 1037063 |
| Chicago Board of Education, Series A (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/26 ^ | 310 | 290731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/28 ^ | 795 | 683994 |
| Chicago Board of Education, Series B (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/29 | 1250 | 1282738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 1250 | 1267903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 | 2000 | 2050951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 (c) | 2000 | 2047722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/33 (c) | 1400 | 1403769 |
| Chicago Board of Education, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/27 | 500 | 509147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 (c) | 560 | 564990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago Board of Education, Series E (GO)<br> 5.12%, 12/01/32 (c) | 1320 | 1320021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series D (RB)<br> 5.00%, 01/01/32 | 500 | 551103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago School Reform Board of Trustees, Series A (GO) (NATL)<br> 0.00%, 12/01/29 ^ | 575 | 473154 |
| Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/26 ^ | 490 | 459542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/28 ^ | 1515 | 1303461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/29 ^ | 585 | 481383 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/01/30 ^ | $190 | $149575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series A (GO)<br> 5.00%, 01/01/30 | 1500 | 1566497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series B (GO)<br> 5.00%, 01/01/33 | 500 | 527420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Cook, Series A (GO)<br> 5.00%, 11/15/28 (c) | 500 | 511666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastern Illinois Economic Development Authority, Business District (RB)<br> 5.00%, 11/01/33 (c) | 1000 | 988032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Admiral Lake Project (RB)<br> 5.00%, 05/15/33 (c) | 460 | 419777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Friendship Village of Schaumburg (RB)<br> 5.00%, 02/15/27 (d) \* | 1061 | 8490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Roosevelt University (RB)<br> 5.40%, 04/01/27 (c) | 55 | 54521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Municipal Electric Agency, Power Supply System, Series A (RB)<br> 5.00%, 02/01/26 (c) | 785 | 787232 |
| Illinois Sports Facilities Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/28 | 395 | 403396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 | 545 | 560587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Sports Facilities Authority (RB) (AMBAC)<br> 0.00%, 06/15/26 ^ | 260 | 249053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB)<br> 5.00%, 12/15/28 (c) | 500 | 515669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL)<br> 0.00%, 06/15/28 ^ | 115 | 101325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Illinois Municipal Power Agency, Series A (RB)<br> 5.00%, 12/01/29 (c) | 330 | 336680 |
| State of Illinois (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/30 (c) | 350 | 338003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 11/01/31 (c) | 100 | 99055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Sales Tax (RB)<br> 5.00%, 06/15/26 | 235 | 238924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series A (GO)<br> 5.00%, 03/01/33 (c) | 700 | 739745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series C (GO)<br> 5.00%, 11/01/29 (c) | 315 | 324714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series D (GO)<br> 5.00%, 11/01/28 (c) | 460 | 474930 |
|  |  | 31880949 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Indiana: 1.3%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Anderson, Indiana Economic Development, Anderson University (RB)<br> 4.75%, 10/01/27 (c) | $180 | $158118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Midwestern Disaster Relief, Series A (RB)<br> 4.25%, 11/01/30 | 2015 | 2035303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, United States Steel Corp. Project, Series A (RB)<br> 4.12%, 12/01/26 | 2000 | 1992406 |
|  |  | 4185827 |
| **Iowa: 0.8%** |  |  |
| City of Coralville, Marriott Hotel and Convention Center, Series E (CP) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/29 (c) | 1070 | 1028136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/31 (c) | 1000 | 941692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB)<br> 5.00%, 03/01/28 (c) | 190 | 190856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iowa Higher Education Loan Authority, Wartburg College Project (RB)<br> 4.00%, 10/01/25 | 270 | 267746 |
|  |  | 2428430 |
| **Kansas: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Wichita, Health Care Facilities, Series III (RB)<br> 5.00%, 05/15/34 (c) | 600 | 586771 |
| **Kentucky: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Henderson, Pratt Paper, LLC Project, Series B (RB)<br> 3.70%, 01/01/32 | 1615 | 1560494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Williamsburg, Kentucky Bond Development Corp, Series A (RB)<br> 5.00%, 08/15/55 (c) (p) | 500 | 539166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)<br> 5.00%, 05/15/26 | 45 | 44516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL)<br> 5.00%, 09/01/30 (c) | 175 | 175650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series A (RB)<br> 5.25%, 06/01/55 (c) (p) | 500 | 525125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series B (RB)<br> 5.00%, 01/01/55 (c) (p) | 500 | 523881 |
|  |  | 3368832 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Louisiana: 2.2%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB)<br> 5.00%, 12/01/27 | $1025 | $1032796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calcasieu Parish Service District, Lake Charles Memorial Hospital Project (RB) (SBG)<br> 5.00%, 12/01/29 | 150 | 151775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Christwood Project (RB)<br> 4.25%, 11/15/30 | 250 | 245686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB)<br> 3.50%, 11/01/32 (c) | 1310 | 1240827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Lake Charles Chapter Academy Project, Series A (RB)<br> 5.00%, 12/15/34 (c) | 500 | 501311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Solid Waste Disposal , Louisiana Pellets, Inc. Project (RB)<br> 7.00%, 07/01/24 (d) \*∞ | 330 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB)<br> 7.50%, 07/01/23 (d) \*∞ | 521 | 5 |
| Parish of St. James, Nustar Logistics, LP Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/01/38 (p) | 1500 | 1586216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 12/01/40 (p) | 1000 | 1057481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Louisiana, Series B (GO)<br> 5.00%, 06/01/36 (c) | 1000 | 1114995 |
|  |  | 6931095 |
| **Maryland: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Baltimore, East Baltimore Research Park Project, Series A (RB)<br> 4.00%, 09/01/27 | 200 | 198497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Frederick, Mount Saint Mary's University, Series A (RB)<br> 5.00%, 09/01/27 | 250 | 249929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Howard, Series A (TA)<br> 4.00%, 02/15/28 (c) | 100 | 99440 |

---

See Notes to Financial Statements

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br>(000's** | **Value** |
| Maryland (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Transportation Facilities, Series A (RB)<br> 5.00%, 06/01/28 | $425 | $439382 |
|  |  | 987248 |
| Massachusetts: 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collegiate Charter School of Lowell (RB)<br> 5.00%, 06/15/29 (c) | 490 | 492652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB)<br> 5.00%, 07/01/28 (c) | 310 | 314262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. (RB)<br> 5.00%, 07/01/29 | 500 | 522333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)<br> 4.00%, 10/01/27 (c) | 250 | 249152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB)<br> 5.00%, 07/01/28 (c) | 100 | 101400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, UMass Memorial Health Care, Series N-2 (RB)<br> 5.00%, 07/01/35 (c) | 1000 | 1083937 |
|  |  | 2763736 |
| Michigan: 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit Regional Convention Facility Authority, Series C (RB)<br> 5.00%, 10/01/35 (c) | 580 | 620461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority Higher Education, Thomas M. Cooley Law School Project (RB)<br> 6.25%, 07/01/29 (c) | 1000 | 973297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, I-75 Improvement Project (RB)<br> 5.00%, 06/30/30 (c) | 155 | 159588 |
|  |  | 1753346 |
| Minnesota: 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Anoka, Homestead at Anoka, Inc. Project (RB)<br> 4.25%, 11/01/27 (c) | 60 | 58535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Brooklyn Park, Charter School, Athlos Leadership Academy Project, Series A (RB)<br> 5.25%, 07/01/30 (c) | 510 | 484807 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| Minnesota (continued) |  |  |
| City of Minneapolis, Fairview Health Services, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/34 (c) | $605 | $618714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/35 (c) | 1000 | 1018386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB)<br> 5.00%, 09/01/26 | 50 | 50117 |
|  |  | 2230559 |
| Missouri: 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA)<br> 4.62%, 11/01/30 (c) | 225 | 216654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB)<br> 3.88%, 11/15/29 (c) | 170 | 162649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lees Summit Industrial Development Authority, John Knox Village, Series A (RB)<br> 5.00%, 08/15/32 (c) | 125 | 125125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Heights Industrial Development Authority, Saint Louis Community Ice Center Project, Series A (RB) (BAM)<br> 4.38%, 03/15/30 (c) | 285 | 258993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plaza at Noah's Ark Community Improvement District (RB)<br> 3.00%, 05/01/30 (c) | 500 | 462384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB)<br> 5.00%, 09/01/28 (c) | 500 | 511149 |
|  |  | 1736954 |
| Nebraska: 0.8% |  |  |
| Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 | 500 | 512280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/28 | 100 | 103361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/30 | 125 | 131038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/34 | 650 | 688509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Plans Energy Project, Gas Project Crossover No.3, Series B (RB)<br> 5.00%, 09/01/31 | 1000 | 1054221 |
|  |  | 2489409 |
| Nevada: 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Reno, Tax Increment Senior Lien, Series C (TA)<br> 5.40%, 06/01/27 (c) | 190 | 189192 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| Nevada (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina, Series A (RB)<br> 2.75%, 06/15/28 | $490 | $472540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clark County, Nevada Pollution Control, Southern California Edison Company (RB)<br> 2.10%, 06/01/31 | 5 | 4296 |
| Clark County, School District, Series B (GO) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/29 | 250 | 268338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/30 (c) | 250 | 266623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, School District, Series B (GO) (BAM)<br> 5.00%, 06/15/30 | 250 | 271351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada, Department of Business and Industry, Brightline West Passenger Rail Project, Series A (RB)<br> 9.50%, 01/01/65 (c) (p) | 1500 | 1444892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB)<br> 5.88%, 12/15/27 (d) \* | 270 | 27 |
|  |  | 2917259 |
| New Hampshire: 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Finance Authority, Bridgeland Water and Utility Districts (RB)<br> 5.38%, 12/15/35 (c) | 705 | 696904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Finance Authority, Covanta Project, Series A (RB)<br> 4.00%, 11/01/27 (c) | 250 | 246927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Finance Authority, Emberly and Cantera Creek Projects (RB)<br> 5.38%, 12/01/31 (c) | 250 | 243820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Finance Authority, Highlands Project (RB)<br> 5.12%, 12/15/30 (c) | 250 | 243387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Finance Authority, Silverado Project (RB)<br> 5.00%, 12/01/28 (c) | 500 | 493850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Finance Authority, Valencia Project (RB)<br> 5.30%, 12/01/32 (c) | 250 | 246590 |
|  |  | 2171478 |
| New Jersey: 3.2% |  |  |
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/29 (c) | 1715 | 1715083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 11/15/30 (c) | 1000 | 1000136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/27 (c) | 1240 | 1240156 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| New Jersey (continued) |  |  |
| New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/32 (c) | $1155 | $1127225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/34 (c) | 600 | 586296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 (c) | 1000 | 1008182 |
| New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/26 (c) | 440 | 440279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/15/27 (c) | 130 | 130092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, State House Project, Series B (RB)<br> 4.00%, 06/15/29 (c) | 750 | 760651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB)<br> 4.12%, 07/01/30 (c) | 175 | 165912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Barnabas Health, Series A (RB)<br> 5.00%, 07/01/29 (c) | 500 | 507557 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/26 ^ | 360 | 340162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 12/15/32 ^ | 5 | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/30 (c) | 395 | 400672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/36 (c) | 500 | 544238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series A (RB)<br> 5.00%, 06/01/29 (c) | 150 | 154349 |
|  |  | 10124718 |
| New Mexico: 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan and Four Corners Projects, Series B (RB)<br> 2.15%, 04/01/33 (c) | 700 | 576226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB)<br> 1.80%, 04/01/29 | 1000 | 892452 |
|  |  | 1468678 |
| New York: 12.3% |  |  |
| Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/26 | 100 | 101347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/27 (c) | 100 | 101862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 (c) | 100 | 101839 |

---

See Notes to Financial Statements

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| New York (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/30 (c) | $1800 | $1831141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Brooklyn Navy Yard Cogeneration Partners, L.P. Project (RB)<br> 5.00%, 12/31/28 | 990 | 984561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB)<br> 4.00%, 06/15/31 | 275 | 262874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Richmond Preparatory Chapter School Project, Series A (RB)<br> 4.00%, 06/01/31 (c) | 595 | 540811 |
| City of New York, Series G (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/35 | 1000 | 1121242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/36 (c) | 1000 | 1117038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Suffolk, Series B (GO) (AGM)<br> 5.00%, 10/15/26 | 250 | 257776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Sullivan, Adelaar Infrastructure Project, Series A-1 (SA)<br> 4.85%, 11/01/31 (c) | 870 | 870182 |
| Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 275 | 278253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 270 | 273279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB)<br> 4.00%, 07/01/27 | 365 | 354702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Series A (RB)<br> 5.00%, 11/15/35 (c) | 2000 | 2186089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Series D (RB)<br> 5.00%, 11/15/31 (c) | 500 | 510661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Eugenio Maria De Hostos Chapter School Project, Series A (RB)<br> 5.00%, 07/01/34 | 500 | 500594 |
| Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/01/35 (c) | 675 | 654203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 (c) | 500 | 529008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/34 (c) | 1060 | 1105234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., St. Ann's Community Project (RB)<br> 4.00%, 01/01/30 (c) | 685 | 654313 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| New York (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Housing, Series B-2 (RB)<br> 3.95%, 11/01/64 (c) (p) | $1000 | $1006255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, Series D (RB)<br> 4.00%, 12/15/31 (c) | 250 | 252669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., 3 World Trade Center Project (RB)<br> 5.15%, 11/15/34 (c) | 1000 | 1000206 |
| New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 (c) | 1000 | 1020490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | 945 | 961864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB)<br> 2.88%, 12/01/44 (p) | 1000 | 937765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA 542 (C))<br> 2.75%, 09/01/50 (c) (p) | 600 | 595271 |
| New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/01/26 | 420 | 412807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 (c) | 325 | 325035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/31 (c) | 4155 | 4155452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/01/31 (c) | 3105 | 3215903 |
| New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/30 | 1000 | 982682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/36 (c) | 2000 | 1880074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/35 (c) | 1000 | 1014160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/35 (c) | 1000 | 1091753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB)<br> 3.00%, 08/01/31 | 2100 | 1944244 |
| New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB) (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/30 | 1430 | 1498624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/31 | 1885 | 1984716 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| New York (continued) |  |  |
| Town of Ramapo, Public Improvement, Series A (GO) (FGIC) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/27 (c) | $120 | $119813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 05/15/28 (c) | 100 | 99918 |
| TSASC, Inc., Tobacco Settlement Bonds, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/27 | 70 | 71820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/28 (c) | 70 | 71736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB)<br> 4.00%, 10/15/29 | 200 | 195982 |
|  |  | 39176248 |
| North Carolina: 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Health Care Facilities First Mortgage (RB)<br> 5.00%, 10/01/35 (c) | 1000 | 971149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series A (RB)<br> 5.00%, 09/01/34 (c) | 525 | 523626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series B-3 (RB)<br> 4.25%, 09/01/28 (c) | 500 | 494724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority Triangle Expressway System Senior Lien, Series B (RB) (AGM)<br> 5.00%, 01/01/32 (c) | 500 | 526280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System, Series B (RB) (AGM)<br> 5.00%, 01/01/36 (c) | 1000 | 1040512 |
|  |  | 3556291 |
| North Dakota: 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Grand Forks, Altru Health System (RB)<br> 5.00%, 12/01/34 (c) | 500 | 514218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB)<br> 6.62%, 12/15/31 (c) (d) \* | 3000 | 30 |
|  |  | 514248 |
| Ohio: 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland and Cuyahoga County, Port Authority, Constellation Schools Project, Series A (RB)<br> 5.25%, 01/01/34 (c) | 500 | 492469 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| Ohio (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series A (RB)<br> 5.00%, 01/01/36 (c) | $1000 | $1048032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB)<br> 5.00%, 11/01/34 | 1000 | 1086620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB)<br> 5.00%, 05/15/32 (c) | 835 | 819813 |
| County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/26 | 50 | 50398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 | 350 | 357321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/28 (c) | 110 | 111102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB)<br> 5.00%, 02/15/27 (c) | 980 | 984974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Co. Project, Series A (RB)<br> 2.40%, 12/01/38 (c) (p) | 500 | 462675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB)<br> 2.60%, 06/01/41 (c) (p) | 1000 | 929500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series D (RB)<br> 3.38%, 08/01/29 (p) | 1000 | 956670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB)<br> 3.25%, 09/01/29 | 2000 | 1928268 |
|  |  | 9227842 |
| Oklahoma: 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma County Finance Authority, Charter School, Astec Project (RB)<br> 5.25%, 06/15/34 (c) | 500 | 490496 |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/26 | 1000 | 1011230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/27 | 250 | 255482 |
|  |  | 1757208 |
| Pennsylvania: 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adams County General Authority, Brethren Home Community Project, Series A (RB)<br> 5.00%, 06/01/34 (c) | 250 | 259169 |

---

See Notes to Financial Statements

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| Pennsylvania (continued) |  |  |
| Allentown Neighborhood Improvement Zone Development Authority (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 | $750 | $761558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 | 1165 | 1173626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 | 735 | 746394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berks County Municipal Authority, Tower Health Project, Series A-2 (RB)<br> 6.00%, 06/30/34 (c) | 1131 | 1182395 |
| City of Philadelphia, Pennsylvania Gas Works (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 | 80 | 80266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 | 100 | 102439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC)<br> 5.50%, 08/01/28 | 660 | 705197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc. project (RB)<br> 5.45%, 01/01/51 (c) (p) | 1000 | 991332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB)<br> 5.00%, 06/30/32 | 1000 | 1060306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB)<br> 5.00%, 06/30/26 | 130 | 131782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Series A-2 (RB)<br> 5.00%, 06/01/30 (c) | 100 | 101671 |
| Philadelphia Authority for Industrial Development, University of the Arts (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/29 (c) (d) \* | 545 | 425299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/15/29 (c) | 25 | 25990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB)<br> 4.00%, 06/01/31 | 505 | 489398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW)<br> 5.00%, 06/01/29 (c) | 200 | 203524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)<br> 5.00%, 07/01/26 | 115 | 116134 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br>(000's** | **Value** |
| Pennsylvania (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/29 (c) | $275 | $279770 |
|  |  | 8836250 |
| Puerto Rico: 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)<br> 5.00%, 07/01/30 | 3000 | 3068924 |
| Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 | 1000 | 1020524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/33 (c) | 2000 | 2045785 |
| Puerto Rico Commonwealth, Series A-1 (GO) (BAM-TCRS) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/33 (c) | 4000 | 3822525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/01/35 (c) | 1500 | 1397606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/01/27 | 1000 | 1019922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/01/29 | 3000 | 3119948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/01/31 | 4000 | 4243647 |
| Puerto Rico Electric Power Authority (RB) (NATL) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/01/33 (c) | 120 | 115365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/26 | 320 | 317381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/30 | 500 | 488585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/32 | 700 | 681078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Municipal Finance Agency, Series A (RB) (AGM)<br> 5.00%, 08/01/30 (c) | 780 | 785220 |
| Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/31 (c) ^ | 2000 | 1542863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/01/33 (c) ^ | 1500 | 1055623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/34 (c) | 1000 | 981495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AGM)<br> 0.00%, 07/01/29 (c) ^ | 1308 | 1102759 |
|  |  | 26809250 |
| Rhode Island: 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Care New England, Series B (RB)<br> 5.00%, 09/01/31 (c) | 1000 | 1000560 |
| South Carolina: 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)<br> 4.00%, 11/15/27 (c) | 195 | 191768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Series A (RB)<br> 5.00%, 12/01/31 (c) | 525 | 527256 |
|  |  | 719024 |
| Tennessee: 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Memphis-Shelby County Industrial Development Board, Graceland Project, Series A (TA)<br> 4.75%, 07/01/27 | 105 | 94851 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Tennessee (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee (RB)<br> 0.00%, 04/01/33 (c) ^ | $1000 | $679612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB)<br> 5.00%, 05/01/52 (c) (p) | 1000 | 1042933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Gas Project, Series A (RB)<br> 5.25%, 09/01/26 | 525 | 532848 |
|  |  | 2350244 |
| **Texas: 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB)<br> 5.00%, 01/01/33 (c) | 1200 | 1188149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW)<br> 5.00%, 01/01/26 | 775 | 775583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB)<br> 5.00%, 01/01/30 (c) | 500 | 496905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series A (RB) (AGM)<br> 5.00%, 08/15/31 (c) | 50 | 53498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB)<br> 3.62%, 07/01/26 (c) | 1465 | 1395146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority, Series C (RB)<br> 5.00%, 01/01/27 (c) | 1000 | 1009783 |
| City of Austin, Texas Airport System (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/25 | 625 | 629944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/28 (c) | 395 | 395063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Airport System, Series C (RB)<br> 5.00%, 07/01/27 | 180 | 185645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB)<br> 5.00%, 07/01/29 (c) | 3000 | 2999964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB)<br> 5.00%, 07/01/27 | 250 | 251159 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB)<br> 6.50%, 07/15/30 (c) | $200 | $200542 |
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/27 | 2000 | 2009384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/28 | 500 | 502975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project (RB)<br> 5.00%, 07/15/28 | 1500 | 1508926 |
| City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/34 | 500 | 504922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/35 (c) | 1000 | 1021428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/36 (c) | 1000 | 1017834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB)<br> 5.00%, 07/15/30 (c) | 1000 | 1000081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB)<br> 5.00%, 07/15/27 | 1750 | 1758211 |
| Clifton Higher Education Finance Corp., Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 08/15/25 | 20 | 20064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 08/15/30 (c) | 200 | 200080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Junior Lien, Series A (RB) (AGC)<br> 5.00%, 11/15/30 | 500 | 540602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)<br> 0.00%, 11/15/29 ^ | 315 | 268195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB)<br> 5.00%, 05/15/31 (c) | 335 | 335177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)<br> 5.00%, 02/15/30 (c) (d) \* | 102 | 1015 |

---

See Notes to Financial Statements

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB)<br> 4.62%, 10/01/31 (c) | $2700 | $2679987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB)<br> 4.00%, 07/01/28 (c) | 815 | 797466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB)<br> 5.25%, 08/15/27 (c) | 110 | 107562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)<br> 5.00%, 07/01/23 | 87 | 86992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB)<br> 2.62%, 01/01/31 (c) | 550 | 496000 |
| SA Energy Acquisition Public Facility Corp., Gas Supply (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/25 | 125 | 125430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/27 | 110 | 112902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB)<br> 6.25%, 11/15/31 (c) | 250 | 237673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB)<br> 4.00%, 05/15/27 (c) | 175 | 171968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (RB)<br> 5.00%, 12/15/30 | 1000 | 1041074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp. I, Series A (RB)<br> 5.25%, 12/15/25 | 100 | 100881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp. III (RB)<br> 5.00%, 12/15/28 | 350 | 361765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp. V (RB)<br> 5.00%, 01/01/55 (c) (p) | 1000 | 1040230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition and Supply Corp., Series D (RB)<br> 6.25%, 12/15/26 | 345 | 354590 |
|  |  | 27984795 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Utah: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Charter School Finance Authority, Freedom Academy Foundation Project (RB)<br> 4.50%, 06/15/27 | $500 | $492530 |
| **Virgin Islands: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching Fund Special Purpose Securitization Corp., Virgin Island, Series A (RB)<br> 5.00%, 10/01/32 | 1000 | 1028556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Islands Water & Power Authority, Series B (RB)<br> 5.00%, 07/01/25 (c) | 55 | 54759 |
|  |  | 1083315 |
| **Virginia: 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB)<br> 4.75%, 09/01/30 (c) | 140 | 133608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB)<br> 5.00%, 11/01/35 | 1000 | 1089561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peninsula Town Center Community Development Authority (RB)<br> 4.50%, 09/01/28 (c) | 325 | 323261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roanoke County Economic Development Authority, Residential Care Facility (RB)<br> 5.50%, 09/01/58 (c) (p) | 1530 | 1495165 |
| Virginia Beach Development Authority, Residential Care Facility, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/01/30 (c) | 1000 | 1006857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/01/33 (c) | 1000 | 1095715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, Marymount University Project, Series B (RB)<br> 5.25%, 07/01/30 (c) | 710 | 667358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB)<br> 5.00%, 07/01/35 (c) | 500 | 512308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB)<br> 4.00%, 01/01/31 | 635 | 624133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, Residential Care Facilities, Series A (RB)<br> 5.00%, 12/01/34 (c) | 1000 | 1037004 |
|  |  | 7984970 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Washington: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)<br> 5.00%, 12/01/25 | $40 | $39916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB)<br> 5.00%, 04/01/30 (c) | 1800 | 1800152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, CommonSpirit Health, Series B-2 (RB)<br> 5.00%, 08/01/49 (c) (p) | 480 | 480694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Convention Center Public Facilities District (RB)<br> 4.00%, 07/01/31 | 2250 | 2248339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington State, Housing Finance Commission, Parkshore Juanita Bay Project, Series B-2 (RB)<br> 3.95%, 07/01/29 (c) | 500 | 494329 |
| Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/01/26 (c) | 300 | 298227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 365 | 365882 |
|  |  | 5727539 |
| **West Virginia: 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB)<br> 5.00%, 06/01/26 | 150 | 152704 |
| **Wisconsin: 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Bonnie Cone Classical Academy, Inc. (RB)<br> 5.00%, 06/15/34 (c) | 500 | 495029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Celanese Corp., Series C (RB)<br> 4.30%, 11/01/30 (c) | 1000 | 981103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Foundation Academy Charter School Project (RB)<br> 5.00%, 07/01/35 | 250 | 251605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Living Community First Mortgage (RB)<br> 4.25%, 05/01/29 (c) | 365 | 335571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Mater Academy, East Las Vegas Campus Project, Series A (RB)<br> 5.00%, 12/15/34 (c) | 645 | 655611 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Wisconsin (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, North Carolina Charter Educational Foundation Project, Series A (RB)<br> 4.10%, 06/15/26 | $225 | $222405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Penick Village (RB)<br> 4.00%, 09/01/29 (c) | 380 | 369629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Phoenix Academy Project, Series A (RB)<br> 5.00%, 06/15/27 (c) | 150 | 148094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Pinecrest Academy, Sloan Canyon Campus Project, Series A (RB)<br> 4.00%, 07/15/34 (c) | 250 | 236780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB)<br> 5.00%, 12/01/27 | 950 | 961088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Texas Infrastructure Program, Mayfair Project, Series A-4 (RB)<br> 5.50%, 11/15/32 (c) | 250 | 243745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB)<br> 2.62%, 11/01/25 | 1050 | 1038464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, Wisconsin Texas Infrastructure Program, Nolina and Sorella Projects (RB)<br> 5.50%, 12/15/32 (c) | 430 | 412334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Chiara Housing and Services Inc., Project (RB)<br> 5.00%, 07/01/35 (c) | 250 | 248839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB)<br> 3.00%, 08/15/26 (c) | 825 | 817240 |
|  |  | 7417537 |
| **Total Municipal Bonds: 98.9%** |  |  |
| (Cost: $332,225,453) |  | 314725212 |
| **Other assets less liabilities: 1.1%** |  | 3553383 |
| **NET ASSETS: 100.0%** |  | $318278595 |

---

See Notes to Financial Statements

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

------

**Definitions:**

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SA | Special Assessment |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| TA | Tax Allocation |

---

**Footnotes:**

---

| | |
|:---|:---|
| (c) | Callable Security — the date disclosed is the date the security may be redeemed by the issuer |
| (d) | Security in default |
| (p) | Putable Security — the date disclosed is the date the security may be redeemed by the fund |
| \* | Non-income producing |
| ^ | Zero Coupon Bond |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Alabama | $— | $6529105 | $— | $6529105 |
| &nbsp;&nbsp;&nbsp;Arizona |  | 5295053 |  | 5295053 |
| &nbsp;&nbsp;&nbsp;California |  | 44455647 | 24 | 44455671 |
| &nbsp;&nbsp;&nbsp;Colorado |  | 8038557 |  | 8038557 |
| &nbsp;&nbsp;&nbsp;Connecticut |  | 1754451 |  | 1754451 |
| &nbsp;&nbsp;&nbsp;Delaware |  | 979891 |  | 979891 |
| &nbsp;&nbsp;&nbsp;District of Columbia |  | 420771 |  | 420771 |
| &nbsp;&nbsp;&nbsp;Florida |  | 14091754 |  | 14091754 |
| &nbsp;&nbsp;&nbsp;Georgia |  | 5004391 |  | 5004391 |
| &nbsp;&nbsp;&nbsp;Guam |  | 4850439 |  | 4850439 |
| &nbsp;&nbsp;&nbsp;Hawaii |  | 489285 |  | 489285 |
| &nbsp;&nbsp;&nbsp;Illinois |  | 31880949 |  | 31880949 |
| &nbsp;&nbsp;&nbsp;Indiana |  | 4185827 |  | 4185827 |
| &nbsp;&nbsp;&nbsp;Iowa |  | 2428430 |  | 2428430 |
| &nbsp;&nbsp;&nbsp;Kansas |  | 586771 |  | 586771 |
| &nbsp;&nbsp;&nbsp;Kentucky |  | 3368832 |  | 3368832 |
| &nbsp;&nbsp;&nbsp;Louisiana |  | 6931087 | 8 | 6931095 |
| &nbsp;&nbsp;&nbsp;Maryland |  | 987248 |  | 987248 |
| &nbsp;&nbsp;&nbsp;Massachusetts |  | 2763736 |  | 2763736 |
| &nbsp;&nbsp;&nbsp;Michigan |  | 1753346 |  | 1753346 |
| &nbsp;&nbsp;&nbsp;Minnesota |  | 2230559 |  | 2230559 |
| &nbsp;&nbsp;&nbsp;Missouri |  | 1736954 |  | 1736954 |
| &nbsp;&nbsp;&nbsp;Nebraska |  | 2489409 |  | 2489409 |
| &nbsp;&nbsp;&nbsp;Nevada |  | 2917259 |  | 2917259 |
| &nbsp;&nbsp;&nbsp;New Hampshire |  | 2171478 |  | 2171478 |
| &nbsp;&nbsp;&nbsp;New Jersey |  | 10124718 |  | 10124718 |
| &nbsp;&nbsp;&nbsp;New Mexico |  | 1468678 |  | 1468678 |
| &nbsp;&nbsp;&nbsp;New York |  | 39176248 |  | 39176248 |
| &nbsp;&nbsp;&nbsp;North Carolina |  | 3556291 |  | 3556291 |
| &nbsp;&nbsp;&nbsp;North Dakota |  | 514248 |  | 514248 |
| &nbsp;&nbsp;&nbsp;Ohio |  | 9227842 |  | 9227842 |
| &nbsp;&nbsp;&nbsp;Oklahoma |  | 1757208 |  | 1757208 |
| &nbsp;&nbsp;&nbsp;Pennsylvania |  | 8836250 |  | 8836250 |
| &nbsp;&nbsp;&nbsp;Puerto Rico |  | 26809250 |  | 26809250 |
| &nbsp;&nbsp;&nbsp;Rhode Island |  | 1000560 |  | 1000560 |
| &nbsp;&nbsp;&nbsp;South Carolina |  | 719024 |  | 719024 |
| &nbsp;&nbsp;&nbsp;Tennessee |  | 2350244 |  | 2350244 |
| &nbsp;&nbsp;&nbsp;Texas |  | 27984795 |  | 27984795 |
| &nbsp;&nbsp;&nbsp;Utah |  | 492530 |  | 492530 |
| &nbsp;&nbsp;&nbsp;Virgin Islands |  | 1083315 |  | 1083315 |
| &nbsp;&nbsp;&nbsp;Virginia |  | 7984970 |  | 7984970 |
| &nbsp;&nbsp;&nbsp;Washington |  | 5727539 |  | 5727539 |
| &nbsp;&nbsp;&nbsp;West Virginia |  | 152704 |  | 152704 |
| &nbsp;&nbsp;&nbsp;Wisconsin |  | 7417537 |  | 7417537 |
| **Total** | $— | $314725180 | $32 | $314725212 |

---

See Notes to Financial Statements

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **MUNICIPAL BONDS: 98.8%** |  |  |
| **Alabama: 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series A (RB)<br>4.00%, 12/01/49 (c) (p) | $1360 | $1361231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series C-1 (RB)<br>4.00%, 10/01/52 (c) (p) | 2200 | 2196350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series D-1 (RB)<br>5.50%, 06/01/49 (c) (p) | 1000 | 1046166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Belt Energy Gas District, Series E (RB)<br>5.00%, 05/01/53 (p) | 1000 | 1029363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson county, Alabama (RB)<br>5.00%, 09/15/28 (c) | 525 | 540434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Alabama Gas District, Project No. 2 (RB) (SAW)<br>4.00%, 12/01/50 (c) (p) | 1500 | 1500731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority, Cooperative District Commodity Supply, Series A (RB)<br>5.25%, 01/01/54 (c) (p) | 1000 | 1033703 |
|  |  | 8707978 |
| **Arizona: 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Industrial Development Authority, Series A (RB)<br>5.00%, 11/01/28 (c) | 500 | 520480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Transportation Board (RB)<br>5.00%, 07/01/30 (c) | 835 | 848624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Phoenix Civic Improvement Corp. (RB)<br>5.00%, 07/01/29 (c) | 620 | 630342 |
| Maricopa County Industrial Development Authority, Banner Health, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 700 | 708291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/53 (c) (p) | 500 | 507327 |
| Salt River Project Agricultural Improvement & Power District, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 500 | 506320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 500 | 516652 |
|  |  | 4238036 |
| **California: 17.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bay Area Toll Authority, San Francisco Bay Area, Series A (RB)<br>2.95%, 04/01/47 (c) (p) | 1130 | 1124057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverly Hills, California Unified School District (GO)<br>0.00%, 08/01/30 ^ | 1000 | 842743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, G-1 (RB)<br>5.25%, 11/01/54 (c) (p)  | 1000 | 1051312 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB)<br>4.00%, 05/01/53 (c) (p)  | $500 | $499108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB)<br>5.00%, 07/01/53 (c) (p)  | 1000 | 1037579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Community Choice Financing Authority, Clean Energy Project, Series D (RB)<br>5.50%, 05/01/54 (c) (p)  | 1000 | 1051170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB)<br>5.00%, 11/01/27  | 500 | 524032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Providence St. Joseph Health, Series B-3 (RB)<br>2.00%, 10/01/36 (c) (p)  | 335 | 331899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Health Facilities Financing Authority, Providence St. Joseph Health, Series C (RB)<br>5.00%, 10/01/39 (p)  | 585 | 587565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure and Economic Development Bank, Series B (RB)<br>5.00%, 11/01/29 (c)  | 500 | 527662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Infrastructure And Economic Development Bank, Series B-2 (RB)<br>3.00%, 10/01/47 (c) (p)  | 500 | 494187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Kern Valley State Prison, Series D (RB)<br>5.00%, 06/01/25  | 825 | 825885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Natural Resources Headquarters, Series C (RB)<br>5.00%, 11/01/29  | 675 | 729792 |
| California State Public Works Board, Various Capital Projects, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 | 830 | 851987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 (c) | 785 | 819154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State Public Works Board, Various Correctional Facilities, Series D (RB)<br>5.00%, 09/01/26  | 500 | 512148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California State University, Series B-3 (RB)<br>3.12%, 11/01/51 (c) (p)  | 500 | 498341 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB)<br>1.75%, 09/01/29 (c)  | $2500 | $2217247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP)<br>4.00%, 04/01/30 (c)  | 1000 | 1000942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Francisco, Public Utilities Commission Water, Series C (RB)<br>5.00%, 11/01/28  | 500 | 535938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East County, California Advanced Water Purification Joint Powers Authority, Series A (RB)<br>3.12%, 09/01/26 (c)  | 500 | 499682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency, Series A (RB)<br>0.00%, 01/01/27 ^  | 500 | 474892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB)<br>5.00%, 06/01/45 (c)  | 1870 | 1872737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AGM)<br>0.00%, 06/01/26 ^  | 1000 | 966505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles County Metropolitan Transportation Authority, Series A (RB)<br>5.00%, 07/01/25  | 500 | 501251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series A (GO)<br>5.00%, 07/01/30 (c)  | 1720 | 1853006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series B (GO)<br>5.00%, 07/01/30 (c)  | 500 | 510202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oakland, California Unified School District (GO)<br>5.00%, 08/01/26  | 380 | 388526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Facilities Financing Authory of the City of San Diego, Subordinated Water, Series B (RB)<br>5.00%, 08/01/27 (c)  | 500 | 509799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Bernardino Community College District, Series A (GO)<br>4.00%, 08/01/49 (c)  | 540 | 555512 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **California (continued)** |  |  |
| San Francisco, California City & County Public Utilities Commission Wastewater, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/01/25 (c) | $1000 | $986622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 | 1000 | 1033673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, California Community College District (GO)<br>5.00%, 06/15/25  | 1500 | 1502184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Community College District, Series D (GO)<br>5.00%, 08/01/44 (c)  | 500 | 502239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of California, Department of Water Resources, Series BB (RB)<br>5.00%, 12/01/26  | 500 | 518845 |
| State of California, Various Purpose (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/25 | 1000 | 1004200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/26 | 1000 | 1026278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 915 | 942005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/27 | 750 | 778035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/27 | 1305 | 1362060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 | 1000 | 1045250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 | 1000 | 1046778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 | 500 | 523389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/27 | 530 | 554793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/28 | 1000 | 1062523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/28 | 910 | 969464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/28 (c) | 1000 | 1044912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 | 1000 | 1079889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/29 (c) | 1000 | 1015596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/30 | 2910 | 3164050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/30 (c) | 1095 | 1116995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/30 (c) | 750 | 806881 |
|  |  | 47281521 |
| **Colorado: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW)<br>5.00%, 12/15/35 (c)  | 500 | 514704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City Of Colorado Springs, Colorado Utilities System, Series A-1 (RB)<br>5.00%, 11/15/26  | 500 | 515502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Sanford, Series A (RB)<br>5.00%, 11/01/25  | 500 | 504043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferson County School District R-1 (GO)<br>5.00%, 12/15/30 (c)  | 1110 | 1166736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation District, Fastracks Project, Series B (RB)<br>5.00%, 11/01/28  | 1000 | 1067059 |

