VanEck CEF Muni Income ETF

Ticker: XMPT | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck CEF Muni Income ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment^{Footnote Reference(a)}
VanEck CEF Muni Income ETF	$21	0.41%^{Footnote Reference(b)}

Footnote	Description
Footnote^(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote^(b)	Annualized

Key Fund Statistics

Total Net Assets$190,397,125
Number of Portfolio Holdings51
Portfolio Turnover Rate4%
Advisory Fees Paid$349,171

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	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		8.1%
Nuveen Quality Municipal Income Fund		7.9%
Nuveen AMT-Free Municipal Credit Income Fund		7.6%
Nuveen Municipal Credit Income Fund		6.9%
BlackRock Municipal 2030 Target Term Trust		5.7%
Nuveen Municipal Value Fund, Inc.		5.1%
PIMCO Municipal Income Fund II		3.4%
BlackRock MuniYield Quality Fund, Inc.		2.9%
BlackRock MuniYield Quality Fund III, Inc.		2.6%
Nuveen Municipal High Income Opportunity Fund		2.6%

Need Additional Information?

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 | NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Emerging Markets High Yield Bond ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$21	0.40%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$439,830,487
Number of Portfolio Holdings513
Portfolio Turnover Rate22%
Advisory Fees Paid$821,815

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		3.2%
Other Investments		0.3%
Real Estate		2.4%
Government		2.8%
Healthcare		3.6%
Consumer Cyclicals		3.8%
Technology		3.9%
Consumer Non-Cyclicals		4.1%
Utilities		7.4%
Industrials		9.5%
Basic Materials		10.8%
Energy		18.4%
Financials		29.8%

Top Ten Holdings (% of Total Net Assets)

Provincia de Buenos Aires, 6.62%, 9/1/2037		1.6%
Samarco Mineracao SA, 9.50%, 6/30/2031		0.8%
Grupo Nutresa SA, 9.00%, 5/12/2035		0.6%
Grupo Nutresa SA, 8.00%, 5/12/2030		0.6%
First Quantum Minerals Ltd., 9.38%, 3/1/2029		0.6%
Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/1/2046		0.6%
Ecopetrol SA, 8.88%, 1/13/2033		0.5%
Digicel International Finance Ltd. / Difl US LLC, 8.62%, 8/1/2032		0.5%
Latam Airlines Group SA, 7.88%, 4/15/2030		0.5%
Petroleos del Peru SA, 5.62%, 6/19/2047		0.5%

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VanEck Fallen Angel High Yield Bond ETF

Ticker: ANGL | The NASDAQ Stock Market LLC

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Fallen Angel High Yield Bond ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$13	0.26%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$3,085,830,578
Number of Portfolio Holdings119
Portfolio Turnover Rate25%
Advisory Fees Paid$3,743,592

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		2.4%
Other Investments		1.0%
Utilities		1.2%
Healthcare		4.0%
Industrials		4.6%
Financials		7.2%
Energy		8.2%
Real Estate		8.5%
Technology		13.6%
Basic Materials		16.0%
Consumer Cyclicals		33.3%

Top Ten Holdings (% of Total Net Assets)

Vodafone Group PLC, 7.00%, 4/4/2079		3.6%
Nissan Motor Co. Ltd., 4.34%, 9/17/2027		3.4%
Nissan Motor Co. Ltd., 4.81%, 9/17/2030		3.3%
Entegris, Inc., 4.75%, 4/15/2029		2.7%
Celanese US Holdings LLC, 6.67%, 7/15/2027		2.3%
Dresdner Funding Trust I, 8.15%, 6/30/2031		1.9%
Celanese US Holdings LLC, 6.85%, 11/15/2028		1.6%
Celanese US Holdings LLC, 7.20%, 11/15/2033		1.6%
Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.62%, 4/16/2029		1.5%
Celanese US Holdings LLC, 7.05%, 11/15/2030		1.5%

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VanEck Green Bond ETF

Ticker: GRNB | NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Green Bond ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$10	0.20%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$157,610,490
Number of Portfolio Holdings473
Portfolio Turnover Rate11%
Advisory Fees Paid$138,643

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.7%
Other Investments		1.2%
Energy		1.3%
Consumer Non-Cyclicals		1.7%
Mortgage Securities		2.5%
Industrials		2.8%
Consumer Cyclicals		4.9%
Technology		5.2%
Basic Materials		5.8%
Real Estate		7.7%
Government		11.8%
Utilities		21.0%
Financials		32.4%

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		1.2%
WULF Compute LLC, 7.75%, 10/15/2030		1.0%
Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/2026		0.9%
Turkiye Government International Bond, 9.12%, 7/13/2030		0.8%
Kreditanstalt fuer Wiederaufbau, 4.38%, 2/28/2034		0.6%
JPMorgan Chase & Co., 6.07%, 10/22/2027		0.6%
Ford Motor Co., 3.25%, 2/12/2032		0.6%
Gaci First Investment Co., 4.88%, 2/14/2035		0.6%
Kreditanstalt fuer Wiederaufbau, 1.75%, 9/14/2029		0.6%

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VanEck High Yield Muni ETF

Ticker: HYD | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck High Yield Muni ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$16	0.32%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$3,588,318,859
Number of Portfolio Holdings1,772
Portfolio Turnover Rate13%
Advisory Fees Paid$5,428,980

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.4%
Other Investments		3.0%
Miscellaneous		1.8%
Transportation		2.2%
State GO		3.0%
Utilities		3.0%
Tobacco		3.1%
Multi-Family Housing		3.2%
Leasing COPS & Appropriations		3.6%
Power		3.8%
Airport		4.2%
Toll & Turnpike		4.5%
Local GO		7.6%
Health		8.3%
Education		9.2%
Tax		10.2%
Hospitals		11.2%
Industrial Development Revenue		16.7%

Top Ten Holdings (% of Total Net Assets)

California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, 9.50%, 1/1/2065		1.0%
Buckeye Tobacco Settlement Financing Authority, 5.00%, 6/1/2055		1.0%
Puerto Rico Sales Tax Financing Corp., 4.33%, 7/1/2040		0.8%
Puerto Rico Sales Tax Financing Corp., 4.75%, 7/1/2053		0.7%
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., 4.00%, 7/15/2041		0.6%
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project, 5.45%, 9/1/2052		0.6%
Florida Development Finance Corp., Brightline Florida Passenger Rail Project, 5.25%, 7/1/2053		0.6%
Puerto Rico Sales Tax Financing Corp., 5.00%, 7/1/2058		0.5%
California Municipal Finance Authority, United Airlines, Inc., International Airport Project, 4.00%, 7/15/2029		0.5%
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, 5.00%, 7/1/2046		0.5%

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VanEck IG Floating Rate ETF

Ticker: FLTR | NYSE Arca, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck IG Floating Rate ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$7	0.14%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$2,570,938,663
Number of Portfolio Holdings405
Portfolio Turnover Rate38%
Advisory Fees Paid$1,754,344

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.1%
Other Investments		1.6%
Healthcare		1.2%
Technology		1.8%
Energy		1.8%
Industrials		3.0%
Consumer Cyclicals		4.5%
Financials		85.0%

Top Ten Holdings (% of Total Net Assets)

Commonwealth Bank of Australia, 4.97%, 3/14/2030		1.4%
HSBC Holdings PLC, 5.86%, 5/13/2031		1.2%
Sumitomo Mitsui Trust Bank Ltd., 5.16%, 3/13/2030		0.9%
Morgan Stanley Bank NA, 5.03%, 7/14/2028		0.9%
Macquarie Bank Ltd., 4.90%, 6/12/2028		0.9%
Mitsubishi UFJ Financial Group, Inc., 5.31%, 9/12/2031		0.9%
Morgan Stanley Private Bank NA, 4.87%, 7/6/2028		0.9%
Australia & New Zealand Banking Group Ltd., 4.76%, 6/18/2028		0.9%
Australia & New Zealand Banking Group Ltd., 5.00%, 12/16/2029		0.8%
Sumitomo Mitsui Financial Group, Inc., 5.30%, 7/8/2031		0.8%

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VanEck Intermediate Muni ETF

Ticker: ITM | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Intermediate Muni ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$9	0.18%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$2,065,222,592
Number of Portfolio Holdings1,316
Portfolio Turnover Rate5%
Advisory Fees Paid$1,752,518

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.3%
Other Investments		1.3%
Single Family Housing		1.0%
Airport		1.5%
Multi-Family Housing		1.7%
Miscellaneous		2.3%
Leasing COPS & Appropriations		3.7%
Utilities		4.6%
Transportation		5.0%
Toll & Turnpike		5.3%
Water & Sewer		6.8%
Power		7.4%
Hospitals		7.5%
Education		8.1%
Tax		13.7%
Local GO		14.3%
State GO		14.5%

Top Ten Holdings (% of Total Net Assets)

New Jersey Educational Facilities Authority, 5.00%, 7/1/2064		0.6%
California Community Choice Financing Authority, Clean Energy Project, 5.00%, 8/1/2055		0.5%
California Community Choice Financing Authority, Clean Energy Project, 5.00%, 2/1/2055		0.5%
State of California, Various Purpose, 4.00%, 3/1/2036		0.5%
Connecticut State Health & Educational Facilities Authority, 5.00%, 7/1/2064		0.4%
California Community Choice Financing Authority, Clean Energy Project, 5.00%, 1/1/2056		0.4%
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%

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VanEck Long Muni ETF

Ticker: MLN | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Long Muni ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$12	0.24%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$640,526,639
Number of Portfolio Holdings652
Portfolio Turnover Rate4%
Advisory Fees Paid$661,933

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.4%
Other Investments		2.0%
Multi-Family Housing		1.6%
Miscellaneous		2.0%
Utilities		2.6%
Airport		3.4%
Power		3.9%
Leasing COPS & Appropriations		4.2%
Transportation		4.8%
Toll & Turnpike		5.6%
Single Family Housing		6.0%
Education		6.4%
State GO		7.2%
Water & Sewer		7.8%
Hospitals		11.6%
Tax		14.0%
Local GO		15.5%

Top Ten Holdings (% of Total Net Assets)

City of New York, 5.00%, 9/1/2048		0.8%
North Carolina Turnpike Authority, Triangle Expressway System, 5.00%, 1/1/2058		0.5%
Texas Transportation Finance Corporation, 5.50%, 10/1/2055		0.5%
City of Los Angeles Department of Airports, 5.25%, 5/15/2051		0.5%
State of Ohio, 5.00%, 5/1/2045		0.5%
New York State Dormitory Authority, 5.00%, 3/15/2045		0.5%
City of New York, 5.00%, 10/1/2045		0.5%
Commonwealth of Massachusetts, 5.00%, 8/1/2050		0.5%
City of San Antonio, Texas Electric & Gas Systems, 5.00%, 2/1/2054		0.5%
Geisinger Authority, Health System, 5.00%, 4/1/2050		0.4%

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VanEck Moody's Analytics BBB Corporate Bond ETF

Ticker: MBBB | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Moody's Analytics BBB Corporate Bond ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$13	0.25%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$8,741,802
Number of Portfolio Holdings209
Portfolio Turnover Rate31%
Advisory Fees Paid$10,885

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.8%
Basic Materials		1.2%
Real Estate		2.9%
Industrials		4.5%
Healthcare		5.6%
Utilities		6.5%
Energy		6.9%
Consumer Cyclicals		13.1%
Consumer Non-Cyclicals		15.1%
Technology		20.2%
Financials		22.2%

Top Ten Holdings (% of Total Net Assets)

Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/2045		1.7%
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		1.4%
Societe Generale SA, 2.80%, 1/19/2028		1.1%
Oracle Corp., 5.38%, 7/15/2040		1.1%
Marriott International, Inc., 3.50%, 10/15/2032		1.1%
Lowe's Cos, Inc., 2.62%, 4/1/2031		1.1%
Deutsche Telekom International Finance BV, 8.75%, 6/15/2030		1.0%
Pacific Gas and Electric Co., 4.50%, 7/1/2040		1.0%

Need Additional Information?

VanEck Moody's Analytics IG Corporate Bond ETF

Ticker: MIG | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Moody's Analytics IG Corporate Bond ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$10	0.20%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$14,686,786
Number of Portfolio Holdings334
Portfolio Turnover Rate21%
Advisory Fees Paid$13,894

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.6%
Other Investments		0.7%
Real Estate		2.2%
Healthcare		3.5%
Energy		4.7%
Industrials		5.7%
Consumer Cyclicals		8.5%
Utilities		9.3%
Technology		18.7%
Consumer Non-Cyclicals		21.9%
Financials		23.2%

Top Ten Holdings (% of Total Net Assets)

Verizon Communications, Inc., 4.33%, 9/21/2028		0.9%
Berkshire Hathaway Finance Corp., 3.85%, 3/15/2052		0.8%
Societe Generale SA, 3.00%, 1/22/2030		0.8%
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.38%, 4/1/2038		0.8%
Verizon Communications, Inc., 1.75%, 1/20/2031		0.7%
BNP Paribas SA, 5.89%, 12/5/2034		0.7%
AT&T, Inc., 3.80%, 12/1/2057		0.7%
Altria Group, Inc., 4.25%, 8/9/2042		0.7%
Citigroup, Inc., 6.02%, 1/24/2036		0.7%
BNP Paribas SA, 5.33%, 6/12/2029		0.7%

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VanEck Short High Yield Muni ETF

Ticker: SHYD | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Short High Yield Muni ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$17	0.34%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$371,944,298
Number of Portfolio Holdings493
Portfolio Turnover Rate14%
Advisory Fees Paid$581,627

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.4%
Other Investments		1.2%
Utilities - Other		1.4%
Toll & Turnpike		1.5%
Water & Sewer		1.5%
Miscellaneous		1.9%
Transportation		1.9%
Leasing COPS & Appropriations		2.9%
Multi-Family Housing		2.9%
State GO		4.8%
Education		5.1%
Health		5.3%
Tax		6.9%
Utilities		7.2%
Airport		7.5%
Hospitals		8.0%
Local GO		8.2%
Power		10.0%
Industrial Development Revenue		20.4%

Top Ten Holdings (% of Total Net Assets)

California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, 9.50%, 1/1/2065		1.8%
California Municipal Finance Authority, United Airlines, Inc., International Airport Project, 4.00%, 7/15/2029		1.8%
Patriots Energy Group Financing Agency, Gas Supply, 5.25%, 10/1/2054		1.5%
Puerto Rico Commonwealth, 5.75%, 7/1/2031		1.2%
Puerto Rico Commonwealth, 4.00%, 7/1/2033		1.1%
City and County of Denver, United Airlines, Inc. Project, 5.00%, 10/1/2032		1.1%
Baldwin County Industrial Development Authority, Solid Waste Disposal, 5.00%, 6/1/2055		1.0%
Puerto Rico Commonwealth, 5.62%, 7/1/2029		0.9%
Mission Economic Development Corp., Senior Lien, Natgasoline Project, 4.62%, 10/1/2031		0.8%
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project, 5.25%, 8/1/2031		0.8%

Need Additional Information?

VanEck Short Muni ETF

Ticker: SMB | Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report - October 31, 2025

This semi-annual shareholder report contains important information about the VanEck Short Muni ETF (the "Fund") for the period May 1, 2025 to October 31, 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 [email protected].

What were the Fund costs for the last six months?

(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	$4	0.07%^{Footnote Reference(a)}

Footnote	Description
Footnote^(a)	Annualized

Key Fund Statistics

Total Net Assets$292,383,081
Number of Portfolio Holdings333
Portfolio Turnover Rate12%
Advisory Fees Paid$98,728

What did the Fund invest in?

Portfolio Composition (% of Total Net Assets)

Value	Value	Value
Other assets less liabilities		1.2%
Other Investments		2.3%
Pollution Control		1.0%
Miscellaneous		1.2%
Airport		1.4%
Multi-Family Housing		2.2%
Leasing COPS & Appropriations		3.2%
Refunded		3.2%
Toll & Turnpike		3.4%
Transportation		5.3%
Hospitals		5.4%
Water & Sewer		5.7%
Power		6.3%
Education		6.4%
Utilities		8.5%
Tax		10.2%
Local GO		13.7%
State GO		19.4%

Top Ten Holdings (% of Total Net Assets)

California Community Choice Financing Authority, Clean Energy Project, 4.00%, 2/1/2052		1.4%
State of California, Various Purpose, 5.00%, 4/1/2030		1.1%
Commonwealth of Massachusetts, 5.00%, 5/1/2031		1.0%
State of New Jersey, Various Purposes, 2.00%, 6/1/2030		1.0%
New York City Housing Development Corp., Multi-Family Housing, 3.95%, 11/1/2064		0.9%
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, 1.75%, 9/1/2029		0.8%
Massachusetts Water Resources Authority, 5.25%, 8/1/2030		0.8%
Black Belt Energy Gas District, Project No. 7, Series C-1, 4.00%, 10/1/2052		0.8%
Massachusetts Water Resources Authority, 5.00%, 8/1/2031		0.8%
Main Street Natural Gas, Inc., 5.00%, 4/1/2054		0.7%

Need Additional Information?

October 31, 2025

SEMI-ANNUAL FINANCIAL STATEMENTS AND
OTHER INFORMATION

XMPT	\|	CEF Muni Income ETF
HYEM	\|	Emerging Markets High Yield Bond ETF
ANGL	\|	Fallen Angel High Yield Bond ETF
GRNB	\|	Green Bond ETF
HYD	\|	High Yield Muni ETF
FLTR	\|	IG Floating Rate ETF
ITM	\|	Intermediate Muni ETF
MLN	\|	Long Muni ETF
MBBB	\|	Moody’s Analytics^®BBB Corporate Bond ETF
MIG	\|	Moody’s Analytics^®IG Corporate Bond ETF
SHYD	\|	Short High Yield Muni ETF
SMB	\|	Short Muni ETF


	800.826.2333	vaneck.com


Schedule of Investments
CEF Muni Income ETF	3
Emerging Markets High Yield Bond ETF	5
Fallen Angel High Yield Bond ETF	19
Green Bond ETF	22
High Yield Muni ETF	33
IG Floating Rate ETF	82
Intermediate Muni ETF	93
Long Muni ETF	125
Moody’s Analytics BBB Corporate Bond ETF	145
Moody’s Analytics IG Corporate Bond ETF	150
Short High Yield Muni ETF	157
Short Muni ETF	175
Statements of Assets and Liabilities	186
Statements of Operations	189
Statements of Changes in Net Assets	192
Financial Highlights
CEF Muni Income ETF	198
Emerging Markets High Yield Bond ETF	199
Fallen Angel High Yield Bond ETF	200
Green Bond ETF	201
High Yield Muni ETF	202
IG Floating Rate ETF	203
Intermediate Muni ETF	204
Long Muni ETF	205
Moody’s Analytics BBB Corporate Bond ETF	206
Moody’s Analytics IG Corporate Bond ETF	207
Short High Yield Muni ETF	208
Short Muni ETF	209
Notes to Financial Statements	210
Changes in and Disagreements with Accountants	220
Proxy Disclosures	220
Remuneration Paid to Directors, Officers and Others	220
Approval of Investment Advisory Contracts	221

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Number of Shares		Value
CLOSED-END FUNDS: 99.7%(a)
abrdn National Municipal Income Fund		93,624	$	954,029
Alliance Bernstein National Municipal Income Fund, Inc.		217,508		2,390,413
BlackRock 2037 Municipal Target Term Trust		28,578		717,022
BlackRock Investment Quality Municipal Trust, Inc.		116,746		1,311,058
BlackRock Long-Term Municipal Advantage Trust		86,114		818,944
BlackRock MuniAssets Fund, Inc.		197,232		2,155,746
BlackRock Municipal 2030 Target Term Trust		481,497		10,910,722
BlackRock Municipal Income Quality Trust		194,913		2,149,890
BlackRock Municipal Income Trust		296,881		3,013,342
BlackRock Municipal Income Trust II		358,274		3,797,704
BlackRock MuniHoldings Fund, Inc.		390,492		4,584,376
BlackRock MuniHoldings Quality Fund II, Inc.		164,313		1,661,204
BlackRock MuniVest Fund II, Inc.		107,197		1,154,512
BlackRock MuniVest Fund, Inc.		381,031		2,659,596
BlackRock MuniYield Fund, Inc.		310,168		3,278,476
BlackRock MuniYield Quality Fund II, Inc.		150,358		1,508,091
BlackRock MuniYield Quality Fund III, Inc.		451,873		4,988,678
BlackRock MuniYield Quality Fund, Inc.		475,793		5,542,988
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		137,810		1,488,348
BNY Mellon Strategic Municipal Bond Fund, Inc.		336,685		2,016,743
BNY Mellon Strategic Municipals, Inc.		468,226		2,949,824
DWS Municipal Income Trust		206,015		1,895,338
Eaton Vance Municipal Bond Fund		346,947		3,455,592
Eaton Vance Municipal Income 2028 Term Trust		47,528		913,783
Eaton Vance Municipal Income Trust		153,434		1,687,774

	Number of Shares		Value
Eaton Vance National Municipal Opportunities Trust		106,073	$	1,773,541
Invesco Advantage Municipal Income Trust II		237,202		2,137,190
Invesco Municipal Income Opportunities Trust		248,316		1,479,963
Invesco Municipal Opportunity Trust		450,577		4,370,597
Invesco Municipal Trust		369,195		3,603,343
Invesco Quality Municipal Income Trust		283,431		2,842,813
Invesco Trust for Investment Grade Municipals		289,639		2,954,318
Invesco Value Municipal Income Trust		243,692		3,092,452
MFS Municipal Income Trust		315,832		1,708,651
Neuberger Berman Municipal Fund, Inc.		221,949		2,288,294
Nuveen AMT-Free Municipal Credit Income Fund		1,151,518		14,463,066
Nuveen AMT-Free Municipal Value Fund		120,550		1,733,509
Nuveen AMT-Free Quality Municipal Income Fund		1,330,634		15,501,886
Nuveen Dynamic Municipal Opportunities Fund		308,309		3,264,992
Nuveen Municipal Credit Income Fund		1,032,203		13,036,724
Nuveen Municipal High Income Opportunity Fund		468,280		4,987,182
Nuveen Municipal Value Fund, Inc.		1,086,445		9,778,005
Nuveen Quality Municipal Income Fund		1,246,116		14,940,931
Nuveen Select Tax-Free Income Portfolio		230,732		3,315,619
PIMCO Municipal Income Fund II		817,806		6,485,202
Putnam Managed Municipal Income Trust		289,834		1,767,987
Putnam Municipal Opportunities Trust		190,839		1,979,000
Western Asset Managed Municipals Fund, Inc.		366,690		3,780,574
Western Asset Municipal High Income Fund, Inc.		82,056		578,495
Total Closed-End Funds: 99.7% (Cost: $204,987,264)				189,868,527

See Notes to Financial Statements

VANECK CEF MUNI INCOME ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares	Value
Other assets less liabilities: 0.3%			528,598
NET ASSETS: 100.0%		$	190,397,125

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 or on the fund’s webpage.

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Closed-End Funds		$	189,868,527			$	—			$	—			$	189,868,527

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 94.5%
Argentina: 5.0%
Arcor SAIC 144A 7.60%, 07/31/33	$	525		$	535,237
Banco de Galicia y Buenos Aires SAU 144A 7.75%, 10/10/28		450			454,724
Banco Macro SA 144A 8.00%, 06/23/29		800			808,240
Generacion Mediterranea SA / Central Termica Roca SA 144A 11.00%, 11/01/31		475			270,946
IRSA Inversiones y Representaciones SA 144A 8.00%, 03/31/35		450			458,190
MSU Energy SA 144A 9.75%, 12/05/30		600			561,000
Pampa Energia SA 144A
7.88%, 12/16/34		1,125			1,141,650
7.95%, 09/10/31		625			645,719
Pan American Energy LLC 144A 8.50%, 04/30/32		650			700,655
Pluspetrol SA 144A 8.50%, 05/30/32		1,100			1,121,560
Tecpetrol SA 144A 7.62%, 01/22/33		625			630,938
Telecom Argentina SA 144A
9.25%, 05/28/33		1,600			1,630,680
9.50%, 07/18/31		1,325			1,380,783
Transportadora de Gas del Sur SA 144A 8.50%, 07/24/31		775			810,089
Vista Energy Argentina SAU 144A
7.62%, 12/10/35		950			939,882
8.50%, 06/10/33		800			823,278
YPF Energia Electrica SA 144A 7.88%, 10/16/32		650			647,114
YPF SA 144A
6.95%, 07/21/27		950			949,009
7.00%, 09/30/33 (s)		875			834,531
7.00%, 12/15/47		780			673,387
8.25%, 01/17/34 †		1,975			1,993,083
8.50%, 06/27/29		687			702,816
8.75%, 09/11/31		775			798,073
9.00%, 06/30/29 (s)		1,125			1,157,994
9.50%, 01/17/31		1,400			1,478,086
					22,147,664
Australia: 0.1%
Karoon USA Finance, Inc. 144A 10.50%, 05/14/29		300			310,143
Austria: 0.2%
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 144A

	Par (000’s		)	Value
Austria (continued)
5.00%, 05/07/28	$	350		$	341,593
LD Celulose International GmbH 144A 7.95%, 01/26/32 †		550			579,118
					920,711
Azerbaijan: 0.3%
State Oil Co. of the Azerbaijan Republic Reg S 6.95%, 03/18/30		1,275			1,379,145
Bahrain: 0.9%
Bapco Energies BSCC 144A
7.50%, 10/25/27 †		1,400			1,462,932
8.38%, 11/07/28		750			814,770
BBK BSC Reg S 6.88%, 06/06/29		900			926,224
Mumtalakat Sukuk Holding Co. Reg S 4.10%, 01/21/27		800			789,607
					3,993,533
Bermuda: 0.8%
Digicel Group Holdings Ltd. 144A 0.00%, 12/31/30 ^∞		332			0
Digicel International Finance Ltd. / Difl US LLC 144A 8.62%, 08/01/32		2,350			2,341,623
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		1,075			1,070,829
					3,412,452
Brazil: 5.6%
Amaggi Luxembourg International Sarl 144A 5.25%, 01/28/28		600			590,901
B3 SA - Brasil Bolsa Balcao 144A 4.12%, 09/20/31		475			446,631
Banco Bradesco SA 144A 6.50%, 01/22/30 †		750			790,125
Banco do Brasil SA 144A 6.00%, 03/18/31		500			518,093
Banco Votorantim SA 144A 5.88%, 04/08/28		425			430,113
Braskem America Finance Co. 144A 7.12%, 07/22/41		400			163,988
Braskem Idesa SAPI 144A 7.45%, 11/15/29		1,275			830,008
Braskem Netherlands Finance BV 144A
4.50%, 01/10/28 †		850			383,010
4.50%, 01/31/30		1,000			403,090
5.88%, 01/31/50		500			191,562
7.25%, 02/13/33		675			274,904
Brazil Minas SPE via State of Minas Gerais 144A 5.33%, 02/15/28		317			318,405
BRF SA 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Brazil (continued)
4.88%, 01/24/30	$	375		$	364,928
5.75%, 09/21/50		525			445,434
Caixa Economica Federal 144A 5.62%, 05/13/30		550			559,501
Centrais Eletricas Brasileiras SA 144A
4.62%, 02/04/30		575			556,994
6.50%, 01/11/35		500			516,681
Cosan Luxembourg SA 144A 5.50%, 09/20/29		350			345,056
CSN Inova Ventures 144A 6.75%, 01/28/28 †		925			859,944
ERO Copper Corp. 144A 6.50%, 02/15/30		250			248,942
Globo Comunicacao e Participacoes S/A 144A
4.88%, 01/22/30		225			219,032
5.50%, 01/14/32		325			315,773
Itau Unibanco Holding SA 144A 6.00%, 02/27/30 †		850			889,763
Klabin Austria GmbH 144A
3.20%, 01/12/31		425			384,414
5.75%, 04/03/29		525			533,941
7.00%, 04/03/49		478			506,307
MARB BondCo PLC 144A 3.95%, 01/29/31		775			700,204
MV24 Capital BV 144A 6.75%, 06/01/34		549			544,529
Natura &Co. Luxembourg Holdings Sarl 144A 4.12%, 05/03/28		300			284,956
NBM US Holdings, Inc. 144A 6.62%, 08/06/29		500			506,517
Petrobras Global Finance BV
5.09%, 01/15/30		225			223,633
5.60%, 01/03/31		475			479,868
5.62%, 05/20/43		200			179,837
5.75%, 02/01/29		300			306,268
6.00%, 01/27/28		600			614,860
6.75%, 01/27/41		425			432,043
6.85%, 06/05/15 †		800			771,960
6.88%, 01/20/40		400			413,977
6.90%, 03/19/49		300			300,750
7.25%, 03/17/44		475			497,282
7.38%, 01/17/27 †		400			413,759
Rede D’or Finance Sarl 144A
4.50%, 01/22/30		499			480,679
4.95%, 01/17/28		350			347,469
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		400			397,778
Samarco Mineracao SA 144A 9.50%, 06/30/31		3,285			3,286,792
Simpar Europe SA 144A 5.20%, 01/26/31		325			250,716
Tupy Overseas SA 144A

	Par (000’s		)	Value
Brazil (continued)
4.50%, 02/16/31	$	250		$	191,791
Ultrapar International SA 144A 5.25%, 06/06/29		200			199,279
Usiminas International Sarl 144A 7.50%, 01/27/32		400			413,954
XP, Inc. 144A 6.75%, 07/02/29		400			409,937
					24,736,378
British Virgin Islands: 0.1%
Studio City Co. Ltd. 144A 7.00%, 02/15/27		500			502,369
Canada: 2.6%
Capstone Copper Corp. 144A 6.75%, 03/31/33		1,000			1,035,540
First Quantum Minerals Ltd. 144A
7.25%, 02/15/34		1,500			1,558,944
8.00%, 03/01/33		1,500			1,596,050
8.62%, 06/01/31		2,125			2,228,160
9.38%, 03/01/29		2,350			2,489,522
Frontera Energy Corp. 144A 7.88%, 06/21/28		450			310,063
Gran Tierra Energy, Inc. 144A 9.50%, 10/15/29		1,200			972,951
Ivanhoe Mines Ltd. 144A 7.88%, 01/23/30 †		1,200			1,237,903
					11,429,133
Cayman Islands: 7.2%
Alpha Star Holding IX Ltd. Reg S 7.00%, 08/26/28		400			410,004
Arabian Centres Sukuk III Ltd. Reg S 9.50%, 03/06/29 †		1,200			1,225,917
Arada Sukuk 2 Ltd. Reg S
7.15%, 08/05/30		500			506,255
8.00%, 06/24/29		800			831,449
Arada Sukuk Ltd. Reg S 8.12%, 06/08/27		1,000			1,025,533
Banco Bradesco SA 144A 4.38%, 03/18/27		400			400,153
Banco BTG Pactual SA 144A
5.75%, 01/22/30		350			356,871
6.25%, 04/08/29		350			363,175
Banco do Brasil SA 144A
4.88%, 01/11/29		300			299,525
6.25%, 04/18/30		525			546,594
Bapco Energies Sukuk Ltd. 144A 5.25%, 04/08/29		1,500			1,507,850
Bapco Energies Sukuk Ltd. Reg S
6.25%, 01/29/35		850			885,482
6.62%, 05/25/33 †		1,350			1,450,425
Binghatti Sukuk SPC Ltd. Reg S

See Notes to Financial Statements

	Par (000’s		)	Value
Cayman Islands (continued)
9.62%, 02/28/27 †	$	900		$	916,904
C&W Senior Finance Ltd. 144A 9.00%, 01/15/33		1,200			1,224,523
CT Trust 144A 5.12%, 02/03/32		1,225			1,158,238
Dar Al-Arkan Sukuk Co. Ltd. Reg S
7.25%, 07/02/30		400			405,978
8.00%, 02/25/29		1,800			1,874,016
EDO Sukuk Ltd. 144A 5.66%, 07/03/31		1,275			1,343,189
Energuate Trust 2 0 144A 6.35%, 09/15/35		1,100			1,104,815
GFH Senior Sukuk Ltd. Reg S 7.50%, 11/06/29		800			810,137
Gol Finance, Inc. 144A 14.38%, 06/06/30		1,200			1,219,260
Ittihad International Ltd. 144A 9.75%, 11/09/28		700			734,601
Kingston Airport Revenue Finance Ltd. 144A 6.75%, 12/15/36		800			820,796
Kt21 T2 Co. Ltd. Reg S 6.12% (US Treasury Yield Curve Rate T 5 Year+5.33%), 12/16/31 (a)		350			349,569
Liberty Costa Rica Senior Secured Finance 144A 10.88%, 01/15/31		600			635,175
MAF Global Securities Ltd. Reg S 7.88% (US Treasury Yield Curve Rate T 5 Year+4.89%), 06/30/27 (o)(a)		800			829,638
Melco Resorts Finance Ltd. 144A
6.50%, 09/24/33		800			805,896
7.62%, 04/17/32 †		1,100			1,158,610
Montego Bay Airport Revenue Finance Ltd. 144A 6.60%, 06/15/35		600			594,993
Omniyat Sukuk 1 Ltd. Reg S 8.38%, 05/06/28		2,000			2,033,406
Oryx Funding Ltd. 144A 5.80%, 02/03/31		900			942,951
Otel Sukuk Ltd. 144A 5.38%, 01/24/31		900			921,326
Poinsettia Finance Ltd. Sarl Reg S 6.62%, 06/17/31		369			367,387
Sable International Finance Ltd. 144A 7.12%, 10/15/32		1,700			1,702,688
					31,763,329

		Par (000’s	)		Value
Chile: 2.1%
AES Andes SA 144A 8.15% (US Treasury Yield Curve Rate T 5 Year+3.83%), 06/10/55 (a)	$	800		$	837,920
Agrosuper SA 144A 4.60%, 01/20/32		775			744,847
CAP SA 144A 3.90%, 04/27/31		550			450,337
Falabella SA 144A 3.38%, 01/15/32		1,025			920,169
Inversiones CMPC SA 144A 6.70% (US Treasury Yield Curve Rate T 5 Year+2.83%), 12/09/57 (a)		1,000			1,012,800
Latam Airlines Group SA 144A
7.62%, 01/07/31		1,300			1,340,170
7.88%, 04/15/30		2,250			2,329,650
Telefonica Moviles Chile SA 144A 3.54%, 11/18/31		775			498,906
VTR Comunicaciones SpA 144A 4.38%, 04/15/29		400			373,000
VTR Finance NV 144A 6.38%, 07/15/28		650			639,437
					9,147,236
China: 6.7%
CFAMC III Co. Ltd. Reg S
4.25%, 11/07/27		1,700			1,695,172
4.75%, 04/27/27		1,250			1,258,437
4.95%, 11/07/47		750			693,645
CFAMC IV Co. Ltd. Reg S 4.50%, 05/29/29		950			949,135
Champion MTN Ltd. Reg S 2.95%, 06/15/30		450			388,836
Champion Path Holdings Ltd. Reg S 4.85%, 01/27/28		875			859,570
Chengdu ETDZ State-owned Investment Group Co. Ltd. Reg S 6.50%, 11/18/27		500			487,316
China CITIC Bank International Ltd. Reg S 4.80% (US Treasury Yield Curve Rate T 5 Year+2.10%), 04/22/27 (o)(a)		900			907,433
China Hongqiao Group Ltd. Reg S 7.05%, 01/10/28		500			518,181
Fortune Star BVI Ltd. Reg S
5.05%, 01/27/27		1,100			1,086,214
8.50%, 05/19/28		1,050			1,100,417
Franshion Brilliant Ltd. Reg S 4.25%, 07/23/29		850			793,679

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
China (continued)
Glory Health Industry Ltd. Reg S 14.25%, 01/25/24 (d) *	$	200		$	11,600
Greentown China Holdings Ltd. Reg S 8.45%, 02/24/28		700			721,318
Health & Happiness H&H International Holdings Ltd. Reg S 9.12%, 07/24/28		600			639,996
Li & Fung Ltd. Reg S 8.38%, 02/05/29		400			415,889
Longfor Group Holdings Ltd. Reg S
3.95%, 09/16/29		600			504,054
4.50%, 01/16/28		800			727,165
Melco Resorts Finance Ltd. 144A
5.38%, 12/04/29		1,900			1,879,632
5.62%, 07/17/27		925			924,091
5.75%, 07/21/28		1,450			1,446,613
MGM China Holdings Ltd. 144A
4.75%, 02/01/27		1,200			1,196,749
7.12%, 06/26/31 †		750			793,343
Mongolian Mining Corp. 144A 8.44%, 04/03/30		200			204,507
Nanyang Commercial Bank Ltd. Reg S
6.50% (US Treasury Yield Curve Rate T 5 Year+3.51%), 04/28/27 (o)(a)		1,050			1,077,334
7.35% (US Treasury Yield Curve Rate T 5 Year+3.16%), 09/07/28 (o)(a)		400			420,361
Seaspan Corp. 144A 5.50%, 08/01/29		1,250			1,204,889
Seazen Group Ltd. Reg S 11.88%, 06/26/28		600			588,381
Studio City Finance Ltd. 144A
5.00%, 01/15/29		1,689			1,618,312
6.50%, 01/15/28		775			775,484
Vanke Real Estate Hong Kong Co. Ltd. Reg S
3.50%, 11/12/29		650			397,692
3.98%, 11/09/27		1,300			884,101
Wynn Macau Ltd. 144A 6.75%, 02/15/34		1,700			1,714,336
Yangzhou Economic and Technological Development Zone Development Group Co. Ltd. Reg S 4.98%, 03/19/28		400			400,479
					29,284,361

	Par (000’s		)	Value
Colombia: 6.2%
Aris Mining Corp. 144A 8.00%, 10/31/29	$	675		$	702,489
Banco Davivienda SA 144A 8.12% (US Treasury Yield Curve Rate T 5 Year+4.59%), 07/02/35 †(a)		750			775,472
Banco de Bogota SA 144A 4.38%, 08/03/27		875			869,841
Canacol Energy Ltd. 144A 5.75%, 11/24/28		700			147,875
Ecopetrol SA
4.62%, 11/02/31		1,195			1,072,716
5.88%, 05/28/45		1,925			1,478,828
5.88%, 11/02/51 †		725			533,981
6.88%, 04/29/30		1,850			1,895,850
7.38%, 09/18/43 †		858			799,098
7.75%, 02/01/32		1,650			1,706,810
8.38%, 01/19/36		1,750			1,815,574
8.62%, 01/19/29		1,100			1,187,428
8.88%, 01/13/33		2,200			2,384,166
Empresas Publicas de Medellin ESP 144A
4.25%, 07/18/29		1,550			1,469,159
4.38%, 02/15/31		925			860,016
Geopark Ltd. 144A 8.75%, 01/31/30 †		700			661,654
Grupo Aval Ltd. 144A 4.38%, 02/04/30		1,650			1,558,086
Grupo Nutresa SA 144A
8.00%, 05/12/30		2,450			2,635,588
9.00%, 05/12/35		2,350			2,672,538
Oleoducto Central SA 144A 4.00%, 07/14/27		650			640,468
Telecomunicaciones Digitales SA 144A 4.50%, 01/30/30		850			813,049
Termocandelaria Power SA 144A 7.75%, 09/17/31		700			727,682
					27,408,368
Costa Rica: 0.3%
Instituto Costarricense de Electricidad 144A
6.38%, 05/15/43		875			864,439
6.75%, 10/07/31		450			474,408
					1,338,847
Cyprus: 0.1%
MHP Lux SA 144A 6.25%, 09/19/29		450			363,297
Czech Republic: 0.5%
Czechoslovak Group AS 144A 6.50%, 01/10/31		1,700			1,758,828
Energo - Pro as 144A 11.00%, 11/02/28		400			422,000
					2,180,828

See Notes to Financial Statements

	Par (000’s		)	Value
Dominican Republic: 0.3%
Aeropuertos Dominicanos Siglo XXI SA 144A 7.00%, 06/30/34	$	750		$	786,281
Empresa Generadora de Electricidad Haina SA 144A 5.62%, 11/08/28		500			487,875
					1,274,156
El Salvador: 0.2%
Comision Ejecutiva Hidroelectrica del Rio Lempa 144A 8.65%, 01/24/33 †		800			848,400
Georgia: 0.5%
Georgia Global Utilities JSC 144A 8.88%, 07/25/29		500			531,072
Georgian Railway JSC 144A 4.00%, 06/17/28		775			729,234
Silk Road Group Holding LLC 144A 7.50%, 09/15/30		700			701,985
					1,962,291
Guatemala: 0.4%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 144A 5.25%, 04/27/29 †		1,700			1,667,374
Hungary: 0.6%
OTP Bank Nyrt Reg S
7.30% (US Treasury Yield Curve Rate T 5 Year+2.86%), 07/30/35 (a)		1,000			1,064,645
8.75% (US Treasury Yield Curve Rate T 5 Year+5.06%), 05/15/33 (a)		1,350			1,453,453
					2,518,098
India: 4.4%
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.70%, 03/12/42		595			588,397
Continuum Green Energy India Pvt / Co-Issuers 144A 7.50%, 06/26/33		965			1,018,020
Delhi International Airport Ltd. 144A
6.12%, 10/31/26		825			834,173
6.45%, 06/04/29		900			937,316
GMR Hyderabad International Airport Ltd. 144A 4.25%, 10/27/27		550			542,628
IIFL Finance Ltd. 144A 8.75%, 07/24/28 †		650			667,149

	Par (000’s		)	Value
India (continued)
IRB Infrastructure Developers Ltd. 144A 7.11%, 03/11/32	$	1,200		$	1,249,208
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		863			815,968
JSW Infrastructure Ltd. 144A 4.95%, 01/21/29		600			604,791
JSW Steel Ltd. 144A
3.95%, 04/05/27		750			737,109
5.05%, 04/05/32		925			902,865
Manappuram Finance Ltd. Reg S 7.38%, 05/12/28		600			613,808
Muthoot Finance Ltd. 144A
6.38%, 04/23/29		1,000			1,015,316
6.38%, 03/02/30		1,200			1,220,323
7.12%, 02/14/28		1,300			1,331,387
Piramal Capital & Housing Finance Ltd. Reg S 7.80%, 01/29/28		800			820,690
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		950			918,394
SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL 144A 7.80%, 07/31/31		471			477,819
Sammaan Capital Ltd. 144A
8.95%, 08/28/28		1,150			1,210,688
9.70%, 07/03/27		500			524,931
Shriram Finance Ltd. 144A
6.15%, 04/03/28		750			770,339
6.62%, 04/22/27		1,300			1,331,866
					19,133,185
Indonesia: 0.8%
Bakrie Telecom Pte Ltd. Reg S 11.50%, 05/07/15 (d) *		111			427
Indika Energy Tbk PT 144A 8.75%, 05/07/29		700			701,778
Nickel Industries Ltd. 144A 9.00%, 09/30/30		1,350			1,399,228
Pakuwon Jati Tbk PT Reg S 4.88%, 04/29/28		600			589,055
Sorik Marapi Geothermal Power PT 144A 7.75%, 08/05/31		576			591,948
					3,282,436
Israel: 2.0%
Energean Israel Finance Ltd. 144A Reg S 8.50%, 09/30/33		1,200			1,281,468
Leviathan Bond Ltd. 144A Reg S
6.50%, 06/30/27		960			966,312
6.75%, 06/30/30		875			885,559
Teva Pharmaceutical Finance Co. LLC

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)		Value
Israel (continued)
6.15%, 02/01/36	$	1,273		$	1,335,586
Teva Pharmaceutical Finance Netherlands III BV
4.10%, 10/01/46		3,223			2,424,327
6.75%, 03/01/28 †		2,010			2,088,896
					8,982,148
Kazakhstan: 0.1%
ForteBank JSC 144A 7.75%, 02/04/30		600			611,162
Luxembourg: 3.9%
Acu Petroleo Luxembourg Sarl 144A 7.50%, 01/13/32		398			404,238
Adecoagro SA 144A 7.50%, 07/29/32		800			756,840
Aegea Finance Sarl 144A
7.62%, 01/20/36		200			195,391
9.00%, 01/20/31		925			978,278
Ambipar Lux Sarl 144A
9.88%, 02/06/31 (d) *		400			91,524
10.88%, 02/05/33 (d) *		300			56,396
Constellation Oil Services Holding SA 144A 9.38%, 11/07/29		450			463,500
Cosan Luxembourg SA 144A 7.25%, 06/27/31		250			259,608
CSN Resources SA 144A
4.62%, 06/10/31 †		650			508,475
5.88%, 04/08/32		350			286,333
8.88%, 12/05/30		500			474,063
Energean Israel Finance Ltd. 144A Reg S
5.38%, 03/30/28		1,000			985,625
5.88%, 03/30/31		975			943,505
FORESEA Holding SA 144A 7.50%, 06/15/30		200			196,088
FS Luxembourg Sarl 144A
8.62%, 06/25/33		200			207,850
8.88%, 02/12/31		500			522,356
MC Brazil Downstream Trading Sarl 144A 7.25%, 06/30/31		1,072			883,147
Mexico Remittances Funding Fiduciary Estate Management Sarl 144A 12.50%, 10/15/31		550			573,375
Minerva Luxembourg SA 144A
4.38%, 03/18/31		700			646,060
8.88%, 09/13/33		775			848,477
Movida Europe SA 144A 7.85%, 04/11/29 †		350			320,621
Oceanica Lux 144A 13.00%, 10/02/29		375			372,067
OHI Group SA 144A 13.00%, 07/22/29		570			589,095
Poinsettia Finance Ltd. Sarl 144A

	Par (000’s		)	Value
Luxembourg (continued)
6.62%, 06/17/31	$	258		$	257,171
PRIO Luxembourg Holding Sarl 144A 6.75%, 10/15/30		500			492,375
Puma International Financing SA 144A 7.75%, 04/25/29 †		975			1,009,843
Rede D’or Finance Sarl 144A 6.45%, 09/09/35		400			409,970
Rumo Luxembourg Sarl 144A 4.20%, 01/18/32		325			300,152
Saavi Energia Sarl 144A 8.88%, 02/10/35		1,800			1,937,250
Sabesp Lux Sarl 144A 5.62%, 08/20/30		350			354,095
Threelands Energy Ltd. Sarl 144A 7.45%, 10/20/35		600			600,966
Vamos Europe SA 144A 9.20%, 01/26/31		200			186,908
					17,111,642
Mauritius: 1.6%
CA Magnum Holdings 144A 5.38%, 10/31/26		1,525			1,518,996
Greenko Power II Ltd. 144A 4.30%, 12/13/28		1,296			1,242,287
Greenko Wind Projects Mauritius Ltd. 144A 7.25%, 09/27/28		1,550			1,575,569
India Clean Energy Holdings 144A 4.50%, 04/18/27		750			731,755
India Green Power Holdings 144A 4.00%, 02/22/27		715			699,709
UPL Corp. Ltd. Reg S
4.50%, 03/08/28		600			584,617
4.62%, 06/16/30		800			743,652
					7,096,585
Mexico: 4.4%
Alsea SAB de CV 144A 7.75%, 12/14/26		800			802,889
Braskem Idesa SAPI 144A 6.99%, 02/20/32 †		1,700			1,090,859
Grupo Aeromexico SAB de CV 144A
8.25%, 11/15/29 †		750			757,500
8.62%, 11/15/31 †		1,000			1,005,307
Metalsa Sapi De Cv 144A 3.75%, 05/04/31 †		450			394,711
Nemak SAB de CV 144A 3.62%, 06/28/31		775			678,986
Petroleos Mexicanos
5.35%, 02/12/28		325			325,913
5.50%, 06/27/44		175			134,463
5.62%, 01/23/46		175			134,106
5.95%, 01/28/31		1,025			1,003,271

See Notes to Financial Statements

	Par (000’s		)	Value
Mexico (continued)
6.35%, 02/12/48	$	425		$	340,962
6.38%, 01/23/45		325			264,251
6.50%, 03/13/27		600			612,225
6.50%, 01/23/29		300			306,847
6.50%, 06/02/41		450			396,569
6.62%, 06/15/35		750			720,330
6.62%, 06/15/38		150			138,451
6.70%, 02/16/32		2,100			2,099,512
6.75%, 09/21/47		1,675			1,388,547
6.84%, 01/23/30		650			667,608
6.95%, 01/28/60		1,050			865,547
7.69%, 01/23/50		2,350			2,133,084
8.75%, 06/02/29		700			755,837
10.00%, 02/07/33 †		525			614,460
Total Play
Telecomunicaciones SA de CV 144A
10.50%, 12/31/28		300			293,480
11.12%, 12/31/32		1,450			1,397,800
					19,323,515
Mongolia: 0.5%
Development Bank of Mongolia LLC Reg S 8.50%, 07/03/28		900			921,937
Golomt Bank 144A 11.00%, 05/20/27		625			647,556
Trade & Development Bank of Mongolia LLC Reg S 8.50%, 12/23/27		450			446,294
					2,015,787
Morocco: 0.7%
OCP SA 144A
3.75%, 06/23/31		1,325			1,244,433
5.12%, 06/23/51		1,100			929,449
6.88%, 04/25/44 †		975			1,028,638
					3,202,520
Netherlands: 2.4%
Braskem Netherlands Finance BV 144A
8.00%, 10/15/34		650			267,728
8.50%, 01/12/31		575			241,946
Petrobras Global Finance BV
5.12%, 09/10/30 †		300			296,325
5.50%, 06/10/51		321			268,742
6.00%, 01/13/35 †		575			567,152
6.25%, 01/10/36 †		500			493,807
6.50%, 07/03/33		557			579,475
Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/27		1,125			1,126,218
5.12%, 05/09/29 †		1,605			1,616,227
6.00%, 12/01/32		775			809,521
7.88%, 09/15/29		675			738,886
8.12%, 09/15/31		600			688,495
Teva Pharmaceutical Finance Netherlands IV BV 5.75%, 12/01/30		1,150			1,189,899

	Par (000’s		)	Value
Netherlands (continued)
Yinson Bergenia Production BV 144A 8.50%, 01/31/45	$	900		$	945,728
Yinson Boronia Production BV 144A 8.95%, 07/31/42		760			831,206
					10,661,355
Nigeria: 0.3%
SEPLAT Energy PLC 144A 9.12%, 03/21/30		1,000			1,021,550
United Bank for Africa PLC 144A 6.75%, 11/19/26		475			476,924
					1,498,474
Oman: 2.0%
AL Jawaher Assets Co. Spc 144A 4.66%, 10/29/30		1,250			1,246,126
EDO Sukuk Ltd. 144A 5.88%, 09/21/33 †		1,450			1,548,977
Mazoon Assets Co. SAOC 144A
5.20%, 11/08/27		900			913,508
5.25%, 10/09/31		1,125			1,153,008
5.50%, 02/14/29		775			797,862
OmGrid Funding Ltd. 144A 5.20%, 05/16/27		900			909,113
OQ SAOC 144A 5.12%, 05/06/28		1,250			1,264,300
Oztel Holdings SPC Ltd. 144A 6.62%, 04/24/28		1,100			1,156,701
					8,989,595
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		650			618,279
Panama: 1.1%
AES Panama Generation Holdings SRL 144A 4.38%, 05/31/30		2,117			1,978,494
Banco General SA 144A 5.25% (US Treasury Yield Curve Rate T 10 Year+3.67%), 05/07/31 (o)(a)		575			545,445
Banistmo SA 144A 4.25%, 07/31/27		650			642,754
Empresa de Transmision Electrica SA 144A 5.12%, 05/02/49		800			613,148
Global Bank Corp. 144A 5.25%, 04/16/29		500			493,188
Multibank, Inc. 144A 7.75%, 02/03/28		450			466,468
					4,739,497

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Paraguay: 0.2%
Frigorifico Concepcion SA 144A 7.70%, 07/21/28	$	425		$	287,300
Rutas 2 & 7 Finance Ltd. 144A 0.00%, 09/30/36 ^		623			468,334
					755,634
Peru: 2.4%
Auna SA 144A 10.00%, 12/18/29		600			637,875
Banco Internacional del Peru SAA Interbank 144A
6.40% (US Treasury Yield Curve Rate T 5 Year+2.07%), 04/30/35 (a)		500			516,900
7.62% (US Treasury Yield Curve Rate T 1 Year+3.65%), 01/16/34 (a)		525			562,719
Camposol SA 144A 6.00%, 02/03/27		425			417,428
Cia de Minas Buenaventura SAA 144A 6.80%, 02/04/32		1,050			1,094,625
InRetail Shopping Malls 144A 5.65%, 10/16/32		600			605,964
Minsur SA 144A 4.50%, 10/28/31		800			768,771
Orazul Energy Peru SA 144A 6.25%, 09/17/32		600			610,250
Peru LNG Srl 144A 5.38%, 03/22/30		1,125			1,087,347
Petroleos del Peru SA 144A
4.75%, 06/19/32		1,550			1,330,776
5.62%, 06/19/47		3,175			2,289,349
San Miguel Industrias PET SA / NG PET R&P Latin America SA 144A 3.75%, 08/02/28		625			597,356
					10,519,360
Poland: 0.3%
Canpack SA / Canpack US LLC 144A 3.88%, 11/15/29		1,300			1,235,868
Saudi Arabia: 0.1%
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.88%, 02/26/27		600			604,631
Serbia: 0.3%
Telecommunications co Telekom Srbija AD Belgrade 144A 7.00%, 10/28/29 †		1,450			1,459,527
Singapore: 0.9%
Avation Group S Pte Ltd. 144A 8.50%, 05/15/31		450			438,750

	Par (000’s		)	Value
Singapore (continued)
Boroo Investments Pte Ltd. 144A 9.50%, 08/07/32	$	500		$	471,250
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27		725			745,647
Medco Cypress Tree Pte Ltd. 144A 8.62%, 05/19/30		750			795,588
Medco Maple Tree Pte Ltd. 144A 8.96%, 04/27/29 †		675			709,772
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		590			609,029
					3,770,036
South Africa: 1.4%
Eskom Holdings SOC Ltd. 144A
6.35%, 08/10/28		1,616			1,669,570
8.45%, 08/10/28		825			885,468
Eskom Holdings SOC Ltd. Reg S 4.31%, 07/23/27		750			741,844
Sasol Financing USA LLC 6.50%, 09/27/28		1,275			1,257,804
Transnet/South Africa 144A 8.25%, 02/06/28 †		1,550			1,639,840
					6,194,526
Spain: 0.8%
AES Espana BV 144A 5.70%, 05/04/28		500			489,393
AI Candelaria Spain SA 144A 5.75%, 06/15/33		900			817,443
Colombia Telecomunicaciones SA ESP 144A 4.95%, 07/17/30		825			742,285
EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU 144A 8.50%, 06/30/32		650			681,681
International Airport Finance SA 144A 12.00%, 03/15/33		511			545,689
					3,276,491
Tanzania: 0.1%
AngloGold Ashanti Holdings PLC 6.50%, 04/15/40		525			562,638
Thailand: 1.1%
Bangkok Bank PCL 144A 3.73% (US Treasury Yield Curve Rate T 5 Year+1.90%), 09/25/34 (a)		1,800			1,715,271
GC Treasury Center Co. Ltd. 144A

See Notes to Financial Statements

	Par (000’s		)	Value
Thailand (continued)
6.50% (US Treasury Yield Curve Rate T 5 Year+2.81%), 09/10/30 (o) †(a)	$	950		$	962,443
7.12% (US Treasury Yield Curve Rate T 5 Year+3.16%), 03/10/35 (o)(a)		800			828,294
Muangthai Capital PCL 144A 7.55%, 07/21/30		600			621,720
Muangthai Capital PCL Reg S 6.88%, 09/30/28		600			609,436
					4,737,164
Togo: 0.2%
Ecobank Transnational, Inc. 144A 10.12%, 10/15/29		800			871,228
Trinidad and Tobago: 0.6%
Heritage Petroleum Co. Ltd. 144A 9.00%, 08/12/29		775			796,700
National Gas Co. of Trinidad & Tobago Ltd. 144A 6.05%, 01/15/36		525			488,520
Telecommunications Services of Trinidad & Tobago Ltd. 144A 8.88%, 10/18/29		475			485,920
Trinidad Generation UnLtd 144A 7.75%, 06/16/33		900			943,844
					2,714,984
Turkey: 8.6%
Akbank TAS 144A
7.50%, 01/20/30		600			629,483
7.88% (US Treasury Yield Curve Rate T 5 Year+3.73%), 09/04/35 (a)		550			561,083
Anadolu Efes Biracilik Ve Malt Sanayii AS 144A 3.38%, 06/29/28		600			556,663
Arcelik AS Reg S 8.50%, 09/25/28 †		500			525,850
Aydem Yenilenebilir Enerji AS 144A 9.88%, 09/30/30		625			617,066
Cimko Cimento Ve Beton Sanayi Ve Ticaret AS 144A 10.75%, 05/21/30		350			367,104
Eregli Demir ve Celik Fabrikalari TAS 144A 8.38%, 07/23/29		1,100			1,149,284
Ford Otomotiv Sanayi AS 144A 7.12%, 04/25/29		600			620,253
GDZ Elektrik Dagitim AS 144A 9.00%, 10/15/29 †		650			637,864

	Par (000’s		)	Value
Turkey (continued)
ICA ICTAS Altyapi Yavuz Sultan Selim Koprusu Ve Kuzey Cevre Otoyolu Yatirim Ve I Reg S 7.54%, 10/31/27	$	500		$	511,918
Limak Cimento Sanayi ve Ticaret AS 144A 9.75%, 07/25/29		825			848,747
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS 144A 9.50%, 07/10/36		387			393,334
Limak Yenilenebilir Enerji AS 144A 9.62%, 08/12/30		600			593,638
Mersin Uluslararasi Liman Isletmeciligi AS 144A 8.25%, 11/15/28		700			731,293
Pegasus Hava Tasimaciligi AS 144A 8.00%, 09/11/31		600			621,443
QNB Bank AS Reg S
7.25%, 05/21/29		400			423,042
10.75% (US Treasury Yield Curve Rate T 5 Year+6.24%), 11/15/33 (a)		500			562,615
Ronesans Holding AS 144A 8.50%, 10/10/29		500			503,328
TAV Havalimanlari Holding AS 144A 8.50%, 12/07/28		475			495,701
TC Ziraat Bankasi AS 144A
7.25%, 02/04/30		900			927,625
8.00%, 01/16/29		700			737,195
8.99% (US Treasury Yield Curve Rate T 5 Year+4.33%), 08/02/34 (a)		600			634,023
Turk Ekonomi Bankasi AS Reg S 9.38% (US Treasury Yield Curve Rate T 5 Year+5.41%), 01/17/34 (a)		500			532,782
Turk Telekomunikasyon AS 144A
6.95%, 10/07/32		700			708,461
7.38%, 05/20/29		600			621,592
Turkcell Iletisim Hizmetleri AS 144A
5.80%, 04/11/28		575			577,315
7.45%, 01/24/30		600			625,207
7.65%, 01/24/32		650			681,665
Turkiye Garanti Bankasi AS 144A

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Turkey (continued)
7.62% (US Treasury Yield Curve Rate T 5 Year+3.87%), 04/15/36 (a)	$	800		$	803,426
8.12% (US Treasury Yield Curve Rate T 5 Year+3.84%), 01/03/35 (a)		900			928,836
8.12% (US Treasury Yield Curve Rate T 5 Year+4.33%), 01/08/36 †(a)		650			668,862
8.38% (US Treasury Yield Curve Rate T 5 Year+4.09%), 02/28/34 (a)		550			572,664
Turkiye Ihracat Kredi Bankasi AS 144A
6.38%, 10/03/30		400			397,882
6.88%, 07/03/28		200			205,519
7.50%, 02/06/28		1,200			1,244,944
9.00%, 01/28/27		625			657,186
Turkiye Is Bankasi AS 144A
7.38% (US Treasury Yield Curve Rate T 5 Year+3.63%), 04/02/36 (a)		600			594,107
7.75%, 06/12/29		600			625,265
Turkiye Sinai Kalkinma Bankasi AS 144A
7.12%, 10/17/29		450			462,100
7.38%, 07/02/30		350			360,885
9.38%, 10/19/28		400			435,683
Turkiye Vakiflar Bankasi TAO 144A
6.88%, 01/07/30		625			635,694
7.25%, 07/31/30		850			870,330
8.99% (US Treasury Yield Curve Rate T 5 Year+4.67%), 10/05/34 (a)		850			898,806
9.00%, 10/12/28		900			974,764
Turkiye Varlik Fonu Yonetimi AS Reg S 8.25%, 02/14/29		950			1,012,955
TVF Varlik Kiralama AS Reg S 6.95%, 01/23/30		2,000			2,075,115
Ulker Biskuvi Sanayi AS 144A 7.88%, 07/08/31		700			724,740
Vestel Elektronik Sanayi ve Ticaret AS 144A 9.75%, 05/15/29		600			419,589
Yapi ve Kredi Bankasi AS 144A
7.12%, 10/10/29		600			618,570
7.25%, 03/03/30		550			566,642
9.25%, 10/16/28		1,000			1,089,789

	Par (000’s		)	Value
Turkey (continued)
9.25% (US Treasury Yield Curve Rate T 5 Year+5.28%), 01/17/34 (a)	$	775		$	825,054
Ziraat Katilim Varlik Kiralama AS Reg S 9.38%, 11/12/26		500			523,016
Zorlu Enerji Elektrik Uretim AS 144A 11.00%, 04/23/30		1,350			1,214,006
					37,802,003
Ukraine: 0.6%
Kernel Holding SA 144A 6.75%, 10/27/27		400			373,310
Metinvest BV 144A
7.65%, 10/01/27		500			398,878
7.75%, 10/17/29		700			529,039
NAK Naftogaz Ukraine via Kondor Finance PLC 144A 7.62%, 11/08/28		846			664,528
Ukraine Railways Via Rail Capital Markets PLC Reg S 8.25%, 07/09/26		864			683,014
					2,648,769
United Arab Emirates: 1.2%
Alpha Star Holding VIII Ltd. Reg S 8.38%, 04/12/27		1,750			1,812,689
Axian Telecom Holding & Management PLC 144A 7.25%, 07/11/30		900			909,745
Binghatti Sukuk 2 Spv Ltd. Reg S 8.12%, 08/07/30 †		800			787,595
Shelf Drilling Holdings Ltd. 144A 9.62%, 04/15/29		1,600			1,683,597
					5,193,626
United Kingdom: 5.4%
Allwyn Entertainment Financing UK PLC 144A 7.88%, 04/30/29		1,019			1,057,748
Avianca Midco 2 PLC 144A
9.00%, 12/01/28 †		1,775			1,775,000
9.62%, 02/14/30		1,550			1,539,313
Azule Energy Finance PLC 144A 8.12%, 01/23/30		1,900			1,911,323
Bidvest Group UK PLC 144A 6.20%, 09/17/32		800			811,650
Biocon Biologics Global PLC 144A 6.67%, 10/09/29		1,300			1,286,036
Endeavour Mining PLC 144A 7.00%, 05/28/30		850			876,752
IHS Holding Ltd. 144A
6.25%, 11/29/28 †		750			750,303
7.88%, 05/29/30		800			817,555
8.25%, 11/29/31 †		1,100			1,148,885

See Notes to Financial Statements

	Par (000’s		)	Value
United Kingdom (continued)
Panama Infrastructure Receivable Purchaser PLC 144A 0.00%, 04/05/32 ^	$	2,300		$	1,757,292
Sisecam UK PLC 144A
8.25%, 05/02/29		750			768,388
8.62%, 05/02/32 †		950			980,497
Trident Energy Finance PLC 144A 12.50%, 11/30/29		400			409,353
Ukraine Railways Via Rail Capital Markets PLC Reg S 7.88%, 07/15/28		469			350,733
Vedanta Resources Finance II PLC 144A
9.12%, 10/15/32		700			694,105
9.47%, 07/24/30		800			812,553
9.85%, 04/24/33		800			809,670
10.25%, 06/03/28		600			620,734
10.88%, 09/17/29		1,850			1,940,977
11.25%, 12/03/31		800			848,467
WE Soda Investments Holding PLC 144A
9.38%, 02/14/31		600			597,923
9.50%, 10/06/28		1,150			1,155,051
					23,720,308
United States: 3.4%
3R Lux SARL 144A 9.75%, 02/05/31		325			333,434
Azul Secured Finance LLP 10.88%, 08/28/30 (d) *		114			7,476
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 144A 5.38%, 12/30/30		1,175			1,094,653
Kosmos Energy Ltd. 144A
7.50%, 03/01/28		650			520,657
7.75%, 05/01/27		500			470,410
8.75%, 10/01/31 †		875			588,862
Mong Duong Finance Holdings BV 144A 5.12%, 05/07/29		745			738,838
Playtika Holding Corp. 144A 4.25%, 03/15/29		950			858,890
Sasol Financing USA LLC 5.50%, 03/18/31		1,375			1,169,334
Sasol Financing USA LLC 144A 8.75%, 05/03/29		1,550			1,575,380
SierraCol Energy Andina LLC 144A 6.00%, 06/15/28		958			940,636
Stillwater Mining Co. 144A
4.00%, 11/16/26		1,100			1,089,464
4.50%, 11/16/29		850			797,077
Wynn Macau Ltd. 144A
5.12%, 12/15/29		1,600			1,575,040
5.50%, 10/01/27		1,175			1,174,509

	Par (000’s		)	Value
United States (continued)
5.62%, 08/26/28	$	2,150		$	2,149,267
					15,083,927
Uruguay: 0.1%
Navios South American Logistics, Inc. 144A Reg S 8.88%, 07/14/30		600			623,435
Uzbekistan: 1.8%
JSCB Agrobank 144A 9.25%, 10/02/29		700			763,745
National Bank of Uzbekistan Reg S 8.50%, 07/05/29		900			964,329
Navoi Mining & Metallurgical Combinat 144A
6.70%, 10/17/28		850			885,665
6.75%, 05/14/30		800			844,462
6.95%, 10/17/31		750			804,711
Navoiyuran State Enterprise 144A 6.70%, 07/02/30		450			455,584
Uzbek Industrial and Construction Bank ATB 144A 8.95%, 07/24/29 †		600			649,154
Uzbekneftegaz JSC 144A
4.75%, 11/16/28		1,050			999,782
8.75%, 05/07/30		1,400			1,495,084
					7,862,516
Total Corporate Bonds (Cost: $418,641,878)					415,490,964

GOVERNMENT OBLIGATIONS: 2.6%
Argentina: 2.3%
Ciudad Autonoma De Buenos Aires 144A 7.50%, 06/01/27		933			927,528
Provincia de Buenos Aires 144A 6.62%, 09/01/37 (s)		9,712			7,150,519
Provincia de Cordoba 144A
6.88%, 02/01/29 (s)		782			744,785
9.75%, 07/02/32		1,050			1,080,608
Provincia de Mendoza 144A 5.75%, 03/19/29 (s)		498			465,004
					10,368,444
Turkey: 0.3%
Istanbul Metropolitan Municipality 144A
10.50%, 12/06/28		825			907,004
10.75%, 04/12/27		375			399,992
					1,306,996
Total Government Obligations (Cost: $8,343,009)					11,675,440

	Number of Shares
COMMON STOCK: 0.0% (Cost: $31,555)

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Number of Shares		Value
Brazil: 0.0%
Azul SA (ADR) *		33,497	$	19,582

Total Investments Before Collateral for Securities Loaned: 97.1% (Cost: $427,016,442)				427,185,986

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3%
Money Market Fund: 5.3% (Cost: $23,309,264)
State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x)		23,309,264	$	23,309,264
Total Investments: 102.4% (Cost: $450,325,706)				450,495,250
Liabilities in excess of other assets: (2.4)%				(10,664,763)
NET ASSETS: 100.0%			$	439,830,487

Definitions:

ADR	American Depositary Receipt

Footnotes:

(a)	Variable rate security — the rate shown is as of 10/31/25
(d)	Security in default
(o)	Perpetual Maturity — the date shown, if applicable, is the next call date
(s)	Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at October 31, 2025.
(x)	Rate shown is the 1-day yield as of 10/31/25.
*	Non-income producing
^	Zero Coupon Bond
†	Security fully or partially on loan. Total market value of securities on loan is $24,860,398.
∞	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 $324,413,023, or 73.8% of net assets.

See Notes to Financial Statements

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds
Argentina	$	—	$	22,147,664	$	—	$	22,147,664
Australia		—		310,143		—		310,143
Austria		—		920,711		—		920,711
Azerbaijan		—		1,379,145		—		1,379,145
Bahrain		—		3,993,533		—		3,993,533
Bermuda		—		3,412,452		0		3,412,452
Brazil		—		24,736,378		—		24,736,378
British Virgin Islands		—		502,369		—		502,369
Canada		—		11,429,133		—		11,429,133
Cayman Islands		—		31,763,329		—		31,763,329
Chile		—		9,147,236		—		9,147,236
China		—		29,284,361		—		29,284,361
Colombia		—		27,408,368		—		27,408,368
Costa Rica		—		1,338,847		—		1,338,847
Cyprus		—		363,297		—		363,297
Czech Republic		—		2,180,828		—		2,180,828
Dominican Republic		—		1,274,156		—		1,274,156
El Salvador		—		848,400		—		848,400
Georgia		—		1,962,291		—		1,962,291
Guatemala		—		1,667,374		—		1,667,374
Hungary		—		2,518,098		—		2,518,098
India		—		19,133,185		—		19,133,185
Indonesia		—		3,282,436		—		3,282,436
Israel		—		8,982,148		—		8,982,148
Kazakhstan		—		611,162		—		611,162
Luxembourg		—		17,111,642		—		17,111,642
Mauritius		—		7,096,585		—		7,096,585
Mexico		—		19,323,515		—		19,323,515
Mongolia		—		2,015,787		—		2,015,787
Morocco		—		3,202,520		—		3,202,520
Netherlands		—		10,661,355		—		10,661,355
Nigeria		—		1,498,474		—		1,498,474
Oman		—		8,989,595		—		8,989,595
Pakistan		—		618,279		—		618,279
Panama		—		4,739,497		—		4,739,497
Paraguay		—		755,634		—		755,634
Peru		—		10,519,360		—		10,519,360
Poland		—		1,235,868		—		1,235,868
Saudi Arabia		—		604,631		—		604,631
Serbia		—		1,459,527		—		1,459,527
Singapore		—		3,770,036		—		3,770,036
South Africa		—		6,194,526		—		6,194,526
Spain		—		3,276,491		—		3,276,491
Tanzania		—		562,638		—		562,638
Thailand		—		4,737,164		—		4,737,164
Togo		—		871,228		—		871,228
Trinidad and Tobago		—		2,714,984		—		2,714,984
Turkey		—		37,802,003		—		37,802,003
Ukraine		—		2,648,769		—		2,648,769
United Arab Emirates		—		5,193,626		—		5,193,626
United Kingdom		—		23,720,308		—		23,720,308
United States		—		15,083,927		—		15,083,927
Uruguay		—		623,435		—		623,435
Uzbekistan		—		7,862,516		—		7,862,516
Government Obligations *		—		11,675,440		—		11,675,440

See Notes to Financial Statements

VANECK EMERGING MARKETS HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Common Stock *	$	19,582	$	—	$	—	$	19,582
Money Market Fund		23,309,264		—		—		23,309,264
Total Investments	$	23,328,846	$	427,166,404	$	0	$	450,495,250

See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 97.7%
Australia: 2.8%
Buckeye Partners LP
3.95%, 12/01/26	$	31,626		$	31,371,740
4.12%, 12/01/27		21,075			20,853,198
5.60%, 10/15/44		15,800			14,652,316
5.85%, 11/15/43		21,063			19,781,679
					86,658,933
Canada: 5.1%
Bombardier, Inc. 144A 7.45%, 05/01/34 †		26,913			29,964,853
Methanex Corp.
5.25%, 12/15/29 †		36,875			36,795,520
5.65%, 12/01/44 †		15,825			13,808,512
Rogers Communications, Inc. 144A 5.25% (US Treasury Yield Curve Rate T 5 Year+3.59%), 03/15/82 (a)		39,562			39,358,643
TransAlta Corp. 6.50%, 03/15/40		15,840			16,076,166
Wilton RE Ltd. 144A 6.00% (US Treasury Yield Curve Rate T 5 Year+5.27%), 10/22/30 (o)(a)		21,140			20,989,355
					156,993,049
Germany: 1.9%
Dresdner Funding Trust I 144A 8.15%, 06/30/31		52,654			58,627,775
Ireland: 2.6%
Aptiv Swiss Holdings Ltd. 6.88% (US Treasury Yield Curve Rate T 5 Year+3.38%), 12/15/54 †(a)		26,425			27,017,369
Perrigo Finance Unlimited Co.
4.90%, 06/15/30		39,550			38,720,122
4.90%, 12/15/44		16,050			13,277,167
					79,014,658
Italy: 3.7%
Telecom Italia Capital SA
6.00%, 09/30/34		26,350			27,028,618
6.38%, 11/15/33		26,300			27,751,208
7.20%, 07/18/36		26,350			28,744,424
7.72%, 06/04/38		26,325			29,475,098
					112,999,348
Japan: 6.7%
Nissan Motor Co. Ltd. 144A
4.34%, 09/17/27		107,228			105,138,726
4.81%, 09/17/30		107,250			100,662,998
					205,801,724
United Kingdom: 4.9%
Standard Chartered PLC 144A 7.01%, 07/30/37 (o)		39,500			41,658,833

	Par (000’s		)	Value
United Kingdom (continued)
Vodafone Group PLC 7.00% (USD Swap Semi 30/360 5 Year+4.87%), 04/04/79 (a)	$	105,389		$	111,354,966
					153,013,799
United States: 70.0%
Advance Auto Parts, Inc.
1.75%, 10/01/27		18,450			17,288,543
3.50%, 03/15/32 †		18,442			15,990,581
3.90%, 04/15/30 †		26,350			24,182,431
5.95%, 03/09/28 †		15,809			16,044,870
Bath & Body Works, Inc. 6.95%, 03/01/33		15,042			15,601,938
BlackRock TCP Capital Corp. 6.95%, 05/30/29 †		17,175			17,447,819
Brandywine Operating Partnership LP
3.95%, 11/15/27		23,725			23,374,174
4.55%, 10/01/29 †		18,444			17,742,361
8.30%, 03/15/28		18,450			19,720,854
Celanese US Holdings LLC
6.67%, 07/15/27		69,957			71,857,522
6.83%, 07/15/29 †		35,000			35,775,425
6.85%, 11/15/28		46,649			48,350,009
6.88%, 07/15/32		46,650			46,910,913
7.05%, 11/15/30		46,653			47,511,275
7.20%, 11/15/33 †		46,650			47,873,583
Crane NXT Co. 4.20%, 03/15/48		18,563			13,191,007
Crown Cork & Seal Co., Inc. 7.38%, 12/15/26		18,497			19,031,656
Diversified Healthcare Trust 4.75%, 02/15/28 †		26,425			25,234,197
DPL LLC/Ohio 4.35%, 04/15/29		21,130			20,824,367
Embarq LLC 8.00%, 06/01/36 †		64,100			29,378,953
Entegris, Inc. 144A 4.75%, 04/15/29		84,315			83,869,800
Fluor Corp. 4.25%, 09/15/28		26,734			26,566,995
Frontier Florida LLC 6.86%, 02/01/28 †		15,851			16,492,411
HB Fuller Co. 4.00%, 02/15/27		15,886			15,698,812
Hudson Pacific Properties LP
3.25%, 01/15/30 †		21,075			18,016,590
3.95%, 11/01/27		21,075			20,194,797
4.65%, 04/01/29 †		26,363			24,295,497
5.95%, 02/15/28 †		18,454			18,063,477
Huntsman International LLC
2.95%, 06/15/31		21,075			17,106,951
4.50%, 05/01/29		39,520			36,548,430
5.70%, 10/15/34 †		18,450			16,107,349
Kohl’s Corp.
5.12%, 05/01/31		26,364			20,561,408
5.55%, 07/17/45 †		22,500			14,715,000
Lumen Technologies, Inc.

See Notes to Financial Statements

VANECK FALLEN ANGEL HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
7.60%, 09/15/39 †	$	18,425		$	18,286,813
Macy’s Retail Holdings LLC
4.30%, 02/15/43		13,150			9,543,039
4.50%, 12/15/34 †		19,300			17,213,141
5.12%, 01/15/42 †		13,175			10,756,864
Murphy Oil Corp. 5.88%, 12/01/42		17,900			15,254,348
Navient Corp. 5.62%, 08/01/33 †		31,364			28,423,697
Newell Brands, Inc.
7.38%, 04/01/36 †		22,121			20,895,196
7.50%, 04/01/46		35,100			29,045,131
Nissan Motor Acceptance Co. LLC 144A
2.45%, 09/15/28		15,025			13,801,956
2.75%, 03/09/28		25,742			24,178,029
5.30%, 09/13/27 †		17,175			17,110,567
5.55%, 09/13/29		12,875			12,810,788
7.05%, 09/15/28		30,050			31,282,683
Nordstrom, Inc.
4.00%, 03/15/27		18,447			18,163,283
4.25%, 08/01/31 †		22,400			20,508,071
4.38%, 04/01/30		26,350			25,051,295
5.00%, 01/15/44		50,850			38,413,265
6.95%, 03/15/28		15,800			16,432,316
Oceaneering International, Inc. 6.00%, 02/01/28		15,805			15,964,409
PacifiCorp 7.38% (US Treasury Yield Curve Rate T 5 Year+3.32%), 09/15/55 †(a)		44,825			47,148,818
Prospect Capital Corp.
3.36%, 11/15/26 †		15,850			15,362,803
3.44%, 10/15/28 †		14,800			13,325,972
Resorts World Las Vegas LLC / RWLV Capital, Inc. Reg S
4.62%, 04/16/29		52,710			47,616,555
4.62%, 04/06/31		18,450			15,769,110
Rockies Express Pipeline LLC 144A
4.80%, 05/15/30		18,450			18,108,885
4.95%, 07/15/29		28,980			28,824,375
6.88%, 04/15/40		26,345			27,186,143
7.50%, 07/15/38		13,175			14,334,756
Safeway, Inc. 7.25%, 02/01/31		13,805			14,989,041
Sealed Air Corp. 144A 6.88%, 07/15/33		23,739			25,868,151
Service Properties Trust
3.95%, 01/15/28 †		21,083			19,634,665
4.38%, 02/15/30 †		21,075			17,760,233
4.95%, 02/15/27 †		21,075			21,036,289
4.95%, 10/01/29 †		22,400			19,380,787
Spirit AeroSystems, Inc. 4.60%, 06/15/28 †		36,930			37,227,988
Steelcase, Inc.

	Par (000’s		)	Value
United States (continued)
5.12%, 01/18/29 †	$	11,671		$	11,422,991
Tenet Healthcare Corp. 6.88%, 11/15/31 †		19,100			20,763,992
Toledo Hospital
4.98%, 11/15/45		14,400			12,380,112
5.33%, 11/15/28 †		16,850			17,231,126
6.01%, 11/15/48		21,085			20,413,443
Transocean International Ltd.
6.80%, 03/15/38 †		32,075			28,149,129
7.50%, 04/15/31 †		20,850			19,950,829
Travel + Leisure Co. 6.00%, 04/01/27		21,145			21,454,943
United States Steel Corp. 6.65%, 06/01/37		14,515			15,138,869
VF Corp.
2.80%, 04/23/27		26,344			25,672,837
2.95%, 04/23/30 †		39,525			34,797,604
6.00%, 10/15/33 †		14,600			14,092,986
6.45%, 11/01/37		15,125			14,199,028
Vornado Realty LP
3.40%, 06/01/31		18,500			16,681,914
Warnermedia Holdings, Inc. 4.28%, 03/15/32		15,450			13,456,950
Whirlpool Corp.
2.40%, 05/15/31		15,825			13,170,962
4.50%, 06/01/46 †		26,350			19,990,897
4.60%, 05/15/50 †		26,350			19,654,497
4.70%, 05/14/32 †		15,825			14,507,515
4.75%, 02/26/29		36,875			36,375,779
5.15%, 03/01/43		13,171			11,056,025
5.50%, 03/01/33 †		15,800			14,862,716
5.75%, 03/01/34 †		15,800			15,118,555
Xerox Corp.
4.80%, 03/01/35		13,300			4,013,940
6.75%, 12/15/39		18,538			6,888,350
XPO CNW, Inc.
6.70%, 05/01/34		15,825			16,891,922
Yum! Brands, Inc.
5.35%, 11/01/43		14,516			14,275,437
6.88%, 11/15/37		17,148			19,202,313
					2,160,095,118
Total Corporate Bonds (Cost: $2,995,889,199)					3,013,204,404

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:10.0%
Money Market Fund: 10.0%
(Cost: $309,815,339) State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x)		309,815,339			309,815,339

See Notes to Financial Statements

Number of Shares (continued)	Value
Total Investments: 107.7% (Cost: $3,305,704,538)	$	3,323,019,743
Liabilities in excess of other assets: (7.7)%		(237,189,165)
NET ASSETS: 100.0%	$	3,085,830,578

Definitions:

USD	United States Dollar

Footnotes:

(a)	Variable rate security — the rate shown is as of 10/31/25
(o)	Perpetual Maturity — the date shown, if applicable, is the next call date
(x)	Rate shown is the 1-day yield as of 10/31/25.
†	Security fully or partially on loan. Total market value of securities on loan is $319,621,257.

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 $693,777,316, or 22.5% of net assets.

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	3,013,204,404	$	—	$	3,013,204,404
Money Market Fund		309,815,339		—		—		309,815,339
Total Investments	$	309,815,339	$	3,013,204,404	$	—	$	3,323,019,743

*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

		Par (000’s	)		Value
CORPORATE BONDS: 84.6%
Australia: 1.0%
China Construction Bank Corp. Reg S 4.50%, 05/31/26	$	400		$	400,904
China Merchants Bank Co. Ltd. Reg S 4.65% (SOFR Compound Index+0.54%), 07/10/27 (a)		200			198,810
Fortescue Treasury Pty Ltd. 144A 6.12%, 04/15/32 †		400			417,686
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen 144A 5.88% (US Treasury Yield Curve Rate T 5 Year+3.98%), 05/23/42 (a)		600			629,512
					1,646,912
Bermuda: 0.4%
Bacardi Ltd. / Bacardi-Martini BV 144A 5.25%, 01/15/29		200			204,445
Investment Energy Resources Ltd. 144A 6.25%, 04/26/29		375			373,545
					577,990
Brazil: 0.6%
Banco BTG Pactual SA 144A 2.75%, 01/11/26 †		250			248,508
Klabin Austria GmbH 144A 7.00%, 04/03/49		300			317,766
Klabin Finance SA 144A 4.88%, 09/19/27		100			100,068
Rumo Luxembourg Sarl 144A 5.25%, 01/10/28		250			248,611
					914,953
British Virgin Islands: 0.3%
Amipeace Ltd. Reg S 1.75%, 11/09/26		300			293,226
Coastal Emerald Ltd. Reg S 4.60%, 04/16/28		200			200,833
					494,059
Canada: 1.3%
Brookfield Finance, Inc.
2.72%, 04/15/31		250			228,566
3.62%, 02/15/52		225			162,532
CDP Financial, Inc. 144A 1.00%, 05/26/26		500			491,938
Export Development Canada 4.75%, 06/05/34		500			525,612
Liberty Utilities Finance GP 1 144A 2.05%, 09/15/30		350			313,858
TransAlta Corp.