---

See Notes to Financial Statements

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Colorado (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Colorado, Series A (CP)<br>5.00%, 12/15/26  | $500 | $515582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Colorado, Series A-2 (RB)<br>4.00%, 06/01/34 (c)  | 500 | 514537 |
|  |  | 4798163 |
| **Connecticut: 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority, Series A (RB)<br>5.00%, 07/01/26  | 500 | 510953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series B (GO) (BAM)<br>3.00%, 06/01/29  | 1000 | 981524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Series E (GO)<br>5.00%, 11/15/25  | 670 | 676554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Special Tax, Transportation Infrastructure Purpose, Series A (ST)<br>5.00%, 05/01/28  | 600 | 633262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Connecticut, Special Tax, Transportation Infrastructure Purposes, Series A (ST)<br>5.00%, 05/01/26  | 1015 | 1035166 |
| University of Connecticut, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/26 | 550 | 560343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/29 (c) | 1000 | 1048274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/30 (c) | 745 | 763935 |
|  |  | 6210011 |
| **Delaware: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware State Economic Development Authority, NRG Energy Project, Series A (RB)<br>1.25%, 10/01/45 (c) (p)  | 500 | 489946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Transportation Authority, Series A (RB)<br>5.00%, 07/01/26  | 500 | 512227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Delaware, Series A (GO)<br>5.00%, 10/01/25  | 410 | 413176 |
|  |  | 1415349 |
| **District of Columbia: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series D (GO)<br>5.00%, 06/01/25  | 315 | 315413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia, Series E (GO)<br>5.00%, 06/01/25  | 500 | 500655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Washington Airports Authority, Series B (RB)<br>5.00%, 10/01/28  | 500 | 530797 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **District of Columbia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Convention & Sports Authority, Series A (RB)<br>5.00%, 10/01/30 (c)  | $1000 | $1025600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington Metropolitan Area Transit Authority, Series B (RB)<br>5.00%, 07/01/30 (c)  | 555 | 573522 |
|  |  | 2945987 |
| **Florida: 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Florida Expressway Authority (RB) (AGM)<br>5.00%, 07/01/27  | 500 | 520780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida (RB)<br>5.00%, 10/01/29 (c)  | 510 | 521982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Miami-Dade, Florida Water and Sewer System (RB)<br>5.00%, 10/01/28  | 1000 | 1063599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County, Florida Tourist Development Tax (RB)<br>5.00%, 10/01/30  | 490 | 532094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;School Board of Miami-Dade County, Series A (CP)<br>5.00%, 05/01/28 (c)  | 895 | 895000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Miami, Florida Health Facilities Authority Hospital Baptist Health (RB)<br>5.00%, 08/15/29 (c)  | 710 | 732470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida, Board of Education Full Faith and Credit, Series E (GO)<br>3.00%, 06/01/30 (c)  | 1000 | 959820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB)<br>5.00%, 07/01/30  | 880 | 953087 |
|  |  | 6178832 |
| **Georgia: 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia State Road and Tollway Authority (RB)<br>5.00%, 06/01/29  | 800 | 860770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series A (RB)<br>4.00%, 07/01/52 (c) (p)  | 1250 | 1249464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Main Street Natural Gas, Inc., Series A-1 (RB)<br>5.50%, 09/15/25  | 135 | 135730 |
| Main Street Natural Gas, Inc., Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/01/52 (c) (p) | 500 | 516983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/53 (c) (p) | 1000 | 1042719 |
| Main Street Natural Gas, Inc., Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/50 (c) (p) | 1500 | 1500514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/52 (c) (p) | 500 | 496043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/53 (c) (p) | 1000 | 1045994 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Georgia (continued)** |  |  |
| State of Georgia, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/26 | $700 | $718224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/29 (c) | 680 | 689743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Georgia, Series C (GO)<br>5.00%, 07/01/26  | 1000 | 1024339 |
|  |  | 9280523 |
| **Hawaii: 1.1%** |  |  |
| City & County of Honolulu, Hawaii Rail Transit Project, Series E (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/26 | 785 | 797308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/27 | 500 | 518352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series EO (GO)<br>5.00%, 08/01/25 (c)  | 520 | 520588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Hawaii, Series ET (GO)<br>3.00%, 10/01/29 (c)  | 1000 | 966018 |
|  |  | 2802266 |
| **Illinois: 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series B (RB) (AGM)<br>5.00%, 01/01/26  | 500 | 505359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series C (RB)<br>5.00%, 01/01/26  | 315 | 318376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series D (RB)<br>5.00%, 01/01/30  | 500 | 539101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago, Illinois Transit Authority, Federal Transit Administration, Urbanized Area Formula (RB)<br>5.00%, 06/01/25 | 340 | 340273 |
| City of Chicago, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 365 | 371820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 | 2000 | 2088663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Chicago, Series B (GO)<br>4.00%, 01/01/30  | 358 | 357845 |
| Illinois Finance Authority, Clean Water Initiative (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 | 685 | 712736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/28 | 500 | 524582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Finance Authority, Northshore University Health System, Series A (RB) (AGM)<br>5.00%, 08/15/26  | 500 | 511688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series A (RB)<br>5.00%, 01/01/27  | 415 | 429233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Series C (RB)<br>5.00%, 01/01/27  | 650 | 672293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois State, Series A (GO)<br>5.00%, 11/01/27  | 1000 | 1034704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regional Transportation Authority of Illinois, Series A (RB)<br>5.00%, 07/01/28 (c)  | 735 | 761002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois (GO)<br>3.50%, 06/01/29 (c)  | 685 | 667002 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Illinois (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series A (RB)<br> 4.00%, 06/15/28 | $580 | $588249 |
| State of Illinois, Series D (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/25 | 1345 | 1355483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 800 | 817734 |
|  |  | 12596143 |
| **Indiana: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Midwestern Disaster Relief, Series A (RB)<br>4.25%, 11/01/30  | 1545 | 1560568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series E (RB)<br>5.00%, 06/01/29  | 935 | 998975 |
|  |  | 2559543 |
| **Iowa: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEFA, Inc., Iowa Gas Project (RB)<br>5.00%, 09/01/49 (c) (p)  | 1500 | 1520435 |
| **Kansas: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Butler, Unified School District No. 385 (GO)<br>4.00%, 09/01/30 (c)  | 500 | 505144 |
| **Kentucky: 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Kentucky, State Property and Building Commission, Series A (RB)<br>5.00%, 10/01/30  | 250 | 271606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB)<br>4.00%, 08/01/52 (c) (p)  | 1200 | 1194466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Public Energy Authority, Gas Supply, Series C-1 (RB)<br>4.00%, 12/01/49 (c) (p)  | 1100 | 1100401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisville & Jefferson County, Metro Government, Norton Healtcare, Inc., Series C (RB)<br>5.00%, 10/01/47 (c) (p)  | 1000 | 1019236 |
|  |  | 3585709 |
| **Louisiana: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana Public Facilities Authority, Ochsner Clinic Project, Series B (RB) (SAW)<br>5.00%, 05/15/50 (c) (p)  | 500 | 500032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;St. John Baptist Parish, Louisiana Marathon Oil Co., Series B-2 (RB)<br>2.38%, 06/01/37 (p)  | 750 | 737513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Louisiana, Series A (GO)<br>5.00%, 02/01/29  | 1000 | 1065751 |
|  |  | 2303296 |
| **Maine: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maine, Series B (GO) (SBG)<br>5.00%, 06/01/25  | 500 | 500638 |

---

See Notes to Financial Statements

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Maryland: 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltimore County, Maryland (GO)<br>5.00%, 03/01/30  | $945 | $1030331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Community Development Administration, Maryland Multifamily Development, Series D-2 (RB)<br>3.30%, 01/01/29  | 500 | 496671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Montgomery, Consolidated Public Improvement, Series A (GO)<br>4.00%, 08/01/29  | 750 | 778314 |
| State of Maryland, Department of Transportation (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/01/30 (c) | 520 | 504027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/27 (c) | 500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 | 595 | 612433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, Department of Transportation, Series B (RB)<br>4.00%, 05/01/30 (c)  | 750 | 765394 |
| State of Maryland, State and Local Facilities Loan, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/28 (c) | 500 | 517602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/28 | 500 | 529015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 | 1000 | 1075189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Maryland, State and Local Facilities Loan, Series B (GO)<br>5.00%, 08/01/26  | 385 | 395167 |
|  |  | 7204143 |
| **Massachusetts: 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts (RB) (NATL)<br>5.50%, 01/01/27  | 680 | 707797 |
| Commonwealth of Massachusetts, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/27 | 710 | 733999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/27 | 500 | 520176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/27 | 500 | 521743 |
| Commonwealth of Massachusetts, Series C (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/26 | 400 | 411551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/30 | 1000 | 1090472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts, Series E (GO)<br>3.00%, 12/01/25  | 750 | 748549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB)<br>5.00%, 10/15/26  | 500 | 514757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts State College Building Authority, Series A (RB)<br>5.00%, 05/01/49 (c)  | 775 | 775000 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Massachusetts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority, Series B (RB) (AGM)<br>5.25%, 08/01/30  | $1000 | $1112994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Water Resources Authority, Series C (RB)<br>5.00%, 08/01/40 (c)  | 1000 | 1025289 |
|  |  | 8162327 |
| **Michigan: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B (RB)<br>5.00%, 07/01/30 (c)  | 500 | 508369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series A (RB)<br>3.70%, 04/01/30 (c)  | 500 | 488595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Environmental Program (GO)<br>3.00%, 05/01/30 (c)  | 410 | 401049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Grant Anticipation (RB)<br>5.00%, 03/15/26  | 500 | 508459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Michigan, Trunk Line, Series B (RB)<br>5.00%, 11/15/27  | 500 | 525124 |
|  |  | 2431596 |
| **Minnesota: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Council, Minneapolis & St. Paul Metropolitian Area, Series C (GO)<br>5.00%, 12/01/26  | 1000 | 1032803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis & St. Paul, Minnesota Metropolitan Airports Commission, Series A (RB)<br>5.00%, 01/01/29  | 1000 | 1064473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minneapolis & St. Paul, Minnrsota Metropolitan Airports Commission, Series B (RB)<br>5.00%, 01/01/30 (c)  | 515 | 529464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minnesota Public Facilities Authority, Series A (RB)<br>5.00%, 03/01/31  | 1000 | 1103602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Minnesota, Various Purpose, Series D (GO)<br>3.00%, 10/01/30 (c)  | 1000 | 969593 |
|  |  | 4699935 |
| **Mississippi: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Mississippi, Series A (GO)<br>5.00%, 10/01/29 (c)  | 430 | 447829 |
| **Missouri: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curators of the University of Missouri, Series B (RB)<br>5.00%, 11/01/30  | 1400 | 1535880 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Missouri (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB)<br> 5.00%, 01/01/26 (c) | $500 | $501436 |
|  |  | 2037316 |
| **Montana: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Forsyth, Montana Pollution Control, Northwestern Corp. Colstrip Project (RB)<br> 3.88%, 07/01/28 (c) | 500 | 503315 |
| **Nevada: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada (GO)<br> 5.00%, 06/01/25 | 1090 | 1091290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clark County, Nevada Airport System, Series A (RB)<br> 5.00%, 07/01/29 | 500 | 535594 |
|  |  | 1626884 |
| **New Jersey: 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB)<br> 4.00%, 11/01/25 | 660 | 661863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB)<br> 5.00%, 06/15/34 (c) | 615 | 642275 |
| New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/29 (c) | 1000 | 1002166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/40 (c) | 1500 | 1503250 |
| New Jersey Educational Facilities Authority, Princeton University, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 | 1000 | 1002670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/28 (c) | 1000 | 1039881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project (RB)<br> 5.00%, 09/15/26 | 500 | 512496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB)<br> 5.00%, 07/01/29 (c) | 660 | 679243 |
| New Jersey Transportation Trust Fund Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/26 | 500 | 514701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/30 (c) | 435 | 441246 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series AA (RB)<br> 5.00%, 06/15/25 | $500 | $500728 |
| State of New Jersey, Various Purposes (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/25 | 500 | 498928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 06/01/26 | 500 | 490117 |
|  |  | 9489564 |
| **New Mexico: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Series A (RB)<br> 4.12%, 08/01/44 (c) | 1000 | 1001045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New Mexico, Series A (RB)<br> 5.00%, 07/01/27 | 840 | 875269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of New Mexico, Series B (RB)<br> 5.00%, 07/01/26 | 535 | 547773 |
|  |  | 2424087 |
| **New York: 13.9%** |  |  |
| City of New York, Series A-1 (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 | 1000 | 1043640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/29 | 1000 | 1074021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series C (GO)<br> 5.00%, 09/01/27 | 1000 | 1043640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series C (GO) (SD CRED PROG)<br> 5.00%, 08/01/27 | 500 | 521085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series E (GO)<br> 5.00%, 08/01/30 (c) | 540 | 548873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of New York, Series F-1 (GO)<br> 5.00%, 03/01/27 | 410 | 424677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Suffolk, New York, Series A (GO) (AGM)<br> 5.00%, 02/01/26 | 250 | 253811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long Island Power Authority Electric System (RB) (BAM)<br> 5.00%, 09/01/26 | 510 | 524551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series B (RB)<br> 5.00%, 11/15/26 | 500 | 512993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series C (RB)<br> 5.25%, 11/15/29 (c) | 1000 | 1006807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series D-1 (RB)<br> 5.00%, 11/15/28 (c) | 250 | 251515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series E (RB)<br> 5.00%, 11/15/30 | 1000 | 1075971 |

---

See Notes to Financial Statements

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series A-2 (RB)<br> 3.25%, 11/01/64 (c) (p) | $1000 | $979245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series B-2 (RB)<br> 3.95%, 11/01/64 (c) (p) | 500 | 503127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp., Multi- Family Housing, Series F-2 (RB) (FHA 542 (C))<br> 0.60%, 05/01/61 (c) (p) | 270 | 268170 |
| New York City Transitional Finance Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/26 | 500 | 514757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/27 | 440 | 461690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series E-1 (RB)<br> 5.00%, 02/01/30 (c) | 1190 | 1217518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series F (RB)<br> 5.00%, 02/01/27 | 850 | 879086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series G-1 (RB)<br> 4.00%, 11/01/30 | 1500 | 1555574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)<br> 5.00%, 08/01/30 (c) | 1000 | 1017845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, New York Cornell University, Series A (RB)<br> 5.00%, 07/01/26 | 700 | 717606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Personal Income Tax, Series A (RB)<br> 5.00%, 03/15/29 | 1000 | 1077519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Personal Income Tax, Series B (RB)<br> 5.00%, 02/15/27 | 510 | 529277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW)<br> 5.00%, 10/01/30 (c) | 1325 | 1350993 |
| New York State Dormitory Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/26 | 780 | 794754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/26 | 485 | 492917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/27 | 500 | 518899 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series B (RB)<br> 5.00%, 03/15/30 | $500 | $540734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series C (RB)<br> 5.00%, 03/15/28 | 640 | 674245 |
| New York State Dormitory Authority, State Sales Tax, Series B (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/26 (c) | 500 | 503349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/29 (c) | 595 | 598985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State Sales Tax, Series E (RB)<br> 5.00%, 03/15/26 | 680 | 691925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, State University Dormitory Facilities, Series A (RB)<br> 5.00%, 07/01/25 | 500 | 501369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Environmental Facilities Corp., State Clean Water And Drinking Water Revolving Funds, Series B (RB)<br> 5.00%, 06/15/28 | 605 | 643458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series A-2 (RB)<br> 2.50%, 11/01/60 (c) (p) | 920 | 895696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series C (RB)<br> 3.80%, 11/01/62 (c) (p) | 500 | 500099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series C-2 (RB)<br> 3.60%, 11/01/63 (c) (p) | 500 | 499166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Housing Finance Agency, Series L-2 (RB)<br> 0.75%, 11/01/25 (c) | 395 | 395000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series P (RB)<br> 5.00%, 01/01/27 | 1000 | 1037612 |
| New York State Urban Development Corp., State Personal Income, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 | 690 | 717262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/28 (c) | 500 | 509029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York State Urban Development Corp., State Personal Income, Series C (RB)<br> 5.00%, 03/15/27 | 500 | 519755 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **New York (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB)<br> 5.00%, 12/01/30 | $1150 | $1228292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Town of Oyster Bay, Public Improvement, Series B (GO) (AGM)<br> 3.25%, 02/01/29 (c) | 665 | 655289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series A-2 (RB)<br> 2.00%, 05/15/45 (p) | 875 | 857973 |
| Triborough Bridge & Tunnel Authority, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/26 | 1000 | 1029175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/27 | 500 | 526127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/28 | 1000 | 1070137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series B (RB)<br> 5.00%, 11/15/28 (c) | 1000 | 1060979 |
|  |  | 36816217 |
| **North Carolina: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Mecklenburg, Series A (GO)<br> 4.00%, 04/01/29 (c) | 500 | 503731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Mecklenburg, Series B (GO)<br> 2.00%, 12/01/30 (c) | 250 | 225621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Wake, North Carolina (RB)<br> 5.00%, 09/01/26 | 375 | 385351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB)<br> 5.00%, 02/01/51 (p) | 500 | 505461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Grant Anticipation Vehicle (RB)<br> 5.00%, 03/01/30 (c) | 1500 | 1596096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Series A (GO)<br> 5.00%, 06/01/30 (c) | 1140 | 1206014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of North Carolina, Series B (RB)<br> 5.00%, 05/01/29 (c) | 585 | 607259 |
|  |  | 5029533 |
| **Ohio: 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB)<br> 5.00%, 02/15/28 | 500 | 524526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Columbus, Various Purpose (GO)<br> 5.00%, 04/01/29 (c) | 750 | 777298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)<br> 5.00%, 12/01/29 | 1250 | 1339174 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Ohio (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/01/30 (c) | $1030 | $1066694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Quality Development Authority, American Electric Power Company Project, Series D (RB)<br> 3.20%, 05/01/26 | 500 | 495447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Turnpike and Infrastructure Commission, Series A (RB)<br> 5.00%, 02/15/31 (c) | 500 | 519810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio Water Development Authority, Series B (RB)<br> 5.00%, 12/01/27 (c) | 1000 | 1023715 |
|  |  | 5746664 |
| **Oklahoma: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian County, Oaklahoma Educational Facilities Authority, Mustang Public Schools Project (RB)<br> 3.00%, 09/01/29 (c) | 330 | 318761 |
| **Oregon: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Portland, Oregon Sewer System, Series A (RB)<br> 5.00%, 12/01/26 | 500 | 515774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson County, Oregon School District No. 549C Medford (GO) (SBG)<br> 5.00%, 12/15/28 (c) | 1250 | 1252214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multnomah County School District No. 1J, Series B (GO) (SBG)<br> 5.00%, 06/15/25 | 500 | 500852 |
|  |  | 2268840 |
| **Pennsylvania: 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County Hospital Development Authority, Series A (RB)<br> 5.00%, 07/15/30 (c) | 360 | 378970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegheny County Sanitary Authority (RB) (BAM)<br> 5.00%, 12/01/27 (c) | 500 | 505789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Philadelphia, Series A (GO)<br> 5.00%, 08/01/25 | 300 | 301003 |
| Commonwealth of Pennsylvania (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/01/31 (c) | 510 | 484475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/26 | 560 | 567004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/27 (c) | 500 | 500764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/27 | 1000 | 1041387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/27 | 1000 | 1043640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Pennsylvania (GO) (SBG)<br> 5.00%, 07/15/26 | 1000 | 1023333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Lehigh, Valley Health Network, Series A (RB) (SBG)<br> 5.00%, 07/01/26 | 600 | 611481 |

---

See Notes to Financial Statements

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Pennsylvania (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Industrial Development Authority, Series A (RB)<br> 4.10%, 04/01/53 (p) | $500 | $499759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montgomery County Industrial Development Authority, Series B (RB)<br> 4.10%, 06/01/29 | 705 | 704142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Pittsburgh of the Commonwealth, System of Higher Education (RB)<br> 4.00%, 04/15/26 (c) | 500 | 503588 |
|  |  | 8165335 |
| **Rhode Island: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AGM)<br> 5.00%, 05/15/26 (c) | 500 | 500636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Settlement Financing Corp., Rhode Island, Series A (RB)<br> 5.00%, 06/01/26 (c) | 500 | 500431 |
|  |  | 1001067 |
| **South Dakota: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Dakota Health and Educational Facilities Authority (RB)<br> 5.00%, 09/01/30 (c) | 255 | 261139 |
| **Tennessee: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson City Health & Educational Facilities Board, Series A (RB)<br> 5.00%, 07/01/25 | 500 | 500845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville & Davidson County (GO)<br> 5.00%, 07/01/26 | 525 | 537717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Government of Nashville and Davidson County (GO)<br> 4.00%, 01/01/31 (c) | 545 | 546006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board, Baptist Memorial Health, Series B (RB)<br> 5.00%, 09/01/49 (c) (p) | 500 | 520015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Gas Project (RB)<br> 4.00%, 11/01/49 (c) (p) | 1775 | 1775723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Gas Project, Series A-1 (RB)<br> 5.00%, 05/01/53 (c) (p) | 500 | 512978 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Tennessee (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Energy Acquisition Corp., Gas Project, Series B (RB)<br> 5.62%, 09/01/26 | $500 | $509035 |
|  |  | 4902319 |
| **Texas: 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austin Independent School District (GO)<br> 5.00%, 08/01/28 | 505 | 536508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bexar County, Limited Tax (GO)<br> 5.00%, 06/15/27 (c) | 500 | 509755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series B (RB)<br> 5.00%, 08/15/29 | 1000 | 1079592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Dallas, Texas Waterworks and Sewer System, Series A (RB)<br> 5.00%, 10/01/30 (c) | 565 | 577926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of San Antonio, Electric and Gas Systems (RB)<br> 5.00%, 02/01/27 (c) | 630 | 644176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comal, Texas Independent School District (GO)<br> 5.00%, 02/01/26 | 775 | 785829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conroe, Texas Independent School District, Series A (GO)<br> 5.00%, 02/15/27 | 2000 | 2070969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denton Independent School District (GO)<br> 5.00%, 08/15/29 | 1000 | 1077086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Bend, Texas Independent School District, Series B (GO)<br> 5.00%, 02/15/28 | 910 | 957624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fort Bend, Texas Independent School District (GO)<br> 5.00%, 08/15/30 (c) | 2000 | 2074592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Texas Cultural Education Facilities Finance Corp., TECO Project (RB)<br> 5.00%, 11/15/30 (c) | 850 | 876025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harris County, Texas Toll Road Senior Lien, Series A (RB)<br> 5.00%, 08/15/27 | 1000 | 1044435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houston Texas Utility System, Series A (RB)<br> 5.00%, 11/15/27 | 1000 | 1047747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AGM)<br> 5.00%, 05/15/27 | 500 | 518529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Texas Tollway Authority System, Series A (RB)<br> 5.00%, 01/01/27 | 500 | 516818 |
| North Texas Tollway Authority, First Tier, Series A (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/30 (c) | 1195 | 1205030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/01/31 (c) | 1675 | 1688502 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Texas, Transportation Commission, Highway Improvement, Series A (GO)<br> 5.00%, 04/01/30 (c) | $500 | $506518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. III (RB)<br> 5.00%, 12/15/26 | 600 | 610111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Municipal Gas Acquisition & Supply Corp. IV, Series A (RB)<br> 5.50%, 01/01/54 (c) (p) | 1000 | 1055536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Transportation Commission Highway Improvement (GO)<br> 5.00%, 04/01/30 | 1000 | 1085875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board (RB)<br> 5.00%, 04/15/26 | 1000 | 1019755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board, Series A (RB)<br> 5.00%, 04/15/30 (c) | 250 | 260219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinity River Authority, Regional Wastewater System (RB)<br> 5.00%, 08/01/30 (c) | 670 | 693326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;University of Houston, Series A (RB)<br> 5.00%, 02/15/26 | 1000 | 1015451 |
|  |  | 23457934 |
| **Utah: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utah Transit Authority (RB)<br> 5.00%, 06/15/30 | 500 | 545171 |
| **Virginia: 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County of Fairfax, Virginia Public Improvement, Series A (GO) (SAW)<br> 4.00%, 10/01/25 | 990 | 993360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB)<br> 5.00%, 02/01/27 | 600 | 621259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Commonwealth Transportation Board (RB)<br> 5.00%, 03/15/27 (c) | 510 | 523753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Public Building Authority, Public Facilities, Series A (RB)<br> 5.00%, 08/01/29 (c) | 720 | 750387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wise County Industrial Development Authority, Virginia Electric and Power Co. Project, Series A (RB) (AGC)<br> 0.75%, 10/01/40 (p) | 1000 | 985096 |
|  |  | 3873855 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Washington: 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority, Motor Vehicle Excise Tax Improvement, Series S-1 (RB)<br> 5.00%, 11/01/26 | $520 | $535733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Puget Sound Regional Transit Authority, Series S-1 (RB)<br> 5.00%, 11/01/31 (c) | 500 | 504489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Northwest Project Electric, Series A (RB)<br> 5.00%, 07/01/25 | 1000 | 1002451 |
| Energy Northwest Project Electric, Series C (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/25 | 1375 | 1378370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/30 (c) | 1250 | 1252524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Northwest, Project 3 Electric, Series A (RB)<br> 5.00%, 07/01/28 (c) | 725 | 751036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;King County,Washington (GO)<br> 4.00%, 07/01/30 (c) | 2110 | 2141931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Washington, Motor Vehicle Fuel Tax, Series A (GO)<br> 5.00%, 06/01/26 | 1000 | 1022001 |
|  |  | 8588535 |
| **West Virginia: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of West Virginia, Surface Transportation Improvements, Series A (RB)<br> 5.00%, 09/01/26 | 1000 | 1024824 |
| **Wisconsin: 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Milwaukee, Series N4 (GO)<br> 5.00%, 04/01/26 | 750 | 761153 |
| Public Finance Authority, Wisconsin Providence St. Joseph Health (RB) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/41 (p) | 810 | 812460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/41 (p) | 525 | 546078 |
| State of Wisconsin, Series A (GO) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/25 | 500 | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/28 (c) | 500 | 500000 |
|  |  | 3119691 |
| **Total Municipal Bonds: 98.8% <br> (Cost: $264,412,171)** |  | 261576455 |
| **Other assets less liabilities: 1.2%** |  | 3302382 |
| **NET ASSETS: 100.0%** |  | $264878837 |

---

See Notes to Financial Statements

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(continued)

------

**Definitions:**

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| BAM | Build America Assurance Co. |
| CP | Certificate of Participation |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| RB | Revenue Bond |
| SAW | State Aid Withholding |
| SBG | School Board Guaranteed |
| SD CRED PROG | Special District Credit Enhancement Program |
| ST | Special Tax |

---

**Footnotes:**

---

| | |
|:---|:---|
| (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 |

---

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable<br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Value** |
| Municipal Bonds \* | $— | $261576455 | $— | $261576455 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CEF Muni Income<br> ETF** | **High Yield Muni<br> ETF** | **HIP Sustainable<br> Muni ETF** | **Intermediate<br> Muni ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (1) | $169507345 | $3224905348 | $10762689 | $1882603001 |
| Cash | 152 | 189943377 | 347888 | 59782065 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  | 7534776 |  | 24881892 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 705003 | 47844750 | 153939 | 23674797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 170212500 | 3470228251 | 11264516 | 1990941755 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 88537357 |  | 40338252 |
| &nbsp;&nbsp;&nbsp;Line of credit | 201983 |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 55712 | 865485 | 2211 | 277184 |
| Deferred Trustee fees | 4195 | 3184 |  | 3000 |
| Accrued expenses | 1998 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 263888 | 89406026 | 2211 | 40618436 |
| **NET ASSETS** | $169948612 | $3380822225 | $11262305 | $1950323319 |
| Shares outstanding | 8075000 | 67296401 | 250000 | 43098916 |
| Net asset value, redemption and offering price per share | $21.05 | $50.24 | $45.05 | $45.25 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $233593653 | $3819938631 | $12627135 | $2066098046 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (63645041) | (439116406) | (1364830) | (115774727) |
| **NET ASSETS** | $169948612 | $3380822225 | $11262305 | $1950323319 |
| (1) Cost of investments - Unaffiliated issuers | $197149340 | $3430450662 | $11531428 | $1968948025 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Long Muni ETF** | **Short High Yield<br> Muni ETF** | **Short Muni ETF** |
| **Assets:** |  |  |  |
| Investments, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (1) | $527665512 | $314725212 | $261576455 |
| Cash | 3441753 | 7243 | 2709 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 4438944 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 7286197 | 4487247 | 3420974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 538393462 | 323658646 | 265000138 |
| **Liabilities:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 2400066 | 3795090 |  |
| &nbsp;&nbsp;&nbsp;Line of credit |  | 1493498 | 104396 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 104436 | 91228 | 15206 |
| Deferred Trustee fees | 1517 |  | 1600 |
| Accrued expenses |  | 235 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2506019 | 5380051 | 121301 |
| **NET ASSETS** | $535887443 | $318278595 | $264878837 |
| Shares outstanding | 31150000 | 14250000 | 15500000 |
| Net asset value, redemption and offering price per share | $17.20 | $22.34 | $17.09 |
| **Net Assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $586206023 | $364039012 | $272051660 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (50318580) | (45760417) | (7172823) |
| **NET ASSETS** | $535887443 | $318278595 | $264878837 |
| (1) Cost of investments - Unaffiliated issuers | $560183511 | $332225453 | $264412171 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CEF Muni Income<br> ETF** | **High Yield Muni<br> ETF** | **HIP Sustainable<br> Muni ETF** | **Intermediate<br> Muni ETF** |
| **Income:** |  |  |  |  |
| Dividends | $9891252 | $— | $— | $— |
| Interest | 3008 | 145652169 | 349910 | 56081570 |
| &nbsp;&nbsp;&nbsp;Total income | 9894260 | 145652169 | 349910 | 56081570 |
| **Expenses:** |  |  |  |  |
| Management fees | 852139 | 10108214 | 28602 | 3401344 |
| Interest | 29254 |  |  | 87 |
| Taxes | 58 | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;Total expenses | 881451 | 10108272 | 28660 | 3401489 |
| Net investment income | 9012809 | 135543897 | 321250 | 52680081 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (7124779) | (58628677) | (495704) | (2673703) |
| In-kind redemptions | 5340591 | 1347258 |  | (4219403) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1784188) | (57281419) | (495704) | (6893106) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 9389097 | (20949688) | 361357 | (20013998) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 9389097 | (20949688) | 361357 | (20013998) |
| Net increase in net assets resulting from operations | $16617718 | $57312790 | $186903 | $25772977 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Long Muni ETF** | **Short High Yield<br> Muni ETF** | **Short Muni ETF** |
| **Income:** |  |  |  |
| Interest | $20069752 | $11686841 | $6534897 |
| &nbsp;&nbsp;&nbsp;Total income | 20069752 | 11686841 | 6534897 |
| **Expenses:** |  |  |  |
| Management fees | 1228678 | 1106236 | 185340 |
| Interest |  | 11576 | 98 |
| Taxes | 58 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1228736 | 1117870 | 185496 |
| Net investment income | 18841016 | 10568971 | 6349401 |
| **Net realized gain (loss) on:** |  |  |  |
| Investments | (1305788) | (3559297) | (269798) |
| In-kind redemptions | (27926) | (445502) | (47200) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1333714) | (4004799) | (316998) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |
| Investments | (14178375) | 4593379 | 2355336 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (14178375) | 4593379 | 2355336 |
| Net increase in net assets resulting from operations | $3328927 | $11157551 | $8387739 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **CEF Muni Income ETF** | **CEF Muni Income ETF** | **High Yield Muni ETF** | **High Yield Muni ETF** |
|  | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** |
| **Operations:** |  |  |  |  |
| Net investment income | $9012809 | $8167835 | $135543897 | $124259489 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1784188) | (10831811) | (57281419) | (87697628) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 9389097 | 7317408 | (20949688) | 81437462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 16617718 | 4653432 | 57312790 | 117999323 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (9012809) | (8652299) | (134451070) | (120571988) |
| &nbsp;&nbsp;&nbsp;Return of capital | (2116534) | (943651) |  |  |
| Total distributions | (11129343) | (9595950) | (134451070) | (120571988) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 50638025 | 54357867 | 972204595 | 905560236 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (107316276) | (32677141) | (429565658) | (788031487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (56678251) | 21680726 | 542638937 | 117528749 |
| Total increase (decrease) in net assets | (51189876) | 16738208 | 465500657 | 114956084 |
| Net Assets, beginning of year | 221138488 | 204400280 | 2915321568 | 2800365484 |
| Net Assets, end of year | $169948612 | $221138488 | $3380822225 | $2915321568 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 2325000 | 2725000 | 18900000 | 18050000 |
| Shares redeemed | (4900000) | (1600000) | (8450000) | (15650000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (2575000) | 1125000 | 10450000 | 2400000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HIP Sustainable Muni ETF** | **HIP Sustainable Muni ETF** | **Intermediate Muni ETF** | **Intermediate Muni ETF** |
|  | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $321250 | $411823 | $52680081 | $47379279 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (495704) | (34254) | (6893106) | (14698985) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 361357 | (1406) | (20013998) | 2540360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 186903 | 376163 | 25772977 | 35220654 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (325300) | (412960) | (52313452) | (46864503) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  | 331998085 | 298049733 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6891496) |  | (159799860) | (303307234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | (6891496) |  | 172198225 | (5257501) |
| Total increase (decrease) in net assets | (7029893) | (36797) | 145657750 | (16901350) |
| Net Assets, beginning of year | 18292198 | 18328995 | 1804665569 | 1821566919 |
| Net Assets, end of year | $11262305 | $18292198 | $1950323319 | $1804665569 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold |  |  | 7250000 | 6650000 |
| Shares redeemed | (150000) |  | (3500000) | (6600000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (150000) |  | 3750000 | 50000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Long Muni ETF** | **Long Muni ETF** | **Short High Yield Muni ETF** | **Short High Yield Muni ETF** |
|  | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $18841016 | $14965086 | $10568971 | $10996299 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1333714) | (5954798) | (4004799) | (12982599) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (14178375) | (661838) | 4593379 | 11200258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 3328927 | 8348450 | 11157551 | 9213958 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (18304160) | (14425095) | (10289255) | (11222995) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 132878950 | 250100275 | 18138035 | 6528708 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (22517761) | (116997223) | (21454447) | (81403031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 110361189 | 133103052 | (3316412) | (74874323) |
| Total increase (decrease) in net assets | 95385956 | 127026407 | (2448116) | (76883360) |
| Net Assets, beginning of year | 440501487 | 313475080 | 320726711 | 397610071 |
| Net Assets, end of year | $535887443 | $440501487 | $318278595 | $320726711 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 7450000 | 14150000 | 800000 | 300000 |
| Shares redeemed | (1250000) | (6700000) | (950000) | (3700000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 6200000 | 7450000 | (150000) | (3400000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Short Muni ETF** | **Short Muni ETF** |
|  | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6349401 | $4698031 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (316998) | (1880268) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2355336 | 2492102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 8387739 | 5309865 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (6402005) | (5190580) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 27462893 | 34692781 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (18042693) | (49921153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 9420200 | (15228372) |
| Total increase (decrease) in net assets | 11405934 | (15109087) |
| Net Assets, beginning of year | 253472903 | 268581990 |
| Net Assets, end of year | $264878837 | $253472903 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |
| Shares sold | 1600000 | 2050000 |
| Shares redeemed | (1050000) | (2950000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 550000 | (900000) |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CEF Muni Income ETF** | **CEF Muni Income ETF** | **CEF Muni Income ETF** | **CEF Muni Income ETF** | **CEF Muni Income ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $20.76 | $21.46 | $23.53 | $29.07 | $24.34 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.93 | 0.79 | 0.95 | 1.14 | 1.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.52 | (0.57) | (2.00) | (5.56) | 4.71 |
| Total from investment operations | 1.45 | 0.22 | (1.05) | (4.42) | 5.85 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.94) | (0.83) | (1.02) | (1.12) | (1.12) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.22) | (0.09) |  |  |  |
| Total distributions | (1.16) | (0.92) | (1.02) | (1.12) | (1.12) |
| Net asset value, end of year | $21.05 | $20.76 | $21.46 | $23.53 | $29.07 |
| **Total return (b)** | 6.79% | 1.16% | (4.53)% | (15.82)% | 24.38% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross Expenses (c) | 0.41% | 0.41% | 0.41% | 0.40% | 0.40% |
| Net Expenses (c) | 0.41% | 0.41% | 0.41% | 0.40% | 0.40% |
| Net Expenses excluding interest and taxes (c) | 0.40% | 0.40% | 0.40% | N/A | N/A |
| Net investment income (c) | 4.23% | 3.80% | 4.30% | 4.01% | 4.17% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $170 | $221 | $204 | $169 | $177 |
| Portfolio turnover rate (d) | 12% | 14% | 15% | 15% | 11% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) The ratios presented do not reflect the Fund's proportionate share of income and expenses from the Fund's investment in
 underlying funds.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **High Yield Muni ETF** | **High Yield Muni ETF** | **High Yield Muni ETF** | **High Yield Muni ETF** | **High Yield Muni ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $51.28 | $51.43 | $55.18 | $62.48 | $56.13 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 2.23 | 2.22 | 2.01 | 2.09 | 2.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.05) | (0.21) | (3.73) | (7.27) | 6.38 |
| Total from investment operations | 1.18 | 2.01 | (1.72) | (5.18) | 8.74 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.22) | (2.16) | (2.03) | (2.12) | (2.39) |
| Net asset value, end of year | $50.24 | $51.28 | $51.43 | $55.18 | $62.48 |
| **Total return (b)** | 2.23% | 4.04% | (3.11)% | (8.62)% | 15.84% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.32% | 0.32% | 0.35% | 0.35% | 0.35% |
| Net investment income | 4.29% | 4.37% | 3.84% | 3.38% | 3.91% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $3381 | $2915 | $2800 | $3018 | $3461 |
| Portfolio turnover rate (c) | 17% | 29% | 11% | 11% | 9% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **HIP Sustainable Muni ETF** | **HIP Sustainable Muni ETF** | **HIP Sustainable Muni ETF** | **HIP Sustainable Muni ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | |
|  | **2025** | **2024** | **2023** | **Period<br> Ended<br> April 30,**<br>**2022 (a)** |
| Net asset value, beginning of period | $45.73 | $45.82 | $45.66 | $50.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.24 | 1.03 | 0.72 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.67) | (0.09) | 0.09 | (4.22) |
| Total from investment operations | 0.57 | 0.94 | 0.81 | (4.12) |
| Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.25) | (1.03) | (0.65) | (0.22) |
| Net asset value, end of period | $45.05 | $45.73 | $45.82 | $45.66 |
| **Total return (c)** | 1.20% | 2.08% | 1.79% | (8.26)% |
| **Ratios to average net assets** |  |  |  |  |
| Expenses | 0.24% | 0.24% | 0.24% | 0.24 %(d) |
| Net investment income | 2.70% | 2.26% | 1.59% | 0.33 %(d) |
| **Supplemental data** |  |  |  |  |
| Net assets, end of period (in millions) | $11 | $18 | $18 | $14 |
| Portfolio turnover rate (e) | 10% | 11% | 14% | 11% |

---

(a) For the period September 9, 2021 (commencement of operations) through April 30, 2022.