		Par (000’s	)		Value
Canada (continued)
7.75%, 11/15/29	$	200		$	208,389
Tucson Electric Power Co. 1.50%, 08/01/30		150			132,459
					2,063,354
Cayman Islands: 2.4%
Aldar Investment Properties Sukuk Ltd. Reg S
4.88%, 05/24/33		200			201,644
5.25%, 03/25/35		400			410,456
5.50%, 05/16/34		200			208,982
CK Hutchison International 24 Ltd. 144A 5.38%, 04/26/29 †		500			519,333
DP World Crescent Ltd. Reg S 5.50%, 09/13/33		750			783,388
Hongkong Land Finance Cayman Islands Co. Ltd. Reg S 2.25%, 07/15/31		200			179,238
MAF Sukuk Ltd. Reg S 5.00%, 06/01/33		200			204,400
Omniyat Sukuk 1 Ltd. Reg S 8.38%, 05/06/28		200			203,341
Saudi Electricity Sukuk Programme Co. Reg S
4.63%, 04/11/33		500			505,486
5.49%, 02/18/35		600			631,496
					3,847,764
Chile: 2.0%
AES Andes SA 144A
6.30%, 03/15/29		227			235,188
8.15% (US Treasury Yield Curve Rate T 5 Year+3.83%), 06/10/55 (a)		275			288,035
Colbun SA 144A
3.15%, 01/19/32		250			230,091
5.38%, 09/11/35 †		275			278,025
Engie Energia Chile SA 144A 6.38%, 04/17/34		250			266,955
Interchile SA 144A 4.50%, 06/30/56		550			485,347
Inversiones CMPC SA 144A
4.38%, 04/04/27 †		250			250,368
6.12%, 06/23/33		250			259,329
6.12%, 02/26/34 †		250			259,611
Sociedad Quimica y Minera de Chile SA 144A
3.50%, 09/10/51		350			249,275
6.50%, 11/07/33 †		375			404,521
					3,206,745
China: 5.5%
Airport Authority Reg S 1.75%, 01/12/27		500			487,840
Bocom Leasing Management Hong Kong Co. Ltd. Reg S 4.50%, 08/23/27		200			200,932

See Notes to Financial Statements

		Par (000’s	)		Value
China (continued)
4.81% (SOFR Compound Index+0.68%), 06/26/27 (a)	$	400		$	400,865
4.87% (SOFR Compound Index+0.67%), 03/07/28 (a)		200			200,652
4.97% (SOFR Compound Index+0.77%), 03/07/30 (a)		200			200,972
5.00%, 06/26/27		200			202,474
5.00% (SOFR Compound Index+0.75%), 08/23/27 (a)		200			200,551
Chengdu Tianfu New Area Investment Group Co. Ltd. Reg S 5.45%, 04/10/27		200			202,188
China Construction Bank Corp. Reg S
4.65% (SOFR Compound Index+0.55%), 07/16/27 (a)		600			601,045
4.88% (SOFR Compound Index+0.65%), 11/30/26 (a)		400			401,274
5.00%, 11/30/26		200			201,951
China Water Affairs Group Ltd. Reg S 4.85%, 05/18/26		200			198,345
CMB International Leasing Management Ltd. Reg S
4.89% (SOFR+0.68%), 06/05/28 (a)		400			400,319
4.97% (SOFR+0.76%), 06/04/27 (a)		400			400,935
5.01% (SOFR+0.80%), 06/05/30 (a)		200			200,995
Dianjian Haiyu Ltd. Reg S 4.30%, 09/10/27		200			200,853
Henan Railway Construction & Investment Group Co. Ltd. Reg S 4.80%, 01/10/28		200			201,270
ICBCIL Finance Co. Ltd. Reg S 2.25%, 11/02/26		400			392,396
Industrial & Commercial Bank of China Ltd. Reg S
1.62%, 10/28/26		450			439,586
4.50%, 01/19/26		200			200,148
4.73% (SOFR Compound Index+0.48%), 05/23/27 (a)		600			599,587
5.38%, 10/25/26		200			202,532
Lenovo Group Ltd. 144A 6.54%, 07/27/32		300			331,582
Link Finance Cayman 2009 Ltd. Reg S 2.88%, 07/21/26		200			198,162

		Par (000’s	)		Value
China (continued)
Midea Investment Development Co. Ltd. Reg S 2.88%, 02/24/27	$	200		$	196,957
MTR Corp. CI Ltd. Reg S 2.50%, 11/02/26		200			197,302
MTR Corp. Ltd. Reg S 1.62%, 08/19/30		600			542,654
Xiaomi Best Time International Ltd. Reg S 4.10%, 07/14/51		150			124,585
Yangzhou Economic and Technological Development Zone Development Group Co. Ltd. Reg S 4.98%, 03/19/28		200			200,239
Yanlord Land HK Co. Ltd. Reg S 5.12%, 05/20/26		200			197,498
					8,726,689
Colombia: 0.2%
Consorcio Transmantaro SA 144A 4.70%, 04/16/34		270			267,747
Denmark: 0.3%
Kommunekredit Reg S 5.12%, 11/01/27		400			410,445
Dominican Republic: 0.1%
UEP Penonome II SA 144A 6.50%, 10/01/38		117			105,410
France: 0.7%
Bank of China Ltd. Reg S
4.66% (SOFR Compound Index+0.58%), 10/29/27 (a)		200			200,621
4.75%, 11/23/25		200			200,121
BNP Paribas SA 144A 1.68% (SOFR+0.91%), 06/30/27 (a)		475			466,680
Electricite de France SA Reg S 5.25% (SOFR+1.15%), 01/20/30 (a)		200			201,031
					1,068,453
Georgia: 0.3%
Georgia Global Utilities JSC 144A 8.88%, 07/25/29		200			212,429
Georgian Railway JSC 144A 4.00%, 06/17/28		250			235,237
					447,666
Germany: 2.6%
Kreditanstalt fuer Wiederaufbau
0.75%, 09/30/30 †		958			832,359
1.00%, 10/01/26		1,425			1,389,761

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)		Value
Germany (continued)
1.75%, 09/14/29 †	$	955		$	890,310
4.38%, 02/28/34		950			974,424
					4,086,854
Hungary: 0.3%
MVM Energetika Zrt Reg S 7.50%, 06/09/28		400			425,480
India: 1.9%
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energy Pvt Ltd. 144A 6.70%, 03/12/42		198			196,132
Adani Renewable Energy RJ Ltd. / Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39		164			141,709
Continuum Green Energy India Pvt / Co-Issuers 144A 7.50%, 06/26/33		338			356,307
Indian Railway Finance Corp. Ltd. 144A 3.57%, 01/21/32 †		250			238,064
Indian Railway Finance Corp. Ltd. Reg S 3.83%, 12/13/27		200			198,081
JSW Hydro Energy Ltd. 144A 4.12%, 05/18/31		213			201,474
Power Finance Corp. Ltd. Reg S 3.75%, 12/06/27		200			197,240
REC Ltd. 144A
4.75%, 09/27/29		250			252,841
5.62%, 04/11/28 †		200			205,354
REC Ltd. Reg S 3.88%, 07/07/27		407			403,266
ReNew Pvt Ltd. 144A 5.88%, 03/05/27		150			150,205
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries 144A 4.50%, 07/14/28		300			290,019
SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL 144A 7.80%, 07/31/31		141			143,346
					2,974,038
Indonesia: 1.9%
Pertamina Geothermal Energy PT 144A 5.15%, 04/27/28		205			208,303
Perusahaan Penerbit SBSN Indonesia III 144A
3.55%, 06/09/51		375			279,140
4.70%, 06/06/32		700			710,155
5.20%, 07/23/35		500			515,035
5.50%, 07/02/54		300			303,534
5.60%, 11/15/33		400			426,063

		Par (000’s	)		Value
Indonesia (continued)
Sorik Marapi Geothermal Power PT 144A 7.75%, 08/05/31	$	192		$	197,316
Star Energy Geothermal Darajat II / Star Energy Geothermal Salak 144A 4.85%, 10/14/38		400			386,399
					3,025,945
Ireland: 1.3%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A 6.00%, 06/15/27		300			300,962
Smurfit Kappa Treasury ULC
5.20%, 01/15/30		400			412,785
5.44%, 04/03/34		600			621,549
5.78%, 04/03/54 †		400			408,280
Smurfit Westrock Financing DAC 5.42%, 01/15/35 †		350			360,855
					2,104,431
Japan: 2.9%
Central Nippon Expressway Co. Ltd. Reg S 0.89%, 12/10/25		200			199,301
Hokkaido Electric Power Co., Inc. Reg S 4.59%, 09/04/30		250			251,106
Honda Motor Co. Ltd.
2.53%, 03/10/27		510			499,871
2.97%, 03/10/32		350			320,543
Japan Bank for International Cooperation
1.62%, 01/20/27		250			243,571
4.38%, 10/05/27		250			252,798
Marubeni Corp. Reg S 1.58%, 09/17/26		200			195,331
Mitsui Fudosan Co. Ltd. 144A 2.57%, 01/21/32		150			132,834
Norinchukin Bank 144A
1.28%, 09/22/26 †		250			243,759
2.08%, 09/22/31		225			195,739
4.87%, 09/14/27		225			227,182
5.43%, 03/09/28 †		225			230,410
NTT Finance Corp. 144A 4.37%, 07/27/27		250			250,890
Sumitomo Mitsui Financial Group, Inc. 2.47%, 01/14/29		225			214,407
Sumitomo Mitsui Trust Bank Ltd. 144A
1.55%, 03/25/26		275			272,291
2.80%, 03/10/27		225			221,404
5.50%, 03/09/28 †		225			232,032
Toyota Motor Credit Corp. 2.15%, 02/13/30		350			323,762
					4,507,231

See Notes to Financial Statements

		Par (000’s	)		Value
Luxembourg: 1.7%
Aegea Finance Sarl 144A 7.62%, 01/20/36	$	400		$	390,781
Bank of China Ltd. Reg S 1.40%, 04/28/26		200			197,443
China Merchants Bank Co. Ltd. Reg S 1.25%, 09/01/26		200			195,373
FS Luxembourg Sarl 144A
8.62%, 06/25/33 †		250			259,812
8.88%, 02/12/31		175			182,824
Raizen Fuels Finance SA 144A
5.70%, 01/17/35 †		400			319,772
6.45%, 03/05/34		500			425,938
6.95%, 03/05/54 †		600			465,570
Sabesp Lux Sarl 144A 5.62%, 08/20/30		275			278,218
					2,715,731
Mauritius: 1.2%
Azure Power Energy Ltd. 144A 3.58%, 08/19/26		107			105,220
Clean Renewable Power Mauritius Pte Ltd. 144A 4.25%, 03/25/27		154			150,637
Diamond II Ltd. 144A 7.95%, 07/28/26		250			251,497
Greenko Power II Ltd. 144A 4.30%, 12/13/28		359			344,018
Greenko Wind Projects Mauritius Ltd. 144A 7.25%, 09/27/28		475			482,836
India Clean Energy Holdings 144A 4.50%, 04/18/27		200			195,134
India Cleantech Energy 144A 4.70%, 08/10/26		152			150,468
India Green Power Holdings 144A 4.00%, 02/22/27		217			212,033
					1,891,843
Mexico: 0.4%
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32		375			314,171
Trust Fibra Uno 144A 7.38%, 02/13/34		325			354,383
					668,554
Netherlands: 3.2%
ABN AMRO Bank NV 144A 2.47% (US Treasury Yield Curve Rate T 1 Year+1.10%), 12/13/29 (a)		500			474,121
ABN AMRO Bank NV Reg S 5.01% (SOFR+0.88%), 09/24/29 (a)		200			199,994
Alcoa Nederland Holding BV 144A

		Par (000’s	)		Value
Netherlands (continued)
7.12%, 03/15/31	$	375		$	396,697
Cooperatieve Rabobank UA 144A 1.11% (US Treasury Yield Curve Rate T 1 Year+0.55%), 02/24/27 (a)		504			499,025
EDP Finance BV 144A 6.30%, 10/11/27		229			237,211
Greenko Dutch BV 144A 3.85%, 03/29/26		433			428,518
ING Groep NV 144A 4.62%, 01/06/26		600			600,274
Nederlandse Waterschapsbank NV 144A
1.00%, 05/28/30		250			220,773
2.38%, 03/24/26		575			571,466
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.50%, 05/11/31		475			428,275
3.40%, 05/01/30		456			437,406
5.00%, 01/15/33		475			479,660
					4,973,420
Pakistan: 0.1%
Pakistan Water & Power Development Authority Reg S 7.50%, 06/04/31		200			190,240
Portugal: 0.3%
EDP Finance BV 144A 1.71%, 01/24/28		425			402,155
Saudi Arabia: 0.2%
Saudi Electricity Global Sukuk Co. 5 Reg S 2.41%, 09/17/30		300			273,689
Singapore: 0.6%
Continuum Energy Aura Pte Ltd. 144A 9.50%, 02/24/27		200			205,696
Industrial & Commercial Bank of China Ltd. Reg S 4.68% (SOFR Compound Index+0.60%), 10/25/26 (a)		600			601,047
Star Energy Geothermal Wayang Windu Ltd. 144A 6.75%, 04/24/33		159			164,602
					971,345
South Korea: 5.3%
Export-Import Bank of Korea
2.12%, 01/18/32		500			446,284
5.12%, 01/11/33		475			500,040
Export-Import Bank of Korea 144A 1.75%, 10/19/28		450			423,402
Hyundai Capital Services, Inc. 144A

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)		Value
South Korea (continued)
1.25%, 02/08/26	$	350		$	347,097
2.50%, 01/24/27		150			146,891
Kia Corp. 144A
1.75%, 10/16/26		200			195,231
2.75%, 02/14/27		100			98,169
Korea Electric Power Corp. 144A
4.88%, 01/31/27		550			555,407
5.38%, 04/06/26		225			226,082
5.50%, 04/06/28		100			103,398
Korea Electric Power Corp. Reg S 1.12%, 09/24/26		200			194,818
Korea Hydro & Nuclear Power Co. Ltd. 144A 5.00%, 07/18/28		250			255,812
Korea Ocean Business Corp. Reg S 4.62%, 05/09/30		200			204,068
Korea Water Resources Corp. Reg S 4.38%, 05/21/27		200			201,183
LG Chem Ltd. 144A
1.38%, 07/07/26		400			392,237
2.38%, 07/07/31		225			200,574
3.62%, 04/15/29		50			48,921
LG Energy Solution Ltd. 144A
5.38%, 07/02/27		300			304,688
5.38%, 07/02/29		350			358,908
5.50%, 07/02/34		300			306,820
5.62%, 09/25/26		200			202,097
5.75%, 09/25/28		250			258,664
5.88%, 04/02/35		250			260,024
POSCO 144A 4.88%, 01/23/27		265			267,000
POSCO Holdings, Inc. 144A
5.12%, 05/07/30		175			179,441
5.75%, 05/07/35		150			158,450
Shinhan Bank Co. Ltd. Reg S 4.94% (SOFR+0.85%), 10/22/29 (a)		200			201,714
SK hynix, Inc. 144A
2.38%, 01/19/31		500			453,476
6.50%, 01/17/33 †		375			415,663
SK On Co. Ltd. Reg S 5.38%, 05/11/26		400			402,066
					8,308,625
Spain: 0.2%
Avangrid, Inc. 3.80%, 06/01/29 †		375			369,158
Supranational: 5.5%
European Investment Bank
0.75%, 09/23/30		725			629,449
1.62%, 10/09/29		480			444,414
1.62%, 05/13/31		700			625,088
2.12%, 04/13/26		650			644,931
2.38%, 05/24/27		725			711,011
3.75%, 02/14/33		2,400			2,370,135

		Par (000’s	)		Value
Supranational (continued)
4.38%, 10/10/31	$	1,900		$	1,954,691
International Finance Corp. 2.12%, 04/07/26		589			584,450
The Arab Energy Fund 144A
1.48%, 10/06/26		350			340,676
5.43%, 05/02/29		400			416,133
					8,720,978
Sweden: 0.3%
Swedbank AB 144A 1.54%, 11/16/26		475			463,622
Turkey: 0.5%
Aydem Yenilenebilir Enerji AS 144A 9.88%, 09/30/30		300			296,191
Limak Yenilenebilir Enerji AS 144A 9.62%, 08/12/30		250			247,349
Turk Telekomunikasyon AS 144A 6.95%, 10/07/32		300			303,627
					847,167
United Arab Emirates: 4.1%
Abu Dhabi Future Energy Co. PJSC Masdar Reg S
4.88%, 07/25/29		200			204,352
4.88%, 05/21/30		200			204,707
4.88%, 07/25/33		400			406,628
5.25%, 07/25/34		200			207,905
5.38%, 05/21/35		200			208,899
Abu Dhabi National Energy Co. PJSC 144A
4.70%, 04/24/33		482			491,788
4.75%, 03/09/37		400			398,243
Adib Sukuk Co. II Ltd. Reg S 5.70%, 11/15/28		400			418,340
Bank of China Ltd. Reg S 4.76% (SOFR Compound Index+0.60%), 09/18/26 (a)		200			200,255
Commercial Bank of Dubai PSC Reg S 5.32%, 06/14/28		400			410,868
Emirates NBD Bank PJSC Reg S 5.88%, 10/11/28		300			315,799
First Abu Dhabi Bank PJSC Reg S 4.38%, 09/10/30		350			354,655
Industrial & Commercial Bank of China Ltd. Reg S 5.03% (SOFR Compound Index+0.93%), 01/19/26 (a)		400			400,120
MAF Sukuk Ltd. Reg S
3.93%, 02/28/30		415			407,333
4.64%, 05/14/29		200			201,459
MDGH GMTN RSC Ltd. 144A 5.88%, 05/01/34 †		400			440,677

See Notes to Financial Statements

		Par (000’s	)		Value
United Arab Emirates (continued)
National Central Cooling Co. PJSC Reg S 5.28%, 03/05/30	$	300		$	309,534
NBK SPC Ltd. 144A 5.50% (SOFR+1.16%), 06/06/30 (a)		250			259,464
Sobha Sukuk I Holding Ltd. Reg S 7.12%, 09/11/30		350			351,326
Sweihan PV Power Co. PJSC 144A 3.62%, 01/31/49		275			236,123
					6,428,475
United Kingdom: 1.9%
Atlantica Sustainable Infrastructure Ltd. 144A 4.12%, 06/15/28		250			242,226
Bank of China Ltd. Reg S 4.76% (SOFR Compound Index+0.59%), 09/14/26 (a)		200			200,283
Brookfield Finance I UK PLC / Brookfield Finance, Inc. 2.34%, 01/30/32		287			250,465
China Citic Bank Corp. Ltd. Reg S 4.66% (SOFR Compound Index+0.55%), 07/09/27 (a)		200			200,227
China Construction Bank Corp. Reg S 4.69% (SOFR Compound Index+0.50%), 09/11/28 (a)		400			400,321
China Merchants Bank Co. Ltd. Reg S 4.82% (SOFR Compound Index+0.65%), 06/13/26 (a)		200			200,028
Niagara Mohawk Power Corp. 144A 1.96%, 06/27/30		300			271,330
Shanghai Pudong Development Bank Co. Ltd. Reg S 4.72% (SOFR Compound Index+0.53%), 06/10/28 (a)		200			200,378
State Grid Europe Development 2014 PLC Reg S 3.25%, 04/07/27		200			198,508
Swire Properties MTN Financing Ltd. Reg S 3.50%, 01/10/28		200			197,102
Vmed O2 UK Financing I PLC 144A 4.75%, 07/15/31		600			555,792
					2,916,660

		Par (000’s	)		Value
United States: 33.0%
AES Corp.
1.38%, 01/15/26	$	375		$	372,654
2.45%, 01/15/31 †		482			436,976
5.45%, 06/01/28 †		425			432,610
7.60% (US Treasury Yield Curve Rate T 5 Year+3.20%), 01/15/55 (a)		475			487,161
Agricultural Bank of China Ltd. Reg S
1.25%, 01/19/26		200			198,783
2.00%, 01/18/27		200			195,265
Alexandria Real Estate Equities, Inc.
2.00%, 05/18/32		450			379,448
2.95%, 03/15/34		386			331,139
3.80%, 04/15/26		150			149,602
4.75%, 04/15/35		261			252,972
Ameren Missouri Securitization Funding I LLC 4.85%, 10/01/39		241			243,939
American Homes 4 Rent LP 5.50%, 02/01/34		300			309,973
Amgen, Inc. 3.00%, 02/22/29 †		379			365,854
Apple, Inc. 3.00%, 06/20/27		500			494,317
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A
3.25%, 09/01/28 †		275			262,578
4.00%, 09/01/29 †		505			471,226
Arizona Public Service Co. 2.65%, 09/15/50		200			123,646
AvalonBay Communities, Inc.
1.90%, 12/01/28		200			187,688
2.05%, 01/15/32		350			306,884
Bank of China Ltd. Reg S 4.62%, 06/26/26		300			301,035
Boston Properties LP
2.45%, 10/01/33		400			328,729
2.55%, 04/01/32		390			337,916
3.40%, 06/21/29		410			394,792
4.50%, 12/01/28		475			475,744
6.50%, 01/15/34		350			377,362
6.75%, 12/01/27		350			366,204
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC 144A 6.38%, 02/15/32		350			353,850
CenterPoint Energy Houston Electric LLC 5.30%, 04/01/53		175			173,701
Clearway Energy Operating LLC 144A
3.75%, 02/15/31		450			417,001
3.75%, 01/15/32		200			181,230

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)		Value
United States (continued)
4.75%, 03/15/28	$	425		$	422,886
Comcast Corp. 4.65%, 02/15/33 †		508			508,562
Constellation Energy Generation LLC 5.75%, 03/15/54		450			457,100
Dana, Inc. 4.25%, 09/01/30		197			194,466
Deutsche Bank AG 1.69%, 03/19/26		375			371,419
Dominion Energy, Inc. 2.25%, 08/15/31 †		400			354,628
DTE Electric Co.
1.90%, 04/01/28		275			262,009
3.25%, 04/01/51		225			159,759
3.65%, 03/01/52		200			151,144
3.95%, 03/01/49		340			275,292
Duke Energy Carolinas LLC 3.95%, 11/15/28 †		300			300,552
Duke Energy Florida LLC 2.50%, 12/01/29		325			306,763
Duke Energy Progress LLC
3.45%, 03/15/29		300			295,111
5.10%, 03/15/34		250			258,345
Equinix, Inc.
1.55%, 03/15/28		335			315,664
2.50%, 05/15/31		475			429,291
3.90%, 04/15/32		575			553,200
ERP Operating LP
1.85%, 08/01/31 †		250			219,685
4.15%, 12/01/28		200			200,768
Evergy Kansas Central, Inc. 2.55%, 07/01/26		165			163,409
Federal Realty OP LP 1.25%, 02/15/26		225			222,772
Fifth Third Bancorp 1.71% (SOFR+0.69%), 11/01/27 (a)		250			243,613
Ford Motor Co.
3.25%, 02/12/32		1,100			959,626
6.10%, 08/19/32 †		825			847,416
General Motors Co.
5.40%, 10/15/29 †		475			491,736
5.60%, 10/15/32 †		600			626,179
Georgia Power Co. 3.25%, 04/01/26		175			174,462
Hanwha Energy USA Holdings Corp. 144A 4.38%, 07/02/28		200			201,565
Hanwha Q Cells Americas Holdings Corp. 144A 5.00%, 07/27/28		200			204,799
HAT Holdings I LLC / HAT Holdings II LLC 144A 3.75%, 09/15/30 †		225			207,591
Healthpeak OP LLC
1.35%, 02/01/27		225			217,110
2.12%, 12/01/28		249			233,556

		Par (000’s	)		Value
United States (continued)
Host Hotels & Resorts LP
2.90%, 12/15/31	$	225		$	200,812
3.38%, 12/15/29		325			309,352
Interstate Power & Light Co.
3.50%, 09/30/49		300			220,818
4.10%, 09/26/28		350			349,916
Interstate Power and Light Co. 3.60%, 04/01/29		150			146,966
Jabil, Inc. 4.25%, 05/15/27		250			250,155
Johnson Controls International plc / Tyco Fire & Security Finance SCA 1.75%, 09/15/30		325			289,164
JPMorgan Chase & Co. 6.07% (SOFR+1.33%), 10/22/27 (a)		950			967,087
Kaiser Foundation Hospitals
2.81%, 06/01/41		550			411,861
3.15%, 05/01/27		303			299,907
Kilroy Realty LP
2.50%, 11/15/32		175			145,565
2.65%, 11/15/33		225			183,992
4.75%, 12/15/28		200			200,002
Leeward Renewable Energy Operations LLC 144A 4.25%, 07/01/29		200			191,296
LYB International Finance III LLC 5.62%, 05/15/33 †		225			230,003
Massachusetts Institute of Technology 3.96%, 07/01/38		200			186,720
MidAmerican Energy Co.
2.70%, 08/01/52		250			158,399
3.10%, 05/01/27		200			197,843
3.15%, 04/15/50		300			208,237
3.65%, 04/15/29		337			333,609
3.65%, 08/01/48		400			305,561
3.95%, 08/01/47		225			183,064
4.25%, 07/15/49		450			376,270
5.30%, 02/01/55		300			292,459
5.35%, 01/15/34		300			313,986
5.85%, 09/15/54		450			475,166
Nature Conservancy 3.96%, 03/01/52		176			141,785
New York State Electric & Gas Corp. 144A
2.15%, 10/01/31		168			147,016
5.05%, 08/15/35		150			151,229
5.30%, 08/15/34		250			256,674
5.65%, 08/15/28		175			181,970
5.85%, 08/15/33		225			239,889
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/28		706			669,129

See Notes to Financial Statements

		Par (000’s	)		Value
United States (continued)
Niagara Mohawk Power Corp. 144A 5.78%, 09/16/52	$	250		$	253,531
NiSource, Inc. 5.00%, 06/15/52		175			159,686
Northern States Power Co.
2.25%, 04/01/31		225			204,158
2.60%, 06/01/51		375			236,787
2.90%, 03/01/50		225			150,812
3.20%, 04/01/52		200			141,882
4.50%, 06/01/52		250			217,848
5.40%, 03/15/54		325			325,188
NSTAR Electric Co. 3.25%, 05/15/29		225			218,358
Oglethorpe Power Corp.
5.80%, 06/01/54		300			299,068
5.90%, 02/01/55		200			202,360
Oncor Electric Delivery Co. LLC 4.15%, 06/01/32		202			198,196
Owens Corning 3.95%, 08/15/29		224			221,721
PacifiCorp
2.90%, 06/15/52		500			305,856
5.35%, 12/01/53		475			438,345
5.50%, 05/15/54 †		525			496,233
Pattern Energy Operations LP / Pattern Energy Operations, Inc. 144A 4.50%, 08/15/28		375			365,868
PepsiCo, Inc.
2.88%, 10/15/49		475			320,407
3.90%, 07/18/32		600			589,445
PG&E Recovery Funding LLC 5.54%, 07/15/47		350			356,759
Piedmont Operating Partnership LP 3.15%, 08/15/30		175			159,755
PNC Financial Services Group, Inc. 4.76% (SOFR Compound Index+1.08%), 01/26/27 (a)		600			600,514
Prologis LP
1.25%, 10/15/30		325			283,056
1.75%, 02/01/31		200			176,066
2.88%, 11/15/29		175			166,881
Public Service Co. of Colorado
3.20%, 03/01/50		250			174,014
3.70%, 06/15/28		269			267,725
4.10%, 06/15/48		300			244,101
5.75%, 05/15/54		300			307,413
Public Service Co. of Oklahoma
2.20%, 08/15/31		200			176,924
3.15%, 08/15/51		225			150,216

		Par (000’s	)		Value
United States (continued)
Public Service Electric and Gas Co.
3.10%, 03/15/32	$	250		$	231,944
4.65%, 03/15/33		250			251,844
5.12%, 03/15/53		200			192,192
RWE Finance US LLC 144A
5.12%, 09/18/35		450			444,163
5.88%, 04/16/34 †		597			625,664
5.88%, 09/18/55		450			443,651
6.25%, 04/16/54		300			309,039
San Diego Gas & Electric Co. 4.95%, 08/15/28		275			281,484
SCE Recovery Funding LLC
2.94%, 11/15/42		150			125,481
4.70%, 06/15/40		203			203,257
5.11%, 12/15/47		175			170,749
Seattle Children’s Hospital 2.72%, 10/01/50		200			127,677
SK Battery America, Inc. Reg S
2.12%, 01/26/26		626			621,620
4.88%, 01/23/27		200			201,169
SLG Office Trust 2021-OVA 144A 2.59%, 07/15/41		800			714,598
Sonoco Products Co.
2.25%, 02/01/27		150			146,281
2.85%, 02/01/32 †		300			269,314
Southern Power Co. 0.90%, 01/15/26		150			148,997
Southwestern Electric Power Co. 3.25%, 11/01/51		300			202,163
Southwestern Public Service Co.
3.15%, 05/01/50		300			202,214
3.75%, 06/15/49		150			113,420
5.15%, 06/01/52		100			86,958
Tennessee Valley Authority 1.50%, 09/15/31		250			218,766
UDR, Inc. 1.90%, 03/15/33		175			144,308
Union Electric Co. 2.62%, 03/15/51		275			169,926
Verizon Communications, Inc.
1.50%, 09/18/30		425			371,913
2.85%, 09/03/41		900			651,142
3.88%, 02/08/29		325			322,772
3.88%, 03/01/52 †		360			272,026
5.05%, 05/09/33		415			424,228
5.50%, 02/23/54 †		500			484,733
Vornado Realty LP
2.15%, 06/01/26		200			196,440
3.40%, 06/01/31		150			135,259
Welltower OP LLC
2.70%, 02/15/27 †		250			246,031
3.85%, 06/15/32		275			265,358

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)		Value
United States (continued)
Wisconsin Electric Power Co. 4.75%, 09/30/32 †	$	250		$	256,086
Wisconsin Power and Light Co.
1.95%, 09/16/31		200			174,015
3.95%, 09/01/32		200			192,748
5.38%, 03/30/34		150			155,420
Wisconsin Public Service Corp. 2.85%, 12/01/51		200			128,615
WP Carey, Inc. 2.45%, 02/01/32		150			132,007
WULF Compute LLC 144A 7.75%, 10/15/30		1,500			1,559,332
ZF North America Capital, Inc. 144A
6.75%, 04/23/30		400			381,128
6.88%, 04/14/28		275			276,865
6.88%, 04/23/32		325			296,933
7.12%, 04/14/30		300			292,295
					52,028,057
Uzbekistan: 0.1%
JSCB Agrobank 144A 9.25%, 10/02/29		200			218,213
Total Corporate Bonds (Cost: $135,209,555)					133,290,098

GOVERNMENT OBLIGATIONS: 12.8%
Chile: 0.9%
Chile Government International Bond
2.55%, 01/27/32		700			627,739
3.50%, 01/25/50		1,100			819,775
					1,447,514
China: 3.1%
Hong Kong Government International Bond 144A
0.62%, 02/02/26		500			496,138
1.38%, 02/02/31		440			390,476
2.38%, 02/02/51		300			198,089
4.00%, 06/07/28		375			377,960
4.00%, 06/07/33		500			496,656
4.12%, 06/10/30		500			508,838
4.25%, 06/07/26		200			200,578
4.25%, 07/24/27		500			505,276
4.38%, 01/11/26		200			200,212
4.50%, 01/11/28		450			457,803
4.62%, 01/11/33		500			515,924
5.25%, 01/11/53		200			217,414
Hong Kong Government International Bond Reg S 1.75%, 11/24/31		400			356,608
					4,921,972
Dominican Republic: 0.2%
Dominican Republic International Bond 144A 6.60%, 06/01/36		300			317,220

		Par (000’s	)		Value
Finland: 0.3%
Kuntarahoitus Oyj 144A 3.62%, 10/09/29	$	475		$	472,804
Israel: 0.6%
Israel Government International Bond 4.50%, 01/17/33		875			860,752
Japan: 0.2%
Japan Bank for International Cooperation 4.88%, 10/18/28		250			257,759
Saudi Arabia: 2.6%
Gaci First Investment Co. Reg S
4.75%, 02/14/30		800			813,716
4.88%, 02/14/35		900			903,809
5.00%, 10/13/27		600			608,848
5.12%, 02/14/53		689			636,676
5.25%, 10/13/32		850			883,446
5.38%, 10/13/22		300			269,472
					4,115,967
South Korea: 0.1%
Korea Electric Power Corp. 144A 4.00%, 06/14/27		175			174,931
Supranational: 1.3%
Asian Development Bank
1.75%, 08/14/26		275			270,590
2.38%, 08/10/27		203			198,613
3.12%, 09/26/28		394			388,544
New Development Bank Reg S
4.68%, 11/07/27		400			405,654
5.12%, 04/26/26		700			702,241
					1,965,642
Turkey: 1.0%
Istanbul Metropolitan Municipality 144A 10.50%, 12/06/28		350			384,790
Turkiye Government International Bond 9.12%, 07/13/30		1,100			1,253,093
					1,637,883
United States: 2.5%
Fannie Mae-Aces
1.44%, 10/25/29		300			271,557
2.44%, 10/25/29		37			34,888
2.52%, 08/25/29		231			218,725
2.89%, 02/25/27		149			147,048
2.90%, 01/25/28		319			312,530
2.94%, 06/25/29		6			6,096
2.97%, 09/25/27		219			215,847
3.07%, 02/25/30		223			214,774
3.13%, 03/25/28		198			194,609
3.16%, 03/25/28		340			333,536
3.21%, 11/25/27		12			12,046
3.31%, 06/25/28		276			272,270
3.56%, 09/25/28		400			396,080

See Notes to Financial Statements

		Par (000’s	)		Value
United States (continued)
3.75%, 09/25/30	$	82		$	80,713
Freddie Mac Multifamily Structured Pass Through Certificates
1.30%, 06/25/30		30			26,584
1.49%, 11/25/30		400			353,638
2.88%, 04/25/26		785			781,308
3.12%, 08/25/32		135			126,502
					3,998,751
Total Government Obligations (Cost: $20,468,817)					20,171,195

MUNICIPAL BONDS: 0.3%
United States: 0.3%
Commonwealth of Massachusetts (GO) 3.28%, 06/01/46		150			120,927
District of Columbia Water & Sewer Authority (RB) 4.81%, 10/01/14		170			151,386
Maryland Economic Development Corp. (RB) 5.94%, 05/31/57		200			204,313
Total Municipal Bonds (Cost: $608,286)					476,626

	Number of Shares
PREFERRED SECURITIES: 0.1% (Cost: $173,320)
Canada: 0.1%
Brookfield Finance, Inc. 4.62%, 10/16/80		7,000			113,190

		Par (000’s	)
ASSET-BACKED SECURITIES: 0.9%
United States: 0.9%
Aligned Data Centers Issuer LLC 144A 1.94%, 08/15/46		888			869,287
Compass Datacenters Issuer III LLC 144A 5.66%, 02/25/50		300			305,783
Triumph Rail Holdings LLC 144A 2.15%, 06/19/51		306			293,178
Total Asset-Backed Securities (Cost: $1,419,689)					1,468,248
Total Investments Before Collateral for Securities Loaned: 98.7% (Cost: $157,879,667)					155,519,357

	Number of Shares		Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1%
Money Market Fund: 2.1% (Cost: $3,368,628)
State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x)	3,368,628	$	3,368,628
Total Investments: 100.8% (Cost: $161,248,295)			158,887,985
Liabilities in excess of other assets: (0.8)%			(1,277,495)
NET ASSETS: 100.0%		$	157,610,490

See Notes to Financial Statements

VANECK GREEN BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

GO	General Obligation
RB	Revenue Bond
SOFR	Secured Overnight Financing Rate

Footnotes:

(a)	Variable rate security — the rate shown is as of 10/31/25
(x)	Rate shown is the 1-day yield as of 10/31/25.
†	Security fully or partially on loan. Total market value of securities on loan is $11,511,092.

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 $53,546,808, or 34.0% of net assets.

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	133,290,098	$	—	$	133,290,098
Government Obligations *		—		20,171,195		—		20,171,195
Municipal Bonds *		—		476,626		—		476,626
Preferred Securities *		113,190		—		—		113,190
Asset-Backed Securities *		—		1,468,248		—		1,468,248
Money Market Fund		3,368,628		—		—		3,368,628
Total Investments	$	3,481,818	$	155,406,167	$	—	$	158,887,985

*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
MUNICIPAL BONDS: 98.6%
Alabama: 3.3%
Alabama Special Care Facilities Financing Authority, Methodist Home for Aging (RB)
5.75%, 06/01/35 (c)	$	1,400		$	1,401,714
5.75%, 06/01/45 (c)		2,000			1,855,797
6.00%, 06/01/50 (c)		3,900			3,618,411
Alabama State Port Authority Docks Facilities, Series A (RB) (AG)
5.00%, 10/01/29 (c)		1,675			1,725,442
5.00%, 10/01/34 (c)		1,000			1,024,155
Baldwin County Industrial Development Authority, Solid Waste Disposal, Series A (RB) 5.00%, 06/01/55 (c) (p)		11,500			11,846,774
Baldwin County, Alabama Industrial Development Authority, Series B (RB) 4.62%, 06/01/55 (c) (p)		1,750			1,769,773
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/52 (c) (p)		7,000			7,193,004
Black Belt Energy Gas District, Series A (RB)
5.25%, 01/01/54 (c) (p)		5,000			5,387,786
5.25%, 05/01/56 (c) (p)		3,000			3,127,669
Black Belt Energy Gas District, Series B (RB) 5.00%, 10/01/35 (c)		2,000			2,084,360
Black Belt Energy Gas District, Series D (RB) 5.00%, 12/01/55 (c) (p)		2,000			2,171,283
Black Belt Energy Gas District, Series E (RB) 5.00%, 12/01/55 (c) (p)		2,000			2,167,539
Energy Southeast, A Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c)		750			808,243
Energy Southeast, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/33 (c)		1,500			1,560,015
Homewood Educational Building Authority (RB)
5.50%, 10/01/54 (c)		1,000			1,019,392
5.50%, 10/01/54 (c)		1,000			1,019,393
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/50 (p)		1,180			1,302,312
Hoover Industrial Development Board, United States Steel Corp. Project (RB) (SD CRED PROG) 5.75%, 10/01/49 (c)		8,540			8,666,102

	Par (000’s		)	Value
Alabama (continued)
Jefferson County Sewer Warrants (RB) 5.25%, 10/01/49 (c)	$	16,785		$	17,517,699
Jefferson County, Sewer Revenue Warrants (RB) 5.25%, 10/01/45 (c)		2,175			2,299,969
Lower Alabama Gas District Gas Project, Series A (RB) 5.00%, 12/01/33 (c)		2,000			2,129,055
Mobile County Industrial Development Authority, Series B (RB) 4.75%, 12/01/54 (c)		8,270			7,735,548
Selma Alabama Industrial Development Board, International Paper Company Project, Series A (RB) 4.20%, 05/01/34		750			775,251
Southeast Energy Authority A Cooperative District, Project No. 4, Series B-1 (RB) 5.00%, 05/01/53 (c) (p)		2,570			2,676,095
Southeast Energy Authority, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/35 (c)		3,000			3,326,222
Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c)		4,615			4,924,906
Southeast Energy Authority, Cooperative District Energy Supply, Series B (RB) 5.25%, 03/01/55 (c) (p)		4,500			4,849,562
Southeast Energy Authority, Cooperative District Gas Supply, Series F (RB) 5.25%, 11/01/55 (c) (p)		3,500			3,887,782
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A (RB) 5.25%, 05/01/44 (c)		7,000			7,048,724
					116,919,977
Alaska: 0.1%
Alaska Railroad Corp. (RB) (AG) 6.00%, 10/01/50 (c)		1,905			2,081,804
Municipality of Anchorage, Alaska Port, Series A (RB) 4.50%, 02/01/60 (c)		750			710,934
Northern Tobacco Securitization Corp., Series B-2 (RB) 0.00%, 06/01/66 (c) ^		13,000			1,472,564
					4,265,302
American Samoa: 0.1%
American Samoa Economic Development Authority, Series A (RB) 5.00%, 09/01/38 (c)		3,250			3,313,145

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
American Samoa (continued)
6.62%, 09/01/35 (c)	$	1,000		$	1,002,008
					4,315,153
Arizona: 2.7%
Arizona Industrial Development Authority, Academies of Math and Science (RB) 5.00%, 07/01/39 (c)		1,000			1,000,988
Arizona Industrial Development Authority, Academies of Math and Science, Series B (RB) 5.00%, 07/01/29 (c)		175			176,412
Arizona Industrial Development Authority, American Charter School Foundation Project (RB)
6.00%, 07/01/37 (c)		1,125			1,155,270
6.00%, 07/01/47 (c)		2,940			2,981,096
Arizona Industrial Development Authority, Arizona Agribusiness and Equine Center, Inc. Project, Series B (RB) 5.00%, 03/01/37 (c)		1,545			1,545,555
Arizona Industrial Development Authority, Basis School Project, Series A (RB)
5.12%, 07/01/37 (c)		250			250,855
5.25%, 07/01/47 (c)		500			493,103
Arizona Industrial Development Authority, Basis School Project, Series D (RB)
5.00%, 07/01/47 (c)		270			257,686
5.00%, 07/01/51 (c)		515			482,567
Arizona Industrial Development Authority, Basis School Project, Series G (RB) (AG) 5.00%, 07/01/47 (c)		500			477,196
Arizona Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 5.25%, 07/01/53 (c)		1,000			943,163
Arizona Industrial Development Authority, Doral Academy Project, Series A (RB) 4.00%, 07/15/51 (c)		500			365,833
Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB)
4.00%, 07/01/29 (c)		350			347,688
5.00%, 07/01/54 (c)		1,000			891,551
Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, Series A (RB) 4.50%, 07/01/54 (c)		500			428,158

	Par (000’s		)	Value
Arizona (continued)
Arizona Industrial Development Authority, Education Facility, Series A (RB)
4.00%, 07/01/61 (c)	$	2,500		$	2,014,930
5.25%, 07/01/37 (c)		2,650			2,660,389
Arizona Industrial Development Authority, Heritage Academy - Gateway and Laveen Projects, Series A (RB) 5.00%, 07/01/51 (c)		2,420			2,086,625
Arizona Industrial Development Authority, Kaizen Education Project (RB) 5.70%, 07/01/47 (c)		1,000			1,002,453
Arizona Industrial Development Authority, KIPP NYC Public Charter Schools, Macombs Facility Project, Series A (RB) 4.00%, 07/01/51 (c)		400			334,799
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		5,504			5,543,383
Arizona Industrial Development Authority, Series A (RB)
4.88%, 07/01/60 (c) (p)		1,150			1,154,641
5.00%, 07/01/51 (c)		1,000			862,242
6.75%, 03/01/65 (c)		2,000			1,964,214
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Series A (RB) 4.00%, 12/15/51 (c)		1,400			1,082,862
Chandler Industrial Development Authority (RB) 4.00%, 06/01/49 (c) (p)		2,000			2,039,765
City of Mesa, Arizona Utility Systems (RB) (AG) 4.50%, 07/01/49 (c)		2,000			2,007,326
City of Phoenix Civic Improvement Corp., Series B (RB) (BAM) 5.00%, 07/01/44 (c)		2,990			3,047,561
Glendale Industrial Development Authority, Beatitudes Campus Project (RB) 4.00%, 11/15/27 (c)		190			179,210
Glendale Industrial Development Authority, Royal Oaks Inspirata Pointe Project, Series A (RB) 5.00%, 05/15/56 (c)		1,340			1,158,136
Industrial Development Authority of the City of Phoenix, Basis Schools, Inc. Project, Series A (RB)
5.00%, 07/01/35 (c)		900			900,153
5.00%, 07/01/45 (c)		500			480,228
5.00%, 07/01/46 (c)		1,000			959,818

See Notes to Financial Statements

	Par (000’s		)	Value
Arizona (continued)
Industrial Development Authority of the City of Phoenix, Downtown Student Housing, Series A (RB) 5.00%, 07/01/42 (c)	$	1,250		$	1,258,745
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project (RB) 5.00%, 07/01/45 (c)		4,435			4,327,733
Industrial Development Authority of the City of Phoenix, Legacy Traditional School Project, Series A (RB) 5.00%, 07/01/36 (c)		750			751,570
Maricopa County Arizona Industrial Development Authority, Commercial Metals Company Project (RB) 4.00%, 10/15/47 (c)		13,070			11,145,575
Maricopa County Industrial Development Authority, Benjamin Franklin Charter School Projects, Series A (RB) 6.00%, 07/01/52 (c)		1,000			1,009,467
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series A (RB) (SD CRED PROG)
5.00%, 07/01/49 (c)		1,300			1,300,461
5.00%, 07/01/54 (c)		1,400			1,386,950
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB)
5.00%, 07/01/39 (c)		500			508,467
5.00%, 07/01/49 (c)		1,990			1,923,624
5.00%, 07/01/54 (c)		500			477,166
Maricopa County Industrial Development Authority, Paradise School Project (RB) 5.00%, 07/01/47 (c)		1,750			1,603,699
Phoenix Arizona Industrial Development Authority, Falcon Properties LLC, Project, Series A (RB) 4.15%, 12/01/57 (c)		5,000			3,258,313
Phoenix Arizona Industrial Development Authority, Guam Facilities Foundation, Inc. Project (RB) 5.12%, 02/01/34 (c)		1,000			981,947
Phoenix Arizona Industrial Development Authority, Provident Group - Falcon Properties LLC, Project, Series A (RB) 4.00%, 12/01/51 (c)		1,000			671,077

	Par (000’s		)	Value
Arizona (continued)
Pima County Industrial Development Authority, Edkey Charter Schools Project (RB)
5.00%, 07/01/30 (c) (d) *	$	1,000		$	800,000
5.25%, 07/01/36 (c) (d) *		250			200,000
5.38%, 07/01/46 (c) (d) *		250			200,000
5.50%, 07/01/51 (c) (d) *		250			200,000
Sacramento County, Community Facilities District No. 2005-2 (RB) 5.00%, 12/01/32		2,000			2,193,944
Salt Verde Financial Corp. (RB)
5.00%, 12/01/37		7,105			7,782,321
5.25%, 12/01/25		265			265,313
5.25%, 12/01/27		215			222,026
5.25%, 12/01/28		245			256,885
Sierra Vista Industrial Development Authority (RB)
6.25%, 06/15/45 (c)		750			764,325
6.38%, 06/15/64 (c)		1,000			1,026,787
Sierra Vista Industrial Development Authority, Wake Preparatory Academy (RB) 5.25%, 06/15/35 (c)		500			513,605
Tempe Industrial Development Authority (RB)
3.75%, 12/01/31 (c)		1,000			991,141
4.38%, 12/01/36 (c)		500			500,330
5.38%, 12/01/46 (c)		1,500			1,505,798
5.62%, 12/01/55 (c)		2,155			2,171,967
5.62%, 12/01/60 (c)		3,000			3,007,526
Tempe Industrial Development Authority, Friendship Village of Tempe (RB) 5.00%, 12/01/54 (c)		355			317,477
The Industrial Development Authority of the City of Sierra Vista, American Leadership Academy Project (RB) 5.00%, 06/15/44 (c)		1,000			964,319
					95,764,414
Arkansas: 1.2%
Arkansas Development Finance Authority, Big River Steel Project (RB)
4.50%, 09/01/49 (c)		17,520			16,939,112
4.75%, 09/01/49 (c)		4,500			4,384,968
Arkansas Development Finance Authority, Environmental Improvement, United States Steel Corporation Project (RB)
5.45%, 09/01/52 (c)		19,750			19,848,100
5.70%, 05/01/53 (c)		3,205			3,273,559
					44,445,739

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
California: 14.7%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB)
5.00%, 10/01/35 (c)	$	1,650		$	1,678,242
5.00%, 10/01/36 (c)		1,730			1,757,788
5.00%, 10/01/37 (c)		5,535			5,617,686
Alameda Corridor Transportation Authority, Series A (RB) (AG) 0.00%, 10/01/53 (c) ^		1,905			508,703
Anaheim Community Facilities District No. 08-1 (ST)
4.00%, 09/01/36 (c)		160			160,207
4.00%, 09/01/41 (c)		615			587,024
4.00%, 09/01/46 (c)		420			381,127
Anaheim Public Financing Authority, Anaheim Public Improvement Project, Series A (RB) (BAM) 5.00%, 09/01/36 (c)		2,000			2,071,171
Antelope Valley Healthcare District, Series A (RB) 5.25%, 03/01/36 (c)		1,480			1,485,637
California Community Choice Financing Authority, Clean Energy Project, Series A (RB) 5.00%, 01/01/56 (c) (p)		1,500			1,609,491
California Community Choice Financing Authority, Clean Energy Project, Series B (RB)
5.00%, 01/01/55 (c) (p)		4,000			4,250,790
5.00%, 03/01/56 (c) (p)		1,500			1,647,813
California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB) 5.00%, 07/01/53 (c) (p)		6,080			6,432,348
California Community Choice Financing Authority, Clean Energy Project, Series C (RB)
5.00%, 12/01/55 (c) (p)		5,000			5,360,078
5.25%, 01/01/54 (c) (p)		8,470			9,087,628
California Community Choice Financing Authority, Clean Energy Project, Series D (RB)
5.00%, 10/01/55 (c) (p)		6,000			6,405,652
5.50%, 05/01/54 (c) (p)		10,000			10,656,057
California Community Choice Financing Authority, Clean Energy Project, Series E (RB) 5.00%, 10/01/56 (c) (p)		9,000			9,918,534
California Community Choice Financing Authority, Clean Energy Project, Series E-1 (RB) 5.00%, 02/01/54 (c) (p)		1,500			1,620,165

	Par (000’s		)	Value
California (continued)
California Community Choice Financing Authority, Clean Energy Project, Series F (RB)
5.00%, 11/01/33 (c)	$	8,500		$	9,300,553
5.00%, 02/01/55 (c) (p)		5,000			5,469,057
California Community Choice Financing Authority, Clean Energy Project, Series G (RB) 5.00%, 11/01/55 (c) (p)		3,000			3,206,482
California Community Choice Financing Authority, Clean Energy Project, Series G-1 (RB) 5.25%, 11/01/54 (c) (p)		1,000			1,074,739
California Community Choice Financing Authority, Clean Energy Project, Series H (RB) 5.00%, 01/01/56 (c) (p)		2,500			2,790,085
California Community College Financing Authority, Orange Coast College Project (RB) 5.25%, 05/01/53 (c)		1,695			1,728,211
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-1 (RB) 4.00%, 02/01/56 (c)		5,000			4,135,382
California Community Housing Agency, Essential Housing, Glendale Properties, Series A-2 (RB) 3.00%, 08/01/56 (c)		4,000			2,688,268
California Community Housing Agency, Essential Housing, Series A-1 (RB) 3.00%, 02/01/57 (c)		3,500			2,390,061
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-1 (RB) 3.00%, 02/01/57 (c)		1,000			676,923
California Community Housing Agency, Essential Housing, Summit at Sausalito Apartments, Series A-2 (RB) 4.00%, 02/01/50 (c)		2,000			1,522,438
California Community Housing Agency, Series A-1 (RB) 4.00%, 02/01/56 (c)		4,500			3,770,231
California County Tobacco Securitization Agency, Golden Gate Tobacco, Series A (RB) 5.00%, 06/01/36 (c)		15			14,474
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/49 (c)		1,050			905,509

See Notes to Financial Statements

	Par (000’s		)	Value
California (continued)
California Enterprise Development Authority, Series A (RB)
5.00%, 06/01/44 (c)	$	500		$	486,473
5.00%, 06/01/54 (c)		1,000			936,868
California Enterprise Development Authority, The Rocklin Academy Project (RB)
5.00%, 06/01/54 (c)		500			471,195
5.00%, 06/01/64 (c)		1,000			920,042
California Health Facilities Financing Authority, Adventist Health System, Series A (RB)
4.00%, 03/01/39 (c)		1,910			1,854,863
5.00%, 12/01/31		2,500			2,767,960
5.00%, 12/01/34 (c)		2,000			2,254,416
5.25%, 12/01/43 (c)		2,000			2,117,823
5.25%, 12/01/44 (c)		3,175			3,339,816
California Health Facilities Financing Authority, Children’s Hospital, Series A (RB)
4.00%, 08/15/49 (c)		250			210,208
4.20%, 08/15/42 (c)		500			469,276
5.00%, 08/15/37 (c)		460			467,703
5.00%, 08/15/42 (c)		3,735			3,752,128
5.00%, 08/15/47 (c)		1,000			989,929
California Health Facilities Financing Authority, Commonspirit Health, Series A (RB) 5.25%, 12/01/49 (c)		7,230			7,707,371
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 5.00%, 10/01/50 (c) (p)		500			557,970
California Health Facilities Financing Authority, Series A (RB)
5.00%, 12/01/32 (c)		2,000			2,210,879
5.00%, 12/01/35 (c)		2,000			2,265,855
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 4.00%, 11/15/42 (c)		300			294,210
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		7,005			7,194,669
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Series A (RB) 9.50%, 01/01/65 (c) (p)		43,640			34,912,000

	Par (000’s		)	Value
California (continued)
California Infrastructure & Economic Development Bank, California Science Center Phase III Project, Series A (RB) 4.00%, 05/01/55 (c)	$	1,000		$	908,441
California Infrastructure & Economic Development Bank, Charter School Portfolio Project, Series A-1 (RB) 5.00%, 01/01/55 (c)		1,000			867,508
California Infrastructure & Economic Development Bank, Senior National Charter School, Series B (RB)
5.00%, 11/01/49 (c)		250			256,053
5.00%, 11/01/59 (c)		1,180			1,198,672
California Muincipal Finance Authority, Charter School, Series A (RB) 5.00%, 07/01/31 (c)		1,000			1,000,996
California Municipal Finance Authority, Ascent 613 Project, Series A (RB)
5.38%, 01/01/55 (c)		1,500			1,467,850
5.50%, 01/01/60 (c)		1,000			989,058
California Municipal Finance Authority, Baptist University, Series A (RB)
5.00%, 11/01/35 (c)		875			929,094
5.12%, 11/01/40 (c)		1,000			1,037,847
5.38%, 11/01/45 (c)		775			792,044
5.50%, 11/01/45 (c)		500			499,999
California Municipal Finance Authority, Charter School Santa Rosa Academy Project (RB) 5.00%, 07/01/62 (c)		1,000			915,391
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) 5.00%, 05/15/38 (c)		500			515,652
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project (RB) (BAM) 4.00%, 05/15/48 (c)		150			139,806
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project (RB) (BAM) 4.00%, 05/15/46 (c)		5,000			4,756,506
California Municipal Finance Authority, CHF-Davis II, LLC - Orchard Park Student Housing Project, Series A (RB) (BAM) 4.00%, 05/15/41 (c)		1,500			1,499,699

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
California Municipal Finance Authority, Eisenhower Medical Center, Series A (RB)
5.00%, 07/01/30 (c)	$	200		$	204,449
5.00%, 07/01/31 (c)		250			255,523
California Municipal Finance Authority, John Adams Academies Lincoln Project, Series A (RB)
5.00%, 10/01/39 (c)		500			497,023
5.00%, 10/01/49 (c)		500			457,313
5.00%, 10/01/57 (c)		500			444,018
California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.62%, 03/01/45 (c)		2,390			2,179,945
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/28		65			67,212
5.00%, 06/30/29 (c)		600			619,316
5.00%, 12/31/29 (c)		500			516,213
5.00%, 12/31/43 (c)		7,675			7,720,589
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AG)
3.00%, 12/31/30 (c)		1,950			1,903,637
5.00%, 06/30/31 (c)		1,035			1,065,680
5.00%, 12/31/33 (c)		3,800			3,898,825
5.00%, 12/31/34 (c)		700			715,394
5.00%, 12/31/37 (c)		1,000			1,018,466
5.00%, 12/31/47 (c)		4,750			4,766,517
California Municipal Finance Authority, Northbay Healthcare Group, Series A (RB) 5.25%, 11/01/47 (c)		230			230,249
California Municipal Finance Authority, Palmdale Aerospace Academy, Series A (RB)
5.00%, 07/01/38 (c)		130			129,444
5.00%, 07/01/41 (c)		500			482,069
5.00%, 07/01/49 (c)		2,815			2,571,114
California Municipal Finance Authority, PRS-California Obligated Group Projects, Series A (RB)
5.00%, 11/15/44 (c)		1,000			1,019,221
5.00%, 04/01/54 (c)		1,000			1,007,736
California Municipal Finance Authority, Social Bonds - Healthright 360, Series A (RB) 5.00%, 11/01/49 (c)		1,000			913,061
California Municipal Finance Authority, St. Mary’s School Aliso Viejo, Series A (RB) 5.88%, 05/01/59 (c)		570			576,481

	Par (000’s		)	Value
California (continued)
California Municipal Finance Authority, UCR Dundee- Glasgow Student Housing Project (RB) (BAM) 4.00%, 05/15/48 (c)	$	250		$	233,684
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		19,000			19,211,309
California Pollution Control Financing Authority, Poseidon Resources LP Desalination Project (RB) (ACA) 5.00%, 07/01/37 (c)		3,500			3,503,246
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) *		1,000			11,250
7.50%, 07/01/32 (c) (d) *		10,500			118,125
7.50%, 12/01/39 (c) (d) *		6,863			68
8.00%, 07/01/39 (c) (d) *		6,635			74,644
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,000			11,250
California Pollution Control Financing Authority, Water Furnishing, Poseidon Resources LP Desalination Project (RB) 5.00%, 07/01/38 (c)		1,000			1,069,775
California Public Finance Authority, Charter School Project, Series A (RB)
5.62%, 06/15/55 (c)		1,000			1,004,678
6.00%, 06/15/65 (c)		2,345			2,391,946
California Public Finance Authority, Enso Village Project, Series A (RB) 5.00%, 06/01/54 (c)		400			358,777
California Public Finance Authority, Series A (RB)
5.88%, 06/01/39 (c)		1,000			1,005,117
6.50%, 06/01/54 (c)		2,000			1,947,385
6.62%, 03/01/65 (c)		1,000			1,000,124
California School Finance Authority, Charter School Facility, Grimmway School, Series A (RB) 5.00%, 07/01/36 (c)		2,000			2,006,342
California School Finance Authority, Charter School Project (RB)
5.50%, 07/01/54 (c)		1,000			946,468
5.60%, 07/01/64 (c)		1,250			1,173,000

See Notes to Financial Statements

	Par (000’s		)	Value
California (continued)
California School Finance Authority, Charter School, John Adams Academies, Series A (RB) 5.00%, 07/01/52 (c)	$	1,000		$	927,996
California School Finance Authority, NCCD-Santa Rosa Properties LLC, Series A (RB) 4.00%, 11/01/51 (c)		1,000			806,622
California School Finance Authority, New Designs Chapter School Project, Series A (RB) 5.00%, 06/01/64 (c)		1,000			911,168
California School Finance Authority, River Springs Charter School Project, Series A (RB) 5.00%, 07/01/47 (c)		2,000			1,894,810
California School Finance Authority, Rocketship Education, Series A (RB) 5.25%, 06/01/52 (c)		250			234,438
California Statewide Communities Development Authority, Baptist University, Series A (RB)
3.50%, 11/01/27		950			940,356
5.00%, 11/01/41 (c)		1,000			1,000,709
California Statewide Communities Development Authority, College Housing (RB) 5.25%, 07/01/49 (c)		250			250,073
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 3.00%, 04/01/51 (c)		2,000			1,467,126
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB)
5.00%, 05/15/30 (c)		385			389,049
5.00%, 05/15/33 (c)		545			550,435
California Statewide Communities Development Authority, Lancer Educational Student Housing Project, Series A (RB) 5.00%, 06/01/39 (c)		435			439,554
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
5.00%, 12/01/41 (c)		17,050			17,091,513
5.25%, 12/01/44 (c)		6,340			6,340,375

	Par (000’s		)	Value
California (continued)
5.25%, 12/01/48 (c)	$	4,000		$	4,012,033
5.25%, 12/01/56 (c)		12,900			12,837,844
5.50%, 12/01/54 (c)		11,630			11,630,628
5.50%, 12/01/58 (c)		3,500			3,513,870
California Statewide Communities Development Authority, Provident Group Pomona Properties LLC, Series A (RB) 5.00%, 12/01/46 (c)		4,730			4,722,887
California Statewide Communities Development Authority, University of California, Irvine East Campus Apartments (RB)
3.50%, 05/15/36 (c)		615			610,160
5.00%, 05/15/47 (c)		3,170			3,189,147
California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series C (RB) 6.00%, 05/01/43 (c)		900			918,844
City and County of San Francisco, Airport Commission, International Airport, Series A (RB) 5.00%, 05/01/33		1,250			1,411,767
City and County of San Francisco, Airport Commission, International Airport, Series C (RB) 5.00%, 05/01/32		3,000			3,352,826
City and County of San Francisco, Mission Rock Facilities and Services, Series A (ST) 4.00%, 09/01/41 (c)		1,635			1,549,888
City of Dublin, Community Facilities District No. 2015-1 (ST)
5.00%, 09/01/37 (c)		1,150			1,176,354
5.00%, 09/01/39 (c)		500			518,851
5.00%, 09/01/44 (c)		500			509,852
5.00%, 09/01/47 (c)		485			488,787
5.00%, 09/01/49 (c)		500			507,314
City of Fontana, Community Facilities District No. 109, Narra Hills (ST)
5.00%, 09/01/49 (c)		1,000			1,022,334
5.00%, 09/01/54 (c)		1,400			1,423,743
City of Fontana, Community Facilities District No. 90 (ST) 4.00%, 09/01/51 (c)		500			450,591
City of Fremont, Community Facilities District No. 1 (ST) 5.00%, 09/01/40 (c)		250			250,441

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
City of Irvine, Community Facilities District No. 2013-3 (ST)
4.00%, 09/01/32 (c)	$	230		$	231,127
4.00%, 09/01/33 (c)		250			251,084
4.00%, 09/01/34 (c)		250			250,900
City of Los Angeles Department of Airports, Series A (RB)
5.00%, 05/15/34		500			574,686
5.00%, 05/15/35		500			575,593
5.50%, 05/15/55 (c)		1,000			1,076,696
City of Los Angeles Department of Airports, Series D (RB) 5.25%, 05/15/51 (c)		3,000			3,262,115
City of Los Angeles Department of Airports, Series E (RB) 5.25%, 05/15/55 (c)		4,000			4,316,844
City of Los Angeles Department of Airports, Series F (RB) 5.00%, 05/15/35		500			575,593
City of Rancho Cordova, Sunridge Anatolia Community Facilities District No. 2003-1 (ST) 4.00%, 09/01/37 (c)		180			180,183
City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/39 (c)		810			810,000
City of Roseville, Amoruso Ranch Community Facilities District No.1, Improvement Area No.1 (ST) 5.00%, 09/01/49 (c)		1,000			1,015,826
City of Roseville, Fiddyment Ranch Community Facilities District No. 1 (ST)
3.75%, 09/01/36 (c)		500			494,089
5.00%, 09/01/34 (c)		155			159,213
City of Roseville, Fiddyment Ranch Community Facilities District No. 5 (ST) 5.00%, 09/01/47 (c)		3,450			3,473,326
CMFA Special Finance Agency VII, Essential Housing, The Breakwater Apartments, Series A-1 (RB) 3.00%, 08/01/56 (c)		4,000			2,768,945
CMFA Special Finance Agency VIII, Essential Housing, Series A-1 (RB) 3.00%, 08/01/56 (c)		8,360			5,677,184
CMFA Special Finance Agency XII, Essential Housing, Series A-1 (RB) 3.25%, 02/01/57 (c)		5,500			3,985,183
CMFA Special Finance Agency XII, Essential Housing, Series A-2 (RB) 4.38%, 08/01/49 (c)		1,000			855,204

	Par (000’s		)	Value
California (continued)
CMFA Special Finance Agency, Essential Housing, Series A-1 (RB) 4.00%, 08/01/56 (c)	$	2,975		$	2,568,054
Compton Public Finance Authority (RB)
4.00%, 09/01/27 (c)		400			399,973
4.50%, 09/01/32 (c)		1,585			1,585,398
Corona California, Community Facilities District No. 2018-1 (ST) 5.00%, 09/01/54 (c)		500			511,738
County of Los Angeles, Community Facilities District No. 2019-1 of the Sulphur Union School District, Series A (ST) 5.00%, 09/01/54 (c)		1,000			1,014,798
County of Los Angeles, Community Facilities District No. 2021-01 (ST) 5.00%, 09/01/47 (c)		1,000			1,026,900
County of Sacramento Airport System, Series A (RB) 5.00%, 07/01/37 (c)		500			554,519
CSCDA Community Improvement Authority Series A-2 (RB) 3.00%, 02/01/57 (c)		1,975			1,367,793
CSCDA Community Improvement Authority, Essential Housing, Series A (RB)
3.00%, 09/01/56 (c)		2,060			1,412,871
5.00%, 07/01/51 (c)		1,500			1,416,130
CSCDA Community Improvement Authority, Essential Housing, Series A (RB) (NATL) 4.00%, 10/01/56 (c)		2,500			2,063,802
CSCDA Community Improvement Authority, Essential Housing, Series A-1 (RB)
2.65%, 12/01/46 (c)		2,515			2,139,291
2.80%, 03/01/47 (c)		1,875			1,493,152
3.00%, 07/01/43 (c)		2,500			1,957,098
3.00%, 07/01/45 (c)		1,000			789,288
3.40%, 10/01/46 (c)		2,000			1,584,230
3.50%, 10/01/46 (c)		1,000			830,029
3.60%, 05/01/47 (c)		2,000			1,652,422
CSCDA Community Improvement Authority, Essential Housing, Series A-2 (RB)
3.00%, 12/01/56 (c)		5,000			3,565,993
3.00%, 03/01/57 (c)		9,000			6,153,537
3.12%, 07/01/56 (c)		2,500			1,635,345
3.12%, 08/01/56 (c)		4,205			3,171,785

See Notes to Financial Statements

	Par (000’s		)	Value
California (continued)
3.25%, 04/01/57 (c)	$	3,000		$	2,149,601
4.00%, 07/01/56 (c)		5,350			4,139,983
4.00%, 10/01/56 (c)		7,750			5,991,851
CSCDA Community Improvement Authority, Essential Housing, Series B (RB)
4.00%, 10/01/48 (c)		500			388,793
4.00%, 12/01/48 (c)		1,000			796,952
4.00%, 04/01/57 (c)		1,000			734,115
Folsom Ranch Financing Authority (ST)
5.00%, 09/01/32 (c)		1,100			1,131,676
5.00%, 09/01/37 (c)		2,000			2,035,900
Folsom Ranch Financing Authority, Folsom Community Facilities District No. 18 (ST) 5.00%, 09/01/49 (c)		1,000			1,024,515
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB) 5.00%, 06/01/51 (c)		1,115			1,108,440
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series B-2 (RB) 0.00%, 06/01/66 (c) ^		61,000			6,486,161
Independent Cities Finance Authority, Mobil Home Park, Series A (RB) 3.75%, 10/15/46 (c)		250			211,185
Irvine Unified School District, Series B (ST) 5.00%, 09/01/51 (c)		1,075			1,077,498
Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/27 (c)		6			6,014
Los Angeles County, California Community Facilities District No. 2021-01, Valencia- Facilities Improvement Area No. 2 (ST) 5.00%, 09/01/54 (c)		500			508,840
Los Angeles Department of Water & Power (RB)
5.00%, 07/01/28 (c)		500			524,037
5.00%, 07/01/40 (c)		2,000			2,227,404
5.00%, 07/01/42 (c)		2,000			2,179,851
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/35		1,750			2,037,304
Mountain House Community Facilities District, Special Tax (ST) 5.00%, 09/01/55 (c)		1,240			1,249,474

	Par (000’s		)	Value
California (continued)
MSR Energy Authority, California Gas, Series A (RB)
6.12%, 11/01/29	$	380		$	400,715
7.00%, 11/01/34		2,000			2,457,062
MSR Energy Authority, California Gas, Series B (RB)
6.50%, 11/01/39		1,000			1,257,300
7.00%, 11/01/34		11,000			13,513,841
MSR Energy Authority, California Gas, Series C (RB) 7.00%, 11/01/34		1,470			1,805,941
Orange County Community Facilities District No. 1, Series A (ST)
4.25%, 08/15/38 (c)		975			976,281
5.25%, 08/15/45 (c)		455			455,566
Pajaro Valley Health Care District, Counties of Santa Cruz and Monterey, California, Series A (GO) 5.00%, 09/01/54 (c)		500			493,831
Palm Desert California Improvement, Section 29 Assessment District No. 2004- 02 (SA) 4.00%, 09/02/37 (c)		1,100			1,107,946
Palomar Health (RB) 5.00%, 11/01/31 (c)		250			241,096
Perris Union High School District Financing Authority (ST) 5.00%, 09/01/41 (c)		1,000			1,000,661
River Islands Public Financing Authority (ST)
4.75%, 09/01/45 (c)		250			245,658
5.00%, 09/01/55 (c)		500			494,504
River Islands Public Financing Authority, Community Facilities District No. 2003-1 (ST)
4.50%, 09/01/44 (c)		1,700			1,634,519
5.00%, 09/01/54 (c)		1,000			1,000,530
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.00%, 09/01/38 (c)		500			515,293
Romoland School District No. 2004-1 (ST) 5.00%, 09/01/48 (c)		500			506,510
Sacramento County, California Airport System, Series A (RB) 5.00%, 07/01/36 (c)		500			559,487
Sacramento County, Community Facilities District No. 2005-2 (ST)
5.00%, 09/01/40 (c)		345			347,186
5.00%, 09/01/45 (c)		495			496,689

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
San Francisco California City & County, Airport Commission, International Airport, Series A (RB)
5.00%, 05/01/35	$	750		$	856,710
5.00%, 05/01/35 (c)		2,000			2,258,520
5.00%, 01/01/47 (c)		1,475			1,494,406
5.25%, 05/01/42 (c)		3,190			3,440,318
5.50%, 05/01/55 (c)		10,755			11,577,335
San Jacinto Unified School District Financing Authority (ST) 5.00%, 09/01/49 (c)		300			303,129
San Joaquin Hills Transportation Corridor Agency, Junior Lien Toll Road, Series B (RB) 5.25%, 01/15/49 (c)		100			100,042
San Joaquin Hills Transportation Corridor Agency, Toll Road, Series A (RB) (NATL)
0.00%, 01/15/32 ^		145			118,153
0.00%, 01/15/36 ^		105			72,375
San Joaquin Valley Clean Energy Authority, Series A (RB) 5.50%, 01/01/56 (c) (p)		2,000			2,314,013
San Joquin Hills Transportation Corridor Agency, Series A (RB) 4.00%, 01/15/34 (c)		3,130			3,278,426
Saugus Hart School Facilities Financing Authority, Community Facilities District No. 2006-1 (ST) 5.00%, 09/01/41 (c)		500			501,003
Southern California Public Power Authority, Transmission System Renewal Project (RB) 5.00%, 07/01/53 (c) (p)		1,000			1,058,660
Successor Agency of Pittsburg, Los Medanos Community Development Project, Series A (TA) (AG) 5.00%, 09/01/29 (c)		1,020			1,039,849
Tejon Ranch Public Facilities Finance Authority, Series A (ST) 5.00%, 09/01/54 (c)		1,000			1,009,777
Tobacco Securitization Authority of Southern California, Series B (RB) 0.00%, 06/01/46 (c) ^		5,000			1,223,336
William S. Hart Union High School District No. 2015-1 (ST) 5.00%, 09/01/42 (c)		445			446,205
					527,574,296

	Par (000’s		)	Value
Colorado: 2.2%
Adams & Arapahoe Counties Joint School District 28J Aurora (GO) (SAW)
5.50%, 12/01/33	$	1,500		$	1,821,185
5.50%, 12/01/34		1,000			1,227,160
Aerotropolis Colorado Regional Transportation Authority (RB) 4.38%, 12/01/52 (c)		3,000			2,526,513
Arkansas River Power Authority, Power Supply System, Series A (RB) 5.00%, 10/01/43 (c)		2,010			2,031,249
Base Village Metropolitan District No. 2, Series A (GO) 5.75%, 12/01/46 (c)		1,000			1,000,325
Board of Governors of Colorado State University System, Series C (RB) 5.00%, 03/01/36 (c)		1,200			1,378,565
Brighton Crossing Metropolitan District No. 6, Series A (GO)
5.00%, 12/01/35 (c)		500			506,678
5.00%, 12/01/40 (c)		500			500,979
Centerra Metropolitan District No. 1, Larimer County (GO) 5.00%, 12/01/51 (c)		1,000			986,684
Centerra Metropolitan District No. 1, Larimer County (TA)
5.00%, 12/01/29 (c)		500			500,601
5.00%, 12/01/37 (c)		500			500,162
5.00%, 12/01/47 (c)		500			496,769
City & County of Denver CO Airport System Revenue (RB) 5.00%, 12/01/36		705			792,214
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/32 (c)		13,695			13,695,203
City of Fruita, Colorado Healthcare Canyons Hospital and Medical Center, Series B (RB) 5.50%, 01/01/48 (c)		2,250			2,184,740
City of Louisville, Redtail Ridge Metropolitan District, Capital Appreciation Turbo (GO) 0.00%, 12/01/32 (c) ^		1,500			933,439
Colorado Educational and Cultural Facilities Authority, Rocky Mountain Classical Academy Project (RB) 5.00%, 10/01/49 (c)		500			461,001
Colorado Health Facilities Authority (RB) 5.00%, 09/01/35		1,000			1,145,521
Colorado Health Facilities Authority, CommonSpirit Health, Series A (RB) 3.25%, 08/01/49 (c)		5			3,877

See Notes to Financial Statements

	Par (000’s		)	Value
Colorado (continued)
Colorado Health Facilities Authority, CommonSpirit Health, Series A-2 (RB) 5.00%, 08/01/44 (c)	$	2,000		$	2,034,717
Colorado Health Facilities Authority, Covenant Living Communities and Services, Series A (RB) 5.12%, 12/01/55 (c)		1,000			989,900
Colorado Health Facilities Authority, Senior Living Second Tier, American Eagle Portfolio Project Series B-1 (RB) 2.00%, 07/01/57 (c)		536			42,893
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/51 (c)		350			346,865
Crowfoot Valley Ranch Metropolitan District No. 2, Series B (GO) 6.12%, 12/15/54 (c)		750			734,215
Denver, Colorado City and County Airport System, Series A (RB) 5.00%, 11/15/34 (c)		1,695			1,881,188
Denver, Colorado City and County Airport System, Series A (RB) (AG) 5.00%, 12/01/48 (c)		5,000			5,039,179
Fountain Urban Renewal Authority, South Academy Highlands Project, Series A (TA) 4.50%, 11/01/29 (c)		645			638,819
Green Valley Ranch East Metropolitan District No. 6, Series A (GO) 5.88%, 12/01/50 (c)		1,000			1,014,759
Jefferson Center Metropolitan District No. 1, Series A-2 (RB) 4.38%, 12/01/47 (c)		1,500			1,379,501
Kinston Metropolitan District No. 5, Series A (GO)
5.12%, 12/01/50 (c)		1,000			1,030,473
5.50%, 12/01/45 (c)		500			507,043
Painted Prairie Public Improvement Authority (RB) 5.00%, 12/01/39 (c)		1,000			913,735
Palisade Metropolitan District No. 2, Series B (RB) 5.88%, 12/15/54 (c)		1,000			948,449
Park Creek Metropolitan District (RB) (AG)
5.00%, 12/01/43 (c)		1,000			1,053,767
5.00%, 12/01/44 (c)		1,000			1,047,932

	Par (000’s		)	Value
Colorado (continued)
Peak Metropolitan District No. 1, El Paco County, Series A (GO) 4.00%, 12/01/35 (c)	$	540		$	488,113
Prairie Center Metropolitan District No. 3, Adams County, Series A (RB) 5.00%, 12/15/41 (c)		4,000			4,009,260
Public Authority for Colorado Energy Natural Gas (RB) 6.50%, 11/15/38		2,000			2,442,489
Rampart Range Metropolitan District No. 5, Colorado Limited Tax Supported and Special Bonds (RB) 4.00%, 12/01/51 (c)		3,000			2,503,155
Reunion Metropolitan District, Colorado, Series A (RB) 3.62%, 12/01/44 (c)		937			691,780
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado (GO) 5.00%, 04/01/35		3,000			3,284,844
Southglenn Metropolitan District (GO) 5.00%, 12/01/46 (c)		838			799,697
Southlands Metropolitan District No. 1, Series A-1 (GO) 5.00%, 12/01/47 (c)		1,200			1,170,413
St. Vrain Lakes Metropolitan District No. 4, Colorado, Series A (GO) 6.75%, 09/20/54 (c)		1,000			702,133
STC Metropolitan District No. 2, Series A-1 (GO) (AG) 5.25%, 12/01/45 (c)		500			522,438
Sterling Ranch Community Authority Board, Colorado Limited Tax, Series A (RB)
4.25%, 12/01/50 (c)		1,000			1,020,991
6.50%, 12/01/54 (c)		1,000			1,039,852
Sterling Ranch Community Authority Board, Douglas County (SA) 5.62%, 12/01/43 (c)		849			871,886
Sterling Ranch Community Authority Board, Douglas County, Series A (RB) 5.75%, 12/01/54 (c)		1,000			1,008,476
Verve Metropolitan District No. 1 (GO)
5.00%, 12/01/36 (c)		1,025			1,006,667
5.75%, 12/01/33 (c)		1,000			1,021,711
Village Metropolitan District (GO) 5.00%, 12/01/49 (c)		1,750			1,699,801

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Colorado (continued)
Windler Public Improvement Authority, Series A-1 (RB) (BAM)
4.00%, 12/01/36 (c)	$	1,000		$	909,004
4.00%, 12/01/41 (c)		1,000			848,479
					78,337,489
Connecticut: 1.4%
City of Hartford, Connecticut, State Contract Assistance (RB)
5.00%, 07/15/32		2,250			2,577,948
5.00%, 07/15/33		2,500			2,895,327
Connecticut State Health & Educational Facilities Authority (RB) 5.00%, 07/01/64 (p)		2,500			2,848,019
Connecticut State Health and Educational Facilities Authority, Church Home of Harford, Series A (RB)
5.00%, 09/01/46 (c)		3,500			3,363,653
5.00%, 09/01/53 (c)		1,200			1,119,753
Connecticut State Health and Educational Facilities Authority, Griffin Hospital, Series G (RB)
5.00%, 07/01/44 (c)		1,100			1,069,637
5.00%, 07/01/50 (c)		2,630			2,483,596
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Issue, Series A-1 (RB) 5.00%, 10/01/54 (c)		2,000			1,574,104
Connecticut State Health and Educational Facilities Authority, McLean Issue, Series A (RB) 5.00%, 01/01/55 (c)		2,000			1,663,243
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/33 (c)		1,000			1,052,934
Connecticut State Health and Educational Facilities Authority, Series O (RB) 5.00%, 07/01/32		500			568,298
Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series L-1 (RB) 4.00%, 07/01/30		1,000			1,031,498
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) 4.00%, 07/01/44 (c)		250			199,388

	Par (000’s		)	Value
Connecticut (continued)
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB) (SD CRED PROG) 4.00%, 07/01/49 (c)	$	250		$	188,801
Connecticut State Health and Educational Facilities Authority, Yale University, Series B-1 (RB) 5.00%, 07/01/64 (p)		3,500			3,860,684
Stamford Housing Authority, Mozaic Concierge Living Project, Series A (RB)
5.50%, 10/01/35 (c)		800			838,719
6.25%, 10/01/60 (c)		1,600			1,601,897
6.50%, 10/01/55 (c)		2,200			2,245,925
Stamford Housing Authority, Mozaic Concierge Living Project, Series B (RB) 5.38%, 10/01/33		1,500			1,521,830
Stamford Housing Authority, Mozaic Concierge Living Project, Series C (RB) 4.75%, 10/01/32		4,500			4,651,624
Stamford Housing Authority, Mozaic Concierge Living Project, Series D (RB) 4.25%, 10/01/30		3,000			3,031,201
State of Connecticut, Series B (GO) 5.00%, 12/01/34		2,250			2,649,098
Steel Point Infrastructure Improvement District (TA)
4.00%, 04/01/41 (c)		1,125			1,066,383
4.00%, 04/01/51 (c)		1,000			859,604
6.00%, 04/01/52 (c)		1,000			1,068,222
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/50 (c)		3,000			2,660,437
					48,691,823
Delaware: 0.1%
County of Kent, Delaware Student Housing and Dinning Facility, State University Project, Series A (RB) 5.00%, 07/01/48 (c)		1,450			1,379,399
Delaware Economic Development Authority, Aspira Chapter School, Series A (RB)
4.00%, 06/01/52 (c)		915			689,355
5.00%, 06/01/36 (c)		250			250,403
5.00%, 06/01/46 (c)		1,000			918,637
Delaware State Economic Development Authority (RB) 4.00%, 10/01/45 (p)		500			505,403

See Notes to Financial Statements

	Par (000’s		)	Value
Delaware (continued)
Delaware State Economic, Development Authority Chapter School, Series A (RB) 5.00%, 06/01/51 (c)	$	1,100		$	978,942
					4,722,139
District of Columbia: 0.9%
District of Columbia Income Tax Revenue (RB)
5.00%, 06/01/32		2,000			2,290,037
5.00%, 06/01/33		1,000			1,160,280
5.00%, 06/01/34		1,000			1,171,985
5.00%, 06/01/36 (c)		2,000			2,331,655
District of Columbia, Ingleside at Rock Creek Project, Series A (RB)
5.00%, 07/01/32 (c)		250			253,891
5.00%, 07/01/42 (c)		1,180			1,173,675
District of Columbia, Latin American Montessori Bilingual Public Charter School Issue (RB)
5.00%, 06/01/40 (c)		500			492,171
5.00%, 06/01/50 (c)		1,500			1,369,942
District of Columbia, Series A (RB) 5.00%, 07/01/48 (c)		2,260			2,262,500
District of Columbia, Tobacco Settlement Financing Corp., Series A (RB) 0.00%, 06/15/46 (c) ^		27,500			6,384,727
Metropolitan Washington Airports Authority, Dulles Toll Road, Series A (RB) 0.00%, 10/01/37 ^		9,325			5,449,416
Metropolitan Washington Airports Authority, Dulles Toll Road, Series B (RB)
0.00%, 10/01/37 ^		1,020			634,276
4.00%, 10/01/36 (c)		250			253,393
4.00%, 10/01/44 (c)		7,315			6,788,060
6.50%, 10/01/44 (c)		245			261,852
					32,277,860
Florida: 6.1%
Alachua County Health Facilities Authority (RB) 4.00%, 10/01/30 (c)		735			736,273
Braddock Lakes Community Development District (SA) 5.75%, 05/01/55 (c)		250			250,062
Broward County Florida Port Facilities, Series B (RB) 4.00%, 09/01/38 (c)		1,000			991,240
Cape Coral Health Facilities Authority, Gulf Care, Inc. Project (RB) 6.00%, 07/01/50 (c)		295			186,481

	Par (000’s		)	Value
Florida (continued)
Capital Projects Finance Authority, Imagine School at North Port Project, Series A (RB)
5.00%, 06/15/35 (c)	$	850		$	856,287
6.25%, 06/15/45 (c)		1,000			1,009,737
6.50%, 06/15/55 (c)		1,000			1,008,699
Capital Projects Finance Authority, Series A-1 (RB)
5.00%, 06/01/58 (c)		500			465,753
5.25%, 06/01/44 (c)		400			401,104
Capital Trust Agency, Education Growth Fund, Series A-1 (RB) 5.00%, 07/01/56 (c)		8,200			7,294,829
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) 5.00%, 12/15/35 (c)		1,335			1,335,771
Capital Trust Agency, Educational Facilities, Franklin Academy Projects (RB) (SD CRED PROG) 5.00%, 12/15/40 (c)		500			480,207
Capital Trust Agency, Educational Facilities, Pineapple Cove Classical Academy, Inc., Series A (RB)
4.50%, 07/01/29 (c)		230			228,875
5.12%, 07/01/39 (c)		500			487,355
5.25%, 07/01/49 (c)		500			451,784
5.38%, 07/01/54 (c)		500			449,391
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) 5.25%, 06/15/47 (c)		500			468,474
Capital Trust Agency, Educational Facilities, Renaissance Charter School, Inc., Series A (RB) (SBG) 5.00%, 06/15/39 (c)		1,000			968,946
Capital Trust Agency, University Bridge, LLC Student Housing Project, Series A (RB)
4.00%, 12/01/28		2,200			2,199,579
5.25%, 12/01/43 (c)		2,000			2,002,945
5.25%, 12/01/58 (c)		2,200			2,129,058
Capital Trust Agency, Wonderful Foundations Charter Schools Portfolio Projects, Series A (RB) 5.00%, 01/01/55 (c)		2,250			1,910,870
Capital Trust Authority Charter School, Mason Classical Academy Project, Series A (RB)
5.00%, 06/01/44 (c)		750			696,038
5.00%, 06/01/54 (c)		1,060			930,601

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Florida (continued)
Capital Trust Authority Educational Facilities, Florida Institute of Technology Project, Series A (RB)
5.25%, 07/01/55 (c)	$	1,200		$	1,166,844
5.38%, 07/01/65 (c)		2,500			2,441,144
Capital Trust Authority, Academic Chapter Schools, Inc. Project, Series A (RB) 5.25%, 06/01/64 (c)		1,000			874,135
Capital Trust Authority, Educational Facilities, St. Johns Classical Academy, Inc. Project, Series A (RB) 5.25%, 06/15/59 (c)		1,000			913,299
Charlotte County Industrial Development Authority, Utilities Project (RB) 5.00%, 10/01/49 (c)		1,000			988,241
Charlotte County, Florida Industrial Development Authority (RB)
5.12%, 10/01/35 (c)		300			309,811
5.88%, 10/01/45 (c)		500			520,909
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB) 5.00%, 11/01/50 (c)		2,080			2,088,874
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AG)
5.00%, 11/01/27		1,100			1,143,265
5.00%, 11/01/31 (c)		3,000			3,120,049
5.00%, 11/01/38 (c)		500			513,607
City of South Miami Health Facilities Authority, Series B (RB) 5.00%, 08/15/65 (c) (p)		1,000			1,093,425
City of Tallahassee, Health Facilities Authority, Memorial Healthcare, Inc. Project (RB)
4.00%, 12/01/35 (c)		230			225,557
5.00%, 12/01/40 (c)		1,210			1,210,451
5.00%, 12/01/44 (c)		1,305			1,304,983
City of Venice, Florida Retirement Community, Village on the Isle Project, Series A (RB)
5.50%, 01/01/55 (c)		580			566,517
5.62%, 01/01/60 (c)		1,000			989,958
City of Venice, Florida Retirement Community, Village on the Isle Project, Series B-3 (RB) 4.25%, 01/01/30 (c)		500			501,003

	Par (000’s		)	Value
Florida (continued)
Collier County Industrial Development Authority, NCH Healthcare System Projects, Series A (RB) (AG) 5.00%, 10/01/54 (c)	$	2,000		$	2,062,020
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/29 (c)		1,135			1,136,563
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/49 (c)		1,645			1,683,214
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW)
4.00%, 08/15/45 (c)		2,000			1,792,889
5.00%, 08/15/31 (c)		2,000			2,133,303
County of Miami-Dade, Florida Aviation, Series A (RB) 5.50%, 10/01/55 (c)		1,000			1,062,034
County of Miami-Dade, Florida Professional Sports Franchise Facilities, Series A (RB) (AG) 0.00%, 10/01/45 ^		3,000			1,187,962
County of Palm Beach, Series A (RB)
5.50%, 10/01/45 (c)		1,000			1,024,349
5.75%, 10/01/55 (c)		1,000			1,033,466
5.75%, 10/01/65 (c)		2,000			2,057,491
Florida Development Finance Corp. (RB)
5.00%, 07/01/38 (c)		1,000			835,000
5.00%, 07/01/41 (c)		2,205			1,841,175
Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB)
5.00%, 07/01/34 (c)		1,000			835,000
5.00%, 07/01/37 (c)		750			626,250
5.50%, 07/01/53 (c)		3,000			2,505,000
Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB) (AG)
5.00%, 07/01/44 (c)		17,025			16,977,007
5.25%, 07/01/47 (c)		3,700			3,687,225
5.25%, 07/01/53 (c)		19,725			19,689,996
Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series A (RB) 10.00%, 07/15/59 (c) (p)		2,000			940,000
Florida Development Finance Corp., Central Charter School Project (RB) 5.88%, 08/15/52 (c)		1,000			928,266