(b) Calculated
 based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Intermediate Muni ETF** | **Intermediate Muni ETF** | **Intermediate Muni ETF** | **Intermediate Muni ETF** | **Intermediate Muni ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $45.86 | $46.35 | $45.69 | $51.62 | $48.97 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.29 | 1.17 | 0.97 | 0.83 | 0.98 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.62) | (0.50) | 0.65 | (5.92) | 2.72 |
| Total from investment operations | 0.67 | 0.67 | 1.62 | (5.09) | 3.70 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.28) | (1.16) | (0.96) | (0.84) | (0.98) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | — (b) | (0.07) |
| Total distributions | (1.28) | (1.16) | (0.96) | (0.84) | (1.05) |
| Net asset value, end of year | $45.25 | $45.86 | $46.35 | $45.69 | $51.62 |
| **Total return (c)** | 1.43% | 1.48% | 3.59% | (9.99)% | 7.59% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.18% | 0.23% | 0.24% | 0.24% | 0.24% |
| Net investment income | 2.79% | 2.56% | 2.12% | 1.64% | 1.90% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $1950 | $1805 | $1822 | $1695 | $1801 |
| Portfolio turnover rate (d) | 11% | 16% | 17% | 4% | 6% |

---

(a) Calculated based upon average shares outstanding

(b) Amount represents less than $0.005 per share.

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Long Muni ETF** | **Long Muni ETF** | **Long Muni ETF** | **Long Muni ETF** | **Long Muni ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $17.66 | $17.91 | $18.35 | $21.68 | $20.18 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.66 | 0.62 | 0.52 | 0.46 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.48) | (0.26) | (0.46) | (3.26) | 1.54 |
| Total from investment operations | 0.18 | 0.36 | 0.06 | (2.80) | 2.06 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.64) | (0.61) | (0.50) | (0.46) | (0.52) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | (0.07) | (0.04) |
| Total distributions | (0.64) | (0.61) | (0.50) | (0.53) | (0.56) |
| Net asset value, end of year | $17.20 | $17.66 | $17.91 | $18.35 | $21.68 |
| **Total return (b)** | 0.99% | 2.02% | 0.40% | (13.26)% | 10.31% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.24% | 0.24% | 0.24% | 0.24% | 0.24% |
| Net investment income | 3.68% | 3.54% | 2.91% | 2.15% | 2.45% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $536 | $441 | $313 | $216 | $228 |
| Portfolio turnover rate (c) | 9% | 23% | 32% | 7% | 23% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short High Yield Muni ETF** | **Short High Yield Muni ETF** | **Short High Yield Muni ETF** | **Short High Yield Muni ETF** | **Short High Yield Muni ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $22.27 | $22.34 | $22.86 | $25.06 | $23.09 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.75 | 0.67 | 0.59 | 0.58 | 0.73 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.05 | (0.06) | (0.50) | (2.18) | 1.99 |
| Total from investment operations | 0.80 | 0.61 | 0.09 | (1.60) | 2.72 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (0.68) | (0.61) | (0.60) | (0.75) |
| Net asset value, end of year | $22.34 | $22.27 | $22.34 | $22.86 | $25.06 |
| **Total return (b)** | 3.59% | 2.82% | 0.43% | (6.58)% | 11.89% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| Net investment income | 3.34% | 3.04% | 2.64% | 2.34% | 2.98% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $318 | $321 | $398 | $418 | $306 |
| Portfolio turnover rate (c) | 25% | 18% | 17% | 16% | 14% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Short Muni ETF** | **Short Muni ETF** | **Short Muni ETF** | **Short Muni ETF** | **Short Muni ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $16.95 | $16.95 | $16.89 | $18.04 | $17.55 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.41 | 0.31 | 0.21 | 0.15 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.14 | 0.04 | 0.10 | (1.09) | 0.51 |
| Total from investment operations | 0.55 | 0.35 | 0.31 | (0.94) | 0.74 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.35) | (0.25) | (0.19) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | (0.02) |  |
| Total distributions | (0.41) | (0.35) | (0.25) | (0.21) | (0.25) |
| Net asset value, end of year | $17.09 | $16.95 | $16.95 | $16.89 | $18.04 |
| **Total return (b)** | 3.26% | 2.12% | 1.83% | (5.27)% | 4.27% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.07% | 0.09% | 0.20% | 0.20% | 0.20% |
| Net investment income | 2.40% | 1.86% | 1.22% | 0.86% | 1.26% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $265 | $253 | $269 | $328 | $297 |
| Portfolio turnover rate (c) | 17% | 36% | 19% | 18% | 30% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2025

**Note 1—Fund Organization—**VanEck ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the table below (each a "Fund" and, collectively, the "Funds").

---

| | |
|:---|:---|
| **Fund** | **Diversification Classification** |
| CEF Muni Income ETF ("CEF Muni") | Diversified |
| High Yield Muni ETF ("High Yield") | Diversified |
| HIP Sustainable Muni ETF ("HIP Sustainable") | Non-Diversified |
| Intermediate Muni ETF ("Intermediate") | Diversified |
| Long Muni ETF ("Long") | Diversified |
| Short High Yield Muni ETF ("Short High Yield") | Diversified |
| Short Muni ETF ("Short") | Diversified |

---

Each Fund's investment objective (except for HIP Sustainable) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index.

---

| | |
|:---|:---|
| **Fund** | **Index** |
| CEF Muni | S-Network Municipal Bond Closed-End Fund Index |
| High Yield | ICE Broad High Yield Crossover Municipal Index |
| Intermediate | ICE Intermediate AMT-Free Broad National Municipal Index |
| Long | ICE Long AMT-Free Broad National Municipal Index |
| Short High Yield | ICE 1-12 Year Broad High Yield Crossover Municipal Index |
| Short | ICE Short AMT-Free Broad National Municipal Index |

---

The investment objective of HIP Sustainable is to seek current income generally exempt from federal income tax, other than federal alternative minimum tax. The Funds (except CEF Muni and HIP Sustainable) expect to use a sampling approach in seeking to achieve their objectives. Sampling means that Van Eck Associates Corporation (the "Adviser") uses quantitative analysis to select bonds and other securities that represent a sample of securities in each Fund's respective index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in its index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund's investment objective. CEF Muni seeks to achieve its objectives through a portfolio of securities in substantially the same weighting as its index. The HIP Sustainable is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing, under normal circumstances, in investment grade municipal debt securities that fund issuers with operations or projects helping to promote progress towards sustainable development, in alignment with the goals and metrics defined by the United Nations Sustainable Development Goals.

**Note 2—Significant Accounting Policies—** The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification ("ASC") 946 Financial Services — Investment Companies.

The following summarizes the Funds' significant accounting policies.

**A.** **Security Valuation—** The Funds value their investments in securities and other assets and
 liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability
 in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure
 the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation
 methods used to measure fair value. The fair value hierarchy gives

------

highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy.

The Board of Trustees ("Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

A summary of the inputs and the levels used to value the Funds' investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Federal Income Taxes —**It is each Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Distributions to Shareholders—**Dividends to shareholders from net investment income if any, are declared and paid monthly by each Fund. Distributions of net realized capital gains, if any, are declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP, due to recharacterization for tax purposes. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. A portion of a dividend may be reclassified as a tax return of capital upon the final determination of the Fund's taxable income which can only be determined after the Fund's fiscal year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Restricted Securities —** The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Segment Reporting—** During the year, the Funds adopted FASB Accounting Standards Update 2023-07 *Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures* (ASU 2023-07). The provisions of the new standard require additional financial statements disclosures related to segment reporting to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The adoption of the ASU 2023-07 had no impact on the Funds' financial position or results of operations.

The Adviser acts as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM to assess each Fund's performance versus its comparative benchmarks, is consistent with that presented within the Fund's financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Other—** Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.

The Funds earn interest on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented in the Statements of Operations.

The character of distributions received from certain investments may be comprised of income, capital gains, and return of capital. It is the Funds' policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. Such amounts are based on historical information available to the Funds and other industry sources. After each calendar year end, these investments report the actual tax character of these distributions. Differences between the estimated and actual amounts are reflected in the Funds' records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.

In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

**Note 3—Investment Management and Other Agreements—** The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets. The Funds utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Funds, excluding the fee payment under the investment

------

management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

The management fee rates for the year ended April 30, 2025, are as follows:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **Management<br> Fee Rate** |
| CEF Muni | 0.40% |
| High Yield | 0.32 |
| HIP Sustainable | 0.24 |
| Intermediate | 0.18 |
| Long | 0.24 |
| Short High Yield | 0.35 |
| Short | 0.07 |

---

In addition, Van Eck Securities Corporation (the "Distributor"), an affiliate of the Adviser, acts as the Funds' distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At April 30, 2025, the Adviser owned approximately 20% of the shares outstanding of HIP Sustainable.

**Note 4—Capital Share Transactions—**As of April 30, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of designated portfolio of securities ("Deposit Securities") plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

**Note 5—Investments—**For the year ended April 30, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| **<u>Fund</u>** |<br>**Purchases** |<br>**Sales** | **Purchases** | **Sales** |
| CEF Muni | $24704938 | $24824844 | $50643232 | $107283600 |
| High Yield | 1216051569 | 539500322 | 15018421 | 248453351 |
| HIP Sustainable | 1146183 | 7998937 |  |  |
| Intermediate | 495863541 | 196924804 | 21558029 | 163236915 |
| Long | 177417279 | 43431487 |  | 22445895 |
| Short High Yield | 92446775 | 77814485 |  | 13213820 |
| Short | 80631787 | 44204192 |  | 18585288 |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

During the year ended April 30, 2025, certain funds engaged in purchases and sales of investments to funds or other accounts that are managed by the Adviser (or an affiliate of the Adviser). These transactions complied with Rule 17a-7 under the Act. The activity by Fund is summarized in the table as follows:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Purchases<br> (in millions)** | **Sales<br> (in millions)** |
| High Yield | $10 | $3 |
| Intermediate | 30 | 56 |
| Long |  | 30 |
| Short | 60 | 1 |
| Short High Yield | 4 | 13 |

---

**Note 6—Income Taxes—**As of April 30, 2025, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| CEF Muni | $197153061 | $1192440 | $(28838156) | $(27645716) |
| High Yield | 3431340402 | 27081214 | (233516268) | (206435054) |
| HIP Sustainable | 11528152 | 13486 | (778949) | (765463) |
| Intermediate | 1969647498 | 5135044 | (92179541) | (87044497) |
| Long | 559968038 | 841927 | (33144453) | (32302526) |
| Short High Yield | 332006970 | 1621609 | (18903367) | (17281758) |
| Short | 265404782 | 375887 | (4204214) | (3828327) |

---

At April 30 2025, the components of distributable earnings (loss) on a tax basis, for each Fund, we as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Fund</u>** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| CEF Muni | $– | $(35995131) | $(4194) | $(27645716) | $(63645041) |
| High Yield | 13207599 | (244909091) | (979860) | (206435054) | (439116406) |
| HIP Sustainable | 26877 | (626244) |  | (765463) | (1364830) |
| Intermediate | 4526628 | (33253858) | (3000) | (87044497) | (115774727) |
| Long | 1675001 | (19689539) | (1516) | (32302526) | (50318580) |
| Short High Yield | 1217859 | (29423873) | (272645) | (17281758) | (45760417) |
| Short | 573418 | (3916314) | (1600) | (3828327) | (7172823) |

---

^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.

The tax character of dividends paid to shareholders was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2024** | **April 30, 2024** | **April 30, 2024** |
| **<u>Fund</u>** | **Tax-Exempt<br> Income** | **Ordinary<br> Income\*** | **Return<br> of Capital** | **Tax-Exempt<br> Income** | **Ordinary<br> Income\*** | **Return<br> of Capital** |
| CEF Muni | $8867668 | $145141 | $2116534 | $8563523 | $88776 | $943651 |
| High Yield | 132687923 | 1763147 |  | 118758707 | 1813281 |  |
| HIP Sustainable | 313981 | 11319 |  | 396009 | 16951 |  |
| Intermediate | 51620860 | 692592 |  | 46387875 | 476628 |  |
| Long | 18044669 | 259491 |  | 14222682 | 202413 |  |
| Short High Yield | 10159788 | 129467 |  | 11115147 | 107848 |  |
| Short | 6303846 | 98159 |  | 5071706 | 118874 |  |

---

\* Includes short-term capital gains (if any).

During the year ended April 30, 2025, as a result of permanent book to tax differences primarily due to the

------

tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **Increase<br> (Decrease)<br> in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| CEF Muni | $(5340591) | $5340591 |
| High Yield | 386687 | (386687) |
| Intermediate | 4219403 | (4219403) |
| Long | 27926 | (27926) |
| Short High Yield | 445502 | (445502) |
| Short | 47200 | (47200) |

---

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2025, the Funds did not incur any interest or penalties.

**Note 7—Principal Risks—**Investments in municipal securities or in Funds holding municipal securities involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices. The market for municipal bonds may be less liquid than for taxable bonds.

High Yield and Short High Yield invest in non-investment grade securities, often referred to as "junk bonds." Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S. government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid due to the extent that there is no established retail secondary market. High Yield and Short High Yield may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

CEF Muni invests in closed-end funds that may trade at a discount or premium to their net asset value. The Fund is dependent on the performance of underlying funds and are subject to the same risks of investing in municipal bonds. A closed-end fund may be leveraged as part of its investment strategy. As a result, the Fund may be indirectly exposed to the effects of leverage through its investment in the underlying funds. Investments in underlying funds that use leverage may cause the value of the Fund's shares to be more volatile than if the Fund invested in underlying funds that do not utilize leverage.

The HIP Sustainable strategy of investing in municipal debt securities of issuers promoting sustainable development may limit the types and number of investments available to the Fund or cause the Fund to invest in securities that underperform the market as a whole. As a result, the Fund may underperform funds that do not have a sustainable investing strategy or funds with sustainable investing strategies that do not employ HIP (Human Impact + Profit) Ratings. In addition, the Fund relies on a data provider for the identification of issuers that promote sustainable development based on their HIP Ratings; however, there can be no guarantee that the data provider's methodology will align with the Fund's investment strategy or desirable issuers can be correctly identified.

A more complete description of risks is included in each Fund's Prospectus and Statement of Additional Information.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 8—Trustee Deferred Compensation Plan—**The Trust has a Deferred Compensation Plan (the "Plan") for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.

A unitary management fee in which the Adviser is responsible for paying all the expenses of a Fund was adopted on September 1, 2010, for Intermediate, Long, Short, and High Yield Funds, and on November 1, 2019, for CEF Muni Fund. For these Funds, the liability for the Plan which is shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities represents amounts accrued through these dates. Short High Yield and HIP Sustainable, commenced operations with a unitary management fee, therefore bear no cost or liabilities relative to the Plan.

**Note 9—Bank Line of Credit—**The Funds may participate in a $200 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund</u>** | **Days<br> <u>Outstanding</u>** | **Average<br> Daily<br> <u>Loan Balance</u>** | **Average<br> <u>Interest Rate</u>** |
| CEF Muni | 325 | $511823 | 6.17% |
| Short High Yield | 30 | 2150560 | 6.61 |
| Short | 7 | 104396 | 5.68 |

---

Outstanding loan balances as of April 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

**Note 10— New Accounting Pronouncements and Regulatory Requirements —** In December 2023, the FASB issued ASU No. 2023-09, *"Improvements to Income Tax Disclosures"*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying this ASU.

**Note 11—Subsequent Event—** On June 3, 2025, the Board of Trustees approved the liquidation of the HIP Sustainable Muni ETF, which will occur on or about June 25, 2025. In connection with the liquidation, the Fund's shares will no longer trade on the CBOE BZX Exchange, Inc. and will be subsequently delisted.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the seven funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2025, (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025, and each of the financial highlights for each of the three years in the period ended April 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Funds** | |
| VanEck CEF Muni Income ETF | VanEck Long Muni ETF |
| VanEck High Yield Muni ETF | VanEck Short High Yield Muni ETF |
| VanEck HIP Sustainable Muni ETF | VanEck Short Muni ETF |
| VanEck Intermediate Muni ETF |  |

---

The financial statements of the Funds as of and for the year or period ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 23, 2022 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

June 24, 2025

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

The per share amounts of taxable vs. tax-exempt income paid monthly by the funds during the taxable year ended April 30, 2025, are listed in the table below. The information set forth below is for each Fund's fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2025 income tax purposes will be sent to them in early 2026.

Additionally, all of the taxable ordinary income represents Qualified Interest Income (QII) for non-resident alien shareholders.

Please consult your tax advisor for proper treatment of this information.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker<br> Symbol** | **Tax-<br> Exempt<br> Interest<br> Per Share** | **Tax-Exempt<br> Interest as a<br> Percentage<br> of the Total<br> Distribution** | **Taxable<br> Ordinary<br> Income<br> Per Share** | **Taxable<br> Income as a<br> Percentage<br> of the Total<br> Distribution** | **Return of<br> Capital Per<br> Share (a)** | **Return of<br> Capital as a<br> Percentage<br> of the Total<br> Distribution** | **Total<br> Tax-Exempt<br> + Ordinary<br> Income<br> + Return<br> of Capital<br> Distribution<br> Per Share** |
| CEF Muni | XMPT | $0.9258 | 80.08% | $0.0147 | 1.27% | $0.2156 | 18.65% | $1.1561 |
| High Yield | HYD | 2.1954 | 98.71 | 0.0287 | 1.29 |  |  | 2.2241 |
| HIP Sustainable | SMI | 1.2054 | 96.53 | 0.0433 | 3.47 |  |  | 1.2487 |
| Intermediate | ITM | 1.2638 | 98.69 | 0.0168 | 1.31 |  |  | 1.2806 |
| Long | MLN | 0.6333 | 98.58 | 0.0091 | 1.42 |  |  | 0.6424 |
| Short High Yield | SHYD | 0.7237 | 98.74 | 0.0092 | 1.26 |  |  | 0.7329 |
| Short | SMB | 0.4078 | 98.47 | 0.0063 | 1.53 |  |  | 0.4141 |

---

(a) A return of capital is not considered tax-exempt income to shareholders. Shareholders who received these distributions should not consider these amounts in tax-exempt income and should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. In order to compute the required adjustment to cost basis, a shareholder should us the more detailed information provided on Form 8937-Organizational Actions Affecting Basis provided on the funds' website at www.vaneck.com.

------

**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

**Approval of Investment Advisory Contracts**

Not applicable.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2025<br> ANNUAL FINANCIAL STATEMENTS AND OTHER<br> INFORMATION | ![](x1_c113018x157x2m4.jpg) | &nbsp;&nbsp;![](x1_c113018x157x1m4.jpg) |

---

---

| | |
|:---|:---|
| **HYEM** | Emerging Markets High Yield Bond ETF |
| **ANGL** | Fallen Angel High Yield Bond ETF |
| **GRNB** | Green Bond ETF |
| **FLTR** | IG Floating Rate ETF |
| **MBBB** | Moody's Analytics<sup>®</sup> BBB Corporate Bond ETF |
| **MIG** | Moody's Analytics<sup>®</sup> IG Corporate Bond ETF |

---

800.826.2333 vaneck.com

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Schedules of Investments](#xx1xc113018b001xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets High Yield Bond ETF](#xx1xc113018b002xm4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fallen Angel High Yield Bond ETF](#xx1xc113018b003xm4) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Bond ETF](#xx1xc113018b004xm4) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[IG Floating Rate ETF](#xx1xc113018b005xm4) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Moody's Analytics BBB Corporate Bond ETF](#xx1xc113018b006xm4) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Moody's Analytics IG Corporate Bond ETF](#xx1xc113018b007xm4) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx1xc113018b008xm4) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx1xc113018b009xm4) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx1xc113018b010xm4) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx1xc113018b011xm4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Emerging Markets High Yield Bond ETF](#xx1xc113018b012xm4) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Fallen Angel High Yield Bond ETF](#xx1xc113018b013xm4) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Green Bond ETF](#xx1xc113018b014xm4) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[IG Floating Rate ETF](#xx1xc113018b015xm4) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Moody's Analytics BBB Corporate Bond ETF](#xx1xc113018b016xm4) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Moody's Analytics IG Corporate Bond ETF](#xx1xc113018b017xm4) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx1xc113018b018xm4) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx1xc113018b019xm4) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Information](#xx1xc113018b020xm4) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Changes In and Disagreements with Accountants](#xx1xc113018b021xm4) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Proxy Disclosures](#xx1xc113018b022xm4) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Remuneration Paid to Directors, Officers and Others](#xx1xc113018b023xm4) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Approval of Investment Advisory Contracts](#xx1xc113018b024xm4) | 74 |

---

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 94.7%** |  |  |
| **Argentina: 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Galicia y Buenos Aires SAU 144A<br> 7.75%, 10/10/28 | $450 | $462156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generacion Mediterranea SA / Central Termica Roca SA 144A <br> 11.00%, 11/01/31 | 475 | 422560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRSA Inversiones y Representaciones SA 144A <br> 8.00%, 03/31/35 | 400 | 383400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br> 3.12%, 01/14/31 | 775 | 688208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSU Energy SA 144A <br> 9.75%, 12/05/30 | 550 | 517275 |
| Pampa Energia SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/16/34 | 500 | 503000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 09/10/31 | 575 | 585403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12%, 04/15/29 | 425 | 434020 |
| Pan American Energy LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/30/32 | 550 | 585940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12%, 04/30/27 | 340 | 354108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecpetrol SA 144A <br> 7.62%, 01/22/33 | 575 | 577012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecom Argentina SA 144A <br> 9.50%, 07/18/31 | 1125 | 1180687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportadora de Gas del Sur SA 144A <br> 8.50%, 07/24/31 | 675 | 698706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Energy Argentina SAU 144A <br> 7.62%, 12/10/35 | 825 | 789319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YPF Energia Electrica SA 144A <br> 7.88%, 10/16/32 | 600 | 587731 |
| YPF SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 07/21/27 | 775 | 760436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/30/33 (s) | 675 | 646213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/47 | 805 | 685811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/17/34 | 1600 | 1556124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/27/29 | 562 | 563335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/11/31 | 775 | 785250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/30/29 (s) | 1075 | 1104118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 01/17/31 | 1175 | 1212899 |
|  |  | 16083711 |
| **Austria: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A <br> 5.00%, 05/07/28 | 250 | 235744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LD Celulose International GmbH 144A <br> 7.95%, 01/26/32 † | 450 | 462600 |
|  |  | 698344 |
| **Azerbaijan: 0.3%** |  |  |
|  State Oil Co. of the Azerbaijan Republic Reg S |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Azerbaijan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/18/30 | $1075 | $1121144 |
| **Bahrain: 1.0%** |  |  |
| Bapco Energies BSCC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/25/27 | 1400 | 1436511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/07/28 | 650 | 690431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BBK BSC Reg S<br> 6.88%, 06/06/29 | 700 | 709735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mumtalakat Sukuk Holding Co. Reg S <br> 4.10%, 01/21/27 | 800 | 774052 |
|  |  | 3610729 |
| **Bermuda: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digicel Group Holdings Ltd. 144A <br> 0.00%, 12/31/30 ^∞ | 332 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Energy Resources Ltd. 144A <br> 6.25%, 04/26/29 | 975 | 930944 |
|  |  | 934264 |
| **Brazil: 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adecoagro SA 144A <br> 6.00%, 09/21/27 | 575 | 569994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amaggi Luxembourg International Sarl 144A <br> 5.25%, 01/28/28 | 500 | 488730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao 144A <br> 4.12%, 09/20/31 † | 375 | 340759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA 144A<br> 6.50%, 01/22/30 † | 650 | 674908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil SA 144A <br> 6.00%, 03/18/31 † | 500 | 505311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Votorantim SA 144A <br> 5.88%, 04/08/28 | 325 | 327844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braskem America Finance Co. 144A <br> 7.12%, 07/22/41 | 375 | 291539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braskem Idesa SAPI 144A <br> 7.45%, 11/15/29 † | 1275 | 985958 |
| Braskem Netherlands Finance BV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/10/28 | 825 | 742651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/31/30 | 900 | 746766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/50 † | 500 | 338984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/13/33 † | 675 | 590958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil Minas SPE via State of Minas Gerais 144A <br> 5.33%, 02/15/28 | 227 | 226422 |
| BRF SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/24/30 | 375 | 355786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/21/50 | 425 | 344032 |
| Centrais Eletricas Brasileiras SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 02/04/30 | 475 | 448231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/11/35 | 500 | 491490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cosan Luxembourg SA 144A <br> 5.50%, 09/20/29 | 350 | 342913 |
| CSN Inova Ventures 144A |  |  |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/28/28 † | $825 | $770380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp. 144A <br>6.50%, 02/15/30 † | 250 | 241312 |
| Globo Comunicacao e Participacoes SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/22/30 | 225 | 210783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/14/32 | 225 | 210522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA 144A <br>6.00%, 02/27/30 † | 650 | 665714 |
| Klabin Austria GmbH 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 01/12/31 | 325 | 283028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/03/29 | 425 | 428226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/03/49 | 478 | 470763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MARB BondCo PLC 144A <br>3.95%, 01/29/31 | 775 | 670795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MV24 Capital BV 144A <br>6.75%, 06/01/34 | 564 | 538106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natura &Co. Luxembourg Holdings Sarl 144A <br>4.12%, 05/03/28 | 300 | 275571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NBM US Holdings, Inc. 144A <br>6.62%, 08/06/29 | 300 | 298917 |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/15/30 | 100 | 98599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/03/31 | 525 | 522582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 05/20/43 | 200 | 168895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/29 † | 275 | 278424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/27/28 † | 600 | 610119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/27/41 | 350 | 339608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 06/05/15 | 825 | 721453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/20/40 | 455 | 447644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 03/19/49 | 300 | 280061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/17/44 | 450 | 449891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/17/27 | 375 | 389230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/23/26 | 178 | 184877 |
| Rede D'or Finance Sarl 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/22/30 | 499 | 465085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/17/28 | 250 | 245806 |
| Rio Oil Finance Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018-1 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20%, 04/06/28 | 222 | 226589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rumo Luxembourg Sarl 144A <br>5.25%, 01/10/28 | 300 | 296346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samarco Mineracao SA 144A <br>9.50%, 06/30/31 | 2655 | 2500013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpar Europe SA 144A <br>5.20%, 01/26/31 | 325 | 252281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tupy Overseas SA 144A <br>4.50%, 02/16/31 | 250 | 214664 |
| Ultrapar International SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/06/26 | 300 | 297542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/06/29 | 200 | 194976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Usiminas International Sarl 144A <br>7.50%, 01/27/32 | 300 | 300375 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |
| XP, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/01/26 | $300 | $291642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/02/29 | 300 | 305128 |
|  |  | 23959223 |
| **British Virgin Islands: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Metro Global Ltd. Reg S <br> 4.50%, 05/02/26 | 500 | 460003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Studio City Co. Ltd. 144A <br> 7.00%, 02/15/27 | 500 | 498259 |
|  |  | 958262 |
| **Canada: 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Copper Corp. 144A <br> 6.75%, 03/31/33 | 800 | 786631 |
| First Quantum Minerals Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/01/33 | 1200 | 1188755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62%, 06/01/31 † | 1900 | 1928128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 03/01/29 | 2200 | 2310442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontera Energy Corp. 144A <br> 7.88%, 06/21/28 | 600 | 393741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc. 144A <br> 9.50%, 10/15/29 | 1000 | 778628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. 144A <br> 7.88%, 01/23/30 † | 1100 | 1074500 |
|  |  | 8460825 |
| **Cayman Islands: 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Star Holding IX Ltd. Reg S<br> 7.00%, 08/26/28 | 200 | 201650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabian Centres Sukuk II Ltd. 144A<br> 5.62%, 10/07/26 | 1600 | 1515387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabian Centres Sukuk III Ltd. Reg S<br> 9.50%, 03/06/29 † | 600 | 599058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arada Sukuk 2 Ltd. Reg S<br> 8.00%, 06/24/29 | 400 | 407890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arada Sukuk Ltd. Reg S<br> 8.12%, 06/08/27 † | 1000 | 1021792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA 144A<br> 4.38%, 03/18/27 | 300 | 297101 |
| Banco BTG Pactual SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/22/30 | 350 | 349195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/08/29 | 250 | 256878 |
| Banco do Brasil SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/30/26 | 450 | 441975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/11/29 | 300 | 296487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/18/30 | 525 | 538965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bapco Energies Sukuk Ltd. 144A<br> 5.25%, 04/08/29 | 1700 | 1665996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bapco Energies Sukuk Ltd. Reg S<br> 6.62%, 05/25/33 | 1350 | 1398260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Binghatti Sukuk SPC Ltd. Reg S <br> 9.62%, 02/28/27 † | 700 | 716187 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Cayman Islands (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C&W Senior Finance Ltd. 144A<br> 9.00%, 01/15/33 | $1000 | $1004150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CT Trust 144A<br> 5.12%, 02/03/32 | 1025 | 933850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dar Al-Arkan Sukuk Co. Ltd. Reg S<br> 8.00%, 02/25/29 † | 800 | 827888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDO Sukuk Ltd. 144A<br> 5.66%, 07/03/31 | 1125 | 1135063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFH Senior Sukuk Ltd. Reg S<br> 7.50%, 11/06/29 | 600 | 594455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ittihad International Ltd. 144A<br> 9.75%, 11/09/28 | 600 | 617277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingston Airport Revenue Finance Ltd. 144A<br> 6.75%, 12/15/36 | 700 | 692608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kt21 T2 Co. Ltd. Reg S<br> 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 | 350 | 343892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Costa Rica Senior Secured Finance 144A<br> 10.88%, 01/15/31 | 600 | 637563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAF Global Securities Ltd. Reg S <br>7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 6/30/2027 (o) | 800 | 824093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd. 144A<br> 7.62%, 04/17/32 | 950 | 917953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oryx Funding Ltd. 144A<br> 5.80%, 02/03/31 | 800 | 802136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otel Sukuk Ltd. 144A<br> 5.38%, 01/24/31 | 700 | 698094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poinsettia Finance Ltd. Reg S<br> 6.62%, 06/17/31 | 386 | 342560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sable International Finance Ltd. 144A<br> 7.12%, 10/15/32 | 1400 | 1377733 |
|  |  | 21456136 |
| **Chile: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES Andes SA 144A<br> 8.15% (US Treasury Yield Curve Rate T 5 Year+3.83%), 06/10/55 | 725 | 740224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agrosuper SA 144A<br> 4.60%, 01/20/32 † | 675 | 615912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAP SA 144A<br> 3.90%, 04/27/31 | 450 | 361652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Falabella SA 144A<br> 3.38%, 01/15/32 | 925 | 785672 |
| Latam Airlines Group SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/30 † | 1950 | 1911000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.38%, 10/15/29 | 1025 | 1147851 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Chile (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telefonica Moviles Chile SA 144A<br> 3.54%, 11/18/31 | $700 | $464062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTR Comunicaciones SpA 144A<br> 4.38%, 04/15/29 | 400 | 351554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VTR Finance NV 144A<br> 6.38%, 07/15/28 | 650 | 611724 |
|  |  | 6989651 |
| **China: 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAS Capital No 1 Ltd. Reg S<br> 4.00% (US Treasury Yield Curve Rate T 5 Year+3.64%), 7/12/2026 (o) | 1050 | 1005768 |
| CFAMC III Co. Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/07/27 | 1500 | 1462770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/27/27 | 1250 | 1240312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/07/47 | 550 | 481404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFAMC IV Co. Ltd. Reg S<br> 4.50%, 05/29/29 | 750 | 721117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champion Path Holdings Ltd. Reg S<br> 4.85%, 01/27/28 † | 675 | 632738 |
| China CITIC Bank International Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% (US Treasury Yield Curve Rate T 5 Year+2.53%), 7/29/2026 (o) | 750 | 734896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 4/22/2027 (o) | 900 | 893856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Great Wall International Holdings VI Ltd. Reg S<br> 7.15% (US Treasury Yield Curve Rate T 3 Year+7.68%), 6/2/2027 (o) | 400 | 415564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. Reg S<br> 7.05%, 01/10/28 | 500 | 506336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Oil & Gas Group Ltd. Reg S<br> 4.70%, 06/30/26 | 500 | 481188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Water Affairs Group Ltd. Reg S<br> 4.85%, 05/18/26 | 500 | 486327 |
| Fortune Star BVI Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/18/26 | 550 | 532491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 01/27/27 | 1100 | 1037406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/19/28 | 350 | 347867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franshion Brilliant Ltd. Reg S<br> 4.25%, 07/23/29 | 650 | 567238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glory Health Industry Ltd. Reg S<br> 14.25%, 01/25/24 (d) \* | 200 | 11042 |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greentown China Holdings Ltd. Reg S<br> 8.45%, 02/24/28 | $400 | $406158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health & Happiness H&H International Holdings Ltd. Reg S<br> 9.12%, 07/24/28 | 400 | 402049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. Reg S<br> 3.20% (US Treasury Yield Curve Rate T 5 Year+2.37%), 9/24/2026 (o) | 8630 | 8407567 |
| Longfor Group Holdings Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/16/29 | 600 | 482061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/16/28 | 800 | 707912 |
| Melco Resorts Finance Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/04/29 | 1700 | 1541687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 07/17/27 | 825 | 797023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/21/28 | 1225 | 1158412 |
| MGM China Holdings Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/27 | 1100 | 1074266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 06/26/31 † | 650 | 653365 |
| Nanyang Commercial Bank Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 4/28/2027 (o) | 1050 | 1058831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 9/7/2028 (o) | 400 | 410016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RKPF Overseas 2019 E Ltd. Reg S<br> 7.75% (US Treasury Yield Curve Rate T 5 Year+6.00%), 5/18/2028 (o) | 400 | 55080 |
| RKPF Overseas 2020 A Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/26/30 | 640 | 253477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/12/29 | 548 | 222137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaspan Corp. 144A<br> 5.50%, 08/01/29 | 1050 | 959509 |
| Studio City Finance Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/29 | 1589 | 1397032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/28 | 675 | 649424 |
| Vanke Real Estate Hong Kong Co. Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/12/29 | 650 | 443288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98%, 11/09/27 | 1100 | 848102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West China Cement Ltd. Reg S<br> 4.95%, 07/08/26 | 800 | 626754 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yanlord Land HK Co. Ltd. Reg S<br> 5.12%, 05/20/26 | $750 | $726754 |
|  |  | 34839224 |
| **Colombia: 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aris Mining Corp. 144A<br> 8.00%, 10/31/29 | 675 | 680760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco de Bogota SA 144A<br> 6.25%, 05/12/26 | 1525 | 1529128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canacol Energy Ltd. 144A<br> 5.75%, 11/24/28 | 700 | 325549 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 11/02/31 | 1120 | 915720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/28/45 | 1775 | 1190680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/02/51 | 675 | 431605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/29/30 | 1725 | 1680320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/18/43 † | 758 | 615334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/32 | 1550 | 1478828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/36 | 1625 | 1522158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62%, 01/19/29 | 1075 | 1124830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/33 | 2025 | 2028317 |
| Empresas Publicas de Medellin ESP 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/18/29 | 1350 | 1222725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/31 | 825 | 714605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geopark Ltd. 144A<br> 8.75%, 01/31/30 | 800 | 692459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Aval Ltd. 144A<br> 4.38%, 02/04/30 | 1350 | 1189090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oleoducto Central SA 144A<br> 4.00%, 07/14/27 | 550 | 532951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orazul Energy Peru SA 144A<br> 5.62%, 04/28/27 | 450 | 441389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecomunicaciones Digitales SA 144A<br> 4.50%, 01/30/30 | 750 | 680040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termocandelaria Power SA 144A<br> 7.75%, 09/17/31 | 600 | 597627 |
|  |  | 19594115 |
| **Costa Rica: 0.3%** |  |  |
| Instituto Costarricense de Electricidad 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/15/43 | 675 | 597139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/07/31 | 450 | 454869 |
|  |  | 1052008 |
| **Cyprus: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MHP Lux SA 144A<br> 6.25%, 09/19/29 | 450 | 367390 |
| **Czech Republic: 0.3%** |  |  |
| Energo-Pro AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/04/27 | 650 | 653759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 11/02/28 | 400 | 419683 |
|  |  | 1073442 |
| **Dominican Republic: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeropuertos Dominicanos Siglo XXI SA 144A<br> 7.00%, 06/30/34 † | 750 | 762420 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Dominican Republic (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Empresa Generadora de Electricidad Haina SA 144A<br> 5.62%, 11/08/28 | $400 | $372700 |
|  |  | 1135120 |
| **Georgia: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Global Utilities JSC 144A<br> 8.88%, 07/25/29 | 400 | 405451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgian Railway JSC 144A<br> 4.00%, 06/17/28 | 775 | 688743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silknet JSC 144A<br> 8.38%, 01/31/27 | 375 | 379853 |
|  |  | 1474047 |
| **Guatemala: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A<br> 5.25%, 04/27/29 † | 1500 | 1436599 |
| **Honduras: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inversiones Atlantida SA 144A<br> 7.50%, 05/19/26 | 375 | 360765 |
| **Hungary: 0.5%** |  |  |
| OTP Bank Nyrt Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% (US Treasury Yield Curve Rate T 5 Year+2.86%), 07/30/35 | 200 | 201896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33 | 1750 | 1856207 |
|  |  | 2058103 |
| **India: 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A<br> 6.70%, 03/12/42 | 596 | 513267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adani Renewable Energy RJ Ltd. / Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A<br> 4.62%, 10/15/39 | 418 | 331443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuum Green Energy India Pvt / Co.-Issuers 144A<br> 7.50%, 06/26/33 | 880 | 883996 |
| Delhi International Airport Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 10/31/26 | 675 | 675099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 06/04/29 | 700 | 704067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GMR Hyderabad International Airport Ltd. 144A<br> 4.25%, 10/27/27 | 450 | 428644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HPCL-Mittal Energy Ltd. Reg S<br> 5.25%, 04/28/27 | 550 | 537336 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **India (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 10/22/26 | $400 | $395221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IIFL Finance Ltd. 144A<br> 8.75%, 07/24/28 | 650 | 618313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRB Infrastructure Developers Ltd. 144A<br> 7.11%, 03/11/32 | 1000 | 978869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSW Hydro Energy Ltd. 144A<br> 4.12%, 05/18/31 | 785 | 700743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JSW Infrastructure Ltd. 144A<br> 4.95%, 01/21/29 | 600 | 573185 |
| JSW Steel Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/05/27 | 750 | 716768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/05/32 | 725 | 644623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manappuram Finance Ltd. Reg S<br> 7.38%, 05/12/28 | 400 | 398174 |
| Muthoot Finance Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/23/29 | 900 | 870793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 02/14/28 | 1100 | 1093294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piramal Finance Ltd. Reg S<br> 7.80%, 01/29/28 | 600 | 590073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A<br> 4.50%, 07/14/28 | 850 | 788027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL 144A<br> 7.80%, 07/31/31 | 389 | 369043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sammaan Capital Ltd. 144A<br> 9.70%, 07/03/27 | 500 | 491532 |
| Shriram Finance Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 04/03/28 † | 750 | 737236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 04/22/27 | 1000 | 998773 |
|  |  | 15038519 |
| **Indonesia: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bakrie Telecom Pte Ltd. Reg S<br> 11.50%, 05/07/15 (d) \* | 111 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indika Energy Tbk PT 144A<br> 8.75%, 05/07/29 | 600 | 559879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medco Bell Pte Ltd. 144A<br> 6.38%, 01/30/27 | 550 | 546271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel Industries Ltd. 144A<br> 11.25%, 10/21/28 | 500 | 504119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakuwon Jati Tbk PT Reg S<br> 4.88%, 04/29/28 | 600 | 571629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sorik Marapi Geothermal Power PT 144A<br> 7.75%, 08/05/31 | 494 | 481774 |
|  |  | 2664099 |
| **Israel: 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energean Israel Finance Ltd. 144A Reg S<br> 8.50%, 09/30/33 | 1040 | 1045278 |
| Leviathan Bond Ltd. 144A Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/30/27 | 835 | 823356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/30/30 | 775 | 752244 |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Israel (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC<br> 6.15%, 02/01/36 | $883 | $864312 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/26 | 3800 | 3674593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 10/01/46 | 2248 | 1590384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/28 † | 1410 | 1445301 |
|  |  | 10195468 |
| **Kazakhstan: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ForteBank JSC 144A<br> 7.75%, 02/04/30 | 600 | 587282 |
| **Luxembourg: 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acu Petroleo Luxembourg Sarl 144A<br> 7.50%, 01/13/32 | 415 | 416942 |
| Aegea Finance Sarl 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/20/29 | 250 | 247831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/20/31 | 525 | 548153 |
| Ambipar Lux Sarl 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 02/06/31 | 400 | 385155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 02/05/33 † | 200 | 195630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cosan Luxembourg SA 144A<br> 7.25%, 06/27/31 | 150 | 155967 |
| CSN Resources SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 06/10/31 | 450 | 341245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/08/32 | 350 | 281299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 12/05/30 | 450 | 431166 |
| Energean Israel Finance Ltd. 144A Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/28 | 865 | 817166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/31 | 875 | 793747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FORESEA Holding SA 144A<br> 7.50%, 06/15/30 | 200 | 190366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS Luxembourg Sarl 144A<br> 8.88%, 02/12/31 † | 400 | 402427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hidrovias International Finance Sarl 144A<br> 4.95%, 02/08/31 | 250 | 223732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading Sarl 144A<br> 7.25%, 06/30/31 | 1105 | 854765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico Remittances Funding Fiduciary Estate Management Sarl 144A<br> 12.50%, 10/15/31 | 500 | 492500 |
| Minerva Luxembourg SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/18/31 † | 775 | 682582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 09/13/33 | 625 | 667105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Movida Europe SA 144A<br> 7.85%, 04/11/29 † | 350 | 308590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NewCo Holding USD 20 Sarl 144A<br> 9.38%, 11/07/29 | 350 | 345975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oceanica Lux 144A<br> 13.00%, 10/02/29 | 275 | 247129 |
|  OHI Group SA 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Luxembourg (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 07/22/29 | $500 | $505500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petrorio Luxembourg Holding Sarl 144A<br> 6.12%, 06/09/26 | 400 | 400793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poinsettia Finance Ltd. 144A<br> 6.62%, 06/17/31 | 270 | 239792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Puma International Financing SA 144A<br> 7.75%, 04/25/29 | 675 | 670764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rumo Luxembourg Sarl 144A<br> 4.20%, 01/18/32 | 325 | 284822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saavi Energia Sarl 144A<br> 8.88%, 02/10/35 | 1600 | 1610000 |
|  |  | 12741143 |
| **Mauritius: 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axian Telecom 144A<br> 7.38%, 02/16/27 | 625 | 621714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azure Power Energy Ltd. 144A<br> 3.58%, 08/19/26 | 453 | 426708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CA Magnum Holdings 144A<br> 5.38%, 10/31/26 | 1425 | 1396757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diamond II Ltd. 144A<br> 7.95%, 07/28/26 | 775 | 773241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenko Power II Ltd. 144A<br> 4.30%, 12/13/28 | 1148 | 1055601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius Ltd. 144A<br> 7.25%, 09/27/28 | 1400 | 1355816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India Clean Energy Holdings 144A<br> 4.50%, 04/18/27 | 550 | 515793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India Green Power Holdings 144A<br> 4.00%, 02/22/27 | 563 | 538996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquid Telecommunications Financing PLC 144A<br> 5.50%, 09/04/26 † | 875 | 717983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Network i2i Ltd. 144A<br> 3.98% (US Treasury Yield Curve Rate T 5 Year+3.39%), 3/3/2026 (o) † | 675 | 663371 |
| UPL Corp. Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/08/28 | 400 | 370360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 06/16/30 | 600 | 523356 |
|  |  | 8959696 |
| **Mexico: 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alsea SAB de CV 144A<br> 7.75%, 12/14/26 | 675 | 679460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC 144A<br> 2.72% (US Treasury Yield Curve Rate T 5 Year+2.00%), 08/11/31 | 675 | 636969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Braskem Idesa SAPI 144A<br> 6.99%, 02/20/32 † 1,600 1,153,077<br> Cemex SAB de CV 144A |  |  |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Mexico (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; 5.12% (US Treasury Yield Curve Rate T 5 Year+4.53%), 6/8/2026 (o) | $1400 | $1379892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIBanco SA Institution de Banca Multiple Trust 144A<br> 4.38%, 07/22/31 | 550 | 444159 |
| Grupo Aeromexico SAB de CV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/15/29 † | 650 | 609375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62%, 11/15/31 | 900 | 834975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo KUO SAB De CV 144A<br> 5.75%, 07/07/27 | 625 | 608469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metalsa Sapi De Cv 144A<br> 3.75%, 05/04/31 † | 450 | 364028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nemak SAB de CV 144A<br> 3.62%, 06/28/31 † | 775 | 624776 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/28 | 500 | 462469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/27/44 | 100 | 61673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 01/23/46 | 125 | 78803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/28/31 | 950 | 786590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 02/12/48 † | 425 | 274672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/45 | 300 | 198222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 01/23/27 | 400 | 391092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/13/27 | 1025 | 1002129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/23/29 | 300 | 277601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/02/41 | 425 | 292978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/35 | 675 | 521391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/15/38 | 150 | 107543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/32 | 1650 | 1415347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/21/47 | 1400 | 941150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84%, 01/23/30 | 600 | 534816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/04/26 † | 600 | 592772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 01/28/60 | 1000 | 666820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69%, 01/23/50 | 2025 | 1478704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 06/02/29 | 450 | 442837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/07/33 † | 525 | 526156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Play Telecomunicaciones SA de CV 144A<br> 11.12%, 12/31/32 | 1250 | 1130135 |
|  |  | 19519080 |
| **Mongolia: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Golomt Bank 144A<br> 11.00%, 05/20/27 | 525 | 526532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade & Development Bank of Mongolia LLC Reg S<br> 8.50%, 12/23/27 | 450 | 419887 |
|  |  | 946419 |
| **Morocco: 2.1%** |  |  |
| OCP SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/23/31 † | 1025 | 905777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 06/23/51 | 1100 | 809183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 04/30/30 | 1100 | 1101823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 03/01/36 | 1100 | 1091291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/02/34 | 1725 | 1745700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/25/44 | 900 | 846945 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Morocco (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/02/54 | $1350 | $1329750 |
|  |  | 7830469 |
| **Netherlands: 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados BV 144A<br> 6.38%, 01/29/32 | 850 | 866592 |
| Braskem Netherlands Finance BV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/15/34 | 475 | 424175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 01/12/31 | 575 | 552139 |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/10/51 | 371 | 280591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/13/35 † | 525 | 497808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/03/33 | 557 | 563350 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/09/27 | 1125 | 1105057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 05/09/29 † | 1130 | 1099294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/15/29 | 675 | 724351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12%, 09/15/31 | 550 | 606230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yinson Boronia Production BV 144A<br> 8.95%, 07/31/42 | 669 | 687445 |
|  |  | 7407032 |
| **Nigeria: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Access Bank PLC 144A<br> 6.12%, 09/21/26 | 700 | 675162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Bank PLC 144A<br> 7.62%, 10/28/26 | 600 | 595446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEPLAT Energy PLC 144A<br> 9.12%, 03/21/30 | 900 | 858353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Bank for Africa PLC 144A<br> 6.75%, 11/19/26 | 375 | 370781 |
|  |  | 2499742 |
| **Oman: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EDO Sukuk Ltd. 144A<br> 5.88%, 09/21/33 | 1300 | 1322093 |
| Mazoon Assets Co. SAOC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/08/27 | 700 | 699524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/09/31 | 1100 | 1087625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/14/29 | 575 | 579954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmGrid Funding Ltd. 144A<br> 5.20%, 05/16/27 | 700 | 697097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OQ SAOC 144A<br> 5.12%, 05/06/28 | 1050 | 1033121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oztel Holdings SPC Ltd. 144A<br> 6.62%, 04/24/28 | 1000 | 1032450 |
|  |  | 6451864 |
| **Pakistan: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan Water & Power Development Authority Reg S<br> 7.50%, 06/04/31 | 650 | 470044 |
| **Panama: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES Panama Generation Holdings SRL 144A<br> 4.38%, 05/31/30 | 1825 | 1597388 |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Panama (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco General SA 144A<br> 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 5/7/2031 (o) | $575 | $504735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banistmo SA 144A<br> 4.25%, 07/31/27 | 550 | 535610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empresa de Transmision Electrica SA 144A<br> 5.12%, 05/02/49 | 700 | 508337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Bank Corp. 144A<br> 5.25%, 04/16/29 | 400 | 376384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multibank, Inc.144A<br> 7.75%, 02/03/28 | 450 | 459617 |
|  |  | 3982071 |
| **Paraguay: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frigorifico Concepcion SA 144A<br> 7.70%, 07/21/28 | 425 | 316884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rutas 2 & 7 Finance Ltd. 144A<br> 0.00%, 09/30/36 ^ | 652 | 463283 |
|  |  | 780167 |
| **Peru: 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auna SA 144A<br> 10.00%, 12/15/29 | 400 | 428694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BBVA Peru SA 144A<br> 6.20% (US Treasury Yield Curve Rate T 5 Year+2.00%), 06/07/34 | 450 | 457290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Internacional del Peru SAA Interbank 144A<br> 7.62% (US Treasury Yield Curve Rate T 1 Year+3.65%), 01/16/34 | 425 | 445604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camposol SA 144A<br> 6.00%, 02/03/27 | 425 | 400544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA 144A<br> 6.80%, 02/04/32 | 850 | 845758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InRetail Shopping Malls 144A<br> 5.75%, 04/03/28 | 525 | 522254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercorp Financial Services, Inc. 144A<br> 4.12%, 10/19/27 | 450 | 436672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minsur SA 144A<br> 4.50%, 10/28/31 | 700 | 642246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru LNG Srl 144A<br> 5.38%, 03/22/30 | 1083 | 980848 |
| Petroleos del Peru SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/19/32 | 1325 | 977341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 06/19/47 | 2850 | 1758051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A<br> 3.75%, 08/02/28 | 525 | 482126 |
|  |  | 8377428 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Poland: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canpack SA / Canpack US LLC 144A<br> 3.88%, 11/15/29 | $1100 | $1008027 |
| **Saudi Arabia: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dar Al-Arkan Sukuk Co. Ltd. Reg S<br> 6.88%, 02/26/27 | 600 | 601350 |
| **Serbia: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications co Telekom Srbija AD Belgrade 144A<br> 7.00%, 10/28/29 | 1250 | 1243351 |
| **Singapore: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuum Energy Aura Pte Ltd. 144A<br> 9.50%, 02/24/27 | 625 | 638684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Pte Ltd. Reg S<br> 4.50% (US Treasury Yield Curve Rate T 5 Year+3.73%), 5/17/2026 (o) | 1300 | 765908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% (US Treasury Yield Curve Rate T 5 Year+3.73%), 6/29/2027 (o) | 400 | 225104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte Ltd. 144A<br> 8.96%, 04/27/29 | 725 | 745843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. 144A<br> 6.75%, 04/24/33 | 633 | 633813 |
|  |  | 3009352 |
| **South Africa: 1.5%** |  |  |
| Eskom Holdings SOC Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%, 08/10/28 | 1400 | 1385146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 08/10/28 | 625 | 638909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eskom Holdings SOC Ltd. Reg S<br> 4.31%, 07/23/27 | 750 | 716625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTN Mauritius Investments Ltd. 144A<br> 6.50%, 10/13/26 | 700 | 706335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC<br> 6.50%, 09/27/28 <sup>†</sup> | 1000 | 929559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transnet SOC Ltd. 144A<br> 8.25%, 02/06/28 | 1350 | 1361944 |
|  |  | 5738518 |
| **Spain: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Espana BV 144A<br> 5.70%, 05/04/28 | 400 | 379554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AI Candelaria Spain SA 144A<br> 5.75%, 06/15/33 | 775 | 636322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia Telecomunicaciones SA ESP 144A<br> 4.95%, 07/17/30 | 725 | 639875 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Spain (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Airport Finance SA 144A<br> 12.00%, 03/15/33 | $463 | $494490 |
|  |  | 2150241 |
| **Tanzania: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings PLC<br> 6.50%, 04/15/40 | 425 | 430268 |
| **Thailand: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bangkok Bank PCL 144A<br> 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 | 1700 | 1569031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL Reg S<br> 3.34% (US Treasury Yield Curve Rate T 5 Year+1.70%), 10/02/31 | 1200 | 1162063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muangthai Capital PCL Reg S<br> 6.88%, 09/30/28 | 400 | 393685 |
|  |  | 3124779 |
| **Togo: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecobank Transnational, Inc. 144A<br> 10.12%, 10/15/29 | 600 | 620933 |
| **Trinidad and Tobago: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heritage Petroleum Co. Ltd. 144A<br> 9.00%, 08/12/29 | 675 | 684234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Gas Co. of Trinidad & Tobago Ltd. 144A<br> 6.05%, 01/15/36 | 525 | 478435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications Services of Trinidad & Tobago Ltd. 144A<br> 8.88%, 10/18/29 | 375 | 372533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad Generation Unlimited 144A<br> 5.25%, 11/04/27 | 850 | 814648 |
|  |  | 2349850 |
| **Turkey: 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akbank TAS 144A<br> 6.80% (US Treasury Yield Curve Rate T 5 Year+6.01%), 06/22/31 | 550 | 542877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/20/30 | 600 | 601463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88% (US Treasury Yield Curve Rate T 5 Year+3.73%), 09/04/35 | 550 | 537833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anadolu Efes Biracilik Ve Malt Sanayii AS 144A<br> 3.38%, 06/29/28 | 600 | 532004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcelik AS Reg S<br> 8.50%, 09/25/28 | 500 | 514489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aydem Yenilenebilir Enerji AS 144A<br> 7.75%, 02/02/27 | 720 | 717777 |
| Eregli Demir ve Celik Fabrikalari TAS 144A |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Turkey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/23/29 | $1100 | $1110562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Otomotiv Sanayi AS 144A<br> 7.12%, 04/25/29 | 600 | 595200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDZ Elektrik Dagitim AS 144A<br> 9.00%, 10/15/29 | 550 | 515375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu Ve Kuzey Cevre Otoyolu Yatirim Ve I Reg S<br> 7.54%, 10/31/27 | 500 | 496784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Cimento Sanayi ve Ticaret AS 144A<br> 9.75%, 07/25/29 | 825 | 811294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A<br> 9.50%, 07/10/36 | 391 | 380769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Yenilenebilir Enerji AS 144A<br> 9.62%, 08/12/30 | 600 | 584445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mersin Uluslararasi Liman Isletmeciligi AS 144A<br> 8.25%, 11/15/28 | 700 | 720498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi AS 144A<br> 8.00%, 09/11/31 | 600 | 588270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNB Bank AS Reg S<br> 7.25%, 05/21/29 | 200 | 205563 |
| &nbsp;&nbsp;&nbsp;10.75% (US Treasury Yield Curve Rate T 5 Year+6.24%), 11/15/33 <sup>†</sup> | 700 | 762475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronesans Holding AS 144A<br> 8.50%, 10/10/29 | 400 | 374708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TAV Havalimanlari Holding AS 144A<br> 8.50%, 12/07/28 | 475 | 487611 |
| TC Ziraat Bankasi AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/04/30 | 900 | 887463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 01/16/29 | 600 | 611435 |
| &nbsp;&nbsp;&nbsp;8.99% (US Treasury Yield Curve Rate T 5 Year+4.33%), 08/02/34 | 600 | 611378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 08/01/26 | 550 | 573375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turk Ekonomi Bankasi AS Reg S<br> 9.38% (US Treasury Yield Curve Rate T 5 Year+5.41%), 01/17/34 | 500 | 514620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turk Telekomunikasyon AS 144A<br> 7.38%, 05/20/29 | 600 | 602044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS 144A<br> 5.80%, 04/11/28 | 575 | 556715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 01/24/30 | 600 | 603233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 01/24/32 | 600 | 600889 |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Turkey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi AS 144A<br> 8.12% (US Treasury Yield Curve Rate T 5 Year+3.84%), 01/03/35 | $900 | $888350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38% (US Treasury Yield Curve Rate T 5 Year+4.09%), 02/28/34 | 550 | 548907 |
| Turkiye Ihracat Kredi Bankasi AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/06/26 | 750 | 746587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/06/28 | 650 | 656656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/28/27 | 625 | 649725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Is Bankasi AS 144A<br> 7.75%, 06/12/29 | 600 | 607358 |
| Turkiye Sinai Kalkinma Bankasi AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 10/17/29 | 450 | 443509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 10/19/28 | 300 | 319172 |
| Turkiye Vakiflar Bankasi TAO 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/26 | 575 | 570975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/07/30 | 550 | 535827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99% (US Treasury Yield Curve Rate T 5 Year+4.67%), 10/05/34 | 750 | 761312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 10/12/28 | 900 | 946368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Varlik Fonu Yonetimi AS Reg S<br> 8.25%, 02/14/29 | 550 | 562049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TVF Varlik Kiralama AS Reg S<br> 6.95%, 01/23/30 | 1100 | 1092720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulker Biskuvi Sanayi AS 144A<br> 7.88%, 07/08/31 | 600 | 600828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vestel Elektronik Sanayi ve Ticaret AS 144A<br> 9.75%, 05/15/29 | 600 | 484944 |
| Yapi ve Kredi Bankasi AS 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 10/10/29 | 600 | 592616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/03/30 | 450 | 444042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/16/28 | 1000 | 1058000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25% (US Treasury Yield Curve Rate T 5 Year+5.28%), 01/17/34 | 775 | 793182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziraat Katilim Varlik Kiralama AS Reg S<br> 9.38%, 11/12/26 | 500 | 523750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zorlu Enerji Elektrik Uretim AS 144A<br> 11.00%, 04/23/30 | 1250 | 1147464 |
|  |  | 31615490 |
| **Ukraine: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kernel Holding SA 144A<br> 6.75%, 10/27/27 | 400 | 359781 |
| Metinvest BV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65%, 10/01/27 | 500 | 422005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/17/29 | 700 | 560311 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Ukraine (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAK Naftogaz Ukraine via Kondor Finance PLC 144A<br> 7.62%, 11/08/28 | $846 | $670517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Railways Via Rail Capital Markets PLC Reg S<br> 8.25%, 07/09/26 | 864 | 755133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VF Ukraine PAT via VFU Funding PLC 144A<br> 9.62%, 02/11/27 | 300 | 292705 |
|  |  | 3060452 |
| **United Arab Emirates: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Star Holding VIII Ltd. Reg S<br> 8.38%, 04/12/27 | 1750 | 1806168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Holdings Bvi Ltd. 144A<br> 9.38%, 10/03/28 | 500 | 523001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Drilling Holdings Ltd. 144A<br> 9.62%, 04/15/29 | 1375 | 974674 |
|  |  | 3303843 |
| **United Kingdom: 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allwyn Entertainment Financing UK PLC 144A<br> 7.88%, 04/30/29 | 950 | 985988 |
| Avianca Midco 2 PLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/01/28 | 1675 | 1509594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62%, 02/14/30 | 1250 | 1092975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azule Energy Finance PLC 144A<br> 8.12%, 01/23/30 | 1650 | 1590930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bidvest Group UK PLC 144A<br> 3.62%, 09/23/26 | 625 | 610563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biocon Biologics Global PLC 144A<br> 6.67%, 10/09/29 | 1100 | 992048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Endeavour Mining PLC 144A<br> 5.00%, 10/14/26 | 750 | 736687 |
| IHS Holding Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/29/28 | 650 | 619136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 05/29/30 | 800 | 773196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 11/29/31 <sup>†</sup> | 900 | 868905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama Infrastructure Receivable Purchaser PLC 144A<br> 0.00%, 04/05/32 ^ | 2050 | 1446634 |
| Sisecam UK PLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/02/29 | 750 | 752344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62%, 05/02/32 † | 1000 | 991815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Energy Finance PLC 144A<br> 12.50%, 11/30/29 <sup>†</sup> | 400 | 379272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tullow Oil PLC 144A<br> 10.25%, 05/15/26 | 1860 | 1472655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ukraine Railways Via Rail Capital Markets PLC Reg S<br> 7.88%, 07/15/28 | 469 | 378877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vedanta Resources Finance II PLC 144A<br> 9.47%, 07/24/30 | 800 | 735609 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United Kingdom (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85%, 04/24/33 | $800 | $726125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 06/03/28 | 350 | 345443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 09/17/29 | 1750 | 1702656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/03/31 | 600 | 591455 |
| WE Soda Investments Holding PLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/14/31 | 600 | 609075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/06/28 | 1150 | 1178140 |
|  |  | 21090122 |
| **United States: 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3R Lux Sarl 144A<br> 9.75%, 02/05/31 | 325 | 319210 |
| Azul Secured Finance LLP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 08/28/30 | 114 | 21705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93%, 08/28/28 | 694 | 418761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energuate Trust 144A<br> 5.88%, 05/03/27 | 500 | 492550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A<br> 5.38%, 12/30/30 | 975 | 838876 |
| Kosmos Energy Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/01/28 | 525 | 448639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/27 | 500 | 452258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 10/01/31 <sup>†</sup> | 750 | 606368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM China Holdings Ltd. 144A<br> 5.88%, 05/15/26 | 1000 | 995758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV 144A<br> 5.12%, 05/07/29 | 724 | 696325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp. 144A<br> 4.25%, 03/15/29 | 825 | 725178 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 09/18/26 <sup>†</sup> | 875 | 838367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/18/31 | 1250 | 968933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sasol Financing USA LLC 144A<br> 8.75%, 05/03/29 <sup>†</sup> | 1450 | 1375893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SierraCol Energy Andina LLC 144A<br> 6.00%, 06/15/28 | 858 | 790052 |
| Stillwater Mining Co. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/16/26 | 900 | 862677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/16/29 | 750 | 632640 |
| Wynn Macau Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 12/15/29 <sup>†</sup> | 1300 | 1201350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/27 <sup>†</sup> | 1075 | 1048566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/26/28 | 1950 | 1863009 |
|  |  | 15597115 |
| **Uruguay: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados BV 144A<br> 6.12%, 05/27/29 | 475 | 478295 |
| **Uzbekistan: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSCB Agrobank 144A<br> 9.25%, 10/02/29 | 600 | 620256 |
| National Bank of Uzbekistan Reg S |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Uzbekistan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/05/29 | $500 | $511806 |
| Navoi Mining & Metallurgical Combinat 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 10/17/28 | 650 | 663530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/17/31 | 750 | 757327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzauto Motors AJ 144A<br> 4.85%, 05/04/26 | 400 | 388390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbek Industrial and Construction Bank ATB 144A<br> 8.95%, 07/24/29 <sup>†</sup> | 500 | 513250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uzbekneftegaz JSC 144A<br> 4.75%, 11/16/28 | 950 | 859988 |
|  |  | 4314547 |
| **Zambia: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. 144A<br> 6.88%, 10/15/27 | 1150 | 1137040 |
| **Total Corporate Bonds**<br> (Cost: $374,983,293) |  | 356987198 |
| **GOVERNMENT OBLIGATIONS: 2.8%** |  |  |
| **Argentina: 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciudad Autonoma De Buenos Aires 144A<br> 7.50%, 06/01/27 | 1225 | 1222778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia de Buenos Aires 144A<br> 6.62%, 09/01/37 (s) | 8515 | 5737079 |
| Provincia de Cordoba 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/29 (s) | 632 | 584532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99%, 06/01/27 (s) | 707 | 680681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia de Mendoza 144A<br> 5.75%, 03/19/29 (s) | 508 | 472154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provincia del Chubut 144A<br> 7.75%, 07/26/30 (s) | 485 | 470749 |
|  |  | 9167973 |
| **Turkey: 0.4%** |  |  |
| Istanbul Metropolitan Municipality 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/06/28 | 850 | 906351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 04/12/27 | 375 | 394287 |
|  |  | 1300638 |
| **Total Government Obligations**<br> (Cost: $7,972,402) |  | 10468611 |
|  | **Number**<br> **of Shares** |  |
| **COMMON STOCK: 0.0%**<br> (Cost: $31,555) |  |  |
| **Brazil: 0.0%** |  |  |
| Azul SA (ADR) \* <sup>†</sup> | 33497 | 25565 |
| **Total Investments Before Collateral for Securities Loaned: 97.5%**<br> (Cost: $382,987,250) |  | 367481374 |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.4%** |  |  |
| **Money Market Fund: 7.4%**<br> (Cost: $27,783,719) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 27783719 | $27783719 |
| **Total Investments: 104.9%**<br> (Cost: $410,770,969) |  | 395265093 |
| **Liabilities in excess of other assets: (4.9)%** |  | (18531502) |
| **NET ASSETS: 100.0%** |  | $376733591 |

---

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;&nbsp;American Depositary Receipt |
| USD | &nbsp;&nbsp;&nbsp;United States Dollar |
| **Footnotes:** | **Footnotes:** |
| (d) | Security in default |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (s) | The rate shown reflects the rate in effect at April 30, 2025. Coupon adjusts periodically based upon a predetermined schedule |
| \* | Non-income producing |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $29,679,265. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $268,900,853, or 71.4% of net assets. |

---

See Notes to Financial Statements

------

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $— | $16083711 | $— | $16083711 |
| &nbsp;&nbsp;&nbsp;Austria |  | 698344 |  | 698344 |
| &nbsp;&nbsp;&nbsp;Azerbaijan |  | 1121144 |  | 1121144 |
| &nbsp;&nbsp;&nbsp;Bahrain |  | 3610729 |  | 3610729 |
| &nbsp;&nbsp;&nbsp;Bermuda |  | 930944 | 3320 | 934264 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 23959223 |  | 23959223 |
| &nbsp;&nbsp;&nbsp;British Virgin Islands |  | 958262 |  | 958262 |
| &nbsp;&nbsp;&nbsp;Canada |  | 8460825 |  | 8460825 |
| &nbsp;&nbsp;&nbsp;Cayman Islands |  | 21456136 |  | 21456136 |
| &nbsp;&nbsp;&nbsp;Chile |  | 6989651 |  | 6989651 |
| &nbsp;&nbsp;&nbsp;China |  | 34839224 |  | 34839224 |
| &nbsp;&nbsp;&nbsp;Colombia |  | 19594115 |  | 19594115 |
| &nbsp;&nbsp;&nbsp;Costa Rica |  | 1052008 |  | 1052008 |
| &nbsp;&nbsp;&nbsp;Cyprus |  | 367390 |  | 367390 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 1073442 |  | 1073442 |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  | 1135120 |  | 1135120 |
| &nbsp;&nbsp;&nbsp;Georgia |  | 1474047 |  | 1474047 |
| &nbsp;&nbsp;&nbsp;Guatemala |  | 1436599 |  | 1436599 |
| &nbsp;&nbsp;&nbsp;Honduras |  | 360765 |  | 360765 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 2058103 |  | 2058103 |
| &nbsp;&nbsp;&nbsp;India |  | 15038519 |  | 15038519 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 2664099 |  | 2664099 |
| &nbsp;&nbsp;&nbsp;Israel |  | 10195468 |  | 10195468 |
| &nbsp;&nbsp;&nbsp;Kazakhstan |  | 587282 |  | 587282 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 12741143 |  | 12741143 |
| &nbsp;&nbsp;&nbsp;Mauritius |  | 8959696 |  | 8959696 |
| &nbsp;&nbsp;&nbsp;Mexico |  | 19519080 |  | 19519080 |
| &nbsp;&nbsp;&nbsp;Mongolia |  | 946419 |  | 946419 |
| &nbsp;&nbsp;&nbsp;Morocco |  | 7830469 |  | 7830469 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 7407032 |  | 7407032 |
| &nbsp;&nbsp;&nbsp;Nigeria |  | 2499742 |  | 2499742 |
| &nbsp;&nbsp;&nbsp;Oman |  | 6451864 |  | 6451864 |
| &nbsp;&nbsp;&nbsp;Pakistan |  | 470044 |  | 470044 |
| &nbsp;&nbsp;&nbsp;Panama |  | 3982071 |  | 3982071 |
| &nbsp;&nbsp;&nbsp;Paraguay |  | 780167 |  | 780167 |
| &nbsp;&nbsp;&nbsp;Peru |  | 8377428 |  | 8377428 |
| &nbsp;&nbsp;&nbsp;Poland |  | 1008027 |  | 1008027 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 601350 |  | 601350 |
| &nbsp;&nbsp;&nbsp;Serbia |  | 1243351 |  | 1243351 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 3009352 |  | 3009352 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 5738518 |  | 5738518 |
| &nbsp;&nbsp;&nbsp;Spain |  | 2150241 |  | 2150241 |
| &nbsp;&nbsp;&nbsp;Tanzania |  | 430268 |  | 430268 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 3124779 |  | 3124779 |
| &nbsp;&nbsp;&nbsp;Togo |  | 620933 |  | 620933 |
| &nbsp;&nbsp;&nbsp;Trinidad and Tobago |  | 2349850 |  | 2349850 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 31615490 |  | 31615490 |
| &nbsp;&nbsp;&nbsp;Ukraine |  | 3060452 |  | 3060452 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 3303843 |  | 3303843 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 21090122 |  | 21090122 |
| &nbsp;&nbsp;&nbsp;United States |  | 15597115 |  | 15597115 |
| &nbsp;&nbsp;&nbsp;Uruguay |  | 478295 |  | 478295 |
| &nbsp;&nbsp;&nbsp;Uzbekistan |  | 4314547 |  | 4314547 |
| &nbsp;&nbsp;&nbsp;Zambia |  | 1137040 |  | 1137040 |
| Government Obligations \* |  | 10468611 |  | 10468611 |