See Notes to Financial Statements

	Par (000’s		)	Value
Florida (continued)
Florida Development Finance Corp., Educational Facilities, Mater Academy Project, Series A (RB) 5.00%, 06/15/47 (c)	$	2,600		$	2,530,726
Florida Development Finance Corp., Glenridge on Palmer Ranch Project (RB) 5.00%, 06/01/35 (c)		425			441,039
Florida Development Finance Corp., Mayflower Retirement Community Project, Series A (RB)
4.00%, 06/01/55 (c)		2,000			1,428,392
5.25%, 06/01/50 (c)		1,000			946,267
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series A (RB)
5.75%, 06/15/29 (c)		800			800,679
6.62%, 06/15/43 (c)		1,000			1,064,832
6.75%, 06/15/53 (c)		1,000			1,051,588
Florida Development Finance Corp., Renaissance Charter School, Inc. Project, Series B (RB) 5.25%, 06/15/41 (c)		1,000			970,533
Florida Development Finance Corp., Series A (RB)
6.00%, 06/15/45 (c)		1,000			1,035,124
6.00%, 06/15/55 (c)		1,500			1,525,328
Florida Development Finance Corp., UF Health Jacksonville Project, Series A (RB) 5.00%, 02/01/52 (c)		2,000			1,942,447
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 6.12%, 07/01/32 (c) (p)		3,000			3,025,345
Florida Higher Educational Facilities Financing Authority (RB)
5.00%, 07/01/35 (c)		2,750			2,740,736
6.00%, 07/01/45 (c)		3,000			2,970,358
6.25%, 07/01/55 (c)		3,000			2,968,468
Florida Local Government Finance Commission (RB)
6.00%, 07/01/55 (c)		500			506,970
6.00%, 07/01/60 (c)		500			505,008
Florida Local Government Finance Commission, Series A (RB)
5.50%, 11/15/35 (c)		260			272,277
6.62%, 11/15/45 (c)		1,000			1,051,954
6.75%, 11/15/55 (c)		2,000			2,080,990
Florida Local Government Finance Commission, Series B-3 (RB) 4.20%, 11/15/30 (c)		4,000			4,019,557

	Par (000’s		)	Value
Florida (continued)
Hillsborough County, Industrial Development Authority, Tampa General Hospital Project, Series A (RB) 4.00%, 08/01/45 (c)	$	6,500		$	5,975,577
Kingston One Community Development District (SA) 5.75%, 05/01/45 (c)		500			515,902
Lake County, Florida Retirement Facility, Lakeside at Waterman Village Project, Series A (RB) 5.75%, 08/15/50 (c)		2,000			1,939,726
Lee County Industrial Development Authority, Community Charter Schools, LLC Projects, Series A (RB) 5.75%, 06/15/42 (c)		500			499,981
Lee County Industrial Development Authority, Cypress Cove at HealthPark Florida, Inc. Project, Series A (RB) 5.25%, 10/01/57 (c)		1,000			927,038
Lee County Industrial Development Authority, Healthcare Facilities, Series C (RB) 5.00%, 11/15/44 (c)		500			504,486
Lee County Industrial Development Authority, Healthcare Facilities, Shell Poin Project. Series C (RB) 5.00%, 11/15/54 (c)		3,000			2,900,973
Lee County Industrial Development Authority, Healthcare Facilities, Shell Point (RB) 5.00%, 11/15/49 (c)		1,630			1,598,961
Lee County Industrial Development Authority, Healthcare Facilities, Shell Point, Series A (RB) 5.25%, 11/15/54 (c)		1,500			1,507,963
Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)
5.00%, 11/15/39 (c)		1,880			1,881,372
5.00%, 11/15/44 (c)		2,000			2,000,730
Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Series B (RB) (AG) 4.00%, 11/15/46 (c)		1,500			1,362,158
Miami Beach Redevelopment Agency (TA) (AG) 5.00%, 02/01/35		500			573,400

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Florida (continued)
Miami World Center Community Development District (SA)
5.12%, 11/01/39 (c)	$	750		$	763,280
5.25%, 11/01/49 (c)		250			251,844
Miami-Dade County Industrial Development Authority, Series A (RB) 5.50%, 07/01/61 (c)		1,000			912,897
Miami-Dade County, Florida Aviation, Series A (RB) 5.00%, 10/01/34		8,000			9,030,661
Miami-Dade County, Florida Industrial Development Authority (RB) 6.25%, 06/01/55 (c)		500			507,008
Miami-Dade County, Florida Seaport, Series A (RB) 5.00%, 10/01/47 (c)		3,000			3,046,670
Miami-Date County, Florida Subordinate Special (RB) 5.00%, 10/01/28 (c)		1,360			1,384,906
Midtown Miami Community Development District, Parking Garage Project, Series A (SA) 5.00%, 05/01/37 (c)		85			85,037
North Broward Hospital District, Broward Health, Series B (RB)
5.00%, 01/01/32 (c)		155			159,864
5.00%, 01/01/48 (c)		2,000			2,001,806
Northern Palm Beach County Improvement District, Unit of Development No. 2C (RB)
5.00%, 08/01/37 (c)		200			202,762
5.00%, 08/01/46 (c)		200			200,662
Okaloosa County, Florida Industrial Development (RB)
4.38%, 05/15/35 (c)		1,140			1,149,239
5.50%, 05/15/45 (c)		1,000			1,016,452
5.75%, 05/15/55 (c)		1,000			1,016,337
Orange County Health Facilities Authority, Orlando Health (RB) 4.00%, 10/01/52 (c)		2,000			1,762,117
Orange County Health Facilities Authority, Orlando Health, Series A (RB)
4.50%, 10/01/56 (c)		3,000			2,935,429
5.25%, 10/01/56 (c)		1,000			1,052,169
Palm Beach County Health Facilities Authority (RB) 4.00%, 06/01/41 (c)		1,300			1,153,028
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion (RB) 4.25%, 06/01/56 (c)		400			323,788

	Par (000’s		)	Value
Florida (continued)
Palm Beach County Health Facilities Authority, Toby & Leon Cooperman Sinai Residences of Boca Raton Expansion, Series A (RB) 5.00%, 06/01/55 (c)	$	3,730		$	3,439,832
Palm Beach County, Palm Beach Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/39 (c)		1,000			1,005,350
Palm Cost Park Community Development District (SA) 5.70%, 05/01/37 (c)		120			121,559
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understanding Inc. Project (RB) 5.00%, 07/01/39 (c)		1,900			1,904,397
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 (d) *		4,820			1,879,800
Tallahassee Florida Health Facilities, Tallahassee Memorial Healthcare, Inc. Project, Series A (RB) 5.00%, 12/01/55 (c)		1,100			1,087,897
Village Community Development District No 16 (SA)
4.50%, 05/01/40 (c)		500			504,302
4.88%, 05/01/45 (c)		500			500,289
Village Community Development District No. 12 (SA)
3.25%, 05/01/26		50			49,944
3.62%, 05/01/31 (c)		980			980,414
4.25%, 05/01/43 (c)		885			845,883
Village Community Development District No. 13 (SA)
3.00%, 05/01/29		570			561,999
3.50%, 05/01/51 (c)		1,485			1,163,936
3.55%, 05/01/39 (c)		2,720			2,524,097
Village Community Development District No. 15 (SA)
4.55%, 05/01/44 (c)		500			482,400
4.80%, 05/01/55 (c)		2,750			2,626,264
5.25%, 05/01/54 (c)		1,000			1,003,939
					217,655,784
Georgia: 1.3%
Atlanta Development Authority, Gulch Enterprise Zone Project (RB) 6.50%, 12/15/48 (c)		2,000			1,784,368

See Notes to Financial Statements

	Par (000’s		)	Value
Georgia (continued)
Atlanta Development Authority, Westside Gulch Area Project, Series A-1 (TA) 5.50%, 04/01/39 (c)	$	1,000		$	1,028,363
Atlanta, Georgia Airport, Series B-1 (RB)
5.00%, 07/01/30		1,500			1,635,998
5.25%, 07/01/45 (c)		1,000			1,065,258
5.25%, 07/01/50 (c)		1,000			1,052,439
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 11/01/45 (c)		8,525			7,844,670
Fayette County Development Authority, Soccer Federation, Inc. Project (RB) 5.25%, 10/01/54 (c)		1,000			1,035,828
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/28 (c)		1,025			1,026,480
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) 4.00%, 04/01/41 (c)		2,500			2,270,824
Fulton County Residential Care Facilities for the Elderly Authority, Canterbury Court Project, Series A (RB) (SD CRED PROG) 5.00%, 04/01/47 (c)		3,540			3,389,101
Gainesville and Hall County Development Authority, Educational Facilities, Riverside Military Academy, Inc. Project (RB) (BAM) 5.00%, 03/01/37 (c) (d) *		700			350,000
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB) 5.00%, 02/15/45 (c)		3,575			3,601,286
George L Smith II World Congress Center Authority, Series A (RB) 4.00%, 01/01/54 (c)		1,750			1,497,993
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		416			426,778
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/47 (c)		2,680			2,686,165

	Par (000’s		)	Value
Georgia (continued)
Macon-Bibb County Urban Development Authority, Academy for Classical Education, Inc., Series A (RB) 5.75%, 06/15/37 (c)	$	250		$	254,020
Main Street Natural Gas, Inc., Series E (RB) 5.00%, 05/01/55 (c) (p)		3,835			4,167,346
Marietta Development Authority, Life University, Inc. Project, Series A (RB)
5.00%, 11/01/37 (c)		2,000			1,874,906
5.00%, 11/01/47 (c)		1,000			846,758
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4, Series A (RB) 5.00%, 07/01/60 (c)		375			374,976
Savannah-Georgia Convention Center Authority, Series A (RB)
5.12%, 06/01/50 (c)		1,000			1,005,070
5.25%, 06/01/40 (c)		750			802,164
5.25%, 06/01/61 (c)		1,000			998,125
Savannah-Georgia Convention Center Authority, Series B (RB)
6.00%, 06/01/50 (c)		2,000			1,993,003
6.25%, 06/01/61 (c)		1,500			1,507,258
Savannah-Georgia Convention Center Authority, Series C (RB) (AG)
5.00%, 06/01/58 (c)		1,000			1,028,995
5.50%, 06/01/50 (c)		500			538,659
Senoia Development Authority, Chapter School, Series A (RB) 6.50%, 07/01/54 (c)		500			447,336
White County Development Authority, Truett McConnell University Project, Series A (RB)
5.12%, 10/01/39 (c)		500			432,291
5.25%, 10/01/49 (c)		500			389,258
					47,355,716
Guam: 0.7%
Guam Government (GO) 5.00%, 11/15/31 (c)		945			999,372
Guam Government, Business Privilege Tax, Series D (RB)
4.00%, 11/15/39 (c)		600			580,839
5.00%, 11/15/33 (c)		5,805			5,808,999
5.00%, 11/15/34 (c)		1,040			1,040,716
5.00%, 11/15/35 (c)		1,100			1,100,758
5.00%, 11/15/39 (c)		1,085			1,085,747
Guam Government, Business Privilege Tax, Series F (RB)
4.00%, 01/01/36 (c)		500			506,024
4.00%, 01/01/42 (c)		4,000			3,822,451

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Guam (continued)
Guam Government, Department of Education, John F. Kennedy High School Refunding and Energy Efficiency Project, Series A (CP)
4.25%, 02/01/30	$	500		$	501,593
5.00%, 02/01/40 (c)		500			504,303
Guam Government, Series A (RB)
5.00%, 12/01/34 (c)		2,290			2,322,155
5.00%, 12/01/46 (c)		3,120			3,131,417
Guam Power Authority, Series A (RB) 5.00%, 10/01/40 (c)		500			508,212
Territory of Guam (RB)
5.00%, 01/01/32		1,000			1,094,742
5.00%, 01/01/33		1,000			1,103,557
5.00%, 01/01/34		1,000			1,111,073
					25,221,958
Hawaii: 0.0%
Kuakini, Hawaii Health System, Series A (RB) 6.38%, 07/01/32 (c)		1,355			1,232,392
Idaho: 0.2%
Idaho Falls Auditorium District, Annual Appropriation Certificates of Participation (CP) 5.25%, 05/15/51 (c)		2,000			1,912,730
Idaho Health Facilities Authority, Madison Memorial Hospital Project (RB)
3.50%, 09/01/33 (c)		450			412,190
5.00%, 09/01/37 (c)		1,135			1,137,120
Idaho Health Facilities Authority, Series A (RB)
5.25%, 03/01/50 (c)		1,000			1,056,666
5.25%, 03/01/53 (c)		1,000			1,041,462
Idaho Health Facilities Authority, Terraces of Boise, Series A (RB) 3.80%, 10/01/31 (c)		100			96,620
					5,656,788
Illinois: 9.0%
Chicago Board of Education, Series A (GO)
5.00%, 12/01/29		1,000			1,025,537
5.00%, 12/01/30 (c)		1,265			1,288,089
5.00%, 12/01/30 (c)		1,195			1,221,966
5.00%, 12/01/32 (c)		5,575			5,683,642
5.00%, 12/01/33 (c)		5,100			5,174,967
5.00%, 12/01/33 (c)		250			252,326
5.00%, 12/01/34 (c)		395			397,682
5.00%, 12/01/35 (c)		2,400			2,408,556
5.00%, 12/01/36 (c)		6,990			6,969,676
5.00%, 12/01/37 (c)		3,610			3,578,324
5.00%, 12/01/39 (c)		6,000			5,874,745

	Par (000’s		)	Value
Illinois (continued)
5.00%, 12/01/40 (c)	$	6,350		$	6,147,716
5.00%, 12/01/42 (c)		12,755			12,059,353
5.00%, 12/01/47 (c)		7,000			6,316,605
5.25%, 12/01/35 (c)		3,000			3,081,531
5.88%, 12/01/47 (c)		2,600			2,614,194
7.00%, 12/01/26 (c)		5,200			5,214,734
7.00%, 12/01/44 (c)		4,210			4,220,760
7.00%, 12/01/46 (c)		2,250			2,337,447
Chicago Board of Education, Series A (GO) (AG)
5.00%, 12/01/33 (c)		1,250			1,306,091
5.00%, 12/01/34 (c)		1,250			1,302,527
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/25		145			145,140
5.50%, 12/01/26		175			177,279
5.50%, 12/01/31		1,285			1,394,977
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/27 ^		760			702,794
0.00%, 12/01/28 ^		390			347,433
0.00%, 12/01/30 ^		55			45,281
5.50%, 12/01/26		245			247,907
Chicago Board of Education, Series B (GO)
4.00%, 12/01/40 (c)		5,000			4,347,803
5.00%, 12/01/27		1,500			1,518,634
5.00%, 12/01/31 (c)		1,600			1,641,392
5.00%, 12/01/33 (c)		200			202,561
5.00%, 12/01/33 (c)		1,105			1,104,953
5.00%, 12/01/34 (c)		1,680			1,674,280
6.00%, 12/01/41 (c)		2,000			2,116,910
6.00%, 12/01/42 (c)		3,250			3,408,375
6.00%, 12/01/43 (c)		1,500			1,564,801
6.00%, 12/01/44 (c)		1,300			1,346,747
6.50%, 12/01/46 (c)		4,000			4,029,670
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27		2,000			2,024,845
5.00%, 12/01/30 (c)		1,000			1,013,566
5.00%, 12/01/34 (c)		8,805			8,806,937
5.25%, 12/01/35 (c)		3,515			3,514,965
5.25%, 12/01/39 (c)		12,180			12,011,899
5.50%, 12/01/45 (c)		3,000			2,938,275
6.00%, 12/01/35 (c)		1,160			1,160,648
Chicago Board of Education, Series C (GO) (AG) 5.00%, 12/01/30 (c)		500			523,236
Chicago Board of Education, Series E (GO) 5.12%, 12/01/32 (c)		3,640			3,640,264
Chicago Board of Education, Series G (GO) 5.00%, 12/01/44 (c)		3,000			2,777,768
Chicago Board of Education, Series H (GO)
5.00%, 12/01/36 (c)		9,730			9,685,383
5.00%, 12/01/46 (c)		7,710			7,004,645

See Notes to Financial Statements

	Par (000’s		)	Value
Illinois (continued)
Chicago O’Hare International Airport (RB) (AG) 5.00%, 01/01/48 (c)	$	1,000		$	1,003,640
Chicago O’Hare International Airport, Series A (RB) (AG) 5.25%, 01/01/45 (c)		3,000			3,100,586
Chicago O’Hare International Airport, Series B (RB) 4.50%, 01/01/56 (c)		1,105			1,064,077
Chicago School Reform Board of Trustees, Series A (GO) (NATL)
0.00%, 12/01/25 ^		355			353,947
0.00%, 12/01/29 ^		1,460			1,251,439
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/25 ^		2,210			2,203,446
0.00%, 12/01/26 ^		1,630			1,565,898
0.00%, 12/01/27 ^		1,030			952,470
0.00%, 12/01/28 ^		690			614,690
0.00%, 12/01/29 ^		645			552,862
0.00%, 12/01/31 ^		520			411,594
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula (RB) 5.00%, 06/01/26		100			100,994
City of Chicago (RB) (AMBAC) 5.75%, 11/01/30		765			815,614
City of Chicago Board of Education, Series A (GO)
5.75%, 12/01/50 (c)		5,000			4,971,643
6.25%, 12/01/50 (c)		10,000			10,461,360
City of Chicago Board of Education, Series C (GO) 6.00%, 12/01/37 (c)		3,500			3,794,609
City of Chicago, Board of Education, Series A (GO) 6.00%, 12/01/49 (c)		5,000			5,086,002
City of Chicago, City Colleges (GO) (NATL)
0.00%, 01/01/28 ^		345			322,952
0.00%, 01/01/30 ^		420			363,894
0.00%, 01/01/33 ^		985			760,753
0.00%, 01/01/34 ^		760			561,328
City of Chicago, Series A (GO)
5.00%, 01/01/27		200			202,558
5.00%, 01/01/27		725			734,273
5.00%, 01/01/32 (c)		1,500			1,571,413
5.00%, 01/01/33 (c)		3,000			3,135,378
5.00%, 01/01/34 (c)		3,000			3,124,390
5.00%, 01/01/44 (c)		2,400			2,328,806
5.00%, 01/01/45 (c)		4,000			3,878,022
5.25%, 01/01/45 (c)		2,000			1,984,628
5.50%, 01/01/41 (c)		1,000			1,019,922
5.50%, 01/01/49 (c)		3,000			2,954,825
6.00%, 01/01/38 (c)		5,000			5,104,762
6.00%, 01/01/50 (c)		2,000			2,099,320

	Par (000’s		)	Value
Illinois (continued)
City of Chicago, Series A (GO) (BAM) 6.00%, 01/01/46 (c)	$	1,000		$	1,093,715
City of Chicago, Series A (GO) (NATL) 0.00%, 01/01/29 ^		140			125,580
City of Chicago, Series A (GO) (SAW) 5.00%, 01/01/29		2,775			2,868,276
City of Chicago, Series B (GO)
5.00%, 01/01/33		1,500			1,600,041
5.00%, 01/01/41 (c)		1,000			1,005,614
City of Chicago, Series C (GO)
0.00%, 01/01/32 ^		195			155,971
5.00%, 01/01/26		380			381,251
5.00%, 01/01/27 (c)		250			250,508
City of Chicago, Wastewater Transmission, Series B (RB) (BAM) 5.00%, 01/01/34		250			287,164
Illinois Finance Authority (RB)
5.00%, 11/01/30 (c)		100			91,001
5.88%, 09/01/46 (c)		7,250			7,265,076
Illinois Finance Authority, Acero Charter Schools, Inc. (RB) 4.00%, 10/01/42 (c)		1,000			860,671
Illinois Finance Authority, Admiral Lake Project (RB) 5.12%, 05/15/38 (c)		390			345,700
Illinois Finance Authority, Central Baptist Village (RB) 5.38%, 11/15/39 (c)		35			34,591
Illinois Finance Authority, Friendship Village of Schaumburg (RB)
5.00%, 02/15/27 (d) *		2,675			80,260
5.00%, 02/15/37 (c) (d) *		5,797			173,897
5.12%, 02/15/45 (c) (d) *		5,467			163,998
Illinois Finance Authority, Goodman Theatre Project, Series A (RB)
6.00%, 10/01/45 (c)		1,505			1,536,401
6.12%, 10/01/50 (c)		1,000			1,018,756
Illinois Finance Authority, Illinois Institute of Technology (RB) 5.00%, 09/01/40 (c)		175			171,663
Illinois Finance Authority, Intrinsic School Project, Series A (RB) 6.00%, 12/01/45 (c)		500			500,083
Illinois Finance Authority, Lutheran Life Communities Obligated Group, Series A (RB)
5.00%, 11/01/29 (c)		500			346,250
5.00%, 11/01/30 (c)		250			173,125
5.00%, 11/01/35 (c)		5			3,463

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Roosevelt University (RB) 5.50%, 04/01/32 (c)	$	475		$	475,181
Illinois Finance Authority, Series B (RB)
5.00%, 10/01/34		250			262,854
5.00%, 10/01/44 (c)		500			494,892
Illinois Finance Authority, Solis Wate Disposal, Series B (RB) 7.38%, 09/01/42 (c) (p)		2,500			2,846,705
Illinois Finance Authority, Student Housing and Academic Facility, Series A (RB) 5.00%, 02/15/47 (c)		4,125			4,010,766
Illinois Finance Authority, Surface Freight Transfer Facilities (RB) 4.80%, 12/01/43 (c) (p)		1,500			1,551,676
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		1,000			1,030,432
5.00%, 06/15/29		1,000			1,044,494
5.00%, 06/15/30 (c)		1,555			1,625,442
Illinois Sports Facilities Authority (RB) (AG) 5.00%, 06/15/27 (c)		3,000			3,005,741
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		690			675,112
Illinois State, Series A (GO)
5.00%, 12/01/31 (c)		500			518,730
5.00%, 05/01/43 (c)		500			507,571
Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series A (RB)
0.00%, 12/15/52 ^		4,750			1,247,555
4.00%, 06/15/52 (c)		1,500			1,286,102
5.00%, 06/15/50 (c)		10,305			10,326,849
5.00%, 06/15/57 (c)		1,040			1,038,066
Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series A (RB) (NATL)
0.00%, 06/15/30 ^		745			638,043
0.00%, 12/15/30 ^		475			400,007
0.00%, 06/15/31 ^		125			103,469
0.00%, 12/15/33 ^		1,500			1,127,909
0.00%, 06/15/34 ^		190			139,825
0.00%, 12/15/34 ^		590			424,621
0.00%, 06/15/39 ^		115			65,677
Metropolitan Pier and Exposition Authority, Illinois McCormick Place Expansion Project, Series B (RB)
0.00%, 12/15/50 ^		35,755			10,442,287
5.00%, 12/15/40 (c)		1,000			1,000,757
5.00%, 06/15/53 (c)		1,500			1,498,135

	Par (000’s		)	Value
Illinois (continued)
Northeastern Illinois University, Capital Improvement Project (CP) 4.00%, 10/01/38 (c)	$	585		$	506,365
Northern Illinois Municipal Power Agent Power Project, Prairie State Project, Series A (RB) 4.00%, 12/01/31 (c)		2,000			2,017,874
State of Illinois (GO) 5.00%, 02/01/27		500			512,301
State of Illinois (RB) 3.00%, 06/15/31 (c)		100			97,051
State of Illinois, Series A (GO)
5.00%, 10/01/28		500			529,675
5.00%, 11/01/28		5			5,305
5.00%, 12/01/34 (c)		100			103,224
5.00%, 05/01/41 (c)		365			372,642
5.00%, 03/01/46 (c)		4,865			4,966,408
State of Illinois, Series B (GO)
5.00%, 03/01/27		2,000			2,053,833
5.25%, 05/01/42 (c)		3,000			3,229,743
5.25%, 05/01/45 (c)		1,470			1,547,215
5.25%, 05/01/49 (c)		5,900			6,129,235
State of Illinois, Series C (GO) 5.00%, 09/01/34		500			567,964
State of Illinois, Series D (GO)
5.00%, 11/01/25		250			250,000
5.00%, 09/01/40 (c)		1,000			1,078,600
Upper Illinois River Valley Development Authority, Elgin Math and Science Academy Charter School Project, Series A (RB) 6.00%, 03/01/63 (c)		1,000			990,855
Village of Bolingbrook, Special Service Area No. 1 (ST) 5.25%, 03/01/41 (c)		500			504,556
Village of Bridgeview (GO) 5.00%, 12/01/42 (c)		360			338,845
Will County Community High School District No. 210, Series B (GO)
0.00%, 01/01/29 ^		90			80,705
0.00%, 01/01/31 ^		245			204,651
0.00%, 01/01/33 ^		540			416,769
					322,873,700
Indiana: 0.9%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/27 (c)		90			72,040
City of Valparaiso, Pratt Paper, LLC Project (RB) 5.00%, 01/01/54 (c)		2,000			1,977,988
Indiana Finance Authority (RB)
5.00%, 02/01/32		2,000			2,239,215
5.00%, 02/01/33		2,000			2,264,700
5.00%, 10/01/64 (c) (p)		2,000			2,156,124

See Notes to Financial Statements

	Par (000’s		)	Value
Indiana (continued)
Indiana Finance Authority Educational Facilities, Earlham College Project, Series A (RB) 5.00%, 10/01/32 (c)	$	150		$	150,000
Indiana Finance Authority Midwestern Disaster Relief, Ohio Valley Electric Corp. Project, Series C (RB) 3.00%, 11/01/30		1,500			1,452,191
Indiana Finance Authority Student Housing (RB)
5.25%, 07/01/55 (c)		2,000			1,821,839
5.75%, 07/01/60 (c)		1,000			971,923
Indiana Finance Authority Student Housing, Series A (RB) 5.25%, 07/01/64 (c)		1,000			1,014,421
Indiana Finance Authority, Baptist Healthcare System, Series A (RB) 5.00%, 08/15/51 (c)		2,000			2,018,684
Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series B (RB) 3.00%, 11/01/30		5,000			4,840,636
Indiana Finance Authority, Series C (RB)
5.00%, 02/01/33		1,000			1,157,051
5.00%, 02/01/34		500			587,485
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26		5,500			5,497,168
Indianapolis Local Public Improvement Bond Bank (RB)
5.75%, 03/01/43 (c)		2,340			2,474,452
6.00%, 03/01/53 (c)		1,000			1,045,975
6.12%, 03/01/57 (c)		1,135			1,194,568
					32,936,460
Iowa: 0.7%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/29 (c)		1,025			989,411
Iowa Finance Authority (RB) 5.75%, 10/01/55 (c)		1,000			1,016,621
Iowa Finance Authority Senior Living Facility (RB) 5.50%, 10/01/45 (c)		500			505,161
Iowa Finance Authority, Lifespace Communities, Inc., Series A (RB)
5.00%, 05/15/43 (c)		655			646,972
5.00%, 05/15/48 (c)		4,000			3,807,645
Iowa Finance Authority, Midwestern Disaster Area, Alcoa Inc. Project (RB) 4.75%, 08/01/42 (c)		12,000			12,000,062

	Par (000’s		)	Value
Iowa (continued)
Iowa Finance Authority, Senior Living Facility (RB) 5.88%, 10/01/65 (c)	$	500		$	507,363
Iowa Finance Authority, Series A (RB)
5.00%, 05/15/49 (c)		3,500			3,307,641
5.12%, 05/15/59 (c)		1,000			938,292
Iowa Higher Education Loan Authority, Wartburg College Project (RB) 5.00%, 10/01/37 (c)		2,115			1,952,349
					25,671,517
Kansas: 0.3%
City of Garden City, Kansas (RB) 5.38%, 06/01/39 (c)		500			505,171
City of Hutchinson, Regional Medical Center, Inc. (RB) 5.00%, 12/01/41 (c)		250			226,545
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc., Series A (RB) 5.00%, 05/15/43 (c)		1,000			986,605
City of Manhattan, Kansas Health Care Facilities Authority, Meadowlark Hills Retirement Community, Series A (RB) 4.00%, 06/01/46 (c)		3,000			2,490,166
City of Manhattan, Kansas Sales Tax, Downtown Redevelopment Star Project Area (RB) 4.00%, 06/01/27 (c)		50			50,002
City of Wichita, Health Care Facilities, Series I (RB) 5.00%, 05/15/38 (c)		1,355			1,330,156
City of Wichita, Health Care Facilities, Series III (RB)
5.00%, 05/15/34 (c)		250			251,377
5.00%, 05/15/50 (c)		500			421,776
Manhattan Kansas Health Care Facilities, Meadowlark Hills, Series A (RB) 4.00%, 06/01/36 (c)		1,000			941,590
Topeka Kansas Health Care Facilities, Brewster Place, Series A (RB)
6.25%, 12/01/42 (c)		1,000			1,032,432
6.50%, 12/01/52 (c)		1,000			1,017,913
Wyandotte County, Unified School District No. 500 (GO) (BAM)
5.00%, 09/01/50 (c)		1,000			1,051,588
5.25%, 09/01/55 (c)		1,500			1,597,832
					11,903,153
Kentucky: 1.3%
Christian County, Jennie Stuart Medical Center (RB) 5.38%, 02/01/36 (c)		100			100,330

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Kentucky (continued)
City of Henderson, Kentucky Exempt Facilities, Pratt Paper, LLC Project, Series A (RB)
4.45%, 01/01/42 (c)	$	2,250		$	2,225,376
4.70%, 01/01/52 (c)		3,000			2,842,714
Kentucky Economic Development Finance Authority Hospital, Series A (RB)
5.00%, 06/01/31 (c)		1,315			1,340,451
5.00%, 06/01/45 (c)		1,720			1,722,583
Kentucky Economic Development Finance Authority, Louisville Arena Authority, Inc., Series A (RB) (AG) 5.00%, 12/01/47 (c)		760			756,090
Kentucky Economic Development Finance Authority, Louisville Arena Project, Series A (RB) (AG) 5.00%, 12/01/45 (c)		2,655			2,686,061
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB)
5.00%, 05/15/31 (c)		2,545			2,516,032
5.00%, 05/15/36 (c)		350			334,225
5.00%, 05/15/46 (c)		1,250			1,030,221
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
5.38%, 11/15/32 (c)		1,250			1,228,730
5.50%, 11/15/45 (c)		180			151,141
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB)
5.00%, 06/01/26		175			176,008
5.25%, 06/01/41 (c)		750			757,063
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series B (RB) 5.00%, 06/01/40 (c)		500			502,646
Kentucky Inc., Kentucky Public Energy Authority Gas Supply, Series B (RB) 5.00%, 12/01/33 (c)		2,500			2,609,614
Kentucky Public Energy Authority, Gas Supply, Series A (RB) 5.25%, 06/01/55 (c) (p)		9,000			9,623,327
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) 5.00%, 05/01/55 (c) (p)		2,500			2,657,660

	Par (000’s		)	Value
Kentucky (continued)
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p)	$	1,500		$	1,630,299
Louisville & Jefferson County, UOFL Health Project, Series A (RB) (AG)
5.00%, 05/15/47 (c)		3,170			3,205,077
5.00%, 05/15/47 (c)		2,500			2,557,851
5.00%, 05/15/52 (c)		4,000			3,972,539
Paducah Electric Plant Board, Series A (RB) (AG) 5.00%, 10/01/29 (c)		1,045			1,062,152
					45,688,190
Louisiana: 1.3%
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/39 (c)		3,800			3,796,108
City of Shreveport (GO) (AG) 5.00%, 03/01/49 (c)		1,000			1,029,445
City of Shreveport, Water and Sewer, Series C (RB) (BAM) 5.00%, 12/01/25		100			100,134
Louisiana Local Government Environmental Facilities and Community Development Authority, Christwood Project (RB)
4.25%, 11/15/30		750			752,104
5.00%, 11/15/37 (c)		1,020			1,051,926
5.25%, 11/15/53 (c)		300			281,920
Louisiana Local Government Environmental Facilities and Community Development Authority, City of New Orleans Gomesa Project (RB) 4.00%, 11/01/46 (c)		2,775			2,426,152
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Gomesa Project (RB) (NATL) 4.00%, 11/01/44 (c)		1,800			1,610,850
Louisiana Local Government Environmental Facilities and Community Development Authority, Parc Fontaine Apartments, Series A (RB) 4.25%, 12/01/35 (c)		175			131,250
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c)		3,245			3,203,774
Louisiana Public Facilities Authority (RB)
5.00%, 05/15/30 (c)		2,000			2,157,233
6.00%, 06/15/59 (c)		500			502,583

See Notes to Financial Statements

	Par (000’s		)	Value
Louisiana (continued)
Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project (RB)
5.00%, 09/01/66 (c)	$	1,000		$	961,061
5.50%, 09/01/59 (c)		1,000			1,020,133
5.75%, 09/01/64 (c)		4,000			4,150,557
Louisiana Public Facilities Authority, Lake Charles Academy Foundation Project, Series A (RB) 5.00%, 12/15/43 (c)		1,000			954,044
Louisiana Public Facilities Authority, Lake Charles Chapter Academy Project, Series A (RB) 5.00%, 12/15/34 (c)		1,500			1,539,792
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/39 (c) (d) *∞		1,647			16
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB)
7.50%, 07/01/23 (d) *∞		2,259			22
8.38%, 07/01/39 (c) (d) *∞		1,389			14
Parish of St. James, Nustar Logistics, LP Project (RB) 6.35%, 07/01/40 (c)		6,355			6,920,002
Parish of St. James, Nustar Logistics, LP Project, Series A (RB) 6.35%, 10/01/40 (c)		6,000			6,533,050
Parish of St. John the Baptist, Series A-3 (RB) 2.20%, 06/01/37 (p)		2,000			1,990,782
State of Louisiana, Series B (GO)
5.00%, 06/01/33		1,485			1,724,122
5.00%, 06/01/34		1,000			1,173,655
5.00%, 06/01/36 (c)		2,000			2,315,414
					46,326,143
Maine: 0.2%
Maine Finance Authority Solid Waste Disposal, Series R-3 (RB) 5.00%, 08/01/35		625			646,171
Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue, Series A (RB)
4.00%, 07/01/46 (c)		1,695			1,364,692
5.00%, 07/01/41 (c)		1,000			968,104
5.00%, 07/01/46 (c)		3,345			3,139,261
					6,118,228

	Par (000’s		)	Value
Maryland: 0.9%
Baltimore Maryland, Special Obligation, Harbor Point Project (RB) 5.00%, 06/01/51 (c)	$	1,000		$	1,002,221
City of Baltimore, Convention Center Hotel (RB)
5.00%, 09/01/30 (c)		1,000			1,017,430
5.00%, 09/01/39 (c)		1,000			1,004,797
5.00%, 09/01/42 (c)		2,250			2,251,353
5.00%, 09/01/46 (c)		2,000			1,971,649
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 5.00%, 09/01/38 (c)		500			504,879
City of Baltimore, Harbor Point Project (RB) 5.12%, 06/01/43 (c)		250			250,459
Frederick County, Maryland Educational Facilities Project, Mount Saint Mary’s University, Series A (RB)
5.00%, 09/01/32 (c)		2,000			1,995,500
5.00%, 09/01/37 (c)		1,000			957,927
5.00%, 09/01/45 (c)		1,000			876,797
Frederick County, Maryland Urban Community Development Authority, Series A (ST) 4.00%, 07/01/50 (c)		1,925			1,711,372
Frederick County, Maryland, Jefferson Technology Park Project, Series B (TA) 4.62%, 07/01/43 (c)		1,800			1,753,630
Howard County, Series A (TA) 4.50%, 02/15/47 (c)		2,500			2,336,678
Maryland Economic Development Corp., Core Natural Resources, Inc. Project (RB) 5.00%, 07/01/48 (c) (p)		2,000			2,112,602
Maryland Economic Development Corp., Metro Centre at Owings Mills Project (TA)
4.38%, 07/01/36 (c)		470			464,325
4.50%, 07/01/44 (c)		530			495,134
Maryland Economic Development Corp., Port Covington Project (TA)
4.00%, 09/01/40 (c)		2,250			2,123,252
4.00%, 09/01/50 (c)		3,250			2,771,838
Maryland Economic Development Corp., Purple Line Light Rail Project, Series B (RB) 5.25%, 06/30/52 (c)		1,085			1,081,574

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Maryland (continued)
Maryland Health & Higher Educational Facilities Authority (RB) (AG) 5.00%, 07/01/55 (c)	$	3,000		$	3,099,320
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) 5.00%, 07/01/38 (c)		250			252,191
Maryland Health and Higher Educational Facilities Authority, Series A (RB) 5.25%, 07/01/52 (c)		2,250			2,372,173
Prince George County, Collington Episcopal Life Care Community, Inc. (RB) 5.25%, 04/01/37 (c)		1,000			1,002,164
Prince George’s County, Suitland-Naylor Road Project (TA) 4.75%, 07/01/36 (c)		400			400,323
					33,809,588
Massachusetts: 2.0%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/39 (c)		365			365,479
Commonwealth of Massachusetts (RB) (BAM) 5.50%, 01/01/34		1,420			1,643,494
Commonwealth of Massachusetts, Series A (GO)
5.00%, 04/01/45 (c)		1,000			1,075,535
5.00%, 04/01/50 (c)		1,250			1,323,944
5.00%, 04/01/55 (c)		1,100			1,158,045
Commonwealth of Massachusetts, Series E (GO) 5.00%, 08/01/54 (c)		5,000			5,244,534
Massachusetts Development Finance Agency (RB)
5.00%, 09/01/59 (c)		2,000			2,028,259
6.38%, 07/15/45 (c)		500			506,300
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/53 (c)		1,500			1,516,208
Massachusetts Development Finance Agency, Boston Medical Center, Series D (RB) 5.00%, 07/01/44 (c)		2,120			2,091,291
Massachusetts Development Finance Agency, Boston Medical Center, Series G (RB) 5.25%, 07/01/52 (c)		1,435			1,445,541
Massachusetts Development Finance Agency, Boston Student Housing Project (RB) 5.00%, 10/01/48 (c)		1,000			947,725

	Par (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Brown University Health, Series A (RB)
5.25%, 08/15/45 (c)	$	1,000		$	1,045,277
5.50%, 08/15/50 (c)		1,500			1,563,131
Massachusetts Development Finance Agency, Care Communities, LLC Issue, Series A (RB) 5.50%, 07/15/35		250			255,583
Massachusetts Development Finance Agency, Emmanuel College, Series A (RB) 5.00%, 10/01/43 (c)		1,035			989,302
Massachusetts Development Finance Agency, Lasell Village, Inc. (RB)
5.00%, 07/01/29		1,500			1,578,983
5.25%, 07/01/50 (c)		1,000			1,010,512
5.25%, 07/01/55 (c)		1,000			1,006,090
Massachusetts Development Finance Agency, Lawrence General Hospital (RB) 5.00%, 07/01/34 (c)		1,000			925,938
Massachusetts Development Finance Agency, Lawrence General Hospital, Series A (RB) 5.25%, 07/01/34 (c)		350			329,894
Massachusetts Development Finance Agency, Linden Ponds, Inc. Facility (RB)
5.00%, 11/15/38 (c)		500			515,349
5.12%, 11/15/46 (c)		500			506,761
Massachusetts Development Finance Agency, Merrimack College Student Housing Project, Series A (RB)
5.00%, 07/01/54 (c)		1,000			956,207
5.00%, 07/01/60 (c)		1,000			943,287
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB)
4.00%, 10/01/32 (c)		1,000			995,019
4.12%, 10/01/42 (c)		2,500			2,321,578
5.00%, 10/01/47 (c)		1,400			1,390,075
5.00%, 10/01/57 (c)		14,550			14,073,329
Massachusetts Development Finance Agency, Series N (RB) (AG)
5.00%, 07/01/30		1,000			1,100,286
5.00%, 07/01/34		1,000			1,153,627
5.00%, 07/01/50 (c)		1,000			1,040,372
Massachusetts Development Finance Agency, Series N-1 (RB)
4.50%, 07/01/54 (c)		2,000			1,894,613
5.25%, 07/01/50 (c)		4,000			4,087,610

See Notes to Financial Statements

	Par (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, South Shore Hospital Issue, Series I (RB) 4.00%, 07/01/36 (c)	$	1,500		$	1,468,685
Massachusetts Development Finance Agency, Springfield College Issue, Series A (RB) (AG) 4.00%, 06/01/56 (c)		5			3,799
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/34 (c)		1,120			1,134,270
Massachusetts Development Finance Agency, UMass Boston Student Housing Project (RB) 5.00%, 10/01/41 (c)		1,930			1,931,630
Massachusetts Development Finance Agency, UMass Dartmouth Student Housing Project (RB) 5.00%, 10/01/48 (c)		1,000			912,213
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB)
5.00%, 07/01/29 (c)		190			192,193
5.00%, 07/01/46 (c)		510			508,577
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series N-2 (RB) 5.00%, 07/01/35 (c)		1,000			1,132,834
Massachusetts Development Finance Agency, Wellforce, Inc., Series C (RB) (AG) 3.00%, 10/01/45 (c)		3,000			2,377,110
Massachusetts State Development Finance Agency, Wellforce Issue, Series A (RB) 5.00%, 07/01/33 (c)		1,250			1,280,836
					69,971,325
Michigan: 0.8%
Calhoun County Hospital Finance Authority, Oaklawn Hospital (RB) 5.00%, 02/15/41 (c)		290			287,179
City of Detroit, Michigan Unlimited Tax (GO) 5.50%, 04/01/45 (c)		250			258,981
City of Detroit, Michigan Unlimited Tax, Series A (GO)
5.00%, 04/01/46 (c)		135			136,690
5.00%, 04/01/50 (c)		1,475			1,483,168

	Par (000’s		)	Value
Michigan (continued)
Detroit Service Learning Academy, Public School Academy (RB) (AG) 4.00%, 07/01/41 (c)	$	1,000		$	863,722
Flint Michigan Hospital Building Authority, Hurley Medical Center (RB) 4.00%, 07/01/41 (c)		500			465,603
Flint Michigan Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/28 (c)		235			234,791
Ivywood Classical Academy (RB) 6.25%, 01/01/59 (c)		1,000			977,819
Michigan Finance Authority, Corewell Health, Series A (RB)
5.00%, 08/15/35 (c)		2,500			2,888,281
5.00%, 08/15/46 (c)		2,000			2,110,290
Michigan Finance Authority, Corewell Health, Series B-2 (RB) 5.00%, 08/15/55 (p)		6,000			6,754,595
Michigan Finance Authority, Henry Ford Health Detroit South Campus (RB) 5.50%, 02/28/57 (c)		4,255			4,462,533
Michigan Finance Authority, Presbyterian Villages of Michigan (RB) 5.50%, 11/15/45 (c)		294			250,024
Michigan Finance Authority, Tobacco Settlement Bonds, Series B-2 (RB) 0.00%, 06/01/65 (c) ^		15,500			1,569,935
Michigan Strategic Fund, I-75 Improvement Project (RB)
5.00%, 06/30/31 (c)		600			625,479
5.00%, 12/31/32 (c)		700			727,700
5.00%, 06/30/48 (c)		1,470			1,447,934
Michigan Strategic Fund, I-75 Improvement Project (RB) (AG) 4.50%, 06/30/48 (c)		1,000			941,377
Michigan Tobacco Settlement Finance Authority, Series B (RB) 0.00%, 06/01/52 (c) ^		260			32,162
Western Michigan University, Series A (RB) (AG) 5.25%, 11/15/54 (c)		1,500			1,591,002
					28,109,265
Minnesota: 0.6%
Chippewa County, Chippewa County-Montevideo Hospital Project (RB) 4.00%, 03/01/37 (c)		135			131,844
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/27 (c)		310			305,610

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Minnesota (continued)
City of Apple Valley (RB)
5.38%, 09/01/45 (c)	$	420		$	425,028
5.50%, 09/01/55 (c)		600			606,312
5.62%, 09/01/65 (c)		815			824,966
City of Brainerd (RB) 5.50%, 05/01/45 (c)		1,000			998,187
City of Brooklyn Park, Minnesota Chapter School (RB) 5.12%, 06/15/54 (c)		1,000			915,593
City of Coon Rapids (RB) 6.50%, 06/15/47 (c)		1,000			1,026,256
City of Crookston, Health Care Facilities, Riverview Health Project (RB) 5.00%, 05/01/34 (c)		3,000			1,800,000
City of Deephaven, Charter School, Eagle Ridge Academy Project, Series A (RB)
5.25%, 07/01/40 (c)		500			500,159
5.50%, 07/01/50 (c)		2,860			2,860,012
City of Forest Lake, International Language Academy, Series A (RB) (SAW) 5.38%, 08/01/50 (c)		500			490,060
City of Maple Grove, Minnesota Health Care Facilities (RB) 3.38%, 05/01/33 (c)		115			110,711
City of Minneapolis, Fairview Health Services, Series A (RB) 5.00%, 11/15/34 (c)		1,830			1,901,337
City of Shakopee Senior Housing Revenue (RB) 5.75%, 11/01/55 (c)		500			500,296
City of St. Cloud, Centracare Health System (RB) 5.00%, 05/01/54 (c)		1,000			1,028,455
City of St. Louis Park, Place Via Sol Project (RB) (AMBAC) 6.00%, 07/01/53 (d) (p) *		1,927			192,740
City of St. Paul, Housing and Redevelopment Authority, Series A (RB) 5.75%, 09/01/46 (c)		325			325,905
City of St. Paul, Minnesota Housing and Redevelopment Authority (RB) 4.00%, 11/15/43 (c)		2,000			1,788,962
Duluth Economic Development Authority, Benedictine Health System, Series A (RB) 4.00%, 07/01/41 (c)		2,255			1,892,266
Minneapolis Minnesota Heath Care System, Fairview Health Services, Series A (RB) 5.00%, 11/15/49 (c)		2,000			1,970,464

	Par (000’s		)	Value
Minnesota (continued)
Minnesota Higher Education Facilities Authority, Augsburg College, Series A (RB) 5.00%, 05/01/46 (c)	$	1,000		$	687,211
Minnesota Higher Education Facilities Authority, Augsburg College, Series B (RB) 4.25%, 05/01/40 (c)		860			598,096
Township of Baytown, St. Croix Preparatory Academy Project, Series A (RB) 4.00%, 08/01/36 (c)		250			233,155
Woodbury, Minnesota Charter School Lease, Woodbury Leadership Academy Project, Series A (RB) 4.00%, 07/01/56 (c)		1,150			821,504
					22,935,129
Mississippi: 0.2%
Mississippi Development Bank, Magnolia Regional Health Center Project (RB)
4.00%, 10/01/41 (c)		3,500			2,921,131
5.00%, 10/01/32 (c)		1,530			1,588,254
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/41 (c)		3,000			3,006,263
					7,515,648
Missouri: 0.8%
Boone County, Boone Hospital Center (RB)
3.00%, 08/01/34 (c)		410			307,358
4.00%, 08/01/38 (c)		565			430,417
City of Liberty, Liberty Commons Project, Series A (TA) 5.75%, 06/01/35 (c)		500			499,515
City of Nevada, Regional Medical Center (RB) (ACA) 4.30%, 10/01/26 (c)		15			14,945
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 4.38%, 11/15/35 (c)		250			229,922
Health & Educational Facilities Authority of the State of Missouri (RB)
5.00%, 10/01/35 (c)		500			504,381
6.00%, 10/01/45 (c)		500			501,263
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series A (RB)
5.25%, 02/01/48 (c)		1,000			1,004,375
5.25%, 02/01/54 (c)		250			248,368

See Notes to Financial Statements

	Par (000’s		)	Value
Missouri (continued)
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series B (RB) 5.00%, 02/01/46 (c)	$	1,460		$	1,426,546
Health and Educational Facilities Authority, Lutheran Senior Services Projects, Series C (RB) 4.00%, 02/01/42 (c)		475			429,557
I-470 Western Gateway Transportation Development District, Series A (RB) 5.25%, 12/01/48 (c)		1,100			1,100,700
Kansas City Industrial Development Authority, Methodist Retire Home, Series B (RB) 5.00%, 11/15/46		5,352			3,621,095
Kansas City Missouri Industrial Development Authority, Historic Northeast Redevelopment Plan, Series A-1 (RB) 5.00%, 06/01/46 (c)		500			488,991
Kirkwood Industrial Development Authority, Missouri Retirement Community, Series A (RB)
5.25%, 05/15/37 (c)		1,500			1,501,696
5.25%, 05/15/50 (c)		2,000			1,769,909
Lee’s Summit Industrial Development Authority, John Knox Village, Series A (RB)
5.00%, 08/15/32 (c)		2,430			2,473,657
5.00%, 08/15/36 (c)		1,550			1,554,074
5.00%, 08/15/42 (c)		2,000			1,919,722
Lee’s Summit, Industrial Development Authority, Senior Living Facilities, John Knox Village, Series A (RB)
5.00%, 08/15/39 (c)		1,000			1,023,213
5.62%, 08/15/54 (c)		500			503,932
Missouri State Health and Educational Facilities Authority, Lutheran Senior Services Project, Series A (RB) 5.00%, 02/01/42 (c)		3,000			3,008,745
St. Joseph Industrial Development Authority, Missouri Healthcare, Series A (RB) 5.00%, 01/01/50 (c)		1,000			728,708
St. Louis County, Industrial Development Authority, Friendship Village St. Louis (RB) 5.00%, 09/01/48 (c)		2,500			2,434,140

	Par (000’s		)	Value
Missouri (continued)
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/38 (c)	$	500		$	507,935
St. Louis County, Industrial Development Authority, St. Andrew’s Resources, Series A (RB) 5.00%, 12/01/35 (c)		150			149,654
University City of Missouri, Industrial Development Authority, Series A (RB) 4.88%, 06/15/36 (c)		880			902,028
					29,284,846
Montana: 0.1%
City of Kalispell, Immanuel Living at Buffalo Hill Project, Series B (RB) 4.25%, 05/15/30 (c)		500			502,267
Montana Facility Finance Authority, Health Care Facilities, Children’s Home & Hospital Project, Series A (RB) 4.00%, 07/01/50 (c)		1,970			1,467,877
					1,970,144
Nebraska: 0.2%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/30		2,000			2,124,340
5.00%, 09/01/34		1,000			1,100,262
5.00%, 09/01/36		500			549,829
Central Plains Energy Project, Gas Supply, Series A (RB) 5.00%, 08/01/55 (c) (p)		2,000			2,161,261
Central Plains Energy Project, Series G (RB) 5.00%, 05/01/53 (c) (p)		235			247,939
					6,183,631
Nevada: 0.4%
City of Las Vegas, Special Improvement District No. 814 (SA)
4.00%, 06/01/44 (c)		225			198,744
4.00%, 06/01/49 (c)		515			437,356
City of Las Vegas, Special Improvement District No. 818 (SA) 5.00%, 12/01/49 (c)		500			496,509
City of Reno, Special Assessment District No. 1, Local Improvement (SA) 5.25%, 06/01/54 (c)		750			743,663
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/27 (c)		505			505,672

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Nevada (continued)
Clark County, Special Improvement District No. 159 (SA) 5.00%, 08/01/35 (c)	$	155		$	155,083
Henderson Local Improvement District No. T-18 (SA) 4.00%, 09/01/35 (c)		575			557,425
North Las Vegas, Special Improvement District No. 64 (SA) 4.62%, 06/01/49 (c)		210			195,667
North Las Vegas, Special Improvement District No. 64 (SA) (SAW) 4.62%, 06/01/43 (c)		440			422,719
State of Nevada, Department of Business and Industry, Brightline West Passenger Rail Project, Series A (RB) 9.50%, 01/01/65 (c) (p)		10,500			8,400,000
State of Nevada, Department of Business and Industry, Somerset Academy, Series A (RB)
5.00%, 12/15/35 (c)		2,000			2,000,713
5.00%, 12/15/38 (c)		400			399,989
5.00%, 12/15/48 (c)		500			461,628
5.12%, 12/15/45 (c)		1,000			956,360
					15,931,528
New Hampshire: 0.8%
National Finance Authority, Affordable Housing, Series 1 (RB) 4.75%, 06/20/41 (c) (p)		499			518,463
National Finance Authority, Bridgeland Water and Utility Districts (RB) 5.38%, 12/15/35 (c)		2,114			2,115,575
National Finance Authority, Covanta Project, Series B (RB) 4.62%, 11/01/42 (c)		4,225			3,775,007
National Finance Authority, Emberly and Cantera Creek Projects (RB) 5.38%, 12/01/31 (c)		713			715,050
National Finance Authority, Highlands Project (RB) 5.12%, 12/15/30 (c)		675			676,955
National Finance Authority, Mirador Project (RB) 6.00%, 12/01/31 (c)		750			754,574
National Finance Authority, Municipal Certificates, Series 2 (RB) 4.22%, 11/20/42		998			982,249
National Finance Authority, New Hampshire (RB) 0.00%, 12/15/32 (c) ^		750			468,766

	Par (000’s		)	Value
New Hampshire (continued)
National Finance Authority, New Hampshire Business, Series A-2 (RB) 4.17%, 01/20/41	$	3,980		$	3,724,479
National Finance Authority, New Hampshire Resource Recovery, Covanta Project, Series C (RB) 4.88%, 11/01/42 (c)		2,000			1,800,747
National Finance Authority, New Hampshire, Presbyterian Senior Living Project, Series A (RB) 5.25%, 07/01/48 (c)		1,000			1,006,425
National Finance Authority, Silverado Project (RB) 5.00%, 12/01/28 (c)		1,000			1,000,636
National Finance Authority, Springpoints Living Project (RB) 4.00%, 01/01/41 (c)		1,000			919,322
National Finance Authority, Valencia Project (RB) 5.30%, 12/01/32 (c)		750			752,584
National Finance Authority, Vista Project, Series A (RB) 5.62%, 07/01/46 (c)		2,600			2,605,807
National Finance Authority, Wildflower Project (RB) 0.00%, 12/15/33 (c) ^		505			313,652
New Hampshire Business Finance Authority (RB) 0.00%, 12/01/31 (c) ^		5,000			3,398,062
New Hampshire Business Finance Authority, Series A (RB) (BAM) 4.12%, 01/20/34		1,284			1,311,103
New Hampshire Business Finance Authority, Series A-2 (RB) 5.15%, 06/20/41 (c) (p)		999			1,043,090
					27,882,546
New Jersey: 1.9%
New Jersey Economic Development Authority, Bancroft Neurohealth Project, Series A (RB) 5.00%, 06/01/36 (c)		470			471,024
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 09/15/29 (c)		1,160			1,160,017
5.50%, 06/01/33 (c)		60			60,001
5.62%, 11/15/30 (c)		2,035			2,035,030
5.62%, 11/15/30 (c)		285			285,004
5.75%, 09/15/27 (c)		590			590,009

See Notes to Financial Statements

	Par (000’s		)	Value
New Jersey (continued)
New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31	$	55		$	55,353
New Jersey Economic Development Authority, Lions Gate Project (RB)
4.88%, 01/01/29 (c)		535			535,004
5.00%, 01/01/34 (c)		500			500,074
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/32 (c)		1,640			1,648,612
4.00%, 07/01/34 (c)		2,000			2,020,088
5.00%, 07/01/33 (c)		4,640			4,737,384
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 5.00%, 07/01/28 (c)		2,500			2,582,702
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series B (RB) (XLCA) 0.00%, 07/01/26 ^		515			503,610
New Jersey Economic Development Authority, Port Newark Container Terminal LLC Project (RB) 5.00%, 10/01/47 (c)		3,300			3,302,617
New Jersey Economic Development Authority, Rapuano Port & Rail Terminal Project (RB) 6.38%, 01/01/35 (c)		1,250			1,299,121
New Jersey Economic Development Authority, School Facilities Construction, Series EEE (RB) 5.00%, 06/15/48 (c)		2,880			2,934,176
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 06/15/38 (c)		600			638,677
New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
5.12%, 01/01/34 (c)		350			350,599
5.50%, 01/01/27 (c)		500			501,007
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/30 (c)		150			146,101

	Par (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Princeton University, Series A (RB) 5.00%, 07/01/64 (c) (p)	$	2,000		$	2,225,530
New Jersey Educational Facilities Authority, Rider University, Series F (RB) 5.00%, 07/01/47 (c)		490			380,590
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation Program (RB) 5.00%, 10/01/28 (c)		500			526,467
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/33 ^		5			3,854
5.00%, 12/15/26		5			5,122
5.00%, 12/15/28		200			213,773
5.00%, 06/15/37 (c)		1,000			1,140,147
5.00%, 06/15/38 (c)		1,500			1,695,380
5.00%, 12/15/39 (c)		385			406,622
5.25%, 06/15/39 (c)		3,000			3,429,583
New Jersey Transportation Trust Fund Authority, Series AA (RB)
5.00%, 06/15/36 (c)		1,000			1,164,814
5.00%, 06/15/37 (c)		1,000			1,154,936
5.00%, 06/15/40 (c)		1,000			1,119,068
5.00%, 06/15/41 (c)		1,000			1,107,801
5.00%, 06/15/42 (c)		1,000			1,095,163
5.00%, 06/15/45 (c)		2,000			2,137,951
New Jersey Transportation Trust Fund Authority, Series BB (RB) 3.00%, 06/15/50 (c)		3,000			2,266,267
New Jersey Transportation Trust Fund Authority, Series C (RB) (AMBAC) 0.00%, 12/15/28 ^		100			91,419
New Jersey Transportation Trust Fund Authority, Series C (RB) (NATL) 0.00%, 12/15/31 ^		365			304,116
New Jersey Transportation Trust Fund Authority, Series CC (RB) 5.25%, 06/15/50 (c)		1,000			1,064,434
Newark Housing Port Authority, Marine Terminal Redevelopment Project (RB) (NATL) 5.25%, 01/01/27		100			102,038
Passaic County Improvement Authority, Series A (RB)
5.00%, 01/01/55 (c)		750			706,849
5.00%, 01/01/60 (c)		500			460,808

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
New Jersey (continued)
South Jersey Port Corp., Marine Terminal, Series B (RB) 5.00%, 01/01/34 (c)	$	360		$	371,941
Tobacco Settlement Financing Corp., Series A (RB)
5.00%, 06/01/46 (c)		2,475			2,452,077
5.25%, 06/01/46 (c)		2,675			2,682,542
Tobacco Settlement Financing Corp., Series B (RB) 5.00%, 06/01/46 (c)		14,925			14,553,614
					69,219,116
New Mexico: 0.1%
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group -LA Vida Llena Expansion Project, Series A (RB) 5.00%, 07/01/49 (c)		3,480			3,107,828
New Mexico Mortgage Finance Authority, Single Family Program, Series C (RB) 5.10%, 09/01/55 (c)		1,000			1,016,067
New Mexico Municipal Energy Acquisition Authority, Gas Supply (RB) 5.00%, 06/01/54 (c) (p)		1,000			1,073,813
					5,197,708
New York: 10.4%
Brooklyn Arena Local Development Corp., Barclays Center (RB)
0.00%, 07/15/32 ^		395			307,536
0.00%, 07/15/33 ^		370			275,910
0.00%, 07/15/47 ^		180			58,883
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 07/15/26		345			348,017
5.00%, 07/15/42 (c)		9,515			9,534,816
Build NYC Resource Corp. (RB)
5.12%, 10/15/45 (c)		1,500			1,481,564
5.25%, 10/15/50 (c)		1,500			1,477,478
5.38%, 10/15/55 (c)		1,000			994,657
5.38%, 10/15/61 (c)		2,000			1,957,439
5.62%, 07/01/45 (c)		500			498,132
Build NYC Resource Corp., Albert Einstein School of Medicine, Inc., Project (RB) 5.50%, 09/01/45 (c)		4,545			4,492,354
Build NYC Resource Corp., Bayridge Preparatory School Project (RB)
5.00%, 09/01/49 (c)		1,255			1,174,798
5.00%, 09/01/59 (c)		3,800			3,459,991
Build NYC Resource Corp., East Harlem Scholars Academy Charter School Project (RB) 5.75%, 06/01/42 (c)		1,000			1,018,217

	Par (000’s		)	Value
New York (continued)
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project (RB)
5.25%, 07/01/52 (c)	$	1,000		$	1,010,466
5.25%, 07/01/57 (c)		1,000			1,007,668
Build NYC Resource Corp., Richmond University Medical Center Project, Series A (RB) 5.62%, 12/01/50 (c)		1,200			1,038,940
Build NYC Resource Corp., Shefa School Project, Series A (RB) (SAW) 5.00%, 06/15/51 (c)		6,500			6,111,966
Build NYC Resource Corp., Unity Preparatory Charter School of Brooklyn Project, Series A (RB) 5.50%, 06/15/63 (c)		1,000			977,954
City of New York, Series D (GO) 5.00%, 10/01/45 (c)		1,000			1,065,338
City of New York, Series G (GO)
5.00%, 02/01/37 (c)		1,000			1,150,318
5.25%, 02/01/53 (c)		1,500			1,599,839
City of Troy Capital Resource Corp., Series A (RB) 4.00%, 09/01/40 (c)		1,250			1,234,553
County of Sullivan, Adelaar Infrastructure Project, Series A-2 (SA) 5.35%, 11/01/49 (c)		2,000			2,003,107
Dutchess County Local Development Corp., Bard College Project, Series A (RB)
5.00%, 07/01/40 (c)		1,500			1,533,293
5.00%, 07/01/45 (c)		1,000			999,029
5.00%, 07/01/51 (c)		3,370			3,321,044
Erie Tobacco Asset Securitization Corp., Series A (RB)
5.00%, 06/01/38 (c)		5			4,613
5.00%, 06/01/45 (c)		2,000			1,654,059
Long Island Power Authority Electric System, Series B (RB) 3.00%, 09/01/55 (c) (p)		1,500			1,486,642
Metropolitan Transportation Authority, Series A (RB)
5.00%, 11/15/41 (c)		1,000			1,080,939
5.25%, 11/15/49 (c)		1,625			1,725,062
5.25%, 11/15/55 (c)		2,000			2,122,946
Metropolitan Transportation Authority, Series B (RB)
5.00%, 11/15/35		2,000			2,297,162
5.00%, 11/15/42 (c)		1,500			1,614,642
Monroe County Industrial Development Corp., Eugenio Maria De Hostos Charter School Project, Series A (RB)
5.00%, 07/01/44 (c)		1,000			951,243
5.00%, 07/01/59 (c)		1,000			891,352

See Notes to Financial Statements

	Par (000’s		)	Value
New York (continued)
Monroe County Industrial Development Corp., Rochester regional Health Project, Series A (RB) 3.00%, 12/01/40 (c)	$	5		$	4,094
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)
4.00%, 12/01/35 (c)		2,100			2,111,732
5.00%, 12/01/31 (c)		500			539,575
Nassau County Tobacco Settlement Corp., Series A-3 (RB) 5.12%, 06/01/46 (c)		2,905			2,195,992
New York & New Jersey Port Authority (RB)
5.00%, 01/15/50 (c)		3,000			3,169,442
5.00%, 01/15/55 (c)		2,500			2,623,627
New York City Housing Development Corp., Multi-Family Housing, Series B-2 (RB) 3.95%, 11/01/64 (c) (p)		1,500			1,531,813
New York City Housing Development Corp., Multi-Family Housing, Series C-2 (RB) 3.75%, 05/01/65 (c) (p)		2,000			2,030,392
New York City Housing Development Corp., Multi-Family Housing, Series F-1 (RB) 4.55%, 11/01/54 (c)		2,000			1,970,985
New York City Housing Development Corp., Multi-Family Mortgage, Series D (RB) 4.00%, 12/15/31 (c)		250			256,423
New York City Housing Development Corp., Multi-Family Mortgage, Series E (RB) 4.38%, 12/15/31 (c)		1,000			1,023,291
New York City Housing Development Corp., Multi-Family Mortgage, Series F (RB) 5.25%, 12/15/31 (c)		1,250			1,289,406
New York City Industrial Development Agency, Airport Facilities, Series A (RB) 5.00%, 07/01/28 (c)		1,110			1,110,179
New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 5.00%, 05/01/45 (c)		1,000			1,070,034

	Par (000’s		)	Value
New York (continued)
New York Convention Center Development Corp. (RB) 5.00%, 11/15/40 (c)	$	3,325		$	3,326,801
New York Counties Tobacco Trust IV, Series A (RB)
3.75%, 06/01/45 (c)		500			374,243
5.00%, 06/01/42 (c)		7,335			6,308,192
5.00%, 06/01/45 (c)		785			614,102
New York Counties Tobacco Trust IV, Series E (RB) 0.00%, 06/01/55 (c) ^		5			410
New York Counties Tobacco Trust VI, Series A-2B (RB)
5.00%, 06/01/45 (c)		1,270			1,112,902
5.00%, 06/01/51 (c)		5,000			4,228,224
New York Energy Finance Development Corp. (RB) 5.00%, 07/01/56 (c) (p)		4,650			5,005,226
New York Liberty Development Corp., 3 World Trade Center Project (RB)
5.00%, 11/15/44 (c)		7,000			6,999,908
5.38%, 11/15/40 (c)		10,000			10,001,917
New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Series 3 (RB) 2.80%, 09/15/69 (c)		7,000			6,541,226
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35		3,000			3,508,342
New York State Dormitory Authority, Catholic Health System, Series A (RB) 4.00%, 07/01/45 (c)		2,500			2,001,185
New York State Dormitory Authority, CUNY Student Housing Project (RB) (AMBAC) 5.50%, 07/01/35		480			519,319
New York State Dormitory Authority, Fit Student Housing Corp. (RB) (NATL) 5.25%, 07/01/31		150			158,572
New York State Dormitory Authority, Fordham University, Series A (RB) 5.00%, 07/01/41 (c)		1,550			1,562,524
New York State Dormitory Authority, Montefiore Obligated Group, Series A (RB) 5.00%, 08/01/27		1,000			1,023,291
New York State Dormitory Authority, New York University, Series A (RB) (AG) 5.00%, 07/01/43 (c)		2,375			2,443,749

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
New York (continued)
New York State Dormitory Authority, White Plains Hospital (RB) 5.25%, 10/01/49 (c)	$	1,100		$	1,121,333
New York State Dormitory Authority, White Plants Hospital (RB) (AG) 5.50%, 10/01/54 (c)		4,300			4,615,394
New York State Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 07/15/50 (c)		6,300			6,193,385
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA) 4.25%, 09/01/50 (c) (p)		1,750			1,772,098
New York State Housing Finance Agency, Series A (RB) 3.95%, 11/01/50 (c) (p)		1,000			1,017,690
New York Transportation Development Corp. (RB)
6.00%, 06/30/44 (c)		700			764,959
6.00%, 06/30/50 (c)		750			804,800
6.00%, 06/30/59 (c)		9,000			9,579,069
New York Transportation Development Corp. (RB) (AG) 6.00%, 06/30/43 (c)		800			893,300
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
3.00%, 08/01/31		5,765			5,458,939
5.00%, 08/01/26 (c)		1,750			1,750,436
5.00%, 08/01/31 (c)		1,140			1,140,261
5.25%, 08/01/31 (c)		4,985			5,216,441
5.38%, 08/01/36 (c)		2,000			2,089,502
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 01/01/36 (c)		1,250			1,216,103
4.38%, 10/01/45 (c)		7,500			7,020,759
5.00%, 01/01/30 (c)		4,600			4,761,380
5.00%, 01/01/33 (c)		5,230			5,368,404
5.00%, 10/01/35 (c)		6,650			6,959,713
5.00%, 10/01/40 (c)		7,000			7,111,464
5.62%, 04/01/40 (c)		5,895			6,193,177
6.00%, 04/01/35 (c)		10,000			11,044,625
New York Transportation Development Corp., JFK Airport Terminal 4 Project (RB) (AG) 5.00%, 12/01/31		2,355			2,569,194

	Par (000’s		)	Value
New York (continued)
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A (RB)
5.50%, 12/31/54 (c)	$	9,900		$	10,199,652
5.50%, 12/31/60 (c)		1,000			1,022,190
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series A (RB) (AG) 5.25%, 12/31/54 (c)		4,000			4,122,436
New York Transportation Development Corp., JFK Airport Terminal 6 Redevelopment Project, Series B (RB) (AG) 5.00%, 12/31/54 (c)		1,000			651,093
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal 4 Project (RB) (AG) 5.00%, 12/01/30		5,000			5,404,949
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB)
5.00%, 06/30/60 (c)		2,500			2,419,343
5.25%, 06/30/49 (c)		1,850			1,871,110
5.38%, 06/30/60 (c)		6,000			6,032,523
6.00%, 06/30/54 (c)		6,475			6,760,534
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project (RB) (AG) 5.00%, 12/01/32		6,080			6,677,598
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
5.00%, 07/01/34 (c)		3,000			3,001,968
5.00%, 07/01/41 (c)		11,445			11,445,750
5.00%, 07/01/46 (c)		18,530			18,478,307
5.25%, 01/01/50 (c)		9,720			9,719,890
New York Transportation Development Corp., LaGuardia Airport Terminals B Redevelopment Project, Series A (RB) (AG) 4.00%, 07/01/35 (c)		1,000			997,030

See Notes to Financial Statements

	Par (000’s		)	Value
New York (continued)
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project (RB)
5.00%, 12/01/39 (c)	$	1,000		$	1,047,275
5.00%, 12/01/41 (c)		6,000			6,179,304
5.00%, 12/01/42 (c)		1,000			1,021,798
New York Transportation Development Corporation, John F. Kennedy International Airport New Terminal Project (RB)
5.50%, 06/30/54 (c)		7,895			8,076,730
5.50%, 06/30/60 (c)		3,000			3,065,263
Niagara Area Development Corp., New York Solid Waste Disposal Facility, Series A (RB) 4.75%, 11/01/42 (c)		2,250			1,995,711
Onondaga Civic Development Corp., Syracuse University Project (RB) 5.50%, 12/01/56 (c)		3,000			3,284,658
Otsego County Capital Resource Corp., Hartwick College Project, Series A (RB) 5.00%, 10/01/45 (c)		355			240,487
Suffolk Tobacco Asset Securitization Corp., Series B-2 (RB) 0.00%, 06/01/66 (c) ^		10,515			937,099
Triborough Bridge and Tunnel Authority, Series A (RB) 5.50%, 12/01/59 (c)		1,000			1,081,004
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.00%, 09/01/36 (c)		2,020			2,158,425
TSASC, Inc., Tobacco Settlement Bonds, Series B (RB)
5.00%, 06/01/45 (c)		5,600			4,967,412
5.00%, 06/01/48 (c)		3,000			2,635,838
Ulster County Capital Resource Corp. (RB) 5.88%, 09/15/59 (c)		2,000			1,980,535
Ulster County Capital Resource Corp., Woodland Pond of New Paltz Project (RB)
5.00%, 09/15/37 (c)		400			400,028
5.25%, 09/15/53 (c)		180			163,385
Westchester County Local Development Corp., Medical Center (RB) 5.00%, 11/01/46 (c)		4,860			4,451,371
Westchester County Local Development Corp., Purchase Senior Learning Community Inc., Project, Series A (RB) 5.00%, 07/01/46 (c)		2,000			1,867,903

	Par (000’s		)	Value
New York (continued)
5.00%, 07/01/56 (c)	$	4,500		$	3,968,166
Westchester Tobacco Asset Securitization Corp., Series B (RB) 5.00%, 06/01/41 (c)		200			200,292
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 5.00%, 10/15/54 (c)		275			250,710
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) (AG) 5.00%, 10/15/39 (c)		315			316,169
					374,375,447
North Carolina: 0.7%
Columbus County Industrial Facilities & Pollution Control Financing Authority (RB) 4.20%, 05/01/34		500			516,834
North Carolina Department of Transportation, I-77 Hot Lanes Project (RB) 5.00%, 12/31/37 (c)		1,000			1,000,816
North Carolina Medical Care Commission Retirement Facilities (RB)
5.00%, 10/01/34 (c)		670			713,959
5.00%, 10/01/35 (c)		565			597,874
5.38%, 10/01/45 (c)		810			820,348
5.62%, 10/01/55 (c)		360			363,761
North Carolina Medical Care Commission Retirement Facilities First Mortgage (RB) 5.00%, 10/01/33 (c)		1,000			1,073,250
North Carolina Medical Care Commission, Retirement Facilities (RB)
5.00%, 10/01/31 (c)		3,530			3,553,717
5.00%, 10/01/37 (c)		1,140			1,141,580
5.25%, 12/01/54 (c)		1,000			1,009,130
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series B-3 (RB) 4.25%, 09/01/28 (c)		500			500,065
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB)
5.00%, 10/01/30 (c)		165			165,325
5.50%, 09/01/54 (c)		1,485			1,480,632
North Carolina Medical Care Commission, Retirement Facilities, Series A (RB) (AG) 5.00%, 07/01/49 (c)		385			362,142

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
North Carolina (continued)
North Carolina Medical Care Commission, Salemtowne Project (RB) 5.25%, 10/01/37 (c)	$	465		$	464,974
North Carolina Turnpike Authority (RB) 5.00%, 01/01/49 (c)		1,430			1,451,500
North Carolina Turnpike Authority (RB) (AG) 4.00%, 01/01/55 (c)		1,625			1,498,290
North Carolina Turnpike Authority Triangle Expressway System Senior Lien (RB)
5.00%, 01/01/30 (c)		1,000			1,023,239
5.00%, 01/01/40 (c)		5,000			5,165,463
North Carolina Turnpike Authority, Triangle Expressway System, Series B (RB) (AG) 5.00%, 01/01/32 (c)		100			106,458
State of North Carolina, Department of State Treasurer (RB) 5.00%, 03/01/36 (c)		1,500			1,749,597
					24,758,954
North Dakota: 0.2%
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/32 (c)		2,000			2,135,364
City of Grand Forks, Altru Health System, Series A (RB) (AG) 5.00%, 12/01/53 (c)		1,000			1,023,191
City of Williston, Eagle Crest Apartments LLC Project (RB)
6.25%, 09/01/23 (d) *		405			15,435
7.75%, 09/01/38 (c) (d) *		846			32,251
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 7.00%, 12/15/43 (c) (d) *		5,500			55
County of Ward, North Dakota Health Care Facilities, Series C (RB)
5.00%, 06/01/43 (c)		1,000			976,319
5.00%, 06/01/48 (c)		3,000			2,866,179
					7,048,794
Ohio: 3.5%
Akron Bath Copley Joint Township Hospital District, Summa Health System (RB)
5.25%, 11/15/41 (c)		500			511,846
5.25%, 11/15/46 (c)		5,000			5,118,459
Brunswick City School District, Classroom Facilities and School Improvement (GO) (BAM) 5.25%, 12/01/53 (c)		2,000			2,101,101

	Par (000’s		)	Value
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Series B-2 (RB) 5.00%, 06/01/55 (c)	$	40,655		$	34,125,144
Centerville Ohio Health Care, Graceworks Lutheran Services (RB) 5.25%, 11/01/47 (c)		1,000			951,627
City of Norwood, Rookwood Exchange Project (TA) 5.00%, 12/01/41 (c)		500			508,966
Cleveland Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project (RB) 5.00%, 12/01/28		600			610,521
Cleveland-Cuyahoga County Port Authority, Series A (RB) 5.88%, 01/01/49 (c)		750			746,045
Columbus Regional Airport Authority, Series A (RB)
5.00%, 01/01/35		1,000			1,109,540
5.50%, 01/01/50 (c)		3,000			3,190,344
Columbus-Franklin County Finance Authority, Ohio Dominican University Project (RB) (SBG) 6.50%, 03/01/48 (c)		3,800			2,480,515
County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB)
5.00%, 11/01/33		3,000			3,418,646
5.00%, 11/01/34		1,000			1,145,977
County of Butler, Ohio Hospital (RB) 5.00%, 11/15/32 (c)		1,035			1,062,725
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
4.75%, 02/15/47 (c)		340			316,020
5.25%, 02/15/47 (c)		10,000			9,991,085
5.50%, 02/15/52 (c)		1,225			1,225,763
5.50%, 02/15/57 (c)		3,000			2,990,200
County of Hamilton, Ohio Hospital Facilities (RB) 5.50%, 08/01/51 (c)		1,000			1,033,306
County of Lukas, Ohio Hospital, Promedica Healthcare, Series A (RB) (AG) 5.25%, 11/15/48 (c)		8,000			7,882,005
County of Montgomery, Premier Health Partners, Series A (RB)
4.00%, 11/15/42 (c)		3,940			3,621,451
4.00%, 11/15/45 (c)		1,250			1,094,767
Hamilton County, Ohio Healthcare Improvement (RB) 5.50%, 01/01/55 (c)		1,000			1,011,886

See Notes to Financial Statements

	Par (000’s		)	Value
Ohio (continued)
Jefferson County Port Authority, JSW Steel USA Inc. Project (RB) 3.50%, 12/01/51 (c)	$	1,000		$	786,103
Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Project (RB)
5.00%, 02/15/33 (c)		490			491,169
5.00%, 02/15/44 (c)		1,750			1,700,261
Ohio Air Quality Development Authority, AMG Vanadium Project (RB) 5.00%, 07/01/49 (c)		11,000			10,127,547
Ohio Air Quality Development Authority, Dayton Co. Project, Series B (RB) 4.25%, 11/01/40 (p)		2,000			2,031,951
Ohio Air Quality Development Authority, Duke Energy Corp. Project, Series B (RB) 4.25%, 11/01/39 (p)		1,000			1,016,284
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,750			2,709,911
Ohio Air Quality Development Authority, Pratt Paper LLC Project (RB)
4.25%, 01/15/38 (c)		1,000			1,003,030
4.50%, 01/15/48 (c)		2,000			1,863,699
Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 09/15/27 (c)		5,000			5,000,073
Ohio Housing Finance Agency, Multifamily Housing, Haven’s Edge Apartments Project, Series A (RB) 5.70%, 08/01/43 (c)		2,000			2,071,856
Ohio Housing Finance Agency, Multifamily Housing, Series A (RB)
6.25%, 01/01/45 (c)		250			256,134
6.25%, 01/01/45 (c)		250			256,135
6.25%, 01/01/45 (c)		250			256,135
6.50%, 01/01/45 (c)		500			512,501
Ohio Housing Finance Agency, Series A (RB)
6.30%, 01/01/45 (c)		500			505,410
6.30%, 01/01/45 (c)		250			252,705
Ohio State University, Series A (RB) 3.00%, 12/01/44 (c)		4,790			3,851,205
Ohio University, Series A (RB) 5.00%, 12/01/45 (c)		1,250			1,250,097
Port of Greater Cincinnati Development Authority (RB) 6.50%, 01/01/45 (c)		500			517,566

	Par (000’s		)	Value
Ohio (continued)
Southeastern Ohio Port Authority, Hospital Facilities, Memorial Health System Project (RB)
5.00%, 12/01/35 (c)	$	245		$	233,111
5.00%, 12/01/43 (c)		1,240			1,073,832
5.50%, 12/01/43 (c)		70			64,379
					124,079,033
Oklahoma: 1.1%
Atoka Industrial Development Authority Solid Waste Disposal Facilities, Gladieux Metals Recycling Oklahoma, LLC Project (RB) 8.00%, 08/01/39 (c)		1,000			145,000
Norman Regional Hospital Authority (RB)
3.25%, 09/01/38 (c)		340			235,772
4.00%, 09/01/45 (c)		1,000			688,527
Oklahoma County Finance Authority (RB) 6.50%, 06/15/64 (c)		1,250			1,239,147
Oklahoma Development Finance Authority (RB) 5.00%, 07/01/35 (c)		1,100			1,093,803
Oklahoma Development Finance Authority, Oklahoma City University Project (RB) 5.00%, 08/01/44 (c)		4,305			4,246,505
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/33 (c)		700			721,269
5.25%, 08/15/43 (c)		2,900			2,920,869
5.25%, 08/15/48 (c)		11,000			11,018,220
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB) (AG)
5.50%, 08/15/52 (c)		1,300			1,305,476
5.50%, 08/15/57 (c)		7,290			7,305,822
Oklahoma Housing Finance Agency, Single Family Mortgage, Series B (RB) 4.88%, 09/01/45 (c)		1,000			1,019,476
Oklahoma Municipal Power Authority (RB) (AG) 5.25%, 01/01/51 (c)		1,500			1,604,530
Rogers County Industrial Development Authority (RB) 3.62%, 04/01/40 (c)		375			340,292
Tulsa Municipal Airport Trust, American Airlines, Inc., Series B (RB) 5.50%, 06/01/35 (c)		5,000			5,001,685
					38,886,393

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Oregon: 0.2%
Multnomah County, Oregon Hospital Facilities Authority, Parkview Project, Series A (RB) (AG) 4.00%, 12/01/36 (c)	$	1,000		$	948,841
Oregon State Facilities Authority (RB)
5.50%, 06/15/45 (c)		475			476,477
5.62%, 06/15/55 (c)		810			805,002
6.00%, 06/15/65 (c)		1,000			1,015,950
Oregon State Facilities Authority, Samaritan Health Services Project, Series A (RB)
5.00%, 10/01/35 (c)		2,260			2,267,135
5.00%, 10/01/46 (c)		1,000			1,000,296
Oregon State, Series A (GO) 5.25%, 05/01/50 (c)		1,000			1,086,333
					7,600,034
Pennsylvania: 3.3%
Adams County General Authority, Brethren Home Community Project, Series A (RB)
5.00%, 06/01/34 (c)		250			265,014
5.00%, 06/01/59 (c)		1,000			943,951
Allegheny County Airport Authority, Pittsburgh International Airport, Series A (RB) (AG) 5.50%, 01/01/48 (c)		1,410			1,488,160
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/28		620			636,448
5.00%, 05/01/28		425			433,538
5.00%, 05/01/32 (c)		250			254,650
5.00%, 05/01/33 (c)		250			257,496
5.00%, 05/01/42 (c)		2,000			2,007,883
5.00%, 05/01/42 (c)		1,960			2,003,794
5.00%, 05/01/42 (c)		2,245			2,259,438
5.38%, 05/01/42 (c)		4,000			4,045,634
Berks County Municipal Authority, Tower Health Project, Series A-3 (RB) 5.00%, 06/30/39 (c)		10,064			9,125,211
Berks County Municipal Authority, Tower Health Project, Series B-1 (RB) 6.00%, 06/30/44 (c)		1,279			882,789
Central Texas Regional Mobility Authority, Subordinated Lien, Series G (RB) 6.00%, 10/01/48 (c)		1,000			944,173
Chester County Health and Education Facilities Authority, Immaculata University Project (RB) 5.00%, 11/01/46 (c)		430			362,247

	Par (000’s		)	Value
Pennsylvania (continued)
Chester County Industrial Development Authority, Collegium Chapter School Project, Series A (RB) 5.25%, 10/15/47 (c)	$	1,250		$	1,128,650
Chester County Industrial Development Authority, Woodland at Greystone Project (SA)
5.00%, 03/01/38 (c)		900			900,393
5.12%, 03/01/48 (c)		1,502			1,436,473
City of Philadelphia Airport Revenue (RB) 5.00%, 07/01/47 (c)		3,000			3,004,231
City of Philadelphia Airport Revenue (RB) (AG) 4.00%, 07/01/46 (c)		1,750			1,593,122
City of Philadelphia, Pennsylvania Airport, Series B (RB) 5.00%, 07/01/34		820			927,248
Crawford County Hospital Authority, Meadville Medical Center Project, Series A (RB)
6.00%, 06/01/46 (c)		440			441,480
6.00%, 06/01/51 (c)		345			345,694
Cumberland County Municipal Authority (RB)
4.00%, 01/01/33 (c)		125			123,524
5.00%, 01/01/45 (c)		3,000			2,812,071
Delaware County Industrial Development Authority, Chester Community Charter School Project, Series A (RB) 5.12%, 06/01/46 (c)		395			388,751
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28		1,835			1,956,363
Erie Pennsylvania Higher Education Building Authority, Mercyhurst University Project (RB) 5.00%, 09/15/37 (c)		1,000			945,723
Franklin County Industrial Development Authority, Menno-Haven, Inc. Project (RB)
5.00%, 12/01/49 (c)		500			449,606
5.00%, 12/01/54 (c)		215			187,640
Lancaster County Hospital Authority, Brethren Village Project (RB) 5.12%, 07/01/37 (c)		1,000			1,001,164
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc. Project (RB) 5.00%, 03/01/40 (c)		425			398,390

See Notes to Financial Statements

	Par (000’s		)	Value
Pennsylvania (continued)
5.00%, 03/01/45 (c)	$	310		$	268,266
5.00%, 03/01/50 (c)		425			352,137
Monroe County Industrial Development Authority (TA) 5.00%, 07/01/33		250			254,758
Montgomery County Higher Education and Health Authority, Holy Redeemer Health System, Series A (RB) 5.00%, 10/01/40 (c)		5,150			4,528,491
Montgomery County Higher Education and Health Authority, Presbytery Homes, Inc. Project (RB) 5.00%, 12/01/47 (c)		2,000			1,940,459
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series B (RB) 5.00%, 05/01/47 (c)		1,800			1,850,810
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/01/53 (p)		2,500			2,569,134
Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
5.00%, 01/01/30 (c)		150			150,056
5.25%, 01/01/40 (c)		870			870,011
Moon Industrial Development Authority, Baptist Homes Society (RB)
5.62%, 07/01/30 (c)		300			292,939
6.00%, 07/01/45 (c)		590			578,871
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc. Project (RB) 5.00%, 11/01/39 (c)		1,000			987,110
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) 6.00%, 06/30/61 (c)		7,000			7,407,093
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 12/31/25		1,105			1,107,332
Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc. Project (RB) 5.45%, 01/01/51 (c) (p)		2,500			2,686,812

	Par (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, Covanta Project, Series A (RB) 3.25%, 08/01/39 (c)	$	6,595		$	5,326,663
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB)
5.00%, 06/30/32		1,000			1,098,838
5.25%, 06/30/53 (c)		2,000			2,027,028
5.50%, 06/30/40 (c)		3,000			3,180,573
5.75%, 06/30/48 (c)		6,030			6,290,736
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) (AG)
5.00%, 12/31/57 (c)		1,780			1,807,551
5.50%, 06/30/42 (c)		1,805			1,938,904
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB)
5.00%, 12/31/26 (c)		1,485			1,499,886
5.00%, 12/31/28 (c)		575			580,432
5.00%, 12/31/30 (c)		410			413,662
5.00%, 06/30/42 (c)		6,945			6,962,627
Pennsylvania Economic Development Financing Authority, Tapestry Moon Senior Housing Project, Series A (RB)
6.50%, 12/01/38 (c) (d) *		3,040			608,000
6.75%, 12/01/53 (c) (d) *		6,470			1,294,000
Pennsylvania Higher Educational Facilities Authority, La Salle University (RB)
5.00%, 05/01/37 (c)		1,915			1,505,935
5.00%, 05/01/42 (c)		1,000			715,306
Pennsylvania Higher Educational Facilities Authority, University of Sciences (RB) 5.00%, 11/01/42 (c)		1,100			1,100,132
Philadelphia Authority for Industrial Development, Chapter School Project (RB) 5.00%, 06/15/43 (c)		1,000			976,187
Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
6.38%, 06/01/40 (c)		440			440,035
6.50%, 06/01/45 (c)		440			439,978

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Pennsylvania (continued)
6.62%, 06/01/50 (c)	$	415		$	414,965
Philadelphia Authority for Industrial Development, Independence Charter School West Project (RB) 5.00%, 06/15/39 (c)		355			342,311
Philadelphia Authority for Industrial Development, KIPP Philadelphia Charter School Project, Series B (RB) (AG) 5.00%, 04/01/46 (c)		1,000			794,073
Philadelphia Authority for Industrial Development, La Salle University (RB) 4.00%, 05/01/42 (c)		2,000			1,251,198
Philadelphia Authority for Industrial Development, Performing Arts, String Theory Charter School Project (RB)
5.00%, 06/15/40 (c)		500			495,426
5.00%, 06/15/50 (c)		1,000			923,013
Philadelphia Authority for Industrial Development, Wesley Enhanced Living Obligation Group, Series A (RB) 5.00%, 07/01/32 (c)		735			742,551
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) 5.00%, 07/01/33 (c)		1,000			1,016,553
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System (RB) (AG) 5.00%, 07/01/37 (c)		500			548,244
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Series A (RB)
5.00%, 07/01/31 (c)		1,240			1,263,776
5.00%, 07/01/32 (c)		220			223,980
Scranton-Lackawanna, Pennsylvania Health and Welfare Authority (RB) 5.00%, 06/01/36 (c)		1,500			1,412,033
The School District of Philadelphia, Series F (GO) (SAW) 5.00%, 09/01/26		1,000			1,018,213
					118,448,037
Puerto Rico: 7.1%
Children’s Trust Fund, Series A (RB) 0.00%, 05/15/57 (c) ^		200,000			9,477,500

	Par (000’s		)	Value
Puerto Rico (continued)
Cofina Class 2 Trust (RB) (AMBAC) 0.00%, 08/01/47 ^	$	80		$	25,957
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
5.00%, 07/01/30		9,500			9,899,020
5.00%, 07/01/37 (c)		6,290			6,539,872
5.00%, 07/01/47 (c)		5,000			4,912,182
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/29		3,000			3,101,572
5.00%, 07/01/37 (c)		3,365			3,480,920
Puerto Rico Commonwealth, Series A-1 (GO)
0.00%, 07/01/33 (c) ^		17,588			12,708,204
4.00%, 07/01/41 (c)		8,260			7,589,085
Puerto Rico Commonwealth, Series A-1 (GO) (BAM)
4.00%, 07/01/33 (c)		13,570			13,424,763
4.00%, 07/01/35 (c)		12,538			12,326,544
4.00%, 07/01/37 (c)		9,000			8,621,052
5.75%, 07/01/31		10,055			11,154,930
Puerto Rico Electric Power Authority (RB) (NATL)
5.25%, 07/01/30		2,705			2,729,040
5.25%, 07/01/32		450			456,060
5.25%, 07/01/33		1,000			1,014,795
5.25%, 07/01/34		2,740			2,768,089
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, University Plaza Project, Series A (RB) (NATL) 5.00%, 07/01/33 (c)		20			20,012
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.00%, 07/01/46 (c) ^		51,423			17,989,571
4.50%, 07/01/34 (c)		2,800			2,800,763
5.00%, 07/01/58 (c)		20,036			19,495,755
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AG) 4.55%, 07/01/40 (c)		10,414			10,342,777
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AMBAC) 4.75%, 07/01/53 (c)		24,716			23,409,932
Puerto Rico Sales Tax Financing Corp., Series A-2 (RB)
4.33%, 07/01/40 (c)		5,590			5,427,015
4.33%, 07/01/40 (c)		30,145			29,266,078
4.55%, 07/01/40 (c)		6,432			6,388,010
4.78%, 07/01/58 (c)		10,000			9,421,532
Puerto Rico Sales Tax Financing Corp., Series B-1 (RB)
4.75%, 07/01/53 (c)		3,334			3,157,821
5.00%, 07/01/58 (c)		3,000			2,919,109

See Notes to Financial Statements

		Par (000’s	)		Value
Puerto Rico (continued)
Puerto Rico Sales Tax Rev Restructed BDS Cofina A-1 (RB) 0.00%, 07/01/51 (c) ^	$	55,151		$	13,693,993
					254,561,953
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp. (RB) (AG)
5.00%, 07/01/65 (c)		1,250			1,257,397
5.62%, 07/01/65 (c)		600			623,682
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB)
5.00%, 09/01/26		100			100,424
5.00%, 09/01/31 (c)		500			502,150
5.00%, 09/01/36 (c)		3,750			3,757,144
Rhode Island Health and Educational Building Corp., Lifespan (RB)
5.00%, 05/15/33 (c)		1,000			1,006,115
5.00%, 05/15/39 (c)		2,215			2,219,614
					9,466,526
South Carolina: 0.6%
Berkeley County, South Carolina Nexton Improvement District (SA) 4.38%, 11/01/49 (c)		800			714,407
Goose Creek, South Carolina Carnes Crossroads Improvement District (SA) 5.25%, 10/01/45 (c)		500			502,156
Piedmont Municipal Power Agency, South Carolina Electric, Series C (RB) 5.00%, 01/01/34 (c)		1,000			1,021,952
Scago Educational Facilities, School District of Pickens County Project (RB) 5.00%, 12/01/29 (c)		1,425			1,428,613
South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series A (RB) 5.25%, 11/01/44 (c)		500			541,935
South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series B (RB) 5.00%, 11/01/49 (c) (p)		1,000			1,121,426
South Carolina Jobs-Economic Development Authority (RB)
5.75%, 12/01/60 (c)		1,000			973,330
5.80%, 12/01/50 (c)		1,000			1,001,170
7.15%, 08/15/55 (c)		500			498,737

		Par (000’s	)		Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority Health Facilities, Series B-3 (RB) 4.00%, 12/01/30	$	1,250		$	1,250,500
South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Project (RB) 5.75%, 11/15/54 (c)		1,000			1,037,654
South Carolina Jobs-Economic Development Authority, Educational Facilities (RB) 6.50%, 06/15/54 (c)		1,000			1,004,664
South Carolina Jobs-Economic Development Authority, Hampton Medical Center Project (RB)
5.00%, 11/01/33 (c)		500			506,220
5.00%, 11/01/37 (c)		650			652,099
South Carolina Jobs-Economic Development Authority, High Point Academy Project, Series A (RB) 5.75%, 06/15/49 (c)		500			441,976
South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Hopes (RB) 5.00%, 04/01/47 (c)		3,000			2,842,807
South Carolina Jobs-Economic Development Authority, The Lutheran Homes of South Carolina, Inc. (RB) 5.00%, 05/01/43 (c)		320			280,864
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB)
4.00%, 11/15/27 (c)		165			164,343
5.25%, 11/15/37 (c)		2,000			2,033,353
5.25%, 11/15/52 (c)		2,000			1,929,440
					19,947,646
South Dakota: 0.1%
City of Sioux Falls, Dow Rummel Village Project (RB)
5.00%, 11/01/42 (c)		750			699,907
5.00%, 11/01/46 (c)		500			445,047
County of Lincoln, South Dakota Economic Development, Augustana College Association Project, Series A (RB)
4.00%, 08/01/51 (c)		1,550			1,258,928
4.00%, 08/01/56 (c)		1,410			1,116,910
4.00%, 08/01/61 (c)		1,300			1,006,080
					4,526,872

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)		Value
Tennessee: 0.5%
Bristol Industrial Development Board, Pinnacle Project, Series A (RB) 5.00%, 12/01/35 (c)	$	2,000		$	1,924,826
Chattanooga Health, Educational and Housing Facility Board, Series A-2 (RB) 5.00%, 08/01/44 (c)		310			314,314
Knox County Health Educational and Housing Facility Board (RB)
4.00%, 09/01/40 (c)		295			266,484
4.00%, 09/01/47 (c)		290			233,624
5.00%, 04/01/36 (c)		1,055			1,065,313
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Lipscomb University Project, Series A (RB) 5.25%, 10/01/58 (c)		2,000			1,938,584
Metropolitan Nashville Airport Authority, Series B (RB) 5.25%, 07/01/35 (c)		680			757,525
Shelby County, Tennessee Health Educational and Housing Facility, Madrone Memphis Student Housing I, LLC - University of Memphis Project, Series A-1 (RB)
5.00%, 06/01/44 (c)		500			488,214
5.25%, 06/01/56 (c)		750			714,757
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 10/01/53 (c) (p)		5,375			5,831,078
Tennessee Energy Acquisition Corp., Gas Project, Series B (RB) 5.62%, 09/01/26		5,000			5,097,420
					18,632,139
Texas: 5.9%
Angelina and Neches River Authority, Industrial Development Corp., Solid Waste Disposal and Wastewater Treatment Facilities, Series A (RB) 7.50%, 12/01/45 (c) (d) *		1,500			32,340
Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. (RB)
4.88%, 06/15/59 (c)		1,000			900,224
5.00%, 06/15/64 (c)		500			450,472
Arlington Higher Education Finance Corp., Cypress Christian School (RB)
5.75%, 06/01/43 (c)		1,000			1,014,589
6.00%, 06/01/53 (c)		1,000			1,004,752
6.25%, 06/01/63 (c)		1,000			1,009,221

		Par (000’s	)		Value
Texas (continued)
Arlington Higher Education Finance Corp., Legacy Traditional School - Texas Project, Series A (RB) 6.75%, 02/15/62 (c)	$	5		$	4,998
Arlington, Texas Higher Education Finance Corp. (RB)
5.62%, 06/15/45 (c)		2,000			2,034,743
5.75%, 06/15/55 (c)		1,000			1,012,356
5.88%, 06/15/65 (c)		2,000			2,028,455
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/33 (c)		500			503,940
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/27		280			282,313
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series B (RB)
5.00%, 01/01/26		715			715,207
5.00%, 01/01/34 (c)		500			502,378
Bexar County Health Facilities Development Corp., Army Retirement Residence project (RB)
5.00%, 07/15/37 (c)		850			850,327
5.00%, 07/15/41 (c)		2,000			1,916,602
Board of Managers, Joint Guadalupe County, City of Seguin Hospital (RB)
5.00%, 12/01/40 (c)		610			608,963
5.00%, 12/01/45 (c)		215			203,840
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SAW) 8.50%, 03/01/39 (c)		3,510			508,950
Brazoria County Industrial Development Corp., Texas Solid Waste Disposal Facilities, Gladieux Recycling, LLC Project (RB) (SBG) 7.00%, 03/01/39 (c) (d) *		1,785			258,825
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/26 (c)		2,200			2,141,316
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/27 (c)		7,000			7,019,132

See Notes to Financial Statements

		Par (000’s	)		Value
Texas (continued)
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series A (RB) 4.00%, 07/01/41 (c)	$	7,500		$	6,890,920
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB) 4.00%, 07/15/41 (c)		21,780			20,008,149
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		5,590			5,702,807
5.00%, 07/15/28		2,500			2,572,888
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project, Series A (RB) 5.00%, 07/15/28		1,000			1,029,155
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B (RB)
5.25%, 07/15/33		3,000			3,251,955
5.25%, 07/15/34		4,000			4,338,594
5.50%, 07/15/35 (c)		3,000			3,336,345
5.50%, 07/15/36 (c)		4,000			4,400,356
5.50%, 07/15/37 (c)		3,000			3,279,854
5.50%, 07/15/38 (c)		5,425			5,894,599
5.50%, 07/15/39 (c)		4,000			4,314,927
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/30 (c)		4,335			4,335,064
City of Houston, Texas Airport System, Series A (RB)
5.00%, 07/01/32		500			553,529
5.00%, 07/01/33		500			558,280
5.00%, 07/01/34		500			561,382
Clifton Higher Education Finance Corp. (RB)
5.00%, 02/15/33		500			561,501
5.00%, 02/15/34		750			848,708
5.00%, 02/15/35 (c)		750			846,089
Clifton Higher Education Finance Corp., Series A (RB) 6.00%, 06/15/48 (c)		1,000			949,875
Clifton Higher Education Finance Corp., Valor Education, Series A (RB) 6.00%, 06/15/54 (c)		500			465,348

		Par (000’s	)		Value
Texas (continued)
Dallas County Flood Control District No. 1 (GO) 5.00%, 04/01/32 (c)	$	850		$	849,995
Dallas Fort Worth, Texas International Airport, Series A-1 (RB)
5.00%, 11/01/31		1,500			1,656,550
5.00%, 11/01/36 (c)		1,000			1,114,588
5.25%, 11/01/44 (c)		2,000			2,135,428
Dallas Fort Worth, Texas International Airport, Series A-2 (RB) 5.00%, 11/01/50 (c) (p)		2,575			2,820,379
Dallas Texas Housing Finance Corp. Residential Development, The Briscoe Apartments, Series A (RB) 6.00%, 12/01/62 (c)		1,000			928,693
FW Chaparral PFC Residential Development (RB) 5.00%, 10/01/35 (c)		500			532,456
Harris County, Cultural Education Facilities Finance Corp., Brazoz Presbyterian Homes, Inc. Project (RB) 5.00%, 01/01/48 (c)		1,000			957,223
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL)
0.00%, 11/15/25 ^		495			494,462
0.00%, 11/15/27 ^		590			554,397
0.00%, 11/15/29 ^		1,405			1,244,704
0.00%, 11/15/30 ^		115			98,872
Harris County, Houston Sports Authority, Second Lien, Series B (RB) (AG) 5.00%, 11/15/46 (c)		1,000			1,044,212
Lower Colorado River Authority, Series A (RB) 5.25%, 05/15/50 (c)		1,000			1,071,142
Matagorda County, Navigation District No. 1, Series A (RB) (AMBAC) 4.40%, 05/01/30		1,035			1,080,629
Matagorda County, Navigation District No. 1, Series B-1 (RB) 4.00%, 06/01/30 (c)		4,250			4,251,659
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL)
5.12%, 02/15/30 (c) (d) *		237			2,369
5.12%, 02/15/42 (c) (d) *		907			9,069
Mission Economic Development Corp., Graphic Packaging International LLC Project (RB) 5.00%, 12/01/64 (p)		2,750			2,862,576

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

		Par (000’s	)		Value
Texas (continued)
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 10/01/31 (c)	$	12,410		$	12,454,453
Mission Texas Economic Development Corp., Series A (RB) 6.75%, 08/15/45 (c)		250			257,835
Montgomery County Toll Road Authority (RB)
5.00%, 09/15/43 (c)		3,310			3,311,597
5.00%, 09/15/48 (c)		5,915			5,916,426
New Hope Cultural Education Facilities Finance Corp. (RB)
5.25%, 07/01/32		250			252,722
5.38%, 01/01/55 (c)		1,000			988,590
5.38%, 01/01/60 (c)		500			488,025
6.75%, 07/01/44 (c)		500			512,124
New Hope Cultural Education Facilities Finance Corp. (RB) (BAM) 4.00%, 08/15/36 (c)		1,000			920,885
New Hope Cultural Education Facilities Finance Corp., 4-K Housing, Inc. Stoney Brook Project, Series B (RB) 5.00%, 07/01/52 (c)		235			110,450
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 5.00%, 07/01/36 (c)		230			230,878
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series A (RB) 5.00%, 08/15/59 (c)		1,500			1,334,782
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Series B (RB)
4.00%, 08/15/41 (c)		2,315			2,000,320
5.00%, 08/15/54 (c)		1,500			1,346,457
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 08/15/27 (c)		75			73,131
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project, Series a (RB) 5.00%, 01/01/55 (c)		2,000			1,686,655
New Hope Cultural Education Facilities Finance Corp., MRC Senior Living - The Langford Project, Series A (RB) 5.50%, 11/15/46 (c)		750			655,118

		Par (000’s	)		Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., NCCD-College Station Properties LLC, Series A (RB)
5.00%, 07/01/35 (c)	$	100		$	98,388
5.00%, 07/01/47 (c)		440			414,718
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project (RB) 5.25%, 10/01/49 (c)		1,000			942,186
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project, Series A (RB) 5.25%, 10/01/55 (c)		1,500			1,383,273
New Hope Cultural Education Facilities Finance Corp., Sanctuary LTC Project, Series A-1 (RB) 5.50%, 01/01/57 (c)		4,000			3,688,051
New Hope Cultural Education Facilities Finance Corp., Superior Living Foundation Project, Series A (RB) 6.50%, 07/01/56 (c)		1,000			944,133
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. Project (RB)
5.00%, 01/01/50 (c)		250			228,614
5.00%, 01/01/55 (c)		250			224,810
5.50%, 01/01/35 (c)		1,000			1,000,815
North East Texas Regional Mobility Authority (RB)
5.00%, 01/01/43 (c)		750			797,138
5.25%, 01/01/44 (c)		1,000			1,074,158
5.25%, 01/01/45 (c)		750			802,424
5.25%, 01/01/46 (c)		1,000			1,065,687
North East Texas Regional Mobility Authority, Series B (RB) 5.00%, 01/01/41 (c)		400			401,284
North Texas Tollway Authority (RB) 5.00%, 01/01/35 (c)		1,000			1,139,442
Port Beaumont Navigation District, Allegiant Industrial Island Park Project (RB) 8.00%, 02/01/39 (c) (d) *		2,725			2,043,750
Port of Beaumont Navigation District (RB) 5.00%, 01/01/39 (c)		2,000			1,972,366
Pottsboro Higher Education Finance Corp., Imagine International Academy of North Texas LLC, Series A (RB) 5.00%, 08/15/36 (c)		1,055			1,055,119

See Notes to Financial Statements

		Par (000’s	)		Value
Texas (continued)
5.00%, 08/15/46 (c)	$	1,400		$	1,284,913
Reagan Hospital District, Series A (GO)
5.12%, 02/01/39 (c)		1,000			999,863
Tarrant County Cultural Education Facilities Finance Corp., Air Force Villages Obligated Group Project (RB) 5.00%, 05/15/37 (c)		125			125,284
Tarrant County Cultural Education Facilities Finance Corp., C.C. Young Memorial Home Project, Series A (RB) 6.38%, 02/15/48 (c) (d) *		535			422,650
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B (RB) 5.00%, 07/01/48 (c)		2,500			2,536,035
Texas Municipal Gas Acquisition and Supply Corp. III (RB)
5.00%, 12/15/28		925			969,234
5.00%, 12/15/29		1,375			1,458,477
5.00%, 12/15/32		3,425			3,742,209
Texas Municipal Gas Acquisition and Supply Corp. V (RB) 5.00%, 01/01/55 (c) (p)		2,000			2,202,806
Texas Municipal Gas Acquisition and Supply Corp., Series D (RB) 6.25%, 12/15/26		695			707,043
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB)
4.00%, 12/31/38 (c)		4,550			4,470,540
4.00%, 12/31/39 (c)		2,550			2,472,152
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC North Tarrant Express Project (RB) 5.50%, 12/31/58 (c)		6,000			6,246,886
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments LLC (RB)
5.00%, 06/30/58 (c)		3,000			2,989,530
5.50%, 06/30/42 (c)		2,250			2,349,205
5.50%, 06/30/43 (c)		1,000			1,037,923
Town of Westlake, Solana Public Improvement District (SA)
6.12%, 09/01/35 (c)		910			910,170
6.25%, 09/01/40 (c)		910			911,277
6.38%, 09/01/45 (c)		885			884,959
					211,951,631

		Par (000’s	)		Value
Utah: 0.7%
Black Desert Public Infrastructure District (GO) 4.00%, 03/01/51 (c)	$	1,000		$	823,744
Black Ridge Infrastructure Financing District (SA)
6.00%, 12/01/45 (c)		1,000			1,008,032
6.25%, 12/01/54 (c)		1,000			1,009,878
Fields Estates Public Infrastructure District, Series A (GO) 6.12%, 03/01/55 (c)		500			505,364
Fields Estates Public Infrastructure District, Series A-2 (SA) 5.25%, 12/01/53 (c)		1,000			983,712
Grapevine Wash Local District, Grapevine Wash Assessment Area No. 1, Series A-2 (SA) 5.25%, 12/01/44 (c)		1,000			982,411
Mida Mountain Village Public Infrastructure District (TA)
5.12%, 06/15/54 (c)		1,000			996,535
6.00%, 06/15/54 (c)		1,000			1,030,242
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series A (SA) 5.00%, 08/01/50 (c)		2,000			1,973,795
Salt Lake City, Utah Airport, Series A (RB) 5.00%, 07/01/47 (c)		10,000			10,037,835
Verk Industrial Regional Public Infrastructure District (TA) 6.62%, 09/01/47 (c)		500			524,908
Wakara Ridge Public Infrastructure District, Special Assessment Area (SA) 5.62%, 12/01/54 (c)		3,150			3,226,407
Washington County, Black Desert Public Infrastructure District (SA) 5.62%, 12/01/53 (c)		1,000			1,011,025
Wolf Creek Infrastructure Financing District No. 1 (SA) 5.75%, 12/01/44 (c)		2,000			2,046,778
					26,160,666
Vermont: 0.0%
Vermont Economic Development Authority, Wake Robin Corp. Project, Series A (RB) 4.00%, 05/01/37 (c)		500			476,634
Virgin Islands: 0.4%
Matching Fund Special Purpose Securitization Corp., Virgin Islands, Series A (RB)
5.00%, 10/01/28		1,000			1,019,434
5.00%, 10/01/32		5,010			5,224,046
5.00%, 10/01/39 (c)		2,000			2,048,051

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s)		Value
Virgin Islands (continued)
Virgin Islands Public Finance Authority, Series A (RB) 6.00%, 04/01/53 (c)	$	2,000	$	2,054,866
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note (RB) (NATL) 4.25%, 10/01/29 (c)		720		722,081
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes Loan Note, Series C (RB) 4.50%, 10/01/44 (c)		550		475,657
Virgin Islands Public Finance Authority, Virgin Islands Gross Receipts Taxes, Series C (RB) 5.00%, 10/01/30 (c)		800		800,206
Virgin Islands Water & Power Authority, Series B (RB) 5.00%, 07/01/27 (c)		170		162,728
				12,507,069
Virginia: 2.0%
Bristol Industrial Development Authority, Series B (RB) 6.35%, 11/01/44 (c) (d) *		250		162,500
Cherry Hill Community Development Authority, Potomac Shores Project (SA) 5.15%, 03/01/35 (c)		200		200,266
Chesapeake Bay Bridge and Tunnel District, First Tier (RB)
5.00%, 07/01/46 (c)		5,000		5,010,262
5.00%, 07/01/51 (c)		1,025		1,026,307
City of Hopewell, Sewer System, Series A (RB) 5.00%, 07/15/33 (c)		220		220,134
Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB) 5.00%, 11/01/35		1,000		1,147,629
Farms New Kent Community Development Authority, Series A (SA) 3.75%, 03/01/36 (c)		2,290		2,241,296
Farmville Industrial Development Authority, Educational Facilities, Longwood University Student Housing Projects, Series A (RB)
5.00%, 01/01/50 (c)		1,500		1,368,004
5.00%, 01/01/59 (c)		1,000		883,845
Henrico County Economic Development Authority, Series A (RB) 5.00%, 11/01/48 (c)		2,000		2,084,333

	Par (000’s)		Value
Virginia (continued)
James City County Economic Development Authority, Series A (RB) 6.88%, 12/01/58 (c)	$	1,000	$	1,082,851
Lynchburg Economic Development Authority, Central Health, Inc., Series A (RB) 5.00%, 01/01/47 (c)		4,950		4,964,260
Tobacco Settlement Financing Corp. (RB) 5.00%, 06/01/47 (c)		5,000		4,196,187
Virginia Beach Development Authority (RB) 5.00%, 09/01/40 (c)		1,750		1,762,017
Virginia Beach Development Authority, Series A (RB)
7.00%, 09/01/53 (c)		1,000		1,100,652
7.00%, 09/01/59 (c)		6,560		7,187,283
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB) 5.00%, 01/01/34 (c)		2,000		2,157,109
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO, LLC Project (RB) 4.00%, 01/01/38 (c)		5,000		4,940,152
Virginia Small Business Financing Authority, I-495 Hot Lanes Project (RB) 5.00%, 12/31/47 (c)		6,305		6,332,312
Virginia Small Business Financing Authority, Residential Care Facilities, Lifespire of Virginia (RB) (AG) 4.00%, 12/01/36 (c)		1,000		997,839
Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
4.00%, 01/01/40 (c)		1,250		1,200,743
4.00%, 01/01/41 (c)		1,000		944,205
4.00%, 01/01/48 (c)		3,925		3,478,612
5.00%, 01/01/33 (c)		4,945		5,358,316
Virginia Small Business Financing Authority, Senior Lien I-495 Hot Lanes Project (RB) 5.00%, 12/31/52 (c)		2,000		2,004,439
Virginia Small Business Financing Authority, Senior Lien Transform 66 P3 Project (RB) 5.00%, 12/31/56 (c)		5,520		5,382,259

See Notes to Financial Statements

	Par (000’s)		Value
Virginia (continued)
Virginia Small Business Financing Authority, Senior Lien, 95 Express Lanes LLC Project (RB) 4.00%, 01/01/39 (c)	$	2,960	$	2,911,243
Virginia Small Business Financing Authority, Series A (RB) 5.50%, 12/01/54 (c)		1,000		1,024,016
Virginia Small Business Financing Authority, Transform 66 P3 Project (RB) 5.00%, 12/31/49 (c)		1,000		989,250
Wise County, Virginia Industrial Development Authority, Series A (RB) 3.12%, 10/01/40 (p)		1,000		1,003,613
				73,361,934
Washington: 1.1%
King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB)
5.75%, 12/01/30 (c)		500		501,093
6.00%, 12/01/35 (c)		500		501,176
6.25%, 12/01/45 (c)		250		250,636
King County, Washington Public Hospital District No. 4, Series A (RB) 6.62%, 12/01/45 (c)		500		503,899
King County, Washington Public Hospital, District No. 4, Series A (RB)
5.50%, 12/01/35		500		500,608
7.00%, 12/01/60 (c)		1,000		1,021,548
Port Seattle Washington Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/30 (c)		1,800		1,800,378
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB)
5.00%, 08/15/34 (c)		205		210,061
5.00%, 08/15/37 (c)		1,500		1,525,893
Washington State Convention Center Public Facilities District (RB) 4.00%, 07/01/58 (c)		2,000		1,651,399
Washington State Housing Finance Commission (RB) 3.50%, 12/20/35		3,263		3,175,205
Washington State Housing Finance Commission, Bayview Manor Senior Project, Series A (RB)
5.00%, 07/01/36 (c)		1,150		1,154,094
5.00%, 07/01/46 (c)		2,150		2,015,534

	Par (000’s)		Value
Washington (continued)
Washington State Housing Finance Commission, Blakeley and Laurel Village, Series A (RB) (BAM) 5.25%, 07/01/55 (c)	$	3,000	$	3,058,676
Washington State Housing Finance Commission, Eliseo Project, Series A (RB) 4.00%, 01/01/41 (c)		3,000		2,420,226
Washington State Housing Finance Commission, Parkshore Juanita Bay Project, Series A (RB) 5.75%, 01/01/53 (c)		1,000		967,466
Washington State Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
5.00%, 01/01/36 (c)		2,125		2,137,950
5.00%, 01/01/51 (c)		3,495		3,211,600
Washington State Housing Finance Commission, Radford Court and Nordheim Court Portfolio (RB)
5.00%, 07/01/54 (c)		500		485,765
5.50%, 07/01/59 (c)		1,000		1,017,043
Washington State Housing Finance Commission, Transforming Age Projects, Series A (RB) 5.00%, 01/01/55 (c)		6,000		5,450,632
Washington State Housing Finance Commission, Wesley Homes at Lea Hill Project (RB)
5.00%, 07/01/46 (c)		500		437,967
5.00%, 07/01/51 (c)		1,250		1,056,363
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,700		2,783,406
				37,838,618
West Virginia: 0.2%
Harrison County Building Commission, General Services Administration Building Project (RB)
3.12%, 10/01/45 (c)		700		482,990
3.25%, 10/01/50 (c)		820		561,256
3.50%, 10/01/40 (c)		1,000		845,908
West Virginia Economic Development Authority, Solid Waste Facility, Commercial Metals Company Project (RB) 4.62%, 04/15/55 (c) (p)		2,500		2,541,929

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s)		Value
West Virginia (continued)
West Virginia Economic Development Authority, Solid Waste Facility, Core Natural Resources, Inc. Project (RB) 5.45%, 01/01/55 (c) (p)	$	3,500	$	3,759,213
				8,191,296
Wisconsin: 2.8%
Public Finance Authority (RB)
0.00%, 12/15/39 (c) ^		250		101,617
5.75%, 06/30/60 (c)		2,000		2,066,971
5.75%, 12/31/65 (c)		2,000		2,073,092
6.50%, 06/30/60 (c)		13,200		14,561,184
Public Finance Authority Educational Facilities, Charter Day School, Inc. Project, Series A (RB) 5.00%, 12/01/55 (c)		1,000		877,569
Public Finance Authority Educational Facilities, Cincinnati Classical Academy, Series A (RB) 6.00%, 06/15/64 (c)		500		494,661
Public Finance Authority Retirement Facilities, Southminster (RB) 5.00%, 10/01/48 (c)		1,000		957,861
Public Finance Authority, Bancroft Neurohealth Project, Series A (RB) 5.12%, 06/01/48 (c)		250		230,327
Public Finance Authority, Bonnie Cone Classical Academy, Inc. (RB)
5.62%, 06/15/54 (c)		750		624,149
5.62%, 06/15/59 (c)		1,000		816,229
Public Finance Authority, Carson Valley Medical Center, Series A (RB) (SAW) 4.00%, 12/01/51 (c)		5,250		4,361,378
Public Finance Authority, Chapter School (RB)
5.00%, 07/01/55 (c)		2,000		1,819,658
5.00%, 07/01/60 (c)		1,000		895,805
Public Finance Authority, Chapter School, Series A (RB) 5.00%, 06/15/54 (c)		1,375		1,258,310
Public Finance Authority, Chapter School, Series B (RB) 0.00%, 07/01/62		1,000		800,000
Public Finance Authority, Cornerstone Charter Academy, Series A (RB) 5.12%, 02/01/46 (c)		550		542,706
Public Finance Authority, Crossroads Health Project, Series A (RB)
8.00%, 07/01/53 (c)		1,000		1,004,599
8.12%, 07/01/58 (c)		1,000		1,006,031

	Par (000’s)		Value
Wisconsin (continued)
Public Finance Authority, Educational Facilities, Lake Erie College Project, Series A (RB) 5.88%, 10/01/54 (c)	$	1,000	$	618,705
Public Finance Authority, Foundation Academy Charter School Project (RB) 5.00%, 07/01/35		295		309,417
Public Finance Authority, Grand Hyatt San Antonio Hotel Acquisition Project, Series A (RB) 5.00%, 02/01/52 (c)		2,000		2,002,588
Public Finance Authority, Healthcare Facility Expansion, Church Home of Hartford, Inc. Project, Series A (RB) 5.00%, 09/01/38 (c)		1,500		1,500,418
Public Finance Authority, Kanala NUI Project (RB)
5.25%, 11/15/50 (c)		1,000		1,019,293
5.25%, 11/15/61 (c)		1,000		1,009,906
Public Finance Authority, Living Community First Mortgage (RB)
4.25%, 05/01/29 (c)		275		251,675
5.00%, 03/01/37 (c)		1,250		1,250,316
Public Finance Authority, Lombard Conference and Hotel Center, Second-Tier (RB) (ACA) 3.75%, 07/01/51 (c) (d) *		874		601,101
Public Finance Authority, Marys Woods at Marylhurst Project, Series A (RB) 5.25%, 05/15/37 (c)		1,350		1,362,806
Public Finance Authority, Mater Academy of Nevada - East Las Vegas Campus Project, Series A (RB) 5.00%, 12/15/44 (c)		690		654,072
Public Finance Authority, Math and Science Academy (RB)
5.25%, 06/15/65 (c)		1,500		1,434,688
5.50%, 06/15/55 (c)		2,100		2,111,101
Public Finance Authority, Million Air Three LLC General Aviation Facilities Project, Series A (RB)
5.50%, 09/01/30 (c)		200		209,418
6.25%, 09/01/46 (c)		500		518,218
Public Finance Authority, Penick Village (RB)
4.00%, 09/01/29 (c)		255		254,624
5.00%, 09/01/39 (c)		500		503,614
5.00%, 09/01/49 (c)		500		461,182

See Notes to Financial Statements

	Par (000’s)		Value
Wisconsin (continued)
Public Finance Authority, Pinecrest Academy, Sloan Canyon Campus Project, Series A (RB) 4.00%, 07/15/34 (c)	$	580	$	570,958
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.20%, 12/01/37 (c)		1,405		1,440,312
Public Finance Authority, Revolution Academy, Series A (RB) 6.25%, 10/01/53 (c)		1,000		1,020,137
Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/45 (c)		4,000		3,999,914
Public Finance Authority, Sky Harbour Capital LLC, Aviation Facilities Project (RB)
4.00%, 07/01/41 (c)		500		455,172
4.25%, 07/01/54 (c)		1,765		1,468,054
Public Finance Authority, Sloan Canyon Campus Project, Series A (RB)
4.25%, 07/15/44 (c)		750		666,045
4.50%, 07/15/49 (c)		800		703,357
4.50%, 07/15/53 (c)		1,000		858,709
Public Finance Authority, Student Housing, KSU Bixby Real Estate Foundation, LLC Project, Series A (RB) 5.25%, 06/15/55 (c)		1,000		1,027,191
Public Finance Authority, Student Housing, KSU Bixby Real Estate Foundation, LLC Project, Series C (RB) 5.75%, 06/15/55 (c)		1,000		1,000,092
Public Finance Authority, The Foundation of the University of North Carolina, Inc., Series A (RB) 4.00%, 09/01/56 (c)		1,060		778,822
Public Finance Authority, Trinity Regional Hospital Sachse, Series A-1 (RB) 7.38%, 01/01/50 (c) (d) *		4,265		43
Public Finance Authority, Ultimate Medical Academy Project, Series A (RB)
5.00%, 10/01/34 (c)		2,000		2,066,778
5.00%, 10/01/39 (c)		1,950		1,971,314
Public Finance Authority, UNC Health Southeastern, Series A (RB) 4.00%, 02/01/35 (c)		1,500		1,388,258

	Par (000’s)		Value
Wisconsin (continued)
Public Finance Authority, University of North Carolina at Charlotte Inc., Series A (RB) 4.00%, 09/01/41 (c)	$	1,000	$	874,907
Public Finance Authority, Wingate University, Series A (RB) 5.25%, 10/01/48 (c)		2,255		2,169,995
Public Finance Authority, Wisconsin (RB) 5.50%, 12/15/32 (c)		385		384,429
Public Finance Authority, Wisconsin Charter School, Series A (RB)
6.50%, 06/15/45 (c)		325		322,364
6.75%, 06/15/55 (c)		500		498,821
Public Finance Authority, Wisconsin Hospital, Series A (RB) 5.00%, 10/01/44 (c)		2,000		2,032,787
Public Finance Authority, Wisconsin Senior Airport Facilities, Series B (RB) 5.00%, 07/01/42 (c)		9,000		9,001,724
Public Finance Authority, Wisconsin Texas Infrastructure Program (RB)
0.00%, 12/15/37 (c) ^		2,000		1,017,118
0.00%, 12/15/38 (c) ^		1,000		458,888
5.00%, 07/15/30 (c)		294		294,312
5.00%, 12/15/36 (c)		849		832,833
Public Finance Authority, Wisconsin Texas Infrastructure Program, Bridgewater Project (RB) 5.62%, 12/15/30 (c)		419		419,996
Public Finance Authority, Wisconsin, Series A-4 (RB) 5.50%, 11/15/32 (c)		750		751,985
Wisconsin Health & Educational Facilities Authority (RB)
5.00%, 08/15/30		1,000		1,093,354
5.62%, 07/01/35 (c)		320		336,778
6.38%, 07/01/45 (c)		500		523,954
Wisconsin Health and Educational Facilities Authority, Chiara Housing and Services Inc., Project (RB)
5.00%, 07/01/35 (c)		720		735,619
5.88%, 07/01/55 (c)		1,000		1,004,408
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series A-1 (RB) (SAW) 4.00%, 07/01/48 (c)		105		87,067

See Notes to Financial Statements

VANECK HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s)		Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Covenant Communities, Inc. Project, Series B (RB) 4.38%, 07/01/38 (c)	$	850	$	779,910
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System, Inc., Series A (RB) 5.00%, 11/01/39 (c)		950		954,083

	Par (000’s)		Value
Wisconsin (continued)
Wisconsin Public Finance Authority (RB)
5.50%, 07/01/44 (c)	$	1,800	$	1,867,910
5.75%, 07/01/54 (c)		2,000		2,080,252
Wisconsin State Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) (AG) 5.00%, 02/15/32 (c)		1,500		1,619,432
				100,123,371
Total Municipal Bonds: 98.6% (Cost: $3,672,481,785)				3,536,907,742
Other assets less liabilities: 1.4%				51,411,117
NET ASSETS: 100.0%			$	3,588,318,859

Definitions:

ACA	Credit Agricole SA
AG	Assured Guaranty, Inc.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
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

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds
Alabama	$	—	$	116,919,977	$	—	$	116,919,977
Alaska		—		4,265,302		—		4,265,302
American Samoa		—		4,315,153		—		4,315,153
Arizona		—		95,764,414		—		95,764,414
Arkansas		—		44,445,739		—		44,445,739
California		—		527,574,296		—		527,574,296
Colorado		—		78,337,489		—		78,337,489
Connecticut		—		48,691,823		—		48,691,823
Delaware		—		4,722,139		—		4,722,139
District of Columbia		—		32,277,860		—		32,277,860
Florida		—		217,655,784		—		217,655,784
Georgia		—		47,355,716		—		47,355,716
Guam		—		25,221,958		—		25,221,958
Hawaii		—		1,232,392		—		1,232,392
Idaho		—		5,656,788		—		5,656,788
Illinois		—		322,873,700		—		322,873,700
Indiana		—		32,936,460		—		32,936,460
Iowa		—		25,671,517		—		25,671,517
Kansas		—		11,903,153		—		11,903,153
Kentucky		—		45,688,190		—		45,688,190
Louisiana		—		46,326,091		52		46,326,143
Maine		—		6,118,228		—		6,118,228
Maryland		—		33,809,588		—		33,809,588
Massachusetts		—		69,971,325		—		69,971,325
Michigan		—		28,109,265		—		28,109,265
Minnesota		—		22,935,129		—		22,935,129
Mississippi		—		7,515,648		—		7,515,648
Missouri		—		29,284,846		—		29,284,846
Montana		—		1,970,144		—		1,970,144
Nebraska		—		6,183,631		—		6,183,631
Nevada		—		15,931,528		—		15,931,528
New Hampshire		—		27,882,546		—		27,882,546
New Jersey		—		69,219,116		—		69,219,116
New Mexico		—		5,197,708		—		5,197,708
New York		—		374,375,447		—		374,375,447
North Carolina		—		24,758,954		—		24,758,954
North Dakota		—		7,048,794		—		7,048,794
Ohio		—		124,079,033		—		124,079,033
Oklahoma		—		38,886,393		—		38,886,393
Oregon		—		7,600,034		—		7,600,034
Pennsylvania		—		118,448,037		—		118,448,037
Puerto Rico		—		254,561,953		—		254,561,953
Rhode Island		—		9,466,526		—		9,466,526
South Carolina		—		19,947,646		—		19,947,646
South Dakota		—		4,526,872		—		4,526,872
Tennessee		—		18,632,139		—		18,632,139
Texas		—		211,951,631		—		211,951,631
Utah		—		26,160,666		—		26,160,666
Vermont		—		476,634		—		476,634
Virgin Islands		—		12,507,069		—		12,507,069
Virginia		—		73,361,934		—		73,361,934
Washington		—		37,838,618		—		37,838,618
West Virginia		—		8,191,296		—		8,191,296
Wisconsin		—		100,123,371		—		100,123,371
Total	$	—	$	3,536,907,690	$	52	$	3,536,907,742

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
FLOATING RATE NOTES: 99.0%
Australia: 10.4%
Australia & New Zealand Banking Group Ltd. 144A
4.62% (SOFR+0.47%), 12/16/26 (a)	$	1,775		$	1,778,824
4.76% (SOFR+0.62%), 06/18/28 (a)		21,700			21,802,302
4.77% (SOFR+0.68%), 07/16/27 (a)		10,575			10,628,150
4.77% (SOFR+0.65%), 09/30/27 (a)		4,200			4,221,324
4.90% (SOFR+0.81%), 01/18/27 (a)		4,350			4,376,893
5.00% (SOFR+0.85%), 12/16/29 (a)		21,248			21,500,172
Commonwealth Bank of Australia 144A
4.68% (SOFR+0.52%), 06/15/26 (a)		2,450			2,452,954
4.68% (SOFR+0.46%), 11/27/26 (a)		3,400			3,399,241
4.80% (SOFR+0.64%), 03/14/28 (a)		8,475			8,518,114
4.89% (SOFR+0.78%), 10/01/30 (a)		17,500			17,625,000
4.97% (SOFR+0.81%), 03/14/30 (a)		35,075			35,356,943
5.13% (SOFR+0.97%), 03/14/27 (a)		1,726			1,741,123
Macquarie Bank Ltd. 144A
4.90% (SOFR+0.74%), 06/12/28 (a)		23,400			23,527,082
5.03% (SOFR+0.92%), 07/02/27 (a)		7,205			7,259,012
5.39% (SOFR+1.20%), 12/07/26 (a)		1,725			1,738,423
5.40% (SOFR+1.24%), 06/15/26 (a)		1,475			1,482,909
Macquarie Group Ltd. 144A 5.05% (SOFR+0.92%), 09/23/27 (a)		3,400			3,412,100
National Australia Bank Ltd. 144A
4.68% (SOFR+0.60%), 10/26/27 (a)		6,350			6,392,979
4.69% (SOFR+0.50%), 03/06/28 (a)		2,550			2,559,465
4.75% (SOFR+0.65%), 01/12/27 (a)		2,435			2,445,762
4.79% (SOFR+0.62%), 06/11/27 (a)		7,194			7,212,115
4.81% (SOFR+0.65%), 06/13/28 (a)		15,350			15,435,234
4.89% (SOFR+0.79%), 01/14/30 (a)		19,800			19,990,300
Westpac Banking Corp. 4.55% (SOFR+0.46%), 10/20/26 (a)		3,675			3,681,722

	Par (000’s		)	Value
Australia (continued)
4.72% (SOFR+0.52%), 06/03/26 (a)	$	1,495		$	1,497,516
4.90% (SOFR+0.81%), 04/16/29 (a)		18,250			18,411,482
4.93% (SOFR+0.82%), 07/01/30 (a)		12,859			12,988,273
Westpac Banking Corp. 144A 4.69% (SOFR+0.50%), 03/06/28 (a)		6,025			6,035,103
					267,470,517
Canada: 9.6%
Bank of Montreal
4.78% (SOFR Compound Index+0.62%), 09/15/26 (a)		1,975			1,979,299
4.88% (SOFR Compound Index+0.75%), 09/22/28 (a)		10,750			10,758,266
4.94% (SOFR+0.86%), 01/27/29 (a)		7,059			7,080,953
4.95% (SOFR Compound Index+0.76%), 06/04/27 (a)		4,100			4,119,798
5.05% (SOFR Compound Index+0.88%), 09/10/27 (a)		5,450			5,471,459
5.33% (SOFR Compound Index+1.16%), 12/11/26 (a)		1,727			1,743,407
5.52% (SOFR Compound Index+1.33%), 06/05/26 (a)		2,000			2,011,643
Bank of Nova Scotia
4.77% (SOFR+0.61%), 09/15/26 (a)		1,480			1,483,874
4.92% (SOFR+0.76%), 09/15/28 (a)		13,500			13,505,324
4.97% (SOFR Compound Index+0.78%), 06/04/27 (a)		3,653			3,671,513
5.14% (SOFR Compound Index+1.08%), 08/01/29 (a)		7,050			7,127,129
5.15% (SOFR+0.89%), 02/14/29 (a)		9,400			9,418,467
5.19% (SOFR+1.00%), 09/08/28 (a)		12,925			12,992,341
Canadian Imperial Bank of Commerce
4.82% (SOFR+0.72%), 01/13/28 (a)		3,650			3,654,538
4.99% (SOFR+0.80%), 09/08/28 (a)		14,250			14,269,537
5.06% (SOFR+0.94%), 06/28/27 (a)		4,541			4,575,596
5.10% (SOFR Compound Index+0.93%), 09/11/27 (a)		4,550			4,564,908

See Notes to Financial Statements

	Par (000’s		)	Value
Canada (continued)
5.15% (SOFR+1.03%), 03/30/29 (a)	$	9,400		$	9,457,191
5.33% (SOFR+1.22%), 10/02/26 (a)		1,750			1,764,177
Federation des Caisses Desjardins du Quebec 144A 4.71% (SOFR+0.63%), 01/27/27 (a)		3,075			3,082,023
National Bank of Canada
5.02% (SOFR Compound Index+0.90%), 03/25/27 (a)		1,950			1,952,806
5.14% (SOFR Compound Index+1.03%), 07/02/27 (a)		2,975			2,983,787
Royal Bank of Canada
4.52% (SOFR Compound Index+0.46%), 08/03/26 †(a)		6,050			6,065,562
4.65% (SOFR Compound Index+0.59%), 11/02/26 (a)		1,775			1,779,993
4.80% (SOFR Compound Index+0.71%), 01/21/27 (a)		1,500			1,505,870
4.81% (SOFR Compound Index+0.72%), 10/18/27 (a)		5,500			5,518,293
4.87% (SOFR Compound Index+0.79%), 07/23/27 (a)		5,925			5,937,950
4.91% (SOFR Compound Index+0.83%), 01/24/29 (a)		14,197			14,222,001
4.94% (SOFR Compound Index+0.82%), 03/27/28 (a)		4,925			4,943,268
4.95% (SOFR Compound Index+0.86%), 10/18/28 (a)		10,740			10,773,259
5.04% (SOFR Compound Index+0.95%), 01/19/27 (a)		2,500			2,516,961
5.17% (SOFR Compound Index+1.08%), 07/20/26 (a)		1,750			1,761,785
5.17% (SOFR Compound Index+0.88%), 08/06/29 (a)		11,000			11,030,451
5.19% (SOFR Compound Index+1.13%), 05/02/31 (a)		9,550			9,589,549
5.33% (SOFR Compound Index+1.03%), 02/04/31 (a)		7,050			7,073,354
Toronto-Dominion Bank
4.76% (SOFR+0.59%), 09/10/26 (a)		1,600			1,604,662

	Par (000’s		)	Value
Canada (continued)
4.76% (SOFR+0.62%), 12/17/26 (a)	$	2,775		$	2,784,416
4.84% (SOFR+0.73%), 04/05/27 (a)		4,629			4,647,997
4.85% (SOFR+0.75%), 10/13/28 (a)		7,500			7,511,615
4.88% (SOFR+0.82%), 01/31/28 (a)		6,675			6,703,203
5.12% (SOFR+0.91%), 06/02/28 (a)		1,200			1,206,029
5.17% (SOFR+1.08%), 07/17/26 (a)		2,301			2,315,119
5.17% (SOFR+1.03%), 12/17/29 (a)		8,700			8,769,641
					245,929,014
Finland: 0.9%
Nordea Bank Abp 144A
4.84% (SOFR+0.70%), 03/17/28 (a)		3,450			3,470,272
4.87% (SOFR+0.74%), 03/19/27 (a)		2,460			2,472,693
5.05% (SOFR+0.83%), 08/28/30 (a)		9,100			9,124,151
5.19% (SOFR+1.02%), 09/10/29 (a)		7,230			7,323,116
					22,390,232
France: 3.9%
Banque Federative du Credit Mutuel SA 144A
5.08% (SOFR+0.99%), 10/16/28 (a)		14,050			14,118,355
5.21% (SOFR+1.13%), 01/23/27 (a)		1,475			1,485,067
5.31% (SOFR Compound Index+1.23%), 01/22/30 (a)		8,214			8,284,695
5.33% (SOFR Compound Index+1.07%), 02/16/28 (a)		4,230			4,260,228
5.50% (SOFR Compound Index+1.40%), 07/13/26 (a)		1,725			1,737,117
BNP Paribas SA 144A 5.71% (SOFR+1.43%), 05/09/29 (a)		9,375			9,457,564
BPCE SA 144A 6.07% (SOFR Compound Index+1.98%), 10/19/27 (a)		2,700			2,730,308
Credit Agricole SA 144A
5.04% (SOFR+0.87%), 03/11/27 (a)		2,925			2,937,180
5.23% (SOFR+1.13%), 01/09/29 (a)		11,725			11,773,059
5.38% (SOFR+1.21%), 09/11/28 (a)		11,725			11,797,206
5.40% (SOFR+1.29%), 07/05/26 (a)		2,440			2,453,964
Societe Generale SA 144A

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
France (continued)
5.35% (SOFR+1.10%), 02/19/27 (a)	$	2,550		$	2,557,883
5.51% (SOFR+1.41%), 04/13/29 (a)		12,175			12,253,514
5.66% (SOFR+1.42%), 05/22/29 (a)		10,200			10,257,585
5.75% (SOFR+1.66%), 01/19/28 (a)		3,275			3,302,864
					99,406,589
Japan: 8.0%
Mitsubishi Corp. 144A 4.92% (SOFR+0.70%), 09/09/28 (a)		9,500			9,517,085
Mitsubishi UFJ Financial Group, Inc.
5.31% (SOFR+1.13%), 09/12/31 †(a)		23,250			23,345,125
5.57% (SOFR+1.48%), 04/24/31 (a)		11,900			12,115,154
Mizuho Financial Group, Inc.
5.36% (SOFR+1.25%), 07/08/31 (a)		17,550			17,698,848
5.37% (SOFR+1.08%), 05/13/31 (a)		7,049			7,067,485
Nomura Holdings, Inc. 5.37% (SOFR+1.25%), 07/02/27 (a)		4,400			4,436,557
NTT Finance Corp. 144A
5.18% (SOFR+1.08%), 07/16/28 (a)		11,750			11,875,325
5.41% (SOFR+1.31%), 07/16/30 (a)		11,750			11,970,184
Sumitomo Mitsui Financial Group, Inc.
4.98% (SOFR+0.88%), 01/14/27 (a)		2,445			2,458,414
5.15% (SOFR+1.05%), 04/15/30 (a)		18,725			18,796,897
5.28% (SOFR+1.17%), 07/09/29 (a)		11,700			11,825,286
5.30% (SOFR+1.19%), 07/08/31 (a)		21,125			21,271,695
5.40% (SOFR+1.30%), 07/13/26 (a)		1,951			1,964,763
Sumitomo Mitsui Trust Bank Ltd. 144A
4.94% (SOFR+0.75%), 09/11/28 (a)		17,200			17,243,764
5.16% (SOFR+0.99%), 03/13/30 (a)		23,450			23,742,642
5.17% (SOFR+0.98%), 09/10/27 (a)		6,779			6,849,010
5.32% (SOFR+1.15%), 09/14/26 (a)		2,450			2,466,440
					204,644,674
Netherlands: 2.4%
ABN AMRO Bank NV 144A

	Par (000’s		)	Value
Netherlands (continued)
4.86% (SOFR Compound Index+0.75%), 07/07/28 (a)	$	17,550		$	17,588,157
5.20% (SOFR Compound Index+1.00%), 12/03/28 (a)		11,725			11,765,242
5.92% (SOFR Compound Index+1.78%), 09/18/27 (a)		4,249			4,292,680
ING Groep NV
5.13% (SOFR Compound Index+1.01%), 04/01/27 (a)		1,940			1,944,688
5.13% (SOFR Compound Index+1.01%), 03/25/29 (a)		17,550			17,611,914
5.73% (SOFR Compound Index+1.56%), 09/11/27 (a)		4,250			4,284,582
Siemens Funding BV 144A 4.87% (SOFR+0.64%), 05/26/28 (a)		4,350			4,358,539
					61,845,802
New Zealand: 0.4%
ASB Bank Ltd. 144A 4.97% (SOFR+0.90%), 10/29/30 (a)		7,250			7,306,871
Bank of New Zealand 144A 4.89% (SOFR+0.81%), 01/27/27 (a)		2,075			2,083,188
					9,390,059
Norway: 0.3%
DNB Bank ASA 144A 5.36% (SOFR+1.06%), 11/05/30 (a)		8,340			8,432,689
Singapore: 1.4%
DBS Group Holdings Ltd. 144A
4.74% (SOFR+0.60%), 03/21/28 (a)		8,475			8,512,586
4.79% (SOFR+0.65%), 03/21/30 (a)		11,750			11,808,365
Pepsico Singapore Financing I Pte Ltd. 4.82% (SOFR Compound Index+0.56%), 02/16/27 (a)		1,544			1,547,594
United Overseas Bank Ltd. 144A
4.70% (SOFR Compound Index+0.58%), 04/02/28 (a)		7,625			7,652,701
4.77% (SOFR Compound Index+0.65%), 04/02/30 (a)		7,075			7,109,619
					36,630,865
South Korea: 1.6%
KEB Hana Bank 144A

See Notes to Financial Statements

	Par (000’s		)	Value
South Korea (continued)
4.69% (SOFR+0.60%), 10/21/28 (a)	$	7,000		$	7,023,926
Korea Gas Corp. 144A 4.76% (SOFR+0.65%), 07/10/28 (a)		7,150			7,174,118
Korea National Oil Corp. 144A
4.89% (SOFR+0.77%), 03/31/28 (a)		3,400			3,413,897
4.95% (SOFR+0.83%), 04/03/27 (a)		1,490			1,496,952
5.02% (SOFR+0.90%), 09/30/27 (a)		2,525			2,543,446
5.36% (SOFR+1.08%), 11/14/26 (a)		2,420			2,445,095
LG Energy Solution Ltd. 144A 5.82% (SOFR+1.70%), 04/02/30 (a)		7,200			7,345,008
NongHyup Bank 144A
4.77% (SOFR+0.68%), 01/21/29 (a)		7,025			7,044,008
4.89% (SOFR+0.80%), 07/22/27 (a)		2,550			2,563,583
					41,050,033
Spain: 0.8%
Banco Santander SA
5.22% (SOFR+1.12%), 07/15/28 (a)		17,625			17,728,794
5.55% (SOFR+1.38%), 03/14/28 (a)		3,400			3,426,087
					21,154,881
Sweden: 1.3%
Skandinaviska Enskilda Banken AB 144A
4.96% (SOFR+0.75%), 06/02/28 (a)		4,200			4,219,995
5.08% (SOFR+0.89%), 03/05/27 (a)		1,725			1,737,534
5.26% (SOFR+1.06%), 09/03/30 (a)		7,000			7,013,467
Svenska Handelsbanken AB 144A
4.88% (SOFR+0.66%), 05/28/27 (a)		3,400			3,414,671
4.97% (SOFR+0.74%), 05/23/28 (a)		4,200			4,226,100
5.41% (SOFR+1.25%), 06/15/26 (a)		2,450			2,466,447
Swedbank AB 144A
5.27% (SOFR+1.03%), 11/20/29 (a)		8,375			8,475,467
5.54% (SOFR Compound Index+1.38%), 06/15/26 (a)		1,950			1,962,528
					33,516,209
Switzerland: 0.9%
UBS Group AG 144A 4.97% (SOFR+0.84%), 12/23/29 (a)		16,450			16,440,715

	Par (000’s		)	Value
Switzerland (continued)
5.19% (SOFR+1.06%), 09/23/31 (a)	$	7,075		$	7,071,234
					23,511,949
United Kingdom: 10.6%
Barclays PLC
5.36% (SOFR+1.08%), 11/11/29 (a)		11,750			11,792,523
5.65% (SOFR+1.49%), 03/12/28 (a)		4,175			4,219,462
6.04% (SOFR+1.88%), 09/13/27 (a)		2,570			2,597,906
GlaxoSmithKline Capital PLC 4.66% (SOFR+0.50%), 03/12/27 (a)		3,075			3,091,993
HSBC Holdings PLC
5.25% (SOFR+1.03%), 03/03/29 (a)		17,625			17,705,041
5.30% (SOFR+1.04%), 11/19/28 (a)		11,750			11,810,187
5.51% (SOFR+1.29%), 03/03/31 (a)		17,600			17,738,666
5.55% (SOFR+1.29%), 11/19/30 (a)		11,775			11,876,561
5.85% (SOFR+1.57%), 08/14/27 (a)		5,949			5,995,796
5.86% (SOFR+1.57%), 05/13/31 (a)		29,100			29,655,397
Lloyds Banking Group PLC
5.23% (SOFR Compound Index+1.06%), 06/13/29 (a)		11,725			11,761,153
5.30% (SOFR Compound Index+1.06%), 11/26/28 (a)		17,550			17,631,331
5.70% (SOFR Compound Index+1.58%), 01/05/28 (a)		2,550			2,576,531
5.86% (SOFR Compound Index+1.56%), 08/07/27 (a)		4,250			4,284,482
Nationwide Building Society 144A
5.13% (SOFR+1.01%), 09/30/30 (a)		7,000			7,009,895
5.17% (SOFR+1.07%), 07/14/29 (a)		7,025			7,041,109
5.55% (SOFR+1.29%), 02/16/28 (a)		2,550			2,568,646
NatWest Group PLC
5.34% (SOFR+1.10%), 05/23/29 (a)		6,450			6,475,553
5.48% (SOFR+1.25%), 03/01/28 (a)		2,545			2,561,933
5.58% (SOFR+1.30%), 11/15/28 (a)		11,725			11,849,875
NatWest Markets PLC 144A
4.88% (SOFR+0.76%), 09/29/26 (a)		1,450			1,456,163

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United Kingdom (continued)
5.08% (SOFR+0.95%), 03/21/28 (a)	$	4,250		$	4,273,405
5.16% (SOFR+0.90%), 05/17/27 (a)		2,450			2,462,629
5.32% (SOFR+1.19%), 03/21/30 (a)		8,350			8,435,752
5.40% (SOFR+1.14%), 05/17/29 (a)		9,625			9,720,874
Rio Tinto Finance USA PLC 5.00% (SOFR Compound Index+0.84%), 03/14/28 (a)		4,410			4,455,413
Santander UK Group Holdings PLC 5.20% (SOFR Compound Index+1.07%), 09/22/29 (a)		9,500			9,505,898
Standard Chartered PLC 144A
5.33% (SOFR+1.24%), 01/21/29 (a)		11,725			11,805,789
5.43% (SOFR+1.17%), 05/14/28 †(a)		4,213			4,238,957
5.95% (SOFR+1.68%), 05/13/31 (a)		17,550			17,949,031
6.04% (SOFR+1.93%), 07/06/27 (a)		4,250			4,290,535
6.31% (SOFR+2.03%), 02/08/28 (a)		3,401			3,456,432
					272,294,918
United States: 46.5%
American Express Co.
4.83% (SOFR+0.75%), 04/23/27 (a)		1,500			1,502,468
4.90% (SOFR+0.81%), 07/20/29 (a)		17,550			17,578,314
4.95% (SOFR Compound Index+0.65%), 11/04/26 (a)		2,430			2,440,158
5.01% (SOFR+0.93%), 07/26/28 †(a)		11,716			11,811,253
5.05% (SOFR Compound Index+0.97%), 07/28/27 (a)		2,550			2,560,761
5.09% (SOFR+1.02%), 01/30/31 (a)		6,975			6,996,101
5.26% (SOFR Compound Index+1.00%), 02/16/28 (a)		2,550			2,561,294
5.34% (SOFR+1.26%), 04/25/29 (a)		9,375			9,493,924
American Honda Finance Corp.
4.79% (SOFR+0.55%), 05/21/26 (a)		1,000			1,001,104
4.80% (SOFR+0.62%), 12/11/26 (a)		3,000			3,004,342
4.80% (SOFR+0.72%), 10/22/27 (a)		2,825			2,828,609

	Par (000’s		)	Value
United States (continued)
4.81% (SOFR+0.71%), 07/09/27 (a)	$	2,650		$	2,653,583
4.83% (SOFR+0.55%), 05/11/26 (a)		1,000			1,000,654
4.83% (SOFR Compound Index+0.72%), 10/05/26 (a)		2,000			2,005,152
4.85% (SOFR+0.75%), 01/15/27 (a)		1,100			1,102,256
4.93% (SOFR+0.77%), 03/12/27 (a)		2,613			2,618,311
4.97% (SOFR+0.87%), 07/09/27 (a)		2,750			2,764,205
5.00% (SOFR+0.73%), 08/13/27 (a)		3,500			3,507,934
5.02% (SOFR+0.82%), 03/03/28 (a)		10,350			10,364,951
5.10% (SOFR+0.90%), 09/01/28 (a)		7,000			7,023,149
Athene Global Funding 144A
4.84% (SOFR Compound Index+0.75%), 07/16/26 (a)		350			350,775
4.94% (SOFR Compound Index+0.83%), 01/07/27 (a)		1,975			1,981,943
5.13% (SOFR Compound Index+0.85%), 05/08/26 (a)		500			501,215
5.14% (SOFR Compound Index+0.95%), 03/06/28 (a)		2,750			2,754,495
5.14% (SOFR Compound Index+1.00%), 09/18/28 (a)		9,250			9,258,699
5.25% (SOFR Compound Index+1.03%), 08/27/26 (a)		2,000			2,009,440
5.33% (SOFR Compound Index+1.21%), 03/25/27 (a)		3,650			3,677,696
Bank of America Corp.
4.91% (SOFR+0.83%), 01/24/29 (a)		17,550			17,591,088
5.05% (SOFR+0.97%), 07/22/27 (a)		3,397			3,409,601
5.06% (Term SOFR USD 3 Month+1.02%), 09/15/26 (a)		1,545			1,550,423
5.09% (SOFR+1.01%), 01/24/31 (a)		11,700			11,715,481
5.35% (SOFR+1.05%), 02/04/28 (a)		4,230			4,258,310
5.39% (SOFR+1.11%), 05/09/29 (a)		17,500			17,634,258
5.49% (SOFR+1.35%), 09/15/27 (a)		4,250			4,280,931
Bank of America NA 5.28% (SOFR+1.02%), 08/18/26 (a)		2,925			2,941,213

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
Bank of New York Mellon Corp.
4.80% (SOFR Compound Index+0.71%), 04/20/27 (a)	$	2,450		$	2,453,875
4.86% (SOFR Compound Index+0.68%), 06/09/28 (a)		4,250			4,252,629
4.92% (SOFR Compound Index+0.83%), 07/21/28 (a)		7,025			7,046,430
BMW US Capital LLC 144A
4.91% (SOFR Compound Index+0.78%), 03/19/27 (a)		3,175			3,186,755
4.99% (SOFR+0.71%), 08/11/27 (a)		4,000			4,014,807
5.05% (SOFR Compound Index+0.92%), 03/21/28 (a)		5,925			5,957,653
5.07% (SOFR Compound Index+0.80%), 08/13/26 (a)		3,650			3,662,989
5.19% (SOFR Compound Index+0.92%), 08/13/27 (a)		2,550			2,564,103
Cargill, Inc. 144A 4.89% (SOFR+0.61%), 02/11/28 (a)		2,700			2,706,821
Caterpillar Financial Services Corp.
4.49% (SOFR+0.38%), 01/07/27 (a)		1,775			1,777,127
4.64% (SOFR+0.53%), 07/07/27 (a)		2,000			2,009,031
4.72% (SOFR+0.52%), 03/03/28 (a)		4,400			4,407,001
4.78% (SOFR+0.69%), 10/16/26 (a)		2,450			2,461,908
4.78% (SOFR+0.52%), 05/14/27 (a)		2,500			2,507,267
4.82% (SOFR+0.56%), 11/15/27 (a)		4,700			4,715,095
4.90% (SOFR+0.64%), 08/15/28 (a)		14,500			14,574,627
Charles Schwab Corp.
4.79% (SOFR Compound Index+0.52%), 05/13/26 (a)		1,500			1,500,483
5.25% (SOFR Compound Index+1.05%), 03/03/27 (a)		2,450			2,468,625
Chevron USA, Inc.
4.59% (SOFR Compound Index+0.36%), 02/26/27 (a)		3,775			3,783,734
4.70% (SOFR Compound Index+0.47%), 02/26/28 (a)		4,250			4,263,517

	Par (000’s		)	Value
United States (continued)
4.84% (SOFR+0.57%), 08/13/28 (a)	$	14,000		$	14,058,242
5.12% (SOFR+0.82%), 10/15/30 (a)		9,300			9,309,723
Citibank NA
4.96% (SOFR+0.71%), 11/19/27 (a)		6,789			6,803,716
4.99% (SOFR+0.71%), 08/06/26 (a)		4,847			4,859,771
4.99% (SOFR+0.78%), 05/29/27 (a)		10,575			10,653,479
5.25% (SOFR Compound Index+1.06%), 12/04/26 (a)		2,450			2,467,732
5.32% (SOFR+1.12%), 05/29/30 (a)		10,450			10,606,840
Citigroup, Inc.
4.95% (SOFR+0.77%), 06/09/27 (a)		3,398			3,402,366
5.01% (Term SOFR USD 3 Month+0.81%), 08/25/36 (a)		12,300			11,105,572
5.06% (SOFR+0.87%), 03/04/29 (a)		17,550			17,560,038
5.42% (SOFR+1.14%), 05/07/28 (a)		5,925			5,964,799
5.52% (SOFR+1.28%), 02/24/28 (a)		4,250			4,290,559
5.74% (SOFR+1.46%), 05/07/31 (a)		7,545			7,669,573
Consolidated Edison Co. of New York, Inc. 4.78% (SOFR Compound Index+0.52%), 11/18/27 (a)		3,125			3,127,578
Cooperatieve Rabobank UA
4.68% (SOFR+0.59%), 10/17/28 (a)		11,700			11,714,956
4.69% (SOFR+0.60%), 01/21/28 (a)		2,600			2,604,168
4.81% (SOFR+0.59%), 05/27/27 (a)		2,750			2,760,912
4.84% (SOFR Compound Index+0.62%), 08/28/26 (a)		3,725			3,735,140
4.90% (SOFR Compound Index+0.71%), 03/05/27 (a)		2,990			3,006,473
4.98% (SOFR Compound Index+0.89%), 10/17/29 (a)		12,965			13,057,616
5.01% (SOFR Compound Index+0.90%), 10/05/26 (a)		1,500			1,508,023
Corebridge Global Funding 144A
4.86% (SOFR+0.75%), 01/07/28 (a)		2,550			2,550,208

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
5.42% (SOFR+1.30%), 09/25/26 (a)	$	1,950		$	1,964,072
Daimler Truck Finance North America LLC 144A
4.94% (SOFR+0.84%), 01/13/28 (a)		2,550			2,553,022
5.09% (SOFR+0.96%), 09/25/27 (a)		2,968			2,980,271
Deutsche Bank AG
5.31% (SOFR+1.21%), 01/10/29 (a)		11,700			11,746,789
5.48% (SOFR+1.22%), 11/16/27 (a)		2,550			2,561,492
Deutsche Bank AG/New York NY 5.60% (SOFR+1.30%), 08/04/31 (a)		7,050			7,063,356
Eli Lilly & Co. 4.72% (SOFR+0.53%), 10/15/28 (a)		17,625			17,696,369
Equitable America Global Funding 144A 4.87% (SOFR+0.71%), 09/15/27 (a)		2,500			2,502,830
F&G Global Funding 144A 5.51% (SOFR+1.32%), 09/08/28 (a)		7,150			7,205,181
Fifth Third Bank NA 4.89% (SOFR+0.81%), 01/28/28 (a)		2,700			2,703,103
Ford Motor Credit Co. LLC
5.75% (SOFR+1.45%), 11/05/26 (a)		1,950			1,949,140
6.16% (SOFR+2.03%), 03/20/28 (a)		2,975			2,982,681
General Electric Co. 4.96% (Term SOFR USD 3 Month+0.64%), 05/05/26 (a)		3,550			3,557,471
General Motors Financial Co., Inc.
5.15% (SOFR Compound Index+1.05%), 07/15/27 (a)		3,390			3,397,207
5.27% (SOFR+1.04%), 02/26/27 (a)		1,462			1,463,615
5.28% (SOFR Compound Index+1.17%), 04/04/28 (a)		2,550			2,549,082
5.40% (SOFR+1.29%), 01/07/30 (a)		7,025			7,026,417
5.63% (SOFR Compound Index+1.35%), 05/08/27 (a)		1,725			1,734,265
Georgia Power Co. 4.44% (SOFR Compound Index+0.28%), 09/15/26 (a)		2,075			2,075,999
Glencore Funding LLC 144A

	Par (000’s		)	Value
United States (continued)
4.86% (SOFR Compound Index+0.75%), 10/01/26 (a)	$	2,400		$	2,404,055
5.17% (SOFR Compound Index+1.06%), 04/04/27 (a)		1,706			1,715,270
Goldman Sachs Bank USA
4.91% (SOFR+0.77%), 03/18/27 (a)		3,650			3,656,410
4.99% (SOFR+0.75%), 05/21/27 (a)		7,200			7,214,480
Goldman Sachs Group, Inc.
4.97% (SOFR+0.79%), 12/09/26 (a)		1,469			1,470,066
4.99% (SOFR+0.81%), 03/09/27 (a)		1,966			1,968,631
4.99% (SOFR+0.82%), 09/10/27 (a)		2,550			2,555,804
5.01% (SOFR+0.92%), 10/21/27 (a)		2,551			2,560,386
5.01% (SOFR+0.92%), 10/21/29 (a)		11,700			11,711,466
5.16% (SOFR+1.08%), 01/28/31 (a)		9,375			9,389,021
5.17% (SOFR+1.08%), 10/21/31 (a)		11,750			11,744,136
5.36% (SOFR+1.12%), 02/24/28 (a)		2,979			2,998,631
5.37% (SOFR+1.29%), 04/23/28 (a)		4,242			4,278,064
5.87% (Term SOFR USD 3 Month+2.01%), 10/28/27 (a)		8,479			8,584,091
6.01% (SOFR+1.85%), 03/15/28 (a)		2,550			2,587,427
Hartford Financial Services Group, Inc. 144A 6.60% (Term SOFR USD 3 Month+2.39%), 02/12/47 (a)		11,900			11,217,419
HCA, Inc. 5.08% (SOFR+0.87%), 03/01/28 (a)		2,700			2,719,032
Hewlett Packard Enterprise Co. 5.12% (SOFR+0.96%), 09/15/28 (a)		7,200			7,224,179
HSBC USA, Inc.
5.15% (SOFR+0.96%), 03/04/27 (a)		2,445			2,459,809
5.17% (SOFR+0.97%), 06/03/28 (a)		3,000			3,022,344
Huntington National Bank 4.82% (SOFR+0.72%), 04/12/28 (a)		4,375			4,374,322
Hyundai Capital America 144A 5.03% (SOFR+0.92%), 01/07/28 (a)		3,200			3,202,403

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
5.11% (SOFR+0.99%), 03/25/27 (a)	$	4,050		$	4,060,795
5.15% (SOFR+1.03%), 09/24/27 (a)		4,550			4,574,505
5.16% (SOFR+1.04%), 06/24/27 (a)		6,912			6,936,641
5.17% (SOFR+1.04%), 03/19/27 (a)		3,650			3,660,091
5.21% (SOFR+1.07%), 09/18/28 (a)		3,300			3,318,237
5.25% (SOFR+1.12%), 06/23/27 (a)		2,000			2,010,632
5.44% (SOFR+1.30%), 09/18/30 (a)		7,000			7,050,000
5.47% (SOFR+1.35%), 03/27/30 (a)		11,825			11,930,562
5.61% (SOFR+1.50%), 01/08/27 (a)		1,675			1,691,212
Jackson National Life Global Funding 144A
5.07% (SOFR+0.89%), 06/09/27 (a)		3,325			3,336,084
5.11% (SOFR+0.95%), 09/12/28 (a)		11,700			11,774,942
John Deere Capital Corp.
4.52% (SOFR+0.40%), 01/05/27 (a)		2,800			2,806,620
4.70% (SOFR+0.60%), 04/19/27 (a)		1,600			1,605,538
4.70% (SOFR+0.50%), 03/06/28 (a)		4,550			4,557,309
4.77% (SOFR+0.58%), 09/11/28 (a)		7,250			7,280,326
4.78% (SOFR+0.68%), 07/15/27 (a)		3,625			3,659,401
4.79% (SOFR+0.60%), 06/11/27 (a)		3,175			3,188,432
4.99% (SOFR+0.79%), 06/08/26 (a)		1,512			1,516,986
JPMorgan Chase & Co.
4.88% (SOFR+0.80%), 01/24/29 (a)		17,553			17,587,866
4.89% (SOFR+0.77%), 09/22/27 (a)		4,255			4,268,901
4.94% (SOFR+0.86%), 10/22/28 (a)		11,701			11,759,376
4.97% (SOFR+0.89%), 04/22/27 (a)		2,450			2,456,809
5.00% (SOFR+0.92%), 04/22/28 (a)		6,358			6,393,107
5.01% (SOFR+0.93%), 07/22/28 (a)		17,544			17,649,223
5.28% (SOFR+1.20%), 01/23/28 (a)		4,237			4,277,131
5.42% (SOFR+1.18%), 02/24/28 (a)		6,348			6,397,780
5.47% (Term SOFR USD 3 Month+1.26%), 05/15/47 (a)		8,225			7,297,004

	Par (000’s		)	Value
United States (continued)
JPMorgan Chase Bank NA 5.19% (SOFR+1.00%), 12/08/26 (a)	$	4,850		$	4,885,773
Keurig Dr Pepper, Inc.
4.84% (SOFR+0.58%), 11/15/26 (a)		2,475			2,475,390
5.04% (SOFR Compound Index+0.88%), 03/15/27 (a)		1,751			1,754,210
Marsh & McLennan Cos, Inc. 4.98% (SOFR Compound Index+0.70%), 11/08/27 (a)		2,700			2,713,339
MassMutual Global Funding II 144A
4.74% (SOFR+0.68%), 08/01/28 (a)		7,000			7,021,115
4.84% (SOFR+0.77%), 01/29/27 (a)		1,475			1,483,273
4.84% (SOFR+0.74%), 04/09/27 (a)		1,745			1,752,191
5.08% (SOFR+0.98%), 07/10/26 (a)		2,450			2,462,597
Mastercard, Inc. 4.60% (SOFR Compound Index+0.44%), 03/15/28 (a)		2,725			2,728,478
Mercedes-Benz Finance North America LLC 144A
4.71% (SOFR+0.63%), 07/31/26 (a)		3,900			3,906,211
4.89% (SOFR+0.78%), 04/01/27 (a)		2,700			2,712,538
5.05% (SOFR+0.93%), 03/31/28 (a)		3,750			3,764,230
5.11% (SOFR+0.85%), 11/15/27 (a)		4,825			4,859,395
Merck & Co., Inc. 4.64% (SOFR+0.46%), 09/15/27 †(a)		4,250			4,275,804
Metropolitan Life Global Funding I 144A
4.87% (SOFR Compound Index+0.70%), 06/11/27 (a)		2,975			2,991,809
4.93% (SOFR+0.70%), 08/25/28 (a)		9,375			9,395,294
Morgan Stanley
5.11% (SOFR+1.02%), 04/13/28 (a)		8,500			8,546,393
5.47% (SOFR+1.38%), 04/12/29 (a)		11,925			12,097,140
Morgan Stanley Bank NA
4.78% (SOFR+0.69%), 10/15/27 (a)		8,475			8,505,434
5.00% (SOFR+0.90%), 01/12/29 (a)		12,039			12,074,466
5.03% (SOFR+0.94%), 07/14/28 (a)		23,400			23,548,210

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
5.08% (SOFR+0.86%), 05/26/28 (a)	$	15,000		$	15,055,150
5.17% (SOFR+1.08%), 01/14/28 (a)		3,825			3,850,072
5.24% (SOFR+1.17%), 10/30/26 (a)		1,725			1,737,244
Morgan Stanley Private Bank NA 4.87% (SOFR+0.77%), 07/06/28 (a)		22,475			22,532,293
National Rural Utilities Cooperative Finance Corp.
4.97% (SOFR+0.82%), 09/16/27 (a)		2,550			2,564,137
5.10% (SOFR+0.80%), 02/05/27 (a)		1,475			1,483,448
National Securities Clearing Corp. 144A 4.81% (SOFR+0.57%), 05/20/27 (a)		2,050			2,056,668
New York Life Global Funding 144A
4.66% (SOFR+0.48%), 06/09/26 (a)		1,800			1,803,697
4.71% (SOFR+0.41%), 02/05/27 (a)		2,650			2,649,242
4.72% (SOFR+0.55%), 06/11/27 (a)		5,600			5,606,954
4.74% (SOFR+0.66%), 07/25/28 (a)		8,350			8,402,678
4.78% (SOFR+0.67%), 04/02/27 (a)		3,400			3,415,474
4.80% (SOFR+0.58%), 08/28/26 (a)		1,550			1,552,849
4.96% (SOFR+0.88%), 04/25/28 (a)		3,500			3,527,583
NextEra Energy Capital Holdings, Inc. 5.10% (SOFR Compound Index+0.80%), 02/04/28 (a)		4,400			4,432,701
Northwestern Mutual Global Funding 144A 4.89% (SOFR+0.66%), 08/25/28 (a)		7,200			7,227,620
Oracle Corp. 4.82% (SOFR+0.76%), 08/03/28 (a)		11,850			11,912,483
Pacific Life Global Funding II 144A
4.68% (SOFR+0.60%), 01/27/28 (a)		3,100			3,104,182
4.71% (SOFR+0.58%), 12/20/27 (a)		2,650			2,655,163
4.78% (SOFR+0.48%), 02/04/27 (a)		3,925			3,929,937
4.81% (SOFR+0.62%), 06/04/26 (a)		1,501			1,504,096

	Par (000’s		)	Value
United States (continued)
4.85% (SOFR+0.75%), 07/10/28 (a)	$	7,400		$	7,436,911
5.13% (SOFR Compound Index+1.05%), 07/28/26 (a)		1,541			1,549,676
5.15% (SOFR+0.85%), 02/05/27 (a)		3,675			3,694,194
PayPal Holdings, Inc. 4.86% (SOFR+0.67%), 03/06/28 (a)		3,975			3,988,769
Philip Morris International, Inc. 4.90% (SOFR+0.83%), 04/28/28 (a)		3,525			3,550,457
Pinnacle West Capital Corp. 4.99% (SOFR+0.82%), 06/10/26 (a)		1,871			1,875,648
PNC Bank NA
4.60% (SOFR+0.50%), 01/15/27 (a)		2,450			2,451,096
4.81% (SOFR+0.73%), 07/21/28 (a)		7,050			7,052,777
Principal Life Global Funding II 144A 5.07% (SOFR+0.81%), 08/18/28 (a)		7,150			7,154,817
Protective Life Global Funding 144A
4.58% (SOFR+0.50%), 07/22/26 (a)		1,775			1,776,411
5.02% (SOFR+0.85%), 09/11/28 (a)		11,750			11,787,178
Public Storage Operating Co. 4.79% (SOFR Compound Index+0.70%), 04/16/27 (a)		3,500			3,511,612
Roche Holdings, Inc. 144A 5.01% (SOFR+0.74%), 11/13/26 (a)		1,625			1,633,172
Sammons Financial Group Global Funding 144A 5.06% (SOFR+0.85%), 09/02/27 (a)		3,500			3,519,517
Santander Holdings USA, Inc. 5.74% (SOFR+1.61%), 03/20/29 (a)		9,525			9,659,154
Standard Chartered Bank 4.75% (SOFR+0.65%), 10/08/26 (a)		1,475			1,478,637
State Street Bank & Trust Co. 4.69% (SOFR+0.46%), 11/25/26 (a)		1,475			1,480,789
State Street Corp.
4.72% (SOFR+0.64%), 10/22/27 (a)		2,550			2,557,715
4.91% (SOFR+0.84%), 08/03/26 (a)		1,475			1,480,203
5.03% (SOFR+0.95%), 04/24/28 (a)		2,550			2,562,220

See Notes to Financial Statements

	Par (000’s		)	Value
United States (continued)
Stellantis Financial Services US Corp. 144A 5.85% (SOFR+1.69%), 09/15/28 (a)	$	7,100		$	7,130,964
Toyota Motor Credit Corp.
4.57% (SOFR+0.47%), 01/08/27 (a)		2,000			2,002,028
4.71% (SOFR+0.45%), 05/15/26 (a)		3,000			3,002,310
4.78% (SOFR+0.65%), 03/19/27 (a)		2,200			2,209,355
4.91% (SOFR+0.72%), 09/05/28 (a)		11,250			11,335,864
4.97% (SOFR+0.71%), 05/14/27 (a)		2,583			2,596,146
5.06% (SOFR+0.77%), 08/07/26 (a)		3,650			3,665,010
5.15% (SOFR Compound Index+0.89%), 05/18/26 (a)		489			490,700
Truist Bank 4.85% (SOFR+0.77%), 07/24/28 (a)		11,850			11,866,178
UnitedHealth Group, Inc. 4.60% (SOFR+0.50%), 07/15/26 (a)		2,594			2,596,625
US Bank NA
4.77% (SOFR+0.69%), 10/22/27 (a)		4,250			4,262,071
5.17% (SOFR+0.91%), 05/15/28 (a)		4,250			4,275,562
Volkswagen Group of America Finance LLC 144A
5.18% (SOFR+1.06%), 03/25/27 (a)		1,475			1,479,082
5.32% (SOFR+1.06%), 08/14/26 (a)		1,950			1,957,923

	Par (000’s		)	Value
United States (continued)
Walmart, Inc. 4.51% (SOFR Compound Index+0.43%), 04/28/27 (a)	$	3,750		$	3,764,046
Wells Fargo & Co.
4.67% (Term SOFR USD 3 Month+0.76%), 01/15/27 (a)		1,450			1,439,308
4.86% (SOFR+0.78%), 01/24/28 (a)		5,900			5,916,637
5.04% (SOFR+0.88%), 09/15/29 (a)		11,000			11,015,011
5.15% (SOFR+1.07%), 04/22/28 (a)		14,450			14,550,451
5.45% (SOFR+1.37%), 04/23/29 (a)		11,750			11,915,844
Wells Fargo Bank NA
5.24% (SOFR+1.07%), 12/11/26 (a)		2,496			2,522,394
5.35% (SOFR+1.06%), 08/07/26 (a)		2,000			2,011,863
					1,196,844,656
Total Floating Rate Notes (Cost: $2,535,922,089)					2,544,513,087

		Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $2,916,621)
State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x)		2,916,621			2,916,621
Total Investments: 99.1% (Cost: $2,538,838,710)					2,547,429,708
Other assets less liabilities: 0.9%					23,508,955
NET ASSETS: 100.0%				$	2,570,938,663

Definitions:

SOFR	Secured Overnight Financing Rate
USD	United States Dollar

Footnotes:

(a)	Variable rate security — the rate shown is as of 10/31/25
(x)	Rate shown is the 1-day yield as of 10/31/25.
†	Security fully or partially on loan. Total market value of securities on loan is $6,328,987.

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 $991,303,327, or 38.6% of net assets.