---

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Common Stock \* | $25565 | $— | $— | $25565 |
| Money Market Fund | 27783719 |  |  | 27783719 |
| **Total Investments** | $27809284 | $367452489 | $3320 | $395265093 |

---

<br> \* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 97.9%** |  |  |
| **Australia: 2.5%** |  |  |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 12/01/26 | $26750 | $26104982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 12/01/27 | 17825 | 17141529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/44 | 13375 | 10971111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/15/43 | 17825 | 14983325 |
|  |  | 69200947 |
| **Canada: 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier, Inc. 144A<br> 7.45%, 05/01/34 | 22725 | 23907421 |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/29 † | 31200 | 29669275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/44 | 13375 | 10282630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications, Inc. 144A<br> 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 | 33425 | 32609077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp.<br> 6.50%, 03/15/40 | 13365 | 12330712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilton RE Ltd. 144A<br> 6.00% (US Treasury Yield Curve Rate T 5 Year+5.27%), 10/22/2030 (o) | 17830 | 17695465 |
|  |  | 126494580 |
| **Germany: 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dresdner Funding Trust I 144A<br> 8.15%, 06/30/31 | 44550 | 48595626 |
| **Ireland: 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.<br> 6.88% (US Treasury Yield Curve Rate T 5 Year+3.38%), 12/15/54 † | 22300 | 20912307 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/15/30 | 33425 | 31843176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 12/15/44 | 13550 | 10519829 |
|  |  | 63275312 |
| **Italy: 3.2%** |  |  |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/30/34 | 22275 | 21531640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/33 | 22250 | 22268097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 07/18/36 | 22300 | 22866273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 06/04/38 | 22300 | 23269779 |
|  |  | 89935789 |
| **Japan: 5.7%** |  |  |
| Nissan Motor Co. Ltd. 144A |  |  |
| 4.34%, 09/17/27 | 84075 | 80740263 |
| 4.81%, 09/17/30 † | 84100 | 77780751 |
|  |  | 158521014 |
| **Netherlands: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCI NV 144A<br> 6.70%, 03/16/33 <br>| 26750 | 29214499 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United Kingdom: 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC 144A<br> 7.01%, 07/30/37 (o) | $33425 | $33867547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC<br> 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 | 84095 | 91730458 |
|  |  | 125598005 |
| **United States: 72.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc.<br> 4.80%, 07/27/26 | 12275 | 12020091 |
| Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 10/01/27 | 15600 | 14038938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/15/32 † | 15600 | 13049460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/15/30 † | 22275 | 20064453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 03/09/28 † | 13375 | 13276227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banc of California<br> 3.25% (Term SOFR USD 3 Month+2.52%), 05/01/31 | 17149 | 16203747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc.<br> 6.95%, 03/01/33 † | 12675 | 12569387 |
| Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 11/15/27 | 20050 | 18915770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/01/29 † | 15600 | 14249986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30%, 03/15/28 † | 15600 | 16139527 |
| Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/26 | 16275 | 15538832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/15/27 | 60957 | 61505845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58%, 07/15/29 | 30500 | 30799510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60%, 11/15/28 | 40650 | 41131229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/32 † | 40650 | 39991821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 11/15/30 | 40650 | 40674630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 11/15/33 † | 40650 | 40757936 |
| Constellation Insurance, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 05/01/31 † | 11150 | 11117504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 01/24/30 | 18950 | 18395313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Co.<br> 4.20%, 03/15/48 | 15600 | 9258857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Cork & Seal Co., Inc.<br> 7.38%, 12/15/26 | 15622 | 16079959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Healthcare Trust<br> 4.75%, 02/15/28 | 22300 | 19972921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DPL, Inc.<br> 4.35%, 04/15/29 | 17825 | 17014335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Embarq LLC<br> 8.00%, 06/01/36 | 54150 | 24457389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. 144A<br> 4.75%, 04/15/29 | 71300 | 69481615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp.<br> 4.25%, 09/15/28 | 23395 | 22690990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Florida LLC<br> 6.86%, 02/01/28 | 13375 | 13704293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Marine, Inc.<br> 7.00%, 06/01/28 | 11625 | 10030631 |

---

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HB Fuller Co.<br> 4.00%, 02/15/27 | $13375 | $13033267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillenbrand, Inc.<br> 5.00%, 09/15/26 | 16725 | 16494780 |
| Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/15/30 † | 17825 | 11820649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 11/01/27 | 17825 | 15504549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/29 † | 22275 | 15977005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/15/28 † | 15600 | 13049943 |
| Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 05/01/31 † | 22264 | 14165247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 07/17/45 | 19000 | 9121832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<br> 7.60%, 09/15/39 | 15550 | 11450865 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/15/43 | 11125 | 6690420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/15/34 † | 16350 | 12469839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/15/42 | 11150 | 7335061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corp.<br> 5.88%, 12/01/42 † | 15150 | 11124971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navient Corp.<br> 5.62%, 08/01/33 † | 26475 | 22723488 |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/36 † | 18696 | 16319913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/01/46 | 29700 | 23001115 |
| Nissan Motor Acceptance Co. LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%, 09/16/26 | 33650 | 31792567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 09/15/28 | 11800 | 10437896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 03/09/28 | 20175 | 18400475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 09/13/27 † | 13475 | 13220768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 09/13/29 † | 10100 | 9772003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 09/15/26 | 10150 | 10246103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 09/15/28 | 23550 | 24097912 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/27 | 15597 | 14974012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/31 † | 18950 | 16312253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/30 | 22275 | 19952184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/44 | 43050 | 30586595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/28 † | 13375 | 13538786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceaneering International, Inc.<br> 6.00%, 02/01/28 | 13375 | 12728811 |
| Prospect Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36%, 11/15/26 † | 13375 | 12540020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44%, 10/15/28 † | 13375 | 11710614 |
| Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 04/16/29 | 44600 | 38424069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 04/06/31 | 15575 | 12498140 |
| Rockies Express Pipeline LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/15/30 | 15600 | 14631309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/15/29 | 24525 | 23472314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/40 | 22275 | 21049225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 07/15/38 | 11150 | 10954848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.<br> 3.70%, 03/15/28 | 22275 | 21367233 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/15/27 | $13375 | $14095177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safeway, Inc.<br> 7.25%, 02/01/31 | 11630 | 11967911 |
| Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/29 | 21050 | 20003971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/27 | 22525 | 22314835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/34 † | 21850 | 21105527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. 144A<br> 6.88%, 07/15/33 | 20075 | 20854512 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 01/15/28 † | 17825 | 15738088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/15/30 † | 17825 | 13307275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/01/26 | 20050 | 19435849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/15/27 | 17825 | 16962849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/01/29 † | 18950 | 14894210 |
| Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/15/26 | 13375 | 13156738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/15/28 † | 31200 | 30195046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steelcase, Inc.<br> 5.12%, 01/18/29 | 20050 | 19076573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<br> 6.88%, 11/15/31 | 16125 | 16574100 |
| Toledo Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98%, 11/15/45 | 12175 | 9241556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33%, 11/15/28 † | 14275 | 13747945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01%, 11/15/48 | 17825 | 15628425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topaz Solar Farms LLC 144A<br> 5.75%, 09/30/39 | 22165 | 20733832 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 03/15/38 † | 27175 | 16772525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/15/31 † | 17625 | 12549881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co.<br> 6.00%, 04/01/27 | 17850 | 17966495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc.<br> 3.25%, 06/15/26 | 26750 | 25917564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Cellular Corp.<br> 6.70%, 12/15/33 † | 24250 | 26285144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States Steel Corp.<br> 6.65%, 06/01/37 | 12225 | 11885771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp<br> 3.00% (Term SOFR USD 3 Month+2.36%), 06/15/31 | 13375 | 12151501 |
| VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/23/27 | 22275 | 20694918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/23/30 | 33425 | 27554135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/33 † | 12350 | 10629903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 11/01/37 | 12800 | 10751926 |
| Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 06/01/26 | 17825 | 17191601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 06/01/31 | 15600 | 13293265 |
| Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/15/30 † | 22275 | 20979757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 06/01/26 | 64500 | 63088069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 04/15/50 † | 28550 | 24952291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/18/34 † | 13525 | 12765436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/01/46 | 13300 | 12072053 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/18/44 † | $| 29400 | $27170304 |
| Xerox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/35 |  | 11125 | 4774914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/15/39 |  | 15600 | 6802146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO CNW, Inc.<br> 6.70%, 05/01/34 |  | 13350 | 13540104 |
| Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 11/01/43 |  | 12275 | 11275419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/15/37 |  | 14500 | 15088116 |
|  |  |  | 2031309934 |
| **Total Corporate Bonds** <br> (Cost: $2,839,426,199) |  |  | 2742145706 |
|  |  | **Number <br> of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.8%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.8%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.8%** |  |
| **Money Market Fund: 8.8%** <br> (Cost: $247,371,905) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio |  | 247371905 | 247371905 |
| **Total Investments: 106.7%** <br> (Cost: $3,086,798,104) |  |  | 2989517611 |
| **Liabilities in excess of other assets: (6.7)%** | **Liabilities in excess of other assets: (6.7)%** | **Liabilities in excess of other assets: (6.7)%** | (187539260) |
| **NET ASSETS: 100.0%** |  |  | $2801978351 |

---

**Definitions:**

SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $244,908,742. |
| (o) | Perpetual Maturity — the date shown is the next call date |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $673,068,845, or 24.0% of net assets. |

---

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds \* | $— | $2742145706 | $— | $2742145706 |
| Money Market Fund | 247371905 |  |  | 247371905 |
| **Total Investments** | $247371905 | $2742145706 | $— | $2989517611 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 84.0%** |  |  |
| **Australia: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. Reg S<br> 4.50%, 05/31/26 | $200 | $200543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Reg S<br> 4.92% (SOFR Compound Index+0.54%), 07/10/27 | 200 | 200039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty Ltd. 144A<br> 6.12%, 04/15/32 | 300 | 295933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 144A<br> 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 | 450 | 455696 |
|  |  | 1152211 |
| **Bermuda: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bacardi Ltd. / Bacardi- Martini BV 144A<br> 5.25%, 01/15/29 | 200 | 202663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Energy Resources Ltd. 144A<br> 6.25%, 04/26/29 | 275 | 262574 |
|  |  | 465237 |
| **Brazil: 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual SA 144A<br> 2.75%, 01/11/26 † | 150 | 147352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klabin Austria GmbH 144A<br> 7.00%, 04/03/49 | 300 | 295458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Klabin Finance SA 144A<br> 4.88%, 09/19/27 | 100 | 99029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rumo Luxembourg Sarl 144A<br> 5.25%, 01/10/28 | 200 | 197564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano Austria GmbH 144A<br> 5.75%, 07/14/26 | 175 | 177081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano International Finance BV<br> 5.50%, 01/17/27 | 375 | 378703 |
|  |  | 1295187 |
| **British Virgin Islands: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amipeace Ltd. Reg S<br> 1.75%, 11/09/26 | 300 | 289588 |
| **Canada: 1.5%** |  |  |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%, 04/15/31 | 250 | 222092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 02/15/52 | 150 | 100087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce<br> 0.95%, 10/23/25 | 250 | 245677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDP Financial, Inc. 144A<br> 1.00%, 05/26/26 | 400 | 387956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export Development Canada<br> 4.75%, 06/05/34 | 450 | 467511 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 144A<br> 2.05%, 09/15/30 <br>| $200 | $172633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp.<br> 7.75%, 11/15/29 <br>| 200 | 208507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucson Electric Power Co.<br> 1.50%, 08/01/30 <br>| 150 | 128302 |
|  |  | 1932765 |
| **Cayman Islands: 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adib Sukuk Co. II Ltd. Reg S<br> 5.70%, 11/15/28 <br>| 200 | 206611 |
| Aldar Investment Properties Sukuk Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/24/33 | 200 | 197863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/16/34 | 200 | 205514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CK Hutchison International 24 Ltd. 144A<br> 5.38%, 04/26/29 | 400 | 410023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DP World Crescent Ltd. Reg S<br> 5.50%, 09/13/33 | 550 | 553696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hongkong Land Finance Cayman Islands Co. Ltd. Reg S<br> 2.25%, 07/15/31 | 200 | 172978 |
| Saudi Electricity Sukuk Programme Co. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/11/33 † | 500 | 488984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49%, 02/18/35 | 400 | 407370 |
|  |  | 2643039 |
| **Chile: 1.8%** |  |  |
| AES Andes SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 03/15/29 | 175 | 177997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15% (US Treasury Yield Curve Rate T 5 Year+3.83%), 06/10/55 | 225 | 229725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colbun SA 144A<br> 3.15%, 01/19/32 † | 250 | 218557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engie Energia Chile SA 144A<br> 6.38%, 04/17/34 | 200 | 206346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interchile SA 144A<br> 4.50%, 06/30/56 | 450 | 355228 |
| Inversiones CMPC SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/04/27 † | 150 | 148502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 06/23/33 | 200 | 202785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 02/26/34 † | 200 | 201208 |
| Sociedad Quimica y Minera de Chile SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/10/51 | 300 | 190696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/07/33 † | 325 | 339016 |
|  |  | 2270060 |
| **China: 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airport Authority Reg S<br> 1.75%, 01/12/27 | 400 | 384691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bocom Leasing Management Hong Kong Co. Ltd. Reg S<br> 5.00%, 06/26/27 | 200 | 202724 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% (SOFR Compound Index+0.68%), 06/26/27 | $450 | $449185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11% (SOFR Compound Index+0.75%), 08/23/27 | 200 | 200062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp. Reg S<br> 1.25%, 08/04/25 | 400 | 396880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% (SOFR Compound Index+0.55%), 07/16/27 | 400 | 400316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/30/26 | 200 | 202505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Reg S<br> 1.20%, 09/10/25 | 400 | 395294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Water Affairs Group Ltd. Reg S<br> 4.85%, 05/18/26 | 200 | 194531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMB International Leasing Management Ltd. Reg S<br> 5.13% (SOFR+0.76%), 06/04/27 | 200 | 200256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dianjian Haiyu Ltd. Reg S<br> 4.30%, 09/10/27 | 200 | 200048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICBCIL Finance Co. Ltd. Reg S<br> 2.25%, 11/02/26 | 200 | 193963 |
| Industrial & Commercial Bank of China Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 10/28/26 | 250 | 241048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 06/01/25 | 200 | 199764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/19/26 | 200 | 200425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84% (SOFR Compound Index+0.48%), 05/23/27 | 600 | 599279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group Ltd. 144A<br> 6.54%, 07/27/32 | 200 | 210760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Link Finance Cayman 2009 Ltd. Reg S<br> 2.88%, 07/21/26 | 200 | 196372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midea Investment Development Co. Ltd. Reg S<br> 2.88%, 02/24/27 | 200 | 195457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTR Corp. CI Ltd. Reg S<br> 2.50%, 11/02/26 | 200 | 195308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MTR Corp. Ltd. Reg S<br> 1.62%, 08/19/30 | 600 | 529179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Best Time International Ltd. Reg S<br> 4.10%, 07/14/51 | 150 | 114226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yanlord Land HK Co. Ltd. Reg S<br> 5.12%, 05/20/26 | 200 | 193801 |
|  |  | 6296074 |
| **Colombia: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consorcio Transmantaro SA 144A<br> 4.70%, 04/16/34 | 325 | 310132 |
| **Denmark: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kommunekredit Reg S<br> 5.12%, 11/01/27 | 200 | 206411 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Dominican Republic: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UEP Penonome II SA 144A<br> 6.50%, 10/01/38 | $122 | $108587 |
| **France: 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA 144A<br> 1.68% (SOFR+0.91%), 06/30/27 | 375 | 362551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA 144A<br> 3.62%, 10/13/25 | 500 | 497298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA Reg S<br> 5.53% (SOFR+1.15%), 01/20/30 | 200 | 198298 |
|  |  | 1058147 |
| **Georgia: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Global Utilities JSC 144A<br> 8.88%, 07/25/29 | 150 | 152044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgian Railway JSC 144A<br> 4.00%, 06/17/28 | 200 | 177740 |
|  |  | 329784 |
| **Germany: 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd. Reg S<br> 3.12%, 06/16/25 | 200 | 199590 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 09/30/30 | 700 | 598204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 10/01/26 | 1150 | 1107224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 09/14/29 | 780 | 720035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 02/28/34 | 850 | 862658 |
|  |  | 3487711 |
| **Hungary: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MVM Energetika Zrt Reg S<br> 7.50%, 06/09/28 | 200 | 209444 |
| **India: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A<br> 6.70%, 03/12/42 | 99 | 85545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adani Renewable Energy RJ Ltd. / Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A<br> 4.62%, 10/15/39 | 167 | 132577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuum Green Energy India Pvt / Co.-Issuers 144A<br> 7.50%, 06/26/33 | 244 | 245554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Railway Finance Corp. Ltd. 144A<br> 3.57%, 01/21/32 † | 200 | 182028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian Railway Finance Corp. Ltd. Reg S<br> 3.83%, 12/13/27 | 200 | 196262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSW Hydro Energy Ltd. 144A<br> 4.12%, 05/18/31 | 148 | 131595 |
| Power Finance Corp. Ltd. Reg S |  |  |

---

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **India (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/06/27 | $200 | $195332 |
| REC Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/27/29 | 100 | 99188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 04/11/28 | 200 | 204004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REC Ltd. Reg S<br> 3.88%, 07/07/27  | 407 | 399265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Pvt Ltd. 144A<br> 5.88%, 03/05/27  | 75 | 73380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A<br> 4.50%, 07/14/28 | 200 | 185418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAEL/SPREPL/SSSPL/JGPEPL/ SKREPL/UBEPL 144A<br> 7.80%, 07/31/31  | 146 | 138391 |
|  |  | 2268539 |
| **Indonesia: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pertamina Geothermal Energy PT 144A<br> 5.15%, 04/27/28 | 200 | 201043 |
| Perusahaan Penerbit SBSN Indonesia III 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 06/23/25 | 350 | 348742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 06/09/51 | 350 | 246584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/06/32 | 500 | 490938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/02/54 | 300 | 287436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/15/33 | 200 | 206422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sorik Marapi Geothermal Power PT 144A<br> 7.75%, 08/05/31  | 197 | 192710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A<br> 4.85%, 10/14/38  | 400 | 371652 |
|  |  | 2345527 |
| **Ireland: 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A<br> 6.00%, 06/15/27  | 200 | 199488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC 144A<br> 6.25% (US Treasury Yield Curve Rate T 1 Year+2.65%), 09/16/26  | 350 | 351857 |
| Smurfit Kappa Treasury ULC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/30 | 300 | 304310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 04/03/34 | 400 | 400493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 04/03/54 | 400 | 384392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit Westrock Financing DAC 144A<br> 5.42%, 01/15/35 †  | 350 | 350630 |
|  |  | 1991170 |
| **Japan: 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Central Nippon Expressway Co. Ltd. Reg S<br> 0.89%, 12/10/25 | 200 | 195720 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Japan (continued)** |  |  |
| Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 03/10/27 | $260 | $252096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 03/10/32 | 450 | 400812 |
| Japan Bank for International Cooperation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 01/20/27 | 250 | 240808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/05/27 | 250 | 253387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marubeni Corp. Reg S<br> 1.58%, 09/17/26 | 200 | 192359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. 144A<br> 2.57%, 01/21/32 | 200 | 171982 |
| Norinchukin Bank 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%, 09/22/26 † | 450 | 429978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08%, 09/22/31 | 200 | 170321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 03/09/28 | 150 | 153023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTT Finance Corp. 144A<br> 4.37%, 07/27/27 † | 350 | 350657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc.<br> 2.47%, 01/14/29 | 200 | 186477 |
| Sumitomo Mitsui Trust Bank Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%, 03/25/26 | 375 | 366254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 03/10/27 | 100 | 97392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/09/28 | 100 | 103028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp.<br> 2.15%, 02/13/30 | 300 | 271245 |
|  |  | 3835539 |
| **Luxembourg: 4.7%** |  |  |
| Ambipar Lux Sarl 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 02/06/31 | 225 | 216650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 02/05/33 † | 175 | 171176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd. Reg S<br> 1.40%, 04/28/26 | 200 | 194724 |
| European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 05/13/31 | 500 | 440754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/14/33 † | 1875 | 1842358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/10/31 | 1550 | 1587750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS Luxembourg Sarl 144A<br> 8.88%, 02/12/31 † | 250 | 251517 |
| Raizen Fuels Finance SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 01/17/35 | 400 | 373260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 03/05/34 | 500 | 497211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/05/54 | 350 | 331168 |
|  |  | 5906568 |
| **Mauritius: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azure Power Energy Ltd. 144A<br> 3.58%, 08/19/26 | 75 | 71118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Renewable Power Mauritius Pte Ltd. 144A<br> 4.25%, 03/25/27 | 121 | 116530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond II Ltd. 144A<br> 7.95%, 07/28/26 | 100 | 99773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Power II Ltd. 144A<br> 4.30%, 12/13/28 | 167 | 153542 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Mauritius (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Wind Projects Mauritius Ltd. 144A<br> 7.25%, 09/27/28 | $400 | $387376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Clean Energy Holdings 144A<br> 4.50%, 04/18/27 | 100 | 93780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Cleantech Energy 144A<br> 4.70%, 08/10/26 | 119 | 115321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Green Power Holdings 144A<br> 4.00%, 02/22/27 | 173 | 165845 |
|  |  | 1203285 |
| **Mexico: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV<br> 1.85%, 09/01/32 | 275 | 224317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust Fibra Uno 144A<br> 7.38%, 02/13/34 | 275 | 272584 |
|  |  | 496901 |
| **Netherlands: 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV 144A<br> 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 | 500 | 463650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Nederland Holding BV 144A<br> 7.12%, 03/15/31 | 275 | 283620 |
| Cooperatieve Rabobank UA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/24/26 | 350 | 344832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 | 379 | 368268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP Finance BV 144A<br> 6.30%, 10/11/27 | 79 | 82159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenko Dutch BV 144A<br> 3.85%, 03/29/26 | 440 | 426684 |
| ING Groep NV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% (US Treasury Yield Curve Rate T 1 Year+1.10%), 07/01/26 | 450 | 447388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 01/06/26 | 400 | 400097 |
| Nederlandse Waterschapsbank NV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 05/28/30 | 200 | 173270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/24/26 | 450 | 443704 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/11/31 | 550 | 474053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 05/01/30 | 256 | 237254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/33 | 350 | 338695 |
|  |  | 4483674 |
| **Pakistan: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pakistan Water & Power Development Authority Reg S<br> 7.50%, 06/04/31 | 200 | 144629 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Portugal: 0.3%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDP Finance BV 144A<br> 1.71%, 01/24/28 | $400 | $371703 |
| **Qatar: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QNB Finance Ltd. Reg S<br> 1.62%, 09/22/25 | 200 | 197625 |
| **Saudi Arabia: 1.0%** |  |  |
| Saudi Electricity Global Sukuk Co. 5 Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74%, 09/17/25 | 200 | 198004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41%, 09/17/30 | 500 | 442153 |
| The Arab Energy Fund 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%, 10/06/26 | 300 | 287805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 05/02/29 | 325 | 335139 |
|  |  | 1263101 |
| **Singapore: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuum Energy Aura Pte Ltd. 144A<br> 9.50%, 02/24/27 | 200 | 204379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Reg S<br> 4.98% (SOFR Compound Index+0.60%), 10/25/26 | 800 | 801160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. 144A<br> 6.75%, 04/24/33 | 137 | 137041 |
|  |  | 1142580 |
| **South Korea: 5.1%** |  |  |
| Export-Import Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 01/18/32 | 550 | 468774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 01/11/33 | 300 | 307461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Export-Import Bank of Korea 144A<br> 1.75%, 10/19/28 | 250 | 230805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital Services, Inc. 144A<br> 1.25%, 02/08/26 † | 350 | 341314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kia Corp. 144A<br> 1.75%, 10/16/26 | 200 | 192447 |
| Korea Electric Power Corp. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 06/14/25 | 75 | 74905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/31/27 | 450 | 454307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/06/26 | 200 | 201844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/06/28 | 200 | 206551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Hydro & Nuclear Power Co. Ltd. 144A<br> 5.00%, 07/18/28 | 200 | 203401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Western Power Co. Ltd. Reg S<br> 4.12%, 06/28/25 | 200 | 199851 |
| LG Chem Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/07/26 | 400 | 385365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/07/31 | 225 | 192221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 04/15/29 | 50 | 47847 |
| LG Energy Solution Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/02/27 | 150 | 151255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/02/29 | 350 | 351185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/02/34 | 300 | 288398 |

---

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **South Korea (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 09/25/26 | $200 | $202160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/25/28 | 250 | 255089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/02/35 | 250 | 245547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POSCO 144A <br>4.88%, 01/23/27 | 150 | 150750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shinhan Bank Co. Ltd. Reg S<br> 5.23% (SOFR+0.85%), 10/22/29 | 200 | 200942 |
| SK Hynix, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 01/19/31 | 375 | 326146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/17/33 † | 275 | 292878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK On Co. Ltd. Reg S<br> 5.38%, 05/11/26 | 400 | 403367 |
|  |  | 6374810 |
| **Spain: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avangrid, Inc.<br> 3.80%, 06/01/29 | 275 | 266579 |
| **Supranational: 2.6%** |  |  |
| European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 09/23/30 | 600 | 511940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 10/09/29 | 480 | 439065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 04/13/26 | 300 | 295155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/24/27 | 650 | 633484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European Investment Bank 144A<br> 2.88%, 06/13/25 | 750 | 748613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development<br> 3.12%, 11/20/25 | 255 | 253483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Finance Corp.<br> 2.12%, 04/07/26 | 439 | 431914 |
|  |  | 3313654 |
| **Sweden: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB 144A<br> 1.54%, 11/16/26 | 350 | 336110 |
| **Turkey: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aydem Yenilenebilir Enerji AS 144A<br> 7.75%, 02/02/27 | 293 | 291597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limak Yenilenebilir Enerji AS 144A<br> 9.62%, 08/12/30 | 200 | 194815 |
|  |  | 486412 |
| **United Arab Emirates: 3.6%** |  |  |
| Abu Dhabi National Energy Co. PJSC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 04/24/33 † | 400 | 393969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/09/37 | 350 | 336437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd. Reg S<br> 4.97% (SOFR Compound Index+0.60%), 09/18/26 | 200 | 200154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bank of Dubai PSC Reg S<br> 5.32%, 06/14/28 | 200 | 203652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC Reg S<br> 5.88%, 10/11/28 | 300 | 312386 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United Arab Emirates (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Holdings Bvi Ltd. 144A<br> 9.38%, 10/03/28 | $175 | $183050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. Reg S<br> 5.31% (SOFR Compound Index+0.93%), 01/19/26 | 400 | 400316 |
| MAF Sukuk Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 02/28/30 | 415 | 398788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%, 05/14/29 | 200 | 198049 |
| Masdar Abu Dhabi Future Energy Co. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/25/29 | 200 | 201899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/25/33 | 400 | 395573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/25/34 | 200 | 201162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDGH GMTN RSC Ltd. 144A<br> 5.88%, 05/01/34 † | 300 | 317176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Central Cooling Co. PJSC Reg S<br> 5.28%, 03/05/30 | 300 | 305748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NBK SPC Ltd. 144A<br> 5.50% (SOFR+1.16%), 06/06/30 † | 250 | 256643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweihan PV Power Co. PJSC 144A<br> 3.62%, 01/31/49 | 277 | 227817 |
|  |  | 4532819 |
| **United Kingdom: 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC 144A<br> 4.12%, 06/15/28 | 350 | 332787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd. Reg S<br> 4.96% (SOFR Compound Index+0.59%), 09/14/26 | 200 | 200244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance I UK PLC / Brookfield Finance, Inc.<br> 2.34%, 01/30/32 | 237 | 197547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. Reg S<br> 5.02% (SOFR Compound Index+0.65%), 06/13/26 | 200 | 200157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. 144A<br> 1.96%, 06/27/30 | 300 | 262147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank Co. Ltd. Reg S<br> 3.25%, 07/14/25 | 200 | 199475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Grid Europe Development 2014 PLC Reg S<br> 3.25%, 04/07/27 | 200 | 197092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swire Properties MTN Financing Ltd. Reg S<br> 3.50%, 01/10/28 | 200 | 195141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC 144A<br> 4.75%, 07/15/31 | 600 | 527974 |
|  |  | 2312564 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States: 31.9%** |  |  |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 01/15/26 | $350 | $341354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/31 † | 332 | 284353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/28 † | 350 | 355508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60% (US Treasury Yield Curve Rate T 5 Year+3.20%), 01/15/55 | 375 | 371461 |
| Agricultural Bank of China Ltd. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 01/19/26 | 200 | 195826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 01/18/27 | 200 | 193315 |
| Alexandria Real Estate Equities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/18/32 | 350 | 282918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 03/15/34 | 336 | 276649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 04/15/26 | 150 | 148528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/15/35 | 161 | 151030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC 144A<br> 1.94%, 08/15/46 | 388 | 372403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent LP<br> 5.50%, 02/01/34 | 300 | 299207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc.<br> 3.00%, 02/22/29 | 329 | 313163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc.<br> 3.00%, 06/20/27 | 400 | 393062 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 † | 200 | 183009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/29 † | 430 | 374779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona Public Service Co.<br> 2.65%, 09/15/50 | 200 | 115585 |
| AvalonBay Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/28 | 175 | 161089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 01/15/32 † | 300 | 255482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd. Reg S<br> 4.62%, 06/26/26 | 300 | 301775 |
| Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/01/33 | 400 | 313229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 04/01/32 | 340 | 280004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 06/21/29 † | 285 | 267322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/28 | 575 | 566852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/34 † | 300 | 314768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/01/27 | 50 | 52217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC 144A<br> 6.38%, 02/15/32 | 150 | 147468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC<br> 5.30%, 04/01/53 | 200 | 186810 |
| Clearway Energy Operating LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 | 350 | 311876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/32 | 100 | 86795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/28 | 350 | 342370 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp.<br> 4.65%, 02/15/33 | $408 | $401068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC<br> 5.75%, 03/15/54 | 350 | 331021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc.<br> 4.25%, 09/01/30 | 147 | 135726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG<br> 1.69%, 03/19/26 | 300 | 292748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc.<br> 2.25%, 08/15/31 | 350 | 299829 |
| DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 04/01/28 | 225 | 211920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/01/51 | 200 | 134905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/01/52 | 100 | 72254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/49 † | 290 | 225014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC<br> 3.95%, 11/15/28 | 450 | 446391 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 03/15/29 | 300 | 291166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/15/34 | 200 | 200678 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/15/25 | 300 | 295815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%, 03/15/28 † | 260 | 240164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/15/31 | 475 | 416260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/15/32 | 375 | 351228 |
| ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%, 08/01/31 † | 125 | 107013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/01/28 | 200 | 199169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc.<br> 2.55%, 07/01/26 | 115 | 113111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty OP LP<br> 1.25%, 02/15/26 | 150 | 145879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp<br> 1.71% (SOFR+0.69%), 11/01/27 | 200 | 191396 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/12/32 | 1100 | 899430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 08/19/32 † | 475 | 455801 |
| General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/15/29 | 400 | 403341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/32 † | 550 | 545507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Power Co.<br> 3.25%, 04/01/26 | 125 | 123653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanwha Energy USA Holdings Corp. 144A<br> 4.12%, 07/05/25 | 100 | 99844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanwha Q Cells Americas Holdings Corp. 144A<br> 5.00%, 07/27/28 | 200 | 203758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HAT Holdings I LLC / HAT Holdings II LLC 144A<br> 3.75%, 09/15/30 † | 150 | 131940 |
| Healthpeak OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/01/27 | 200 | 189221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 12/01/28 | 224 | 205727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP<br> 2.90%, 12/15/31 | 150 | 128275 |

---

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/29 | $275 | $253741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America 144A<br> 5.80%, 06/26/25 | 300 | 300334 |
| Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/49 | 300 | 208050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 09/26/28 | 350 | 346533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interstate Power and Light Co.<br> 3.60%, 04/01/29 | 150 | 145600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc.<br> 4.25%, 05/15/27 | 150 | 149404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International plc / Tyco Fire & Security Finance SCA<br> 1.75%, 09/15/30 † | 250 | 216150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.<br> 6.07% (SOFR+1.33%), 10/22/27 | 750 | 769012 |
| Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81%, 06/01/41 | 500 | 351945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 05/01/27 | 228 | 224118 |
| Kilroy Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/15/32 | 175 | 135518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 11/15/33 | 175 | 132300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/15/28 † | 150 | 146248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeward Renewable Energy Operations LLC 144A<br> 4.25%, 07/01/29 | 200 | 175435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LYB International Finance III LLC<br> 5.62%, 05/15/33 | 175 | 175664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Institute of Technology<br> 3.96%, 07/01/38 | 200 | 182223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A<br> 0.95%, 07/02/25 | 300 | 298103 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/01/52 | 200 | 118903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/01/27 | 332 | 326018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 04/15/50 | 250 | 166510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 04/15/29 | 337 | 330402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 08/01/48 | 400 | 297487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/01/47 | 175 | 135585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/15/49 | 400 | 321634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/34 | 300 | 308676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/15/54 | 50 | 50625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nature Conservancy<br> 3.96%, 03/01/52 | 126 | 99289 |
| New York State Electric & Gas Corp. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 10/01/31 | 143 | 121298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 08/15/34 | 250 | 250480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 08/15/28 | 125 | 129591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/33 | 175 | 182129 |
| NextEra Energy Capital Holdings, Inc. |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 06/15/28 | $556 | $516177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. 144A<br> 5.78%, 09/16/52 | 100 | 96910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc.<br> 5.00%, 06/15/52 | 225 | 196126 |
| Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/01/31 † | 175 | 155626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/01/51 | 200 | 118368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 03/01/50 | 225 | 144350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 04/01/52 | 200 | 133649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/52 | 100 | 83529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/54 | 250 | 237693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NSTAR Electric Co.<br> 3.25%, 05/15/29 | 225 | 215654 |
| Oglethorpe Power Corp. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/01/54 | 100 | 96302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/01/55 | 150 | 146804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC<br> 4.15%, 06/01/32 | 177 | 169387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning<br> 3.95%, 08/15/29 | 174 | 169437 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 06/15/52 | 400 | 234896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 12/01/53 | 425 | 379801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/54 | 475 | 430561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A<br> 4.50%, 08/15/28 | 300 | 285323 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/15/49 | 375 | 244049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 07/18/32 | 550 | 528956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Recovery Funding LLC<br> 5.54%, 07/15/47 | 350 | 348069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piedmont Operating Partnership LP<br> 3.15%, 08/15/30 | 150 | 128345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc.<br> 4.76% (SOFR Compound Index+1.08%), 01/26/27 | 500 | 500435 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 10/15/30 † | 275 | 233556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/01/31 | 200 | 171071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/15/29 | 200 | 187706 |
| Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/50 | 250 | 164463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/28 | 269 | 264968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/48 | 435 | 333395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/54 | 150 | 146050 |
| Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/31 | 200 | 170437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/15/51 | 250 | 158735 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| Public Service Electric and Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 03/15/32 | $350 | $316066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 03/15/33 | 200 | 198137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 03/15/53 | 50 | 46297 |
| RWE Finance US LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/16/34 | 597 | 608044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/16/54 | 200 | 193982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co.<br> 4.95%, 08/15/28 | 275 | 280483 |
| SCE Recovery Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94%, 11/15/42 | 50 | 41268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/40 | 185 | 179252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 12/15/47 | 200 | 182606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seattle Children's Hospital<br> 2.72%, 10/01/50 † | 150 | 91365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Battery America, Inc. Reg S<br> 2.12%, 01/26/26 | 626 | 609029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLG Office Trust 2021-OVA 144A<br> 2.59%, 07/15/41 | 600 | 524729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co.<br> 2.85%, 02/01/32 † | 300 | 260514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Power Co.<br> 4.15%, 12/01/25 | 350 | 348926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwestern Electric Power Co.<br> 3.25%, 11/01/51 | 150 | 94807 |
| Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/50 | 250 | 161385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/01/52 | 100 | 83617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunnova Energy Corp. 144A<br> 5.88%, 09/01/26 † | 200 | 60211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tennessee Valley Authority<br> 1.50%, 09/15/31 † | 200 | 170831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc.<br> 1.90%, 03/15/33 | 175 | 136931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric Co.<br> 2.62%, 03/15/51 | 275 | 162239 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 09/18/30 | 300 | 256869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/41 | 900 | 629697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/08/29 | 175 | 172196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/52 | 310 | 228144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 05/09/33 | 215 | 216887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/23/54 | 500 | 480034 |
| Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 06/01/26 | 150 | 144670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 06/01/31 | 100 | 85213 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 † | 250 | 243652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/15/32 | 100 | 93866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co.<br> 4.75%, 09/30/32 † | 250 | 252134 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| Wisconsin Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%, 09/16/31 | $200 | $171893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/01/32 | 150 | 139873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Service Corp.<br> 2.85%, 12/01/51 | 100 | 60674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP Carey, Inc.<br> 2.45%, 02/01/32 | 150 | 125758 |
| ZF North America Capital, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/23/30 | 300 | 274055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/14/28 | 225 | 215147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/23/32 | 275 | 241648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12%, 04/14/30 | 250 | 230319 |
|  |  | 40182740 |
| **Uzbekistan: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JSCB Agrobank 144A<br> 9.25%, 10/02/29 | 200 | 206752 |
| **Total Corporate Bonds**<br> (Cost: $110,310,433) |  | 105717658 |
| **GOVERNMENT OBLIGATIONS: 13.3%** |  |  |
| **Cayman Islands: 2.5%** |  |  |
| Gaci First Investment Co. Reg S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/14/30 | 400 | 398400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/14/35 | 700 | 674832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/13/27 | 400 | 402604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/14/53 | 689 | 580406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/13/32 | 850 | 857378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 10/13/22 | 300 | 245305 |
|  |  | 3158925 |
| **Chile: 0.9%** |  |  |
| Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 01/27/32 | 600 | 523284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 01/25/50 | 900 | 630900 |
|  |  | 1154184 |
| **China: 3.6%** |  |  |
| Hong Kong Government International Bond 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%, 02/02/26 | 200 | 195191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/02/51 | 200 | 125344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/07/28 | 300 | 300964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/07/33 | 700 | 681527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/07/26 | 200 | 200945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/24/27 | 375 | 379168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/11/28 | 650 | 659765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 01/11/33 | 500 | 508191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/11/53 | 200 | 207540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Government International Bond Reg S<br> 1.75%, 11/24/31 | 400 | 346902 |
| New Development Bank Reg S |  |  |