See Notes to Financial Statements

VANECK IG FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Floating Rate Notes *	$	—	$	2,544,513,087	$	—	$	2,544,513,087
Money Market Fund		2,916,621		—		—		2,916,621
Total Investments	$	2,916,621	$	2,544,513,087	$	—	$	2,547,429,708

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
MUNICIPAL BONDS: 98.7%
Alabama: 2.7%
Alabama Public School and College Authority, Series A (RB)
4.00%, 11/01/36 (c)	$	2,000		$	2,061,773
5.00%, 11/01/31 (c)		525			585,745
5.00%, 11/01/34 (c)		2,015			2,226,648
Auburn University, Alabama, Series B (RB)
5.00%, 06/01/35		1,000			1,179,379
5.00%, 06/01/36 (c)		1,000			1,167,641
Black Belt Energy Gas District, Series A (RB)
4.00%, 06/01/51 (c) (p)		5,065			5,235,650
5.25%, 05/01/56 (c) (p)		1,500			1,563,835
Black Belt Energy Gas District, Series B (RB)
5.00%, 10/01/35 (c)		1,000			1,042,180
5.00%, 10/01/55 (c) (p)		1,000			1,086,431
Black Belt Energy Gas District, Series D (RB) 5.00%, 12/01/55 (c) (p)		2,000			2,171,283
Black Belt Energy Gas District, Series E (RB) 5.00%, 12/01/55 (c) (p)		1,000			1,083,769
Board of Trustees of the University of Alabama, Series B (RB) 3.00%, 07/01/33 (c)		860			846,993
County of Jefferson, Alabama Sewer Warrants (RB)
5.00%, 10/01/37 (c)		1,000			1,103,010
5.00%, 10/01/38 (c)		2,000			2,189,142
5.25%, 10/01/40 (c)		1,000			1,094,974
Energy Southeast, A Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c)		1,000			1,077,658
Energy Southeast, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/33 (c)		1,000			1,040,010
Lower Alabama Gas District Gas Project, Series A (RB) 5.00%, 12/01/33 (c)		1,500			1,596,791
Lower Alabama Gas District, Series A (RB) 5.00%, 09/01/34		2,500			2,719,176
Southeast Alabama Gas Supply District, Project No. 1, Series A (RB) 5.00%, 08/01/54 (c) (p)		1,000			1,079,506
Southeast Alabama Gas Supply District, Series B (RB) 5.00%, 06/01/49 (c) (p)		2,000			2,167,524

	Par (000’s		)	Value
Alabama (continued)
Southeast Energy Authority, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/35 (c)	$	4,500		$	4,989,333
Southeast Energy Authority, A Cooperative District Energy Supply, Series C (RB) 5.00%, 10/01/55 (c) (p)		2,000			2,173,510
Southeast Energy Authority, Cooperative District Commodity Supply, Project No.2, Series B (RB) 4.00%, 12/01/51 (c) (p)		3,000			3,089,429
Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c)		2,000			2,134,304
Southeast Energy Authority, Cooperative District Energy Supply, Series B (RB) 5.25%, 03/01/55 (c) (p)		1,000			1,077,680
Southeast Energy Authority, Cooperative District Gas Supply, Series F (RB) 5.25%, 11/01/55 (c) (p)		4,000			4,443,179
Southeast Energy Authority, Series A (RB) 5.00%, 01/01/56 (c) (p)		1,000			1,071,353
The Black Belt Energy Gas District, Series D (RB) 5.00%, 03/01/55 (c) (p)		1,000			1,085,153
University of Alabama, Board of Trustee, Series A (RB) 4.00%, 07/01/35 (c)		820			841,790
					55,224,849
Alaska: 0.0%
Alaska Housing Finance Corp., Series B (RB) 2.15%, 06/01/36 (c)		1,040			879,982
Arizona: 1.2%
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		1,573			1,583,824
City of Mesa AZ Utility System Revenue (RB) (AG) 5.00%, 07/01/41 (c)		1,000			1,101,189
City of Mesa, Arizona Utility System (RB) (AG) 5.00%, 07/01/40 (c)		1,500			1,669,257
City of Phoenix Civic Improvement Corp., Junior Lien Water System (RB) 5.00%, 07/01/40 (c)		1,895			2,090,177

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Arizona (continued)
City of Phoenix Civic Improvement Corp., Rental Car Facility Charge, Series A (RB)
5.00%, 07/01/32 (c)	$	1,000		$	1,072,339
5.00%, 07/01/34 (c)		1,275			1,358,739
City of Phoenix Civic Improvement Corp., Senior Lien Airport, Series D (RB) 5.00%, 07/01/33 (c)		550			569,783
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series A (RB) 2.40%, 06/01/35 (c)		2,350			2,002,011
Maricopa County, Arizona Pollution Control, Southern California Edison Company, Series B (RB) 2.40%, 06/01/35 (c)		1,500			1,277,880
Maricopa County, Industrial Development Authority, Banner Health, Series A (RB)
4.00%, 01/01/38 (c)		1,000			1,000,867
4.00%, 01/01/41 (c)		2,000			1,930,239
5.00%, 01/01/38 (c)		605			617,528
Salt River Project Agricultural Improvement and Power District, Series A (RB)
5.00%, 01/01/32		500			571,321
5.00%, 01/01/32 (c)		2,380			2,501,364
Salt Verde Financial Corp. (RB) 5.00%, 12/01/37		4,600			5,038,519
					24,385,037
Arkansas: 0.1%
City of Fort Worth, Water and Sewer Construction (RB) 5.00%, 10/01/34 (c)		1,000			1,044,353
California: 17.6%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution Improvements, Series A (RB) 5.00%, 10/01/35 (c)		1,000			1,042,017
Bay Area Toll Authority, Series S-7 (RB)
3.25%, 04/01/36 (c)		1,270			1,268,204
4.00%, 04/01/33 (c)		2,905			2,957,346
California Community Choice Financing Authority, Clean Energy Project, Series A (RB) 5.00%, 01/01/56 (c) (p)		1,000			1,072,994
California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB) 4.00%, 02/01/52 (c) (p)		3,500			3,577,084

	Par (000’s		)	Value
California (continued)
California Community Choice Financing Authority, Clean Energy Project, Series C (RB)
5.00%, 08/01/55 (c) (p)	$	10,345		$	11,105,058
5.00%, 12/01/55 (c) (p)		1,000			1,072,016
5.25%, 01/01/54 (c) (p)		5,065			5,434,337
California Community Choice Financing Authority, Clean Energy Project, Series D (RB)
5.00%, 02/01/55 (c) (p)		3,000			3,283,399
5.00%, 10/01/55 (c) (p)		2,000			2,135,217
California Community Choice Financing Authority, Clean Energy Project, Series E (RB)
5.00%, 02/01/55 (c) (p)		3,000			3,253,697
5.00%, 10/01/56 (c) (p)		5,000			5,510,297
California Community Choice Financing Authority, Clean Energy Project, Series F (RB)
5.00%, 11/01/33 (c)		1,000			1,094,183
5.00%, 02/01/55 (c) (p)		9,000			9,844,303
California Community Choice Financing Authority, Clean Energy Project, Series G (RB) 5.00%, 11/01/55 (c) (p)		3,000			3,206,482
California Community Choice Financing Authority, Clean Energy Project, Series H (RB) 5.00%, 01/01/56 (c) (p)		7,500			8,370,254
California Health Facilities Financing Authority, Adventist Health System, Series A (RB)
3.00%, 03/01/39 (c)		1,000			852,089
5.25%, 12/01/40 (c)		1,250			1,360,027
California Health Facilities Financing Authority, Cedars- Sinai Medical Center, Series B (RB) 3.00%, 08/15/34 (c)		400			394,215
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)
4.00%, 04/01/37 (c)		1,060			1,076,019
4.00%, 04/01/38 (c)		500			505,878
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 3.00%, 10/01/41 (c)		680			571,935
California Health Facilities Financing Authority, Series A (RB) 5.00%, 12/01/35 (c)		1,000			1,132,927
California Health Facilities Financing Authority, Stanford Health Care, Series A (RB) 5.00%, 11/15/31 (c)		750			789,049

See Notes to Financial Statements

	Par (000’s		)	Value
California (continued)
California Health Facilities Financing Authority, Sutter Health, Series A (RB) 5.00%, 11/15/35 (c)	$	1,575		$	1,640,092
California Health Facilities Financing Authority, Sutter Health, Series B (RB) 4.00%, 11/15/41 (c)		1,000			996,860
California Housing Finance Agency (RB) 3.75%, 03/25/35		5,987			6,062,571
California Municipal Finance Authority (RB) 4.33%, 11/20/40		2,000			2,016,332
California Municipal Finance Authority, Community Medical Centers, Series A (RB) 4.00%, 02/01/42 (c)		1,165			1,106,343
California State Public Works Board (RB)
5.00%, 11/01/40 (c)		1,500			1,718,812
5.00%, 11/01/41 (c)		2,000			2,261,561
5.00%, 11/01/42 (c)		1,000			1,117,958
California State Public Works Board, Department of Corrections and Rehabilitation, Series D (RB)
3.00%, 09/01/31 (c)		500			500,896
3.00%, 09/01/32 (c)		360			360,374
California State Public Works Board, May Lee State Office Complex, Series A (RB) 5.00%, 04/01/41 (c)		1,750			1,947,648
California State Public Works Board, New Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/40 (c)		2,650			2,896,846
California State Public Works Board, Various Capital Projects, Series A (RB) 5.00%, 08/01/35 (c)		2,000			2,241,247
California State Public Works Board, Various Capital Projects, Series B (RB)
5.00%, 12/01/34 (c)		2,000			2,302,053
5.00%, 12/01/35 (c)		1,845			2,109,385
California State Public Works Board, Various Capital Projects, Series C (RB)
4.00%, 11/01/31 (c)		1,000			1,010,215
5.00%, 08/01/34 (c)		1,000			1,126,568
5.00%, 09/01/35 (c)		2,835			3,337,385
5.00%, 09/01/36 (c)		3,000			3,499,063
California State University, Series A (RB)
5.00%, 11/01/31 (c)		1,510			1,528,661
5.00%, 11/01/31 (c)		2,015			2,015,000
5.00%, 11/01/31 (c)		20			20,027

	Par (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 3.00%, 04/01/37 (c)	$	1,000		$	916,737
Central Valley Energy Authority (RB) 5.00%, 12/01/55 (c) (p)		2,000			2,214,001
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) 4.00%, 04/01/36 (c)		2,000			2,000,892
City of Los Angeles Department of Airports, Series A (RB) 5.00%, 05/15/35		1,000			1,218,326
City of Los Angeles, Department of Airports, Los Angeles International Airport, Series B (RB)
4.00%, 05/15/36 (c)		1,000			1,039,058
5.00%, 05/15/37 (c)		1,400			1,553,406
City of Los Angeles, Department of Water and Power, Series A (RB)
5.00%, 07/01/37 (c)		1,150			1,285,472
5.00%, 07/01/38 (c)		1,900			2,122,347
County of Los Angeles, Long Beach Unified School District, Series D-1 (GO) 0.00%, 08/01/39 (c) ^		1,250			695,644
County of Santa Clara, Series C (GO) 5.00%, 08/01/33 (c)		525			547,973
Department of Water and Power, City of Los Angeles, Series A (RB) 5.00%, 07/01/38 (c)		445			494,274
Eastern Municipal Water District, Financing Authority, Water and Wastewater, Series B (RB) (BAM) 4.00%, 07/01/35 (c)		1,150			1,155,228
El Camino, California Community College District, Series A (GO) 4.00%, 08/01/41 (c)		1,735			1,737,548
Fontana Redevelopment Agency Successor Agency, Series A (TA) 5.00%, 10/01/32 (c)		760			793,141
Fremont Union High School District (GO) 4.00%, 08/01/40 (c)		2,350			2,350,167
Kern High School District, Series C (GO) (AG)
2.00%, 08/01/31 (c)		1,600			1,490,582
2.00%, 08/01/32 (c)		3,000			2,738,917

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
Los Angeles California, Department of Airports of The City of Los Angeles, Series D (RB) 5.00%, 05/15/41 (c)	$	2,000		$	2,270,597
Los Angeles Community College District, Series J (GO) 4.00%, 08/01/33 (c)		750			764,635
Los Angeles Community College District, Series L (GO) 5.00%, 08/01/36 (c)		1,000			1,149,912
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB)
4.00%, 06/01/35 (c)		1,000			1,052,668
4.00%, 06/01/36 (c)		1,045			1,090,949
4.00%, 06/01/38 (c)		1,460			1,523,769
4.00%, 06/01/39 (c)		1,000			1,034,768
5.00%, 06/01/35 (c)		1,000			1,104,443
5.00%, 07/01/36 (c)		900			1,018,312
5.00%, 07/01/37 (c)		1,060			1,191,305
5.00%, 07/01/38 (c)		1,880			2,097,640
Los Angeles County Public Works Financing Authority, Lakma Bulding for Permanent Collection Project, Series A (RB) 4.00%, 12/01/38 (c)		1,500			1,531,518
Los Angeles County, Public Works Financing Authority, Series H (RB) 5.25%, 12/01/41 (c)		3,000			3,442,493
Los Angeles Department of International Airport, Series B (RB) 4.00%, 05/15/39 (c)		1,900			1,938,944
Los Angeles Department of Water & Power (RB)
5.00%, 07/01/36 (c)		2,000			2,306,956
5.00%, 07/01/40 (c)		2,000			2,227,404
5.00%, 07/01/42 (c)		2,000			2,179,851
Los Angeles Department of Water & Power (RB) (BAM)
5.00%, 07/01/35 (c)		500			580,568
5.00%, 07/01/36 (c)		500			575,457
5.00%, 07/01/40 (c)		325			361,677
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/40 (c)		2,000			2,142,597
Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/40 (c)		1,380			1,493,812
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/34 (c)		1,125			1,227,555

	Par (000’s		)	Value
California (continued)
5.00%, 07/01/36 (c)	$	1,500		$	1,621,056
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/38 (c)		2,000			2,082,292
5.00%, 07/01/39 (c)		1,000			1,092,028
Los Angeles Municipal Improvement Corp., Series B (RB) 4.00%, 11/01/35 (c)		2,000			2,008,568
Los Angeles Unified School District, AD Valorem Property Tax, Series C (GO)
4.00%, 07/01/37 (c)		2,000			2,059,962
4.00%, 07/01/38 (c)		1,605			1,645,525
Los Angeles Unified School District, AD Valorem Property Tax, Series RYRR (GO)
4.00%, 07/01/37 (c)		1,500			1,558,060
5.00%, 07/01/35 (c)		1,300			1,491,115
Los Angeles Unified School District, Series A (GO) 4.00%, 07/01/33 (c)		1,580			1,644,529
Los Angeles Unified School District, Series C (GO)
3.00%, 07/01/35 (c)		1,880			1,855,557
4.00%, 07/01/36 (c)		2,000			2,074,417
Los Angeles Unified School District, Series QRR (GO) 5.00%, 07/01/41 (c)		2,250			2,549,873
Los Angeles Unified School District, Series RYQ (GO) 4.00%, 07/01/37 (c)		1,000			1,029,981
Miracosta Community College District, Series A (GO) 4.00%, 08/01/42 (c)		530			531,821
Mount Diablo Unified School District, Series B (GO) 4.00%, 08/01/35 (c)		1,000			1,056,318
Mountain House Public Financing Authority, California Utility System, Series B (RB) (BAM) 4.00%, 12/01/40 (c)		500			507,647
MSR Energy Authority, California Gas, Series B (RB)
6.50%, 11/01/39		2,225			2,797,493
7.00%, 11/01/34		2,220			2,727,339
Oakland Unified School District, Series A (GO) (BAM) 4.00%, 08/01/39 (c)		1,055			1,074,419
Orange County, Local Transportation Authority Sales Tax (RB) 4.00%, 02/15/38 (c)		1,500			1,526,776
Palo Alto Unified School District (GO) 3.25%, 08/01/42 (c)		1,000			911,997

See Notes to Financial Statements

	Par (000’s		)	Value
California (continued)
Palomar Health, Series B (GO) 4.00%, 08/01/35 (c)	$	1,000		$	903,611
Public Utilities Commission of the City and County of San Francisco, Wastewater Revenue, Series B (RB) 4.00%, 10/01/39 (c)		1,000			999,921
Regents of the University of California Medical Center Pooled, Series L (RB) 5.00%, 05/15/33 (c)		650			657,830
Riverside County Transportation Commission, Series A (RB) 4.00%, 06/01/41 (c)		1,425			1,395,548
Riverside County Transportation Commission, Series B (RB)
4.00%, 06/01/38 (c)		2,375			2,402,208
5.00%, 06/01/37 (c)		560			584,914
San Diego Association of Governments South Bay Expressway Toll, Series A (RB) 5.00%, 07/01/42 (c)		610			623,681
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/34 (c)		535			580,436
San Diego County Regional Airport Authority, Series B (RB) 5.00%, 07/01/34 (c)		2,075			2,296,597
San Francisco City & County, Airport Commission, San Francisco International Airport, Series B (RB) 4.00%, 05/01/37 (c)		1,010			1,040,547
San Francisco City & County, Public Utilities Commission Wastewater, Series A (RB) 5.00%, 10/01/36 (c)		1,000			1,149,945
San Francisco County Transportation Authority (RB) 3.00%, 02/01/34 (c)		500			494,027
San Francisco Unified School District, Series B (GO) 4.00%, 06/15/34 (c)		2,000			2,044,829
San Jacinto County, Transportation Authority, Limited Tax (RB) 4.00%, 03/01/41 (c)		1,000			1,001,988
San Joaquin Valley Clean Energy Authority, Series A (RB) 5.50%, 01/01/56 (c) (p)		1,000			1,157,006
San Joquin Hills Transportation Corridor Agency, Series A (RB) 4.00%, 01/15/34 (c)		1,000			1,047,420

	Par (000’s		)	Value
California (continued)
San Jose Evergreen Community College District, Series B (GO) 3.00%, 09/01/41 (c)	$	825		$	734,733
Santa Clara County Financing Authority, Capital Facilities, Series A (RB) 5.00%, 05/01/34 (c)		750			853,180
Santa Clara County Financing Authority, Multiple Facilities Projects, Series Q (RB)
3.00%, 05/15/35 (c)		1,000			976,307
4.00%, 05/15/32 (c)		1,510			1,510,962
Santa Clara County, Mountain View, Los Altos Union High School, Series A (GO) 3.35%, 08/01/36 (c)		1,520			1,522,089
Santa Clara Unified School District (GO)
3.00%, 07/01/34 (c)		395			395,262
3.00%, 07/01/34 (c)		2,000			2,001,325
3.00%, 07/01/35 (c)		1,535			1,531,517
Santa Monica-Malibu Unified School District, Series C (GO)
5.00%, 08/01/39 (c)		1,000			1,108,604
5.00%, 08/01/40 (c)		1,000			1,100,013
State of California, Department of Water Resources, Central Valley Project, Series AX (RB) 5.00%, 12/01/31 (c)		915			964,944
State of California, Various Purpose (GO)
3.00%, 10/01/33 (c)		2,000			2,009,837
3.12%, 04/01/35 (c)		1,575			1,578,954
4.00%, 09/01/32 (c)		1,815			1,830,267
4.00%, 08/01/33 (c)		700			704,197
4.00%, 10/01/33 (c)		1,795			1,917,709
4.00%, 09/01/34 (c)		1,500			1,508,450
4.00%, 10/01/34 (c)		2,000			2,126,128
4.00%, 11/01/34 (c)		2,895			3,063,403
4.00%, 11/01/35 (c)		1,285			1,350,434
4.00%, 03/01/36 (c)		9,300			9,679,797
4.00%, 03/01/37 (c)		5,020			5,197,000
4.00%, 09/01/37 (c)		2,000			2,119,242
4.00%, 11/01/38 (c)		2,000			2,065,464
4.00%, 10/01/39 (c)		2,300			2,361,844
5.00%, 10/01/31		4,000			4,574,958
5.00%, 10/01/31 (c)		5,050			5,541,516
5.00%, 11/01/31 (c)		2,645			2,779,207
5.00%, 04/01/32 (c)		2,500			2,710,777
5.00%, 04/01/32		4,270			4,923,282
5.00%, 11/01/34 (c)		1,610			1,788,639
5.00%, 03/01/35 (c)		2,285			2,506,423
5.00%, 04/01/35 (c)		3,500			3,769,287
5.00%, 09/01/35 (c)		2,250			2,574,068
5.00%, 03/01/36 (c)		1,000			1,185,218
5.00%, 04/01/36 (c)		3,000			3,218,691
5.00%, 08/01/36 (c)		3,000			3,512,541
5.00%, 08/01/36 (c)		3,245			3,438,839

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
5.00%, 09/01/36 (c)	$	2,000		$	2,308,154
5.00%, 09/01/36 (c)		1,500			1,744,245
5.00%, 10/01/36 (c)		2,000			2,292,012
5.00%, 12/01/36 (c)		2,000			2,204,564
5.00%, 08/01/37 (c)		4,000			4,644,700
5.00%, 08/01/39 (c)		1,250			1,430,520
5.00%, 10/01/39 (c)		2,615			2,937,893
5.00%, 08/01/42 (c)		1,000			1,121,612
State of California, Various Purpose (GO) (AG) 5.25%, 08/01/32		5,750			6,665,310
State of California, Various Purpose (GO) (SAW) 5.00%, 12/01/34 (c)		1,000			1,011,660
The Regents of the University of California, Series BV (RB)
5.00%, 05/15/38 (c)		2,000			2,303,174
5.00%, 05/15/40 (c)		1,000			1,131,416
The Regents of the University of California, Series BW (RB) 5.00%, 05/15/40 (c)		1,000			1,131,416
University of California, Series BE (RB) 5.00%, 05/15/36 (c)		1,500			1,646,919
University of California, Series BM (RB) 5.00%, 05/15/35 (c)		1,000			1,167,584
University of California, Series BN (RB)
5.00%, 05/15/35 (c)		2,000			2,335,167
5.00%, 05/15/36 (c)		1,000			1,156,542
5.00%, 05/15/37 (c)		1,000			1,146,615
5.00%, 05/15/41 (c)		1,000			1,108,927
University of California, Series BQ (RB) 5.00%, 05/15/35 (c)		1,000			1,167,584
University of California, Series M (RB) 5.00%, 05/15/42 (c)		1,950			1,994,311
University of California, Series O (RB) 5.00%, 05/15/36 (c)		1,170			1,236,625
University of California, Series Q (RB) 4.00%, 05/15/39 (c)		2,500			2,571,649
					362,807,455
Colorado: 2.5%
Adams & Arapahoe Counties Joint School District 28J Aurora (GO) (SAW)
5.50%, 12/01/33		500			607,061
5.50%, 12/01/34		1,200			1,472,592
5.50%, 12/01/35		2,000			2,473,801
5.50%, 12/01/36 (c)		2,350			2,879,828
Boulder Valley School District No. Re-2 Boulder (GO) (SAW) 5.00%, 12/01/41 (c)		500			500,103

	Par (000’s		)	Value
Colorado (continued)
Cherry Creek, Colarado School District No. 5, Arapahoe County (GO) (SAW) 5.25%, 12/15/41 (c)	$	1,000		$	1,133,740
City and County of Denver, Series A-2 (RB) 0.00%, 08/01/36 (c) ^		1,200			769,974
Colorado Health Facilities Authority (RB)
4.00%, 08/01/38 (c)		2,350			2,352,317
5.00%, 11/15/57 (c) (p)		1,465			1,666,080
Colorado Health Facilities Authority, Advenhealth, Series A (RB) 4.00%, 11/15/38 (c)		2,000			2,024,598
Colorado Health Facilities Authority, Commonspirit Health, Series A (RB)
5.00%, 12/01/34		2,000			2,278,957
5.00%, 12/01/39 (c)		1,000			1,086,363
Colorado Health Facilities Authority, Sanford, Series A (RB) 4.00%, 11/01/39 (c)		2,000			1,985,155
Denver City and County School District No. 1 (GO) (SAW)
3.00%, 12/01/36 (c)		1,430			1,366,909
5.00%, 12/01/39 (c)		1,000			1,077,893
Denver City and County School, Board of Water Commissioners, Series A (RB) 3.00%, 12/15/37 (c)		1,000			928,922
Park Creek Metropolitan District (RB) (AG)
5.00%, 12/01/40 (c)		1,500			1,619,679
5.00%, 12/01/41 (c)		1,400			1,499,418
5.00%, 12/01/42 (c)		2,000			2,123,936
Pueblo City, Schools District No. 60 (GO) (SAW)
3.00%, 12/15/37 (c)		500			463,338
5.00%, 12/15/34 (c)		1,010			1,091,686
5.00%, 12/15/38 (c)		1,625			1,724,782
Regional Transportation District, Denver Transit Partners Eagle P3 Project, Series A (RB) 4.00%, 07/15/39		1,500			1,480,278
Regional Transportation District, Fastracks Project, Series A (RB) 5.00%, 11/01/36 (c)		1,820			1,850,112
Regional Transportation District, Fastracks Project, Series B (RB)
2.00%, 11/01/41 (c)		850			625,937
5.00%, 11/01/33 (c)		530			551,997
5.00%, 11/01/34 (c)		1,995			2,073,859

See Notes to Financial Statements

	Par (000’s		)	Value
Colorado (continued)
School District No. 1, County of Denver, State of Colorado, Series A (GO) (SAW) 5.25%, 12/01/40 (c)	$	1,000		$	1,147,146
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado (GO) 5.00%, 04/01/35		2,000			2,189,896
State of Colorado, Series A (CP)
4.00%, 12/15/36 (c)		1,315			1,339,654
4.00%, 12/15/40 (c)		250			252,947
5.00%, 12/15/34 (c)		1,000			1,118,714
The Regents of the University of Colorado, Series A (RB) 5.00%, 06/01/36 (c)		2,000			2,342,557
University of Colorado, Series A-2 (RB)
3.00%, 06/01/33 (c)		330			328,787
3.00%, 06/01/33 (c)		470			470,007
Weld County School District No. 6 (GO) (SAW) 5.00%, 12/01/36 (c)		2,165			2,321,031
					51,220,054
Connecticut: 2.4%
City of Hartford, Connecticut, State Contract Assistance (RB)
5.00%, 07/15/32		1,500			1,718,632
5.00%, 07/15/33		1,000			1,158,131
City of New Haven, Connecticut (GO) (AG) 5.00%, 08/01/33		2,000			2,291,851
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A (RB) 4.40%, 11/15/38 (c)		1,530			1,574,166
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series A-1 (RB) (SAW) 1.70%, 05/15/34 (c)		1,290			1,083,633
Connecticut Housing Finance Authority Housing Mortgage Finance Program, Series D-1 (RB) 3.20%, 11/15/32 (c)		260			259,637
Connecticut State Health & Educational Facilities Authority (RB) 5.00%, 07/01/64 (p)		7,500			8,544,057
Connecticut State Health and Educational Facilities Authority, Nuvance Health Issue, Series A (RB) 5.00%, 07/01/32 (c)		1,700			1,790,911
State of Connecticut Health and Educational Facilities Authority, Series U (RB) 5.00%, 07/01/33		2,000			2,337,885

	Par (000’s		)	Value
Connecticut (continued)
State of Connecticut Special Tax, Series A-2 (RB) 5.00%, 07/01/42 (c)	$	1,000		$	1,100,624
State of Connecticut, Series A (GO)
3.00%, 01/15/32 (c)		2,200			2,215,979
3.00%, 01/15/34 (c)		1,000			995,519
3.00%, 01/15/35 (c)		2,500			2,463,698
3.00%, 01/15/36 (c)		1,000			975,732
4.00%, 04/15/36 (c)		250			253,938
4.00%, 01/15/37 (c)		2,000			2,059,040
5.00%, 03/15/35		500			589,558
5.00%, 03/15/36 (c)		1,000			1,168,373
5.00%, 01/15/37 (c)		1,000			1,142,251
5.00%, 03/15/41 (c)		1,110			1,236,167
State of Connecticut, Series B (GO)
3.00%, 01/15/40 (c)		2,220			1,983,720
5.00%, 12/01/34		1,500			1,766,065
5.00%, 01/15/37 (c)		1,505			1,719,088
State of Connecticut, Series C (GO) 4.00%, 06/01/34 (c)		1,950			2,045,569
State of Connecticut, Series E (GO) 5.00%, 11/15/32		1,000			1,152,592
State of Connecticut, Series F (GO)
5.00%, 11/15/31 (c)		1,550			1,551,401
5.00%, 11/15/32 (c)		1,525			1,526,378
State of Connecticut, Special Tax, Series A (RB)
5.00%, 09/01/32 (c)		475			483,906
5.00%, 05/01/35 (c)		1,500			1,663,222
State of Connecticut, Special Tax, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 05/01/33 (c)		1,025			1,149,366
					50,001,089
Delaware: 0.2%
Delaware Health Facilities Authority, Bayhealth Medical Center Project, Series A (RB) 4.00%, 07/01/40 (c)		1,000			994,383
State of Delaware (GO) 2.00%, 02/01/35 (c)		1,000			869,388
State of Delaware, Series A (GO)
2.00%, 01/01/36 (c)		650			555,364
4.00%, 05/01/41 (c)		1,000			1,026,130
4.00%, 05/01/42 (c)		500			508,314
5.00%, 05/01/36 (c)		1,000			1,146,663
					5,100,242
District of Columbia: 1.8%
District of Columbia (RB) 5.00%, 04/01/60 (c) (p)		1,000			1,130,177

See Notes to Financial Statements

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
District of Columbia (continued)
District of Columbia Income Tax Revenue (RB)
5.00%, 06/01/32	$	1,700		$	1,946,532
5.00%, 06/01/33		1,000			1,160,280
5.00%, 06/01/34		1,000			1,171,985
5.00%, 06/01/36 (c)		2,000			2,331,655
5.00%, 06/01/40 (c)		1,000			1,118,055
District of Columbia, Federal Highway Grant Anticipation (RB) (SAW) 5.00%, 12/01/34 (c)		2,250			2,430,815
District of Columbia, Income Tax, Series A (RB)
4.00%, 03/01/40 (c)		2,000			2,016,254
5.00%, 06/01/35		1,500			1,769,069
5.00%, 07/01/36 (c)		2,000			2,235,332
District of Columbia, Series A (GO)
5.00%, 06/01/33 (c)		580			601,033
5.00%, 06/01/34 (c)		1,000			1,035,012
5.00%, 06/01/35 (c)		750			788,815
5.00%, 01/01/37 (c)		1,000			1,119,588
District of Columbia, Series A (RB)
3.00%, 03/01/41 (c)		2,000			1,765,433
5.00%, 03/01/36 (c)		1,000			1,074,915
District of Columbia, Series C (RB) 5.00%, 05/01/36 (c)		1,000			1,084,575
District of Columbia, Water and Sewer Authority, Series A (RB) 5.00%, 10/01/40 (c)		1,000			1,114,290
Washington Metropolitan Area Transit Authority, Series A (RB)
4.00%, 07/15/34 (c)		4,000			4,217,334
5.00%, 07/15/37 (c)		1,400			1,507,718
5.00%, 07/15/37 (c)		2,000			2,183,766
Washington Metropolitan Area Transit Authority, Series A-2 (RB)
5.00%, 07/01/33 (c)		550			568,241
5.00%, 07/01/34 (c)		810			835,747
Washington Metropolitan Area Transit Authority, Series B (RB) 5.00%, 07/01/37 (c)		1,140			1,169,972
					36,376,593
Florida: 2.4%
Broward County, Florida Tourist Development, Convention Center Expansion Project (RB) 4.00%, 09/01/36 (c)		2,000			2,079,046
Central Florida Expressway Authority (RB) (BAM)
3.00%, 07/01/34 (c)		520			511,614
4.00%, 07/01/41 (c)		845			847,166

	Par (000’s		)	Value
Florida (continued)
Central Florida Expressway Authority, Series A (RB) (BAM) 5.00%, 07/01/38 (c)	$	2,000		$	2,056,764
Central Florida Expressway Authority, Series B (RB) 4.00%, 07/01/39 (c)		2,000			2,001,319
City of Gainesville, Utilities System, Series A (RB) 5.00%, 10/01/34 (c)		1,045			1,086,338
City of Jacksonville, Series A (RB) 5.00%, 10/01/32 (c)		1,095			1,188,548
City of Orlando, Senior Tourist Development Tax, Series A (RB) (AG)
5.00%, 11/01/31 (c)		2,000			2,080,033
5.00%, 11/01/37 (c)		560			576,285
City of Tampa Florida, H. Lee Moffitt Cancer Center Project, Series B (RB) 4.00%, 07/01/38 (c)		1,000			989,962
County of Miami-Dade (RB)
0.00%, 10/01/31 (c) ^		565			457,072
0.00%, 10/01/32 (c) ^		400			310,602
5.00%, 10/01/34 (c)		2,005			2,039,722
County of Miami-Dade, Building Better Communities Program, Series A (GO) 5.00%, 07/01/34 (c)		555			560,276
County of Miami-Dade, Building Better Communities Program, Series A (GO) (SAW) 4.00%, 07/01/36 (c)		1,600			1,658,824
County of Miami-Dade, Expressway Authority Toll System, Series A (RB) 5.00%, 07/01/39 (c)		2,000			1,999,876
County of Miami-Dade, Florida Aviation, Series A (RB) 4.00%, 10/01/39 (c)		1,500			1,502,579
County of Miami-Dade, Florida Transit System (RB) 4.00%, 07/01/34 (c)		865			871,115
County of Miami-Dade, Water and Sewer System (RB) 5.00%, 10/01/32 (c)		3,500			3,915,049
County of Miami-Dade, Water and Sewer System, Series B (RB) 3.00%, 10/01/34 (c)		370			363,863
Florida Development Finance Corp., Lakeland Regional Health Systems (RB) 4.00%, 11/15/35 (c)		2,000			2,038,410
Florida Housing Finance Corp., Homeowner Mortgage (RB) 2.10%, 07/01/35 (c)		950			811,462

See Notes to Financial Statements

100

	Par (000’s		)	Value
Florida (continued)
JEA Electric System, Series A (RB) (AG) 5.00%, 10/01/33	$	1,000		$	1,160,067
JEA Electric System, Series B (RB) 5.00%, 10/01/32 (c)		885			919,600
JEA Water & Sewer System Revenue (RB) 5.00%, 10/01/39 (c)		750			836,306
Lee County, Industrial Development Authority, Health System, Inc., Series A-1 (RB) 5.00%, 04/01/34 (c)		605			637,320
Leon County, City of Tallahassee, Blueprint Intergovernmental Agency (RB) 5.00%, 10/01/38 (c)		1,000			1,101,977
Miami-Dade County, Building Better Communities Program, Series D (GO) 5.00%, 07/01/41 (c)		2,000			2,006,125
Miami-Dade County, Florida Water and Sewer System, Series B (RB) 5.00%, 10/01/40 (c)		500			555,899
Mid-Bay Bridge Authority (RB) (AG)
5.00%, 10/01/34		1,000			1,145,436
5.00%, 10/01/35		1,250			1,428,658
Orange County Health Facilities Authority, Orlando Health Obligated Group, Series A (RB) 5.00%, 10/01/40 (c)		1,000			1,104,527
Orange County, Health Facilities Authority, Series A (RB)
5.00%, 10/01/36 (c)		1,325			1,343,058
5.00%, 10/01/39 (c)		1,000			1,010,616
Orlando Utilities Commission, Series B (RB) 5.00%, 10/01/39 (c)		750			844,607
Reedy Creek Improvement District, Series A (GO) 5.00%, 06/01/35 (c)		1,000			1,010,053
South Miami Health Facilities Authority, Baptist Health (RB) 5.00%, 08/15/32 (c)		800			828,708
State of Florida Board of Governors, Florida State University Athletics Association, Series A (RB) (BAM) 5.00%, 10/01/40 (c)		2,000			2,201,227

	Par (000’s		)	Value
Florida (continued)
State of Florida, Department of Transportation Financing Corp. (RB)
3.00%, 07/01/31 (c)	$	1,000		$	999,368
3.00%, 07/01/35 (c)		1,000			961,497
					50,040,974
Georgia: 2.3%
City of Atlanta, Airport Passenger Facility Charge, Series C (RB)
5.00%, 07/01/35 (c)		800			856,003
5.00%, 07/01/38 (c)		2,275			2,406,549
City of Atlanta, Water and Wastewater (RB) 5.00%, 11/01/32 (c)		1,000			1,001,925
City of Atlanta, Water and Wastewater (RB) (BAM) 5.00%, 11/01/34		1,000			1,175,106
County of Fulton (GO) 4.00%, 07/01/40 (c)		1,500			1,507,948
Dekalb County, Water and Sewerage, Series B (RB) (AG) 5.00%, 10/01/35 (c)		1,530			1,555,220
Fulton County, Georgia Water and Sewerage, Series A (RB) 3.00%, 01/01/37 (c)		3,000			2,835,787
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 4.00%, 02/15/42 (c)		1,000			962,213
Georgia Housing and Finance Authority, Series A (RB) 4.10%, 12/01/39 (c)		1,000			1,003,275
Georgia Housing and Finance Authority, Single Family Mortgage, Series B-1 (RB)
2.90%, 12/01/31 (c)		925			905,435
3.35%, 12/01/41 (c)		215			200,032
Georgia State Housing and Finance Authority, Series A (RB) 4.15%, 12/01/40 (c)		1,000			1,000,188
Georgia State Housing and Finance Authority, Series E (RB) 4.85%, 12/01/40 (c)		1,000			1,039,733
Main Street Natural Gas Inc, Series C (RB) 5.00%, 12/01/54 (c) (p)		1,000			1,076,578
Main Street Natural Gas, Inc. (RB) 5.00%, 12/01/55 (c) (p)		1,000			1,097,526
Main Street Natural Gas, Inc., Gas Supply, Series A (RB)
5.00%, 05/15/35		2,000			2,193,517
5.00%, 05/01/54 (c) (p)		2,000			2,163,799

See Notes to Financial Statements

101

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(unaudited) (continued)

	Par (000’s		)	Value
Georgia (continued)
Main Street Natural Gas, Inc., Gas Supply, Series E (RB) 5.00%, 12/01/53 (c) (p)	$	2,000		$	2,154,831
Main Street Natural Gas, Inc., Series E (RB) 5.00%, 05/01/55 (c) (p)		1,500			1,629,992
Private Colleges & Universities Authority (RB)
5.00%, 09/01/32		1,000			1,148,565
5.00%, 09/01/33		2,000			2,325,676
Private Colleges and Universities Authority, Emory University, Series B (RB)
4.00%, 09/01/36 (c)		2,175			2,229,704
4.00%, 10/01/38 (c)		2,000			2,004,498
4.00%, 09/01/40 (c)		2,000			2,006,150
State of Georgia, Private Colleges and Universities Authority, Emory University, Series B (RB) 5.00%, 09/01/33		1,000			1,162,838
State of Georgia, Road and Tollway Authority (RB) 5.00%, 06/01/32 (c)		2,000			2,202,427
State of Georgia, Road and Tollway Authority, Series A (RB) 4.00%, 07/15/35 (c)		3,255			3,420,460
State of Georgia, Series A (GO)
5.00%, 02/01/32 (c)		2,000			2,060,268
5.00%, 02/01/33 (c)		1,200			1,235,348
					46,561,591
Guam: 0.1%
Territory of Guam (RB) 5.00%, 01/01/36 (c)		1,000			1,098,808
Hawaii: 0.4%
City & County of Honolulu, Hawaii, Series D (GO) 5.00%, 09/01/32 (c)		1,015			1,050,810
City and County of Honolulu, Hawaii Wastewater System, Series A (RB) 4.00%, 07/01/33 (c)		1,480			1,487,627
City and County of Honolulu, Hawaii Wastewater System, Series B (RB) 5.00%, 07/01/36 (c)		875			937,674
State of Hawaii (RB) 5.00%, 01/01/36 (c)		1,000			1,101,204
State of Hawaii, Department of Transportation Airports Division, Series D (RB) (BAM) 5.00%, 07/01/34 (c)		2,000			2,185,971
State of Hawaii, Series FK (GO)
3.25%, 05/01/33 (c)		1,000			1,002,101
5.00%, 05/01/34 (c)		690			709,819
					8,475,206

	Par (000’s		)	Value
Idaho: 0.1%
Idaho Health Facilities Authority, St. Luke’s Health System Project, Series C (RB) 5.00%, 03/01/60 (c) (p)	$	1,000		$	1,106,622
Illinois: 3.8%
Chicago O’Hare International Airport, Series A (RB) 5.00%, 01/01/35 (c)		1,000			1,078,222
City of Chicago, Chicago O’Hare International Airport (RB) (BAM) 5.25%, 01/01/41 (c)		1,205			1,310,303
City of Chicago, Chicago O’Hare International Airport, Series B (RB)
5.00%, 01/01/39 (c)		2,000			2,033,902
5.00%, 01/01/41 (c)		2,120			2,121,846
City of Chicago, Second Lien Wastewater Transmission, Series B (RB) (BAM) 5.00%, 01/01/33		1,000			1,137,638
City of Chicago, Second Lien Water (RB) (AG)
5.00%, 11/01/34 (c)		1,420			1,468,847
5.00%, 11/01/36 (c)		1,500			1,542,871
City of Chicago, Series A (GO)
5.00%, 01/01/32 (c)		1,000			1,047,609
5.00%, 01/01/33 (c)		2,455			2,565,784
5.25%, 01/01/38 (c)		2,000			2,064,881
City of Chicago, Series C (GO) 5.00%, 01/01/38 (c)		1,150			1,150,410
City of Chicago, Wastewater Transmission, Series A (RB) (BAM)
5.00%, 01/01/40 (c)		1,000			1,092,192
5.00%, 01/01/41 (c)		1,000			1,082,832
City of Chicago, Wastewater Transmission, Series B (RB) 5.00%, 01/01/36 (c)		750			761,998
City of Chicago, Wastewater Transmission, Series B (RB) (AG) 5.00%, 01/01/37 (c)		1,000			1,093,192
Illinois Finance Authority (RB) 5.00%, 04/01/34		1,605			1,850,922
Illinois Finance Authority, Carle Foundation, Series A (RB) 5.00%, 08/15/35 (c)		1,000			1,093,526
Illinois Finance Authority, Clean Water Initiative (RB)
4.00%, 07/01/35 (c)		1,600			1,648,838
4.00%, 07/01/37 (c)		1,000			1,021,334
5.00%, 07/01/36 (c)		2,560			2,730,219
Illinois Finance Authority, Clean Water Initiative (RB) (AG) 5.00%, 07/01/34 (c)		1,400			1,505,690

See Notes to Financial Statements

102

	Par (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Memorial Health System (RB) 5.00%, 04/01/34 (c)	$	1,435		$	1,517,834
Illinois Finance Authority, NorthShore University HealthSystem, Series A (RB)
5.00%, 08/15/32 (c)		1,365			1,496,733
5.00%, 08/15/33 (c)		1,000			1,093,759
5.00%, 08/15/34 (c)		1,295			1,411,733
Illinois Finance Authority, The University of Chicago, Series B (RB) 5.00%, 04/01/36 (c)		1,500			1,702,217
Illinois Housing Development Authority, Series B (RB) 3.45%, 10/01/33 (c)		420			420,029
Illinois State Finance Authority, Ann & Robert H. Lurie Children’s Hospital (RB) 4.00%, 08/15/37 (c)		1,000			1,002,687
Illinois State Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/33		1,000			1,149,327
Illinois State Toll Highway Authority, Series A (RB)
5.00%, 01/01/37 (c)		2,000			2,263,452
5.00%, 01/01/40 (c)		2,000			2,001,817
Illinois State Toll Highway Authority, Series B (RB)
5.00%, 01/01/37 (c)		1,500			1,503,656
5.00%, 01/01/40 (c)		1,000			1,001,770
Illinois State, Series C (GO) 4.00%, 10/01/40 (c)		1,000			965,573
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB) 0.00%, 06/15/37 (c) ^		1,500			953,867
Metropolitan Water Reclamation District of Greater Chicago, Series B (GO) (NATL-IBC FGIC) 5.25%, 12/01/35		500			598,784
Northern Illinois Municipal Power Agency, Series A (RB) 4.00%, 12/01/36 (c)		1,500			1,503,496
State of Illinois (GO)
5.00%, 02/01/39 (c)		2,385			2,600,422
5.50%, 05/01/39 (c)		2,000			2,142,722
State of Illinois, Sales Tax, Series A (RB) (BAM) 3.00%, 06/15/32 (c)		3,000			2,890,944
State of Illinois, Series A (GO)
4.00%, 03/01/40 (c)		2,460			2,375,143
5.00%, 10/01/33 (c)		2,500			2,627,707
5.00%, 03/01/34 (c)		1,000			1,088,111
5.00%, 05/01/35 (c)		2,250			2,339,172
5.00%, 12/01/35 (c)		1,000			1,029,716

	Par (000’s		)	Value
Illinois (continued)
5.00%, 05/01/41 (c)	$	630		$	643,190
State of Illinois, Series B (GO)
4.00%, 10/01/34 (c)		2,000			2,030,405
5.00%, 05/01/36 (c)		1,000			1,089,359
State of Illinois, Series D (GO)
5.00%, 07/01/36 (c)		1,000			1,090,138
5.00%, 09/01/38 (c)		2,000			2,192,823
5.00%, 09/01/40 (c)		1,000			1,078,599
State of Illinois, Series D (RB) 3.00%, 06/15/32 (c)		680			648,855
State of Illinois, Seris B (GO) 5.00%, 05/01/38 (c)		1,145			1,254,412
					79,111,508
Indiana: 1.2%
Avon, Indiana Community School Building Corp., Ad Valorem Property Tax First Mortgage (RB) 5.25%, 07/15/39 (c)		1,000			1,114,593
Indiana Finance Authority (RB)
5.00%, 02/01/32		3,000			3,358,822
5.00%, 02/01/33		3,000			3,397,050
Indiana Finance Authority, First Lien Wastewater Utility (RB) 4.00%, 10/01/35 (c)		2,500			2,614,324
Indiana Finance Authority, Indiana University Health Inc., Series B (RB) 5.00%, 10/01/55 (c) (p)		1,000			1,121,413
Indiana Finance Authority, Indiana University Health, Series D-3 (RB) 5.00%, 10/01/59 (c) (p)		2,000			2,277,981
Indiana Finance Authority, University Health, Series D (RB) 5.00%, 10/01/57 (c) (p)		2,000			2,271,270
Indiana Municipal Power Agency, Series A (RB) 5.00%, 01/01/42 (c)		1,000			1,007,220
Indiana State Finance Authority, Series C (RB)
5.00%, 02/01/35		500			592,333
5.00%, 02/01/36 (c)		1,000			1,172,137
5.00%, 02/01/37 (c)		1,500			1,742,897
5.00%, 02/01/40 (c)		500			562,734
Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel, Series E (RB) 5.50%, 03/01/38 (c)		1,000			1,084,703
IPS Multi-School Building Corp. (RB) 5.00%, 07/15/41 (c)		1,000			1,082,762
Westfield Washington Multi-School Building Corporation, Hamilton County, Indiana, Series A (RB) (BAM) 5.00%, 07/15/35 (c)		750			862,109

See Notes to Financial Statements

103

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Indiana (continued)
5.25%, 07/15/41 (c)	$	750		$	826,863
					25,089,211
Iowa: 0.2%
Iowa Finance Authority (RB) 5.00%, 08/01/31 (c)		1,000			1,042,051
Iowa Finance Authority, Series A (RB)
5.00%, 08/01/36 (c)		1,000			1,142,104
5.00%, 08/01/37 (c)		1,000			1,099,811
5.00%, 08/01/37 (c)		1,000			1,133,598
					4,417,564
Kansas: 0.3%
County of Johnson, Internal Improvement, Series A (GO) 4.00%, 09/01/34 (c)		750			762,458
Kansas Development Finance Authority, Adventhealth Hospital, Series B (RB) 5.00%, 11/15/54 (p)		2,450			2,745,561
State of Kansas, Department of Transportation, Series A (RB) 5.00%, 09/01/32 (c)		1,165			1,211,588
University of Kansas Hospital Authority (RB) 4.00%, 09/01/40 (c)		2,000			1,991,394
					6,711,001
Kentucky: 0.6%
Kentucky Economic Development Finance Authority, Owensboro Health System, Inc., Series A (RB) 5.00%, 06/01/41 (c)		990			994,553
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) 5.25%, 04/01/54 (c) (p)		3,000			3,309,638
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p)		3,000			3,260,598
Kentucky State Property and Building Commission, Project No. 119 (RB) (BAM) 5.00%, 05/01/34 (c)		3,285			3,453,588
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) 4.00%, 10/01/36 (c)		1,000			992,774
University of Kentucky, Series A (RB) 3.00%, 10/01/35 (c)		770			744,523
					12,755,674
Louisiana: 1.0%
Jefferson Sales Tax District, Parish of Jefferson, Series B (RB) (AG)
4.00%, 12/01/37 (c)		1,300			1,326,030
5.00%, 12/01/33 (c)		615			665,288

	Par (000’s		)	Value
Louisiana (continued)
Jefferson Sales Tax District, Series B (RB) (AG) 4.00%, 12/01/35 (c)	$	500		$	514,401
Louisiana Local Government Environmental Facilities and Community Development Authority, Series B (RB) 2.50%, 04/01/36 (c)		1,455			1,242,067
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c)		3,040			3,001,378
Louisville Public Facilities Authority, Tulane University, Series A (RB) 5.00%, 10/15/36 (c)		1,000			1,105,507
State of Louisiana, Gasoline & Fuels Tax (RB) 5.00%, 05/01/33		1,000			1,152,552
State of Louisiana, Gasoline & Fuels Tax, Series B (RB) 5.00%, 05/01/35		1,000			1,185,368
State of Louisiana, Series A (GO)
5.00%, 03/01/32 (c)		750			838,228
5.00%, 03/01/33 (c)		930			1,020,669
5.00%, 04/01/35 (c)		1,000			1,144,394
5.00%, 04/01/36 (c)		1,000			1,130,154
5.00%, 03/01/38 (c)		1,000			1,089,871
State of Louisiana, Series A (GO) (BAM) 5.00%, 03/01/34 (c)		910			993,494
State of Louisiana, Series B (GO)
5.00%, 06/01/34		1,000			1,173,655
5.00%, 06/01/36 (c)		2,000			2,315,414
					19,898,470
Maryland: 1.6%
County of Baltimore, Public Improvement (GO) 4.00%, 03/01/34 (c)		890			932,360
County of Baltimore, Public Improvement (GO) (AG) 4.00%, 03/01/34 (c)		1,925			1,996,414
County of Baltimore, Public Improvement (GO) (CA MTG INS) 4.00%, 03/01/36 (c)		2,420			2,492,438
County of Montgomery, Series A (GO) 3.00%, 08/01/32 (c)		750			754,748
Maryland Community Development Administration, Series A (RB) (AG) 1.95%, 09/01/41 (c)		310			217,549

See Notes to Financial Statements

104

	Par (000’s		)	Value
Maryland (continued)
Maryland Department of Transportation (RB) 3.00%, 09/01/31 (c)	$	500		$	501,161
Maryland Health & Higher Educational Facilities Authority (RB) (AG) 4.25%, 07/01/40 (c)		1,000			1,034,083
Maryland Health and Higher Educational Facilities Authority, Mercy Medical Center, Series A (RB) 4.00%, 07/01/42 (c)		400			383,177
Maryland Stadium Authority (RB) 5.00%, 06/01/40 (c)		1,000			1,102,827
Montgomery County, Maryland, Series A (GO)
2.00%, 08/01/34 (c)		1,000			877,991
2.00%, 08/01/40 (c)		1,010			755,772
Prince George’s County, Public Improvement, Series A (GO)
5.00%, 08/01/34 (c)		1,500			1,737,069
5.00%, 08/01/35 (c)		2,500			2,866,000
5.00%, 07/15/36 (c)		2,500			2,623,357
State of Maryland, Department of Transportation (RB) (SAW) 2.12%, 10/01/31 (c)		2,340			2,199,723
State of Maryland, Series A (GO) 5.00%, 06/01/40 (c)		5,000			5,655,370
State of Maryland, State and Local Facilities Loan (GO)
4.00%, 08/01/32 (c)		530			548,008
5.00%, 03/15/32 (c)		3,000			3,236,828
State of Maryland, State and Local Facilities Loan, Series A (GO) 3.00%, 08/01/31 (c)		1,000			1,001,391
Washington Suburban Sanitary District, Maryland Consolidated Public Improvement (GO) 5.00%, 06/01/34 (c)		1,650			1,669,230
					32,585,496
Massachusetts: 3.5%
City of Boston, Series A (GO) 5.00%, 11/01/39 (c)		2,000			2,234,615
Commonwealth of Massachusetts (GO) 5.00%, 08/01/41 (c)		1,000			1,108,000
Commonwealth of Massachusetts (RB) (BAM) 5.50%, 01/01/34		3,000			3,472,171
Commonwealth of Massachusetts, Series A (GO)
5.00%, 10/01/31		3,000			3,415,249
5.00%, 01/01/40 (c)		1,500			1,667,936
5.00%, 04/01/42 (c)		275			279,655
5.00%, 04/01/42 (c)		1,000			1,103,779

	Par (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts, Series B (GO)
2.00%, 03/01/34 (c)	$	1,000		$	888,243
5.00%, 07/01/34 (c)		1,860			1,887,601
5.00%, 05/01/40 (c)		1,500			1,673,925
Commonwealth of Massachusetts, Series D (GO)
4.00%, 05/01/35 (c)		1,165			1,187,830
4.00%, 11/01/37 (c)		2,000			2,046,559
5.00%, 07/01/36 (c)		365			397,266
Commonwealth of Massachusetts, Series D (GO) (SBG) 5.00%, 07/01/38 (c)		2,000			2,156,571
Commonwealth of Massachusetts, Series D (RB) (NATL) 5.50%, 01/01/34		1,000			1,147,512
Commonwealth of Massachusetts, Series E (GO)
3.00%, 11/01/33 (c)		1,275			1,275,195
4.00%, 04/01/33 (c)		1,000			1,000,304
4.00%, 04/01/38 (c)		1,000			1,000,269
4.00%, 09/01/39 (c)		3,000			3,000,432
5.00%, 11/01/32 (c)		1,000			1,113,325
5.00%, 09/01/37 (c)		1,010			1,058,763
Commonwealth of Massachusetts, Series H (GO) 5.00%, 12/01/42 (c)		2,000			2,201,364
Commonwealth of Massachusetts, Series I (GO) 5.00%, 12/01/33 (c)		500			512,341
Commonwealth of Massachusetts, Transportation Fund, Series A (RB) 5.00%, 06/01/37 (c)		800			876,843
Massachusetts Bay Transportation Authority Sales Tax Revenue (RB)
5.00%, 07/01/41 (c)		1,000			1,122,745
5.00%, 07/01/42 (c)		1,000			1,111,218
Massachusetts Bay Transportation Authority Sales Tax, Series A-1 (RB) 5.00%, 07/01/40 (c)		1,000			1,105,949
Massachusetts Bay Transportation Authority, Series A (RB) 5.00%, 07/01/40 (c)		1,000			1,120,252
Massachusetts Development Finance Agency (RB) 5.00%, 11/01/55 (c) (p)		4,000			4,714,740
Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Series K (RB) 5.00%, 07/01/35 (c)		255			269,852

See Notes to Financial Statements

105

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(unaudited) (continued)

	Par (000’s		)	Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Children’s Hospital, Series T (RB) 5.00%, 03/01/34 (c)	$	1,000		$	1,166,701
Massachusetts Development Finance Agency, Harvard University, Series A (RB)
4.00%, 07/15/36 (c)		1,035			1,033,456
5.00%, 07/15/40		3,860			4,576,663
Massachusetts Development Finance Agency, Harvard University, Series B (RB) 5.00%, 02/15/33		2,000			2,328,134
Massachusetts Development Finance Agency, Partners Healthcare System, Series S (RB) 4.00%, 07/01/35 (c)		1,500			1,520,308
Massachusetts Development Finance Agency, Series A-1 (RB) 5.00%, 05/15/55 (p)		5,000			5,707,940
Massachusetts Development Finance Agency, Series B (RB) 4.00%, 02/15/36		1,000			1,103,578
Massachusetts Development Finance Agency, Series N (RB) (AG) 5.00%, 07/01/35		1,000			1,157,819
Massachusetts Development Finance Agency, Suffolk University (RB) 5.00%, 07/01/35 (c)		500			505,470
Massachusetts School Building Authority, Series B (RB)
5.00%, 02/15/36		500			593,178
5.00%, 02/15/38		500			594,197
The Commonwealth of Massachusetts, Series A (GO)
5.00%, 03/01/36 (c)		1,000			1,155,442
5.00%, 04/01/40 (c)		1,000			1,126,555
5.00%, 04/01/41 (c)		1,000			1,114,976
University of Massachusetts Building Authority (RB)
5.00%, 05/01/34 (c)		1,220			1,311,123
5.00%, 11/01/34 (c)		750			811,780
University of Massachusetts Building Authority (RB) (SD CRED PROG) 5.00%, 11/01/32 (c)		500			546,285
					72,504,109
Michigan: 1.4%
Board of Trustees of Oakland University (RB) 5.00%, 03/01/41 (c)		1,100			1,100,008
Detroit City School District, Series A (GO) (AG) 5.25%, 05/01/32		2,220			2,507,180

	Par (000’s		)	Value
Michigan (continued)
Great Lakes Water Authority Water Supply System Revenue (RB) 5.00%, 07/01/35 (c)	$	1,000		$	1,169,876
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series A (RB) 5.00%, 07/01/37 (c)		3,000			3,398,869
Kalamazoo Michigan Hospital Facilities, Bronson Healthcare Group (RB) 4.00%, 05/15/36 (c)		2,000			2,001,428
Michigan Finance Authority Hospital, McLaren Health Care, Series A (RB) 5.00%, 05/15/38 (c)		1,000			1,000,769
Michigan Finance Authority, Corewell Health, Series A (RB) 5.00%, 08/15/35 (c)		1,500			1,732,969
Michigan Finance Authority, Corewell Health, Series B-2 (RB) 5.00%, 08/15/55 (p)		2,500			2,814,415
Michigan Finance Authority, Henry Ford Health System (RB) 3.00%, 11/15/33 (c)		355			349,061
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)
4.00%, 12/01/40 (c)		1,000			981,548
5.00%, 12/01/34 (c)		2,000			2,077,249
5.00%, 12/01/35 (c)		585			606,014
Michigan State Housing Development Authority, Series A (RB) 4.30%, 10/01/40 (c)		725			725,021
Michigan State Housing Development Authority, Series B (RB) 4.50%, 12/01/38 (c)		1,500			1,557,548
State of Michigan, Building Authority, Series I (RB) 5.00%, 10/15/32 (c)		570			582,337
State of Michigan, Environmental Program, Series A (GO) 3.00%, 05/15/36 (c)		750			739,598
State of Michigan, Housing Development Authority, Single-Family Mortgage, Series B (RB) 3.10%, 12/01/31 (c)		1,370			1,361,916
State of Michigan, Karegnondi Water Authority, Counties of Genesee, Lapeer and Sanila (RB) (BAM) 5.00%, 11/01/41 (c)		750			823,896

See Notes to Financial Statements

106

	Par (000’s		)	Value
Michigan (continued)
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/36 (c)	$	1,000		$	1,148,094
State of Michigan, Trunk Line Fund, Series A (RB) 5.00%, 11/15/35 (c)		1,900			2,121,390
					28,799,186
Minnesota: 1.1%
County of Hennepin, Minnesota First Lien Sales Tax, Series A (RB) 5.00%, 12/15/31 (c)		1,000			1,021,050
County of Hennepin, Series A (GO) 5.00%, 12/01/36 (c)		2,000			2,335,974
Minnesota Agricultural & Economic Development Board (RB) 5.00%, 01/01/38 (c)		1,000			1,109,838
Minnesota Public Facilities Authority, Series A (RB) 5.00%, 03/01/33 (c)		1,500			1,508,599
Regents of the University of Minnesota, Series B (RB) 5.00%, 12/01/31 (c)		1,000			1,045,655
State of Minnesota (GO)
5.00%, 08/01/38 (c)		3,000			3,471,304
5.00%, 08/01/41 (c)		2,000			2,252,540
5.00%, 08/01/42 (c)		1,000			1,114,621
State of Minnesota, State Office Building Project (CP) 5.00%, 11/01/41 (c)		1,075			1,185,651
State of Minnesota, Various Purpose, Series A (GO)
5.00%, 08/01/33 (c)		1,000			1,088,014
5.00%, 08/01/36 (c)		2,000			2,190,902
5.00%, 08/01/36 (c)		1,000			1,076,370
5.00%, 08/01/37 (c)		2,000			2,180,245
White Bear Lake, independent School District No. 624, Series A (GO) (SD CRED PROG) 3.00%, 02/01/33 (c)		1,000			1,003,994
White Bear Lake, Minnesota Independent School District No. 624, Series A (GO) (SD CRED PROG) 2.25%, 02/01/36 (c)		750			631,655
					23,216,412
Mississippi: 0.1%
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Corp., Series A (RB) 5.00%, 09/01/41 (c)		500			501,044
State of Mississippi, Series A (RB)
5.00%, 10/15/34 (c)		1,000			1,047,065
5.00%, 10/15/36 (c)		550			571,847
					2,119,956

	Par (000’s		)	Value
Missouri: 0.3%
County of St. Louis, Hazewood School District, Series A (GO) (BAM) 5.00%, 03/01/38 (c)	$	1,000		$	1,086,601
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series A (RB) 4.00%, 12/01/32 (c)		685			687,054
Springfield School District No. R-12 (GO) (SAW)
4.00%, 03/01/35 (c)		2,415			2,497,862
5.00%, 03/01/36 (c)		450			476,239
St. Louis School District, Board of Education (GO) (AG) 5.00%, 04/01/37 (c)		1,000			1,106,530
The Community College District of St. Louis (CP) 5.00%, 04/01/40 (c)		1,000			1,095,585
					6,949,871
Nebraska: 0.5%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/32		1,280			1,389,999
5.00%, 09/01/34		4,300			4,731,126
5.00%, 09/01/35		2,000			2,200,852
5.00%, 09/01/42		500			534,473
Central Plans Energy Project, Gas Project Crossover No. 3, Series B (RB) 5.00%, 09/01/31		1,215			1,303,823
Public Power Generation Agency, Whelan Energy Center, Series A (RB) 5.00%, 01/01/35		750			874,184
					11,034,457
Nevada: 0.7%
Clark County School District (GO) 5.00%, 06/15/35 (c)		1,000			1,152,846
Clark County School District (GO) (AG) 3.00%, 06/15/37 (c)		1,500			1,374,920
Clark County School District, Series A (GO) 5.00%, 06/15/39 (c)		1,375			1,503,762
Clark County, Nevada McCarran International Airport, Passenger Facility, Series E (RB) 5.00%, 07/01/32 (c)		470			506,204
Clark County, School District, Series A (GO) (AG)
5.00%, 06/15/32 (c)		1,000			1,101,466
5.00%, 06/15/34 (c)		915			1,001,303
Clark County, School District, Series B (GO) (BAM) 3.00%, 06/15/38 (c)		1,500			1,347,712

See Notes to Financial Statements

107

VANECK INTERMEDIATE MUNI ETF

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(unaudited) (continued)

	Par (000’s		)	Value
Nevada (continued)
Clark County, School District, Series C (GO) 5.00%, 06/15/32 (c)	$	1,050		$	1,095,317
Clark County, Transportation Improvement, Limited Tax, Series B (GO) 4.00%, 12/01/39 (c)		2,245			2,272,862
County of Clarke, School District, Limited Tax, Series A (GO) 4.00%, 06/15/42 (c)		500			489,196
Las Vegas Valley Water District, Series C (GO) 3.00%, 06/01/32 (c)		1,000			1,001,664
State of Nevada, Highway Improvement, Motor Vehicle Fuel Tax (RB) (AG) 4.00%, 12/01/33 (c)		760			781,897
					13,629,149
New Hampshire: 0.4%
National Finance Authority, Affordable Housing, Series 1 (RB) 4.75%, 06/20/41 (c) (p)		999			1,036,925
National Finance Authority, Municipal Certificates, Series 1 (RB) 4.17%, 01/20/41		5,970			5,952,511
National Finance Authority, Municipal Certificates, Series 2 (RB) 4.22%, 11/20/42		1,997			1,964,499
					8,953,935
New Jersey: 3.6%
County of Camden, Board of Education of Township of Cherry Hill (GO) 4.00%, 08/01/35 (c)		500			517,438
County of Hudson (GO)
2.00%, 11/15/34 (c)		2,000			1,699,349
2.00%, 11/15/35 (c)		685			566,891
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB) (BAM) 3.12%, 07/01/31 (c)		755			742,103
New Jersey Economic Development Authority, New Jersey Transit Transportation Project, Series A (RB) (AG) 5.00%, 11/01/33 (c)		1,000			1,082,318
New Jersey Economic Development Authority, School Facilities Construction, Series LLL (RB) 5.00%, 06/15/36 (c)		1,250			1,342,706
New Jersey Educational Facilities Authority (RB) 5.00%, 07/01/64 (c) (p)		10,000			11,647,047

	Par (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series C (RB)
2.00%, 03/01/37 (c)	$	1,975		$	1,643,948
2.00%, 03/01/41 (c)		500			367,209
New Jersey Educational Facilities Authority, Princeton University, Series C (RB)
2.00%, 03/01/36 (c)		1,000			855,004
2.00%, 03/01/38 (c)		2,000			1,619,406
New Jersey Educational Facilities Authority, Princeton University, Series I (RB) 5.00%, 07/01/32 (c)		500			519,602
New Jersey Educational Facilities Authority, Princeton Unviersity, Series A-2 (RB) 5.00%, 03/01/41 (c)		2,500			2,783,756
New Jersey Health Care Facilities Financing Authority, Inspira Health, Series A (RB) 3.38%, 07/01/34 (c)		360			357,153
New Jersey Housing & Mortgage Finance Agency (RB) 4.75%, 10/01/40 (c)		1,000			1,040,727
New Jersey Transportation Trust Fund Authority, Series A (RB)
4.00%, 12/15/31 (c)		2,830			2,918,345
4.25%, 06/15/40 (c)		3,045			3,117,416
5.00%, 12/15/33 (c)		1,395			1,485,133
5.00%, 12/15/34 (c)		635			674,114
5.00%, 06/15/37 (c)		3,000			3,420,441
5.00%, 06/15/38 (c)		4,500			5,086,141
5.25%, 06/15/39 (c)		2,640			3,018,033
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.00%, 06/15/39 (c)		1,000			1,011,096
4.12%, 06/15/39 (c)		1,000			1,010,639
5.00%, 06/15/40 (c)		1,000			1,093,496
New Jersey Transportation Trust Fund Authority, Series BB (RB) 4.00%, 06/15/36 (c)		1,045			1,077,990
New Jersey Transportation Trust Fund Authority, Series CC (RB) 5.00%, 06/15/33		1,000			1,151,434
New Jersey Turnpike Authority (RB)
5.00%, 01/01/33		2,000			2,301,824
5.00%, 01/01/34		3,000			3,490,902
5.00%, 01/01/35		500			586,298
5.00%, 01/01/36 (c)		500			584,370
5.00%, 01/01/39 (c)		1,000			1,138,424

See Notes to Financial Statements

108

	Par (000’s		)	Value
New Jersey (continued)
New Jersey Turnpike Authority, Series G (RB) 5.00%, 01/01/36 (c)	$	2,500		$	2,602,251
New Jersey, Economic Development Authority, Series SSS (RB) 5.00%, 06/15/34		1,500			1,742,710
New Jersey, Transportation Trust Fund Authority, Series A (RB) 4.00%, 06/15/40 (c)		1,000			1,006,577
State of New Jersey, Various Purposes (GO)
2.00%, 06/01/34 (c)		3,000			2,618,786
5.00%, 06/01/38 (c)		2,000			2,136,565
Tobacco Settlement Financing Corp., Series A (RB)
4.00%, 06/01/37 (c)		540			536,822
5.00%, 06/01/32 (c)		2,755			2,876,003
					73,470,467
New Mexico: 0.1%
State of New Mexico (GO) 5.00%, 03/01/33		1,000			1,158,973
New York: 18.2%
Battery Park City Authorization, Series B (RB) 5.00%, 11/01/36 (c)		1,000			1,150,910
City of New York NY (GO) 5.00%, 09/01/37 (c)		2,000			2,205,088
City of New York Trust for Cultural Resources, Lincoln Center for Performing Arts Inc., Series A (RB) 4.00%, 12/01/34 (c)		1,000			1,031,672
City of New York, Housing Development Corp., Series G-1 (RB) 3.10%, 11/01/32 (c)		500			500,040
City of New York, Series A (GO)
4.00%, 08/01/34 (c)		485			486,703
4.00%, 08/01/38 (c)		600			608,357
5.00%, 09/01/34 (c)		2,170			2,440,345
5.00%, 08/01/37 (c)		1,000			1,117,506
City of New York, Series B-1 (GO)
5.00%, 10/01/31 (c)		500			543,592
5.00%, 10/01/32 (c)		1,125			1,220,675
5.00%, 10/01/37 (c)		250			257,621
5.25%, 10/01/40 (c)		1,575			1,728,075
City of New York, Series C (GO)
4.00%, 08/01/41 (c)		1,000			993,982
City of New York, Series D (GO)
4.00%, 04/01/41 (c)		1,000			994,094
City of New York, Series D-1 (GO) (BAM) 5.00%, 03/01/37 (c)		1,565			1,676,511
City of New York, Series E (GO) 5.00%, 04/01/37 (c)		1,000			1,115,709

	Par (000’s		)	Value
New York (continued)
City of New York, Series E-1 (GO)
5.00%, 03/01/32 (c)	$	1,015		$	1,067,387
5.00%, 03/01/39 (c)		2,000			2,073,091
5.25%, 03/01/34 (c)		1,000			1,054,495
City of New York, Series F (GO)
5.00%, 08/01/40 (c)		750			831,543
5.00%, 08/01/41 (c)		750			823,142
City of New York, Series F-1 (GO)
5.00%, 08/01/36 (c)		1,000			1,125,140
5.00%, 08/01/37 (c)		1,000			1,117,506
5.00%, 08/01/38 (c)		1,000			1,110,422
5.00%, 08/01/39 (c)		1,330			1,466,031
City of New York, Series G (GO)
5.00%, 02/01/35		2,215			2,584,622
5.00%, 02/01/36 (c)		4,000			4,639,697
5.00%, 02/01/37 (c)		500			575,159
5.00%, 02/01/40 (c)		5,000			5,568,226
City of New York, Series L (GO) 5.00%, 04/01/32 (c)		655			704,432
City of New York, Series L-5 (GO) 5.00%, 04/01/34 (c)		1,865			2,060,673
County of Broome, Local Development Corp., United Health Services Hospitals, In. Project (RB) (AG) 4.00%, 04/01/40 (c)		925			909,613
County of Monroe, Industrial Development Corp., Rochester Regional Health Project, Series A (RB) 3.00%, 12/01/37 (c)		865			754,129
County of Nassau, Interim Finance Authority, Public Benefit Corp., Series A (RB) 5.00%, 11/15/35 (c)		1,500			1,684,214
County of Suffolk, New York Water System, Series A (RB) 5.00%, 06/01/36 (c)		1,515			1,599,352
County of Suffolk, Public Improvement, Series C (GO) 5.00%, 09/01/35 (c)		1,500			1,644,640
Dormitory Authority of the State of New York (RB) 5.00%, 03/15/40 (c)		1,500			1,642,538
Dormitory Authority of the State of New York, General Purpose, Series A (RB)
5.00%, 03/15/37 (c)		1,000			1,136,170
5.00%, 03/15/38 (c)		1,000			1,123,550
5.00%, 03/15/41 (c)		2,000			2,189,807
Dormitory Authority of the State of New York, Series B (RB) 5.00%, 03/15/33		1,000			1,157,349

See Notes to Financial Statements

109

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(unaudited) (continued)

	Par (000’s		)	Value
New York (continued)
Hudson Yards Infrastructure Corp., Series A (RB)
5.00%, 02/15/32 (c)	$	1,700		$	1,751,234
5.00%, 02/15/33 (c)		460			473,535
5.00%, 02/15/42 (c)		645			655,261
Long Island Power Authority, Electric System (RB)
5.00%, 09/01/31 (c)		305			318,229
5.00%, 09/01/33 (c)		750			780,836
Long Island Power Authority, Electric System, Series A (RB)
3.00%, 09/01/36 (c)		450			433,398
5.00%, 09/01/36 (c)		1,500			1,623,600
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/36 (c)		1,000			1,013,272
Metropolitan Transportation Authority, Dedicated Tax Fund, Series B (RB) 5.00%, 11/15/40 (c)		2,000			2,224,735
Metropolitan Transportation Authority, Series A (RB)
4.00%, 11/15/33 (c)		340			341,412
4.00%, 11/15/40 (c)		1,000			989,311
5.00%, 11/15/35 (c)		1,000			1,144,023
5.00%, 11/15/40 (c)		2,000			2,177,753
5.00%, 11/15/40 (c)		1,000			1,081,004
Metropolitan Transportation Authority, Series B (RB)
5.00%, 11/15/34		2,000			2,293,862
5.00%, 11/15/35		1,000			1,148,581
5.00%, 11/15/35 (c)		2,000			2,034,191
Metropolitan Transportation Authority, Series C-1 (RB)
4.00%, 11/15/32 (c)		1,980			2,009,983
5.00%, 11/15/31 (c)		1,445			1,522,865
5.00%, 11/15/33 (c)		2,540			2,666,441
5.00%, 11/15/34 (c)		810			847,801
Metropolitan Transportation Authority, Series C-2 (RB) 0.00%, 11/15/33 ^		1,035			790,318
Metropolitan Transportation Authority, Series D (RB)
3.12%, 11/15/35 (c)		265			239,412
4.00%, 11/15/32 (c)		400			402,166
5.00%, 11/15/32 (c)		1,570			1,651,884
5.00%, 11/15/33 (c)		535			561,632
Metropolitan Transportation Authority, Series D-1 (RB) (BAM) 5.00%, 11/15/33 (c)		2,000			2,001,418
Metropolitian Transportation Authority, Series A (RB) 5.00%, 11/15/36 (c)		1,500			1,755,633
New York City Housing Development Corp., Multi-Family Housing, Series A (RB) (AG) 2.90%, 11/01/37 (c)		1,000			899,764

	Par (000’s		)	Value
New York (continued)
New York City Housing Development Corp., Multi- Family Housing, Series A-1-C (RB) 2.35%, 11/01/35 (c)	$	1,100		$	964,027
New York City Housing Development Corp., Multi-Family Housing, Series C-1 (RB) 2.25%, 11/01/41 (c)		800			611,423
New York City Housing Development Corp., Multi-Family Housing, Series I-1 (RB) 2.35%, 11/01/40 (c)		525			415,501
New York City Industrial Development Agency, Yankee Stadium Project, Series A (RB) (AG) 4.00%, 03/01/32 (c)		2,500			2,599,406
New York City Municipal Water Finance Authority, Series A (RB) 3.00%, 06/15/36 (c)		4,130			4,041,849
New York City Municipal Water Finance Authority, Series AA (RB) 5.00%, 06/15/32 (c)		1,000			1,093,921
New York City Municipal Water Finance Authority, Series CC-1 (RB) 5.00%, 06/15/38 (c)		1,000			1,016,098
New York City Municipal Water Finance Authority, Series DD (RB)
5.00%, 06/15/34 (c)		3,685			4,277,798
5.00%, 06/15/34		5,360			6,319,793
New York City Municipal Water Finance Authority, Series FF-2 (RB) 5.00%, 06/15/33 (c)		500			540,180
New York City Municipal Water Finance Authority, Water & Sewer System, Series DD (RB)
5.50%, 06/15/38 (c)		1,000			1,198,751
5.50%, 06/15/39 (c)		1,000			1,187,548
New York City Transitional Finance Authority Building Aid, Series S (RB) (SAW)
4.00%, 07/15/35 (c)		1,015			1,054,270
5.00%, 07/15/40 (c)		1,180			1,181,000
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 5.00%, 07/15/31		1,750			1,985,453
New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 5.00%, 05/01/40 (c)		2,000			2,237,597

See Notes to Financial Statements

110

	Par (000’s		)	Value
New York (continued)
5.00%, 05/01/41 (c)	$	1,000		$	1,110,290
5.00%, 05/01/42 (c)		1,000			1,094,259
New York City Transitional Finance Authority Future Tax, Series A-1 (RB)
5.00%, 05/01/36 (c)		1,000			1,125,796
5.00%, 11/01/37 (c)		2,000			2,266,397
5.00%, 11/01/39 (c)		1,000			1,118,149
New York City Transitional Finance Authority Future Tax, Series C-1 (RB) 5.00%, 05/01/40 (c)		1,815			2,012,318
New York City Transitional Finance Authority Future Tax, Series D (RB) 5.00%, 05/01/33		1,000			1,151,821
New York City Transitional Finance Authority Future Tax, Series F-1 (RB) 5.00%, 02/01/39 (c)		1,000			1,102,393
New York City Transitional Finance Authority Future Tax, Series H (RB) 5.00%, 11/01/38 (c)		5,000			5,668,805
New York City Transitional Finance Authority, Building Aid, Series S-1 (RB) (SAW) 4.00%, 07/15/36 (c)		1,375			1,418,020
New York City Transitional Finance Authority, Building Aid, Series S-3 (RB) (SAW)
5.00%, 07/15/33 (c)		1,605			1,699,570
5.00%, 07/15/35 (c)		1,000			1,054,792
New York City Transitional Finance Authority, Building Aid, Series S-4 (RB) (SAW) 5.00%, 07/15/33 (c)		500			529,461
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
3.00%, 11/01/37 (c)		2,000			1,862,002
5.00%, 11/01/36 (c)		3,000			3,264,225
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB)
5.00%, 11/01/32 (c)		1,000			1,129,586
5.00%, 05/01/33 (c)		450			454,350
5.00%, 05/01/34 (c)		880			888,116
5.00%, 05/01/35 (c)		655			660,687
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
4.00%, 08/01/35 (c)		2,000			2,007,754
5.00%, 05/01/36 (c)		1,000			1,133,200

	Par (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB)
4.00%, 08/01/42 (c)	$	1,500		$	1,479,782
5.00%, 08/01/31 (c)		1,000			1,106,969
5.00%, 08/01/32 (c)		1,000			1,036,235
5.00%, 08/01/32 (c)		540			548,047
5.00%, 11/01/32 (c)		1,065			1,097,985
5.00%, 08/01/33 (c)		895			907,806
5.00%, 08/01/34 (c)		1,000			1,114,703
5.00%, 08/01/34 (c)		780			824,154
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.00%, 11/01/33 (c)		900			926,353
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 05/01/39 (c)		1,690			1,708,917
4.00%, 05/01/41 (c)		500			498,907
5.00%, 05/01/37 (c)		2,500			2,713,293
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 5.00%, 02/01/39 (c)		1,710			1,743,539
New York City Transitional Finance Authority, Series C (RB) 5.00%, 05/01/33		1,000			1,151,821
New York City Transitional Finance Authority, Series C, Subseries C-1 (RB) 5.00%, 05/01/39 (c)		2,000			2,245,843
New York City Transitional Finance Authority, Series D (RB)
5.00%, 05/01/37 (c)		3,000			3,413,914
5.00%, 11/01/39 (c)		4,300			4,783,725
New York City Transitional Finance Authority, Series E (RB)
5.00%, 11/01/35 (c)		2,000			2,320,546
5.00%, 11/01/38 (c)		2,000			2,255,435
5.00%, 11/01/39 (c)		2,000			2,236,299
5.00%, 11/01/40 (c)		3,000			3,326,146
New York City Transitional Finance Authority, Series F (RB) 5.00%, 11/01/32		2,000			2,291,702
New York City Transitional Finance Authority, Series H (RB)
5.00%, 11/01/35 (c)		2,000			2,336,002
5.00%, 11/01/40 (c)		3,000			3,341,405

See Notes to Financial Statements

111

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
New York (continued)
New York City Water and Sewer System, Series AA-2 (RB) 3.00%, 06/15/40 (c)	$	915		$	811,361
New York City Water and Sewer System, Series EE (RB) (AG) 5.00%, 06/15/40 (c)		2,085			2,200,269
New York Energy Finance Development Corp. (RB) 5.00%, 07/01/56 (c) (p)		5,000			5,381,963
New York Environmental Facilities Corporation, New York City Municipal Water Finance Authory Projects, Series A (RB) 5.00%, 06/15/40 (c)		1,000			1,121,317
New York Liberty Development Corp. (RB) 2.25%, 02/15/41 (c)		5,000			3,846,280
New York Liberty Development Corp., Goldman Sachs Headquarters LLC (RB) 5.25%, 10/01/35		1,000			1,169,447
New York State Dormitory Authority (RB)
4.00%, 07/01/37 (c)		1,000			1,042,040
4.00%, 07/01/38 (c)		650			650,052
5.00%, 07/01/34		1,500			1,751,639
5.00%, 07/01/35		1,000			1,193,759
New York State Dormitory Authority (RB) (AGC ST AID WITHHLDG)
5.00%, 10/01/33		2,000			2,334,066
5.00%, 10/01/34		2,000			2,355,575
5.00%, 10/01/35 (c)		1,250			1,450,826
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center (RB) 4.00%, 07/01/37 (c)		1,000			1,016,890
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2B (RB) 5.00%, 07/01/49 (c) (p)		3,000			3,366,860
New York State Dormitory Authority, New York Northwell Health, Series A (RB) 5.00%, 05/01/34		4,000			4,573,786
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/33 (c)		1,140			1,182,701
New York State Dormitory Authority, New York University, Series A (RB) (AG) 5.00%, 03/15/38 (c)		1,250			1,302,364

	Par (000’s		)	Value
New York (continued)
New York State Dormitory Authority, New York White Plants Hospital (RB) (AG) 5.25%, 10/01/41 (c)	$	750		$	814,301
New York State Dormitory Authority, Personal Income Tax, Series A (RB)
3.00%, 03/15/42 (c)		500			420,308
5.00%, 02/15/39 (c)		2,000			2,022,177
New York State Dormitory Authority, Personal Income Tax, Series E (RB) 4.00%, 03/15/38 (c)		1,500			1,523,974
New York State Dormitory Authority, Sales Tax, Series A (RB) 5.00%, 03/15/37 (c)		1,000			1,121,694
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AG) 4.00%, 10/01/35 (c)		1,315			1,349,257
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (AGM-ST AID WITHHLDG) 5.00%, 10/01/35 (c)		2,040			2,267,831
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/32 (c)		1,200			1,220,238
New York State Dormitory Authority, Series A (RB)
4.00%, 02/15/33 (c)		1,000			1,010,765
4.00%, 02/15/35 (c)		2,475			2,494,837
New York State Dormitory Authority, Series C (RB)
5.00%, 03/15/33		1,000			1,157,349
5.00%, 03/15/40 (c)		1,000			1,118,372
New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
3.00%, 03/15/38 (c)		3,120			2,879,006
4.00%, 02/15/36 (c)		1,235			1,242,624
4.00%, 03/15/37 (c)		1,135			1,154,862
4.00%, 03/15/37 (c)		1,075			1,095,570
4.00%, 03/15/38 (c)		2,795			2,830,597
5.00%, 02/15/32 (c)		595			611,604
5.00%, 03/15/34 (c)		2,370			2,528,409
5.00%, 03/15/35 (c)		1,950			2,072,573
5.00%, 03/15/36 (c)		3,910			4,139,886
5.25%, 03/15/38 (c)		1,305			1,374,095
New York State Dormitory Authority, State Personal Income Tax, Series B (RB) 5.00%, 02/15/37 (c)		2,270			2,339,636

See Notes to Financial Statements

112

	Par (000’s		)	Value
New York (continued)
New York State Dormitory Authority, State Personal Income Tax, Series D (RB)
5.00%, 02/15/32 (c)	$	940		$	955,028
5.00%, 02/15/33 (c)		2,000			2,181,454
New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 4.00%, 03/15/37 (c)		2,000			2,050,363
New York State Dormitory Authority, State Sales Tax, Series A (RB)
5.00%, 03/15/33 (c)		1,000			1,030,414
5.00%, 03/15/34 (c)		2,110			2,172,517
New York State Dormitory Authority, State Sales Tax, Series C (RB) 5.00%, 03/15/35 (c)		1,970			2,067,536
New York State Dormitory Authority, State University, Series B (RB) 4.00%, 07/01/36 (c)		1,000			1,050,843
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB) 5.00%, 06/15/32 (c)		415			419,727
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series B (RB) 5.00%, 06/15/36 (c)		1,250			1,345,706
New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series E (RB) 5.00%, 06/15/33 (c)		1,000			1,037,075
New York State Housing Finance Agency, Series A (RB) 3.95%, 11/01/50 (c) (p)		2,500			2,544,225
New York State Housing Finance Agency, Series A-1 (RB) 3.60%, 11/01/44 (c) (p)		500			509,531
New York State Housing Finance Agency, Series H (RB) (AG) 2.10%, 11/01/35 (c)		835			706,829
New York State Thruway Authority, Personal Income Tax, Series A-1 (RB) 4.00%, 03/15/40 (c)		525			525,741
New York State Thruway Authority, Series A (RB) 5.00%, 01/01/41 (c)		1,000			1,001,077
New York State Thruway Authority, Series B (RB) (AG) 4.00%, 01/01/37 (c)		800			808,701

	Par (000’s		)	Value
New York (continued)
New York State Thruway Authority, Series L (RB)
3.50%, 01/01/37 (c)	$	1,120		$	1,123,178
4.00%, 01/01/36 (c)		2,500			2,519,555
New York State Thruway Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/39 (c)		2,000			2,202,474
New York State Thruway Authority, State Personal Income, Series A-1 (RB)
5.00%, 03/15/34 (c)		2,000			2,216,645
5.00%, 03/15/35 (c)		800			881,191
New York State Urban Development Corp., State Personal Income, Series A (RB) 5.00%, 03/15/37 (c)		1,475			1,594,397
New York State Urban Development Corp., State Personal Income, Series C (RB)
4.00%, 03/15/34 (c)		1,000			1,034,298
4.00%, 03/15/37 (c)		1,000			1,016,159
5.00%, 03/15/32 (c)		4,295			4,473,692
New York State Urban Development Corp., State Sales Tax, Series A (RB)
5.00%, 03/15/35 (c)		1,000			1,072,802
5.00%, 03/15/36 (c)		4,500			4,976,949
New York State, Urban Development Coporation, Series B (RB) 5.00%, 03/15/36 (c)		1,000			1,139,401
New York Transitional Finance Authority, Series E (RB) 5.00%, 11/01/36 (c)		1,760			2,023,162
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 5.00%, 12/01/35 (c)		750			810,336
Port Authority of New York & New Jersey (RB)
5.00%, 01/15/40 (c)		1,000			1,124,115
5.00%, 01/15/41 (c)		2,000			2,222,225
Port Authority of New York and New Jersey, Series 209 (RB) 5.00%, 07/15/36 (c)		500			526,930
Port Authority of New York and New Jersey, Series 211 (RB) 5.00%, 09/01/34 (c)		500			530,926
Port Authority of New York and New Jersey, Series 217 (RB) 5.00%, 11/01/36 (c)		500			536,723
Port Authority of New York and New Jersey, Series 222 (RB) 4.00%, 07/15/36 (c)		2,600			2,679,573