---

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **China (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/26/26 | $900 | $904952 |
|  |  | 4510489 |
| **Dominican Republic: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond 144A<br> 6.60%, 06/01/36 | 300 | 295170 |
| **Finland: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuntarahoitus Oyj 144A<br> 3.62%, 10/09/29 | 400 | 396814 |
| **Israel: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel Government International Bond<br> 4.50%, 01/17/33 | 700 | 655620 |
| **Japan: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Bank for International Cooperation<br> 4.88%, 10/18/28 | 125 | 129297 |
| **South Korea: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Power Corp. 144A<br> 4.00%, 06/14/27 | 100 | 99495 |
| **Supranational: 0.6%** |  |  |
| Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/14/26 | 275 | 268161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 08/10/27 | 203 | 197491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 09/26/28 | 225 | 221283 |
|  |  | 686935 |
| **Turkey: 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Istanbul Metropolitan Municipality 144A<br> 10.50%, 12/06/28 | 300 | 319889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkiye Government International Bond<br> 9.12%, 07/13/30 | 1000 | 1085451 |
|  |  | 1405340 |
| **United States: 3.4%** |  |  |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44%, 10/25/29 | 300 | 267862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44%, 10/25/29 | 37 | 34664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52%, 08/25/29 | 232 | 218564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91%, 02/25/27 | 181 | 176987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94%, 06/25/29 | 7 | 6283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/25/28 | 365 | 355438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 09/25/27 | 229 | 223754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 03/25/28 | 200 | 194941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16%, 03/25/28 | 355 | 346005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17%, 02/25/30 | 295 | 282595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%, 11/25/27 | 12 | 12033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41%, 06/25/28 | 315 | 308598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66%, 09/25/28 | 470 | 463065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87%, 09/25/30 | 85 | 83191 |
| Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 06/25/30 | 30 | 26110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%, 11/25/30 | 400 | 347177 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's)** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/25/26 | $785 | $775230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 08/25/32 | 135 | 124474 |
|  |  | 4246971 |
| **Total Government Obligations**<br> (Cost: $17,499,641) |  | 16739240 |
| **MUNICIPAL BONDS: 0.4%** |  |  |
| **United States: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Massachusetts (GO)<br> 3.28%, 06/01/46 | 150 | 116925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;District of Columbia Water & Sewer Authority (RB)<br> 4.81%, 10/01/14 | 170 | 146198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland Economic Development Corp. (RB)<br> 5.94%, 05/31/57 | 200 | 200072 |
| **Total Municipal Bonds**<br> (Cost: $608,609) |  | 463195 |
|  | **Number<br> of Shares** |  |
| **PREFERRED SECURITIES: 0.1%**<br> (Cost: $173,320) |  |  |
| **Canada: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance, Inc.<br> 4.62%, 10/16/80 | 7000 | 108640 |
|  | **Par <br> (000's)** |  |
| **COLLATERALIZED LOAN OBLIGATION: 0.2%**<br> (Cost: $294,453) |  |  |
| **United States: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Triumph Rail Holdings LLC 144A<br> 2.15%, 06/19/51 | 316 | 297412 |
| **Total Investments Before Collateral for Securities Loaned: 98.0%**<br> (Cost: $128,886,456) |  | 123326145 |
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:2.9%** |  |  |
| **Money Market Fund: 2.9%**<br> (Cost: $3,666,383) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 3666383 | 3666383 |
| **Total Investments: 100.9%**<br> (Cost: $132,552,839) |  | 126992528 |
| **Liabilities in excess of other assets: (0.9)%** |  | (1079186) |
| **NET ASSETS: 100.0%** |  | $125913342 |

---

See Notes to Financial Statements

------

**Definitions:**

GO General Obligation <br> RB Revenue Bond <br> SOFR Secured Overnight Financing Rate

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $9,634,672. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. These securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $43,699,539, or 34.7% of net assets. |

---

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds \* | $— | $105717658 | $— | $105717658 |
| Government Obligations \* |  | 16739240 |  | 16739240 |
| Municipal Bonds \* |  | 463195 |  | 463195 |
| Preferred Securities \* | 108640 |  |  | 108640 |
| Collateralized Loan Obligation \* |  | 297412 |  | 297412 |
| Money Market Fund | 3666383 |  |  | 3666383 |
| **Total Investments** | $3775023 | $123217505 | $— | $126992528 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **FLOATING RATE NOTES: 99.1%** |  |  |
| **Australia: 9.9%** |  |  |
| Australia & New Zealand Banking Group Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84% (SOFR+0.47%), 12/16/26 | $1750 | $1751531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% (SOFR+0.56%), 03/18/26 | 6100 | 6104577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% (SOFR+0.65%), 09/30/27 | 4650 | 4650589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% (SOFR+0.68%), 07/16/27 | 11525 | 11556674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19% (SOFR+0.81%), 01/18/27 | 7400 | 7429149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22% (SOFR+0.85%), 12/16/29 | 22000 | 22169245 |
| Commonwealth Bank of Australia 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% (SOFR+0.46%), 11/27/26 | 3425 | 3423691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% (SOFR+0.52%), 06/15/26 | 2450 | 2451652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% (SOFR+0.64%), 03/14/28 | 25900 | 25882770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% (SOFR+0.75%), 03/13/26 | 2450 | 2456862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% (SOFR+0.81%), 03/14/30 † | 38825 | 38928349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34% (SOFR+0.97%), 03/14/27 | 3251 | 3275094 |
| Macquarie Bank Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% (SOFR Compound Index+0.92%), 07/02/27 | 7880 | 7916014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57% (SOFR+1.20%), 12/07/26 | 1750 | 1762835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% (SOFR+1.24%), 06/15/26 | 1475 | 1485334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Group Ltd. 144A<br> 5.29% (SOFR+0.92%), 09/23/27 | 3700 | 3705611 |
| National Australia Bank Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87% (SOFR+0.50%), 03/06/28 | 1250 | 1240745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% (SOFR+0.55%), 01/29/26 | 1450 | 1449628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% (SOFR+0.60%), 10/26/27 | 9300 | 9258010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% (SOFR+0.62%), 06/11/27 | 8894 | 8900291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% (SOFR+0.65%), 12/10/25 | 2642 | 2646316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% (SOFR+0.65%), 01/12/27 | 5160 | 5163997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% (SOFR+0.79%), 01/14/30 | 21550 | 21609638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking Corp.<br> 4.80% (SOFR+0.42%), 04/16/26 | 3825 | 3824285 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Australia (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84% (SOFR+0.46%), 10/20/26 | $3900 | $3900716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% (SOFR+0.52%), 06/03/26 | 1570 | 1570719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19% (SOFR+0.81%), 04/16/29 † | 20150 | 20221640 |
| Westpac Banking Corp. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87% (SOFR+0.50%), 03/06/28 | 6500 | 6452341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% (SOFR+0.55%), 01/29/26 | 1575 | 1575958 |
|  |  | 232764261 |
| **Canada: 9.7%** |  |  |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% (SOFR Compound Index+0.62%), 09/15/26 | 1975 | 1973032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% (SOFR Compound Index+0.76%), 06/04/27 | 4175 | 4177328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% (SOFR+0.86%), 01/27/29 | 7775 | 7732418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% (SOFR Compound Index+0.88%), 09/10/27 | 5550 | 5546866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53% (SOFR Compound Index+1.16%), 12/11/26 | 1727 | 1740116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% (SOFR Compound Index+1.33%), 06/05/26 | 1975 | 1989737 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% (SOFR Compound Index+0.55%), 03/02/26 | 1486 | 1486263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% (SOFR+0.61%), 09/15/26 | 1480 | 1478522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% (SOFR Compound Index+0.78%), 06/04/27 | 3703 | 3699656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% (SOFR+0.89%), 02/14/29 | 10400 | 10322987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% (SOFR+1.00%), 09/08/28 | 14250 | 14227817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46% (SOFR Compound Index+1.08%), 08/01/29 | 7675 | 7658801 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% (SOFR+0.72%), 01/13/28 | 6050 | 6011060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% (SOFR Compound Index+0.93%), 09/11/27 | 8050 | 8036451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% (SOFR+0.94%), 06/28/27 | 5241 | 5244950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41% (SOFR+1.03%), 03/30/29 | 3250 | 3237902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% (SOFR+1.22%), 10/02/26 | 2600 | 2616256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec 144A<br> 5.01% (SOFR+0.63%), 01/27/27 | 5550 | 5565665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Bank of Canada<br> 5.28% (SOFR Compound Index+0.90%), 03/25/27 | 3750 | 3746073 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41% (SOFR Compound Index+1.03%), 07/02/27 | $3275 | $3276047 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% (SOFR Compound Index+0.46%), 08/03/26 | 6250 | 6239447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% (SOFR Compound Index+0.53%), 01/20/26 | 1492 | 1493814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% (SOFR Compound Index+0.57%), 04/27/26 | 1556 | 1558434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% (SOFR Compound Index+0.59%), 11/02/26 | 1725 | 1721491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% (SOFR Compound Index+0.71%), 01/21/27 | 2875 | 2879599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% (SOFR Compound Index+0.72%), 10/18/27 | 6175 | 6168761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17% (SOFR Compound Index+0.79%), 07/23/27 | 6650 | 6653970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% (SOFR Compound Index+0.82%), 03/27/28 | 15500 | 15451735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR Compound Index+0.83%), 01/24/29 † | 16077 | 15980256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% (SOFR Compound Index+0.86%), 10/18/28 | 12090 | 12034647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% (SOFR Compound Index+0.95%), 01/19/27 | 4550 | 4565075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% (SOFR Compound Index+1.03%), 02/04/31 | 8200 | 8136869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46% (SOFR Compound Index+1.08%), 01/12/26 | 1600 | 1607242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46% (SOFR Compound Index+1.08%), 07/20/26 | 1800 | 1812876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48% (SOFR Compound Index+1.13%), 05/02/31 | 8500 | 8453136 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% (SOFR+0.59%), 09/10/26 | 1475 | 1472756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% (SOFR+0.62%), 12/17/26 | 2700 | 2694719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11% (SOFR+0.73%), 04/05/27 | 4629 | 4610248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% (SOFR+0.82%), 01/31/28 | 12800 | 12762975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% (SOFR+1.03%), 12/17/29 | 9075 | 9016866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46% (SOFR+1.08%), 07/17/26 | 2204 | 2215873 |
|  |  | 227298736 |
| **Finland: 1.0%** |  |  |
| Nordea Bank Abp 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% (SOFR+0.70%), 03/17/28 | 10250 | 10234821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11% (SOFR+0.74%), 03/19/27 | 4635 | 4643852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% (SOFR+1.02%), 09/10/29 | 7780 | 7790612 |
|  |  | 22669285 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **France: 3.8%** |  |  |
| Banque Federative du Credit Mutuel SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% (SOFR Compound Index+1.07%), 02/16/28 | $12930 | $12904636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51% (SOFR+1.13%), 01/23/27 | 2800 | 2810108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% (SOFR Compound Index+1.23%), 01/22/30 | 9075 | 9081055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78% (SOFR Compound Index+1.40%), 07/13/26 | 1725 | 1744729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE SA 144A<br> 6.36% (SOFR Compound Index+1.98%), 10/19/27 | 2875 | 2916797 |
| Credit Agricole SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% (SOFR+0.87%), 03/11/27 | 5550 | 5555534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51% (SOFR+1.13%), 01/09/29 | 12950 | 12902468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58% (SOFR+1.21%), 09/11/28 | 12950 | 12950968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67% (SOFR+1.29%), 07/05/26 | 2440 | 2454324 |
| Societe Generale SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46% (SOFR+1.10%), 02/19/27 | 3625 | 3612609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79% (SOFR+1.41%), 04/13/29 | 12975 | 12931954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04% (SOFR+1.66%), 01/19/28 | 9100 | 9152172 |
|  |  | 89017354 |
| **Japan: 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc.<br> 5.86% (SOFR+1.48%), 04/24/31 | 13100 | 13251466 |
| Mizuho Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% (SOFR+0.96%), 05/22/26 | 3650 | 3651558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% (SOFR+1.08%), 05/13/31 | 7774 | 7763881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc.<br> 5.63% (SOFR+1.25%), 07/02/27 | 4726 | 4735349 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% (SOFR+0.88%), 01/14/27 | 4645 | 4660022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% (SOFR+1.05%), 04/15/30 | 20725 | 20730068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% (SOFR+1.17%), 07/09/29 | 12975 | 13066757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68% (SOFR+1.30%), 07/13/26 | 1975 | 1991232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81% (SOFR+1.43%), 01/13/26 | 1474 | 1484045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd. 144A<br> 5.35% (SOFR+0.98%), 09/10/27 | 6925 | 6938210 |

---

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **Japan (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36% (SOFR+0.99%), 03/13/30 | $25900 | $25750467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49% (SOFR+1.12%), 03/09/26 † | 2450 | 2457978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52% (SOFR+1.15%), 09/14/26 | 2450 | 2465937 |
|  |  | 108946970 |
| **Netherlands: 1.9%** |  |  |
| ABN AMRO Bank NV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% (SOFR Compound Index+1.00%), 12/03/28 | 12975 | 12960407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15% (SOFR Compound Index+1.78%), 09/18/27 | 4650 | 4695369 |
| ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% (SOFR Compound Index+1.01%), 04/01/27 | 3715 | 3719898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% (SOFR Compound Index+1.01%), 03/25/29 | 19375 | 19246550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93% (SOFR Compound Index+1.56%), 09/11/27 | 4650 | 4686601 |
|  |  | 45308825 |
| **New Zealand: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New Zealand 144A<br> 5.19% (SOFR+0.81%), 01/27/27 | 3750 | 3753793 |
| **Norway: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNB Bank ASA 144A<br> 5.42% (SOFR+1.06%), 11/05/30 | 9240 | 9215601 |
| **Singapore: 3.1%** |  |  |
| DBS Group Holdings Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97% (SOFR+0.60%), 03/21/28 | 25900 | 25875128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% (SOFR+0.65%), 03/21/30 | 12950 | 12927642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pepsico Singapore Financing I Pte Ltd.<br> 4.92% (SOFR Compound Index+0.56%), 02/16/27 | 2794 | 2794599 |
| United Overseas Bank Ltd. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% (SOFR Compound Index+0.58%), 04/02/28 | 23400 | 23376847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% (SOFR Compound Index+0.65%), 04/02/30 | 7800 | 7799989 |
|  |  | 72774205 |
| **South Korea: 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Housing Finance Corp. 144A<br> 5.28% (SOFR+0.90%), 01/21/30 | 7950 | 7983018 |
| Korea National Oil Corp. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% (SOFR+0.77%), 03/31/28 | 10350 | 10312478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR+0.83%), 04/03/27 | 2865 | 2878056 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **South Korea (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% (SOFR+0.90%), 09/30/27 | $2850 | $2861542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% (SOFR+1.08%), 11/14/26 | 2395 | 2424806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LG Energy Solution Ltd. 144A<br> 6.08% (SOFR+1.70%), 04/02/30 | 8000 | 7916913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NongHyup Bank 144A<br> 5.18% (SOFR+0.80%), 07/22/27 | 2925 | 2931363 |
|  |  | 37308176 |
| **Spain: 1.3%** |  |  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% (SOFR+1.12%), 07/15/28 | 19450 | 19413162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (SOFR+1.38%), 03/14/28 | 10400 | 10428951 |
|  |  | 29842113 |
| **Sweden: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB 144A<br> 5.26% (SOFR+0.89%), 03/05/27 | 3350 | 3359801 |
| Svenska Handelsbanken AB 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% (SOFR+0.66%), 05/28/27 | 3775 | 3773194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% (SOFR+1.25%), 06/15/26 | 2525 | 2540783 |
| Swedbank AB 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% (SOFR+1.03%), 11/20/29 | 9300 | 9363344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (SOFR Compound Index+1.38%), 06/15/26 | 2025 | 2041198 |
|  |  | 21078320 |
| **Switzerland: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG 144A<br> 5.94% (SOFR+1.58%), 05/12/26 | 3059 | 3059939 |
| **United Kingdom: 10.4%** |  |  |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86% (SOFR+1.49%), 03/12/28 | 12975 | 13073463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% (SOFR+1.88%), 09/13/27 | 2795 | 2830089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital PLC<br> 4.87% (SOFR+0.50%), 03/12/27 | 5600 | 5594506 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% (SOFR+1.04%), 11/19/28 | 13000 | 12947167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% (SOFR+1.03%), 03/03/29 | 18175 | 18057765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% (SOFR+1.29%), 11/19/30 | 13675 | 13659654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66% (SOFR+1.29%), 03/03/31 † | 20000 | 19989788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93% (SOFR+1.57%), 08/14/27 | 6474 | 6533476 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United Kingdom (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94% (Term SOFR USD 3 Month+1.64%), 09/12/26 | $3675 | $3687293 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42% (SOFR Compound Index+1.06%), 11/26/28 | 19425 | 19387288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92% (SOFR Compound Index+1.56%), 08/07/27 | 4625 | 4654904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96% (SOFR Compound Index+1.58%), 01/05/28 | 2775 | 2799536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nationwide Building Society 144A<br> 5.65% (SOFR+1.29%), 02/16/28 | 7925 | 7946154 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61% (SOFR+1.25%), 03/01/28 | 8150 | 8171981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66% (SOFR+1.30%), 11/15/28 | 14850 | 14880878 |
| NatWest Markets PLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% (SOFR+0.76%), 09/29/26 | 1500 | 1502605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% (SOFR+0.90%), 05/17/27 | 4650 | 4640384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% (SOFR+0.95%), 03/21/28 | 9000 | 8983713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% (SOFR+1.14%), 05/17/29 | 11125 | 11098475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56% (SOFR+1.19%), 03/21/30 | 9750 | 9739328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC<br> 5.21% (SOFR Compound Index+0.84%), 03/14/28 | 13125 | 13143423 |
| Standard Chartered PLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53% (SOFR+1.17%), 05/14/28 | 12968 | 12986818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62% (SOFR+1.24%), 01/21/29 | 12975 | 12981143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31% (SOFR+1.93%), 07/06/27 | 4635 | 4678167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39% (SOFR+2.03%), 02/08/28 | 10351 | 10499406 |
|  |  | 244467404 |
| **United States: 50.1%** |  |  |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% (SOFR Compound Index+0.65%), 11/04/26 † | 2405 | 2400437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% (SOFR+0.76%), 02/13/26 | 1575 | 1578394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% (SOFR+0.75%), 04/23/27 | 2875 | 2877823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% (SOFR+0.93%), 07/26/28 | 13341 | 13394009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% (SOFR Compound Index+0.97%), 07/28/27 | 2869 | 2878034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36% (SOFR Compound Index+1.00%), 02/16/28 | 8200 | 8222898 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% (SOFR+1.02%), 01/30/31 | $8000 | $7956733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64% (SOFR+1.26%), 04/25/29 | 8950 | 8997359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% (SOFR Compound Index+1.35%), 10/30/26 | 1575 | 1581404 |
| American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% (SOFR+0.50%), 01/12/26 | 2125 | 2122350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% (SOFR+0.55%), 05/11/26 | 1800 | 1798139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91% (SOFR+0.55%), 05/21/26 | 2125 | 2122637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% (SOFR+0.71%), 01/09/26 | 3019 | 3021187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% (SOFR+0.71%), 07/09/27 | 3150 | 3142183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% (SOFR Compound Index+0.72%), 10/05/26 | 2735 | 2736372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% (SOFR+0.72%), 10/22/27 | 3550 | 3530011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% (SOFR+0.77%), 03/12/27 | 2863 | 2857965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% (SOFR+0.82%), 03/03/28 | 10350 | 10336123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% (SOFR+0.92%), 01/12/26 | 1561 | 1565778 |
| Athene Global Funding 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR Compound Index+0.85%), 05/08/26 † | 1475 | 1474873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR Compound Index+0.83%), 01/07/27 | 3725 | 3717581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% (SOFR Compound Index+0.95%), 03/06/28 | 7650 | 7612365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% (SOFR Compound Index+1.03%), 08/27/26 | 1975 | 1978673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59% (SOFR Compound Index+1.21%), 03/25/27 | 3725 | 3745835 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR+0.83%), 01/24/29 | 19425 | 19277706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% (Term SOFR USD 3 Month+1.02%), 09/15/26 | 1570 | 1568625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% (SOFR+0.97%), 07/22/27 | 3697 | 3702366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39% (SOFR+1.01%), 01/24/31 † | 12950 | 12810595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41% (SOFR+1.05%), 02/04/28 | 12955 | 13003815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72% (SOFR+1.35%), 09/15/27 | 4625 | 4649922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America NA<br> 5.38% (SOFR+1.02%), 08/18/26 | 2925 | 2937396 |
| Bank of New York Mellon Corp. |  |  |

---

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% (SOFR Compound Index+0.71%), 04/20/27 | $4500 | $4510293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR Compound Index+0.83%), 07/21/28 | 8125 | 8110130 |
| BMW US Capital LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93% (SOFR Compound Index+0.55%), 04/02/26 | 3425 | 3419932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% (SOFR Compound Index+0.78%), 03/19/27 | 6000 | 5988483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% (SOFR Compound Index+0.80%), 08/13/26 | 3675 | 3680277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% (SOFR Compound Index+0.92%), 08/13/27 | 2800 | 2801919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29% (SOFR Compound Index+0.92%), 03/21/28 | 18125 | 18086700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co.<br> 4.85% (SOFR+0.49%), 02/20/26 | 2625 | 2625100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill, Inc. 144A<br> 4.97% (SOFR+0.61%), 02/11/28 | 7925 | 7903320 |
| Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76% (SOFR+0.38%), 01/07/27 | 1775 | 1770843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82% (SOFR+0.46%), 02/27/26 | 2936 | 2936594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% (SOFR+0.52%), 05/14/27 | 4400 | 4394423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89% (SOFR+0.52%), 03/03/28 | 8300 | 8285673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92% (SOFR+0.56%), 11/15/27 | 4200 | 4192271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% (SOFR+0.69%), 10/16/26 | 4350 | 4365910 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% (SOFR Compound Index+0.52%), 05/13/26 | 2450 | 2448231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42% (SOFR Compound Index+1.05%), 03/03/27 | 4650 | 4673554 |
| Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72% (SOFR Compound Index+0.36%), 02/26/27 | 6950 | 6936909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83% (SOFR Compound Index+0.47%), 02/26/28 | 12950 | 12963028 |
| Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97% (SOFR Compound Index+0.59%), 04/30/26 | 4825 | 4814905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% (SOFR+0.71%), 08/06/26 | 4872 | 4870613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08% (SOFR+0.71%), 11/19/27 | 7389 | 7396173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% (SOFR Compound Index+1.06%), 12/04/26 | 2450 | 2458185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc.<br> 5.13% (Term SOFR USD 3 Month+0.81%), 08/25/36 † | 13600 | 12004353 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% (SOFR+0.77%), 06/09/27 | $3698 | $3696221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65% (SOFR+1.28%), 02/24/28 | 12950 | 13048624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81% (Term SOFR USD 3 Month+1.51%), 07/01/26 | 3175 | 3181161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc.<br> 4.88% (SOFR Compound Index+0.52%), 11/18/27 | 3328 | 3319550 |
| Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% (SOFR Compound Index+0.62%), 08/28/26 | 3650 | 3654983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% (SOFR+0.60%), 01/21/28 | 7800 | 7748379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08% (SOFR Compound Index+0.71%), 03/05/27 | 5565 | 5575384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% (SOFR Compound Index+0.71%), 01/09/26 | 3650 | 3659463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27% (SOFR Compound Index+0.89%), 10/17/29 | 12965 | 12944094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% (SOFR Compound Index+0.90%), 10/05/26 | 1475 | 1482551 |
| Corebridge Global Funding 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% (SOFR+0.75%), 01/07/28 | 2825 | 2809162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68% (SOFR+1.30%), 09/25/26 | 1975 | 1989676 |
| Daimler Truck Finance North America LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22% (SOFR+0.84%), 01/13/28 | 2850 | 2836038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% (SOFR+0.96%), 09/25/27 | 3258 | 3245076 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58% (SOFR+1.22%), 11/16/27 | 2800 | 2785659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59% (SOFR+1.21%), 01/10/29 | 12950 | 12854951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bank NA<br> 5.19% (SOFR+0.81%), 01/28/28 | 7950 | 7888799 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81% (SOFR+1.45%), 11/05/26 | 3350 | 3290819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40% (SOFR+2.03%), 03/20/28 | 7550 | 7410171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32% (SOFR+2.95%), 03/06/26 | 1475 | 1483091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co.<br> 4.94% (Term SOFR USD 3 Month+0.64%), 05/05/26 | 4550 | 4542760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc.<br> 5.40% (SOFR+1.04%), 02/26/27 | 2787 | 2758156 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% (SOFR Compound Index+1.05%), 07/15/27 | $3715 | $3652150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% (SOFR Compound Index+1.17%), 04/04/28 | 7000 | 6883867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67% (SOFR+1.29%), 01/07/30 | 8225 | 7931498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71% (SOFR Compound Index+1.35%), 05/08/27 | 3250 | 3221602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgia Power Co.<br> 4.65% (SOFR Compound Index+0.28%), 09/15/26 | 2075 | 2066532 |
| Glencore Funding LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% (SOFR Compound Index+0.75%), 10/01/26 | 2450 | 2447979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% (SOFR Compound Index+1.06%), 04/04/27 | 3257 | 3272540 |
| Goldman Sachs Bank USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11% (SOFR+0.75%), 05/21/27 | 8075 | 8059888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% (SOFR+0.77%), 03/18/27 | 6950 | 6933786 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% (SOFR+0.79%), 12/09/26 | 2669 | 2669654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% (SOFR+0.81%), 03/09/27 | 3816 | 3818567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19% (SOFR+0.82%), 09/10/27 | 2875 | 2875608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% (SOFR+0.92%), 10/21/27 | 2876 | 2870066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% (SOFR+1.06%), 08/10/26 | 2525 | 2529298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46% (SOFR+1.08%), 01/28/31 | 10725 | 10652502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49% (SOFR+1.12%), 02/24/28 | 9429 | 9439030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67% (SOFR+1.29%), 04/23/28 | 9750 | 9787487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (Term SOFR USD 3 Month+1.43%), 05/15/26 † | 7350 | 7352400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22% (SOFR+1.85%), 03/15/28 | 8200 | 8313525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29% (Term SOFR USD 3 Month+2.01%), 10/28/27 | 9499 | 9655942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. 144A<br> 6.71% (Term SOFR USD 3 Month+2.39%), 02/12/47 | 11847 | 10831044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA, Inc.<br> 5.24% (SOFR+0.87%), 03/01/28 | 7900 | 7885916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC USA, Inc.<br> 5.33% (SOFR+0.96%), 03/04/27 | 4620 | 4641122 |
| Huntington National Bank |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% (SOFR+0.72%), 04/12/28 | $13025 | $12973641 |
| Hyundai Capital America 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% (SOFR+0.92%), 01/07/28 | 6200 | 6127795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% (SOFR+1.03%), 09/24/27 | 5350 | 5303650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41% (SOFR+1.04%), 03/19/27 | 4100 | 4093771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41% (SOFR+1.04%), 06/24/27 | 8512 | 8467726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73% (SOFR+1.35%), 03/27/30 | 11700 | 11592227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88% (SOFR+1.50%), 01/08/27 | 3425 | 3445380 |
| John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81% (SOFR+0.44%), 03/06/26 | 3675 | 3675175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87% (SOFR+0.50%), 03/06/28 | 12975 | 12952960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94% (SOFR+0.57%), 03/03/26 | 1487 | 1489773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97% (SOFR+0.60%), 06/11/27 | 3250 | 3252954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% (SOFR+0.60%), 04/19/27 | 3025 | 3028853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% (SOFR+0.68%), 07/15/27 | 3725 | 3734001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% (SOFR+0.79%), 06/08/26 | 1462 | 1467794 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% (SOFR+0.77%), 09/22/27 † | 4615 | 4607338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% (SOFR+0.80%), 01/24/29 † | 19428 | 19418523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24% (SOFR+0.86%), 10/22/28 † | 12951 | 12964174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26% (SOFR+0.89%), 04/22/27 | 4625 | 4635389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% (SOFR+0.92%), 04/22/28 | 19433 | 19452674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% (SOFR+0.93%), 07/22/28 | 19419 | 19415886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% (SOFR+1.18%), 02/24/28 | 19425 | 19503569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58% (SOFR+1.20%), 01/23/28 | 12971 | 13040876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58% (Term SOFR USD 3 Month+1.26%), 05/15/47 | 9125 | 8056055 |
| JPMorgan Chase Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% (SOFR+0.62%), 04/29/26 | 1375 | 1373173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% (SOFR+1.00%), 12/08/26 | 4900 | 4926852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc.<br> 5.25% (SOFR Compound Index+0.88%), 03/15/27 | 3250 | 3259040 |

---

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos, Inc.<br> 5.06% (SOFR Compound Index+0.70%), 11/08/27 | $3050 | $3046734 |
| MassMutual Global Funding II 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% (SOFR+0.74%), 04/09/27 | 3245 | 3240558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% (SOFR+0.77%), 01/29/27 | 2800 | 2805095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36% (SOFR+0.98%), 07/10/26 | 2450 | 2464216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc.<br> 4.81% (SOFR Compound Index+0.44%), 03/15/28 | 7950 | 7934937 |
| Mercedes-Benz Finance North America LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01% (SOFR+0.63%), 07/31/26 | 3900 | 3890302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% (SOFR+0.67%), 01/09/26 | 3325 | 3325869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR+0.85%), 11/15/27 | 14825 | 14767108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% (SOFR+0.93%), 03/31/28 | 7500 | 7494509 |
| Metropolitan Life Global Funding I 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% (SOFR Compound Index+0.57%), 04/09/26 | 1551 | 1551972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% (SOFR Compound Index+0.70%), 06/11/27 | 3325 | 3319390 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% (SOFR+1.02%), 04/13/28 | 26800 | 26884321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76% (SOFR+1.38%), 04/12/29 | 9250 | 9311973 |
| Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06% (SOFR+0.69%), 10/15/27 | 9500 | 9467233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23% (SOFR+0.86%), 05/26/28 | 17450 | 17424829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28% (SOFR+0.90%), 01/12/29 | 13450 | 13397621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32% (SOFR+0.94%), 07/14/28 | 26900 | 26903807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46% (SOFR+1.08%), 01/14/28 | 12100 | 12130938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% (SOFR+1.17%), 10/30/26 | 1800 | 1811103 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% (SOFR+0.80%), 02/05/27 | 2875 | 2875279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19% (SOFR+0.82%), 09/16/27 | 2875 | 2872908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Life Global Funding 144A<br> 4.77% (SOFR+0.41%), 02/05/27 | 4850 | 4829283 |

---

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% (SOFR+0.48%), 06/09/26 | $1725 | $1725474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94% (SOFR+0.58%), 08/28/26 | 1475 | 1477203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% (SOFR Compound Index+0.58%), 01/16/26 | 2950 | 2954785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% (SOFR+0.67%), 04/02/27 | 6475 | 6467500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31% (SOFR Compound Index+0.93%), 04/02/26 | 1425 | 1432210 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% (SOFR Compound Index+0.76%), 01/29/26 † | 2900 | 2901757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% (SOFR Compound Index+0.80%), 02/04/28 | 12975 | 12989101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp.<br> 5.12% (SOFR+0.76%), 08/03/28 | 13100 | 13127826 |
| Pacific Life Global Funding II 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84% (SOFR+0.48%), 02/04/27 | 4650 | 4638592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% (SOFR+0.58%), 12/20/27 | 2850 | 2834107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% (SOFR+0.60%), 03/27/26 | 1350 | 1352139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98% (SOFR+0.60%), 01/27/28 | 9100 | 9047869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99% (SOFR+0.62%), 06/04/26 | 1376 | 1378226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR+0.85%), 02/05/27 | 4450 | 4454674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% (SOFR Compound Index+1.05%), 07/28/26 | 1450 | 1459850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<br> 5.04% (SOFR+0.67%), 03/06/28 | 11800 | 11806342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc.<br> 4.76% (SOFR Compound Index+0.40%), 02/13/26 | 1725 | 1727809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp.<br> 5.19% (SOFR+0.82%), 06/10/26 | 1825 | 1824696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank NA<br> 4.88% (SOFR+0.50%), 01/15/27 | 4650 | 4646116 |
| Protective Life Global Funding 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88% (SOFR+0.50%), 07/22/26 | 1725 | 1721463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08% (SOFR+0.70%), 04/10/26 | 1475 | 1476061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage Operating Co.<br> 5.08% (SOFR Compound Index+0.70%), 04/16/27 | 6521 | 6485745 |
| Roche Holdings, Inc. 144A |  |  |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% (SOFR+0.74%), 11/13/26 | $1525 | $1527473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc.<br> 5.98% (SOFR+1.61%), 03/20/29 | 10525 | 10561272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered Bank<br> 5.03% (SOFR+0.65%), 10/08/26 | 1475 | 1474119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Bank & Trust Co.<br> 4.83% (SOFR+0.46%), 11/25/26 | 1375 | 1373862 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% (SOFR+0.64%), 10/22/27 | 2875 | 2865370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21% (SOFR+0.84%), 08/03/26 | 1575 | 1575185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% (SOFR+0.95%), 04/24/28 | 7800 | 7818257 |
| Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81% (SOFR+0.45%), 05/15/26 † | 3676 | 3672440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83% (SOFR Compound Index+0.45%), 04/10/26 | 4890 | 4885399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85% (SOFR+0.47%), 01/08/27 | 3725 | 3712035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% (SOFR+0.65%), 03/19/27 | 4175 | 4176174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03% (SOFR+0.65%), 01/05/26 | 2450 | 2451963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13% (SOFR+0.77%), 08/07/26 | 3675 | 3682323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% (SOFR Compound Index+0.89%), 05/18/26 | 1489 | 1493832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.<br> 4.88% (SOFR+0.50%), 07/15/26 | 2600 | 2597605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bank NA<br> 5.07% (SOFR+0.69%), 10/22/27 | 4800 | 4784473 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |  |
| Volkswagen Group of America Finance LLC 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% (SOFR+0.83%), 03/20/26 † | $| 3175 | $3174877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42% (SOFR+1.06%), 08/14/26 |  | 1975 | 1975357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% (SOFR+1.06%), 03/25/27 |  | 2800 | 2787092 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16% (SOFR+0.78%), 01/24/28 |  | 18300 | 18215392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% (SOFR+1.07%), 04/22/28 |  | 27775 | 27871259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% (SOFR+1.37%), 04/23/29 |  | 9250 | 9314877 |
| Wells Fargo Bank NA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09% (SOFR+0.71%), 01/15/26 |  | 2370 | 2373871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42% (SOFR+1.06%), 08/07/26 |  | 2100 | 2107697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44% (SOFR+1.07%), 12/11/26 |  | 5246 | 5277075 |
|  |  |  | 1174922236 |
| **Total Floating Rate Notes**<br> (Cost: $2,328,313,313) |  |  | 2322427218 |
|  |  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** |  |
| **Money Market Fund: 0.1%**<br> (Cost: $2,2 10,142) | **Money Market Fund: 0.1%**<br> (Cost: $2,2 10,142) | **Money Market Fund: 0.1%**<br> (Cost: $2,2 10,142) |  |
|  State Street Navigator Securities Lending Government Money Market Portfolio |  | 2210142 | 2210142 |
| **Total Investments: 99.2%**<br> (Cost: $2,330,523,455) |  |  | 2324637360 |
| **Other assets less liabilities: 0.8%** |  |  | 19699234 |
| **NET ASSETS: 100.0%** |  |  | $2344336594 |

---

------

**Definitions:**

SOFR Secured Overnight Financing Rate <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $17,111,361. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $831,664,477, or 35.5% of net assets. |

---

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(continued)

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Floating Rate Notes \* | $— | $2322427218 | $— | $2322427218 |
| Money Market Fund | 2210142 |  |  | 2210142 |
| **Total Investments** | $2210142 | $2322427218 | $— | $2324637360 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK MOODY'S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 98.2%** |  |  |
| **Canada: 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. 144A<br> 3.80%, 01/25/50 | $75 | $52424 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% (US Treasury Yield Curve Rate T 5 Year+3.01%), 11/26/84 | 25 | 24631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70% (US Treasury Yield Curve Rate T 5 Year+3.45%), 05/26/84 | 25 | 25510 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 | 25 | 23101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35% (US Treasury Yield Curve Rate T 5 Year+2.90%), 04/27/85 | 25 | 24799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. 144A<br> 5.40%, 12/15/34 | 25 | 24269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co.<br> 1.75%, 12/02/26 | 25 | 24014 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/33 | 25 | 20394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 11/15/29 | 75 | 70210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 04/05/34 | 50 | 50599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/08/33 | 25 | 25524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/26 | 25 | 25485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% (US Treasury Yield Curve Rate T 5 Year+4.43%), 01/15/84 | 25 | 27010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis, Inc.<br> 3.06%, 10/04/26 | 25 | 24464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. 144A<br> 3.50%, 09/01/28 | 25 | 23728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank<br> 7.25% (US Treasury Yield Curve Rate T 5 Year+2.98%), 07/31/84 † | 25 | 24898 |
|  |  | 491060 |
| **France: 7.4%** |  |  |
| BNP Paribas SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 01/26/41 | 50 | 34394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/12/26 | 25 | 24847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91% (SOFR+1.92%), 11/19/35 | 50 | 49198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole SA 144A<br> 6.25% (SOFR+2.67%), 01/10/35 | 50 | 50999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone SA 144A<br> 2.95%, 11/02/26 | 50 | 49029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA 144A<br> 1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | 50 | 48379 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **France (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% (US Treasury Yield Curve Rate T 1 Year+1.30%), 01/19/28 | $50 | $48247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89% (US Treasury Yield Curve Rate T 1 Year+1.30%), 06/09/32 | 25 | 21687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/22/30 | 75 | 69109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 | 50 | 43677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 03/01/41 | 75 | 52356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03% (US Treasury Yield Curve Rate T 1 Year+1.90%), 01/21/43 | 25 | 18118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/19/26 | 100 | 99189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35 | 25 | 25356 |
|  |  | 634585 |
| **Italy: 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International NV 144A<br> 3.50%, 04/06/28 | 50 | 48566 |
| Intesa Sanpaolo SpA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/20/33 | 25 | 26852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 11/28/33 | 50 | 55473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80%, 11/28/53 | 50 | 56461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA 144A<br> 3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32 | 50 | 44799 |
|  |  | 232151 |
| **Mexico: 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infraestructura Energetica Nova SAPI de CV 144A<br> 4.75%, 01/15/51 | 50 | 34890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica SAB de CV 144A<br> 5.38%, 04/04/32 | 25 | 23886 |
|  |  | 58776 |
| **Netherlands: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV<br> 8.75%, 06/15/30 | 75 | 88273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV 144A<br> 4.38%, 06/21/28 | 25 | 25062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International NV 144A<br> 1.62%, 07/12/26 | 25 | 24166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosus NV 144A<br> 3.26%, 01/19/27 | 25 | 24386 |
|  |  | 161887 |
| **Norway: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Var Energi ASA 144A<br> 8.00%, 11/15/32 | 25 | 27253 |

---

See Notes to Financial Statements

VANECK MOODY'S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Poland: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORLEN SA 144A<br> 6.00%, 01/30/35 | $25 | $25303 |
| **United Arab Emirates: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruwais Power Co. PJSC 144A<br> 6.00%, 08/31/36 | 25 | 25910 |
| **United Kingdom: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC<br> 6.50%, 09/15/37 | 25 | 25948 |
| **United States: 78.6%** |  |  |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/04/32 | 75 | 63621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 02/04/41 | 25 | 18007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/09/42 | 50 | 39613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/14/29 | 75 | 75477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 02/14/39 | 50 | 49591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/14/49 † | 25 | 24262 |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 07/15/26 | 25 | 24116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/29 | 25 | 25180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/27 | 50 | 51401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc.<br> 3.85%, 06/01/60 | 75 | 51119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding Ltd.<br> 6.25%, 04/01/54 | 25 | 24262 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/15/34 | 25 | 25209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/31 | 25 | 26044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital Corp.<br> 3.40%, 07/15/26 | 50 | 48616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.<br> 4.70%, 06/22/47 | 25 | 18610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell Soup Co.<br> 5.40%, 03/21/34 † | 50 | 50436 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% (SOFR+2.26%), 02/01/35 | 75 | 76710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18% (SOFR+2.04%), 01/30/36 | 50 | 49397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% (SOFR+2.86%), 06/08/34 | 50 | 52184 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 07/15/28 | 25 | 23002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/31 | 25 | 21220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 08/01/31 | 75 | 63405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/30 | 25 | 21979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/30 | 75 | 68376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 12/15/29 | 75 | 72378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries, Inc. 144A<br> 4.50%, 12/01/26 | 25 | 24968 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 01/15/29 | 25 | 22689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/01/32 | 50 | 40666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/01/31 | 25 | 21719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/61 | 50 | 29625 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/29 | $50 | $49952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 07/01/49 | 20 | 15594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/01/38 | 50 | 45229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/01/47 | 75 | 60905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/23/45 | 100 | 93216 |
| Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 11/15/29 | 25 | 23910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 06/30/27 | 25 | 25285 |
| Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/50 | 25 | 16685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/47 | 50 | 36935 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83% (SOFR+2.06%), 02/13/35 | 50 | 49723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% (SOFR+1.83%), 01/24/36 | 75 | 75246 |
| Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 11/01/28 | 25 | 25173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/01/38 | 50 | 47354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc.<br> 2.25%, 08/01/31 | 50 | 42817 |
| Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 07/15/30 | 25 | 22123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 05/15/31 | 25 | 21908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 11/18/29 | 25 | 23535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/15/32 | 25 | 23415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Reinsurance Holdings, Inc.<br> 3.12%, 10/15/52 | 25 | 15157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp.<br> 4.75%, 02/01/32 | 25 | 23480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. 144A<br> 6.75%, 04/15/29 | 25 | 25206 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/27 | 25 | 23929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 06/01/30 | 75 | 67769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 07/01/26 | 125 | 123365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/01/28 | 50 | 49584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/49 | 50 | 39316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/15/34 | 25 | 25109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/21/33 | 25 | 25479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp.<br> 3.15%, 06/15/26 | 25 | 24578 |
| General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/15/30 | 50 | 46192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 02/10/27 | 50 | 49099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/29/33 | 25 | 24867 |
| GLP Capital LP / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/15/29 | 25 | 25002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 09/15/34 | 25 | 24466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon US Capital LLC<br> 3.38%, 03/24/29 | 75 | 72176 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 06/15/29 | 50 | 48657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 06/15/39 | 75 | 69224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/26 | 50 | 50146 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/49 | $75 | $65129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc.<br> 5.00%, 09/26/48 | 50 | 41651 |
| International Flavors & Fragrances, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%, 10/15/27 | 50 | 46726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/01/30 | 25 | 21768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA, Inc.<br> 6.25%, 02/01/29 | 25 | 26001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITC Holdings Corp. 144A<br> 4.95%, 09/22/27 | 25 | 25230 |
| J M Smucker Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/33 | 25 | 26682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/15/43 | 25 | 26516 |
| Keurig Dr. Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 05/01/50 | 25 | 18202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/15/29 | 25 | 24463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/15/32 | 50 | 47737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/52 | 25 | 20441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/15/27 | 25 | 25317 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/26 | 75 | 73859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/04/42 | 50 | 45296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/15/45 | 50 | 45358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/26/39 | 25 | 27699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. 144A<br> 7.12%, 08/01/39 | 50 | 56835 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/15/26 | 50 | 48756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/01/47 | 100 | 81517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos, Inc.<br> 2.62%, 04/01/31 | 100 | 89281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Holdings, Inc. 144A<br> 4.00%, 03/15/29 | 25 | 24076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc.<br> 2.85%, 04/15/31 | 25 | 22367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc.<br> 3.40%, 08/15/27 | 25 | 24546 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 03/01/30 | 150 | 135222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/27 | 50 | 49325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 09/01/49 | 50 | 35974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/09/45 | 50 | 44549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 10/15/37 | 50 | 54437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. 144A<br> 9.25%, 04/08/38 | 25 | 29019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co.<br> 3.00%, 07/15/26 | 50 | 49190 |
| Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 09/04/50 | 75 | 44262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/17/32 | 25 | 22299 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/29 | 25 | 25029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/01/32 | 25 | 24300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. 144A<br> 3.88%, 05/15/29 | 25 | 23552 |
| NRG Energy, Inc. 144A |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/27 | $25 | $23575 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/40 | 75 | 58502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/37 | 50 | 41783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 07/15/36 | 25 | 21534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/60 | 25 | 16745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/25/51 | 50 | 36143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/46 | 50 | 37569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 03/25/61 | 50 | 35069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/55 | 50 | 37982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/15/40 | 100 | 94935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/27/64 | 25 | 22207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 07/08/39 | 25 | 25857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<br> 3.60%, 09/01/27 | 25 | 24603 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/27 | 75 | 70654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/31 | 75 | 64776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/31 | 50 | 44631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/50 | 50 | 32029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/01/28 | 50 | 48447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/40 | 75 | 62238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/50 | 75 | 60503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/53 | 25 | 25205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pernod Ricard International Finance LLC 144A<br> 1.62%, 04/01/31 | 25 | 20680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc.<br> 4.20%, 09/15/28 | 25 | 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co.<br> 3.45%, 06/01/27 | 50 | 49151 |
| South Bow USA Infrastructure Holdings LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/29 | 25 | 24807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 10/01/34 | 25 | 24190 |
| Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/15/28 | 75 | 80240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 03/15/32 | 25 | 30020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp.<br> 3.30%, 07/15/26 | 25 | 24664 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/42 | 25 | 18747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 07/01/38 | 25 | 26111 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/28 | 50 | 47027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 02/15/31 | 50 | 44382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/41 | 25 | 17902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/51 | 25 | 16439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/15/29 | 75 | 71500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/15/52 | 50 | 33208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/27 | 50 | 49472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/30 | 60 | 57913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/15/40 | 75 | 65523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/28 | 25 | 25032 |
| Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 06/02/47 | 100 | 81605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/28/48 | 25 | 22186 |

---

See Notes to Financial Statements

VANECK MOODY'S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals North America, Inc. 144A<br> 6.00%, 12/15/29 | $25 | $25342 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/20/31 | 25 | 21411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 03/15/32 | 50 | 42694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 03/21/31 | 150 | 133609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99%, 10/30/56 | 25 | 14871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/08/29 | 25 | 24599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 09/21/28 | 125 | 125446 |
| VICI Properties LP / VICI Note Co., Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/27 | 50 | 49122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/26 | 25 | 24760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 12/01/29 | 50 | 48620 |
| Vistra Operations Co. LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/15/29 | 25 | 24462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/15/33 | 50 | 53725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware LLC<br> 1.80%, 08/15/28 | 25 | 22858 |
| Westinghouse Air Brake Technologies Corp. |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/15/26 | $25 | $24646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/15/28 | 25 | 25084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co.<br> 4.75%, 05/15/26 | 50 | 50078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WMG Acquisition Corp. 144A<br> 3.00%, 02/15/31 | 25 | 22313 |
|  |  | 6722544 |
| **Total Corporate Bonds**<br> (Cost: $8,549,445) |  | 8405417 |
|  | **Number**<br> **of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%** |  |  |
| **Money Market Fund: 0.3%** <br> (Cost: $22,925) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 22925 | 22925 |
| **Total Investments: 98.5%**<br> (Cost: $8,572,370) |  | 8428342 |
| **Other assets less liabilities: 1.5%** |  | 126703 |
| **NET ASSETS: 100.0%** |  | $8555045 |

---

---

| | |
|:---|:---|
| **Definitions:** | **Definitions:** |
| SOFR | &nbsp;&nbsp;&nbsp;Secured Overnight Financing Rate |
| **Footnotes:** | **Footnotes:** |
| † | Security fully or partially on loan. Total market value of securities on loan is $88,653. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $1,796,989, or 21.0% of net assets. |

---

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds \* | $— | $8405417 | $— | $8405417 |
| Money Market Fund | 22925 |  |  | 22925 |
| **Total Investments** | $22925 | $8405417 | $— | $8428342 |

---

<br> \* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK MOODY'S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 98.0%** |  |  |
| **Canada: 5.8%** |  |  |
| Alimentation Couche-Tard, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 07/26/27 | $50 | $48976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 01/25/50 | 25 | 17475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27%, 02/12/34 | 30 | 29655 |
| Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% (US Treasury Yield Curve Rate T 5 Year+3.01%), 11/26/84 | 50 | 49261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.70% (US Treasury Yield Curve Rate T 5 Year+3.45%), 05/26/84 | 25 | 25510 |
| Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 09/15/26 | 75 | 72029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35%, 06/24/26 | 60 | 58046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/02/32 | 100 | 85862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 | 25 | 23100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00% (US Treasury Yield Curve Rate T 5 Year+4.02%), 01/27/84 † | 25 | 25643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance, Inc.<br> 3.50%, 03/30/51 | 25 | 16526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce<br> 5.24%, 06/28/27 | 50 | 50901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd.<br> 6.25%, 03/15/38 | 25 | 25203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co.<br> 1.75%, 12/02/26 | 25 | 24014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp. 144A<br> 6.27%, 06/26/26 | 25 | 25434 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/01/33 | 50 | 40788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%, 11/15/29 | 25 | 23403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/26 | 25 | 24919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/08/33 | 100 | 102097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/28 | 25 | 26170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% (US Treasury Yield Curve Rate T 5 Year+4.43%), 01/15/84 | 50 | 54019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortis, Inc.<br> 3.06%, 10/04/26 | 50 | 48928 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/34 † | 75 | 76103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35% (US Treasury Yield Curve Rate T 5 Year+2.26%), 11/24/84 | 25 | 22999 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 06/03/26 | 75 | 72584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 03/10/27 | 25 | 24328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11%, 06/08/27 | 50 | 49843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/10/28 | 65 | 66386 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Canada (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% (US Treasury Yield Curve Rate T 5 Year+2.98%), 07/31/84 † $| 25 | $24898 |
|  |  | 1235100 |
| **Denmark: 0.3%** |  |  |
| Danske Bank A/S 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% (US Treasury Yield Curve Rate T 1 Year+0.73%), 09/10/27 | 25 | 24035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43% (US Treasury Yield Curve Rate T 1 Year+0.95%), 03/01/28 | 50 | 50834 |
|  |  | 74869 |
| **France: 6.7%** |  |  |
| BNP Paribas SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/12/26 | 50 | 49695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 | 175 | 177690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18% (SOFR+1.52%), 01/09/30 | 50 | 50707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33% (US Treasury Yield Curve Rate T 1 Year+1.50%), 06/12/29 | 50 | 51020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89% (SOFR+1.87%), 12/05/34 | 150 | 156987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91% (SOFR+1.92%), 11/19/35 | 25 | 24599 |
| Credit Agricole SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/11/27 | 50 | 50825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 03/11/34 | 25 | 25456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, 07/05/33 | 50 | 51452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 07/05/26 | 75 | 76031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danone SA 144A<br> 2.95%, 11/02/26 | 75 | 73543 |
| Societe Generale SA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% (US Treasury Yield Curve Rate T 1 Year+1.00%), 06/09/27 | 100 | 96758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/22/30 | 100 | 92145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 | 50 | 43677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68%, 06/15/27 | 100 | 100553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/19/27 | 125 | 126038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35 | 25 | 25356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22% (US Treasury Yield Curve Rate T 1 Year+3.20%), 06/15/33 | 50 | 50809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69% (US Treasury Yield Curve Rate T 1 Year+2.95%), 01/10/34 | 75 | 79122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13% (US Treasury Yield Curve Rate T 1 Year+2.95%), 01/19/55 | 25 | 24441 |
|  |  | 1426904 |

---

See Notes to Financial Statements

VANECK MOODY'S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Italy: 1.3%** | | |
| Intesa Sanpaolo SpA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 06/20/33 † | $50 | $53705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 11/28/33 | 50 | 55473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80%, 11/28/53 | 75 | 84692 |
| UniCredit SpA 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% (US Treasury Yield Curve Rate T 1 Year+1.20%), 06/03/27 | 50 | 48456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32 | 50 | 44799 |
|  |  | 287125 |
| **Mexico: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infraestructura Energetica Nova SAPI de CV 144A<br> 4.75%, 01/15/51 | 25 | 17445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica SAB de CV 144A<br> 5.38%, 04/04/32 | 25 | 23886 |
|  |  | 41331 |
| **Netherlands: 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom International Finance BV 144A<br> 3.60%, 01/19/27 | 75 | 74099 |
| Enel Finance International NV 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 07/12/26 | 65 | 62832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 07/12/28 † | 25 | 23202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosus NV 144A<br> 3.26%, 01/19/27 | 25 | 24385 |
|  |  | 184518 |
| **Norway: 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNB Bank ASA 144A<br> 4.85% (SOFR+1.05%), 11/05/30 | 50 | 50522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Var Energi ASA 144A<br> 8.00%, 11/15/32 | 50 | 54507 |
|  |  | 105029 |
| **Poland: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORLEN SA 144A<br> 6.00%, 01/30/35 | 75 | 75908 |
| **Saudi Arabia: 3.0%** |  |  |
| Saudi Arabian Oil Co. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/24/30 | 140 | 123284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/24/50 | 50 | 32122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 04/16/29 | 125 | 119941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/24/70 | 50 | 30036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/16/39 | 125 | 107793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/16/49 | 100 | 79146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/17/34 | 50 | 50439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/17/54 | 85 | 79603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/17/64 | 25 | 23066 |
|  |  | 645430 |
| **Spain: 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA<br> 5.38%, 03/13/29 | 25 | 25671 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **Spain (continued)** |  |  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37% (US Treasury Yield Curve Rate T 1 Year+0.95%), 07/15/28 | $50 | $50969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 07/15/31 | 75 | 77472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, 08/08/28 | 100 | 103160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53% (US Treasury Yield Curve Rate T 1 Year+1.65%), 11/07/27 | 25 | 25734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94%, 11/07/33 | 100 | 112451 |
|  |  | 395457 |
| **Sweden: 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB 144A<br> 3.95%, 06/10/27 | 25 | 24905 |
| Swedbank AB 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 11/16/26 | 25 | 24008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, 06/15/26 | 25 | 25349 |
|  |  | 74262 |
| **Switzerland: 1.3%** |  |  |
| UBS Group AG 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/33 | 75 | 64225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09% (SOFR+1.73%), 05/14/32 | 175 | 156753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% (US Treasury Yield Curve Rate T 1 Year+2.05%), 08/05/27 | 50 | 50001 |
|  |  | 270979 |
| **United Arab Emirates: 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abu Dhabi Crude Oil Pipeline LLC 144A<br> 4.60%, 11/02/47 | 125 | 110963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruwais Power Co. PJSC 144A<br> 6.00%, 08/31/36 | 25 | 25910 |
|  |  | 136873 |
| **United Kingdom: 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC<br> 3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 | 50 | 35924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole SA 144A<br> 5.30%, 07/12/28 | 50 | 51242 |
|  |  | 87166 |
| **United States: 74.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIG SunAmerica Global Financing X 144A<br> 6.90%, 03/15/32 | 25 | 27426 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/04/32 | 75 | 63621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 05/06/30 | 25 | 23520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 02/04/41 | 75 | 54020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/09/42 | 100 | 79225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/14/29 | 225 | 226431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/31/44 | 25 | 23239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 02/14/39 | 25 | 24796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/14/49 † | 60 | 58229 |
| Apple, Inc. |  |  |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/28 | $75 | $69374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 09/11/26 | 50 | 48784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 08/04/26 | 50 | 49129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/50 | 75 | 46780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 02/08/51 | 75 | 46451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 08/05/61 | 75 | 44972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 09/11/49 | 50 | 33458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 05/11/27 | 125 | 123553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 02/09/27 | 50 | 49601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 05/04/43 | 125 | 103708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 08/08/62 | 50 | 39620 |
| Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 07/15/26 | 25 | 24116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 06/15/28 | 50 | 46431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/27 | 50 | 51401 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/01/57 | 275 | 189506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/60 | 50 | 34079 |
| Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 05/15/51 | 25 | 14894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 07/15/30 | 50 | 48361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 07/15/48 | 25 | 18219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/15/50 | 25 | 19394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 01/15/49 | 50 | 40386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/01/53 | 100 | 81773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 11/15/43 | 25 | 23322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 04/01/36 | 75 | 79126 |
| Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/15/51 | 100 | 59221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 10/15/50 † | 125 | 79495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/15/52 | 125 | 95662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 08/15/48 | 150 | 124400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/49 | 50 | 41929 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/15/34 | 25 | 25209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/31 | 50 | 52088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berry Global, Inc. 144A<br> 4.88%, 07/15/26 | 25 | 24965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital Corp.<br> 3.40%, 07/15/26 | 50 | 48616 |
| Cameron LNG LLC 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 07/15/31 | 50 | 44599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/15/39 | 50 | 41984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell Soup Co.<br> 5.40%, 03/21/34 † | 50 | 50436 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05% (SOFR+2.26%), 02/01/35 | 50 | 51140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18% (SOFR+2.04%), 01/30/36 | 80 | 79035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38% (SOFR+2.86%), 06/08/34 | 50 | 52184 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 07/15/28 | 150 | 138015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/30 | 175 | 153852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/30 | 50 | 45584 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/15/27 | $75 | $73345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62%, 12/15/29 | 150 | 144757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries, Inc. 144A<br> 4.50%, 12/01/26 | 25 | 24968 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/01/31 | 25 | 21719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/42 † | 30 | 20144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/28 | 25 | 24282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/61 | 75 | 44437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 12/01/61 | 45 | 29253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/50 | 11 | 8200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/29 | 50 | 49952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/01/38 | 50 | 45229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/01/47 | 25 | 20302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/01/63 | 25 | 19658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/48 | 50 | 42726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/23/45 | 85 | 79234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 02/01/34 | 25 | 25891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC<br> 5.12%, 06/30/27 † | 75 | 75855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC<br> 3.35%, 05/03/26 | 50 | 49510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. No 2<br> 3.70%, 04/01/27 | 50 | 49544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc.<br> 6.02% (SOFR+1.83%), 01/24/36 | 100 | 100328 |
| Coca-Cola Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 03/15/31 | 100 | 85207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 03/05/28 | 25 | 23469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 06/01/30 | 50 | 44157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 06/01/40 | 50 | 36113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/05/41 | 25 | 18549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 03/25/30 | 100 | 97135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/14/34 | 50 | 50006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/13/64 | 75 | 72820 |
| Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/01/27 | 25 | 23085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 11/01/28 | 25 | 25173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/01/38 | 100 | 94708 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/01/31 | 50 | 42817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/01/29 | 50 | 47096 |
| Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 06/20/27 † | 50 | 47562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60%, 04/20/30 † | 50 | 44334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC 144A<br> 6.62%, 07/15/30 | 25 | 25088 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 05/10/29 † | 55 | 56685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08% (SOFR+3.65%), 02/10/34 | 50 | 52250 |

---

See Notes to Financial Statements

VANECK MOODY'S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 08/15/49 | $25 | $16633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/33 | 75 | 75465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 02/15/40 | 75 | 73953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/53 † | 50 | 47039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Progress LLC<br> 5.05%, 03/15/35 | 25 | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Louisiana LLC<br> 4.20%, 09/01/48 | 75 | 59132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc.<br> 3.20%, 11/18/29 | 100 | 94141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. 144A<br> 6.75%, 04/15/29 | 60 | 60494 |
| Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/27 | 200 | 191435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 06/01/30 † | 25 | 22590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 07/01/26 | 25 | 24673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/01/29 | 50 | 47673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/01/28 | 75 | 74377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/12/34 † | 25 | 24588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/15/34 | 100 | 100436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/02/33 | 25 | 25480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 08/21/33 | 50 | 50959 |
| Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/01/49 | 75 | 50366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/48 | 75 | 58989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/15/33 | 25 | 24899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/01/28 | 100 | 102636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/15/34 | 50 | 51313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. 144A<br> 3.75%, 10/01/30 | 25 | 23037 |
| General Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 04/15/30 | 75 | 69288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 02/10/27 | 25 | 24549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 04/17/28 | 50 | 49881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/29/33 | 25 | 24867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/30/35 | 25 | 24990 |
| GLP Capital LP / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/15/32 | 65 | 56063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/15/29 | 50 | 50005 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/15/31 | 125 | 106947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 06/15/29 | 25 | 24328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/27 | 100 | 99820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 06/15/39 | 75 | 69224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/26 | 25 | 25073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/49 † | 25 | 21710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/47 | 75 | 68167 |
| Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 04/15/30 | 50 | 46409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/41 † | 100 | 104769 |
| International Flavors & Fragrances, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83%, 10/15/27 | 50 | 46726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 11/15/40 | 50 | 35943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47%, 12/01/50 | 75 | 48344 |
| IQVIA, Inc. |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/01/29 | $50 | $52002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITC Holdings Corp. 144A<br> 4.95%, 09/22/27 | 25 | 25230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson National Life Global Funding 144A<br> 5.55%, 07/02/27 | 25 | 25529 |
| Keurig Dr. Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 05/01/50 | 75 | 54605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 04/15/29 | 50 | 48927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/15/32 † | 50 | 47737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/25/28 | 75 | 75393 |
| Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/01/26 | 75 | 73859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/46 | 100 | 81074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/04/42 | 120 | 108711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/15/45 | 100 | 90715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/26/39 | 25 | 27699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. 144A<br> 7.12%, 08/01/39 | 50 | 56835 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/34 | 75 | 73540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 09/15/64 | 75 | 69723 |
| Lowe's Cos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/50 | 125 | 76383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 04/01/62 | 25 | 18968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc.<br> 3.12%, 06/15/26 | 25 | 24633 |
| Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/21/26 | 100 | 98536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 06/01/29 | 75 | 71802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 03/26/27 | 75 | 74206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 01/15/32 | 50 | 49515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 01/15/35 | 50 | 48875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/09/28 | 25 | 25660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc.<br> 3.40%, 08/15/27 | 25 | 24546 |
| McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 03/01/30 | 75 | 67611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 09/01/29 | 40 | 37415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/27 | 50 | 49382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 07/01/30 † | 25 | 24090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 09/01/49 | 50 | 35973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 04/01/28 | 75 | 74383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/01/47 | 25 | 20845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/09/35 | 75 | 72970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/09/45 | 100 | 89097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/03/35 | 25 | 24815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 10/15/37 | 25 | 27218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. 144A<br> 9.25%, 04/08/38 | 25 | 29018 |
| Metropolitan Life Global Funding I 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55%, 01/07/31 | 50 | 42481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/08/29 † | 75 | 76403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/28/33 | 50 | 50489 |
| Mondelez International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 03/17/27 | 50 | 48482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 09/04/50 | 25 | 14754 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/13/30 | $25 | $22993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 03/17/32 † | 25 | 22299 |
| Nestle Holdings, Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 09/15/27 | 70 | 65399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 09/24/28 | 50 | 49410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/14/28 | 50 | 51419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. 144A<br> 3.88%, 05/15/29 | 25 | 23552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. 144A<br> 2.45%, 12/02/27 | 25 | 23575 |
| Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/15/52 | 50 | 44126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/33 | 25 | 25994 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/30 † | 25 | 23120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/41 | 130 | 99426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/37 | 35 | 29248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 07/15/36 | 75 | 64601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/60 † | 75 | 50235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 05/15/45 | 100 | 77676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/08/34 | 75 | 69618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/55 | 50 | 37982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/15/40 | 125 | 118669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/38 | 50 | 53479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<br> 3.60%, 09/01/27 | 25 | 24603 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/31 | 25 | 21592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 06/15/28 | 25 | 23675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/01/31 | 75 | 66946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 08/01/40 | 50 | 36133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/50 † | 50 | 32029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/01/28 | 25 | 24224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/40 | 50 | 41492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/50 | 75 | 60503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/15/29 | 59 | 59983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/35 | 20 | 19734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/29 | 35 | 36189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/15/33 | 60 | 61234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 03/01/55 | 25 | 23463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/53 | 75 | 75614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/34 † | 50 | 53665 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%, 05/01/30 | 50 | 44095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/06/26 | 50 | 48955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 07/29/29 | 100 | 94284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 10/21/41 | 50 | 35185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 03/19/30 | 75 | 70126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 10/21/51 † | 75 | 46627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/15/49 | 50 | 32540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/18/28 | 25 | 24840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 03/19/50 | 45 | 33539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 04/14/46 | 50 | 43538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/07/35 | 75 | 75783 |
| Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 05/01/26 | 25 | 24181 |

---

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/29 | $75 | $72022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/15/41 | 90 | 77151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/15/30 | 125 | 128281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/13/31 | 25 | 25647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/33 | 25 | 25610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 11/17/29 | 50 | 52428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/17/32 | 50 | 52479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co.<br> 2.15%, 01/15/31 | 25 | 21946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co.<br> 2.45%, 11/03/26 | 25 | 24507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Co. of Colorado<br> 1.88%, 06/15/31 | 75 | 63684 |
| Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/15/32 | 80 | 66472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 05/15/28 | 50 | 49724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc.<br> 4.20%, 09/15/28 | 25 | 24819 |
| San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 10/01/30 | 75 | 64356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/53 | 25 | 23069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/35 | 25 | 25243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co.<br> 3.45%, 06/01/27 | 75 | 73726 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 02/01/50 | 50 | 33209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/47 | 75 | 53832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/01/43 | 100 | 80514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/01/34 | 50 | 48074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/31 | 50 | 50600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co.<br> 3.25%, 07/01/26 | 50 | 49351 |
| Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/15/28 | 100 | 106986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 03/15/32 | 75 | 90061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp.<br> 3.30%, 07/15/26 | 25 | 24664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable Enterprises LLC<br> 8.38%, 07/15/33 | 25 | 28471 |
| Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/42 | 25 | 18747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/41 | 25 | 21431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/40 | 25 | 22797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/37 | 25 | 24611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/15/39 | 25 | 24973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 07/01/38 | 75 | 78333 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/31 | 25 | 21481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/41 | 75 | 53705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/51 | 50 | 32878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 10/15/52 | 75 | 49812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/60 | 75 | 49119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/27 | 100 | 98945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/30 | 175 | 168914 |

---

See Notes to Financial Statements

VANECK MOODY'S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(continued)

---

| | | |
|:---|:---|:---|
|  | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/15/40 | $75 | $65523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/35 | 25 | 23992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/28 | 75 | 76229 |
| TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 10/25/26 | 50 | 48174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/22/27 | 50 | 49655 |
| Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 06/02/27 | 75 | 73850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 03/01/29 | 50 | 49567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 06/02/47 | 25 | 20401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/28/48 | 25 | 22186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/34 | 25 | 25577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals North America, Inc. 144A<br> 6.00%, 12/15/29 | 50 | 50685 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 03/15/32 | 50 | 42694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 03/21/31 | 150 | 133609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99%, 10/30/56 | 25 | 14871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/60 † | 50 | 29030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 03/22/61 | 75 | 51017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02%, 12/03/29 | 175 | 171897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 03/16/27 | 75 | 74966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 09/21/28 | 125 | 125446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties LP<br> 4.75%, 02/15/28 | 100 | 100112 |
| VICI Properties LP / VICI Note Co., Inc. 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/27 | 50 | 49122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/26 | 75 | 74279 |
| Visa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/15/30 | 50 | 45333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/15/27 | 75 | 73114 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Par <br> (000's** | **Par <br> (000's** | **Value** |
| **United States (continued)** |  |  |  |
| Vistra Operations Co. LLC 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/30/27 | $| 25 | $24575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/15/29 |  | 100 | 97849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/15/33 |  | 25 | 26863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc.<br> 2.50%, 09/22/41 |  | 100 | 70257 |
| Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 11/15/27 |  | 25 | 24449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/15/32 |  | 75 | 75537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/15/29 |  | 100 | 102422 |
| Westinghouse Air Brake Technologies Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/15/26 |  | 25 | 24646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/15/28 |  | 50 | 50168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co.<br> 4.75%, 05/15/26 |  | 50 | 50078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wipro IT Services LLC 144A<br> 1.50%, 06/23/26 |  | 50 | 48361 |
|  |  |  | 15860221 |
| **Total Corporate Bonds**<br> (Cost: $21,407,503) |  |  | 20901172 |
|  |  | **Number**<br> **of Shares** |  |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4%** |  |
| **Money Market Fund: 0.4%**<br> (Cost: $92,794) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio |  | 92794 | 92794 |
| **Total Investments: 98.4%**<br> (Cost: $21,500,297) |  |  | 20993966 |
| **Other assets less liabilities: 1.6%** |  |  | 334039 |
| **NET ASSETS: 100.0%** |  |  | $21328005 |

---

------

**Definitions:**

SOFR Secured Overnight Financing Rate

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $986,404. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $4,790,658, or 22.5% of net assets. |