See Notes to Financial Statements

113

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
New York (continued)
4.00%, 07/15/37 (c)	$	3,975		$	4,081,332
5.00%, 07/15/34 (c)		1,000			1,099,211
5.00%, 07/15/35 (c)		1,000			1,095,208
State of New York, Dormitory Authority, Series A (RB) 5.00%, 03/15/41 (c)		1,000			1,104,071
State of New York, Mortgage Agency, Series 195 (RB) 3.00%, 10/01/31 (c)		615			609,599
State of New York, Mortgage Agency, Series 205 (RB) 3.12%, 10/01/32 (c)		460			457,006
Town of Hempstead, New York Public Improvement (GO) 4.00%, 05/01/41 (c)		1,000			1,023,615
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A-1 (RB)
5.00%, 05/15/40 (c)		750			832,783
5.00%, 11/15/41 (c)		2,000			2,224,819
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A-2 (RB) 5.00%, 11/15/35		2,260			2,672,233
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series A (RB) 5.00%, 11/15/31		1,000			1,140,884
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB)
5.00%, 11/15/36 (c)		3,000			3,421,227
5.00%, 05/15/37 (c)		1,225			1,347,532
5.00%, 11/15/38 (c)		2,000			2,273,929
Triborough Bridge and Tunnel Authority, Series B (RB)
5.00%, 11/15/32 (c)		1,070			1,107,841
5.00%, 11/15/33 (c)		1,255			1,298,338
5.00%, 11/15/37 (c)		1,000			1,027,584
Troy Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.00%, 09/01/31 (c)		1,250			1,361,873
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/33 (c)		500			510,398
5.00%, 06/01/35 (c)		845			858,934
TSASC, Inc., Tobacco Settlement, Series A (RB) 5.00%, 06/01/41 (c)		1,000			1,002,965
Utility Debt Securitization Authority (RB)
5.00%, 12/15/36 (c)		2,830			2,833,588
5.00%, 12/15/38 (c)		2,000			2,072,693
Utility Debt Securitization Authority, Series A (RB)
5.00%, 12/15/32 (c)		610			617,622
5.00%, 12/15/33 (c)		2,000			2,023,516
5.00%, 12/15/35 (c)		500			505,052

	Par (000’s		)	Value
New York (continued)
Utility Debt Securitization Authority, Series E (RB) 5.00%, 12/15/35 (c)	$	2,000		$	2,291,527
					374,981,534
North Carolina: 1.2%
Charlotte-Mecklenburg Hospital Authority, Atrium Health Care, Series D (RB) 5.00%, 01/15/49 (p)		3,000			3,344,448
Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series A (RB) 4.00%, 01/15/35 (c)		1,925			1,928,072
County of Wake (RB) 3.00%, 03/01/35 (c)		1,500			1,472,809
North Carolina Charlotte Douglas International Airport, Series A (RB) 4.00%, 07/01/39 (c)		1,670			1,696,042
North Carolina Housing Finance Agency Home Ownership (RB) 4.60%, 07/01/37 (c)		995			1,027,814
North Carolina Housing Finance Agency, Home Ownership (RB) 4.88%, 07/01/42 (c)		495			517,471
North Carolina Medical Care Commission (RB) 5.00%, 06/01/36 (c)		1,000			1,150,545
North Carolina Municipal Power Agency No. 1, Series A (RB) 5.00%, 01/01/32 (c)		1,000			1,086,716
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB)
4.00%, 01/01/33 (c)		890			912,969
4.00%, 01/01/34 (c)		360			368,701
4.00%, 01/01/35 (c)		800			816,494
State of North Carolina (GO) 2.00%, 06/01/32 (c)		3,715			3,447,520
State of North Carolina, Department of State Treasurer (RB)
5.00%, 03/01/36 (c)		1,500			1,749,597
5.00%, 03/01/40 (c)		2,625			2,941,296
State of North Carolina, Department of State Treasurer, Series B (GO) 2.12%, 06/01/36 (c)		625			547,691
State of North Carolina, Series A (GO) 3.00%, 06/01/34 (c)		380			378,668
State of North Carolina, Series A (RB) 5.00%, 05/01/34 (c)		1,000			1,133,063

See Notes to Financial Statements

114

	Par (000’s		)	Value
North Carolina (continued)
University of North Carolina at Chapel Hill, Series B (RB) 5.00%, 12/01/37 (c)	$	1,000		$	1,111,112
					25,631,028
North Dakota: 0.0%
City of Grand Forks, Altru Health System (RB) (AG) 4.00%, 12/01/41 (c)		1,000			912,970
Ohio: 2.0%
Akron Bath Copley Joint Township Hospital District, Summa Health (RB) 4.00%, 11/15/35 (c)		1,000			1,058,143
American Municipal Power, Inc., Spairie State Campus Project, Series A (RB) (BAM) 4.00%, 02/15/34 (c)		1,520			1,581,769
American Municipal Power, Inc., Spairie State Campus Project, Series B (RB) 5.00%, 02/15/35 (c)		1,360			1,468,989
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
5.00%, 06/01/32 (c)		500			537,809
5.00%, 06/01/33 (c)		500			534,512
5.00%, 06/01/34 (c)		3,000			3,178,319
City of Columbus OH (GO)
5.00%, 10/01/40 (c)		1,000			1,139,436
5.00%, 10/01/41 (c)		1,000			1,127,212
City of Columbus, Various Purpose, Series A (GO) 5.00%, 08/15/40 (c)		1,000			1,126,077
County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB)
5.00%, 11/01/33		1,000			1,139,549
5.00%, 11/01/34		1,000			1,145,977
County of Butler, Ohio Hospital Facilities, UC Health (RB) 4.00%, 11/15/37 (c)		500			486,362
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB) 5.00%, 02/15/42 (c)		1,000			1,000,606
County of Hamilton, Series A (RB) 4.00%, 12/01/31 (c)		1,000			1,012,228
Ohio Turnpike and Infrastructure Commission, Series A (RB)
5.00%, 02/15/32 (c)		500			523,286
5.00%, 02/15/39 (c)		2,000			2,215,940
Ohio Water Development Authority Water Pollution Control Loan Fund, Series D (RB) 5.00%, 12/01/34		2,500			2,961,067

	Par (000’s		)	Value
Ohio (continued)
Ohio Water Development Authority, Drinking Water Assistance, Series A (RB)
5.00%, 12/01/36 (c)	$	1,335		$	1,473,819
5.00%, 12/01/40 (c)		1,000			1,118,349
Ohio Water Development Authority, Fresh Water (RB) 5.00%, 12/01/37 (c)		1,760			1,885,891
Ohio Water Development Authority, Water Pollution Control, Series A (RB)
5.00%, 06/01/33 (c)		1,000			1,104,891
5.00%, 12/01/37 (c)		1,970			2,128,751
State of Ohio (GO) 5.00%, 05/01/45 (c)		2,000			2,159,243
State of Ohio (RB) 5.00%, 10/01/42 (c)		1,500			1,646,282
State of Ohio Common Schools, Series A (GO) 5.00%, 06/15/40 (c)		1,000			1,132,393
State of Ohio Hospital, Cleveland Clinic Health System, Series A (RB) 4.00%, 01/01/34 (c)		760			774,256
State of Ohio, Cleveland Clinic System, Series B (RB) (BAM) 4.00%, 01/01/41 (c)		835			835,814
State of Ohio, Highway Capital Improvement, Series T (GO) 5.00%, 05/01/33 (c)		1,000			1,032,057
State of Ohio, Major New Infrastructure Project (RB) 5.00%, 12/15/31		1,225			1,395,748
State of Ohio, Ohio Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 12/01/40 (c)		1,000			1,118,349
State of Ohio, Series A (GO)
5.00%, 06/15/35		1,000			1,183,230
5.00%, 09/01/36 (c)		840			959,273
					42,185,627
Oklahoma: 0.1%
Grand River Dam Authority, Series A (RB) 4.00%, 06/01/33 (c)		2,000			2,021,434
Oklahoma Turnpike Authority, Series C (RB) 5.00%, 01/01/35 (c)		565			578,793
					2,600,227
Oregon: 1.4%
City of Portland Oregon, Sewer System, Series A (RB) 3.00%, 03/01/37 (c)		2,350			2,245,270
Corvallis School District No. 509J, Series B (GO) (SBG) 5.00%, 06/15/35 (c)		1,285			1,351,639

See Notes to Financial Statements

115

VANECK INTERMEDIATE MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Oregon (continued)
Hillsboro School District No. 1J (GO) (SBG) 5.00%, 06/15/35 (c)	$	590		$	608,105
Marion and Polk County, Salem-Keizer School District No. 24J, Series B (GO) (SBG)
4.00%, 06/15/35 (c)		740			755,718
5.00%, 06/15/32 (c)		545			577,584
Marion and Polk County, Salem-Keizer School District No. 24J, Series C (GO) (SBG) 4.00%, 06/15/38 (c)		2,000			2,045,072
Medford, Oregon Hospital Facilities Authority, Series A (RB) 5.00%, 08/15/33 (c)		720			780,941
Medford, Oregon Hospital Facilities Authority, Series A (RB) (AG) 5.00%, 08/15/34 (c)		700			755,382
Multnomah and Clackamas Counties, School District No. 10JT, Series B (GO) (SBG)
0.00%, 06/15/32 (c) ^		1,215			936,770
0.00%, 06/15/33 (c) ^		1,010			742,528
Multnomah County School District No. 1J, Series B (GO) (SBG)
2.00%, 06/15/42 (c)		550			390,342
3.00%, 06/15/33 (c)		1,280			1,279,174
3.25%, 06/15/42 (c)		295			261,802
Multnomah County, School District No. 1J (GO) (SBG) 5.00%, 06/15/35 (c)		1,000			1,145,834
Oregon State Lottery (RB) 5.00%, 04/01/33		1,000			1,160,906
Portland Community College District (GO) 5.00%, 06/15/36 (c)		1,000			1,137,156
State of Oregon Department of Administrative Services, Oregon State Lottery, Series A (RB)
5.00%, 04/01/35		1,000			1,182,115
5.00%, 04/01/36 (c)		500			585,211
5.00%, 04/01/41 (c)		1,000			1,111,594
State of Oregon, Department of Transportation, Highway User Tax, Series A (RB)
4.00%, 11/15/38 (c)		3,000			3,068,801
5.00%, 11/15/36 (c)		1,000			1,093,345
5.00%, 11/15/36 (c)		1,650			1,771,294
State of Oregon, Series A (GO)
5.00%, 05/01/36 (c)		1,000			1,139,058
5.25%, 05/01/42 (c)		500			564,364
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.25%, 10/01/34 (c)		570			560,717

	Par (000’s		)	Value
Oregon (continued)
Washington & Multnomah Counties School District No 48J Beaverton (GO) (SBG) 0.00%, 06/15/37 (c) ^	$	1,000		$	644,159
					27,894,881
Pennsylvania: 3.4%
Allegheny County Hospital Development Authority, Series A (RB)
5.00%, 04/01/33 (c)		1,120			1,166,315
5.00%, 07/15/33 (c)		810			860,329
Allegheny County Sanitary Authority (RB)
5.00%, 12/01/35 (c)		1,000			1,001,611
5.00%, 12/01/40 (c)		1,800			2,007,520
City of Philadelphia, Gas Works (RB)
5.00%, 10/01/32 (c)		970			986,096
5.00%, 10/01/33 (c)		680			690,854
City Of Philadelphia, Pennsylvania, Series A (GO) 4.00%, 05/01/41 (c)		1,350			1,340,899
City of Philadelphia, Series B (GO) 5.00%, 02/01/37 (c)		1,500			1,590,016
City of Philadelphia, Series C (RB) (AG) 5.00%, 09/01/37 (c)		2,000			2,289,930
Commonwealth of Pennsylvania (GO)
3.00%, 09/15/35 (c)		1,055			1,007,891
4.00%, 02/01/32 (c)		1,500			1,504,618
5.00%, 09/01/32		2,000			2,297,131
5.00%, 09/01/37 (c)		1,000			1,128,228
5.00%, 08/15/39 (c)		2,000			2,240,188
Geisinger Authority Health System, Series A (RB)
4.00%, 04/01/39 (c)		1,000			995,613
5.00%, 02/15/39 (c)		3,100			3,143,608
Pennsylvania Economic Development Financing Authority, UPMC, Series A (RB) 3.38%, 11/15/33 (c)		1,000			1,000,915
Pennsylvania Higher Educational Facilities Authority (RB)
4.00%, 06/15/34 (c)		645			647,943
4.00%, 06/15/34 (c)		120			128,610
Pennsylvania Higher Educational Facilities Authority, The University of Pennsylvania, Series A (RB) 5.00%, 02/15/35		500			587,946
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series B (RB) 5.25%, 11/01/41 (c)		1,500			1,654,531

See Notes to Financial Statements

116

	Par (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series B (RB) 5.00%, 10/01/34 (c)	$	2,675		$	2,678,712
Pennsylvania Housing Finance Agency, Single Family Mortgage (RB)
2.28%, 10/01/41 (c)		500			385,279
2.80%, 10/01/31 (c)		700			680,530
3.15%, 10/01/39 (c)		1,000			919,380
3.20%, 10/01/31 (c)		425			424,992
3.65%, 10/01/32 (c)		315			315,420
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB) 4.30%, 10/01/41 (c)		1,000			1,007,016
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.20%, 10/01/32 (c)		300			298,879
Pennsylvania Turnpike Commission (RB)
5.00%, 06/01/33		2,000			2,285,149
5.00%, 12/01/36 (c)		2,000			2,296,364
5.00%, 12/01/40 (c)		1,000			1,124,976
5.00%, 12/01/45 (c) (p)		1,000			1,135,575
Pennsylvania Turnpike Commission, Motor License (RB) 4.00%, 12/01/37 (c)		2,000			2,021,989
Pennsylvania Turnpike Commission, Series A (RB)
5.00%, 12/01/32 (c)		750			768,477
5.00%, 12/01/33 (c)		1,000			1,149,933
5.00%, 12/01/37 (c)		1,000			1,070,376
5.00%, 12/01/37 (c)		1,250			1,317,790
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/37 (c)		1,025			1,062,890
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/36 (c)		1,000			1,031,893
4.00%, 12/01/37 (c)		1,025			1,051,299
5.00%, 12/01/34 (c)		700			781,076
5.00%, 12/01/34 (c)		1,010			1,011,667
5.00%, 12/01/40 (c)		1,000			1,129,534
Pittsburgh Water and Sewer Authority, Series B (RB) (AG)
5.00%, 09/01/31		1,460			1,650,215
5.00%, 09/01/32		2,000			2,290,401
5.00%, 09/01/33		2,000			2,318,022
School District of Philadelphia, Series F (GO) (SAW)
5.00%, 09/01/32 (c)		485			490,682
5.00%, 09/01/37 (c)		1,000			1,007,478
5.00%, 09/01/38 (c)		1,570			1,580,339
State of Pennsylvania (GO) 5.00%, 09/01/31		2,000			2,264,039

	Par (000’s		)	Value
Pennsylvania (continued)
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (AG)
5.00%, 06/01/32 (c)	$	1,750		$	1,780,878
5.00%, 06/01/33 (c)		1,225			1,244,920
Westmoreland County Municipal Authority (RB) (BAM) 5.00%, 08/15/40 (c)		1,000			1,106,546
					69,953,508
Rhode Island: 0.2%
Rhode Island Housing and Mortgage Finance Corp., Series A (RB) (AG) 2.10%, 10/01/35 (c)		1,000			848,415
State of Rhode Island, Series A (GO)
4.12%, 08/01/42 (c)		600			602,541
5.00%, 08/01/39 (c)		2,000			2,194,965
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/40 (c)		1,000			1,000,078
					4,645,999
South Carolina: 0.8%
City of Columbia, South Carolina, Series B (RB) 4.00%, 02/01/41 (c)		2,000			2,001,306
Lancaster County, School District (GO)
3.25%, 03/01/32 (c)		325			325,553
4.00%, 03/01/35 (c)		1,000			1,010,592
Piedmont Municipal Power Agency, Series B (RB) 5.00%, 01/01/32 (c)		1,000			1,098,550
South California Jobs, Economic Development Authority Hospital Facilities, Bon Second Mercy Health, Inc., Series B (RB) 5.00%, 11/01/49 (c) (p)		1,000			1,121,426
South Carolina Jobs-Economic Development Authority, Novant Health, Inc., Series A (RB)
5.00%, 11/01/34 (c)		5,000			5,714,485
5.25%, 11/01/40 (c)		1,000			1,112,391
South Carolina Transportation Infrastructure Bank, Series A (RB) 5.00%, 10/01/37 (c)		1,000			1,033,112
South Carolina, Public Service Authority, Series A (RB) 5.00%, 12/01/37 (c)		1,500			1,513,173
Town of Mount Pleasant, South Carolina Water and Sewer System, Series A (RB) 4.00%, 06/01/39 (c)		1,000			1,006,796
					15,937,384

See Notes to Financial Statements

117

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
South Dakota: 0.1%
South Dakota Health and Educational Facilities Authority, Series C-2 (RB) 5.00%, 11/01/51 (c) (p)	$	2,000		$	2,201,861
Tennessee: 1.0%
County of Shelby, Public Improvement, Series B (GO) 4.00%, 04/01/40 (c)		1,000			1,006,981
Metropolitan Government of Nashville and Davidson County (GO) 4.00%, 01/01/32 (c)		580			583,075
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB)
5.00%, 07/01/33		1,240			1,403,382
5.00%, 07/01/34		2,000			2,276,143
New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee (RB) 0.00%, 04/01/33 (c) ^		2,550			1,887,787
Shelby County, Public Improvement, Series B (GO)
4.00%, 04/01/33 (c)		3,000			3,151,062
4.00%, 04/01/34 (c)		1,000			1,046,868
4.00%, 04/01/35 (c)		1,000			1,039,480
State of Tennessee, Series A (GO) 5.00%, 05/01/35 (c)		1,000			1,153,160
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 05/01/52 (c) (p)		4,000			4,317,046
Tennessee Energy Acquisition Corp., Series A (RB) 5.00%, 12/01/35 (c)		2,000			2,178,623
The Health and Educational Facilities Board of the Town of Greenville Tennessee, Ballad Health, Series A (RB) 4.00%, 07/01/40 (c)		1,155			1,129,344
					21,172,951
Texas: 9.7%
Aldine Independent School District, Series A (GO)
4.00%, 02/15/33 (c)		910			921,322
4.00%, 02/15/34 (c)		675			682,573
Arlington, Texas Independent School District (GO) 4.00%, 02/15/34 (c)		1,000			1,033,053
Austin, Texas Independent School District (GO)
5.00%, 08/01/36 (c)		1,500			1,678,976
5.00%, 08/01/37 (c)		1,000			1,135,531
Bexar County, Texas Hospital District Ltd. (GO) 4.00%, 02/15/35 (c)		1,000			1,011,640

	Par (000’s		)	Value
Texas (continued)
Board of Regents of the University of Texas System, Series A (RB) 3.00%, 08/15/41 (c)	$	525		$	459,742
Board of Regents of the University of Texas System, Series A (RB) (AG) 5.00%, 08/15/31 (c)		900			980,014
Board of Regents of the University of Texas System, Series B (RB)
5.00%, 07/01/36		2,250			2,665,823
5.00%, 08/15/41 (c)		1,000			1,105,875
Cedar Hill Independent School District (GO) 5.00%, 02/15/41 (c)		1,000			1,092,247
City Of Austin, Texas (GO) 5.00%, 09/01/42 (c)		1,000			1,100,650
City of Austin, Texas Electric Utility System (RB) 5.00%, 11/15/35 (c)		2,000			2,274,110
City of Dallas, Series A (GO) 3.00%, 02/15/36 (c)		600			563,491
City of Dallas, Waterworks and Sewer System, Series A (RB) 5.00%, 10/01/31 (c)		600			610,825
City of Dallas, Waterworks and Sewer System, Series C (RB) 5.00%, 10/01/33 (c)		1,500			1,658,019
City of Denton, Utility System (RB) 5.00%, 12/01/31 (c)		965			988,454
City of Houston, Airport System, Series D (RB) 5.00%, 07/01/36 (c)		1,000			1,046,438
City of Houston, Combined Utility System, First Lien, Series A (RB)
5.00%, 11/15/33 (c)		4,500			4,955,785
5.00%, 11/15/36 (c)		1,000			1,136,798
City of Houston, Combined Utility System, First Lien, Series C (RB) 4.00%, 11/15/36 (c)		1,500			1,548,360
City of Houston, Combined Utility System, First Lien, Series D (RB) 5.00%, 11/15/33 (c)		1,000			1,063,053
City of Houston, Public Improvement, Series A (GO) 5.00%, 03/01/32 (c)		1,000			1,070,854
City of Houston, Series A (GO)
5.00%, 03/01/32 (c)		520			535,092
5.00%, 03/01/40 (c)		1,000			1,089,487
City of Houston, Texas Public Improvement, Series A (GO) 5.00%, 03/01/34 (c)		1,000			1,136,998

See Notes to Financial Statements

118

	Par (000’s		)	Value
Texas (continued)
City of San Antonio, Bexar County, Series B (RB) 5.00%, 05/15/35 (c)	$	1,000		$	1,160,526
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/33 (c)		1,000			1,124,044
City of San Antonio, Series A (RB) 5.00%, 05/15/37 (c)		1,000			1,147,281
Clear Creek Independent School District, Unlimited Tax (GO) 5.00%, 02/15/38 (c)		2,000			2,249,313
Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Series A (RB) 5.00%, 02/15/36 (c)		750			835,870
Corpus Christi Independent School District (GO) 4.00%, 08/15/32 (c)		320			329,705
County of Bexar, Alamo Community College District (GO) 4.00%, 08/15/32 (c)		1,000			1,055,566
County of Collin, Community College District (GO)
3.25%, 08/15/33 (c)		500			501,879
4.00%, 08/15/31 (c)		925			945,667
County of Dallas, Cedar Hill Independent School District (GO) 5.00%, 02/15/40 (c)		1,000			1,102,152
County of Dallas, Garland Independent School District, Series A (GO) 5.00%, 02/15/37 (c)		500			559,504
County of Dallas, Highland Park Independent School District (GO) 3.00%, 02/15/35 (c)		1,540			1,503,214
County of Fort Bend TX Toll Road Revenue (RB) (AG) 5.00%, 03/01/41 (c)		500			543,384
County of Harris, Houston Independent School District, Series A (GO) 4.00%, 02/15/39 (c)		1,000			1,001,048
County of Harris, Toll Road, Senior Lien, Series A (RB) 5.00%, 08/15/33 (c)		675			684,739
Cypress-Fairbanks Independent School District (GO) 4.00%, 02/15/38 (c)		1,275			1,305,752
Cypress-Fairbanks Independent School District, Series A (GO)
3.00%, 02/15/34 (c)		500			497,861
3.00%, 02/15/35 (c)		2,335			2,309,251
4.00%, 02/15/37 (c)		1,500			1,553,389

	Par (000’s		)	Value
Texas (continued)
Dallas Area Rapid Transit, Senior Lien (RB) 5.00%, 12/01/33 (c)	$	1,835		$	1,987,253
Dallas Independent School District, Unlimited Tax School Building (GO)
5.00%, 02/15/35 (c)		1,000			1,116,474
5.00%, 02/15/36 (c)		1,000			1,109,388
5.00%, 02/15/40 (c)		1,500			1,618,459
Eagle Mountain and Saginaw Independent School District (GO) 4.00%, 08/15/32 (c)		335			335,986
EP Tuscany Zaragosa PFC Residential Development, Tuscany at Mega Hills and Villas (RB) 4.00%, 12/01/33 (c)		1,000			997,762
Frisco Independent School District (GO)
4.00%, 02/15/32 (c)		1,350			1,426,796
4.00%, 02/15/36 (c)		1,345			1,390,237
5.00%, 08/15/36 (c)		1,000			1,062,715
FW Chaparral PFC, Texas Residential Development (RB) 4.00%, 10/01/35 (c)		500			497,697
Harris County Hospital District (GO)
5.00%, 02/15/33		1,000			1,139,079
5.00%, 02/15/34		1,000			1,148,880
5.00%, 02/15/35		1,000			1,152,947
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series B (RB) 5.00%, 07/01/36 (c)		3,000			3,410,828
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 3.00%, 10/01/40 (c)		1,145			978,218
Harris County, Flood Control District Improvement, Series A (GO) 4.00%, 10/01/35 (c)		1,000			1,038,571
Harris County, Hospital District (RB) 4.00%, 02/15/42 (c)		560			542,023
Harris County, Texas Permanent Improvement (GO) 5.00%, 09/15/41 (c)		1,000			1,092,322
Hays Consolidated Independent School District (GO) 5.00%, 02/15/40 (c)		1,000			1,077,223

See Notes to Financial Statements

119

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(unaudited) (continued)

	Par (000’s		)	Value
Texas (continued)
Katy Independent School District, Fort Bend, Harris and Waller Counties (GO) 5.00%, 02/15/38 (c)	$	2,510		$	2,568,179
Lamar Consolidated Independent School District, Fort Bend County, Texas, Series A (GO) 5.00%, 02/15/41 (c)		2,000			2,165,064
Leander Independent School District, Series A (GO) 0.00%, 08/16/42 (c) ^		900			421,216
Lewisville Independent School District, Denton and Tarrant Counties (GO) 5.00%, 08/15/37 (c)		1,910			2,147,353
Lone Star College System (GO)
4.00%, 02/15/32 (c)		1,500			1,504,366
5.00%, 02/15/33 (c)		400			402,228
Lower Colorado River Authority (RB) (AG) 5.00%, 05/15/32 (c)		1,000			1,116,863
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB)
5.00%, 05/15/37 (c)		1,000			1,143,745
5.25%, 05/15/42 (c)		1,655			1,830,804
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AG) 5.00%, 05/15/36 (c)		1,000			1,127,462
Midland County Texas, Midland Independent School District (GO) 4.00%, 02/15/39 (c)		2,555			2,620,145
New Hope Cultural Education Facilities Finance Corp. Hospital, Children’s Healthcare, Series A (RB)
4.00%, 08/15/36 (c)		1,005			1,008,679
4.00%, 08/15/40 (c)		555			537,846
North East Texas Regional Mobility Authority (RB)
5.00%, 01/01/40 (c)		1,100			1,195,423
5.00%, 01/01/42 (c)		600			642,065
North Texas Municipal Water District, Water System (RB) 5.00%, 09/01/35 (c)		715			723,728
North Texas Tollway Authority (RB)
5.00%, 01/01/35 (c)		2,000			2,278,884
5.00%, 01/01/39 (c)		2,000			2,251,040
North Texas Tollway Authority System, Series B (RB)
4.00%, 01/01/33 (c)		1,975			2,051,912
4.00%, 01/01/36 (c)		2,000			2,039,484
4.00%, 01/01/38 (c)		2,250			2,267,068

		Par (000’s	)		Value
Texas (continued)
5.00%, 01/01/34	$	3,000		$	3,448,321
5.00%, 01/01/39 (c)		1,000			1,016,817
North Texas Tollway Authority, First Tier, Series A (RB)
4.12%, 01/01/40 (c)		2,000			2,031,167
5.00%, 01/01/33 (c)		500			501,687
5.00%, 01/01/41 (c)		1,500			1,631,620
North Texas Tollway Authority, Second Tier, Series B (RB) (AG) 4.00%, 01/01/35 (c)		450			453,223
Northside Independent School District, Unlimited Tax (GO) 5.00%, 08/15/32 (c)		880			916,417
Permanent University Fund, University of Texas System,Series A (RB) 5.00%, 07/01/33 (c)		1,180			1,347,192
Pflugerville Independent School District, Unlimited Tax, Series A (GO)
5.00%, 02/15/34 (c)		1,875			2,111,598
5.00%, 02/15/37 (c)		1,000			1,098,247
Plano Independent School District, Unlimited Tax (GO)
5.00%, 02/15/35 (c)		1,000			1,120,288
5.00%, 02/15/36 (c)		1,000			1,110,117
Port of Houston Authority of Harris County, Series A-2 (GO) 5.00%, 10/01/34 (c)		1,000			1,095,681
State of Texas (GO)
5.00%, 10/01/35		1,750			2,066,410
5.00%, 10/01/41 (c)		2,000			2,243,547
State of Texas, Conroe Independent School Disrict (GO) 5.00%, 02/15/38 (c)		1,000			1,128,526
State of Texas, Tarrant County College District (GO) 5.00%, 08/15/40 (c)		2,020			2,187,263
State of Texas, Tarrant County, Hurst-Euless-Bedford Independent School District (GO) 4.00%, 08/15/40 (c)		1,000			1,021,387
Texas Department of Housing & Community Affairs, Series A (RB) (GNMA/FNMA) 3.80%, 07/01/39 (c)		1,670			1,653,292
Texas Municipal Gas Acquisition & Supply Corp.III (RB) 5.00%, 12/15/31		1,475			1,597,020
Texas Municipal Gas Acquisition & Supply Corp. IV, Series B (RB) 5.50%, 01/01/54 (c) (p)		3,000			3,404,310

See Notes to Financial Statements

120

	Par (000’s		)	Value
Texas (continued)
Texas Municipal Gas Acquisition and Supply Corp.III (RB) 5.00%, 12/15/32	$	1,000		$	1,092,616
Texas Municipal Gas Acquisition and Supply Corp.V (RB) 5.00%, 01/01/55 (c) (p)		2,000			2,202,806
Texas Municipal Power Agency (RB) (AG) 3.00%, 09/01/38 (c)		1,000			909,766
Texas Private Activity Bond Surface Transportation Corp., Managed Lanes Project, Series A (RB) 4.00%, 06/30/39 (c)		1,700			1,659,423
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners LLC Project, Series A (RB) 4.00%, 12/31/37 (c)		1,000			1,000,880
Texas Private Activity Bond Surface Transportation Corporation, Series A (RB) 4.00%, 12/31/39 (c)		2,000			1,957,652
Texas State, Series E (GO) 5.00%, 08/01/42 (c)		2,000			2,218,823
Texas Transportation Commission, Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/41 (c)		2,255			2,439,307
Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/38 (c)		1,000			1,002,567
Texas Transportation Commission, State of Texas Highway Improvement (GO) 5.00%, 04/01/40 (c)		2,500			2,755,570
Texas Water Development Board (RB)
3.00%, 10/15/34 (c)		500			496,116
3.00%, 10/15/35 (c)		750			735,949
3.00%, 10/15/36 (c)		950			911,294
4.00%, 10/15/31 (c)		2,000			2,112,238
4.00%, 10/15/35 (c)		2,000			2,011,813
5.00%, 10/15/36 (c)		1,000			1,154,363
5.00%, 10/15/39 (c)		1,000			1,124,596
5.00%, 10/15/40 (c)		2,000			2,249,161
5.00%, 10/15/42 (c)		2,000			2,206,927
Texas Water Development Board, Series A (RB)
3.00%, 10/15/35 (c)		2,650			2,598,132
4.00%, 10/15/33 (c)		400			407,916
4.00%, 10/15/33 (c)		600			615,385
4.00%, 10/15/34 (c)		1,000			1,000,287
4.00%, 10/15/34 (c)		1,000			1,017,445
4.60%, 10/15/39 (c)		1,000			1,070,360

	Par (000’s		)	Value
Texas (continued)
4.65%, 10/15/40 (c)	$	2,000		$	2,132,407
Texas Water Development Board, Series B (RB)
4.00%, 10/15/34 (c)		1,000			1,027,997
4.00%, 10/15/37 (c)		3,000			3,050,690
5.00%, 10/15/32 (c)		1,500			1,603,084
Texas Water Development Board, Series D (RB) 3.00%, 10/15/37 (c)		500			471,899
Tomball Independent School District, Unlimited Tax (GO)
5.00%, 02/15/37 (c)		1,100			1,230,910
5.00%, 02/15/38 (c)		1,000			1,111,318
5.00%, 02/15/42 (c)		1,000			1,073,615
Travis County, Texas Permanent Improvement (GO)
4.00%, 03/01/41 (c)		1,000			1,007,852
5.00%, 03/01/40 (c)		1,000			1,103,032
University of Houston, Board of Regents, Series A (RB) 5.00%, 02/15/35 (c)		1,500			1,677,991
University of Texas, Board of Regents, Series A (RB)
5.00%, 08/15/34 (c)		2,000			2,278,024
5.00%, 07/01/40 (c)		1,000			1,104,412
University of Texas, Board of Regents, Series B (RB) 5.00%, 07/01/37 (c)		1,990			2,270,334
					200,400,854
Utah: 0.6%
Central Utah Water Conservancy District, Series B (RB) 4.00%, 10/01/34 (c)		395			401,065
Downtown Revitalization Public Infrastructure District (RB) (AG) 5.00%, 06/01/34		1,000			1,155,440
Intermountain Power Agency, Utah Power Supply, Series A (RB) 4.00%, 07/01/36 (c)		1,000			1,023,629
University of Utah, Series B (RB) 5.00%, 08/01/38 (c)		2,220			2,448,185
Utah Telecommunication Open Infrastructure Agency (RB) 5.25%, 06/01/37 (c)		2,770			3,099,056
Utah Transit Authority (RB)
5.00%, 06/15/40 (c)		2,000			2,235,205
5.00%, 06/15/41 (c)		1,000			1,105,926
Utah Transit Authority (RB) (BAM) 4.00%, 12/15/41 (c)		1,650			1,650,513
					13,119,019

See Notes to Financial Statements

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(unaudited) (continued)

	Par (000’s		)	Value
Vermont: 0.1%
University of Vermont & State Agricultural College (RB) 4.00%, 10/01/40 (c)	$	2,000		$	1,985,007
Virginia: 1.4%
Arlington County, Viginia Public Improvement (GO) 5.00%, 06/15/34 (c)		2,000			2,280,958
County of Fairfax, Public Improvement, Series A (GO) 2.00%, 10/01/34 (c)		375			327,314
County of Fairfax, Public Improvement, Series A (GO) (SAW)
4.00%, 10/01/36 (c)		1,000			1,049,970
5.00%, 10/01/31 (c)		750			794,356
5.00%, 10/01/32 (c)		1,755			1,899,735
County of Loudoun, Economic Development Authority, Public Facility, Series A (RB) 3.00%, 12/01/36 (c)		1,500			1,413,084
Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB) 5.00%, 11/01/35		2,000			2,295,257
Hampton Roads Transportation Accountability Commission, Series A (RB) 4.00%, 07/01/40 (c)		665			674,845
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
3.00%, 02/01/36 (c)		2,750			2,649,033
4.00%, 02/01/36 (c)		1,500			1,546,364
4.00%, 02/01/38 (c)		2,095			2,138,418
5.00%, 02/01/35 (c)		1,950			2,120,794
Virginia College Building Authority, Bidding Group 2,Series A (RB) 4.00%, 02/01/41 (c)		1,000			1,011,336
Virginia College Building Authority, Educational Facilities, 21st Century College & Equipment Programs, Series A (RB) 3.00%, 02/01/38 (c)		1,000			929,511
Virginia Commonwealth Transportation Board, Series A (RB)
4.00%, 05/15/36 (c)		1,000			1,015,489
5.00%, 05/15/32 (c)		800			838,010
Virginia Public Building Authority, Series A (RB)
3.00%, 08/01/32 (c)		695			695,205
3.12%, 08/01/34 (c)		1,050			1,042,834
5.00%, 08/01/33 (c)		1,000			1,105,450

	Par (000’s		)	Value
Virginia (continued)
Virginia Public Building Authority, Series A-2 (RB)
4.00%, 08/01/35 (c)	$	1,000		$	1,044,461
4.00%, 08/01/37 (c)		1,000			1,028,159
Virginia State Public Facilities, Series A (RB) 4.00%, 08/01/41 (c)		2,000			1,999,777
					29,900,360
Washington: 3.4%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series S (RB) 5.00%, 11/01/41 (c)		1,000			1,009,604
City of Seattle WA Municipal Light & Power Revenue (RB)
5.00%, 02/01/35		1,250			1,467,439
5.00%, 02/01/36 (c)		1,000			1,168,177
City of Seattle, Municipal Light and Power Improvement, Series A (RB)
4.00%, 07/01/36 (c)		1,000			1,042,931
4.00%, 07/01/37 (c)		1,000			1,030,973
Energy Northwest, Colombia Generating Station Electric, Series A (RB)
5.00%, 07/01/32 (c)		695			736,825
5.00%, 07/01/33 (c)		1,930			2,123,372
5.00%, 07/01/33 (c)		400			412,560
5.00%, 07/01/35 (c)		2,000			2,292,487
5.00%, 07/01/36 (c)		1,000			1,137,538
Energy Northwest, Colombia Generating Station Electric, Series A (RB) (AG)
5.00%, 07/01/36 (c)		2,605			2,823,859
5.00%, 07/01/36 (c)		1,000			1,066,967
5.00%, 07/01/38 (c)		500			529,798
Energy Northwest, Colombia Generating Station Electric, Series C (RB) 5.00%, 07/01/34 (c)		1,000			1,055,536
Energy Northwest, Columbia Generating Station Electric, Series A (RB) 4.00%, 07/01/42 (c)		1,000			990,679
Everett Housing Authority, Hunting Park Apartments Project (RB) 4.00%, 07/01/37 (c)		3,345			3,302,907
Franklin County, Pasco School District No. 1 (GO) (SBG) 5.00%, 12/01/38 (c)		1,000			1,111,453
King County, School District No. 210 Federal Way (GO) (SBG) 4.00%, 12/01/33 (c)		880			898,804
King County, School District No. 401 Highline (GO) (SBG) 3.12%, 12/01/32 (c)		690			691,651

See Notes to Financial Statements

122

	Par (000’s		)	Value
Washington (continued)
King County, School District No. 411 Issaquah (GO) (SBG) 4.00%, 12/01/31 (c)	$	635		$	639,223
King County, School District No. 414 Lake Washington (GO) (SBG) 5.00%, 12/01/31 (c)		980			1,014,751
Kitsap County, School District No. 401 Central Kitsap (GO) (SBG)
4.00%, 12/01/32 (c)		1,425			1,433,340
4.00%, 12/01/33 (c)		1,250			1,256,637
4.00%, 12/01/34 (c)		1,000			1,004,423
Pierce County, School District No. 403 Bethel (GO) (SBG) 5.00%, 12/01/32 (c)		500			541,004
Pierce County, Washington School District No. 320, Pierce County (GO) (SBG) 5.00%, 12/01/36 (c)		1,000			1,162,396
Renton School District No. 43, Kings County, Washington (GO) (SBG) 5.00%, 12/01/37 (c)		1,615			1,804,617
State of Washington, Series A (GO) 5.00%, 08/01/33 (c)		755			767,260
State of Washington, Series C (GO) 5.00%, 08/01/32 (c)		880			914,768
State of Washington, Various Purpose, Series A (GO)
5.00%, 08/01/34 (c)		500			518,453
5.00%, 08/01/42 (c)		1,000			1,041,397
State of Washington, Various Purpose, Series C (GO)
5.00%, 02/01/35 (c)		2,175			2,411,427
5.00%, 02/01/40 (c)		2,165			2,224,638
State of Washington, Various Purpose, Series D (GO) 5.00%, 02/01/40 (c)		735			747,689
State of Washington, Various Purpose, Series R-C (GO) 5.00%, 08/01/34 (c)		880			912,477
University of Washington, Series A (RB) 5.00%, 04/01/37 (c)		1,000			1,157,454
University of Washington, Series C (RB) 3.12%, 07/01/42 (c)		1,925			1,624,602
Washington Health Care Facilities Authority, Multicare Health System, Series B (RB)
5.00%, 08/15/36 (c)		1,815			1,866,536
5.00%, 08/15/37 (c)		2,000			2,053,837

	Par (000’s		)	Value
Washington (continued)
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series A (RB) 4.00%, 10/01/34 (c)	$	1,820		$	1,820,309
Washington Health Care Facilities Authority, Providence St. Joseph Health, Series D (RB) 5.00%, 10/01/38 (c)		2,270			2,272,502
Washington Health Care Facilities Authority, Virginia Mason Medical Center (RB) 5.00%, 08/15/37 (c)		1,500			1,525,893
Washington State Housing Finance Commission (RB) 3.50%, 12/20/35		1,613			1,569,458
Washington State, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/36 (c)		1,050			1,142,679
Washington State, Motor Vehicle Fuel Tax, Series F (GO) 5.00%, 06/01/39 (c)		2,000			2,174,248
Washington State, Shoreline School District No. 412 (GO) (SBG) 4.00%, 12/01/36 (c)		1,000			1,021,363
Washington State, Various Purpose, Series A (GO)
5.00%, 08/01/37 (c)		1,250			1,379,610
5.00%, 08/01/38 (c)		1,000			1,081,576
5.00%, 08/01/38 (c)		2,000			2,241,109
Washington State, Various Purpose, Series C (GO)
5.00%, 02/01/35 (c)		1,000			1,042,900
5.00%, 02/01/36 (c)		1,000			1,084,231
5.00%, 02/01/38 (c)		1,145			1,184,537
5.00%, 02/01/39 (c)		1,080			1,134,788
					70,665,692
West Virginia: 0.2%
State of West Virginia, Series A (GO)
5.00%, 12/01/31 (c)		1,000			1,084,894
5.00%, 06/01/36 (c)		500			535,233
West Virginia, Parkways Authority, Senior Lien Turnpike Toll (RB) 5.00%, 06/01/36 (c)		1,320			1,448,865
					3,068,992
Wisconsin: 0.6%
Middleton-Cross Plains Area School District, Series A (GO) 3.25%, 03/01/36 (c)		350			350,534
Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 4.25%, 06/01/41 (c)		500			490,606

See Notes to Financial Statements

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(unaudited) (continued)

	Par (000’s		)	Value
Wisconsin (continued)
State of Wisconsin, Series 1 (RB) 5.00%, 07/01/39 (c)	$	750		$	862,648
State of Wisconsin, Series A (GO)
5.00%, 05/01/35 (c)		1,000			1,133,522
5.00%, 05/01/36 (c)		1,000			1,125,982
Wisconsin Health & Educational Facilities Authority (RB) 5.00%, 08/15/36 (c)		1,000			1,125,832
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series A (RB)
4.00%, 11/15/35 (c)		1,500			1,503,096
4.00%, 11/15/39 (c)		1,875			1,830,744
5.00%, 11/15/36 (c)		1,000			1,006,641

	Par (000’s		)	Value
Wisconsin (continued)
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. (RB) 4.00%, 08/15/31 (c)	$	500		$	506,965
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.12%, 09/01/35 (c)		1,000			1,048,536
Wisconsin Housing and Economic Development Authority, Series C (RB) 4.12%, 09/01/39 (c)		1,000			1,006,892
					11,991,998
Wyoming: 0.1%
County of Campbell, Wyoming Solid Waste Facilities, Series A (RB) (SBG) 3.62%, 07/15/39 (c)		3,000			2,819,050
Total Municipal Bonds: 98.7% (Cost: $2,043,181,021)					2,038,797,236
Other assets less liabilities: 1.3%					26,425,356
NET ASSETS: 100.0%				$	2,065,222,592

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

Footnotes:
(c)	Callable Security — the 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 October 31, 2025 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Municipal Bonds *		$	—			$	2,038,797,236			$	—			$	2,038,797,236

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

124

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October 31, 2025 (unaudited)

	Par (000’s		)	Value
MUNICIPAL BONDS: 98.6%
Alabama: 0.9%
Alabama Corrections Institution Finance Authority, Series A (RB) 5.25%, 07/01/47 (c)	$	1,000		$	1,051,718
City of Huntsville, Alabama Scholl, Series D (GO) 5.00%, 03/01/53 (c)		1,000			1,042,154
Gadsden Alabama, Series A (GO) (BAM) 5.00%, 10/01/50 (c)		750			778,415
Jefferson County Sewer Warrants (RB) 5.25%, 10/01/49 (c)		2,500			2,609,130
					5,481,417
Arizona: 1.0%
Arizona Industrial Development Authority Student Housing, North Carolina Central University Project, Series A (RB) (BAM) 4.00%, 06/01/44 (c)		500			481,096
City of Phoenix Civic Improvement Corp., Series A (RB) 4.00%, 07/01/44 (c)		1,000			978,964
City of Phoenix Civic Improvement Corp., Water System, Series A (RB) 5.00%, 07/01/44 (c)		750			784,557
Pima County, Industrial Development Authority, Tucson Medical Center, Series A (RB) 4.00%, 04/01/46 (c)		750			681,939
Salt River Project Agricultural Improvement & Power District, Electric Project, Series A (RB)
5.00%, 01/01/47 (c)		1,000			1,052,205
5.00%, 01/01/50 (c)		1,000			1,045,018
Salt River Project Agricultural Improvement and Power District, Series C (RB) 5.25%, 01/01/55 (c)		1,500			1,617,296
					6,641,075
Arkansas: 0.5%
Board of Trustees of the University of Arkansas Financial Information, Series A (RB) 5.00%, 12/01/45 (c)		1,850			1,936,640
City of Springdale, Arkansas Sales and Use Tax, Series B (RB) (BAM) 4.25%, 08/01/53 (c)		1,000			971,090
					2,907,730

	Par (000’s		)	Value
California: 15.1%
Airport Commission of the City and County of San Francisco, International Airport, Series E (RB) 5.00%, 05/01/48 (c)	$	995		$	1,016,214
Airport Commission of the City and County of San Francisco, International Airport, Series F (RB) 5.00%, 05/01/50 (c)		1,000			1,026,370
Alameda County, Pleasanton United School District (GO) 4.00%, 08/01/52 (c)		1,500			1,449,263
California County Tobacco Securitization Agency, Series A (RB) 4.00%, 06/01/49 (c)		850			733,031
California Health Facilities Financing Authority, Adventist Health System, Series A (RB)
5.25%, 12/01/43 (c)		825			873,602
5.25%, 12/01/44 (c)		500			525,955
California Health Facilities Financing Authority, Cedars-Sinai Health System, Series A (RB) 3.00%, 08/15/51 (c)		1,000			748,983
California Health Facilities Financing Authority, City of Hope (RB) 5.00%, 11/15/49 (c)		750			754,419
California Health Facilities Financing Authority, CommonSpirit Health, Series A (RB)
4.00%, 04/01/45 (c)		1,000			941,692
4.00%, 04/01/49 (c)		1,930			1,752,518
5.00%, 12/01/45 (c)		1,000			1,053,139
California Health Facilities Financing Authority, Kaiser Permanente, Series A (RB)
4.00%, 11/01/44 (c)		1,000			955,942
4.00%, 11/01/51 (c)		1,000			913,564
California Health Facilities Financing Authority, Pin Health, Series A (RB) 4.00%, 06/01/50 (c)		750			662,255
California Health Facilities Financing Authority, Series A (RB) 4.00%, 03/01/43 (c)		1,000			915,719
California Infrastructure & Economic Development Bank (RB) 5.00%, 05/15/47 (c)		500			512,212
California Municipal Finance Authority, Series A (RB) 5.00%, 04/01/49 (c)		750			761,069

See Notes to Financial Statements

125

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(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
California State Public Works Board (RB)
5.00%, 11/01/45 (c)	$	2,130		$	2,322,799
5.00%, 11/01/47 (c)		1,000			1,076,866
California State Public Works Board, May Lee Satet Office Complex, Series A (RB)
5.00%, 04/01/44 (c)		1,045			1,132,733
5.00%, 04/01/49 (c)		1,500			1,594,376
California State Various Purpose (GO) 5.00%, 08/01/45 (c)		750			821,575
California Statewide Communities Development Authority, Adventist Health System, Series A (RB) 5.00%, 03/01/48 (c)		1,000			1,008,122
California Statewide Communities Development Authority, Front Porch Communities and Services, Series A (RB) 3.00%, 04/01/51 (c)		1,000			733,563
California Statewide Communities Development Authority, Montage Health, Series A (RB) 4.00%, 06/01/46 (c)		1,055			1,050,122
Chabot-Las Positas Community College District, Series C (GO) 5.25%, 08/01/48 (c)		1,000			1,074,066
Chaffey Joint Union High School District, Series C (GO) 5.25%, 08/01/47 (c)		500			508,479
Chaffey Joint Union High School District, Series G (GO) 5.25%, 08/01/52 (c)		1,000			1,063,968
City and County of San Francisco, Multiple Capital Improvement Project, Series R-1 (CP) 4.00%, 04/01/45 (c)		1,000			976,552
City and County of San Francisco, Public Utilities Commission Water, Series D (RB) 3.00%, 11/01/50 (c)		500			377,591
City of Los Angeles Department of Airports, Series D (RB) 5.25%, 05/15/51 (c)		3,000			3,262,115
City of Los Angeles Department of Airports, Series E (RB) 5.25%, 05/15/55 (c)		1,000			1,079,211
City of Los Angeles, Department of Airports, Series D (RB) 4.00%, 05/15/48 (c)		750			721,699

	Par (000’s		)	Value
California (continued)
County of Bernardino, Raito Unified School District (GO) (BAM) 5.00%, 08/01/52 (c)	$	1,000		$	1,046,810
East Bay Municipal Utility District, Water System, Series A (RB) 4.00%, 06/01/45 (c)		1,210			1,211,089
El Dorado Irrigation District, Series A (CP) (AG) 4.00%, 03/01/45 (c)		630			613,627
Foothill-Eastern Transportation Corridor Agency, Junior Lien Toll Road., Series C (RB) 4.00%, 01/15/43 (c)		1,600			1,557,769
Fremont Union High School District, Series A (GO) 4.00%, 08/01/46 (c)		500			499,945
Glendale Community College District, Series B (GO) 3.00%, 08/01/47 (c)		325			251,924
Hayward Unified School District (GO) (BAM) 4.00%, 08/01/43 (c)		1,000			994,716
Irvin Facilities Financing Authority, Irvine Great Park Infrastructure Project, Series A (ST) 5.00%, 09/01/43 (c)		500			538,275
Los Angeles County Public Works Financing Authority, Series H (RB) 5.50%, 12/01/49 (c)		1,000			1,109,416
Los Angeles County Public Works Financing Authority, Series J (RB) 5.50%, 12/01/54 (c)		1,000			1,110,096
Los Angeles Department of International Airports, Governmental Purpose, Series D (RB) 5.25%, 05/15/48 (c)		1,000			1,095,591
Los Angeles Department of Water & Power (RB) (BAM)
5.00%, 07/01/55 (c)		500			523,872
5.25%, 07/01/45 (c)		415			451,872
Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/49 (c)		800			835,793
Los Angeles Department of Water and Power, Series A (RB) (BAM) 5.25%, 07/01/44 (c)		1,200			1,309,915
Los Angeles Department of Water and Power, Series B (RB) 5.25%, 07/01/53 (c)		500			526,093

See Notes to Financial Statements

126

	Par (000’s		)	Value
California (continued)
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/45 (c)	$	2,500		$	2,668,142
Los Angeles Department of Water and Power, Series D (RB)
5.00%, 07/01/47 (c)		500			520,753
5.00%, 07/01/52 (c)		750			776,497
Los Angeles Department of Water and Power, Series E (RB) 5.00%, 07/01/53 (c)		1,000			1,037,832
Los Angeles Department of Water and Power, Series J (RB)
5.00%, 12/01/42 (c)		1,000			1,120,604
5.00%, 12/01/45 (c)		500			546,010
Los Angeles Unified School District, Unlimited and Valorem Property Tax (GO)
4.00%, 07/01/49 (c)		750			724,633
5.25%, 07/01/47 (c)		1,000			1,076,704
Metropolitan Water District of Southern California, Series A (RB)
5.00%, 04/01/48 (c)		1,500			1,612,045
5.00%, 04/01/53 (c)		1,000			1,061,464
Oakland Unified School District, Alameda County Election, Series A (GO) (BAM) 4.00%, 08/01/46 (c)		1,000			980,526
Perris Union High School District, Riverside County, Series A (GO) (AG) 4.00%, 09/01/43 (c)		570			570,438
Regents of University of California, Medical Center Pooled, Series L (RB) 4.00%, 05/15/44 (c)		1,015			986,708
Regents of University of California, Medical Center Pooled, Series P (RB) 4.00%, 05/15/53 (c)		500			467,711
Riverside Community College District, Riverside County, Series A (GO) 4.00%, 08/01/54 (c)		1,000			942,603
Sacramento Area Flood Control Agency, Series A (SA) 5.00%, 10/01/47 (c)		1,500			1,498,673
Sacramento City Unified School District, Series G (GO) (AG) 4.00%, 08/01/49 (c)		500			483,323
San Diego Community College District, Series A-1 (GO) 5.00%, 08/01/55 (c)		1,000			1,074,849

	Par (000’s		)	Value
California (continued)
San Diego County Regional Airport Authority, Series A (RB) 5.00%, 07/01/44 (c)	$	750		$	777,262
San Diego Public Facilities Financing Authority, Series A (RB) 5.25%, 08/01/48 (c)		1,000			1,083,719
San Diego Unified School District, Series I (GO) 4.00%, 07/01/47 (c)		595			575,165
San Diego, California Unified School District, Series C-3 (GO) 5.00%, 07/01/50 (c)		2,000			2,142,133
San Francisco Bay Area Rapid Transit District, Series B-1 (GO) 3.00%, 08/01/49 (c)		600			462,185
San Francisco Bay Area Rapid Transit District, Series C-1 (GO) 4.00%, 08/01/45 (c)		610			602,803
San Francisco City and County, International Airport, Series B (RB)
4.00%, 05/01/52 (c)		1,000			937,536
5.00%, 05/01/47 (c)		700			709,382
5.00%, 05/01/49 (c)		500			528,430
5.00%, 05/01/52 (c)		1,000			1,040,351
San Francisco City and County, Public Utilities Commission Wastewater, Series A (RB) 4.00%, 10/01/48 (c)		885			852,512
San Mateo County Community College District, Series B (GO) 5.00%, 09/01/45 (c)		820			847,662
San Mateo Foster City Public Financing Authority, Clean Water Program (RB) (SAW) 4.00%, 08/01/44 (c)		500			498,479
Saugus Union School District School Facilities Improvement District No.1, Series C (GO) 2.38%, 08/01/44 (c)		1,000			727,279
Southern California Public Power Authority, Southern Transmission System (RB) 5.25%, 07/01/53 (c)		500			527,631
Southern California Public Power Authority, Southern Transmission System (RB) (BAM) 5.25%, 07/01/43 (c)		500			552,735
Southwestern Community College District, Series A (GO) 4.00%, 08/01/47 (c)		750			735,389

See Notes to Financial Statements

127

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(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
State of California, Various Purpose (GO)
3.00%, 12/01/43 (c)	$	400		$	336,852
3.00%, 11/01/50 (c)		1,710			1,319,913
3.62%, 10/01/47 (c)		645			568,874
4.00%, 10/01/44 (c)		500			493,912
4.12%, 03/01/49 (c)		1,000			989,272
5.00%, 10/01/42 (c)		1,500			1,644,218
5.00%, 12/01/46 (c)		610			640,871
5.00%, 11/01/47 (c)		515			528,892
5.00%, 09/01/48 (c)		2,000			2,142,982
5.00%, 10/01/48 (c)		935			963,218
5.00%, 04/01/49 (c)		1,000			1,031,323
The Regents of the University of California, Series CC (RB) 5.00%, 05/15/53 (c)		750			797,833
University of California, Series BK (RB) 5.00%, 05/15/52 (c)		2,000			2,093,858
University of California, Series EE (RB) 5.00%, 05/15/43 (c)		500			528,884
University of California, Series O (RB) 5.00%, 05/15/58 (c)		1,000			1,018,986
University of California, Series Q (RB) 5.00%, 05/15/46 (c)		500			527,860
Ventura Unified School District, Series A (GO) 4.00%, 08/01/52 (c)		500			479,213
West Contra Costa Unified School District, Series B (GO) (BAM) 5.00%, 08/01/49 (c)		1,000			1,057,153
					96,990,869
Colorado: 1.9%
Arapahoe County, Cherry Creek Colorado School District No. 5 (GO) (SAW) 5.25%, 12/15/43 (c)		1,000			1,114,316
Board of Governors of Colorado State University System, Series C (RB) 4.00%, 03/01/47 (c)		1,050			966,238
Canyons Metropolitan District No. 5, Limited Tax, Series A (GO) (BAM) 5.00%, 12/01/49 (c)		1,000			1,023,399
City of Colorado Springs, Utilities System, Series C (RB) 5.00%, 11/15/50 (c)		600			617,672
City of Westminster, Colorado Water & Wastewater Utility (RB) 5.00%, 12/01/54 (c)		1,000			1,057,394

	Par (000’s		)	Value
Colorado (continued)
Colorado Bridge and Tunnel, Enterprise Infrastructure, Series A (RB) (AG) 5.25%, 12/01/49 (c)	$	500		$	534,978
Colorado Health Facilities Authority Hospital, Series A (RB) (SBG) 4.00%, 11/15/43 (c)		685			645,360
Colorado Health Facilities Authority, CommonSpirit Health, Series A (RB)
3.25%, 08/01/49 (c)		500			387,687
5.50%, 11/01/47 (c)		1,000			1,054,747
Colorado Health Facilities Authority, Sanford, Series A (RB) 5.00%, 11/01/44 (c)		500			510,823
Colorado High Performance Transportation Enterprise, C-470 Express Lanes (RB) 5.00%, 12/31/51 (c)		250			247,761
Park Creek Metropolitan District (RB) (AG)
5.00%, 12/01/43 (c)		1,250			1,317,209
5.00%, 12/01/44 (c)		1,000			1,047,931
Weld County School District No. 5J (GO) (SAW) 4.00%, 12/01/45 (c)		1,000			964,981
Weld County School District No. 6 (GO) (SAW) 4.00%, 12/01/45 (c)		800			782,557
					12,273,053
Connecticut: 0.5%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series A (RB)
4.60%, 11/15/49 (c)		1,000			997,281
4.70%, 11/15/43 (c)		500			511,291
Connecticut State Health and Educational Facilities Authority, Trinity Health Credit Group (RB) 5.00%, 12/01/45 (c)		750			751,139
State of Connecticut, Series A (GO) 5.00%, 03/15/45 (c)		1,000			1,079,278
					3,338,989
District of Columbia: 1.4%
District of Columbia Income Tax Revenue (RB) 5.25%, 06/01/50 (c)		2,000			2,163,972
District of Columbia, Children’s Hospital (RB) 5.00%, 07/15/44 (c)		500			500,736
District of Columbia, Income Tax, Series C (RB) 4.00%, 05/01/45 (c)		805			781,082

See Notes to Financial Statements

128

	Par (000’s		)	Value
District of Columbia (continued)
District of Columbia, Series A (RB)
2.62%, 03/01/45 (c)	$	575		$	420,009
5.00%, 07/01/48 (c)		500			500,553
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series A (RB) (AG) 4.00%, 10/01/52 (c)		1,000			902,040
Metropolitan Washington Airports Authority, Dulles Toll Road, Dulles Metrorail and Capital Improvements Projects, Series B (RB) 4.00%, 10/01/49 (c)		1,250			1,115,636
Washington Metropolitan Area Transit Authority, Series A (RB)
3.00%, 07/15/43 (c)		750			622,956
4.00%, 07/15/46 (c)		1,000			954,011
5.00%, 07/15/48 (c)		1,000			1,041,773
					9,002,768
Florida: 4.2%
Brevard County, Florida Health Facilities Authority, Series A (RB) 5.00%, 04/01/52 (c)		1,055			1,063,824
City of Cape Coral, Florida Water and Sewer (RB) (BAM) 5.25%, 10/01/53 (c)		1,000			1,063,724
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation (RB)
4.00%, 11/01/45 (c)		1,000			912,632
5.00%, 11/01/50 (c)		2,000			2,008,533
City of Tampa, Florida Water & Wastewater System, Series A (RB) (BAM) 5.00%, 10/01/47 (c)		500			529,494
County of Broward, Florida Port Facilities, Series A (RB) 5.00%, 09/01/49 (c)		500			511,615
County of Broward, Florida Tourist Development, Convention Center Expansion Project (RB)
4.00%, 09/01/47 (c)		1,000			911,126
4.00%, 09/01/51 (c)		1,010			902,295
County of Miami-Dade, Florida Professional Sports Franchise Facilities, Series A (RB) (AG) 0.00%, 10/01/45 ^		2,000			791,975
County of Miami-Dade, Florida Seaport, Series A (RB) (AG) 4.00%, 10/01/49 (c)		2,000			1,889,126
County of Miami-Dade, Florida Water and Sewer System (RB) 4.00%, 10/01/48 (c)		1,000			933,956

	Par (000’s		)	Value
Florida (continued)
County of Miami-Dade, Health Facilities Authority Hospital, Nicklaus Children’s Hospital Project, Series A (RB) 4.00%, 08/01/51 (c)	$	500		$	443,474
County of Palm Beach, Health Facilities Authority, Lifespace Communities, Inc., Series B (RB) 4.00%, 05/15/53 (c)		330			261,099
County of Saint Luce, School Board, Series A (CP) (AG) 5.00%, 07/01/48 (c)		1,000			1,037,051
County of Sarasota, Florida Utility System, Series A (RB) 5.00%, 10/01/50 (c)		500			517,157
Florida Atlantic University Finance Corp. (RB) 5.00%, 07/01/49 (c)		500			524,607
Florida Higher Educational Facilities Financial Authority, Rollins College Project, Series A (RB) 4.00%, 12/01/50 (c)		750			655,726
Florida Housing Finance Corp. Series 5 (RB) 4.90%, 07/01/45 (c)		1,500			1,559,290
Florida Housing Finance Corp., Homeowner Mortgage (RB) 6.25%, 01/01/55 (c)		990			1,086,867
Florida Housing Finance Corp., Series 5 (RB) 6.25%, 07/01/56 (c)		1,370			1,535,082
Fort Pierce Utilities Authority, Series A (RB) (AG) 4.00%, 10/01/52 (c)		1,000			929,533
Halifax Hospital Medical Center (RB) 4.00%, 06/01/46 (c)		525			485,800
Hillsborough County, Florida Capital Improvement Non-Ad Valorem (RB) 2.25%, 08/01/51 (c)		500			318,868
Hillsborough County, Industrial Development Authority Health System, Series C (RB) 5.50%, 11/15/54 (c)		1,000			1,076,499
Jea Water and Sewer System, Series A (RB) 5.25%, 10/01/49 (c)		1,000			1,066,191
North Broward Hospital District, Broward Health, Series B (RB) 5.00%, 01/01/48 (c)		1,000			1,000,903
Orange County Health Facilities Authority, Orlando Health, Series A (RB)
4.50%, 10/01/56 (c)		750			733,857
5.25%, 10/01/56 (c)		1,000			1,052,169

See Notes to Financial Statements

129

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(unaudited) (continued)

	Par (000’s		)	Value
Florida (continued)
Palm Beach County, Health Facilities Authority, Baptist Health (RB) (SBG) 3.00%, 08/15/44 (c)	$	1,000		$	787,566
South Broward Hospital District, Series A (RB) 3.00%, 05/01/46 (c)		750			575,188
					27,165,227
Georgia: 2.0%
Brookhaven Development Authority, Children’s Healthcare of Atlanta, Inc., Series A (RB) 4.00%, 07/01/44 (c)		660			632,736
Burke County Development Authority, Series C (RB) (SAW) 4.12%, 11/01/45 (c)		1,000			920,196
County of Burke, Development Authority, Series D (RB) 4.12%, 11/01/45 (c)		260			239,251
County of Fulton, Georgia Water and Sewerage, Series A (RB) 2.25%, 01/01/43 (c)		500			363,094
Fayette County Development Authority, Soccer Federation, Inc. Project (RB) 5.25%, 10/01/54 (c)		1,250			1,294,785
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Series A (RB) 4.00%, 02/15/45 (c)		1,295			1,212,664
Georgia Housing and Finance Authority, Series E (RB) 5.12%, 12/01/45 (c)		2,000			2,078,661
Georgia State Housing & Finance Authority, Series A (RB) 4.70%, 12/01/55 (c)		1,000			998,136
Georgia State Road and Tollway Authority, Managed Lane System, Series A (RB) 3.00%, 07/15/51 (c)		500			374,776
Macon Water Authority (RB) 5.00%, 10/01/54 (c)		500			525,228
Main Street Natural Gas, Inc., Series C (RB) 5.00%, 05/15/49		990			1,042,163
Metropolitan Atlanta Rapid Transit Authority Sales Tax, Series A (RB) 3.00%, 07/01/47 (c)		1,000			757,379
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series A (RB)
4.50%, 07/01/63 (c)		500			489,185
5.00%, 01/01/49 (c)		1,000			1,002,469

	Par (000’s		)	Value
Georgia (continued)
Municipal Electric Authority of Georgia, Series A (RB)
5.00%, 01/01/63 (c)	$	500		$	500,195
5.25%, 01/01/49 (c)		500			525,094
					12,956,012
Hawaii: 0.3%
City and County of Honolulu, Series C (GO) 4.00%, 08/01/43 (c)		750			746,037
City and County of Honolulu, Wastewater System, Series A (RB) 5.25%, 07/01/54 (c)		1,000			1,077,909
					1,823,946
Idaho: 0.1%
Idaho Housing and Finance Association, Single Family Mortgage, Series A (RB) 4.60%, 01/01/49 (c)		705			700,520
Illinois: 3.4%
Chicago Midway International Airport (RB)
5.00%, 01/01/45 (c)		1,000			1,061,256
5.00%, 01/01/55 (c)		1,750			1,814,805
City of Chicago, Second Lien Water Project, Series A (RB) (AG) 5.25%, 11/01/53 (c)		500			520,348
City of Chicago, Series A (GO)
5.00%, 01/01/44 (c)		750			727,752
5.00%, 01/01/44 (c)		1,000			951,236
5.50%, 01/01/43 (c)		750			757,789
City of Chicago, Wastewater Transmission Project, Series A (RB) (AG)
5.25%, 01/01/53 (c)		500			523,931
5.50%, 01/01/62 (c)		1,550			1,637,941
Illinois Housing Development Authority, Series A (RB) 4.75%, 10/01/49 (c)		475			480,977
Illinois Housing Development Authority, Series G (RB) 5.00%, 10/01/46 (c)		795			813,028
Illinois Housing Development Authority, Series K (RB) (FNMA/GNMA/FHLMC COLL) 5.35%, 04/01/47 (c)		755			786,986
Illinois State Toll Highway Authority, Series A (RB)
4.00%, 01/01/44 (c)		1,005			959,705
4.00%, 01/01/46 (c)		1,000			928,529
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series A (RB)
4.00%, 12/15/47 (c)		1,500			1,326,957
5.00%, 06/15/53 (c)		735			732,587

See Notes to Financial Statements

130

	Par (000’s		)	Value
Illinois (continued)
Metropolitan Water Reclamation District of Greater Chicago, Series A (GO) 4.00%, 12/01/46 (c)	$	1,500		$	1,429,463
Sales Tax Securitization Corp., Series A (RB) 4.00%, 01/01/48 (c)		1,000			901,757
Sales Tax Securitization Corp., Series A (RB) (BAM) 4.00%, 01/01/48 (c)		1,000			919,460
St Clair County Community Unit School District No. 187, Series A (RB) (AG) 5.00%, 01/01/54 (c)		1,000			1,022,697
State of Illinois (GO) (AG) 5.75%, 05/01/45 (c)		750			790,911
State of Illinois, Series A (GO) 5.00%, 03/01/46 (c)		1,250			1,276,056
State of Illinois, Series B (GO) 5.25%, 05/01/49 (c)		500			519,427
State of Illinois, Series C (GO) 4.00%, 11/01/44 (c)		900			825,128
					21,708,726
Indiana: 0.9%
Fishers Town Hall Building Corp., Series A (RB) 5.62%, 07/15/48 (c)		500			554,372
Indiana Finance Authority, Series C (RB) 5.00%, 02/01/45 (c)		1,500			1,624,855
Indiana Housing & Community Development Authority (RB) 4.95%, 07/01/50 (c)		750			759,981
Indiana Housing and Community Development Authority, Single Family Mortgage, Series B-1 (RB) 4.75%, 07/01/49 (c)		500			506,362
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project, Series A (RB)
5.00%, 02/01/49 (c)		500			509,612
5.00%, 02/01/54 (c)		1,000			1,016,251
Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel (RB) (BAM) 5.00%, 03/01/53 (c)		1,000			1,030,746
					6,002,179
Iowa: 0.3%
Iowa Finance Authority, Series A (RB) 5.00%, 08/01/49 (c)		530			551,015
Iowa Finance Authority, Single Family Mortgage, Series C (RB) 4.65%, 07/01/49 (c)		1,000			1,001,928

	Par (000’s		)	Value
Iowa (continued)
4.85%, 07/01/43 (c)	$	500		$	512,229
					2,065,172
Kansas: 0.2%
Wyandotte County, Unified School District No. 500 (GO) (BAM) 5.25%, 09/01/55 (c)		1,000			1,065,221
Kentucky: 0.3%
Kentucky Bond Development Corp., Lexington Center Corp. Project (RB) 4.00%, 09/01/48 (c)		1,225			1,151,524
Kentucky State Property & Building Commission (RB) 5.00%, 10/01/44 (c)		500			539,375
					1,690,899
Louisiana: 0.6%
City of Shreveport, Louisiana Water and Sewer, Series B (RB) (AG) 4.00%, 12/01/49 (c)		700			640,773
Louisiana Stadium and Exposition District, Series A (RB) 5.25%, 07/01/53 (c)		1,500			1,560,451
State of Louisiana, Series A (GO) 4.00%, 04/01/43 (c)		1,500			1,479,266
					3,680,490
Maine: 0.3%
Maine Health & Higher Educational Facilities Authority (RB) 5.25%, 10/01/54 (c)		1,000			1,064,221
Maine Turnpike Authority (RB) 4.00%, 07/01/50 (c)		750			710,520
					1,774,741
Maryland: 1.2%
County of Baltimore, Metropolitan District (GO) 5.00%, 03/01/49 (c)		1,000			1,056,592
Maryland Community Development Administration, Villages at Marley Station, Series D-1 (RB) 4.35%, 02/01/44		1,000			989,252
Maryland Economic Development Corp., Series A (RB) 5.00%, 06/01/48 (c)		1,500			1,581,416
Maryland Health and Higher Educational Facilities Authority, Adventist Healthcare, Series B (RB) 4.00%, 01/01/51 (c)		500			425,547

See Notes to Financial Statements

131

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(unaudited) (continued)

	Par (000’s		)	Value
Maryland (continued)
Maryland Health and Higher Educational Facilities Authority, Greater Baltimore Medical Center, Series A (RB) 3.00%, 07/01/46 (c)	$	500		$	382,660
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health (RB) 5.00%, 07/01/47 (c)		500			500,109
Maryland Health and Higher Educational Facilities Authority, Series A (RB) 5.25%, 07/01/52 (c)		750			790,724
Maryland Stadium Authority, Built to Learn, Series A (RB) 4.00%, 06/01/52 (c)		1,000			918,305
Montgomery County, Trinity Health Credit Group, Series MD (RB) 5.00%, 12/01/44 (c)		1,000			1,000,417
					7,645,022
Massachusetts: 5.5%
Commonwealth of Massachusetts Transportation Fund Revenue (RB)
5.00%, 06/01/45 (c)		2,500			2,710,207
5.00%, 06/01/55 (c)		1,000			1,052,727
Commonwealth of Massachusetts Transportation, Series A (RB) 3.00%, 06/01/50 (c)		800			613,164
Commonwealth of Massachusetts Transportation, Series B (RB)
5.00%, 06/01/52 (c)		2,000			2,080,373
5.00%, 06/01/54 (c)		750			787,221
Commonwealth of Massachusetts, Series A (GO)
5.00%, 01/01/45 (c)		1,000			1,018,020
5.00%, 01/01/49 (c)		500			526,760
5.00%, 01/01/49 (c)		1,000			1,021,398
5.00%, 04/01/50 (c)		750			794,367
5.00%, 05/01/53 (c)		1,000			1,043,026
Commonwealth of Massachusetts, Series B (GO)
2.12%, 04/01/51 (c)		1,300			807,533
5.00%, 11/01/52 (c)		1,190			1,236,820
Commonwealth of Massachusetts, Series C (GO) 3.00%, 03/01/48 (c)		360			278,779
Commonwealth of Massachusetts, Series D (GO)
5.00%, 07/01/45 (c)		750			780,683
5.00%, 07/01/48 (c)		2,000			2,067,658
5.00%, 10/01/53 (c)		1,000			1,045,001

	Par (000’s		)	Value
Massachusetts (continued)
Commonwealth of Massachusetts, Series E (GO)
5.00%, 11/01/45 (c)	$	605		$	631,384
5.00%, 11/01/50 (c)		1,000			1,030,663
Commonwealth of Massachusetts, Series F (GO) 5.00%, 08/01/50 (c)		3,000			3,182,481
Massachusetts Bay Transportation Authority, Sales Tax, Series A (RB)
4.00%, 07/01/51 (c)		800			754,368
4.00%, 07/01/53 (c)		1,000			937,576
Massachusetts Clean Water Trust, Series B (RB) 5.00%, 02/01/43 (c)		750			822,204
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series J (RB) 5.00%, 07/01/53 (c)		1,500			1,516,208
Massachusetts Development Finance Agency, Boston Medical Center, Series D (RB) 5.00%, 07/01/44 (c)		500			493,229
Massachusetts Development Finance Agency, Boston University, Series FF (RB) 5.00%, 10/01/48 (c)		1,105			1,163,938
Massachusetts Development Finance Agency, Lasell Village, Inc. (RB) 5.25%, 07/01/55 (c)		895			900,451
Massachusetts Development Finance Agency, Series N (RB) (AG) 5.00%, 07/01/50 (c)		2,000			2,080,744
Massachusetts Port Authority, Series B (RB) (SBG) 5.00%, 07/01/44 (c)		305			312,737
Massachusetts School Building Authority, Sales Tax, Series A (RB)
5.00%, 02/15/44 (c)		555			570,802
5.00%, 08/15/50 (c)		750			776,007
Massachusetts School Building Authority, Series A (RB) 5.25%, 02/15/50 (c)		1,800			1,945,239
					34,981,768
Michigan: 2.1%
Great Lakes Water Authority, Water Supply System, Second Lien, Series B (RB) 5.00%, 07/01/46 (c)		390			391,940
Great Lakes Water Authority, Water Supply System, Second Lien, Series C (RB) 5.25%, 07/01/55 (c)		1,000			1,075,844

See Notes to Financial Statements

132

	Par (000’s		)	Value
Michigan (continued)
Great Lakes Water Authority, Water Supply System, Senior Lien, Series A (RB) 5.00%, 07/01/46 (c)	$	570		$	573,330
Karegnondi Water Authority, Counties of Genesee, Lapeer, and Sanilac (RB) (BAM) 5.00%, 11/01/43 (c)		750			807,528
Lansing Board of Water and Light, Michigan Utility System, Series A (RB) 5.00%, 07/01/49 (c)		1,000			1,052,413
Michigan Finance Authority, Beaumont Health, Series A (RB) 5.00%, 11/01/44 (c)		1,000			1,000,367
Michigan Finance Authority, McLaren Health Care, System A (RB) 4.00%, 02/15/47 (c)		1,000			905,321
Michigan Finance Authority, Trinity Health Credit Group, Series A (RB)
4.00%, 12/01/49 (c)		250			223,922
5.00%, 12/01/42 (c)		500			508,401
Michigan Finance Authority, Wayne Criminal (RB) (BAM) 4.00%, 11/01/48 (c)		1,000			939,452
Michigan State Housing Development Authority, Rental Housing, Series A (RB)
3.35%, 10/01/49 (c)		500			413,718
3.60%, 10/01/60 (c)		1,000			821,379
4.88%, 10/01/43 (c)		1,000			1,012,760
Michigan State University, Board of Trustee, Series B (RB) 5.00%, 02/15/48 (c)		765			780,388
State of Michigan, Trunk Line Fund (RB) 5.00%, 11/15/46 (c)		1,000			1,058,017
State of Michigan, Trunk Line Fund, Series A (RB) 4.00%, 11/15/46 (c)		1,000			949,162
Western Michigan University, Series A (RB) (AG) 5.25%, 11/15/49 (c)		1,000			1,067,415
					13,581,357
Minnesota: 0.7%
Duluth Economic Development Authority, Minnesota Health Facilities, Series A (RB) 5.25%, 02/15/58 (c)		1,000			1,006,079
Minneapolis St. Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/52 (c)		1,000			1,043,380

	Par (000’s		)	Value
Minnesota (continued)
Minnesota Housing Finance Agency Residential Housing, Series B (RB) 2.50%, 07/01/51 (c)	$	530		$	370,621
Minnesota Housing Finance Agency Residential Housing, Series I (RB)
2.15%, 07/01/45 (c)		890			614,035
3.00%, 01/01/51 (c)		290			286,163
Minnesota Housing Finance Agency Residential Housing, Series M (RB) 5.15%, 07/01/45 (c)		485			502,490
St. Louis Park Independent School District No. 283, Series A (GO) (SD CRED PROG) 4.25%, 02/01/43 (c)		500			509,856
					4,332,624
Mississippi: 0.2%
Mississippi Home Corp., Single Family Mortgage, Series C (RB) 4.85%, 12/01/54 (c)		1,000			1,019,502
Missouri: 0.7%
County of Jackson, Series A (RB)
4.25%, 12/01/53 (c)		1,000			959,941
4.38%, 12/01/58 (c)		1,000			971,618
Missouri Housing Development Commission, Single Family Mortgage, Series G (RB) 4.35%, 11/01/44 (c)		495			497,421
Missouri State, Health & Educational Facilities Authority, Mercy Health, Series F (RB)
4.25%, 04/01/55 (c)		1,000			947,602
5.00%, 11/15/45 (c)		1,000			1,000,417
					4,376,999
Nebraska: 0.6%
City of Omaha and County of Douglas, Public Building, Series B (GO) 4.00%, 05/01/50 (c)		550			524,825
Nebraska Investment Finance Authority, Single Family Housing, Series A (RB) 4.65%, 09/01/55 (c)		2,000			1,996,211
Nebraska Investment Finance Authority, Single Family Housing, Series E (RB) 4.80%, 09/01/53 (c)		495			499,537
University of Nebraska Facilities Corp., Series A (RB)
4.00%, 07/15/59 (c)		750			688,703
4.00%, 07/15/62 (c)		500			455,983
					4,165,259

See Notes to Financial Statements

133

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(unaudited) (continued)

	Par (000’s		)	Value
Nevada: 0.3%
City of Henderson, Utility System, Series A-1 (GO) 4.00%, 06/01/50 (c)	$	675		$	639,823
Las Vegas Convention and Visitors Authority, Series B (RB) 4.00%, 07/01/49 (c)		1,000			926,513
Las Vegas Valley Water District, Series A (GO) 4.00%, 06/01/46 (c)		250			242,041
					1,808,377
New Hampshire: 0.2%
National Finance Authority Hospital, St. Lukes University Health Network Project, Series B (RB) (AG) 3.00%, 08/15/46 (c)		1,975			1,579,457
New Jersey: 2.6%
New Jersey Economic Development Authority School Facilities, Series FFF (RB) 4.62%, 06/15/48 (c)		1,000			1,003,654
New Jersey Educational Facilities Authority, New Jersey Princeton University, Series B (RB) 5.25%, 03/01/54 (c)		1,000			1,085,155
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System (RB) 2.50%, 07/01/51 (c)		490			305,140
New Jersey Housing and Mortgage Finance Agency, Single Family Housing (RB) 4.80%, 10/01/53 (c)		500			506,838
New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series K (RB) 4.55%, 10/01/44 (c)		1,000			1,013,273
New Jersey Housing and Mortgage Finance Agency, Single Family Housing, Series M (RB) 5.05%, 10/01/45 (c)		750			779,013
New Jersey Transportation Trust Fund Authority, Series AA (RB)
4.00%, 06/15/45 (c)		1,500			1,430,243
4.50%, 06/15/49 (c)		590			586,249
New Jersey Transportation Trust Fund Authority, Series BB (RB)
3.50%, 06/15/46 (c)		365			310,108
4.00%, 06/15/44 (c)		1,000			965,367
5.00%, 06/15/46 (c)		1,000			1,050,893
5.25%, 06/15/50 (c)		1,000			1,058,540

	Par (000’s		)	Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, Series CC (RB) 5.25%, 06/15/50 (c)	$	1,000		$	1,064,434
New Jersey Turnpike Authority, Series A (RB)
4.00%, 01/01/48 (c)		1,000			967,221
4.00%, 01/01/51 (c)		1,000			944,871
New Jersey Turnpike Authority, Series B (RB) 5.25%, 01/01/49 (c)		1,500			1,609,430
South Jersey Transportation Authority, Transportation System, Series A (RB) 5.00%, 11/01/45 (c)		500			517,100
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/46 (c)		1,715			1,699,116
					16,896,645
New Mexico: 0.3%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series C (RB) 4.95%, 09/01/45 (c)		750			777,772
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series F (RB) 3.05%, 07/01/44 (c)		290			240,154
New Mexico Mortgage Finance Authority, Single Family Program, Series I (RB) 5.05%, 09/01/50 (c)		1,000			1,020,309
					2,038,235
New York: 20.5%
City of New York, Series A (GO) 4.00%, 08/01/50 (c)		1,000			911,170
City Of New York, Series A (GO) 5.00%, 08/01/45 (c)		1,000			1,067,077
City of New York, Series C (GO)
5.00%, 09/01/48 (c)		4,625			4,845,876
5.25%, 09/01/50 (c)		1,000			1,063,748
City of New York, Series D (GO) 5.00%, 10/01/45 (c)		3,000			3,196,015
City of New York, Series D (GO) (BAM)
4.00%, 03/01/50 (c)		1,000			914,879
5.00%, 03/01/43 (c)		750			778,680
City of New York, Series E (GO) 5.25%, 04/01/47 (c)		1,000			1,059,943
City of New York, Series F (GO) 5.00%, 03/01/50 (c)		1,000			1,022,869
City of New York, Series G (GO) 5.25%, 02/01/53 (c)		2,500			2,666,399

See Notes to Financial Statements

134

	Par (000’s		)	Value
New York (continued)
County of Monroe, Industrial Development Corp., University of Rochester Project, Series A (RB) 4.00%, 07/01/50 (c)	$	900		$	820,329
Dutchess County Local Development Corp., Bard College Project, Series A (RB) 5.00%, 07/01/51 (c)		1,000			985,473
Hudson Yards Infrastructure Corp., Series A (RB) (AG) 4.00%, 02/15/47 (c)		1,000			946,921
Long Island Power Authority, Electric System (RB) 5.00%, 09/01/42 (c)		1,000			1,021,753
Long Island Power Authority, Electric System, Series B (RB) 5.00%, 09/01/45 (c)		1,000			999,930
Metropolitan Transportation Authority Dedicated Tax Fund, Series A (RB) 5.00%, 11/15/48 (c)		1,180			1,221,694
Metropolitan Transportation Authority Dedicated Tax Fund, Series B (RB) 5.00%, 11/15/43 (c)		1,000			1,066,042
Metropolitan Transportation Authority, Hudson Rail Yards, Series A (RB) 5.00%, 11/15/51 (c)		1,000			999,675
Metropolitan Transportation Authority, Series A (RB)
4.00%, 11/15/51 (c)		1,000			935,165
5.25%, 11/15/49 (c)		1,500			1,592,364
Metropolitan Transportation Authority, Series A (RB) (AG) 5.00%, 11/15/44 (c)		715			729,837
Metropolitan Transportation Authority, Series A-1 (RB)
4.00%, 11/15/43 (c)		400			368,410
4.00%, 11/15/49 (c)		1,000			900,655
Metropolitan Transportation Authority, Series B-1 (RB) 5.00%, 11/15/51 (c)		500			502,179
Metropolitan Transportation Authority, Series C-1 (RB) 5.25%, 11/15/56 (c)		1,050			1,054,568
Metropolitan Transportation Authority, Series D (RB)
4.00%, 11/15/42 (c)		1,245			1,193,721
4.00%, 11/15/46 (c)		250			224,967
Monroe County Industrial Development Corp. Rochester Regional Health Project, Series A (RB) 4.00%, 12/01/46 (c)		650			569,636
MTA Hudson Rail Yards Trust, Series A (RB) 5.00%, 11/15/56 (c)		1,000			999,953

	Par (000’s		)	Value
New York (continued)
New York City Environmental Facilities, Clean Water and Drinking Water, Series B (RB) 4.00%, 06/15/49 (c)	$	500		$	481,616
New York City Housing Development Corp., Housing Impact, Series A (RB) 4.80%, 02/01/53 (c)		500			502,352
New York City Housing Development Corp., Multi- Family Housing, Series A-1 (RB)
4.75%, 11/01/54 (c)		1,000			1,003,793
4.85%, 11/01/53 (c)		1,500			1,514,407
New York City Housing Development Corp., Multi- Family Housing, Series E-1 (RB) 4.85%, 11/01/53 (c)		750			756,917
New York City Housing Development Corp., Multi- Family Housing, Series F-1 (RB) 4.55%, 11/01/54 (c)		1,000			985,492
New York City Housing Development Corp., Multi- Family Housing, Series J (RB) 3.05%, 11/01/49 (c)		555			427,818
New York City Municipal Water Finance Authority, Water and Sewer System, Series AA (RB)
4.00%, 06/15/50 (c)		1,000			936,130
5.00%, 06/15/48 (c)		850			880,550
New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB)
4.00%, 06/15/44 (c)		1,500			1,449,997
4.00%, 06/15/45 (c)		2,000			1,920,761
5.00%, 06/15/44 (c)		955			1,005,082
5.00%, 06/15/49 (c)		1,000			1,030,230
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB)
3.75%, 06/15/47 (c)		710			632,711
4.00%, 06/15/45 (c)		1,500			1,449,509
5.00%, 06/15/52 (c)		1,000			1,034,644
5.25%, 06/15/54 (c)		1,500			1,597,421
New York City Municipal Water Finance Authority, Water and Sewer System, Series CC (RB) (FHA) 5.00%, 06/15/51 (c)		500			517,335
New York City Municipal Water Finance Authority, Water and Sewer System, Series DD (RB) 4.12%, 06/15/47 (c)		1,000			973,147