---

See Notes to Financial Statements

The summary of inputs used to value the Fund's investments as of April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Corporate Bonds \* | $— | $20901172 | $— | $20901172 |
| Money Market Fund | 92794 |  |  | 92794 |
| **Total Investments** | $92794 | $20901172 | $— | $20993966 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging <br> Markets High <br> Yield Bond ETF** | **Fallen Angel High <br> Yield Bond ETF** | **Green Bond ETF** | **IG Floating Rate <br> ETF** |
| **Assets:** |  |  |  |  |
| Investments, at value (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $367481374 | $2742145706 | $123326145 | $2322427218 |
| Short-term investments held as collateral for securities loaned (3) | 27783719 | 247371905 | 3666383 | 2210142 |
| Cash | 5702400 | 13490260 | 1381074 | 19303078 |
| Cash denominated in foreign currency, at value (4) | 4337 |  | 1707 |  |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 5889188 | 65362278 | 1246262 | 141633318 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold |  |  | 700888 | 3809940 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 6356484 | 41762513 | 1197329 | 13604080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 413217502 | 3110132662 | 131519788 | 2502987776 |
| **Liabilities:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 8533938 | 60127170 | 1918448 | 156149046 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 27783719 | 247371905 | 3666383 | 2210142 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 126058 | 587273 | 20542 | 270041 |
| Deferred Trustee fees | 40196 | 67963 | 1073 | 21618 |
| Accrued expenses |  |  |  | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 36483911 | 308154311 | 5606446 | 158651182 |
| **NET ASSETS** | $376733591 | $2801978351 | $125913342 | $2344336594 |
| Shares outstanding | 19400000 | 99000000 | 5250000 | 92300000 |
| Net asset value, redemption and offering price per share | $19.42 | $28.30 | $23.98 | $25.40 |
| **Net Assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $604244985 | $3438804312 | $136096796 | $2343471657 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (227511394) | (636825961) | (10183454) | 864937 |
| **NET ASSETS** | $376733591 | $2801978351 | $125913342 | $2344336594 |
| (1) Includes Investment in securities on loan, at market value | $29679265 | $244908742 | $9634672 | $17111361 |
| (2) Cost of investments - Unaffiliated issuers | $382987250 | $2839426199 | $128886456 | $2328313313 |
| (3) Cost of short-term investments held as collateral for securities loaned | $27783719 | $247371905 | $3666383 | $2210142 |
| (4) Cost of cash denominated in foreign currency | $4107 | $— | $1621 | $— |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Moody's Analytics <br> BBB Corporate <br> Bond ETF** | **Moody's Analytics <br> IG Corporate <br> Bond ETF** |
| **Assets:** |  |  |
| Investments, at value (1) |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers (2) | $8405417 | $20901172 |
| Short-term investments held as collateral for securities loaned (3) | 22925 | 92794 |
| Cash | 73097 | 114640 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 540728 | 966446 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 98422 | 251047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 9140589 | 22326099 |
| **Liabilities:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 560879 | 901817 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 22925 | 92794 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 1740 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 585544 | 998094 |
| **NET ASSETS** | $8555045 | $21328005 |
| Shares outstanding | 400000 | 1000000 |
| Net asset value, redemption and offering price per share | $21.39 | $21.33 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid in capital | $10005705 | $23581018 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (1450660) | (2253013) |
| **NET ASSETS** | $8555045 | $21328005 |
| (1) Includes Investment in securities on loan, at market value | $88653 | $986404 |
| (2) Cost of investments - Unaffiliated issuers | $8549445 | $21407503 |
| (3) Cost of short-term investments held as collateral for securities loaned | $22925 | $92794 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging <br> Markets High <br> Yield Bond ETF** | **Fallen Angel <br> High Yield Bond <br> ETF** | **Green Bond ETF** | **IG Floating Rate <br> ETF** |
| **Income:** |  |  |  |  |
| Dividends | $— | $— | $8094 | $— |
| Interest | 27385806 | 195354284 | 4538808 | 106092586 |
| Securities lending income | 134562 | 2028804 | 22642 | 69398 |
| Net foreign taxes withheld | (7071) |  | (889) | (21899) |
| &nbsp;&nbsp;&nbsp;Total income | 27513297 | 197383088 | 4568655 | 106140085 |
| **Expenses:** |  |  |  |  |
| Management fees | 1573338 | 7604009 | 216168 | 2608397 |
| Interest | 1233 |  | 150 | 336 |
| Taxes | 543 | 2520 | 543 | 4520 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1575114 | 7606529 | 216861 | 2613253 |
| Net investment income | 25938183 | 189776559 | 4351794 | 103526832 |
| **Net realized gain (loss) on:** |  |  |  |  |
| Investments | (3040729) | (92997310) | (280516) | 3978650 |
| In-kind redemptions | 266820 | 22994678 |  | 941735 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2773909) | (70002632) | (280516) | 4920385 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |
| Investments | 12972567 | 53395569 | 3196002 | (14494957) |
| Foreign currency translations and foreign denominated assets and liabilities | 237 |  | 104 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12972804 | 53395569 | 3196106 | (14494957) |
| Net increase in net assets resulting from operations | $36137078 | $173169496 | $7267384 | $93952260 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Moody's<br> Analytics BBB <br> Corporate Bond <br> ETF** | **Moody's <br> Analytics IG <br> Corporate Bond <br> ETF** |
| **Income:** |  |  |
| Interest | $467689 | $784907 |
| Securities lending income | 839 | 1396 |
| &nbsp;&nbsp;&nbsp;Total income | 468528 | 786303 |
| **Expenses:** |  |  |
| Management fees | 22462 | 31559 |
| Interest |  | 166 |
| Taxes | 428 | 428 |
| &nbsp;&nbsp;&nbsp;Total expenses | 22890 | 32153 |
| Net investment income | 445638 | 754150 |
| **Net realized gain (loss) on:** |  |  |
| Investments | 5932 | (38852) |
| In-kind redemptions | (4173) | (39813) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1759 | (78665) |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |
| Investments | 249411 | 360343 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 249411 | 360343 |
| Net increase in net assets resulting from operations | $696808 | $1035828 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets High Yield Bond ETF** | **Emerging Markets High Yield Bond ETF** | **Fallen Angel High Yield Bond ETF** | **Fallen Angel High Yield Bond ETF** |
|  | **Year Ended <br> April 30, 2025** | **Year Ended <br> April 30, 2024** | **Year Ended <br> April 30, 2025** | **Year Ended <br> April 30, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $25938183 | $23754349 | $189776559 | $161545173 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (2773909) | (26752644) | (70002632) | (156968238) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12972804 | 38155822 | 53395569 | 199769798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 36137078 | 35157527 | 173169496 | 204346733 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (25599210) | (24467300) | (192699120) | (159923520) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 52633748 | 58806313 | 786605093 | 1563881393 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (44468099) | (142479278) | (891441642) | (1465425739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 8165649 | (83672965) | (104836549) | 98455654 |
| Total increase (decrease) in net assets | 18703517 | (72982738) | (124366173) | 142878867 |
| Net Assets, beginning of year | 358030074 | 431012812 | 2926344524 | 2783465657 |
| Net Assets, end of year | $376733591 | $358030074 | $2801978351 | $2926344524 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 2700000 | 3200000 | 27250000 | 56000000 |
| Shares redeemed | (2300000) | (7900000) | (31450000) | (53150000) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 400000 | (4700000) | (4200000) | 2850000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Green Bond ETF** | **Green Bond ETF** | **IG Floating Rate ETF** | **IG Floating Rate ETF** |
|  | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4351794 | $2862304 | $103526832 | $78989141 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (280516) | (817987) | 4920385 | 1257324 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3196106 | (190734) | (14494957) | 17025169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7267384 | 1853583 | 93952260 | 97271634 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (4213705) | (2789760) | (101615875) | (77301370) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 31139547 | 17196427 | 1117835080 | 554846586 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  | (305607381) | (181365192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 31139547 | 17196427 | 812227699 | 373481394 |
| Total increase in net assets | 34193226 | 16260250 | 804564084 | 393451658 |
| Net Assets, beginning of year | 91720116 | 75459866 | 1539772510 | 1146320852 |
| Net Assets, end of year | $125913342 | $91720116 | $2344336594 | $1539772510 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 1300000 | 750000 | 43900000 | 21950000 |
| Shares redeemed |  |  | (12050000) | (7200000) |
| &nbsp;&nbsp;&nbsp;Net increase | 1300000 | 750000 | 31850000 | 14750000 |

---

See Notes to Financial Statements

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Moody's Analytics BBB Corporate Bond <br> ETF** | **Moody's Analytics BBB Corporate Bond <br> ETF** | **Moody's Analytics IG Corporate Bond <br> ETF** | **Moody's Analytics IG Corporate Bond <br> ETF** |
|  | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** | **Year Ended<br> April 30, 2025** | **Year Ended<br> April 30, 2024** |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $445638 | $396224 | $754150 | $578989 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1759 | (242308) | (78665) | (224972) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 249411 | 91158 | 360343 | (67098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 696808 | 245074 | 1035828 | 286919 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (446420) | (395240) | (722330) | (577080) |
| **Share transactions\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1089022 |  | 10741686 |  |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1079029) |  | (2120683) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from share transactions | 9993 |  | 8621003 |  |
| Total increase (decrease) in net assets | 260381 | (150166) | 8934501 | (290161) |
| Net Assets, beginning of year | 8294664 | 8444830 | 12393504 | 12683665 |
| Net Assets, end of year | $8555045 | $8294664 | $21328005 | $12393504 |
| **\*Shares of Common Stock Issued (no par value)** |  |  |  |  |
| Shares sold | 50000 |  | 500000 |  |
| Shares redeemed | (50000) |  | (100000) |  |
| &nbsp;&nbsp;&nbsp;Net increase |  |  | 400000 |  |

---

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets High Yield Bond ETF** | **Emerging Markets High Yield Bond ETF** | **Emerging Markets High Yield Bond ETF** | **Emerging Markets High Yield Bond ETF** | **Emerging Markets High Yield Bond ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $18.84 | $18.19 | $19.52 | $23.63 | $20.54 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.29 | 1.15 | 1.10 | 1.20 | 1.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.55 | 0.67 | (1.25) | (4.11) | 3.06 |
| Total from investment operations | 1.84 | 1.82 | (0.15) | (2.91) | 4.35 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.26) | (1.17) | (1.18) | (1.20) | (1.26) |
| Net asset value, end of year | $19.42 | $18.84 | $18.19 | $19.52 | $23.63 |
| **Total return (b)** | 9.97% | 10.50% | (0.56)% | (12.84)% | 21.53% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.40% | 0.40% | 0.40% | 0.40% | 0.45% |
| Net expenses (c) | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| Net investment income | 6.59% | 6.32% | 6.08% | 5.39% | 5.58% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $377 | $358 | $431 | $1152 | $784 |
| Portfolio turnover rate (d) | 34% | 30% | 21% | 34% | 31% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Periods after April 30, 2021 reflect a unitary management fee structure.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fallen Angel High Yield Bond ETF** | **Fallen Angel High Yield Bond ETF** | **Fallen Angel High Yield Bond ETF** | **Fallen Angel High Yield Bond ETF** | **Fallen Angel High Yield Bond ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $28.36 | $27.74 | $28.94 | $32.20 | $26.84 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.80 | 1.61 | 1.29 | 1.19 | 1.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.04) | 0.61 | (1.15) | (3.22) | 5.35 |
| Total from investment operations | 1.76 | 2.22 | 0.14 | (2.03) | 6.84 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.82) | (1.60) | (1.34) | (1.23) | (1.48) |
| Net asset value, end of year | $28.30 | $28.36 | $27.74 | $28.94 | $32.20 |
| **Total return (b)** | 6.31% | 8.26% | 0.60% | (6.63)% | 25.95% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.25% | 0.33% | 0.35% | 0.35% | 0.43% |
| Net expenses (c) | 0.25% | 0.33% | 0.35% | 0.35% | 0.35% |
| Net investment income | 6.24% | 5.77% | 4.68% | 3.70% | 4.83% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $2802 | $2926 | $2783 | $3826 | $4915 |
| Portfolio turnover rate (d) | 43% | 71% | 31% | 44% | 27% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Periods after April 30, 2021 reflect a unitary management fee structure.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Green Bond ETF** | **Green Bond ETF** | **Green Bond ETF** | **Green Bond ETF** | **Green Bond ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $23.22 | $23.58 | $24.13 | $27.16 | $26.85 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.96 | 0.81 | 0.63 | 0.55 | 0.55 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.74 | (0.38) | (0.54) | (3.03) | 0.28 (b) |
| Total from investment operations | 1.70 | 0.43 | 0.09 | (2.48) | 0.83 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.94) | (0.79) | (0.64) | (0.55) | (0.52) |
| Net asset value, end of year | $23.98 | $23.22 | $23.58 | $24.13 | $27.16 |
| **Total return (c)** | 7.42% | 1.89% | 0.41% | (9.30)% | 3.07% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (d) | 0.20% | 0.20% | 0.20% | 0.20% | 0.65% |
| Net expenses (d) | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Net investment income | 4.03% | 3.48% | 2.71% | 2.07% | 2.01% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $126 | $92 | $75 | $95 | $84 |
| Portfolio turnover rate (e) | 15% | 14% | 20% | 19% | 25% |

---

(a) Calculated based upon average shares outstanding

(b) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing
 of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Periods after April 30, 2021 reflect a unitary management fee structure.

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IG Floating Rate ETF** | **IG Floating Rate ETF** | **IG Floating Rate ETF** | **IG Floating Rate ETF** | **IG Floating Rate ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $25.47 | $25.08 | $25.07 | $25.33 | $24.61 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 1.42 | 1.59 | 0.98 | 0.14 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.07) | 0.38 | (0.09) | (0.25) | 0.76 |
| Total from investment operations | 1.35 | 1.97 | 0.89 | (0.11) | 0.99 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.42) | (1.58) | (0.88) | (0.15) | (0.27) |
| Net asset value, end of year | $25.40 | $25.47 | $25.08 | $25.07 | $25.33 |
| **Total return (b)** | 5.42% | 8.12% | 3.61% | (0.45)% | 4.07% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses (c) | 0.14% | 0.14% | 0.14% | 0.14% | 0.39% |
| Net expenses (c) | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
| Net investment income | 5.56% | 6.31% | 3.95% | 0.56% | 0.93% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $2344 | $1540 | $1146 | $1135 | $560 |
| Portfolio turnover rate (d) | 110% | 89% | 55% | 78% | 72% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(c) Periods after April 30, 2021 reflect a unitary management fee structure.

(d) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moody's Analytics BBB Corporate Bond ETF** | **Moody's Analytics BBB Corporate Bond ETF** | **Moody's Analytics BBB Corporate Bond ETF** | **Moody's Analytics BBB Corporate Bond ETF** | **Moody's Analytics BBB Corporate Bond ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period<br>Ended<br>April 30,**<br> **2021 (a)** |
| Net asset value, beginning of period | $20.74 | $21.11 | $21.52 | $24.73 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.06 | 0.99 | 0.78 | 0.55 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.66 | (0.37) | (0.44) | (3.19) | (0.30) |
| Total from investment operations | 1.72 | 0.62 | 0.34 | (2.64) | (0.08) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.07) | (0.99) | (0.75) | (0.57) | (0.19) |
| Net asset value, end of period | $21.39 | $20.74 | $21.11 | $21.52 | $24.73 |
| **Total return (c)** | 8.42% | 3.02% | 1.70% | (10.96)% | (0.32)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25 %(d) |
| Net investment income | 4.96% | 4.78% | 3.75% | 2.26% | 2.14 %(d) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | $9 | $8 | $8 | $9 | $10 |
| Portfolio turnover rate (e) | 59% | 62% | 91% | 48% | 35% |

---

(a) For the period December 2, 2020 (commencement of operations) through April 30, 2021.

(b) Calculated
 based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moody's Analytics IG Corporate Bond ETF** | **Moody's Analytics IG Corporate Bond ETF** | **Moody's Analytics IG Corporate Bond ETF** | **Moody's Analytics IG Corporate Bond ETF** | **Moody's Analytics IG Corporate Bond ETF** |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | |
|  | **2025** | **2024** | **2023** | **2022** | **Period**<br>**Ended**<br>**April 30,**<br>**2021 (a)** |
| Net asset value, beginning of period | $20.66 | $21.14 | $21.61 | $24.58 | $25.00 |
| &nbsp;&nbsp;&nbsp;Net investment income (b) | 1.02 | 0.96 | 0.74 | 0.52 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.66 | (0.48) | (0.49) | (2.96) | (0.45) |
| Total from investment operations | 1.68 | 0.48 | 0.25 | (2.44) | (0.24) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.01) | (0.96) | (0.72) | (0.53) | (0.18) |
| Net asset value, end of period | $21.33 | $20.66 | $21.14 | $21.61 | $24.58 |
| **Total return (c)** | 8.24% | 2.36% | 1.22% | (10.15)% | (0.97)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20 %(d) |
| Net investment income | 4.78% | 4.66% | 3.53% | 2.13% | 2.10 %(d) |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of period (in millions) | $21 | $12 | $13 | $13 | $15 |
| Portfolio turnover rate (e) | 56% | 54% | 84% | 53% | 28% |

---

(a) For the period December 2, 2020 (commencement of operations) through April 30, 2021.

(b) Calculated
 based upon average shares outstanding

(c) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund.

(d) Annualized

(e) Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

April 30, 2025

**Note 1—Fund Organization—**VanEck ETF Trust (the "Trust"), is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a "Fund" and, collectively, the "Funds").

---

| | |
|:---|:---|
| Fund | Diversification Classification |
| Emerging Markets High Yield Bond ETF ("Emerging Markets High Yield") | Diversified |
| Fallen Angel High Yield Bond ETF ("Fallen Angel") | Diversified |
| Green Bond ETF ("Green Bond") | Diversified |
| IG Floating Rate ETF ("Floating Rate") | Non-Diversified |
| Moody's Analytics BBB Corporate Bond ETF ("Moody's Analytics BBB") | Non-Diversified |
| Moody's Analytics IG Corporate Bond ETF ("Moody's Analytics IG") | Diversified |

---

Each Fund's investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.

---

| | |
|:---|:---|
| Fund | Index |
| Emerging Markets High Yield | ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index |
| Fallen Angel | ICE US Fallen Angel High Yield 10% Constrained Index |
| Green Bond | S&P Green Bond U.S. Dollar Select Index |
| Floating Rate | MVIS<sup>®</sup> US Investment Grade Floating Rate Index |
| Moody's Analytics BBB | MVIS<sup>®</sup> Moody's Analytics<sup>®</sup> US BBB Corporate Bond Index |
| Moody's Analytics IG | MVIS<sup>®</sup> Moody's Analytics<sup>®</sup> US Investment Grade Corporate Bond Index |

---

Van Eck Associates Corporation (the "Adviser") serves as the investment adviser for the Funds.

The Funds expect to use a sampling approach in seeking to achieve their objectives. Sampling means that the Adviser uses quantitative analysis to select bonds and other securities that represent a sample of securities in the index in terms of key risk factors, performance attributes and other characteristics. The number of securities in each Fund will be based upon several factors, including asset size of the Fund. The Adviser generally expects each Fund to hold less than the total number of securities in the index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund's investment objective.

**Note 2—Significant Accounting Policies—**The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies.*

The following summarizes the Funds' significant accounting policies.

---

| | |
|:---|:---|
| A. | **Security Valuation—**The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: |
|  | Level 1 — Quoted prices in active markets for identical securities. |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). <br>Level 3 — Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

---

| | |
|:---|:---|
|  | Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. |
|  | The Funds' Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Funds' fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing Committee of the Adviser provides oversight of the Funds' valuation policies and procedures, which are approved by the Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds' valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
|  | Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. |
|  | A summary of the inputs and the levels used to value the Funds' investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
| B. | **Federal Income Taxes—**It is each Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
| C. | **Distributions to Shareholders—**Dividends to shareholders from net investment income, if any, are declared and paid at least monthly by each Fund. Distributions of net realized capital gains and return of capital, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts |

---

------

---

| | |
|:---|:---|
|  | determined in accordance with GAAP. Dividends and distributions that exceed earnings and profit for tax purposes are reported for tax purposes as a return of capital. |
| D. | **Currency Translation—**Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| E. | **Restricted Securities—**The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments. |
| F. | **Offsetting Assets and Liabilities—**In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at April 30, 2025 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
| G. | **Segment Reporting—** During the period, the Funds adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (ASU 2023-07). The provisions of the new standard require additional financial statements disclosures related to segment reporting to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The adoption of the ASU 2023-07 had no impact on the Funds' financial position or results of operations. |
|  | The Adviser acts as the Funds' chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that each Fund's long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM to assess each Fund's performance versus its comparative benchmarks, is consistent with that presented within the Fund's financial statements and financial highlights. |
| H. | **Other—**Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date. |
|  | The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. |

---

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

---

| |
|:---|
| The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds' policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds' records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary. |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds' maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |

---

**Note 3—Investment Management and Other Agreements—**The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund's average daily net assets. The Funds listed in the table below utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

The unitary management fee rates for the year ended April 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Fund** | **Management <br> Fee Rate** |
| Emerging Markets High Yield | 0.40% |
| Fallen Angel | 0.25 |
| Floating Rate | 0.14 |
| Green Bond | 0.20 |
| Moody's Analytics BBB | 0.25 |
| Moody's Analytics IG | 0.20 |

---

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds' distributor (the "Distributor"). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At April 30, 2025, the Adviser owned approximately 79% of Moody's Analytics BBB.

**Note 4—Capital Share Transactions—**As of April 30, 2025, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers ("Authorized Participants") in blocks of shares ("Creation Units").

The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds' underlying index ("Deposit Securities") plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.

Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.

------

**Note 5—Investments—**For the year ended April 30, 2025, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **In-Kind Capital Share Transactions** | **In-Kind Capital Share Transactions** |
| Fund | Purchases | Sales | Purchases | Sales |
| Emerging Markets High Yield | $129169031 | $131611004 | $51412847 | $40641626 |
| Fallen Angel | 1286253799 | 1299675091 | 732034204 | 849577408 |
| Floating Rate | 2176725824 | 2035867409 | 993917273 | 286962903 |
| Green Bond | 18076611 | 16324632 | 26847275 |  |
| Moody's Analytics BBB | 5164301 | 5181144 | 1077844 | 1103453 |
| Moody's Analytics IG | 8685000 | 8739263 | 10441528 | 2044896 |

---

**Note 6—Income Taxes—**As of April 30, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Emerging Markets High Yield | $411811034 | $6150862 | $(22696803) | $(16545941) |
| Fallen Angel | 3097716303 | 34111254 | (142309946) | (108198692) |
| Floating Rate | 2330953317 | 2368281 | (8684238) | (6315957) |
| Green Bond | 132622380 | 1008424 | (6638276) | (5629852) |
| Moody's Analytics BBB | 8575750 | 107259 | (254667) | (147408) |
| Moody's Analytics IG | 21503608 | 162873 | (672515) | (509642) |

---

At April 30, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br>Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| Emerging Markets High Yield | $2309106 | $(213109720) | $(165070) | $(16545712) | $(227511396) |
| Fallen Angel | 15018448 | (543577753) | (67964) | (108198692) | (636825961) |
| Floating Rate | 10115574 | (2913063) | (21617) | (6315957) | 864937 |
| Green Bond | 448170 | (5000784) | (1073) | (5629767) | (10183454) |
| Moody's Analytics BBB | 35083 | (1338335) |  | (147408) | (1450660) |
| Moody's Analytics IG | 83628 | (1826999) |  | (509642) | (2253013) |

---

*^* *These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

The tax character of distributions paid to shareholders was as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2024** |
| **Fund** | **Ordinary<br> Income\*** | **Ordinary<br> Income\*** |
| Emerging Markets High Yield | $25599210 | $24467300 |
| Fallen Angel | 192699120 | 159923520 |
| Floating Rate | 101615875 | 77301370 |
| Green Bond | 4213705 | 2789760 |
| Moody's Analytics BBB | 446420 | 395240 |
| Moody's Analytics IG | 722330 | 577080 |

---

*\** *Includes short-term capital gains (if any).*

During the year ended April 30, 2025, Floating Rate utilized $3,362,897 of its capital loss carryforward available from prior years.

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

During the year ended April 30, 2025, as a result of permanent book to tax differences, primarily due to the tax treatment of in-kind redemptions, the Funds incurred differences that affected total distributable earnings (loss) and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | | |
|:---|:---|:---|
| **Fund** | **Increase<br> (Decrease)<br>in Total Distributable<br> Earnings (Loss)** | **Increase<br> (Decrease)<br> in Aggregate<br> Paid in Capital** |
| Emerging Markets High Yield | $(208407) | $208407 |
| Fallen Angel | (13208250) | 13208250 |
| Floating Rate | (915691) | 915691 |
| Moody's Analytics BBB | 4173 | (4173) |
| Moody's Analytics IG | 39813 | (39813) |

---

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences, which may affect the tax character of distributions and undistributed net investment income at the end of the Funds' fiscal year and may result in a tax return of capital.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds' financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended April 30, 2025, the Funds did not incur any interest or penalties.

Under the PRC Corporate Income Tax regime, China imposes WHT at a rate of 10% (subject to treaty relief) on PRC-sourced capital gains derived by nonresident enterprises, provided that the nonresident enterprises (i) do not have places of business, establishments or permanent establishments in the PRC; and (ii) are not PRC tax resident enterprises. Capital gains derived on investments through the China Bond Connect Program from the transfer of bonds issued by PRC entities are considered to be non PRC-sourced and therefore not subject to WHT.

PRC rules for taxation of investments through the China Bond Connect Program are evolving and future tax guidance issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance may apply retroactively regarding the tax treatment of capital gains derived from the transfer of Chinese bonds by nonresidents. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding capital gains from Chinese Bond investments made through the Bond Connect Program, and begin collecting capital gains tax, Green Bond and Emerging Markets High Yield Bond could be subject to a tax liability.

**Note 7—Principal Risks—**Non-diversified funds generally hold securities of fewer issuers than diversified funds (see Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

Investments in bonds involve risks, including market fluctuations caused by factors such as economic and political developments, changes in interest rates and perceived trends in security prices.

The Funds (except Floating Rate, Moody's Analytics BBB and Moody's Analytics IG) may directly or indirectly invest in non-investment grade securities, often referred to as "junk bonds." Economic downturns may disrupt the high yield market and impair the ability of issuers to repay principal and interest. These high yield securities may involve greater risks and considerations not typically associated with investing in U.S.

------

government bonds and other high quality fixed-income securities. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations. Moreover, high yield securities may be less liquid to the extent that there is no established retail secondary market. These Funds may not be able to sell bonds at desired prices and large purchases or sales of certain high-yield bond issues may cause substantial fluctuations in share price, yield and total return.

The Funds invest in foreign securities which may involve a greater degree of risk than investments in domestic securities due to political, economic or social instability. Foreign investments may also be subject to foreign taxes and settlement delays. Since the Funds may have significant investments in foreign debt securities, they may be subject to greater credit and interest risks and greater currency fluctuations than portfolios with significant investments in domestic debt securities.

Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters.

Green Bond may invest in bonds whose proceeds are used principally for climate mitigation, climate adaption or other environmentally beneficial projects. Some "green" investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies.

Moody's Analytics BBB invests in BBB-rated bonds, which are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or a substantial period of rising interest rates. Any downgrade of such bonds would relegate them from the investment grade universe to the high yield (or "junk" bond) universe, which could negatively affect their value.

A more complete description of risks is included in each Fund's Prospectus and Statement of Additional Information.

**Note 8—Trustee Deferred Compensation Plan—**The Trust has a Deferred Compensation Plan (the "Plan") for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.

A unitary management fee was adopted on May 1, 2021, for Emerging Markets High Yield, Fallen Angel, Green Bond, and Floating Rate. For these Funds, the liability for the Plan shown as "Deferred Trustee fees" in the Statements of Assets and Liabilities represents amounts accrued through April 30, 2021. Moody's Analytics BBB and Moody's Analytics IG commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.

**Note 9—Securities Lending—**To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend investments up to one-third of its net assets requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value on the securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(continued)

of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds' behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds' Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related collateral, if any, at April 30, 2025, are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds' securities on loan and related collateral as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| Emerging Markets High Yield | $29679265 | $27783719 | $3253865 | $31037584 |
| Fallen Angel | 244908742 | 247371905 | 8433781 | 255805686 |
| Floating Rate | 17111361 | 2210142 | 15343103 | 17553245 |
| Green Bond | 9634672 | 3666383 | 6319483 | 9985866 |
| Moody's Analytics BBB | 88653 | 22925 | 69684 | 92609 |
| Moody's Analytics IG | 986404 | 92794 | 930938 | 1023732 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of April 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Gross Amount of Recognized Liabilities for<br> Securities Lending Transactions\* in the<br> Statements of Assets and Liabilities** | **Gross Amount of Recognized Liabilities for<br> Securities Lending Transactions\* in the<br> Statements of Assets and Liabilities** |
| **Fund** | **Corporate Bonds** | **Equity Securities** |
| Emerging Markets High Yield | $27777439 | $6280 |
| Fallen Angel | 247371905 |  |
| Green Bond | 3666383 |  |
| Floating Rate | 2210142 |  |
| Moody's Analytics BBB | 22925 |  |
| Moody's Analytics IG | 92794 |  |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit—**The Funds may participate in a $200 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended April 30, 2025, the following Funds borrowed under this Facility:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Days<br> Outstanding** | **Average<br>Daily<br>Loan Balance** | **Average<br>Interest Rate** |
| Emerging Markets High Yield | 6 | $912204 | 5.93% |
| Floating Rate | 4 | 531512 | 5.68 |
| Green Bond | 1 | 405400 | 6.68 |

---

Outstanding loan balances as of April 30, 2025, if any, are reflected in the Statements of Assets and Liabilities.

------

**Note 11—New Accounting Pronouncements and Regulatory Requirements —**In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures", which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying this ASU.

VANECK ETF TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the six funds listed in the table below

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the "Funds") as of April 30, 2025, the related statements of operations for the year ended April 30, 2025, the statements of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2025, (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of April 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2025, and each of the financial highlights for each of the three years in the period ended April 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| Funds | |
| VanEck Emerging Markets High Yield Bond ETF | VanEck IG Floating Rate ETF |
| VanEck Fallen Angel High Yield Bond ETF | VanEck Moody's Analytics BBB Corporate Bond ETF |
| VanEck Green Bond ETF | VanEck Moody's Analytics IG Corporate Bond ETF |

---

The financial statements of the Funds as of and for the year ended April 30, 2022, and the financial highlights for each of the periods ended on or prior to April 30, 2022 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated June 23, 2022 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

June 24, 2025

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK ETF TRUST

TAX INFORMATION

(unaudited)

**The information set forth below is for each Fund's fiscal year. Shareholders, however, must report dividends on a calendar year basis for income tax purposes, which may include dividends for portions of two fiscal years of a Fund. Accordingly, the information needed by shareholders for calendar year 2025 income tax purposes will be sent to them in early 2026. Please consult your tax advisor regarding the appropriate treatment of these distributions.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker<br> Symbol** | **Payable<br> Date** | **Total<br> Distribution<br> Paid<br> Per Share** | **Income<br> Dividends** | **Foreign<br> Taxes<br> Paid (a)** | **Total<br> Ordinary<br> Income<br> Dividends** | **Foreign<br> Source<br> Income as<br>a % of Total<br> Ordinary<br> Income (a)** |
| Emerging Markets High Yield | HYEM | Monthly | $1.2635 | $1.2635 | $0.0005 | $1.2640 | 95.06% |
| Fallen Angel | ANGL | Monthly | 1.8181 | 1.8181 |  | 1.8181 |  |
| Green Bond | GRNB | Monthly | 0.9382 | 0.9382 | 0.0002 | 0.9384 | 61.73 |
| IG Floating Rate | FLTR | Monthly | 1.4172 | 1.4172 |  | 1.4172 |  |
| Moody's Analytics BBB | MBBB | Monthly | 1.0718 | 1.0718 |  | 1.0718 |  |
| Moody's Analytics IG | MIG | Monthly | 1.0075 | 1.0075 |  | 1.0075 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker Symbol** | **Payable<br> Date** | **Section 163(j)-<br>Interest<br>Dividends as<br>a % of the<br>Total Ordinary<br>Income<br>Distribution (b)** | **Qualified<br>Interest<br>Income<br>(QII) as a %<br>of the Total<br>Ordinary Income<br>Distribution (c)** |
| Emerging Markets High Yield | HYEM | Monthly | 96.83% | -% |
| Fallen Angel | ANGL | Monthly | 93.14 | 79.33 |
| Green Bond | GRNB | Monthly | 92.83 | 37.75 |
| IG Floating Rate | FLTR | Monthly | 98.97 | 56.84 |
| Moody's Analytics BBB | MBBB | Monthly | 97.31 | 79.13 |
| Moody's Analytics IG | MIG | Monthly | 96.28 | 72.37 |

---

*(a) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your foreign source income, multiply your share of the fund's total ordinary income dividends by the percentage indicated.*

*(b) These amounts represent ordinary income from the taxable year ended April 30, 2025 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution. To determine your 163(j) interest income, multiply your share of the fund's total ordinary income dividends by the percentage indicated.*

*(c) These amounts represent ordinary income from the taxable year ended April 30, 2025 that were considered to be Qualified Interest Income ("QII") distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation. To determine your QII, multiply your share of the fund's total ordinary income dividends by the percentage indicated.*

------

**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

**Approval of Investment Advisory Contracts**

Not applicable.

<br> Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

Information included in Item 7.

<br> Item 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

Information included in Item 7.

<br> Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. <br>

Information included in Item 7.

<br> Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. <br>

Information included in Item 7.

Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

Not applicable. <br>

Item 13. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

Not applicable. <br>

Item 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. <br>

Not applicable. <br>

Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes. <br>

Item 16. CONTROLS AND PROCEDURES. <br>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers,
 or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3
 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by
 this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17
 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
 or 240.15d-15 (b)).

(b) There were no changes in the registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a(d)) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial
 reporting.

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. <br>

Not applicable.

<br> Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. <br>

Not applicable. <br>

Item 19. EXHIBITS. <br>

---

| | |
|:---|:---|
| (a)(1) | [The code of ethics is attached as EX-99.CODE ETH](c113018_ex99-codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.](c113018_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.](c113018_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) VANECK ETF TRUST

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, CFO |

---

<br> Date <u>July 8, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jan F. van Eck, CEO |

---

<br> Date <u>July 8, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, CFO |

---

<br> Date <u>July 8, 2025</u>

## Ex-99.Code

EX-99.CODE ETH

VANECK VIP TRUST

VANECK FUNDS

VANECK ETF TRUST

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

SENIOR FINANCIAL OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. COVERED OFFICERS/PURPOSE OF THE CODE

VanEck's Code of Ethics (this "Code") for the investment companies within the complex (collectively, "Funds" and each, "Company") applies to the Company's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;o honest and ethical conduct, including the ethical handling
of actual or apparent conflicts of interest between personal and professional relationships;

o full, fair, accurate, timely and understandable disclosure
in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC")
and in other public communications made by the Company;

o compliance with applicable laws and governmental rules
and regulations;

o the prompt internal reporting of violations of the Code
to an appropriate person or persons identified in the Code; and

o accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT
CONFLICTS OF INTEREST

OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o not use his personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally
to the detriment of the Company;

o not cause the Company to take action, or fail to take action,
for the individual personal benefit of the Covered Officer rather than the benefit the Company;

o not use material non-public knowledge of portfolio transactions
made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect
of such transactions;

There are some conflict of interest situations that should always be discussed with the Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;o service as a director on the board of any public or private
company;

o the receipt of any non-nominal gifts;

o the receipt of any entertainment from any company with
which the Company has current or prospective business dealings unless such entertainment is business related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety.

o any ownership interest in, or any consulting or employment
relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator
or any affiliated person thereof,

&nbsp;&nbsp;&nbsp;&nbsp;o a direct or indirect financial interest in commissions,
transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other
than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. DISCLOSURE AND COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;o Each Covered Officer should familiarize himself with the
disclosure requirements generally applicable to the Company;

o Each Covered Officer should not knowingly misrepresent,
or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's
directors and auditors, and to governmental regulators and self-regulatory organizations;

o Each Covered Officer should, to the extent appropriate
within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting
full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the
SEC and in other public communications made by the Funds; and

o It is the responsibility of each Covered Officer to promote
compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;o report at least annually all affiliations or other relationships
related to conflicts of interest that the Company's Directors and Officers Questionnaire covers;

o upon adoption of the Code (or thereafter as applicable,
upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

o annually thereafter affirm to the Board that he has complied
with the requirements of the Code;

o not retaliate against any other Covered Officer or any
employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith, and

o notify the Compliance Officer promptly if he knows of any
violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer or other designated senior legal officer of the Funds' investment adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Governance Committee.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;o the Compliance Officer or other designated senior legal
officer will take all appropriate action to investigate any potential violations reported to him;

o if, after such investigation, the Compliance Officer believes
that no violation has occurred, the Compliance Officer is not required to take any further action;

o any matter that the Compliance Officer believes is a violation
will be reported to the Committee;

o if the Committee concurs that a violation has occurred,
it will inform the Board, which will consider appropriate action, which may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation
to dismiss the Covered Officer;

o the Committee will be responsible for granting waivers,
as appropriate; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in the Van Eck Employee Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EXHIBIT A

COVERED OFFICERS

Jan F. van Eck, Chief Executive Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

John J. Crimmins, Chief Financial Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Jan F. van Eck, Chief Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>July 8, 2025</u> |  |
|  | /s/ Jan F. van Eck |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Jan F. van Eck |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer |

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I, John J. Crimmins, Chief Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>July 8, 2025</u> |  |
|  | /s/ John J. Crimmins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;John J. Crimmins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

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## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck ETF Trust (comprising of Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, IG Floating Rate ETF, Moody's Analytics BBB Corporate Bond ETF, Moody's Analytics IG Corporate Bond ETF, CEF Muni Income ETF, High Yield Muni ETF, HIP Sustainable Muni ETF, Intermediate Muni ETF, Long Muni ETF, Short High Yield Muni ETF, Short Muni ETF), do hereby certify, to such officer's knowledge, that:

The annual report on Form N-CSR of VanEck ETF Trust for the period ending April 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck ETF Trust.

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| | |
|:---|:---|
| Dated: July 8, 2025 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck ETF Trust |
| Dated: July 8, 2025 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Chief Financial Officer |
|  | VanEck ETF Trust |

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This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.