See Notes to Financial Statements

135

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
New York (continued)
New York City Municipal Water Finance Authority, Water and Sewer System, Series EE (RB) 5.00%, 06/15/45 (c)	$	1,000		$	1,057,017
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 3.00%, 07/15/49 (c)		350			265,737
New York City Transitional Finance Authority Future Tax Secured Revenue (RB) 5.00%, 05/01/45 (c)		1,000			1,070,034
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
4.38%, 05/01/53 (c)		500			493,559
5.25%, 05/01/50 (c)		1,000			1,057,166
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) 3.00%, 11/01/47 (c)		1,930			1,478,564
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C (RB) 5.25%, 05/01/48 (c)		1,000			1,061,658
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
4.00%, 11/01/42 (c)		1,120			1,104,373
4.00%, 05/01/44 (c)		1,000			960,122
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB)
5.00%, 05/01/49 (c)		1,085			1,135,614
5.00%, 05/01/50 (c)		1,200			1,252,916
5.25%, 05/01/48 (c)		1,750			1,875,339
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D-1 (RB) 4.00%, 11/01/47 (c)		500			467,156
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
2.25%, 02/01/51 (c)		650			404,744
4.00%, 02/01/44 (c)		1,000			962,449
5.00%, 02/01/43 (c)		1,000			1,013,839
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
4.00%, 02/01/51 (c)		1,000			920,283
5.25%, 02/01/47 (c)		1,000			1,058,518

	Par (000’s		)	Value
New York (continued)
New York City Water and Sewer System, Series BB (RB) 4.00%, 06/15/50 (c)	$	640		$	599,123
New York City, Series D (GO) 4.00%, 04/01/50 (c)		1,000			924,820
New York City, Series D-1 (GO) 5.00%, 12/01/43 (c)		1,000			1,030,501
New York Liberty Development Corp., 1 World Trade Center Project (RB) 4.00%, 02/15/43 (c)		620			607,450
New York Liberty Development Corp., 4 World Trade Center Project, Series A (RB) (BAM) 3.00%, 11/15/51 (c)		2,125			1,564,205
New York Liberty Development Corp., 7 World Trade Center Project, Series A (RB) 3.00%, 09/15/43 (c)		1,495			1,231,520
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 1 (RB) 5.25%, 07/01/54 (c)		2,000			2,155,109
New York State Dormitory Authority, New School, Series A (RB) 4.00%, 07/01/43 (c)		475			439,950
New York State Dormitory Authority, New York University, Series A (RB) 5.00%, 07/01/49 (c)		1,000			1,029,492
New York State Dormitory Authority, Personal Income Tax, Series A (RB)
5.00%, 03/15/49 (c)		500			515,193
5.25%, 03/15/52 (c)		800			849,688
New York State Dormitory Authority, Sales Tax, Series E (RB) 5.00%, 03/15/48 (c)		500			511,812
New York State Dormitory Authority, Series A (GO) 5.00%, 08/01/46 (c)		2,000			2,121,476
New York State Dormitory Authority, Series A (RB)
5.00%, 03/15/44 (c)		1,000			1,080,573
5.00%, 03/15/45 (c)		1,000			1,074,294
5.00%, 07/01/46 (c)		1,500			1,585,698
5.00%, 03/15/50 (c)		1,785			1,869,056
New York State Dormitory Authority, Series C (RB)
5.00%, 03/15/43 (c)		1,075			1,166,728
5.00%, 03/15/45 (c)		3,000			3,202,768
5.25%, 03/15/46 (c)		1,000			1,088,156
New York State Dormitory Authority, St. John’s University, Series A (RB) 4.00%, 07/01/48 (c)		550			494,257

See Notes to Financial Statements

136

	Par (000’s		)	Value
New York (continued)
New York State Dormitory Authority, State Sales Tax, Series A (RB)
4.00%, 03/15/47 (c)	$	800		$	761,184
4.00%, 03/15/49 (c)		1,000			933,916
5.00%, 03/15/45 (c)		1,000			1,022,155
5.00%, 03/15/49 (c)		1,000			1,050,985
New York State Dormitory Authority, White Plants Hospital (RB) (AG) 5.50%, 10/01/54 (c)		2,250			2,415,032
New York State Mortgage Agency, Homeowner Mortgage (RB) 4.90%, 10/01/53 (c)		1,325			1,355,595
New York State Mortgage Agency, Homeowner Mortgage (RB) (SBG) 2.55%, 04/01/50 (c)		330			238,889
New York State Power Authority, Series A (RB) 4.00%, 11/15/50 (c)		500			463,236
New York State Thruway Authority, Junior Indebtedness, Series B (RB) 4.00%, 01/01/45 (c)		1,440			1,376,599
New York State Thruway Authority, Personal Income Tax, Series A (RB) 4.00%, 03/15/55 (c)		500			465,511
New York State Thruway Authority, Series P (RB) 5.25%, 01/01/54 (c)		1,000			1,063,211
New York State Urban Development Corp., Personal Income Tax (RB) 5.00%, 03/15/63 (c)		2,000			2,074,730
New York State Urban Development Corp., Personal Income Tax, Series A (RB)
4.00%, 03/15/53 (c)		1,000			913,568
5.00%, 03/15/43 (c)		500			514,834
New York State Urban Development Corp., Personal Income Tax, Series C (RB)
3.00%, 03/15/48 (c)		550			419,952
5.00%, 03/15/47 (c)		2,000			2,060,387
New York State Urban Development Corp., Personal Income Tax, Series E (RB) 3.00%, 03/15/49 (c)		1,735			1,310,192
New York State Urban Development Corp., State Sales Tax, Series A (RB) 3.00%, 03/15/50 (c)		1,000			747,066
New York State, Dormitory Authority, Personal Income Tax, Series D (RB) 5.00%, 02/15/48 (c)		820			842,379

	Par (000’s		)	Value
New York (continued)
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 4.00%, 12/01/42 (c)	$	925		$	882,520
Port Authority of New York & New Jersey (RB) 5.00%, 09/01/49 (c)		1,000			1,055,942
Triborough Bridge and Tunnel Authority Sales Tax, Series A (RB) 4.25%, 05/15/58 (c)		1,000			960,556
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A (RB) 5.25%, 12/01/47 (c)		1,000			1,069,157
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series A-1 (RB) 5.00%, 11/15/44 (c)		750			808,714
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series B (RB)
5.00%, 05/15/56 (c)		500			504,706
5.25%, 11/15/53 (c)		750			795,227
5.25%, 05/15/54 (c)		2,000			2,123,180
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series C (RB)
4.00%, 05/15/51 (c)		750			699,322
5.00%, 05/15/51 (c)		1,000			1,027,091
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series D (RB) 4.50%, 05/15/47 (c)		500			504,045
Triborough Bridge and Tunnel Authority, Series A (RB)
5.00%, 11/15/49 (c)		1,000			1,030,985
5.00%, 11/15/51 (c)		500			513,790
5.25%, 12/01/54 (c)		1,000			1,060,076
5.50%, 12/01/59 (c)		1,500			1,621,507
					131,227,036
North Carolina: 0.9%
North Carolina Housing Finance Agency, Home Ownership, Series A (RB) 4.38%, 07/01/44 (c)		990			998,142
North Carolina Turnpike Authority (RB) 5.00%, 01/01/49 (c)		750			761,276
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/44 (c)		500			511,209

See Notes to Financial Statements

137

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
North Carolina (continued)
North Carolina Turnpike Authority, Triangle Expressway System, Series A (RB) (AG) 5.00%, 01/01/58 (c)	$	3,350		$	3,437,494
					5,708,121
North Dakota: 0.2%
North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series A (RB) 4.70%, 07/01/47 (c)		1,000			1,003,836
Ohio: 2.8%
Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB) 4.00%, 06/01/48 (c)		1,000			867,223
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/57 (c)		1,000			922,664
5.25%, 02/15/47 (c)		500			499,554
5.50%, 02/15/57 (c)		500			498,367
County of Franklin, Hospital Facilities (RB) 4.12%, 05/15/45 (c)		250			241,317
County of Franklin, Hospital Facilities, Series A (RB) (XLCA) 4.00%, 05/15/47 (c)		250			234,862
County of Franklin, Nationwide Children’s Hospital Project, Series A (RB) 5.00%, 11/01/48		1,000			1,088,082
County of Hamilton, Ohio Healthcare Improvement, Life Enriching Communities Project (RB) 5.00%, 01/01/46 (c)		250			242,020
County of Hamilton, Ohio Hospital Facilities, TriHealth, Inc. (RB) 5.00%, 08/15/42 (c)		500			505,665
JobsOhio Beverage System (RB) 5.00%, 01/01/53 (c)		1,000			1,057,656
Ohio State University, Series A (RB)
3.00%, 12/01/44 (c)		2,000			1,608,019
4.00%, 12/01/48 (c)		1,000			944,659
Ohio Water Development Authority Water Pollution Control Loan Fund (RB) 5.00%, 12/01/44 (c)		750			814,757
Ohio Water Development Authority, Drinking Water Assistance, Series A (RB)
5.00%, 12/01/43 (c)		1,500			1,647,521
5.25%, 12/01/45 (c)		1,500			1,660,852

	Par (000’s		)	Value
Ohio (continued)
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series B (RB) 5.00%, 12/01/53 (c)	$	500		$	511,828
State of Ohio (GO) 5.00%, 05/01/45 (c)		3,000			3,238,865
University of Cincinnati, Series A (RB) 5.25%, 06/01/49 (c)		1,500			1,581,994
					18,165,905
Oklahoma: 0.6%
Oklahoma Municipal Power Authority (RB) (AG) 5.25%, 01/01/51 (c)		1,000			1,069,687
Oklahoma Turnpike Authority, Series A (RB)
4.00%, 01/01/48 (c)		700			658,003
5.50%, 01/01/54 (c)		750			817,420
Oklahoma Water Resources Board, Series C (RB) 4.00%, 10/01/49 (c)		750			712,564
University of Oklahoma, Series A (RB) (BAM) 5.00%, 07/01/49 (c)		835			876,709
					4,134,383
Oregon: 1.0%
City of Portland, Oregon Second Lien, Series A (RB) 5.00%, 10/01/54 (c)		750			792,543
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/42 (c)		500			540,675
Oregon Health and Science University, Series A (RB) 4.00%, 07/01/51 (c)		1,000			916,673
Oregon State, Interstate 5 Bridge Replacement Project, Series E (GO) 5.00%, 05/15/50 (c)		1,000			1,033,108
State of Oregon, Series A (GO) 5.25%, 05/01/45 (c)		1,000			1,105,657
Tri-County Metropolitan Transportation District of Oregon, Series A (RB) 3.00%, 09/01/44 (c)		935			753,905
University of Oregon, Series A (RB) 5.00%, 04/01/50 (c)		1,000			1,023,894
					6,166,455
Pennsylvania: 4.0%
Allegheny County Sanitary Authority (RB) 5.00%, 12/01/45 (c)		1,000			1,068,610
Chester County Health and Education Facilities Authority, Main Line Health System, Series A (RB) 4.00%, 09/01/50 (c)		645			578,742

See Notes to Financial Statements

138

	Par (000’s		)	Value
Pennsylvania (continued)
City of Philadelphia, Pennsylvania Gas Works (RB) 5.00%, 08/01/47 (c)	$	805		$	813,272
City of Philadelphia, Pennsylvania Water & Wastewater, Series A (RB)
5.00%, 10/01/47 (c)		500			507,313
5.00%, 10/01/52 (c)		500			506,230
City of Philadelphia, Pennsylvania Water & Wastewater, Series C (RB) (AG)
5.25%, 09/01/49 (c)		500			538,180
5.25%, 09/01/54 (c)		500			535,635
Commonwealth of Pennsylvania (GO) 4.00%, 08/15/43 (c)		1,000			995,967
Commonwealth of Pennsylvania, Series A (CP) (FHA) 4.00%, 07/01/46 (c)		1,170			1,116,534
Geisinger Authority, Health System, Series A (RB) 5.00%, 04/01/50 (c)		2,750			2,794,759
Lancaster County, Hospital Authority, Penn State Health (RB) 5.00%, 11/01/51 (c)		1,000			1,007,128
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project, Series B-2 (RB) 5.25%, 07/01/46 (c)		1,000			1,013,372
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series B-1 (RB) (AG) 4.25%, 11/01/48 (c)		1,000			943,578
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series A (RB)
4.75%, 04/01/53 (c)		1,000			1,004,814
4.80%, 10/01/51 (c)		1,000			1,010,522
4.85%, 10/01/43 (c)		500			513,977
5.00%, 10/01/43 (c)		1,000			1,037,420
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series B (RB) 3.65%, 10/01/42 (c)		260			244,411
Pennsylvania State University (RB) 5.25%, 09/01/53 (c)		1,000			1,064,561
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (AG) 5.00%, 12/01/48 (c)		290			297,015

	Par (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Oil Franchise Tax, Series A (RB) (BAM)
3.00%, 12/01/51 (c)	$	1,000		$	764,493
4.00%, 12/01/51 (c)		1,000			910,551
Pennsylvania Turnpike Commission, Series A (RB) (AG) 4.00%, 12/01/49 (c)		1,045			975,897
Pennsylvania Turnpike Commission, Series A-1 (RB) 5.00%, 12/01/47 (c)		900			915,434
Pennsylvania Turnpike Commission, Series B (RB)
4.00%, 12/01/46 (c)		1,250			1,173,122
5.00%, 12/01/45 (c)		800			834,778
Pennsylvania Turnpike Commission, Series C (RB) 5.00%, 12/01/49 (c)		750			798,532
Philadelphia Authority for Industrial Development, Children’s Hospital, Series A (RB) 5.50%, 07/01/53 (c)		500			540,780
Upper Merion Area School District, Series A (GO) (SAW) 4.00%, 01/15/46 (c)		1,105			1,071,165
					25,576,792
Rhode Island: 0.1%
Providence Public Building Authority, Capital Improvement Program, Series A (RB) (AG) 5.25%, 09/15/44 (c)		750			802,031
South Carolina: 1.0%
South Carolina Jobs-Economic Development Authority, Mercy Health, Series A (RB) 4.00%, 12/01/44 (c)		855			805,149
South Carolina Jobs-Economic Development Authority, Novant Health, Series A (RB)
4.25%, 11/01/47 (c)		750			722,325
4.50%, 11/01/54 (c)		500			492,705
South Carolina Jobs-Economic Development Authority, Prisma Health, Series A (RB) 5.00%, 05/01/48 (c)		1,000			1,010,747
South Carolina Public Service Authority, Santee Cooper, Series A (RB)
4.00%, 12/01/52 (c)		500			450,104
5.25%, 12/01/49 (c)		1,000			1,058,620
South Carolina Public Service Authority, Series E (RB) 5.25%, 12/01/55 (c)		1,000			1,000,344

See Notes to Financial Statements

139

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(unaudited) (continued)

	Par (000’s		)	Value
South Carolina (continued)
University of South Carolina, Campus Village Project, Series A (RB) 5.00%, 05/01/46 (c)	$	820		$	855,998
					6,395,992
South Dakota: 0.2%
South Dakota Housing Development Authority, Homeownership Mortgage, Series C (RB) 6.25%, 11/01/55 (c)		995			1,114,453
Tennessee: 0.9%
Chattanooga Health Educational & Housing Facility Board (RB) 5.25%, 12/01/49 (c)		1,000			1,053,816
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB)
5.00%, 07/01/46 (c)		1,500			1,502,508
5.00%, 10/01/49 (c)		500			532,244
Tennessee Housing Development Agency, Residential Finance Program (RB) 2.95%, 07/01/49 (c)		335			259,990
Tennessee Housing Development Agency, Residential Finance Program, Series A (RB) 5.40%, 07/01/53 (c)		1,000			1,037,926
Tennessee State School Bond Authority, Higher Education Facilities, Series A (RB) 5.00%, 11/01/42 (c)		1,040			1,060,845
					5,447,329
Texas: 13.1%
Arlington Higher Education Finance Corp., Harmony Public Schools, Series A (RB) 3.00%, 02/15/46 (c)		1,000			761,440
Arlington Higher Education Finance Corp., Lifeschool of Dallas (RB) 4.12%, 08/15/49 (c)		1,000			963,642
Arlington Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.00%, 08/15/44 (c)		675			633,860
Arlington Texas, Higher Education Finance Corp., Riverwalk Education Foundation, Inc. (RB) 4.50%, 08/15/55 (c)		1,000			986,772

	Par (000’s		)	Value
Texas (continued)
Austin Independent School District, Unlimited Tax School Building (GO)
4.00%, 08/01/44 (c)	$	750		$	735,486
4.00%, 08/01/48 (c)		1,000			971,439
Central Texas Regional Mobility Authority, Senior Lien, Series E (RB) 5.00%, 01/01/45 (c)		750			769,269
City of Austin, Texas (GO)
5.00%, 09/01/43 (c)		1,000			1,090,151
5.00%, 09/01/44 (c)		1,000			1,081,996
City of Austin, Texas Electricity Utility System, Series A (RB) 5.00%, 11/15/49 (c)		1,375			1,411,896
City of Austin, Waterwaste System (RB) 5.00%, 11/15/43 (c)		1,000			1,068,708
City of Corpus Christi, Texas Utility System (RB) 5.00%, 07/15/49 (c)		1,000			1,043,857
City of Corpus Christi, Texas Utility System (RB) (AG)
5.00%, 07/15/43 (c)		1,000			1,071,631
5.00%, 07/15/45 (c)		1,000			1,061,724
City of El Paso, Texas Combination Tax (GO) 4.00%, 08/15/45 (c)		950			918,368
City of Lubbock, Texas Electric Light & Power System (RB) 4.00%, 04/15/46 (c)		650			610,509
City of Royse, Independent School District (GO) 5.00%, 02/15/48 (c)		950			995,141
City of San Antonio, Texas Electric & Gas Systems (RB) 5.00%, 02/01/44 (c)		500			521,636
City of San Antonio, Texas Electric & Gas Systems, Series B (RB) 5.00%, 02/01/54 (c)		3,000			3,144,493
City of San Antonio, Texas Electric & Gas Systems, Series D (RB) 5.25%, 02/01/54 (c)		2,000			2,141,726
City of Seguin, Texas Combination Tax and Limited Pledge (GO) 5.25%, 09/01/58 (c)		1,000			1,054,937
Clifton Higher Education Finance Corp. (RB) 4.00%, 08/15/44 (c)		1,000			961,178
Conroe Independent School District, Unlimited Tax School (GO)
4.25%, 02/15/50 (c)		750			736,545
5.00%, 02/15/49 (c)		1,000			1,056,882

See Notes to Financial Statements

140

	Par (000’s		)	Value
Texas (continued)
Crowley Independent School District (GO) 5.00%, 02/01/49 (c)	$	1,000		$	1,051,039
Cypress-Fairbanks Independent School District, Series A (GO) 2.25%, 02/15/43 (c)		600			436,315
Dallas Fort Worth International Airport, Series B (RB) 4.00%, 11/01/45 (c)		1,000			959,087
Dallas Fort Worth Texas International Airport, Series B (RB)
5.25%, 11/01/43 (c)		1,500			1,653,948
5.25%, 11/01/50 (c)		1,500			1,601,792
Dallas Independent School District, Unlimited Tax School Building (GO)
4.00%, 02/15/53 (c)		1,000			936,061
4.00%, 02/15/54 (c)		1,500			1,400,006
5.00%, 02/15/49 (c)		1,000			1,047,159
Denton Independent School District, Unlimited Tax School Building (GO) 5.00%, 08/15/48 (c)		1,000			1,050,091
East Montgomery County, Improvement District Sales Tax (RB) (AG) 5.25%, 08/15/49 (c)		750			801,204
El Paso Independent School District, Unlimited Tax School Building (GO) 4.00%, 08/15/48 (c)		795			747,666
Ford Bens County, Unlimited Tax Road (GO) 5.25%, 03/01/53 (c)		1,000			1,065,901
Grand Parkway Transportation Corp. System, First Tier Toll, Series C (RB) 4.00%, 10/01/49 (c)		770			716,501
Grand Parkway Transportation Corp. System, Subordinate Tier Toll, Series A (RB) 5.00%, 10/01/48 (c)		640			652,188
Harris County, Cultural Education Facilities Finance Corp., Houston Methodist Hospital (RB) 4.00%, 12/01/45 (c)		590			544,620
Harris County, Cultural Education Facilities Finance Corp., Texas Children’s Hospital, Series A (RB) 4.00%, 10/01/47 (c)		1,000			922,216
Harris County, Flood Control District, Series A (GO) 4.00%, 10/01/45 (c)		500			488,318
Harris County, Texas Toll Road, Series A (RB) 4.00%, 08/15/48 (c)		1,000			948,444

	Par (000’s		)	Value
Texas (continued)
Hurst-Euless-Bedford Independent School District (GO) 5.00%, 08/15/43 (c)	$	1,000		$	1,070,209
Joshua Independent School District (GO) 4.00%, 08/15/49 (c)		750			714,290
Katy Independent School District (GO)
4.75%, 02/15/55 (c)		1,000			1,026,266
5.25%, 02/15/54 (c)		1,000			1,080,645
Keller Independent School District (GO) 4.00%, 02/15/47 (c)		1,000			954,525
Lamar Consolidated Independent School District (GO) (AG) 5.50%, 02/15/58 (c)		2,000			2,147,097
Liberty Hill Independent School District (GO) 5.00%, 02/01/54 (c)		1,885			1,969,771
Lower Colorado River Authority Transmission Contract, Series A (RB) 5.25%, 05/15/44 (c)		1,000			1,090,564
Lower Colorado River Authority Transmission, LCRA Transmission Services Corp. Project, Series S (RB) 5.00%, 05/15/43 (c)		500			510,462
Lower Colorado River Authority, Series A (RB) 5.25%, 05/15/50 (c)		500			535,571
Mesquite Independent School District (GO) 5.00%, 08/15/45 (c)		1,675			1,797,165
North Texas Tollway Authority System, Second Tier (RB) 4.25%, 01/01/49 (c)		750			700,158
Northwest Independent School District, Unlimited Tax School Building (GO) 4.00%, 02/15/47 (c)		1,000			946,526
Pflugerville Independent School District, Unlimited Tax School Building, Series A (GO) 5.00%, 02/15/48 (c)		1,000			1,025,347
Rockwall Independent School District (GO) 4.00%, 02/15/53 (c)		1,000			927,070
San Jacinto College District, Series A (GO) 5.00%, 02/15/44 (c)		900			927,233
State of Texas, Department of Housing & Community Affairs, Residential Mortgage, Series A (RB) 5.25%, 01/01/53 (c)		1,000			1,035,509

See Notes to Financial Statements

141

VANECK LONG MUNI ETF

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(unaudited) (continued)

	Par (000’s		)	Value
Texas (continued)
Tarrant County Cultural Education Facilities Finance Corp., Cook Children’s Medical Center (RB) 5.25%, 12/01/49 (c)	$	1,000		$	1,073,315
Texarkana Independent School District, Unlimited Tax (GO) 4.00%, 02/15/53 (c)		1,000			933,050
Texas City, Independent School District, Unlimited Tax (GO) 4.00%, 08/15/53 (c)		1,015			939,524
Texas City, Independent School District, Unlimited Tax (RB) 5.00%, 10/15/53 (c)		1,000			1,048,365
Texas Department of Housing and Community Affairs, Residential Mortgage, Series B (RB) 5.25%, 07/01/53 (c)		1,000			1,080,657
Texas Transportation Commission, Texas Mobility Fund (GO) 5.00%, 10/01/44 (c)		1,250			1,367,076
Texas Transportation Finance Corporation, Series A (RB)
5.00%, 10/01/45 (c)		2,000			2,162,719
5.50%, 10/01/55 (c)		3,000			3,287,546
Texas Water Development Board (RB)
4.00%, 10/15/45 (c)		500			482,930
4.80%, 10/15/52 (c)		1,000			1,019,429
Texas Water Development Board, Series A (RB)
4.00%, 10/15/49 (c)		990			919,396
5.00%, 10/15/43 (c)		840			861,928
Texas Water Development Board, Series B (RB) 4.00%, 10/15/43 (c)		1,000			968,519
Texas Water Development Board, State Water Implementation (RB) 5.00%, 10/15/44 (c)		1,000			1,084,574
Tomball Independent School District, Unlimited Tax (GO) 4.00%, 02/15/45 (c)		1,000			978,083
University of Houston, Series A (RB) 5.00%, 02/15/56 (c)		500			517,906
Via Metropolitan Transit Advanced Transportation District (RB) 5.00%, 08/01/49 (c)		1,000			1,056,687
Waller Independent School District, Series A (GO) 4.00%, 02/15/48 (c)		500			479,719
Waxahachie Independent School District (GO) 4.00%, 02/15/49 (c)		750			716,048

	Par (000’s		)	Value
Texas (continued)
Weslaco Independent School District (GO) 4.12%, 02/15/49 (c)	$	1,470		$	1,430,290
Ysleta Independent School District (GO) 5.00%, 08/15/56 (c)		500			513,203
					84,195,214
Utah: 0.6%
Downtown Revitalization Public Infrastructure District (RB) (AG) 5.50%, 06/01/55 (c)		250			269,441
Salt Lake City, International Airport, Series B (RB) 5.00%, 07/01/43 (c)		360			368,372
University of Utah, Board of Higher Education, Series A (RB)
4.00%, 08/01/51 (c)		1,000			918,409
5.00%, 08/01/46 (c)		1,160			1,208,329
Utah County, IHC Health Services, Inc., Series B (RB) 3.00%, 05/15/47 (c)		210			162,575
Utah Transit Authority (RB) 5.00%, 12/15/44 (c)		1,000			1,087,446
					4,014,572
Virginia: 1.0%
County of Fairfax, Industrial Development Authority, Inova Health System Project (RB) 5.00%, 05/15/51 (c)		1,000			1,046,474
County of Fairfax, Industrial Development Authority, Inova Health System Project, Series A (RB) 4.00%, 05/15/48 (c)		1,000			948,731
Hampton Roads Transportation Accountability Commission, Series A (RB)
4.00%, 07/01/57 (c)		600			558,069
5.00%, 07/01/50 (c)		625			645,581
5.00%, 07/01/60 (c)		500			512,883
Virginia Housing Development Authority, Series K (RB) 2.55%, 12/01/46 (c)		1,000			710,004
Virginia Small Business Financing Authority, Series A (RB)
4.00%, 01/01/45 (c)		500			451,545
5.50%, 12/01/54 (c)		500			512,008
Williamsburg Economic Development Authority, Virginia Student Housing, William and Mary Project, Series A (RB) (AG) 4.38%, 07/01/63 (c)		1,000			971,811
					6,357,106

See Notes to Financial Statements

142

	Par (000’s		)	Value
Washington: 2.0%
City of Seattle, City Light Department, Series A (RB) 4.00%, 07/01/51 (c)	$	250		$	229,699
City of Seattle, Washington Municipal Light and Power (RB)
5.00%, 02/01/43 (c)		1,000			1,081,922
5.25%, 02/01/55 (c)		500			538,220
City of Seattle, Washington Municipal Light and Power, Series A (RB)
4.00%, 05/01/45 (c)		1,000			953,023
5.00%, 03/01/53 (c)		1,000			1,041,305
King County, Public Hospital District No. 2, Evergreen Health, Series A (GO) 4.00%, 12/01/45 (c)		650			600,078
State Of Washington, Series C (GO) 5.00%, 02/01/48 (c)		2,635			2,787,440
State of Washington, Various Purpose, Series A (GO) 5.00%, 08/01/43 (c)		1,090			1,159,377
Washington State Housing Finance Commission, Blakeley and Laurel Village, Series A (RB) (BAM) 5.25%, 07/01/55 (c)		2,000			2,039,118
Washington State Housing Finance Commission, Radford Court and Nordheim Court Portfolio (RB) 5.00%, 07/01/54 (c)		500			485,765
Washington State Various Purpose, Series B (GO) 5.00%, 02/01/48 (c)		1,705			1,793,370
					12,709,317
West Virginia: 0.2%
West Virginia Hospital Finance Authority, University Health System, Series A (RB) 4.38%, 06/01/53 (c)		1,000			942,400

	Par (000’s		)	Value
West Virginia (continued)
West Virginia Parkways Authority, Turnpike Toll (RB) 5.00%, 06/01/47 (c)	$	620		$	644,046
					1,586,446
Wisconsin: 1.2%
Janesville Wisconsin School District, Series B (GO) 4.38%, 03/01/43 (c)		750			756,954
Public Finance Authority, Pooled Charter School (RB) 5.75%, 07/01/62 (c)		948			994,549
University of Wisconsin Hospitals and Clinics Authority, Series B (RB) 5.00%, 04/01/49 (c)		500			517,156
Wisconsin Health and Educational Facilities Authority, Children’s Hospital, Inc. (RB) 4.00%, 08/15/47 (c)		1,000			907,536
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series A (RB) 5.00%, 02/15/46 (c)		250			250,208
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Series A (RB) (BAM) 4.50%, 02/15/54 (c)		1,000			987,086
Wisconsin Housing and Economic Development Authority, Home Ownership, Series A (RB) 4.85%, 09/01/43 (c)		1,000			1,025,330
Wisconsin Housing and Economic Development Authority, Home Ownership, Series C (RB)
4.50%, 09/01/44 (c)		1,000			1,011,982
4.75%, 03/01/51 (c)		1,000			1,004,617
					7,455,418
Total Municipal Bonds: 98.6% (Cost: $646,311,429)					631,754,685
Other assets less liabilities: 1.4%					8,771,954
NET ASSETS: 100.0%				$	640,526,639

See Notes to Financial Statements

143

VANECK LONG MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Definitions:

AG	Assured Guaranty, Inc.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
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
XLCA	Syncora Guarantee, Inc.

Footnotes:

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

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Municipal Bonds *		$	—			$	631,754,685			$	—			$	631,754,685

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

144

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 98.2%
Canada: 6.6%
Alimentation Couche-Tard, Inc. 144A 3.80%, 01/25/50	$	75		$	57,513
Bank of Montreal 7.30% (US Treasury Yield Curve Rate T 5 Year+3.01%), 11/26/84 (a)		25			26,631
Bank of Nova Scotia 4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 (a)		25			24,335
6.88% (US Treasury Yield Curve Rate T 5 Year+2.73%), 10/27/85 (a)		25			25,246
7.35% (US Treasury Yield Curve Rate T 5 Year+2.90%), 04/27/85 (a)		25			26,155
Canadian Imperial Bank of Commerce 7.00% (US Treasury Yield Curve Rate T 5 Year+3.00%), 10/28/85 (a)		25			25,795
Canadian Natural Resources Ltd. 144A 5.40%, 12/15/34		25			25,483
Canadian Pacific Railway Co.
1.75%, 12/02/26		25			24,413
2.45%, 12/02/31		25			22,315
Element Fleet Management Corp. 144A 5.64%, 03/13/27		25			25,466
Enbridge, Inc.
2.50%, 08/01/33		25			21,326
3.12%, 11/15/29		75			71,678
5.62%, 04/05/34		50			52,222
5.70%, 03/08/33		25			26,343
GFL Environmental, Inc. 144A 3.50%, 09/01/28		25			24,467
Royal Bank of Canada 6.35% (US Treasury Yield Curve Rate T 5 Year+2.26%), 11/24/84 (a)		25			24,716
6.50% (US Treasury Yield Curve Rate T 5 Year+2.46%), 11/24/85 (a)		50			49,946
Toronto-Dominion Bank

	Par (000’s		)	Value
Canada (continued)
7.25% (US Treasury Yield Curve Rate T 5 Year+2.98%), 07/31/84 †(a)	$	25		$	26,447
					580,497
Chile: 0.3%
Cencosud SA 144A 4.38%, 07/17/27		25			25,033
France: 7.5%
BNP Paribas SA 144A 4.62%, 03/13/27		25			25,022
5.91% (SOFR+1.92%), 11/19/35 (a)		50			51,924
Credit Agricole SA 144A 3.25%, 01/14/30		50			47,259
6.25% (SOFR+2.67%), 01/10/35 (a)		50			52,761
Danone SA 144A 2.95%, 11/02/26		50			49,474
Societe Generale SA 144A 2.80% (US Treasury Yield Curve Rate T 1 Year+1.30%), 01/19/28 (a)		100			98,089
2.89% (US Treasury Yield Curve Rate T 1 Year+1.30%), 06/09/32 (a)		25			22,495
3.00%, 01/22/30		75			70,407
3.34% (US Treasury Yield Curve Rate T 1 Year+1.60%), 01/21/33 (a)		50			45,467
3.62%, 03/01/41		75			56,325
4.03% (US Treasury Yield Curve Rate T 1 Year+1.90%), 01/21/43 (a)		50			38,915
5.44% (SOFR+1.73%), 10/03/36 (a)		50			50,088
5.52% (US Treasury Yield Curve Rate T 1 Year+1.50%), 01/19/28 (a)		25			25,312
6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35 †(a)		25			26,284
					659,822
India: 0.3%
Reliance Industries Ltd. 144A 3.67%, 11/30/27		25			24,730
Ireland: 0.6%
Flutter Treasury DAC 144A 5.88%, 06/04/31		50			50,656
Italy: 2.2%
Enel Finance International NV 144A

See Notes to Financial Statements

145

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Italy (continued)
3.50%, 04/06/28	$	50		$	49,193
3.62%, 05/25/27		25			24,798
Intesa Sanpaolo SpA 144A
6.62%, 06/20/33		25			27,537
7.20%, 11/28/33		50			56,983
7.80%, 11/28/53		25			30,970
					189,481
Mexico: 0.8%
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51		25			19,435
Minera Mexico SA de CV 144A 5.62%, 02/12/32		25			26,025
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		25			25,071
					70,531
Netherlands: 1.9%
Deutsche Telekom International Finance BV 8.75%, 06/15/30		75			88,268
Deutsche Telekom International Finance BV 144A
3.60%, 01/19/27		25			24,872
4.38%, 06/21/28		25			25,134
Prosus NV 144A 3.26%, 01/19/27		25			24,618
					162,892
Norway: 0.3%
Var Energi ASA 144A 8.00%, 11/15/32		25			28,891
Poland: 0.3%
ORLEN SA 144A 6.00%, 01/30/35		25			26,426
Thailand: 0.3%
Bangkok Bank PCL 144A 4.30%, 06/15/27		25			25,022
United Kingdom: 0.6%
Ferguson Finance PLC 144A 4.50%, 10/24/28		25			25,145
HSBC Holdings PLC 6.50%, 09/15/37		25			27,005
					52,150
United States: 76.5%
Alcon Finance Corp. 144A 3.00%, 09/23/29		25			23,836
Altria Group, Inc.
2.45%, 02/04/32		50			43,960
3.40%, 02/04/41		50			38,566
4.25%, 08/09/42		50			41,917
4.80%, 02/14/29		75			76,150
5.80%, 02/14/39		50			51,523
5.95%, 02/14/49		25			25,388
Ares Capital Corp. 5.88%, 03/01/29		25			25,601

	Par (000’s		)	Value
United States (continued)
5.95%, 07/15/29	$	50		$	51,328
7.00%, 01/15/27		50			51,366
AT&T, Inc.
3.85%, 06/01/60		75			52,945
4.30%, 02/15/30		75			74,994
Blue Owl Capital Corp. 5.95%, 03/15/29		25			25,339
Campbell Soup Co. 5.40%, 03/21/34		50			51,387
Capital One Financial Corp.
2.36% (SOFR+1.34%), 07/29/32 (a)		25			21,729
4.10%, 02/09/27		50			49,926
5.20% (SOFR+1.63%), 09/11/36 (a)		25			24,845
6.05% (SOFR+2.26%), 02/01/35 (a)		75			79,554
6.18% (SOFR+2.04%), 01/30/36 (a)		50			52,126
6.38% (SOFR+2.86%), 06/08/34 (a)		50			54,143
7.96% (SOFR Compound Index+3.37%), 11/02/34 (a)		25			29,503
Centene Corp.
2.50%, 03/01/31		25			21,538
2.62%, 08/01/31		75			64,405
3.00%, 10/15/30		25			22,326
3.38%, 02/15/30 †		75			69,043
4.62%, 12/15/29		50			48,536
CF Industries, Inc. 144A 4.50%, 12/01/26		25			25,020
Charter Communications Operating LLC / Charter Communications Operating Capital
3.85%, 04/01/61 †		75			46,198
3.95%, 06/30/62		75			46,488
5.12%, 07/01/49		20			16,137
5.38%, 04/01/38		50			46,383
5.38%, 05/01/47		75			63,673
6.38%, 10/23/35		50			51,812
6.48%, 10/23/45		150			144,987
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29		25			24,348
5.12%, 06/30/27		25			25,262
Citigroup, Inc. 4.30%, 11/20/26		25			25,036
5.83% (SOFR+2.06%), 02/13/35 (a)		50			51,979
6.02% (SOFR+1.83%), 01/24/36 (a)		75			78,492
Conagra Brands, Inc.
5.30%, 11/01/38		50			48,144
5.40%, 11/01/48		25			22,917
Constellation Brands, Inc.
2.25%, 08/01/31		50			44,281
3.15%, 08/01/29		25			24,063

See Notes to Financial Statements

146

	Par (000’s		)	Value
United States (continued)
Deutsche Bank AG 7.08% (SOFR+3.65%), 02/10/34 (a)	$	25		$	27,412
DT Midstream, Inc. 144A 4.12%, 06/15/29		25			24,476
Equinix, Inc. 3.20%, 11/18/29 †		25			23,995
Everest Reinsurance Holdings, Inc. 3.12%, 10/15/52		25			16,097
Fiserv, Inc. 3.50%, 07/01/29		75			72,196
General Mills, Inc.
2.88%, 04/15/30		50			47,123
3.20%, 02/10/27		50			49,477
4.95%, 03/29/33		25			25,373
GLP Capital LP / GLP Financing II, Inc.
5.30%, 01/15/29		25			25,493
5.62%, 09/15/34		25			25,296
Golub Capital BDC, Inc. 6.00%, 07/15/29		25			25,386
Haleon US Capital LLC 3.38%, 03/24/29		75			73,084
HCA, Inc.
4.12%, 06/15/29		75			74,487
5.12%, 06/15/39		75			72,980
5.25%, 06/15/49		75			68,902
International Flavors & Fragrances, Inc. 144A 1.83%, 10/15/27		25			23,838
IQVIA, Inc. 6.25%, 02/01/29		25			26,355
ITC Holdings Corp. 144A 4.95%, 09/22/27		25			25,336
J M Smucker Co. 6.20%, 11/15/33		25			27,124
Keurig Dr. Pepper, Inc.
3.80%, 05/01/50		25			18,509
3.95%, 04/15/29		25			24,650
4.05%, 04/15/32		50			48,022
4.50%, 04/15/52		50			40,881
5.10%, 03/15/27		25			25,248
Kraft Heinz Foods Co.
3.88%, 05/15/27		25			24,891
4.38%, 06/01/46		50			41,801
5.00%, 06/04/42		50			46,177
5.20%, 07/15/45		50			46,371
6.88%, 01/26/39		25			27,891
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		25			28,625
Kroger Co.
4.45%, 02/01/47		100			85,568
5.00%, 09/15/34		25			25,218
Lowe’s Cos, Inc.
2.62%, 04/01/31		100			91,471
3.65%, 04/05/29		25			24,592
LPL Holdings, Inc. 144A

	Par (000’s		)	Value
United States (continued)
4.00%, 03/15/29	$	25		$	24,429
Marriott International, Inc.
2.85%, 04/15/31		25			23,038
3.50%, 10/15/32		100			93,023
4.90%, 04/15/29		25			25,531
5.35%, 03/15/35 †		25			25,670
McCormick & Co., Inc. 3.40%, 08/15/27		25			24,723
McDonald’s Corp.
2.12%, 03/01/30		150			137,709
3.50%, 07/01/27		50			49,617
3.62%, 09/01/49		50			37,388
4.45%, 09/01/48		25			21,609
4.88%, 12/09/45		50			46,270
6.30%, 10/15/37		50			55,560
Midwest Connector Capital Co. LLC 144A 4.62%, 04/01/29		25			25,111
Mondelez International, Inc.
2.62%, 09/04/50		75			45,502
3.00%, 03/17/32		25			22,884
Motorola Solutions, Inc. 4.60%, 05/23/29		25			25,297
MPLX LP
2.65%, 08/15/30		50			46,067
4.80%, 02/15/29		25			25,381
4.95%, 09/01/32		25			25,083
5.00%, 03/01/33		50			50,124
5.40%, 04/01/35		50			50,380
News Corp. 144A 3.88%, 05/15/29		25			24,115
NRG Energy, Inc. 144A 2.45%, 12/02/27		25			23,984
Oracle Corp.
3.60%, 04/01/40		75			58,766
3.80%, 11/15/37		50			42,319
3.85%, 07/15/36		25			21,858
3.95%, 03/25/51		50			35,673
4.00%, 07/15/46		50			37,498
4.38%, 05/15/55		50			37,718
5.25%, 02/03/32		50			50,924
5.38%, 07/15/40		100			95,347
5.50%, 09/27/64		25			21,825
6.12%, 07/08/39		25			25,779
O’Reilly Automotive, Inc. 3.60%, 09/01/27		25			24,796
Pacific Gas and Electric Co.
2.10%, 08/01/27		75			72,135
2.50%, 02/01/31		50			44,775
3.25%, 06/01/31		50			46,200
3.30%, 08/01/40		25			19,006
3.50%, 08/01/50		50			34,202
3.75%, 07/01/28		50			49,198
4.50%, 07/01/40		100			87,006
4.95%, 07/01/50		75			64,617
6.75%, 01/15/53		25			27,044
Roper Technologies, Inc. 4.20%, 09/15/28		25			25,055

See Notes to Financial Statements

147

VANECK MOODY’S ANALYTICS BBB CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
Sabine Pass Liquefaction LLC 5.00%, 03/15/27	$	25		$	25,149
Sherwin-Williams Co. 3.45%, 06/01/27		50			49,548
Sprint Capital Corp.
6.88%, 11/15/28		75			80,593
8.75%, 03/15/32		25			30,424
Sysco Corp. 5.95%, 04/01/30		25			26,527
T-Mobile USA, Inc.
2.05%, 02/15/28		50			47,768
2.55%, 02/15/31		50			45,489
3.00%, 02/15/41		25			18,725
3.30%, 02/15/51		25			16,927
3.38%, 04/15/29		75			72,915
3.40%, 10/15/52		50			34,103
3.75%, 04/15/27		50			49,730
3.88%, 04/15/30		60			58,788
4.38%, 04/15/40		75			67,416
4.70%, 01/15/35		25			24,529
Tyson Foods, Inc.
3.55%, 06/02/27		25			24,765
4.35%, 03/01/29		50			50,046
5.10%, 09/28/48		25			23,105
United Rentals North America, Inc. 144A 6.00%, 12/15/29		25			25,678
Verizon Communications, Inc.
1.75%, 01/20/31		25			21,861
2.35%, 03/15/32		50			43,737
2.55%, 03/21/31		150			136,275
2.99%, 10/30/56		25			15,200
3.40%, 03/22/41		50			39,304
4.33%, 09/21/28		125			125,701

	Par (000’s		)	Value
United States (continued)
VICI Properties LP 5.12%, 05/15/32	$	50		$	50,427
VICI Properties LP / VICI Note Co., Inc. 144A
3.75%, 02/15/27		50			49,525
4.25%, 12/01/26		25			24,947
4.62%, 12/01/29		50			49,605
Vistra Operations Co. LLC 144A
4.30%, 07/15/29		25			24,764
6.95%, 10/15/33		50			55,659
VMware LLC
1.80%, 08/15/28		25			23,484
2.20%, 08/15/31		50			44,228
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26		25			24,820
4.70%, 09/15/28		25			25,323
					6,688,860
Total Corporate Bonds (Cost: $8,564,573)					8,584,991

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%
Money Market Fund: 2.7% (Cost: $238,357)
State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x)		238,357			238,357
Total Investments: 100.9% (Cost: $8,802,930)					8,823,348
Liabilities in excess of other assets: (0.9)%					(81,546)
NET ASSETS: 100.0%				$	8,741,802

Definitions:

SOFR	Secured Overnight Financing Rate

Footnotes:

(a)	Variable rate security — the rate shown is as of 10/31/25
(x)	Rate shown is the 1-day yield as of 10/31/25.
†	Security fully or partially on loan. Total market value of securities on loan is $193,057.

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 $1,812,238, or 20.7% of net assets.

See Notes to Financial Statements

148

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	8,584,991	$	—	$	8,584,991
Money Market Fund		238,357		—		—		238,357
Total Investments	$	238,357	$	8,584,991	$	—	$	8,823,348


*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

149

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
CORPORATE BONDS: 98.4%
Canada: 6.9%
Alimentation Couche-Tard, Inc. 144A
3.80%, 01/25/50	$	50		$	38,342
5.27%, 02/12/34		30			30,761
Bank of Montreal 7.30% (US Treasury Yield Curve Rate T 5 Year+3.01%), 11/26/84 (a)		25			26,631
Bank of Nova Scotia
1.95%, 02/02/27		50			48,799
2.45%, 02/02/32		100			89,234
4.59% (US Treasury Yield Curve Rate T 5 Year+2.05%), 05/04/37 (a)		25			24,335
4.85%, 02/01/30		50			51,110
6.88% (US Treasury Yield Curve Rate T 5 Year+2.73%), 10/27/85 (a)		50			50,492
Brookfield Finance, Inc. 3.50%, 03/30/51		50			35,443
Canadian Imperial Bank of Commerce
5.24%, 06/28/27		50			50,992
7.00% (US Treasury Yield Curve Rate T 5 Year+3.00%), 10/28/85 (a)		25			25,795
Canadian Natural Resources Ltd. 6.25%, 03/15/38		25			26,711
Canadian Pacific Railway Co. 1.75%, 12/02/26		25			24,413
Enbridge, Inc.
2.50%, 08/01/33		50			42,653
3.12%, 11/15/29		25			23,893
5.70%, 03/08/33		25			26,343
Royal Bank of Canada
6.35% (US Treasury Yield Curve Rate T 5 Year+2.26%), 11/24/84 (a)		25			24,716
6.50% (US Treasury Yield Curve Rate T 5 Year+2.46%), 11/24/85 (a)		25			24,973
Toronto-Dominion Bank
2.80%, 03/10/27		75			73,819
3.20%, 03/10/32		50			46,566
4.11%, 06/08/27		25			25,019
4.93%, 10/15/35		100			100,254
4.99%, 04/05/29		75			76,936

	Par (000’s		)	Value
Canada (continued)
7.25% (US Treasury Yield Curve Rate T 5 Year+2.98%), 07/31/84 †(a)	$	25		$	26,447
					1,014,677
Chile: 0.2%
Cencosud SA 144A 4.38%, 07/17/27		25			25,033
Denmark: 0.2%
Danske Bank A/S 144A 5.43% (US Treasury Yield Curve Rate T 1 Year+0.95%), 03/01/28 (a)		25			25,421
France: 7.5%
BNP Paribas SA 144A
2.59% (SOFR+1.23%), 01/20/28 (a)		25			24,485
3.50%, 11/16/27		75			73,908
5.12% (US Treasury Yield Curve Rate T 1 Year+1.45%), 01/13/29 (a)		50			50,915
5.18% (SOFR+1.52%), 01/09/30 (a)		50			51,228
5.33% (US Treasury Yield Curve Rate T 1 Year+1.50%), 06/12/29 (a)		100			102,601
5.89% (SOFR+1.87%), 12/05/34 (a)		100			106,476
5.91% (SOFR+1.92%), 11/19/35 (a)		50			51,924
Credit Agricole SA 144A
2.02%, 01/11/27		50			48,785
3.25%, 01/14/30		25			23,629
5.37%, 03/11/34		25			26,159
5.51%, 07/05/33		25			26,413
6.25% (SOFR+2.67%), 01/10/35 †(a)		25			26,380
Danone SA 144A 2.95%, 11/02/26		50			49,474
Societe Generale SA 144A
2.80% (US Treasury Yield Curve Rate T 1 Year+1.30%), 01/19/28 (a)		75			73,567
3.00%, 01/22/30		125			117,345
4.03% (US Treasury Yield Curve Rate T 1 Year+1.90%), 01/21/43 (a)		50			38,915
4.68%, 06/15/27		50			50,433
6.07% (US Treasury Yield Curve Rate T 1 Year+2.10%), 01/19/35 (a)		25			26,284

See Notes to Financial Statements

150

	Par (000’s		)	Value
France (continued)
6.22% (US Treasury Yield Curve Rate T 1 Year+3.20%), 06/15/33 (a)	$	50		$	52,771
6.69% (US Treasury Yield Curve Rate T 1 Year+2.95%), 01/10/34 (a)		75			81,733
					1,103,425
India: 0.2%
Reliance Industries Ltd. 144A 3.67%, 11/30/27		25			24,730
Ireland: 0.3%
Flutter Treasury DAC 144A 5.88%, 06/04/31		50			50,656
Italy: 1.1%
Intesa Sanpaolo SpA 144A
6.62%, 06/20/33		50			55,075
7.20%, 11/28/33		50			56,982
7.80%, 11/28/53		25			30,970
UniCredit SpA 144A 3.13% (US Treasury Yield Curve Rate T 1 Year+1.55%), 06/03/32 (a)		25			23,093
					166,120
Mexico: 0.3%
Infraestructura Energetica Nova SAPI de CV 144A 4.75%, 01/15/51		25			19,435
Sitios Latinoamerica SAB de CV 144A 5.38%, 04/04/32		25			25,071
					44,506
Netherlands: 1.8%
Deutsche Telekom International Finance BV 8.75%, 06/15/30		75			88,268
Deutsche Telekom International Finance BV 144A
3.60%, 01/19/27		25			24,872
4.38%, 06/21/28		50			50,268
Enel Finance International NV 144A 2.12%, 07/12/28		25			23,684
JDE Peet’s NV 144A 1.38%, 01/15/27		50			48,271
Prosus NV 144A 3.26%, 01/19/27		25			24,618
					259,981
Norway: 0.4%
DNB Bank ASA 144A 4.85% (SOFR+1.05%), 11/05/30 (a)		25			25,508
Var Energi ASA 144A 8.00%, 11/15/32 †		25			28,891
					54,399

	Par (000’s		)	Value
Poland: 0.2%
ORLEN SA 144A 6.00%, 01/30/35	$	25		$	26,427
Saudi Arabia: 2.1%
Saudi Arabian Oil Co. 144A
2.25%, 11/24/30		100			90,382
3.25%, 11/24/50		100			69,246
3.50%, 04/16/29		75			73,594
5.25%, 07/17/34		50			51,792
5.88%, 07/17/64		25			24,991
					310,005
Spain: 1.8%
Banco Bilbao Vizcaya Argentaria SA 5.38%, 03/13/29		25			25,862
Banco Santander SA
5.37% (US Treasury Yield Curve Rate T 1 Year+0.95%), 07/15/28 (a)		75			76,430
5.44%, 07/15/31		50			52,516
6.53% (US Treasury Yield Curve Rate T 1 Year+1.65%), 11/07/27 (a)		25			25,577
6.94%, 11/07/33		75			85,995
					266,380
Sweden: 0.3%
Svenska Handelsbanken AB 144A 3.95%, 06/10/27		25			25,042
Swedbank AB 144A 1.54%, 11/16/26		25			24,401
					49,443
Switzerland: 0.2%
UBS Group AG 144A 3.18% (US Treasury Yield Curve Rate T 1 Year+1.10%), 02/11/43 (a)		50			38,551
United Arab Emirates: 0.2%
Abu Dhabi Crude Oil Pipeline LLC 144A 3.65%, 11/02/29		25			24,671
United Kingdom: 1.3%
Barclays PLC 3.33% (US Treasury Yield Curve Rate T 1 Year+1.30%), 11/24/42 (a)		50			39,000
Credit Agricole SA 144A 4.12%, 01/10/27		75			74,898
Ferguson Finance PLC 144A 4.50%, 10/24/28		50			50,290
HSBC Holdings PLC 4.38%, 11/23/26		25			25,034
					189,222

See Notes to Financial Statements

151

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States: 73.4%
AIG SunAmerica Global Financing X 144A
6.90%, 03/15/32	$	25		$	27,973
Altria Group, Inc.
2.45%, 02/04/32		50			43,960
3.40%, 05/06/30		50			48,063
3.40%, 02/04/41		75			57,849
4.25%, 08/09/42		125			104,792
4.80%, 02/14/29		50			50,767
5.38%, 01/31/44 †		50			48,806
5.80%, 02/14/39		25			25,762
5.95%, 02/14/49		25			25,388
Apple, Inc.
1.20%, 02/08/28		75			70,937
1.40%, 08/05/28		25			23,474
1.65%, 02/08/31		25			22,171
2.20%, 09/11/29		25			23,510
2.38%, 02/08/41		100			71,916
2.65%, 05/11/50		150			95,542
2.65%, 02/08/51		75			47,592
2.95%, 09/11/49		50			34,245
3.85%, 05/04/43		50			42,641
Ares Capital Corp.
5.88%, 03/01/29		25			25,601
5.95%, 07/15/29		50			51,328
7.00%, 01/15/27		50			51,366
AT&T, Inc.
3.80%, 12/01/57		150			106,002
3.85%, 06/01/60		50			35,297
Berkshire Hathaway Energy Co.
2.85%, 05/15/51		25			15,946
3.70%, 07/15/30		25			24,518
3.80%, 07/15/48		25			19,354
4.25%, 10/15/50		25			20,578
4.45%, 01/15/49		75			64,577
4.60%, 05/01/53 †		25			21,677
5.15%, 11/15/43		25			24,288
6.12%, 04/01/36		25			27,136
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 †		50			44,289
2.85%, 10/15/50		50			33,061
3.85%, 03/15/52		150			118,302
4.20%, 08/15/48		75			64,228
4.25%, 01/15/49		50			43,109
Blue Owl Capital Corp. 2.88%, 06/11/28		50			47,228
Cameron LNG LLC 144A
2.90%, 07/15/31		25			22,920
3.30%, 01/15/35		25			21,962
3.70%, 01/15/39		50			43,119
Campbell Soup Co. 5.40%, 03/21/34		25			25,693
Capital One Financial Corp. 5.20% (SOFR+1.63%), 09/11/36 (a)		50			49,690

	Par (000’s		)	Value
United States (continued)
6.18% (SOFR+2.04%), 01/30/36 (a)	$	75		$	78,190
6.38% (SOFR+2.86%), 06/08/34 (a)		50			54,143
Centene Corp.
3.00%, 10/15/30 †		100			89,306
3.38%, 02/15/30		75			69,043
4.62%, 12/15/29		100			97,072
CF Industries, Inc. 144A 4.50%, 12/01/26		25			25,020
Charter Communications Operating LLC / Charter Communications Operating Capital
3.50%, 06/01/41		75			54,130
3.70%, 04/01/51		150			98,119
4.40%, 12/01/61		25			16,950
5.38%, 04/01/38		125			115,958
5.38%, 05/01/47		25			21,224
5.50%, 04/01/63		25			20,330
5.75%, 04/01/48		50			44,380
6.48%, 10/23/45		50			48,329
Cheniere Corpus Christi Holdings LLC 5.12%, 06/30/27		50			50,524
Cintas Corp. No 2 3.70%, 04/01/27		25			24,913
Citigroup, Inc. 6.02% (SOFR+1.83%), 01/24/36 (a)		100			104,656
Coca-Cola Co.
1.38%, 03/15/31		50			43,702
2.00%, 03/05/31		25			22,585
2.50%, 06/01/40		100			74,634
2.88%, 05/05/41		50			38,617
3.45%, 03/25/30		75			73,261
5.40%, 05/13/64		50			49,779
Conagra Brands, Inc.
1.38%, 11/01/27		25			23,609
4.85%, 11/01/28		25			25,282
5.30%, 11/01/38		25			24,072
Constellation Brands, Inc.
2.25%, 08/01/31		50			44,281
3.15%, 08/01/29		25			24,063
Costco Wholesale Corp. 1.60%, 04/20/30		50			45,213
Deutsche Bank AG 7.08% (SOFR+3.65%), 02/10/34 (a)		50			54,825
DT Midstream, Inc. 144A 4.12%, 06/15/29		25			24,476
Duke Energy Carolinas LLC
3.20%, 08/15/49		25			17,521
4.95%, 01/15/33		25			25,778
5.30%, 02/15/40		25			25,560
5.35%, 01/15/53		50			49,342
Duke Energy Progress LLC 5.05%, 03/15/35		75			76,532

See Notes to Financial Statements

152

	Par (000’s		)	Value
United States (continued)
Entergy Louisiana LLC
4.00%, 03/15/33	$	25		$	24,108
4.20%, 09/01/48		25			20,692
Equinix, Inc. 3.20%, 11/18/29 †		50			47,991
Expand Energy Corp. 144A 6.75%, 04/15/29		25			25,206
First Citizens BancShares, Inc./NC 6.25% (US Treasury Yield Curve Rate T 5 Year+1.97%), 03/12/40 (a)		25			25,419
Fiserv, Inc.
3.50%, 07/01/29		50			48,130
5.15%, 03/15/27		50			50,424
Florida Power & Light Co.
3.15%, 10/01/49		25			17,505
3.95%, 03/01/48		25			20,397
4.80%, 05/15/33		25			25,559
5.10%, 04/01/33		25			25,921
5.30%, 06/15/34		25			26,177
Gartner, Inc. 144A 3.75%, 10/01/30		25			23,661
General Mills, Inc.
3.20%, 02/10/27		25			24,739
4.20%, 04/17/28		50			50,044
4.95%, 03/29/33		25			25,373
5.25%, 01/30/35		25			25,493
GLP Capital LP / GLP Financing II, Inc.
3.25%, 01/15/32		25			22,462
5.30%, 01/15/29		50			50,987
HCA, Inc.
2.38%, 07/15/31		50			44,632
4.12%, 06/15/29		50			49,658
4.50%, 02/15/27		50			50,080
5.25%, 06/15/49		25			22,967
5.50%, 06/15/47		75			72,081
Home Depot, Inc.
1.38%, 03/15/31		75			64,894
2.70%, 04/15/30		100			94,430
5.95%, 04/01/41		25			26,957
Illinois Tool Works, Inc. 2.65%, 11/15/26		25			24,736
International Flavors & Fragrances, Inc. 144A
1.83%, 10/15/27		25			23,838
3.47%, 12/01/50		25			17,442
IQVIA, Inc. 6.25%, 02/01/29		25			26,355
ITC Holdings Corp. 144A 4.95%, 09/22/27		25			25,336
Keurig Dr. Pepper, Inc.
3.80%, 05/01/50		75			55,527
3.95%, 04/15/29		50			49,299
4.05%, 04/15/32		25			24,011
4.60%, 05/25/28		25			25,153

	Par (000’s		)	Value
United States (continued)
Kraft Heinz Foods Co.
3.88%, 05/15/27	$	25		$	24,891
4.38%, 06/01/46		100			83,601
5.00%, 06/04/42		25			23,089
5.20%, 07/15/45		50			46,371
6.88%, 01/26/39		25			27,891
Kraft Heinz Foods Co. 144A 7.12%, 08/01/39		25			28,625
Kroger Co.
5.00%, 09/15/34		75			75,654
5.65%, 09/15/64 †		25			24,387
Lowe’s Cos, Inc.
3.00%, 10/15/50		50			32,463
4.45%, 04/01/62		25			19,996
Marriott International, Inc. 4.90%, 04/15/29		25			25,531
Mastercard, Inc.
2.95%, 11/21/26		75			74,381
2.95%, 06/01/29		50			48,351
4.35%, 01/15/32		25			25,145
4.55%, 01/15/35		50			49,953
4.85%, 03/09/33		25			25,698
4.88%, 03/09/28		25			25,548
McCormick & Co., Inc. 3.40%, 08/15/27		25			24,723
McDonald’s Corp.
2.12%, 03/01/30		25			22,952
2.62%, 09/01/29		40			37,964
3.50%, 03/01/27		100			99,310
3.50%, 07/01/27		25			24,808
3.60%, 07/01/30 †		25			24,418
3.62%, 09/01/49		50			37,388
4.45%, 03/01/47		50			43,304
4.70%, 12/09/35		25			24,826
4.88%, 12/09/45		25			23,135
4.95%, 03/03/35		25			25,336
5.00%, 02/13/36		25			25,195
6.30%, 10/15/37		25			27,780
Meta Platforms, Inc.
3.50%, 08/15/27		50			49,746
4.65%, 08/15/62		75			62,460
4.95%, 05/15/33		75			77,044
Mondelez International, Inc.
2.62%, 09/04/50		25			15,167
2.75%, 04/13/30		50			47,022
3.00%, 03/17/32		25			22,884
MPLX LP 4.12%, 03/01/27		25			24,966
Nestle Holdings, Inc. 144A
1.00%, 09/15/27		45			42,776
3.62%, 09/24/28		25			24,824
News Corp. 144A 3.88%, 05/15/29		25			24,115
NRG Energy, Inc. 144A 2.45%, 12/02/27		25			23,984
Oncor Electric Delivery Co. LLC 4.95%, 09/15/52		25			22,926

See Notes to Financial Statements

153

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
United States (continued)
5.65%, 11/15/33	$	25		$	26,632
Oracle Corp.
3.65%, 03/25/41		130			101,015
3.80%, 11/15/37		35			29,623
3.85%, 04/01/60		75			49,613
3.95%, 03/25/51		50			35,673
4.00%, 07/15/46		25			18,749
4.12%, 05/15/45		75			58,020
4.30%, 07/08/34		25			23,440
5.38%, 07/15/40		75			71,510
6.50%, 04/15/38		25			26,776
O’Reilly Automotive, Inc. 3.60%, 09/01/27		25			24,796
Pacific Gas and Electric Co.
2.50%, 02/01/31		25			22,387
3.00%, 06/15/28		50			48,222
3.25%, 06/01/31		50			46,200
3.75%, 07/01/28		25			24,599
4.50%, 07/01/40		50			43,503
4.55%, 07/01/30		25			24,850
5.55%, 05/15/29		59			60,765
5.70%, 03/01/35		20			20,569
6.10%, 01/15/29		35			36,524
6.15%, 01/15/33		50			53,109
6.15%, 03/01/55		25			25,255
6.75%, 01/15/53		50			54,088
PepsiCo, Inc.
2.62%, 07/29/29		100			95,270
2.62%, 10/21/41		50			36,665
2.75%, 10/21/51 †		25			16,206
2.88%, 10/15/49		50			33,727
3.00%, 10/15/27		50			49,321
3.60%, 02/18/28		25			24,890
3.62%, 03/19/50		50			38,498
4.45%, 04/14/46		50			45,106
5.00%, 02/07/35		25			25,683
5.00%, 07/23/35		75			76,791
Philip Morris International, Inc.
3.38%, 08/15/29		50			48,691
4.88%, 02/13/29		50			51,063
5.12%, 02/15/30		50			51,630
5.12%, 02/13/31		25			25,850
5.38%, 02/15/33		25			26,046
5.62%, 11/17/29		50			52,477
5.75%, 11/17/32		50			53,256
Pioneer Natural Resources Co. 2.15%, 01/15/31		25			22,611
Procter & Gamble Co. 1.90%, 02/01/27		50			48,885
Public Service Co. of Colorado
1.88%, 06/15/31		25			21,956
5.15%, 09/15/35		25			25,396
Republic Services, Inc.
1.75%, 02/15/32		25			21,479
3.95%, 05/15/28		50			49,969

	Par (000’s		)	Value
United States (continued)
Roper Technologies, Inc. 4.20%, 09/15/28	$	25		$	25,055
S&P Global, Inc.
2.45%, 03/01/27		25			24,515
2.70%, 03/01/29 †		50			47,904
San Diego Gas & Electric Co.
5.35%, 04/01/53		25			24,167
5.40%, 04/15/35		50			51,836
Sherwin-Williams Co. 3.45%, 06/01/27		75			74,321
Southern California Edison Co.
3.65%, 02/01/50		25			17,655
4.00%, 04/01/47		75			57,286
4.65%, 10/01/43		50			42,966
5.20%, 06/01/34		50			50,073
Sprint Capital Corp.
6.88%, 11/15/28		50			53,729
8.75%, 03/15/32		75			91,271
T-Mobile USA, Inc.
2.25%, 11/15/31		75			66,060
3.00%, 02/15/41		75			56,174
3.30%, 02/15/51		50			33,854
3.40%, 10/15/52 †		50			34,103
3.75%, 04/15/27		75			74,595
3.88%, 04/15/30		75			73,485
4.38%, 04/15/40		100			89,889
4.70%, 01/15/35		25			24,529
TSMC Arizona Corp. 3.88%, 04/22/27		25			24,951
Tyson Foods, Inc.
3.55%, 06/02/27		75			74,294
4.35%, 03/01/29		50			50,046
5.10%, 09/28/48 †		25			23,105
United Rentals North America, Inc. 144A 6.00%, 12/15/29		50			51,357
Verizon Communications, Inc.
1.75%, 01/20/31		125			109,306
2.35%, 03/15/32		50			43,737
2.55%, 03/21/31		100			90,850
2.99%, 10/30/56		25			15,200
4.12%, 03/16/27		75			75,056
4.33%, 09/21/28		125			125,701
VICI Properties LP
4.75%, 02/15/28		25			25,223
5.12%, 05/15/32		50			50,427
VICI Properties LP / VICI Note Co., Inc. 144A
3.75%, 02/15/27		50			49,525
4.25%, 12/01/26		75			74,841
Visa, Inc.
2.05%, 04/15/30		50			46,114
2.75%, 09/15/27		75			73,650
Vistra Operations Co. LLC 144A 3.70%, 01/30/27		25			24,812

See Notes to Financial Statements

154

	Par (000’s		)	Value
United States (continued)
4.30%, 07/15/29	$	50		$	49,528
Walmart, Inc.
2.50%, 09/22/41 †		50			36,374
4.35%, 04/28/30		25			25,373
4.90%, 04/28/35		25			25,717
Waste Management, Inc.
1.50%, 03/15/31		50			43,424
3.15%, 11/15/27		25			24,621
4.15%, 04/15/32		25			24,714
4.80%, 03/15/32		25			25,561
4.88%, 02/15/29		50			51,299
4.95%, 03/15/35		50			50,802
Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/26		25			24,820
4.70%, 09/15/28		25			25,323
					10,776,990
Total Corporate Bonds (Cost: $14,546,542)					14,450,637

	Number of Shares
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.1%
Money Market Fund: 2.1% (Cost: $315,096)
State Street Navigator Securities Lending Government Money Market Portfolio 4.06%(x)		315,096			315,096
Total Investments: 100.5% (Cost: $14,861,638)					14,765,733
Liabilities in excess of other assets: (0.5)%					(78,947)
NET ASSETS: 100.0%				$	14,686,786

Definitions:

SOFR	Secured Overnight Financing Rate

Footnotes:

(a)	Variable rate security — the rate shown is as of 10/31/25
(x)	Rate shown is the 1-day yield as of 10/31/25.
†	Security fully or partially on loan. Total market value of securities on loan is $424,433.

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 $2,984,731, or 20.3% of net assets.

See Notes to Financial Statements

155

VANECK MOODY’S ANALYTICS IG CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Corporate Bonds *	$	—	$	14,450,637	$	—	$	14,450,637
Money Market Fund		315,096		—		—		315,096
Total Investments	$	315,096	$	14,450,637	$	—	$	14,765,733

*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

156

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
MUNICIPAL BONDS: 98.6%
Alabama: 4.1%
Baldwin County Industrial Development Authority, Solid Waste Disposal, Series A (RB) 5.00%, 06/01/55 (c) (p)	$	3,500		$	3,605,540
Baldwin County, Alabama Industrial Development Authority, Series B (RB) 4.62%, 06/01/55 (c) (p)		250			252,825
Black Belt Energy Gas District, Project No. 7, Series C-1 (RB) 4.00%, 10/01/52 (c) (p)		500			503,498
Black Belt Energy Gas District, Project No. 8, Series A (RB) 4.00%, 12/01/52 (c) (p)		2,000			2,055,144
Black Belt Energy Gas District, Series A (RB) 5.25%, 05/01/56 (c) (p)		500			521,278
Black Belt Energy Gas District, Series B (RB) 5.00%, 10/01/35 (c)		1,000			1,042,180
City of Birmingham, Special Care Facilities Financing Authority, Methodist Home (RB) 5.50%, 06/01/30 (c)		500			500,682
County of Jefferson, Alabama Sewer (RB) 5.00%, 10/01/35 (c)		500			559,981
Energy Southeast, A Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c)		250			269,415
Energy Southeast, A Cooperative District Energy Supply, Series B (RB) 5.00%, 09/01/33 (c)		500			520,005
Energy Southeast, Cooperative District Energy Supply, Series B (RB) 5.25%, 07/01/54 (c) (p)		500			549,373
Hoover Industrial Development Board, United States Steel Corp. Project (RB) 6.38%, 11/01/50 (p)		390			430,425
Lower Alabama Gas District Gas Project, Series A (RB) 5.00%, 12/01/33 (c)		500			532,264
Selma Alabama Industrial Development Board, International Paper Company Project, Series A (RB) 4.20%, 05/01/34		250			258,417
Southeast Alabama Gas Supply District, Series B (RB) 5.00%, 06/01/49 (c) (p)		1,000			1,083,762

	Par (000’s		)	Value
Alabama (continued)
Southeast Energy Authority, Cooperative District Energy Supply, Series A (RB) 5.00%, 11/01/35 (c)	$	1,000		$	1,067,152
Southeast Energy Authority, Cooperative District Gas Supply, Series F (RB) 5.25%, 11/01/55 (c) (p)		1,500			1,666,192
					15,418,133
Arizona: 1.4%
Arizona Industrial Development Authority, Basis School Projects, Series A (RB) 4.75%, 07/01/29 (c)		800			805,602
Arizona Industrial Development Authority, Education Facility, Leman Academy of Excellence, East and Central Tucson Projects, Series A (RB) 4.00%, 07/01/29 (c)		350			347,688
Arizona Industrial Development Authority, Pinecrest Academy of Nevada, Cadence Campus Project, Series A (RB) 4.00%, 07/15/30 (c)		330			329,515
Arizona Industrial Development Authority, Point 320 LLC, Series A (RB) 3.62%, 05/20/33		393			395,956
Arizona Industrial Development Authority, Series A (RB) 4.88%, 07/01/60 (c) (p)		250			251,009
City of Phoenix Civic Improvement Corp., Junior Lien Airport, Series B (RB) 5.00%, 07/01/30 (c)		1,000			1,068,630
Maricopa County Industrial Development Authority, Legacy Traditional Schools Projects, Series B (RB) 4.00%, 07/01/29		1,340			1,348,259
Salt Verde Financial Corp. (RB)
5.25%, 12/01/28		10			10,485
5.50%, 12/01/29		370			396,923
Sierra Vista Industrial Development Authority, Wake Preparatory Academy (RB) 5.25%, 06/15/35 (c)		225			231,122
					5,185,189
California: 15.9%
Alameda Corridor Transportation Authority, Second Subordinate Lien, Series B (RB) 5.00%, 10/01/36 (c)		500			508,031

See Notes to Financial Statements

157

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
California Community Choice Financing Authority, Clean Energy Project, Series A (RB) 5.00%, 01/01/56 (c) (p)	$	750		$	804,745
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 5.00%, 12/01/53 (c) (p)		1,000			1,066,145
California Community Choice Financing Authority, Clean Energy Project, Series B (RB)
5.00%, 01/01/55 (c) (p)		1,235			1,312,431
5.00%, 03/01/56 (c) (p)		500			549,271
California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB) 4.00%, 02/01/52 (c) (p)		2,000			2,044,048
California Community Choice Financing Authority, Clean Energy Project, Series C (RB)
5.00%, 08/01/55 (c) (p)		1,000			1,073,471
5.00%, 12/01/55 (c) (p)		2,000			2,144,031
5.25%, 01/01/54 (c) (p)		1,500			1,609,380
California Community Choice Financing Authority, Clean Energy Project, Series D (RB) 5.00%, 10/01/55 (c) (p)		2,000			2,135,217
California Community Choice Financing Authority, Clean Energy Project, Series E (RB)
5.00%, 02/01/55 (c) (p)		1,000			1,084,566
5.00%, 10/01/56 (c) (p)		1,000			1,102,059
California Community Choice Financing Authority, Clean Energy Project, Series F (RB)
5.00%, 11/01/33 (c)		500			547,091
5.00%, 02/01/55 (c) (p)		1,000			1,093,812
California Community Choice Financing Authority, Clean Energy Project, Series G (RB) 5.00%, 11/01/55 (c) (p)		2,000			2,137,655
California Community Choice Financing Authority, Clean Energy Project, Series G-1 (RB) 5.25%, 11/01/54 (c) (p)		1,000			1,074,739
California Health Facilities Financing Authority, Adventist Health System, Series A (RB) 5.00%, 12/01/34 (c)		1,000			1,127,208
California Health Facilities Financing Authority, Providence St. Joseph Health, Series A (RB) 5.00%, 10/01/50 (c) (p)		250			278,985

	Par (000’s		)	Value
California (continued)
California Health Facilities Financing Authority, Series A (RB) 5.00%, 12/01/35 (c)	$	1,000		$	1,132,927
California Housing Finance Agency, Series A (RB) 4.00%, 03/20/33		2,570			2,640,246
California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Series A (RB) 9.50%, 01/01/65 (c) (p)		8,500			6,800,000
California Municipal Finance Authority, Baptist University, Series A (RB) 5.00%, 11/01/35 (c)		250			265,455
California Municipal Finance Authority, CHF-Davis I, LLC - West Village Student Housing Project, Series A (RB) 5.00%, 05/15/30 (c)		1,340			1,411,747
California Municipal Finance Authority, Community Medical Centers, Series A (RB)
5.00%, 02/01/27		50			50,944
5.00%, 02/01/28 (c)		50			51,051
California Municipal Finance Authority, LINXS APM Project, Series A (RB)
5.00%, 06/30/27		610			624,148
5.00%, 06/30/28		220			227,486
California Municipal Finance Authority, LINXS APM Project, Series A (RB) (AG) 5.00%, 06/30/31 (c)		260			267,707
California Municipal Finance Authority, St. Mary’s School, Series B (RB) 4.65%, 05/01/30 (c)		500			511,480
California Municipal Finance Authority, United Airlines, Inc., International Airport Project (RB) 4.00%, 07/15/29		6,625			6,698,680
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) 7.00%, 07/01/22 (d) *		1,000			11,250
California Pollution Control Financing Authority, Solid Waste Disposal, CalPlant I Project (RB) (SAW) 7.50%, 07/01/32 (d) *		1,360			15,300
California Public Finance Authority, Series A (RB) 5.70%, 06/01/34 (c)		500			515,998

See Notes to Financial Statements

158

	Par (000’s		)	Value
California (continued)
California Statewide Communities Development Authority, Baptist University, Series A (RB) 3.50%, 11/01/27	$	635		$	628,554
California Statewide Communities Development Authority, Irvine East Campus Armaments, CHF-Irvine, LLC (RB) 5.00%, 05/15/33 (c)		300			302,992
California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.25%, 12/01/34 (c)		1,740			1,741,229
California Statewide Communities Development Authority, NCCD-Hooper Street LLC-California College of the Arts Project (RB) 5.00%, 07/01/29		150			153,126
City and County of San Francisco, Airport Commission, International Airport, Series A (RB)
5.00%, 05/01/29		500			534,492
5.00%, 05/01/33		500			564,707
City and County of San Francisco, Airport Commission, International Airport, Series C (RB) 5.00%, 05/01/32		1,000			1,117,609
City and County of San Francisco, Airport Commission, International Airport, Series E (RB) 5.00%, 05/01/34 (c)		370			392,624
City and County of San Francisco, Airport Commission, International Airport, Series H (RB)
5.00%, 05/01/27		500			514,288
5.00%, 05/01/29		500			535,008
City of Los Angeles Department of Airports, Series A (RB)
5.00%, 05/15/30		750			819,602
5.00%, 05/15/35		1,000			1,151,185
City of Los Angeles Department of Airports, Series F (RB) 5.00%, 05/15/35		500			575,593
Compton Public Finance Authority (RB) 4.50%, 09/01/32 (c)		1,000			1,000,251
County of Sacramento Airport System, Series A (RB) 5.00%, 07/01/37 (c)		750			831,779

	Par (000’s		)	Value
California (continued)
El Centro Financing Authority, El Centro Regional Medical Center Project (RB) 4.50%, 07/01/29 (c)	$	480		$	454,327
Irvine Unified School District Community Facilities District No. 09-1, Series D (ST) 5.00%, 09/01/26		110			111,569
Los Angeles Department of Water and Power, Series C (RB) 5.00%, 07/01/35		500			582,087
MSR Energy Authority, California Gas, Series A (RB) 6.12%, 11/01/29		215			226,720
MSR Energy Authority, California Gas, Series B (RB) 7.00%, 11/01/34		1,000			1,228,531
Palomar Health (RB)
5.00%, 11/01/25		250			250,000
5.00%, 11/01/27 (c)		90			88,903
San Joaquin Valley Clean Energy Authority, Series A (RB) 5.50%, 01/01/56 (c) (p)		1,000			1,157,006
Southern California Public Power Authority, Transmission System Renewal Project (RB) 5.00%, 07/01/53 (c) (p)		1,000			1,058,660
					58,938,146
Colorado: 1.9%
City and County of Denver, Colorado Airport System, Series A (RB) 5.00%, 12/01/29 (c)		295			312,430
City and County of Denver, United Airlines, Inc. Project (RB) 5.00%, 10/01/32 (c)		3,925			3,925,058
City of Louisville, Redtail Ridge Metropolitan District, Capital Appreciation Turbo (GO) 0.00%, 12/01/32 (c) ^		500			311,146
Colorado Health Facilities Authority, Aberdeen Ridge, Series B-1 (RB) 3.50%, 05/15/30 (c)		900			853,632
Denver Convention Center Hotel Authority (RB) 5.00%, 12/01/27 (c)		600			608,872
Public Authority for Colorado Energy, Natural Gas Purchase (RB) 6.25%, 11/15/28		120			124,692

See Notes to Financial Statements

159

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(unaudited) (continued)

	Par (000’s		)	Value
Colorado (continued)
Windler Public Improvement Authority, Series A-1 (RB) (BAM) 4.00%, 12/01/31 (c)	$	1,000		$	962,066
					7,097,896
Connecticut: 0.9%
Connecticut State Health and Educational Facilities Authority, Masonicare Issue, Series F (RB) 4.00%, 07/01/30 (c)		120			120,087
Connecticut State Health and Educational Facilities Authority, University of Hartford, Series N (RB)
5.00%, 07/01/27		430			433,460
5.00%, 07/01/29		870			885,799
Connecticut State Health and Educational Facilities Authority, Yale University, Series B-1 (RB) 5.00%, 07/01/64 (p)		500			551,526
Stamford Housing Authority, Mozaic Concierge Living Project, Series C (RB) 4.75%, 10/01/32		500			516,847
State of Connecticut Health and Educational Facilities Authority, Quinnipiac University Issue, Series O (RB) 5.00%, 07/01/33		500			575,087
Town of Hamden, Whitney Center Project (RB) 5.00%, 01/01/30 (c)		335			341,519
					3,424,325
District of Columbia: 0.1%
District of Columbia, Latin American Montessori Bilingual Public Charter School (RB) 4.00%, 06/01/30		370			366,349
Florida: 5.2%
Capital Projects Finance Authority, Imagine School at North Port Project, Series A (RB) 5.00%, 06/15/35 (c)		250			251,849
Capital Trust Agency, Education Growth Fund, LLC Charter School Portfolio Project, Series A-1 (RB) 3.38%, 07/01/31		1,290			1,251,067
Capital Trust Agency, Elim Senior Housing, Inc., Project (RB) 5.00%, 08/01/27 (c)		175			171,576

	Par (000’s		)	Value
Florida (continued)
Capital Trust Agency, The Marie Selby Botanical Gardens, Inc., Project (RB) 4.00%, 06/15/31 (c)	$	535		$	519,686
City of Venice, Florida Retirement Community, Village on the Isle Project, Series B-3 (RB) 4.25%, 01/01/30 (c)		250			250,501
County of Broward, Florida Airport System, Series A (RB) 5.00%, 10/01/29 (c)		290			290,399
County of Escambia, Health Facilities Authority, Baptist Health Care Corp., Series A (RB) (SAW) 5.00%, 08/15/31 (c)		1,500			1,599,977
County of Miami-Dade, Industrial Development Authority, NCCD-Biscayne Properties LLC Project, Series A (RB) 5.00%, 06/01/30 (c)		315			315,012
County of Miami-Dade, Seaport Department, Series A (RB) 5.00%, 10/01/36 (c)		880			955,050
County of Palm Beach, Atlantic University Housing Project, Series A (RB) 5.00%, 04/01/29		300			304,937
Florida Development Finance Corp., Brightline Florida Passenger Rail Project (RB)
5.00%, 07/01/35 (c)		1,000			835,000
5.00%, 07/01/37 (c)		250			208,750
Florida Development Finance Corp., Education Facilities, Central School Project (RB) 5.00%, 08/15/32		500			499,801
Florida Development Finance Corp., Education Facilities, Cornerstone Chapter Academy Project (RB) 5.00%, 10/01/32 (c)		500			514,762
Florida Development Finance Corp., Renaissance Chapter School, Inc. Project, Series C (RB) 4.00%, 09/15/30 (c)		470			455,814
Florida Development Finance Corp., Waste Pro USA, Inc. Project (RB) 6.12%, 07/01/32 (c) (p)		485			489,098
Florida Higher Educational Facilities Financing Authority (RB) 5.00%, 07/01/35 (c)		750			747,474

See Notes to Financial Statements

160

	Par (000’s		)	Value
Florida (continued)
Florida Local Government Finance Commission, Series B-3 (RB) 4.20%, 11/15/30 (c)	$	1,000		$	1,004,889
JEA Electric System, Series B (RB) 5.00%, 10/01/29 (c)		110			114,455
Lee County Industrial Development Authority, Healthcare Facilities, Series B-3 (RB) 4.12%, 11/15/29 (c)		1,000			1,005,289
Miami Beach Redevelopment Agency Tax Increment Revenue (TA) (AG) 5.00%, 02/01/36 (c)		500			566,094
Miami-Dade County, Florida Aviation, Series A (RB)
5.00%, 10/01/34		2,000			2,257,665
5.00%, 10/01/35 (c)		730			817,494
Miami-Dade County, Florida Aviation, Series A (RB) 5.00%, 10/01/36 (c)		1,500			1,665,589
Okaloosa County, Florida Industrial Development (RB) 4.38%, 05/15/35 (c)		500			504,052
Polk Country Industrial Development Authority, Florida Industrial Development (RB) 5.88%, 01/01/33 (d) *		1,930			752,700
Village Community Development District No. 12 (SA) (SAW) 3.80%, 05/01/28		285			286,155
Village Community Development District No. 13 (SA) 3.00%, 05/01/29		190			187,333
Village Community Development District No. 15 (SA) 4.00%, 05/01/34 (c)		500			506,460
					19,328,928
Georgia: 1.5%
Atlanta Development Authority, Westside Gulch Area Project, Series A-1 (TA) 5.00%, 04/01/34 (c)		500			510,888
Atlanta, Georgia Airport, Series B-1 (RB) 5.00%, 07/01/30		500			545,332
DeKalb County Housing Authority, Georgia Affordable Multifamily Housing, Series A (RB) 4.00%, 12/01/33 (c)		1,500			1,531,492

	Par (000’s		)	Value
Georgia (continued)
Floyd County Development Authority, Spires at Berry College Project, Series A (RB) (SBG) 5.50%, 12/01/28 (c)	$	205		$	205,296
Georgia Local Government, Grantor Trust, Series A (CP) (NATL) 4.75%, 06/01/28		380			389,845
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project (RB) 5.00%, 08/01/34 (c)		1,500			1,501,526
Main Street Natural Gas, Inc., Series E (RB) 5.00%, 05/01/55 (c) (p)		500			543,331
Marietta Development Authority, University Facilities, Life University, Inc. Project, Series A (RB) 5.00%, 11/01/27		250			248,110
White County Development Authority, Truett McConnell University Project, Series A (RB) 5.00%, 10/01/29 (c)		140			134,783
					5,610,603
Guam: 1.6%
Guam Government Business Privilege Tax, Series G (RB) 5.00%, 01/01/35		500			555,182
Guam Government, Business Privilege Tax, Series D (RB) 5.00%, 11/15/27 (c)		360			360,248
Guam Government, Business Privilege Tax, Series F (RB)
4.00%, 01/01/36 (c)		895			905,784
5.00%, 01/01/30		1,000			1,067,447
5.00%, 01/01/31		1,000			1,081,881
Guam Government, Series A (RB) 5.00%, 12/01/25		1,000			1,001,000
Guam Power Authority, Series A (RB) 5.00%, 10/01/33 (c)		940			1,039,538
					6,011,080
Hawaii: 0.1%
State of Hawaii Department of Budget & Finance, Hawaiian Electric Company, Inc., Series A (RB) 3.10%, 05/01/26		500			495,703
Illinois: 9.4%
Chicago Board of Education, Series A (GO)
5.00%, 12/01/29		1,000			1,025,537
5.00%, 12/01/30 (c)		1,000			1,022,566
5.00%, 12/01/32 (c)		2,000			2,038,975

See Notes to Financial Statements

161

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(unaudited) (continued)

	Par (000’s		)	Value
Illinois (continued)
5.00%, 12/01/33 (c)	$	1,500		$	1,522,049
7.00%, 12/01/26 (c)		200			200,567
Chicago Board of Education, Series A (GO) (AG)
5.00%, 12/01/27		250			258,247
5.00%, 12/01/29 (c)		250			254,557
5.00%, 12/01/29 (c)		200			209,952
Chicago Board of Education, Series A (GO) (AMBAC)
5.50%, 12/01/26		230			232,995
5.50%, 12/01/31		1,000			1,085,585
Chicago Board of Education, Series A (GO) (NATL)
0.00%, 12/01/26 ^		310			297,809
0.00%, 12/01/28 ^		795			708,229
Chicago Board of Education, Series B (GO)
5.00%, 12/01/29		1,250			1,281,922
5.00%, 12/01/30		2,000			2,065,156
5.00%, 12/01/30 (c)		1,250			1,278,207
5.00%, 12/01/31 (c)		2,000			2,051,740
5.00%, 12/01/33 (c)		1,400			1,417,926
Chicago Board of Education, Series C (GO)
5.00%, 12/01/27		500			506,211
5.00%, 12/01/30 (c)		560			567,597
Chicago Board of Education, Series E (GO) 5.12%, 12/01/32 (c)		1,320			1,320,096
Chicago O’Hare International Airport, Series B (RB) 5.00%, 01/01/34 (c)		365			373,644
Chicago O’Hare International Airport, Series D (RB) 5.00%, 01/01/32		500			564,918
Chicago School Reform Board of Trustees, Series A (GO) (NATL) 0.00%, 12/01/29 ^		575			492,861
Chicago School Reform Board of Trustees, Series B-1 (GO) (NATL)
0.00%, 12/01/26 ^		490			470,730
0.00%, 12/01/28 ^		1,515			1,349,644
0.00%, 12/01/29 ^		585			501,433
0.00%, 12/01/30 ^		190			156,427
City of Chicago Board of Education, Series C (GO) 6.00%, 12/01/37 (c)		1,500			1,626,261
City of Chicago, Series A (GO) 5.00%, 01/01/30		1,500			1,564,922
City of Chicago, Series B (GO) 5.00%, 01/01/33		500			533,347
County of Cook, Series A (GO) 5.00%, 11/15/28 (c)		500			509,833
Eastern Illinois Economic Development Authority, Business District (RB) 5.00%, 11/01/33 (c)		815			813,829

	Par (000’s		)	Value
Illinois (continued)
Illinois Finance Authority, Admiral Lake Project (RB) 5.00%, 05/15/33 (c)	$	420		$	396,454
Illinois Finance Authority, Friendship Village of Schaumburg (RB) 5.00%, 02/15/27 (d) *		1,061			31,836
Illinois Finance Authority, Roosevelt University (RB) 5.40%, 04/01/27 (c)		55			55,015
Illinois Finance Authority, Surface Freight Transfer Facilities (RB) 4.80%, 12/01/43 (c) (p)		500			517,225
Illinois Sports Facilities Authority (RB)
5.00%, 06/15/28		395			407,021
5.00%, 06/15/29		545			569,249
Illinois Sports Facilities Authority (RB) (AMBAC) 0.00%, 06/15/26 ^		260			254,390
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) 5.00%, 12/15/28 (c)		500			518,994
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project, Series B (RB) (NATL) 0.00%, 06/15/28 ^		115			105,466
Northern Illinois Municipal Power Agency, Series A (RB) 5.00%, 12/01/29 (c)		330			336,338
State of Illinois (GO)
3.50%, 06/01/30 (c)		350			350,278
4.12%, 11/01/31 (c)		100			100,629
State of Illinois, Sales Tax (RB) 5.00%, 06/15/26		235			237,744
State of Illinois, Series A (GO) 5.00%, 03/01/33 (c)		700			765,576
State of Illinois, Series C (GO)
5.00%, 11/01/29 (c)		315			326,999
5.00%, 09/01/34		1,000			1,135,927
State of Illinois, Series D (GO) 5.00%, 11/01/28 (c)		460			478,134
					34,891,047
Indiana: 0.8%
City of Anderson, Indiana Economic Development, Anderson University (RB) 4.75%, 10/01/27 (c)		125			100,056
Indiana Finance Authority, Midwestern Disaster Relief, Series A (RB) 4.25%, 11/01/30		1,015			1,038,620

See Notes to Financial Statements

162

	Par (000’s		)	Value
Indiana (continued)
Indiana Finance Authority, United States Steel Corp. Project, Series A (RB) 4.12%, 12/01/26	$	2,000		$	1,998,970
					3,137,646
Iowa: 0.4%
City of Coralville, Marriott Hotel and Convention Center, Series E (CP) 4.00%, 06/01/29 (c)		1,070			1,032,849
Iowa Finance Authority Senior Living Facility (RB) 4.50%, 10/01/35 (c)		210			212,075
Iowa Finance Authority, Northcrest, Inc. Project, Series B (RB) 5.00%, 03/01/28 (c)		190			191,857
					1,436,781
Kansas: 0.2%
City of Garden City, Kansas Sales Tax (RB) 4.00%, 06/01/29		250			247,756
City of Wichita, Health Care Facilities, Series III (RB) 5.00%, 05/15/34 (c)		600			603,305
					851,061
Kentucky: 1.3%
City of Henderson, Pratt Paper, LLC Project, Series B (RB) 3.70%, 01/01/32		1,520			1,528,857
City of Williamsburg, Kentucky Bond Development Corp, Series A (RB) 5.00%, 08/15/55 (c) (p)		500			556,821
Kentucky Economic Development Finance Authority, Masonic Home Independent Living II, Inc., Series A (RB) 5.00%, 05/15/26		25			24,937
Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB) 5.38%, 11/15/32 (c)		250			245,746
Kentucky Inc., Kentucky Public Energy Authority Gas Supply, Series B (RB) 5.00%, 12/01/33 (c)		500			521,923
Kentucky Municipal Power Agency, Prairie State Project, Series A (RB) (NATL) 5.00%, 09/01/30 (c)		175			175,251
Kentucky Public Energy Authority, Gas Supply, Series A (RB) 5.25%, 06/01/55 (c) (p)		1,000			1,069,259

	Par (000’s		)	Value
Kentucky (continued)
Kentucky Public Energy Authority, Gas Supply, Series B (RB) 5.00%, 01/01/55 (c) (p)	$	500		$	543,433
Louisville and Jefferson County, Metro Government, Norton Healthcare, Inc., Series A (RB) 5.00%, 10/01/31 (c)		290			294,781
					4,961,008
Louisiana: 1.0%
Calcasieu Parish Memorial Hospital Service District (RB) 5.00%, 12/01/27		1,025			1,040,059
Calcasieu Parish Memorial Hospital Service District (RB) (SBG) 5.00%, 12/01/29		150			154,699
Louisiana Local Government Environmental Facilities and Community Development Authority, Christwood Project (RB) 4.25%, 11/15/30		250			250,702
Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project (RB) 3.50%, 11/01/32 (c)		810			799,709
Louisiana Public Facilities Authority, Lake Charles Chapter Academy Project, Series A (RB) 5.00%, 12/15/34 (c)		500			513,264
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24 (d) *∞		330			3
Louisiana Public Facilities Authority, Solid Waste Disposal, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23 (d) *∞		521			5
Parish of St. James, Nustar Logistics, LP Project, Series B (RB) 6.10%, 12/01/40 (p)		1,000			1,100,215
					3,858,656
Maryland: 0.3%
City of Baltimore, East Baltimore Research Park Project, Series A (RB) 4.00%, 09/01/27		200			200,227
County of Frederick, Mount Saint Mary’s University, Series A (RB) 5.00%, 09/01/27		175			175,278

See Notes to Financial Statements

163

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(unaudited) (continued)

	Par (000’s		)	Value
Maryland (continued)
County of Howard, Series A (TA) 4.00%, 02/15/28 (c)	$	100		$	100,066
Maryland Economic Development Corp., Transportation Facilities, Series A (RB) 5.00%, 06/01/28		425			441,252
					916,823
Massachusetts: 1.0%
Collegiate Charter School of Lowell (RB) 5.00%, 06/15/29 (c)		400			402,410
Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc., Series I (RB) 5.00%, 07/01/28 (c)		310			314,268
Massachusetts Development Finance Agency, Care Communities, LLC Issue, Series A (RB) 5.50%, 07/15/35		250			255,583
Massachusetts Development Finance Agency, Lasell Village, Inc. (RB) 5.00%, 07/01/29		500			526,328
Massachusetts Development Finance Agency, Newbridge on the Charles, Inc. (RB) 4.00%, 10/01/27 (c)		250			249,820
Massachusetts Development Finance Agency, Series N (RB) (AG) 5.00%, 07/01/34		500			576,813
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series I (RB) 5.00%, 07/01/28 (c)		100			101,135
Massachusetts Development Finance Agency, UMass Memorial Health Care, Series N-2 (RB) 5.00%, 07/01/35 (c)		1,000			1,132,834
					3,559,191
Michigan: 0.5%
Detroit Regional Convention Facility Authority, Series C (RB) 5.00%, 10/01/35 (c)		580			648,720
Great Lakes Water Authority Water Supply System, Series B (RB) 5.00%, 07/01/34		1,000			1,168,597
Michigan Strategic Fund, I-75 Improvement Project (RB) 5.00%, 06/30/30 (c)		155			161,722
					1,979,039

	Par (000’s		)	Value
Minnesota: 0.5%
City of Anoka, Homestead at Anoka, Inc. Project (RB) 4.25%, 11/01/27 (c)	$	60		$	59,150
City of Minneapolis, Fairview Health Services, Series A (RB)
5.00%, 11/15/34 (c)		605			628,584
5.00%, 11/15/35 (c)		1,000			1,035,444
Saint Paul Minnesota Housing and Redevelopment Authority, HMONG College Prep Academy Project, Series A (RB) 5.00%, 09/01/26		25			25,106
					1,748,284
Missouri: 0.4%
City of St. Ann, Northwest Plaza Redevelopment Project, Series A (TA) 4.62%, 11/01/30 (c)		65			64,971
City of St. Louis, Industrial Development Authority, Ballpark Village Development Project, Series A (RB) 3.88%, 11/15/29 (c)		155			149,742
Lee’s Summit Industrial Development Authority, John Knox Village, Series A (RB) 5.00%, 08/15/32 (c)		125			127,246
Maryland Heights Industrial Development Authority, Saint Louis Community Ice Center Project, Series A (RB) (BAM) 4.38%, 03/15/30 (c)		285			260,291
Plaza at Noah’s Ark Community Improvement District (RB) 3.00%, 05/01/30 (c)		500			477,720
St. Louis County, Industrial Development Authority, Friendship Village St. Louis, Series A (RB) 5.00%, 09/01/28 (c)		500			515,443
					1,595,413
Montana: 0.1%
City of Kalispell, Immanuel Living at Buffalo Hill Project, Series B (RB) 4.25%, 05/15/30 (c)		250			251,134
Nebraska: 1.0%
Central Plains Energy Project, Gas Project Crossover No. 3, Series A (RB)
5.00%, 09/01/27		500			512,166
5.00%, 09/01/28		100			103,678
5.00%, 09/01/30		125			132,771
5.00%, 09/01/34		650			715,170
Central Plains Energy Project, Gas Supply, Series A (RB) 5.00%, 08/01/55 (c) (p)		1,000			1,080,630

See Notes to Financial Statements

164

	Par (000’s		)	Value
Nebraska (continued)
Central Plans Energy Project, Gas Project Crossover No. 3, Series B (RB) 5.00%, 09/01/31	$	1,000		$	1,073,106
					3,617,521
Nevada: 0.7%
City of Reno, Tax Increment Senior Lien, Series C (TA) 5.40%, 06/01/27 (c)		130			130,173
City of Sparks, Tourism Improvement District No. 1, Legends at Sparks Marina, Series A (RB) 2.75%, 06/15/28		265			259,766
Clark County, Nevada Pollution Control, Southern California Edison Company (RB) 2.10%, 06/01/31		5			4,548
Clark County, School District, Series B (GO) (AG)
5.00%, 06/15/29		250			271,242
5.00%, 06/15/30 (c)		250			270,799
Clark County, School District, Series B (GO) (BAM) 5.00%, 06/15/30		250			276,794
State of Nevada, Department of Business and Industry, Brightline West Passenger Rail Project, Series A (RB) 9.50%, 01/01/65 (c) (p)		1,500			1,200,000
State of Nevada, Department of Business and Industry, Fulcrum Sierra Biofuels, LLC Project (RB) 5.88%, 12/15/27		269			3
					2,413,325
New Hampshire: 1.3%
National Finance Authority Affordable Housing Certificates, Series 1 (RB) 4.15%, 10/20/40 (c) (p)		1,347			1,345,215
National Finance Authority New Hampshire (RB) 5.95%, 12/01/31 (c)		500			502,212
National Finance Authority, Affordable Housing, Series 1 (RB) 4.75%, 06/20/41 (c) (p)		499			518,463
National Finance Authority, Bridgeland Water and Utility Districts (RB) 5.38%, 12/15/35 (c)		705			705,525
National Finance Authority, Covanta Project, Series A (RB) 4.00%, 11/01/27 (c)		250			247,759
National Finance Authority, Emberly and Cantera Creek Projects (RB) 5.38%, 12/01/31 (c)		237			237,681

	Par (000’s		)	Value
New Hampshire (continued)
National Finance Authority, Highlands Project (RB) 5.12%, 12/15/30 (c)	$	225		$	225,652
National Finance Authority, Mirador Project (RB) 6.00%, 12/01/31 (c)		250			251,525
National Finance Authority, Silverado Project (RB) 5.00%, 12/01/28 (c)		500			500,318
National Finance Authority, Valencia Project (RB) 5.30%, 12/01/32 (c)		250			250,861
National Finance Authority, Wildflower Project (RB) 0.00%, 12/15/33 (c) ^		250			155,273
					4,940,484
New Jersey: 3.0%
New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
5.25%, 09/15/29 (c)		1,415			1,415,021
5.62%, 11/15/30 (c)		1,000			1,000,015
5.75%, 09/15/27 (c)		1,120			1,120,016
New Jersey Economic Development Authority, Motor Vehicle Surcharges, Series A (RB)
4.00%, 07/01/32 (c)		1,155			1,161,065
4.00%, 07/01/34 (c)		600			606,027
5.00%, 07/01/33 (c)		1,000			1,020,988
New Jersey Economic Development Authority, Rapuano Port & Rail Terminal Project (RB) 6.38%, 01/01/35 (c)		250			259,824
New Jersey Economic Development Authority, School Facilities Construction, Series WW (RB) 5.25%, 06/15/28 (c)		435			435,508
New Jersey Economic Development Authority, School Facilities Construction, Series XX (RB)
4.25%, 06/15/26 (c)		440			440,213
4.38%, 06/15/27 (c)		130			130,079
New Jersey Economic Development Authority, State House Project, Series B (RB) 4.00%, 06/15/29 (c)		750			778,252
New Jersey Economic Development Authority, West Campus Housing, LLC, Series A (RB) 4.12%, 07/01/30 (c)		175			170,451

See Notes to Financial Statements

165

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(unaudited) (continued)

	Par (000’s		)	Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Princeton University, Series A (RB) 5.00%, 07/01/64 (c) (p)	$	500		$	556,383
New Jersey Health Care Facilities Financing Authority, Barnabas Health, Series A (RB) 5.00%, 07/01/29 (c)		500			507,395
New Jersey Transportation Trust Fund Authority, Series A (RB)
0.00%, 12/15/26 ^		360			348,480
0.00%, 12/15/32 ^		5			4,015
5.00%, 06/15/30 (c)		395			400,040
5.00%, 06/15/36 (c)		500			575,458
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/29 (c)		150			157,766
					11,086,996
New Mexico: 0.4%
City of Farmington, New Mexico Pollution Control, Public Service Company of San Juan and Four Corners Projects, Series B (RB) 2.15%, 04/01/33 (c)		700			610,107
City of Farmington, New Mexico Pollution Control, Southern California Edison Company Four Corners Project, Series B (RB) 1.80%, 04/01/29		1,000			943,712
					1,553,819
New York: 11.7%
Brooklyn Arena Local Development Corp., Barclays Center, Series A (RB)
5.00%, 07/15/26		100			100,874
5.00%, 07/15/27 (c)		100			101,605
5.00%, 07/15/28 (c)		100			101,639
5.00%, 07/15/30 (c)		1,800			1,829,592
Build NYC Resource Corp., New World Preparatory Chapter School Project, Series A (RB) 4.00%, 06/15/31		245			240,483
County of Suffolk, Series B (GO) (AG) 5.00%, 10/15/26		250			255,916
County of Sullivan, Adelaar Infrastructure Project, Series A-1 (SA) 4.85%, 11/01/31 (c)		870			879,934
Dutchess County Local Development Corp., Health Quest System, Inc., Series B (RB)
5.00%, 07/01/28 (c)		275			277,779
5.00%, 07/01/30 (c)		270			272,974

	Par (000’s		)	Value
New York (continued)
Huntington Local Development Corp., Gurwin Independent Housing, Inc., Fountaingate Gardens Project (RB) 4.00%, 07/01/27	$	290		$	284,342
Long Island Power Authority, Electric System (RB) 5.00%, 09/01/32 (c)		500			521,193
Metropolitan Transportation Authority, Series A (RB) 5.00%, 11/15/35 (c)		2,000			2,288,045
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/35		500			574,290
Metropolitan Transportation Authority, Series D (RB) 5.00%, 11/15/31 (c)		500			510,855
Monroe County Industrial Development Corp., Eugenio Maria De Hostos Chapter School Project, Series A (RB) 5.00%, 07/01/34		500			519,327
Monroe County Industrial Development Corp., Rochester Regional Health Project, Series A (RB)
4.00%, 12/01/35 (c)		675			678,771
5.00%, 12/01/31 (c)		500			539,575
5.00%, 12/01/34 (c)		1,060			1,127,986
Monroe County Industrial Development Corp., St. Ann’s Community Project (RB) 4.00%, 01/01/30 (c)		685			670,762
New York City Housing Development Corp., Multi- Family Housing, Series B-2 (RB) 3.95%, 11/01/64 (c) (p)		1,000			1,021,209
New York City Housing Development Corp., Multi- Family Housing, Series C-2 (RB) 3.75%, 05/01/65 (c) (p)		1,000			1,015,196
New York City Housing Development Corp., Multi- Family Mortgage, Series D (RB) 4.00%, 12/15/31 (c)		250			256,423
New York City Housing Development Corp., Multi- Family Mortgage, Series F (RB) 5.25%, 12/15/31 (c)		250			257,881
New York Energy Finance Development Corp. (RB) 5.00%, 07/01/56 (c) (p)		1,500			1,614,589

See Notes to Financial Statements

166

	Par (000’s		)	Value
New York (continued)
New York Liberty Development Corp., 3 World Trade Center Project (RB) 5.15%, 11/15/34 (c)	$	1,000		$	1,000,951
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB)
5.00%, 08/01/29 (c)		1,000			1,035,882
5.00%, 08/01/30 (c)		945			976,601
New York State Dormitory Authority, New School, Series A (RB) 5.00%, 07/01/27 (c)		250			255,238
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) 2.88%, 12/01/44 (p)		1,000			959,134
New York State Environmental Facilities Corp., Casella Waste Systems, Inc. Project (RB) (FHA) 4.25%, 09/01/50 (c) (p)		250			253,157
New York State Housing Finance Agency Affordable Housing, Series B-2 (RB) 3.60%, 11/01/64 (c) (p)		1,000			1,007,032
New York Transportation Development Corp., American Airlines, Inc. John F. Kennedy International Airport Project (RB)
2.25%, 08/01/26		210			208,469
3.00%, 08/01/31		2,100			1,988,512
5.00%, 08/01/26 (c)		165			165,041
5.00%, 08/01/31 (c)		2,655			2,655,607
5.25%, 08/01/31 (c)		2,725			2,851,515
New York Transportation Development Corp., Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project (RB)
4.00%, 10/01/30		1,000			1,019,640
4.00%, 01/01/36 (c)		2,500			2,432,206
5.00%, 10/01/35 (c)		1,000			1,046,573
6.00%, 04/01/35 (c)		1,000			1,104,463
New York Transportation Development Corp., JFK Airport Terminal 4 Project (RB) (AG) 5.00%, 12/01/31		1,885			2,056,446
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal 4 Project (RB) (AG) 5.00%, 12/01/30		1,430			1,545,815

	Par (000’s		)	Value
New York (continued)
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment Project, Series A (RB)
4.00%, 07/01/31 (c)	$	1,000		$	992,715
5.00%, 07/01/30 (c)		420			420,432
5.00%, 07/01/34 (c)		1,230			1,230,807
New York Transportation Development Corp., LaGuardia Airport Terminals B Redevelopment Project, Series A (RB) (AG) 4.00%, 07/01/35 (c)		1,660			1,655,069
Town of Ramapo, Public Improvement, Series A (GO) (FGIC)
4.00%, 05/15/27 (c)		120			120,006
4.12%, 05/15/28 (c)		100			100,028
TSASC, Inc., Tobacco Settlement Bonds, Series A (RB)
5.00%, 06/01/27		70			72,031
5.00%, 06/01/28 (c)		70			72,020
Yonkers Economic Development Corp., Charter School of Educational Excellence Project, Series A (RB) 4.00%, 10/15/29		165			164,491
					43,331,121
North Carolina: 1.0%
North Carolina Medical Care Commission Retirement Facilities First Mortgage (RB) 5.00%, 10/01/33 (c)		545			584,922
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series A (RB) 5.00%, 09/01/34 (c)		525			554,956
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Penick Village Project, Series B-3 (RB) 4.25%, 09/01/28 (c)		500			500,065
North Carolina Turnpike Authority, Triangle Expressway System (RB) 5.00%, 01/01/32 (c)		500			511,493
North Carolina Turnpike Authority, Triangle Expressway System, Series B (RB) (AG)
5.00%, 01/01/32 (c)		500			532,290
5.00%, 01/01/36 (c)		1,000			1,053,147
					3,736,873

See Notes to Financial Statements

167

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(unaudited) (continued)

	Par (000’s		)	Value
North Dakota: 0.1%
City of Grand Forks, Altru Health System (RB) 5.00%, 12/01/34 (c)	$	500		$	529,886
County of Grand Forks, Red River Biorefinery, LLC Project, Series A (RB) 6.62%, 12/15/31 (c) (d) *		3,000			30
					529,916
Ohio: 2.5%
Cleveland and Cuyahoga County, Port Authority, Constellation Schools Project, Series A (RB) 5.25%, 01/01/34 (c)		500			519,830
Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series A (RB) 5.00%, 01/01/36 (c)		1,000			1,106,172
County of Allen, Ohio, Hospital Facilities, Bon Secours Mercy Health, Inc., Series A (RB) 5.00%, 11/01/34		1,000			1,145,977
County of Cuyahoga, Health Care and Independent Living Facilities, Series A (RB) 5.00%, 05/15/32 (c)		750			754,217
County of Cuyahoga, Ohio Hospital, The Metrohealth System (RB)
5.00%, 02/15/26		50			50,182
5.00%, 02/15/27		350			356,831
5.00%, 02/15/28 (c)		110			111,624
County of Muskingum, Ohio Hospital Facilities, Genesis Healthcare System (RB) 5.00%, 02/15/27 (c)		980			984,915
Ohio Air Quality Development Authority, American Electric Co. Project, Series A (RB) 2.40%, 12/01/38 (c) (p)		500			474,803
Ohio Air Quality Development Authority, American Electric Co. Project, Series B (RB) 2.60%, 06/01/41 (c) (p)		1,000			958,568
Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series D (RB) 3.38%, 08/01/29 (p)		1,000			981,562
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series A (RB) 3.25%, 09/01/29		2,000			1,970,844
					9,415,525

	Par (000’s		)	Value
Oklahoma: 0.5%
Oklahoma County Finance Authority, Charter School, Astec Project (RB) 5.25%, 06/15/34 (c)	$	500		$	507,596
Oklahoma Development Finance Authority, OU Medicine Project, Series B (RB)
5.00%, 08/15/26		1,000			1,006,718
5.00%, 08/15/27		250			256,052
					1,770,366
Pennsylvania: 2.2%
Adams County General Authority, Brethren Home Community Project, Series A (RB) 5.00%, 06/01/34 (c)		245			259,714
Allentown Neighborhood Improvement Zone Development Authority (RB)
5.00%, 05/01/27		455			462,231
5.00%, 05/01/28		895			912,980
5.00%, 05/01/28		550			564,592
City of Philadelphia, Gas Works (RB) 5.00%, 10/01/31 (c)		735			747,462
City of Philadelphia, Pennsylvania Airport, Series B (RB) 5.00%, 07/01/30		500			543,060
City of Philadelphia, Pennsylvania Airport, Series B (RB) 5.00%, 07/01/34		500			565,395
City of Philadelphia, Pennsylvania Gas Works (RB) 5.00%, 10/01/26		100			101,908
Delaware Valley, Pennsylvania Regional Finance Authority, Series A (RB) (AMBAC) 5.50%, 08/01/28		510			543,730
Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc. Project (RB) 5.45%, 01/01/51 (c) (p)		1,000			1,074,725
Pennsylvania Economic Development Financing Authority, Penndot Major Bridges Package One Project (RB) 5.00%, 06/30/32		1,000			1,098,838
Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB) 5.00%, 06/30/26		130			131,242

See Notes to Financial Statements

168

	Par (000’s		)	Value
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Series A-2 (RB) 5.00%, 06/01/30 (c)	$	100		$	101,329
Philadelphia Authority for Industrial Development, University of the Arts (RB)
4.50%, 03/15/29 (c)		25			26,080
4.50%, 03/15/29 (c) (d) *		171			34,118
Philadelphia Authority, Industrial Development, Electrical and Technology Charter School Project, Series A (RB) 4.00%, 06/01/31		440			435,412
State Public School Building Authority, School District of Philadelphia Project, Series A (RB) (SAW) 5.00%, 06/01/29 (c)		200			203,713
The Hospitals and Higher Education, Facilities Authority of Philadelphia (RB)
5.00%, 07/01/26		115			115,841
5.00%, 07/01/29 (c)		275			280,539
					8,202,909
Puerto Rico: 7.7%
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB) 5.00%, 07/01/30		1,000			1,042,002
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series B (RB)
5.00%, 07/01/28		1,000			1,024,525
5.00%, 07/01/33 (c)		2,000			2,090,635
Puerto Rico Commonwealth, Series A-1 (GO) (BAM)
4.00%, 07/01/33 (c)		4,000			3,957,189
4.00%, 07/01/35 (c)		1,500			1,474,720
4.00%, 07/01/37 (c)		500			478,947
5.62%, 07/01/27		1,000			1,028,271
5.62%, 07/01/29		3,000			3,204,961
5.75%, 07/01/31		4,000			4,437,636
Puerto Rico Electric Power Authority (RB) (NATL)
4.75%, 07/01/33 (c)		120			117,550
5.25%, 07/01/26		320			320,323
5.25%, 07/01/29		510			514,094
5.25%, 07/01/30		500			504,444
5.25%, 07/01/32		700			709,426
5.25%, 07/01/33		1,000			1,014,795
Puerto Rico Municipal Finance Agency, Series A (RB) (AG) 5.00%, 08/01/30 (c)		780			782,210
Puerto Rico Sales Tax Financing Corp. Sales Tax, Series B-1 (RB) 0.00%, 07/01/29 (c) ^		1,000			885,630

	Par (000’s		)	Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB)
0.00%, 07/01/31 (c) ^	$	2,000		$	1,638,315
0.00%, 07/01/33 (c) ^		1,500			1,138,334
4.50%, 07/01/34 (c)		1,000			1,000,273
Puerto Rico Sales Tax Financing Corp., Series A-1 (RB) (AG) 0.00%, 07/01/29 (c) ^		1,308			1,157,570
					28,521,850
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp., Care New England, Series B (RB) 5.00%, 09/01/31 (c)		1,000			1,004,301
South Carolina: 1.8%
Patriots Energy Group Financing Agency, Gas Supply, Series A (RB) 5.25%, 10/01/54 (c) (p)		5,000			5,457,178
South Carolina Jobs-Economic Development Authority Health Facilities, Series B-3 (RB) 4.00%, 12/01/30		500			500,200
South Carolina Jobs-Economic Development Authority, The Woodlands at Furman (RB) 4.00%, 11/15/27 (c)		195			194,224
South Carolina Public Service Authority, Series A (RB) 5.00%, 12/01/31 (c)		525			531,520
					6,683,122
Tennessee: 1.0%
Metropolitan Nashville Airport Authority, Series B (RB) 5.25%, 07/01/35 (c)		500			557,003
New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee (RB) 0.00%, 04/01/33 (c) ^		1,000			740,309
Tennessee Corp. Gas Supply, Series A (RB) 5.50%, 10/01/53 (c) (p)		1,000			1,084,852
Tennessee Energy Acquisition Corp., Commodity Project, Series A (RB) 5.00%, 05/01/52 (c) (p)		1,000			1,079,261
Tennessee Energy Acquisition Corp., Gas Project, Series A (RB) 5.25%, 09/01/26		290			293,676
					3,755,101
Texas: 8.9%
Arlington, Texas Higher Education Finance Corp. (RB) 5.00%, 06/15/35 (c)		500			526,552

See Notes to Financial Statements

169

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SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Texas (continued)
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) 5.00%, 01/01/33 (c)	$	1,200		$	1,209,456
Austin Convention Enterprises, Inc., Convention Center Hotel, First Tier, Series A (RB) (SAW) 5.00%, 01/01/26		775			775,603
Austin Convention Enterprises, Inc., Convention Center Hotel, Second Tier, Series A (RB) 5.00%, 01/01/30 (c)		500			503,259
Calhoun County Navigation Industrial Development Authority, Max Midstream Texas LLC Project, Series A (RB) 3.62%, 07/01/26 (c)		1,465			1,425,922
Central Texas Regional Mobility Authority, Series C (RB) 5.00%, 01/01/27 (c)		1,000			1,002,733
City of Austin, Texas Airport System (RB)
5.00%, 11/15/25		625			625,388
5.00%, 11/15/28 (c)		395			395,574
City of Houston, Airport System, Series C (RB) 5.00%, 07/01/27		180			185,504
City of Houston, Airport System, United Airlines, Inc. Terminal E Project (RB) 5.00%, 07/01/29 (c)		2,465			2,465,036
City of Houston, Airport System, United Airlines, Inc. Terminal E Project, Series A (RB) 5.00%, 07/01/27		250			254,922
City of Houston, Continental Airlines, Inc., Terminal Improvement Projects (RB) 6.50%, 07/15/30 (c)		170			170,002
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB)
5.00%, 07/15/27		2,000			2,040,360
5.00%, 07/15/28		500			514,578
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Technical Operations Center Project, Series A (RB) 5.00%, 07/15/28		1,500			1,543,733

	Par (000’s		)	Value
Texas (continued)
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B (RB)
5.25%, 07/15/34	$	500		$	542,324
5.50%, 07/15/35 (c)		1,000			1,112,115
5.50%, 07/15/36 (c)		1,000			1,100,089
5.50%, 07/15/37 (c)		1,000			1,093,285
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-1 (RB) 5.00%, 07/15/30 (c)		1,000			1,000,015
City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Terminal Improvement Projects, Series B-2 (RB) 5.00%, 07/15/27		1,750			1,785,315
City of Houston, Texas Airport System, Series A (RB) 5.00%, 07/01/33		500			558,280
Dallas Fort Worth, Texas International Airport, Series A-1 (RB)
5.00%, 11/01/31		500			552,183
5.00%, 11/01/36 (c)		1,000			1,114,588
Harris County, Houston Sports Authority, Junior Lien, Series A (RB) (AG) 5.00%, 11/15/30		500			549,691
Harris County, Houston Sports Authority, Junior Lien, Series H (RB) (NATL) 0.00%, 11/15/29 ^		315			279,062
Lower Colorado River Authority Transmission Contract, Series A (RB) 5.00%, 05/15/36 (c)		1,000			1,156,643
Matagorda County, Navigation District No. 1, Series B-1 (RB) 4.00%, 06/01/30 (c)		750			750,293
Mesquite Health Facility Development Corp., Christian Care Centers, Inc. Project (RB) (NATL) 5.00%, 02/15/30 (c) (d) *		102			1,015
Mission Economic Development Corp., Graphic Packaging International LLC Project (RB) 5.00%, 12/01/64 (p)		250			260,234
Mission Economic Development Corp., Senior Lien, Natgasoline Project (RB) 4.62%, 10/01/31 (c)		2,980			2,990,674

See Notes to Financial Statements

170

	Par (000’s		)	Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp., Carillon Lifecare Community Project (RB) 4.00%, 07/01/28 (c)	$	625		$	624,240
New Hope Cultural Education Facilities Finance Corp., Legacy Preparatory Charter Academy, Series A (RB) 5.25%, 08/15/27 (c)		75			73,131
Port Beaumont Navigation District, Texas Dock & Wharf Facility, Series A (RB) 2.62%, 01/01/31 (c)		550			507,931
SA Energy Acquisition Public Facility Corp., Gas Supply (RB) 5.50%, 08/01/27		110			113,540
Tarrant County Cultural Education Facilities Finance Corp., MRC Stevenson Oaks Project, Series A (RB) 6.25%, 11/15/31 (c)		250			250,712
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility (RB) 4.00%, 05/15/27 (c)		120			119,763
Texas Municipal Gas Acquisition and Supply Corp. I, Series A (RB) 5.25%, 12/15/25		100			100,260
Texas Municipal Gas Acquisition and Supply Corp. III (RB)
5.00%, 12/15/28		350			366,737
5.00%, 12/15/30		1,000			1,072,260
Texas Municipal Gas Acquisition and Supply Corp. V (RB) 5.00%, 01/01/55 (c) (p)		1,000			1,101,403
Texas Municipal Gas Acquisition and Supply Corp., Series D (RB) 6.25%, 12/15/26		345			350,978
					33,165,383
Vermont: 0.3%
Vermont Educational & Health Buildings Financing Agency, Series A (RB) 5.00%, 12/01/31 (c)		1,000			1,009,998
Virgin Islands: 0.3%
Matching Fund Special Purpose Securitization Corp., Virgin Islands, Series A (RB) 5.00%, 10/01/32		1,000			1,042,724

	Par (000’s		)	Value
Virginia: 1.7%
Amherst Industrial Development Authority, Educational Facilities, Sweet Briar College (RB) 4.75%, 09/01/30 (c)	$	140		$	137,048
Economic Development Authority of Henrico County, Bon Secours Mercy Health, Inc., Series A (RB) 5.00%, 11/01/35		1,000			1,147,629
Peninsula Town Center Community Development Authority (RB) 4.50%, 09/01/28 (c)		230			231,673
Virginia Beach Development Authority, Residential Care Facility, Series A (RB)
5.75%, 09/01/30 (c)		1,000			1,008,123
5.75%, 09/01/33 (c)		1,000			1,114,102
Virginia Small Business Financing Authority, 95 Express Lanes LLC Project (RB)
5.00%, 01/01/34 (c)		500			539,277
5.00%, 07/01/35 (c)		500			534,446
Virginia Small Business Financing Authority, Elizabeth River Crossing OPCO LLC Project (RB) 4.00%, 01/01/31		635			649,328
Virginia Small Business Financing Authority, Residential Care Facilities, Series A (RB) 5.00%, 12/01/34 (c)		1,000			1,088,063
					6,449,689
Washington: 1.2%
King County, Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (RB) 5.00%, 12/01/25		40			40,064
King County, Washington Public Hospital District No. 1 (GO) 5.00%, 12/01/32 (c)		250			254,375
Washington State Housing Finance Commission (RB) 3.50%, 12/20/35		746			725,761
Washington State, Convention Center Public Facilities District (RB) 4.00%, 07/01/31		2,250			2,319,505
Washington State, Housing Finance Commission, Parkshore Juanita Bay Project, Series B-2 (RB) 3.95%, 07/01/29 (c)		500			500,016

See Notes to Financial Statements

171

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(unaudited) (continued)

	Par (000’s		)	Value
Washington (continued)
Washington State, Housing Finance Commission, Presbyterian Retirement Communities Northwest Projects, Series A (RB)
4.00%, 01/01/26 (c)	$	300		$	299,809
5.00%, 01/01/31 (c)		365			368,452
					4,507,982
West Virginia: 0.6%
West Virginia Economic Development Authority, Solid Waste Facility, Commercial Metals Company Project (RB) 4.62%, 04/15/55 (c) (p)		1,500			1,525,157
West Virginia Economic Development Authority, Solid Waste Facility, Core Natural Resources, Inc. Project (RB) 5.45%, 01/01/55 (c) (p)		500			537,030
West Virginia Hospital Finance Authority, West Virginia University Health System, Series A (RB) 5.00%, 06/01/26		150			151,551
					2,213,738
Wisconsin: 1.8%
Public Finance Authority, Bonnie Cone Classical Academy, Inc. (RB) 5.00%, 06/15/34 (c)		500			484,436
Public Finance Authority, Celanese Corp., Series C (RB) 4.30%, 11/01/30 (c)		1,000			1,000,504
Public Finance Authority, Foundation Academy Charter School Project (RB) 5.00%, 07/01/35		250			262,218
Public Finance Authority, Living Community First Mortgage (RB) 4.25%, 05/01/29 (c)		295			269,979
Public Finance Authority, Penick Village (RB) 4.00%, 09/01/29 (c)		310			309,543
Public Finance Authority, Pinecrest Academy, Sloan Canyon Campus Project, Series A (RB) 4.00%, 07/15/34 (c)		250			246,102
Public Finance Authority, Prime Healthcare Foundation, Inc., Series A (RB) 5.00%, 12/01/27		950			962,127
Public Finance Authority, UNC Health Southeastern, Series A (RB) 4.00%, 02/01/35 (c)		150			138,826

	Par (000’s		)	Value
Wisconsin (continued)
Public Finance Authority, Waste Management, Inc. Project, Series A-1 (RB) 2.62%, 11/01/25	$	1,050		$	1,050,000
Public Finance Authority, Wisconsin (RB) 5.50%, 12/15/32 (c)		385			384,429
Public Finance Authority, Wisconsin Education Revenue, Series A (RB)
4.10%, 06/15/26		50			50,173
4.10%, 06/15/26		100			99,468
Public Finance Authority, Wisconsin, Series A-4 (RB) 5.50%, 11/15/32 (c)		250			250,662
Wisconsin Health and Educational Facilities Authority, Chiara Housing and Services Inc., Project (RB) 5.00%, 07/01/35 (c)		240			245,206
Wisconsin Health and Educational Facilities Authority, Prohealth Care, Inc. (RB) 3.00%, 08/15/26 (c)		825			821,993
					6,575,666
Total Municipal Bonds: 98.6% (Cost: $376,747,075)					366,590,844
Other assets less liabilities: 1.4%					5,353,454
NET ASSETS: 100.0%				$	371,944,298

See Notes to Financial Statements

172

Definitions:

AG	Assured Guaranty, Inc.
AMBAC	American Municipal Bond Assurance Corp.
BAM	Build America Assurance Co.
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
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
ST	Special Tax
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

173

VANECK SHORT HIGH YIELD MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund’s investments as of October 31, 2025 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds
Alabama	$	—	$	15,418,133	$	—	$	15,418,133
Arizona		—		5,185,189		—		5,185,189
California		—		58,938,146		—		58,938,146
Colorado		—		7,097,896		—		7,097,896
Connecticut		—		3,424,325		—		3,424,325
District of Columbia		—		366,349		—		366,349
Florida		—		19,328,928		—		19,328,928
Georgia		—		5,610,603		—		5,610,603
Guam		—		6,011,080		—		6,011,080
Hawaii		—		495,703		—		495,703
Illinois		—		34,891,047		—		34,891,047
Indiana		—		3,137,646		—		3,137,646
Iowa		—		1,436,781		—		1,436,781
Kansas		—		851,061		—		851,061
Kentucky		—		4,961,008		—		4,961,008
Louisiana		—		3,858,648		8		3,858,656
Maryland		—		916,823		—		916,823
Massachusetts		—		3,559,191		—		3,559,191
Michigan		—		1,979,039		—		1,979,039
Minnesota		—		1,748,284		—		1,748,284
Missouri		—		1,595,413		—		1,595,413
Montana		—		251,134		—		251,134
Nebraska		—		3,617,521		—		3,617,521
Nevada		—		2,413,325		—		2,413,325
New Hampshire		—		4,940,484		—		4,940,484
New Jersey		—		11,086,996		—		11,086,996
New Mexico		—		1,553,819		—		1,553,819
New York		—		43,331,121		—		43,331,121
North Carolina		—		3,736,873		—		3,736,873
North Dakota		—		529,916		—		529,916
Ohio		—		9,415,525		—		9,415,525
Oklahoma		—		1,770,366		—		1,770,366
Pennsylvania		—		8,202,909		—		8,202,909
Puerto Rico		—		28,521,850		—		28,521,850
Rhode Island		—		1,004,301		—		1,004,301
South Carolina		—		6,683,122		—		6,683,122
Tennessee		—		3,755,101		—		3,755,101
Texas		—		33,165,383		—		33,165,383
Vermont		—		1,009,998		—		1,009,998
Virgin Islands		—		1,042,724		—		1,042,724
Virginia		—		6,449,689		—		6,449,689
Washington		—		4,507,982		—		4,507,982
West Virginia		—		2,213,738		—		2,213,738
Wisconsin		—		6,575,666		—		6,575,666
Total	$	—	$	366,590,836	$	8	$	366,590,844

See Notes to Financial Statements

174

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

October 31, 2025 (unaudited)

	Par (000’s		)	Value
MUNICIPAL BONDS: 98.8%
Alabama: 3.7%
Black Belt Energy Gas District, Project No. 4, Series A (RB) 4.00%, 12/01/49 (c) (p)	$	1,360		$	1,362,857
Black Belt Energy Gas District, Project No. 7, Series C-1 (RB) 4.00%, 10/01/52 (c) (p)		2,200			2,215,392
Black Belt Energy Gas District, Series D-1 (RB) 5.50%, 06/01/49 (c) (p)		1,000			1,061,658
Black Belt Energy Gas District, Series E (RB) 5.00%, 05/01/53 (p)		1,000			1,052,374
Energy Southeast A Cooperative District, Energy Supply, Series A (RB) 5.50%, 11/01/53 (c) (p)		1,710			1,887,343
Jefferson County (RB) 5.00%, 09/15/28 (c)		525			540,458
Lower Alabama Gas District, Project No. 2 (RB) (SAW) 4.00%, 12/01/50 (c) (p)		1,500			1,501,266
Southeast Energy Authority, Cooperative District Commodity Supply, Series A (RB) 5.25%, 01/01/54 (c) (p)		1,000			1,062,309
					10,683,657
Arizona: 2.3%
Arizona Department of Transportation State Highway Fund Revenue (RB) 5.00%, 07/01/30 (c)		835			847,111
5.00%, 07/01/31 (c)		1,050			1,065,229
Arizona Industrial Development Authority, Series A (RB) 5.00%, 11/01/28 (c)		500			523,336
City of Mesa, Arizona Utility System (RB) 4.00%, 07/01/31 (c)		1,550			1,559,430
City of Phoenix Civic Improvement Corp. (RB) 5.00%, 07/01/29 (c)		620			629,238
Maricopa County Industrial Development Authority, Banner Health, Series A (RB) 5.00%, 01/01/26		700			702,189
5.00%, 01/01/53 (c) (p)		500			504,425
Salt River Project Agricultural Improvement & Power District, Series A (RB) 5.00%, 01/01/26		500			501,858
5.00%, 01/01/27		500			513,970
					6,846,786
California: 15.5%
Bay Area Toll Authority, San Francisco Bay Area, Series A (RB) 2.95%, 04/01/47 (c) (p)		1,130			1,130,364

	Par (000’s		)	Value
California (continued)
Beverly Hills, California Unified School District (GO) 0.00%, 08/01/30 ^	$	1,000		$	895,415
California Community Choice Financing Authority, Clean Energy Project, Series A-1 (RB) 4.00%, 05/01/53 (c) (p)		500			511,332
California Community Choice Financing Authority, Clean Energy Project, Series B-1 (RB) 4.00%, 02/01/52 (c) (p)		4,000			4,088,095
5.00%, 07/01/53 (c) (p)		1,000			1,057,952
California Community Choice Financing Authority, Clean Energy Project, Series D (RB) 5.50%, 05/01/54 (c) (p)		1,000			1,065,606
California Community Choice Financing Authority, Clean Energy Project, Series E-1 (RB) 5.00%, 02/01/54 (c) (p)		500			540,055
California Community Choice Financing Authority, Clean Energy Project, Series G-1 (RB) 5.25%, 11/01/54 (c) (p)		1,000			1,074,739
California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series A (RB) 5.00%, 08/15/31 (c)		310			315,860
California Health Facilities Financing Authority, Kaiser Permanente, Series A-1 (RB) 5.00%, 11/01/27		500			526,724
California Infrastructure and Economic Development Bank, Series B (RB) 5.00%, 11/01/29 (c)		500			533,863
California Infrastructure and Economic Development Bank, Series B-2 (RB) 3.00%, 10/01/47 (c) (p)		500			500,505
California State Public Works Board, Sacramento Region New Natural Resources Headquarters, Series C (RB) 5.00%, 11/01/29		675			741,301
California State Public Works Board, Various Capital Projects, Series B (RB) 5.00%, 10/01/26		830			848,249
5.00%, 10/01/28 (c)		785			822,954
California State Public Works Board, Various Correctional Facilities, Series D (RB) 5.00%, 09/01/26		500			509,934

See Notes to Financial Statements

175

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
California (continued)
California State University, Series B-3 (RB) 3.12%, 11/01/51 (c) (p)	$	500		$	499,903
California Statewide Communities Development Authority, Pollution Control, Southern California Edison Company, Series A (RB) 1.75%, 09/01/29 (c)		2,500			2,337,597
City and County of San Francisco, Moscone Convention Center Expansion Project, Series B (CP) 4.00%, 04/01/30 (c)		1,000			1,000,826
City of San Francisco, Public Utilities Commission Water, Series C (RB) 5.00%, 11/01/28		500			542,585
East County, California Advanced Water Purification Joint Powers Authority, Series A (RB) 3.12%, 09/01/26 (c)		500			501,753
Foothill-Eastern Transportation Corridor Agency, Series A (RB) 0.00%, 01/01/27 ^		500			485,616
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series A (RB) (AG) 0.00%, 06/01/26 ^		1,000			984,816
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series A (RB) 5.00%, 07/01/31 (c)		795			832,002
Los Angeles Unified School District, Series A (GO) 5.00%, 07/01/30 (c)		1,720			1,900,910
Los Angeles Unified School District, Series B (GO) 5.00%, 07/01/30 (c)		500			508,256
Oakland, California Unified School District (GO) 5.00%, 08/01/26		380			387,097
Public Facilities Financing Authority of the City of San Diego, Subordinated Water, Series B (RB) 5.00%, 08/01/27 (c)		500			509,565
San Bernardino Community College District, Series A (GO) 4.00%, 08/01/49 (c)		540			556,465
San Francisco, California City & County Public Utilities Commission Wastewater, Series A (RB) 5.00%, 10/01/26		1,000			1,023,538

	Par (000’s		)	Value
California (continued)
State of California, Department of Water Resources, Series BB (RB) 5.00%, 12/01/26	$	500		$	514,674
State of California, Various Purpose (GO) 5.00%, 09/01/26		1,000			1,020,448
5.00%, 11/01/26		915			937,739
5.00%, 04/01/27		750			776,699
5.00%, 08/01/27		1,305			1,362,876
5.00%, 09/01/27		1,000			1,046,565
5.00%, 10/01/27		500			524,399
5.00%, 10/01/27		1,000			1,048,799
5.00%, 10/01/27		530			555,863
5.00%, 09/01/28		1,000			1,070,694
5.00%, 11/01/28		910			978,165
5.00%, 11/01/28 (c)		1,000			1,050,481
5.00%, 10/01/29 (c)		1,000			1,009,330
5.00%, 10/01/29		1,000			1,097,341
5.00%, 04/01/30		2,910			3,231,850
5.00%, 09/01/30 (c)		1,095			1,115,487
5.00%, 10/01/30 (c)		750			823,990
					45,399,277
Colorado: 2.0%
Boulder Larimer & Weld Counties, St. Vrain Valley School District, Series C (GO) (SAW) 5.00%, 12/15/35 (c)		500			513,124
City of Colorado Springs, Colorado Utilities System, Series A-1 (RB) 5.00%, 11/15/26		500			512,353
Colorado Health Facilities Authority, Series A (RB)
5.00%, 11/01/25		500			500,000
5.00%, 11/15/60 (c) (p)		1,000			1,094,107
Jefferson County School District R-1 (GO) 5.00%, 12/15/30 (c)		1,110			1,191,796
Regional Transportation District, Fastracks Project, Series B (RB) 5.00%, 11/01/28		1,000			1,072,209
State of Colorado, Series A (CP) 5.00%, 12/15/26		500			512,865
University of Colorado, Series A-2 (RB) 4.00%, 06/01/34 (c)		500			519,161
					5,915,615
Connecticut: 3.3%
Connecticut State Health and Educational Facilities Authority, Yale University, Series B-1 (RB) 5.00%, 07/01/64 (p)		1,000			1,103,050

See Notes to Financial Statements

176

	Par (000’s		)	Value
Connecticut (continued)
State of Connecticut, Health & Educational Facilities Authority, Series A (RB) 5.00%, 07/01/26	$	500		$	507,099
State of Connecticut, Series A (RB) 5.00%, 07/01/31		350			394,830
State of Connecticut, Series B (GO) (BAM) 3.00%, 06/01/29		1,000			1,009,566
State of Connecticut, Series E (GO) 5.00%, 11/15/25		670			670,484
State of Connecticut, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 05/01/31		1,650			1,855,824
State of Connecticut, Transportation Infrastructure Purposes, Series A (ST) 5.00%, 05/01/26		1,015			1,026,391
5.00%, 05/01/28		600			634,879
University of Connecticut, Series A (RB) 5.00%, 04/15/26		550			555,543
5.00%, 04/15/29 (c)		1,000			1,057,353
5.00%, 01/15/30 (c)		745			766,408
					9,581,427
Delaware: 0.2%
Delaware Transportation Authority, Series A (RB) 5.00%, 07/01/26		500			507,826
District of Columbia: 1.0%
Metropolitan Washington Airports Authority, Series B (RB) 5.00%, 10/01/28		500			533,924
Washington Convention & Sports Authority, Series A (RB) 5.00%, 10/01/30 (c)		1,000			1,043,015
Washington Metropolitan Area Transit Authority, Series B (RB) 5.00%, 07/01/30 (c)		555			575,624
5.00%, 07/01/31 (c)		650			673,225
					2,825,788
Florida: 2.8%
Central Florida Expressway Authority (RB) (AG) 5.00%, 07/01/27		500			519,330
Central Florida Expressway Authority, Series A (RB) 4.00%, 07/01/31 (c)		1,250			1,258,096
County of Miami-Dade (RB) 5.00%, 10/01/29 (c)		510			519,201

	Par (000’s		)	Value
Florida (continued)
County of Miami-Dade, Florida Water and Sewer System (RB) 5.00%, 10/01/28	$	1,000		$	1,065,820
Miami Beach Redevelopment Agency (TA) (AG) 5.00%, 02/01/31		500			553,066
Orange County, Florida Tourist Development Tax (RB) 5.00%, 10/01/30		490			543,049
Reedy Creek Improvement District, Series A (GO) 4.00%, 06/01/31 (c)		1,000			1,019,677
South Miami, Florida Health Facilities Authority Hospital Baptist Health (RB) 5.00%, 08/15/29 (c)		710			736,083
State of Florida, Board of Education Full Faith and Credit, Series E (GO) 3.00%, 06/01/30 (c)		1,000			1,000,061
State of Florida, Department of Transportation, Federal Highway Reimbursement, Series A (RB) 5.00%, 07/01/30		880			971,093
					8,185,476
Georgia: 3.9%
Georgia State Road and Tollway Authority (RB) 5.00%, 06/01/29		800			866,964
Main Street Natural Gas, Inc., Series A (RB) 4.00%, 07/01/52 (c) (p)		1,250			1,267,953
Main Street Natural Gas, Inc., Series B (RB) 5.00%, 12/01/52 (c) (p)		500			525,354
5.00%, 07/01/53 (c) (p)		1,000			1,072,146
Main Street Natural Gas, Inc., Series C (RB) 4.00%, 03/01/50 (c) (p)		1,500			1,513,050
4.00%, 08/01/52 (c) (p)		500			502,937
5.00%, 09/01/53 (c) (p)		1,000			1,070,270
Main Street Natural Gas, Inc., Series D (RB) 5.00%, 04/01/54 (c) (p)		2,000			2,171,451
State of Georgia, Series A (GO) 5.00%, 08/01/26		700			712,342
5.00%, 02/01/29 (c)		680			683,950
State of Georgia, Series C (GO) 5.00%, 07/01/26		1,000			1,015,585
					11,402,002
Hawaii: 1.5%
City & County of Honolulu, Hawaii Rail Transit Project, Series B (GO) 5.00%, 03/01/31 (c)		1,930			2,125,576

See Notes to Financial Statements

177

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Hawaii (continued)
City & County of Honolulu, Hawaii Rail Transit Project, Series E (GO) 5.00%, 03/01/26	$	785		$	790,944
5.00%, 03/01/27		500			516,043
State of Hawaii, Series ET (GO) 3.00%, 10/01/29 (c)		1,000			981,455
					4,414,018
Illinois: 4.2%
Chicago O’Hare International Airport, Series B (RB) (AG) 5.00%, 01/01/26		500			501,605
Chicago O’Hare International Airport, Series C (RB) 5.00%, 01/01/26		315			316,011
Chicago O’Hare International Airport, Series D (RB) 5.00%, 01/01/30		500			545,867
City of Chicago, Series A (GO) 5.00%, 01/01/27		365			369,669
5.00%, 01/01/30		2,000			2,086,562
City of Chicago, Series B (GO) 4.00%, 01/01/30		358			360,680
Illinois Finance Authority, Clean Water Initiative (RB) 5.00%, 07/01/27		685			711,596
5.00%, 01/01/28		500			525,050
Illinois Finance Authority, Northshore University Health System, Series A (RB) (AG) 5.00%, 08/15/26		500			508,476
Illinois State Toll Highway Authority, Series A (RB) 5.00%, 01/01/27		415			425,584
Illinois State Toll Highway Authority, Series C (RB) 5.00%, 01/01/27		650			666,578
Illinois State, Series A (GO) 5.00%, 11/01/27		1,000			1,040,286
Regional Transportation Authority of Illinois, Series A (RB) 5.00%, 07/01/28 (c)		735			759,342
State of Illinois (GO) 3.50%, 06/01/29 (c)		685			685,981
State of Illinois, Series A (RB) 4.00%, 06/15/28		580			595,418
State of Illinois, Series D (GO) 5.00%, 11/01/25		1,345			1,345,000
5.00%, 11/01/26		800			816,231
					12,259,936
Indiana: 0.9%
Indiana Finance Authority, Midwestern Disaster Relief, Series A (RB) 4.25%, 11/01/30		1,545			1,580,955

	Par (000’s		)	Value
Indiana (continued)
Indiana Finance Authority, Series E (RB) 5.00%, 06/01/29	$	935		$	1,013,598
					2,594,553
Iowa: 0.5%
PEFA, Inc., Iowa Gas Project (RB) 5.00%, 09/01/49 (c) (p)		1,500			1,520,866
Kansas: 0.2%
County of Butler, Unified School District No. 385 (GO) 4.00%, 09/01/30 (c)		500			511,591
Kentucky: 1.0%
Commonwealth of Kentucky, State Property and Building Commission, Series A (RB) 5.00%, 10/01/30		250			276,459
Kentucky Public Energy Authority, Gas Supply, Series A (RB) 5.25%, 06/01/55 (c) (p)		500			534,629
Kentucky Public Energy Authority, Gas Supply, Series A-1 (RB) 4.00%, 08/01/52 (c) (p)		1,200			1,233,815
Louisville & Jefferson County, Metro Government, Norton Healthcare, Inc., Series C (RB) 5.00%, 10/01/47 (c) (p)		1,000			1,015,188
					3,060,091
Louisiana: 0.6%
St. John Baptist Parish, Louisiana Marathon Oil Co., Series B-2 (RB) 2.38%, 06/01/37 (p)		750			747,395
State of Louisiana, Series A (GO) 5.00%, 02/01/29		1,000			1,077,208
					1,824,603
Maryland: 3.3%
Baltimore County, Maryland (GO) 5.00%, 03/01/30		945			1,044,344
Community Development Administration, Maryland Multifamily Development, Series D-2 (RB) 3.30%, 01/01/29		500			504,503
County of Montgomery, Consolidated Public Improvement, Series A (GO) 4.00%, 08/01/29		750			789,602
State of Maryland, Department of Transportation (RB) 3.00%, 11/01/30 (c)		520			520,023
3.12%, 05/01/31 (c)		855			855,100
4.00%, 11/01/27 (c)		500			500,316
5.00%, 10/01/26		595			607,974

See Notes to Financial Statements

178

	Par (000’s		)	Value
Maryland (continued)
State of Maryland, Department of Transportation, Series B (RB) 4.00%, 05/01/30 (c)	$	750		$	773,267
State of Maryland, State and Local Facilities Loan, Series A (GO) 5.00%, 03/15/28 (c)		500			515,975
5.00%, 03/15/28		500			528,860
5.00%, 03/15/29		1,000			1,082,137
5.00%, 03/15/31 (c)		1,500			1,655,454
State of Maryland, State and Local Facilities Loan, Series B (GO) 5.00%, 08/01/26		385			391,788
					9,769,343
Massachusetts: 4.9%
Commonwealth of Massachusetts (RB) (NATL) 5.50%, 01/01/27		680			702,149
Commonwealth of Massachusetts, Series A (GO) 5.00%, 01/01/27		710			729,425
5.00%, 05/01/27		500			517,778
5.00%, 07/01/27		500			519,828
Commonwealth of Massachusetts, Series B (GO) 5.00%, 07/01/31 (c)		600			609,656
Commonwealth of Massachusetts, Series C (GO) 5.00%, 10/01/26		400			408,503
5.00%, 05/01/30		1,000			1,108,553
Commonwealth of Massachusetts, Series C (GO) (AG) 5.00%, 05/01/31		2,665			3,010,561
Commonwealth of Massachusetts, Series E (GO) 3.00%, 12/01/25		750			750,005
Massachusetts Development Finance Agency, Harvard University Issue, Series A (RB) 5.00%, 10/15/26		500			511,546
Massachusetts Water Resources Authority, Series B (RB) (AG) 5.25%, 08/01/30		2,000			2,260,311
Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/31 (c)		2,115			2,206,617
5.00%, 08/01/40 (c)		1,000			1,018,303
					14,353,235
Michigan: 0.7%
Michigan State Housing Development Authority, Series A (RB) 3.70%, 04/01/30 (c)		500			500,706

	Par (000’s		)	Value
Michigan (continued)
State of Michigan, Environmental Program (GO) 3.00%, 05/01/30 (c)	$	410		$	410,769
State of Michigan, Grant Anticipation (RB) 5.00%, 03/15/26		500			503,921
State of Michigan, Trunk Line, Series B (RB) 5.00%, 11/15/27		500			525,000
					1,940,396
Minnesota: 1.6%
Metropolitan Council, Minneapolis & St. Paul Metropolitan Area, Series C (GO) 5.00%, 12/01/26		1,000			1,025,245
Minneapolis & St. Paul, Minnesota Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/29		1,000			1,071,141
Minneapolis & St. Paul, Minnesota Metropolitan Airports Commission, Series B (RB) 5.00%, 01/01/30 (c)		515			528,099
Minnesota Public Facilities Authority, Series A (RB) 5.00%, 03/01/31		1,000			1,127,682
State of Minnesota, Various Purpose, Series D (GO) 3.00%, 10/01/30 (c)		1,000			1,005,120
					4,757,287
Mississippi: 0.2%
State of Mississippi, Series A (GO) 5.00%, 10/01/29 (c)		430			449,780
Missouri: 0.7%
Curators of the University of Missouri, Series B (RB) 5.00%, 11/01/30		1,400			1,564,434
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series B (RB) 5.00%, 01/01/26 (c)		500			500,514
					2,064,948
Montana: 0.2%
City of Forsyth, Montana Pollution Control, Northwestern Corp. Colstrip Project (RB) 3.88%, 07/01/28 (c)		500			508,000
Nevada: 0.2%
Clark County, Nevada Airport System, Series A (RB) 5.00%, 07/01/29		500			542,270

See Notes to Financial Statements

179

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
New Jersey: 4.1%
New Jersey Economic Development Authority, New Jersey Transit Corp. Project, Series B (RB) 4.00%, 11/01/25	$	660		$	660,000
New Jersey Economic Development Authority, School Facilities Construction, Series DDD (RB) 5.00%, 06/15/34 (c)		615			638,677
New Jersey Educational Facilities Authority, Princeton University, Series A (RB) 5.00%, 07/01/64 (c) (p)		1,500			1,669,147
New Jersey Educational Facilities Authority, Princeton University, Series B (RB) 5.00%, 07/01/28 (c)		1,000			1,040,727
New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project (RB) 5.00%, 09/15/26		500			509,347
New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health, Series A (RB) 5.00%, 07/01/29 (c)		660			685,329
New Jersey Health Care Facilities Financing Authority, Valley Health System (RB) 5.00%, 07/01/31 (c)		1,000			1,080,779
New Jersey Transportation Trust Fund Authority, Series A (RB)
5.00%, 12/15/26		500			512,197
5.00%, 06/15/30 (c)		435			440,550
New Jersey Transportation Trust Fund Authority, Series A-1 (RB) 4.10%, 06/15/31 (c)		780			785,048
State of New Jersey, Various Purposes (GO)
2.00%, 06/01/26		500			496,199
2.00%, 06/01/30 (c)		3,000			2,836,843
Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/31 (c)		500			523,476
					11,878,319
New Mexico: 0.5%
State of New Mexico, Series A (RB) 5.00%, 07/01/27		840			872,614
State of New Mexico, Series B (RB) 5.00%, 07/01/26		535			542,772
					1,415,386

	Par (000’s		)	Value
New York: 14.4%
City of New York, Series A-1 (GO)
5.00%, 09/01/27	$	1,000		$	1,044,735
5.00%, 08/01/29		1,000			1,084,590
City of New York, Series B-1 (GO) 5.00%, 11/01/30		500			555,499
City of New York, Series C (GO) 5.00%, 09/01/27		1,000			1,044,735
City of New York, Series C (GO) (SD CRED PROG) 5.00%, 08/01/27		500			521,301
City of New York, Series E (GO) 5.00%, 08/01/30 (c)		540			548,087
City of New York, Series F-1 (GO) 5.00%, 03/01/27		410			423,156
County of Suffolk, Series A (GO) (AG) 5.00%, 02/01/26		250			251,448
Long Island Power Authority Electric System (RB) (BAM) 5.00%, 09/01/26		510			520,259
Long Island Power Authority Electric System, Series B (RB) 3.00%, 09/01/55 (c) (p)		1,000			991,095
Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/26		500			511,168
Metropolitan Transportation Authority, Series C (RB) 5.25%, 11/15/29 (c)		1,000			1,000,791
Metropolitan Transportation Authority, Series D-1 (RB) 5.00%, 11/15/28 (c)		250			250,177
Metropolitan Transportation Authority, Series E (RB) 5.00%, 11/15/30		1,000			1,103,821
New York City Housing Development Corp., Multi-Family Housing, Series A-2 (RB) 3.25%, 11/01/64 (c) (p)		1,000			1,003,469
New York City Housing Development Corp., Multi-Family Housing, Series B-2 (RB) 3.95%, 11/01/64 (c) (p)		2,500			2,553,021
New York City Transitional Finance Authority Building Aid, Series S-1 (RB) (SAW) 5.00%, 07/15/31		1,250			1,418,180
New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 5.00%, 07/15/31 (c)		1,010			1,071,967

See Notes to Financial Statements

180

	Par (000’s		)	Value
New York (continued)
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1 (RB) 4.00%, 05/01/31 (c)	$	630		$	633,014
New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B-1 (RB) 5.00%, 08/01/31 (c)		690			700,641
New York City Transitional Finance Authority, Series A (RB)
5.00%, 11/01/26		500			511,680
5.00%, 11/01/27		440			460,792
New York City Transitional Finance Authority, Series E-1 (RB) 5.00%, 02/01/30 (c)		1,190			1,222,326
New York City Transitional Finance Authority, Series F (RB) 5.00%, 02/01/27		850			874,975
New York City Transitional Finance Authority, Series G-1 (RB) 4.00%, 11/01/30		1,500			1,599,590
New York State Dormitory Authority, Montefiore Medical Center, Series A (RB) 5.00%, 08/01/30 (c)		1,000			1,033,440
New York State Dormitory Authority, New York Cornell University, Series A (RB) 5.00%, 07/01/26		700			711,234
New York State Dormitory Authority, Personal Income Tax, Series A (RB) 5.00%, 03/15/29		1,000			1,083,449
New York State Dormitory Authority, Personal Income Tax, Series B (RB) 5.00%, 02/15/27		510			525,905
New York State Dormitory Authority, School Districts Bond Financing Program, Series A (RB) (SAW) 5.00%, 10/01/30 (c)		1,325			1,349,265
New York State Dormitory Authority, Series A (RB)
5.00%, 03/15/26		485			488,916
5.00%, 03/15/26		780			786,519
5.00%, 02/15/27		500			515,593
New York State Dormitory Authority, Series B (RB) 5.00%, 03/15/30		500			552,141
New York State Dormitory Authority, Series C (RB) 5.00%, 03/15/28		640			676,335

	Par (000’s		)	Value
New York (continued)
New York State Dormitory Authority, State Sales Tax, Series E (RB) 5.00%, 03/15/26	$	680		$	685,366
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Series B (RB) 5.00%, 06/15/28		605			645,367
New York State Housing Finance Agency, Series A-2 (RB) 2.50%, 11/01/60 (c) (p)		920			907,003
New York State Housing Finance Agency, Series C (RB) 3.80%, 11/01/62 (c) (p)		500			500,158
New York State Housing Finance Agency, Series C-2 (RB) 3.60%, 11/01/63 (c) (p)		500			502,731
New York State Thruway Authority, Series P (RB) 5.00%, 01/01/27		1,000			1,027,011
New York State Urban Development Corp., State Personal Income, Series A (RB)
5.00%, 03/15/27		690			713,347
5.00%, 03/15/28 (c)		500			504,314
New York State Urban Development Corp., State Personal Income, Series C (RB) 5.00%, 03/15/27		500			516,918
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Series C (RB) 5.00%, 12/01/30		1,150			1,262,895
Town of Oyster Bay, Public Improvement, Series B (GO) (AG) 3.25%, 02/01/29 (c)		665			665,552
Triborough Bridge & Tunnel Authority, Series A (RB)
5.00%, 11/15/26		1,000			1,025,119
5.00%, 11/15/27		500			524,695
5.00%, 11/15/28		1,000			1,074,655
Triborough Bridge & Tunnel Authority, Series A-2 (RB) 2.00%, 05/15/45 (p)		875			867,925
Triborough Bridge & Tunnel Authority, Series B (RB) 5.00%, 11/15/28 (c)		1,000			1,068,072
					42,114,442

See Notes to Financial Statements

181

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
North Carolina: 2.8%
County of Mecklenburg, Series A (GO) 4.00%, 04/01/29 (c)	$	500		$	509,826
County of Mecklenburg, Series B (GO) 2.00%, 12/01/30 (c)		250			238,022
County of Wake (RB) 5.00%, 09/01/26		375			382,264
North Carolina Medical Care Commission Hospital, Caromont Health, Series B (RB) 5.00%, 02/01/51 (p)		500			502,303
State of North Carolina, Grant Anticipation Vehicle (RB) 5.00%, 03/01/30 (c)		1,500			1,613,720
State of North Carolina, Series A (GO)
5.00%, 06/01/30 (c)		1,140			1,213,189
5.00%, 06/01/31 (c)		1,100			1,222,080
State of North Carolina, Series A (RB) 5.00%, 05/01/31 (c)		1,000			1,080,985
State of North Carolina, Series B (RB)
3.00%, 05/01/31 (c)		800			797,897
5.00%, 05/01/29 (c)		585			605,628
					8,165,914
Ohio: 2.4%
American Municipal Power, Inc., Combined Hydroelectric Projects, Series A (RB) 5.00%, 02/15/28		500			525,674
City of Columbus, Various Purpose (GO) 5.00%, 04/01/29 (c)		750			785,032
City of Columbus, Various Purpose, Series B (GO) 5.00%, 04/01/31 (c)		1,245			1,348,105
County of Allen, Ohio Hospital Facilities, Mercy Health, Series A (RB)
5.00%, 12/01/29		1,250			1,352,443
5.00%, 08/01/30 (c)		1,030			1,077,825
Ohio Quality Development Authority, American Electric Power Company Project, Series D (RB) 3.20%, 05/01/26		500			498,859
Ohio Turnpike and Infrastructure Commission, Series A (RB) 5.00%, 02/15/31 (c)		500			523,512
Ohio Water Development Authority, Series B (RB) 5.00%, 12/01/27 (c)		1,000			1,024,483
					7,135,933

	Par (000’s		)	Value
Oklahoma: 0.3%
Canadian County, Oklahoma Educational Facilities Authority, Mustang Public Schools Project (RB) 3.00%, 09/01/29 (c)	$	330		$	328,664
Grand River Dam Authority, Series A (RB) 5.00%, 06/01/31 (c)		515			525,515
					854,179
Oregon: 1.0%
City of Portland, Oregon Sewer System, Series A (RB) 5.00%, 12/01/26		500			512,623
Hillsboro School District No. 1J (GO) (SBG) 5.00%, 06/15/31 (c)		1,000			1,035,337
Jackson County, Oregon School District No. 549C Medford (GO) (SBG) 5.00%, 12/15/28 (c)		1,250			1,251,113
					2,799,073
Pennsylvania: 2.9%
Allegheny County Hospital Development Authority, Series A (RB) 5.00%, 07/15/30 (c)		360			385,422
Allegheny County Sanitary Authority (RB) (BAM) 5.00%, 12/01/27 (c)		500			500,805
Commonwealth of Pennsylvania (GO)
3.00%, 01/01/31 (c)		510			508,598
5.00%, 01/01/26		560			561,898
5.00%, 07/15/27		1,000			1,040,114
5.00%, 09/01/27		1,000			1,043,273
Commonwealth of Pennsylvania (GO) (SBG) 5.00%, 07/15/26		1,000			1,015,908
County of Lehigh, Valley Health Network, Series A (RB) (SBG) 5.00%, 07/01/26		600			607,530
Montgomery County Industrial Development Authority, Series A (RB) 4.10%, 04/01/53 (p)		500			513,827
Montgomery County Industrial Development Authority, Series B (RB) 4.10%, 06/01/29		705			729,113
Pennsylvania Higher Educational Facilities Authority, Trustee of University, Series A (RB) 4.00%, 08/15/31 (c)		1,000			1,006,207
University of Pittsburgh of the Commonwealth, System of Higher Education (RB) 4.00%, 04/15/26 (c)		500			501,957
					8,414,652

See Notes to Financial Statements

182

	Par (000’s		)	Value
Rhode Island: 0.3%
Rhode Island Health and Educational Building Corp., Providence Public Buildings Authority Issue, Series A (RB) (AG) 5.00%, 05/15/26 (c)	$	500		$	500,699
Tobacco Settlement Financing Corp., Rhode Island, Series A (RB) 5.00%, 06/01/26 (c)		500			502,250
					1,002,949
South Dakota: 0.1%
South Dakota Health and Educational Facilities Authority (RB) 5.00%, 09/01/30 (c)		255			263,159
Tennessee: 1.9%
Metropolitan Government of Nashville and Davidson County (GO)
4.00%, 01/01/31 (c)		545			548,319
5.00%, 07/01/26		525			533,113
Metropolitan Government of Nashville and Davidson County, Vanderbilt University Medical Center, Series A (RB) 5.00%, 07/01/31 (c)		1,000			1,096,525
Shelby County Health Educational & Housing Facilities Board, Baptist Memorial Health, Series B (RB) 5.00%, 09/01/49 (c) (p)		500			529,365
Tennessee Energy Acquisition Corp., Gas Project (RB) 4.00%, 11/01/49 (c) (p)		1,775			1,775,000
Tennessee Energy Acquisition Corp., Gas Project, Series A-1 (RB) 5.00%, 05/01/53 (c) (p)		500			518,241
Tennessee Energy Acquisition Corp., Gas Project, Series B (RB) 5.62%, 09/01/26		500			509,742
					5,510,305
Texas: 8.0%
Austin Independent School District (GO) 5.00%, 08/01/28		505			538,256
Bexar County, Limited Tax (GO) 5.00%, 06/15/27 (c)		500			506,668
Board of Regents of the University of Texas System, Series B (RB) 5.00%, 08/15/29		1,000			1,088,481
City of Dallas, Texas Waterworks and Sewer System, Series A (RB) 5.00%, 10/01/30 (c)		565			575,501

	Par (000’s		)	Value
Texas (continued)
City of San Antonio, Electric and Gas Systems (RB) 5.00%, 02/01/27 (c)	$	630		$	639,495
Comal Independent School District (GO) 5.00%, 02/01/26		775			779,105
Conroe, Texas Independent School District, Series A (GO) 5.00%, 02/15/27		2,000			2,058,116
Denton Independent School District (GO) 5.00%, 08/15/29		1,000			1,086,973
Ford Bend, Texas Independent School District, Series B (GO) 5.00%, 02/15/28		910			958,797
Fort Bend, Texas Independent School District (GO) 5.00%, 08/15/30 (c)		2,000			2,081,229
Harris County, Texas Cultural Education Facilities Finance Corp., TECO Project (RB) 5.00%, 11/15/30 (c)		850			888,789
Harris County, Texas Toll Road Senior Lien, Series A (RB) 5.00%, 08/15/27		1,000			1,040,925
Houston Texas Utility System, Series A (RB) 5.00%, 11/15/27		1,000			1,047,157
Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) (AG) 5.00%, 05/15/27		500			517,109
North Texas Tollway Authority, First Tier, Series A (RB)
5.00%, 01/01/27		500			513,274
5.00%, 01/01/30 (c)		1,195			1,199,031
5.00%, 01/01/31 (c)		1,675			1,680,650
State of Texas, Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/30 (c)		500			504,023
Texas Municipal Gas Acquisition & Supply Corp. III (RB) 5.00%, 12/15/26		600			611,047
Texas Municipal Gas Acquisition & Supply Corp. IV, Series A (RB) 5.50%, 01/01/54 (c) (p)		1,000			1,072,382
Texas Transportation Commission Highway Improvement (GO) 5.00%, 04/01/30		1,000			1,102,656
Texas Water Development Board (RB) 5.00%, 04/15/26		1,000			1,010,077

See Notes to Financial Statements

183

VANECK SHORT MUNI ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par (000’s		)	Value
Texas (continued)
Texas Water Development Board, Series A (RB) 5.00%, 04/15/30 (c)	$	250		$	261,407
Trinity River Authority, Regional Wastewater System (RB) 5.00%, 08/01/30 (c)		670			696,756
University of Houston, Series A (RB) 5.00%, 02/15/26		1,000			1,006,401
					23,464,305
Utah: 0.5%
University of Utah, Series A (RB) 5.00%, 08/01/31 (c)		365			379,141
Utah Transit Authority (RB)
5.00%, 06/15/30		500			554,509
5.00%, 12/15/30		500			560,781
					1,494,431
Virginia: 0.6%
Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series C (RB) 5.00%, 02/01/27		600			617,778
Virginia Commonwealth Transportation Board (RB) 5.00%, 03/15/27 (c)		510			519,872
Virginia Public Building Authority, Public Facilities, Series A (RB) 5.00%, 08/01/29 (c)		720			750,256
					1,887,906
Washington: 2.7%
Central Puget Sound Regional Transit Authority, Motor Vehicle Excise Tax Improvement, Series S-1 (RB) 5.00%, 11/01/26		520			532,406

	Par (000’s		)	Value
Washington (continued)
Central Puget Sound Regional Transit Authority, Series S-1 (RB) 5.00%, 11/01/31 (c)	$	500		$	500,000
Energy Northwest, Project 3 Electric, Series A (RB) 5.00%, 07/01/28 (c)		725			753,510
King County, Washington (GO) 4.00%, 07/01/30 (c)		2,110			2,151,492
State of Washington, Motor Vehicle Fuel Tax, Series A (GO) 5.00%, 06/01/26		1,000			1,013,447
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) 5.00%, 08/01/31 (c)		825			839,010
State of Washington, Motor Vehicle Fuel Tax, Series R-A (GO) (SBG) 5.00%, 06/01/31 (c)		1,000			1,106,977
State of Washington, Series D (GO) 5.00%, 08/01/31 (c)		880			915,380
					7,812,222
West Virginia: 0.4%
State of West Virginia, Surface Transportation Improvements, Series A (RB) 5.00%, 09/01/26		1,000			1,018,627
Wisconsin: 0.5%
City of Milwaukee, Series N4 (GO) 5.00%, 04/01/26		750			755,794
Public Finance Authority, Wisconsin Providence St. Joseph Health (RB) 4.00%, 10/01/41 (p)		810			835,314
					1,591,108
Total Municipal Bonds: 98.8% (Cost: $287,323,903)					288,741,681
Other assets less liabilities: 1.2%					3,641,400
NET ASSETS: 100.0%				$	292,383,081

Definitions:

AG	Assured Guaranty, Inc.
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

See Notes to Financial Statements

184

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 October 31, 2025 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Municipal Bonds *		$	—			$	288,741,681			$	—			$	288,741,681

^*	See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

185

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2025 (unaudited)

	CEF Muni Income ETF			Emerging Markets High Yield Bond ETF			Fallen Angel High Yield Bond ETF			Green Bond ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	189,868,527		$	427,185,986		$	3,013,204,404		$	155,519,357
Short-term investments held as collateral for securities loaned (3)		—			23,309,264			309,815,339			3,368,628
Cash		—			5,290,489			48,593,738			1,264,672
Cash denominated in foreign currency, at value (4)		—			4,819			—			320
Receivables:
Investment securities sold		—			17,377,317			37,433,996			2,626,404
Shares of beneficial interest sold		—			—			1,477,918			3,665,332
Dividends and interest		734,644			7,583,202			44,949,721			1,559,479
Total assets		190,603,171			480,751,077			3,455,475,116			168,004,192
Liabilities:
Payables:
Investment securities purchased		—			17,423,209			59,099,252			6,998,324
Collateral for securities loaned		—			23,309,264			309,815,339			3,368,628
Line of credit		137,043			—			—			—
Due to Adviser		63,175			147,643			661,984			25,677
Deferred Trustee fees		4,195			40,196			67,963			1,073
Accrued expenses		1,633			278			—			—
Total liabilities		206,046			40,920,590			369,644,538			10,393,702
NET ASSETS	$	190,397,125		$	439,830,487		$	3,085,830,578		$	157,610,490
Shares outstanding		8,625,000			21,900,000			104,400,000			6,450,000
Net asset value, redemption and offering price per share	$	22.08		$	20.08		$	29.56		$	24.44
Net Assets consist of:
Aggregate paid-in capital	$	245,468,816		$	653,742,252		$	3,595,986,208		$	165,215,637
Total distributable loss		(55,071,691	)		(213,911,765	)		(510,155,630	)		(7,605,147	)
NET ASSETS	$	190,397,125		$	439,830,487		$	3,085,830,578		$	157,610,490
(1) Includes Investment in securities on loan, at market value	$	—		$	24,860,398		$	319,621,257		$	11,511,092
(2) Cost of investments - Unaffiliated issuers	$	204,987,264		$	427,016,442		$	2,995,889,199		$	157,879,667
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	23,309,264		$	309,815,339		$	3,368,628
(4) Cost of cash denominated in foreign currency	$	—		$	4,527		$	—		$	323

See Notes to Financial Statements

186

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2025 (unaudited)

	High Yield Muni ETF			IG Floating Rate ETF		Intermediate Muni ETF			Long Muni ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	3,536,907,742		$	2,544,513,087	$	2,038,797,236		$	631,754,685
Short-term investments held as collateral for securities loaned (3)		—			2,916,621		—			—
Cash		30,078,721			13,627,271		15,112,377			8,128,183
Receivables:
Investment securities sold		2,260,532			112,690,166		—			—
Dividends and interest		52,969,260			15,555,596		25,385,876			8,193,390
Total assets		3,622,216,255			2,689,302,741		2,079,295,489			648,076,258
Liabilities:
Payables:
Investment securities purchased		32,925,658			115,120,148		13,757,795			7,420,662
Collateral for securities loaned		—			2,916,621		—			—
Due to Adviser		968,554			305,083		312,102			127,440
Deferred Trustee fees		3,184			21,618		3,000			1,517
Accrued expenses		—			608		—			—
Total liabilities		33,897,396			118,364,078		14,072,897			7,549,619
NET ASSETS	$	3,588,318,859		$	2,570,938,663	$	2,065,222,592		$	640,526,639
Shares outstanding		70,346,401			100,550,000		43,898,916			36,250,000
Net asset value, redemption and offering price per share	$	51.01		$	25.57	$	47.04		$	17.67
Net Assets consist of:
Aggregate paid-in capital	$	3,974,968,785		$	2,553,560,694	$	2,105,029,286		$	674,811,012
Total distributable earnings (loss)		(386,649,926	)		17,377,969		(39,806,694	)		(34,284,373	)
NET ASSETS	$	3,588,318,859		$	2,570,938,663	$	2,065,222,592		$	640,526,639
(1) Includes Investment in securities on loan, at market value	$	—		$	6,328,987	$	—		$	—
(2) Cost of investments - Unaffiliated issuers	$	3,672,481,785		$	2,535,922,089	$	2,043,181,021		$	646,311,429
(3) Cost of short-term investments held as collateral for securities loaned	$	—		$	2,916,621	$	—		$	—

See Notes to Financial Statements

187

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2025 (unaudited)

	Moody’s Analytics BBB Corporate Bond ETF			Moody’s Analytics IG Corporate Bond ETF			Short High Yield Muni ETF			Short Muni ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)	$	8,584,991		$	14,450,637		$	366,590,844		$	288,741,681
Short-term investments held as collateral for securities loaned (3)		238,357			315,096			—			—
Cash		26,391			65,179			2,830,345			403,235
Receivables:
Investment securities sold		640,141			662,364			—			—
Shares of beneficial interest sold		—			—			—			1,735,211
Dividends and interest		95,828			162,696			5,302,341			3,782,478
Total assets		9,585,708			15,655,972			374,723,530			294,662,605
Liabilities:
Payables:
Investment securities purchased		603,683			651,612			2,678,520			2,260,532
Collateral for securities loaned		238,357			315,096			—			—
Due to Adviser		1,866			2,478			100,712			17,192
Deferred Trustee fees		—			—			—			1,600
Accrued expenses		—			—			—			200
Total liabilities		843,906			969,186			2,779,232			2,279,524
NET ASSETS	$	8,741,802		$	14,686,786		$	371,944,298		$	292,383,081
Shares outstanding		400,000			675,000			16,300,000			16,850,000
Net asset value, redemption and offering price per share	$	21.85		$	21.76		$	22.82		$	17.35
Net Assets consist of:
Aggregate paid-in capital	$	10,005,705		$	16,763,806		$	410,578,093		$	295,352,761
Total distributable loss		(1,263,903	)		(2,077,020	)		(38,633,795	)		(2,969,680	)
NET ASSETS	$	8,741,802		$	14,686,786		$	371,944,298		$	292,383,081
(1) Includes Investment in securities on loan, at market value	$	193,057		$	424,433		$	—		$	—
(2) Cost of investments - Unaffiliated issuers	$	8,564,573		$	14,546,542		$	376,747,075		$	287,323,903
(3) Cost of short-term investments held as collateral for securities loaned	$	238,357		$	315,096		$	—		$	—

See Notes to Financial Statements

188

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended October 31, 2025 (unaudited)

	CEF Muni Income ETF			Emerging Markets High Yield Bond ETF			Fallen Angel High Yield Bond ETF		Green Bond ETF
Income:
Dividends	$	3,970,002		$	—		$	—	$	4,047
Interest		2,846			14,324,107			94,928,511		3,092,462
Securities lending income		—			96,699			1,155,582		13,000
Net foreign taxes withheld		—			(13,496	)		—		(33	)
Total income		3,972,848			14,407,310			96,084,093		3,109,476
Expenses:
Management fees		349,171			821,815			3,743,592		138,643
Interest		7,210			278			72,798		212
Taxes		—			—			3,500		—
Total expenses		356,381			822,093			3,819,890		138,855
Net investment income		3,616,467			13,585,217			92,264,203		2,970,621

Net realized gain (loss) on:
Investments		(2,602,808	)		(2,334,030	)		4,074,818		(723,706	)
In-kind redemptions		252,312			—			7,318,587		—
Capital gain distributions from investment companies		2,096			—			—		—
Foreign currency transactions and foreign denominated assets and liabilities		—			—			—		115
Net realized gain (loss)		(2,348,400	)		(2,334,030	)		11,393,405		(723,591	)

Net change in unrealized appreciation (depreciation) on:
Investments		12,523,258			15,675,420			114,595,698		3,200,001
Foreign currency translations and foreign denominated assets and liabilities		—			62			—		(89	)
Net change in unrealized appreciation (depreciation)		12,523,258			15,675,482			114,595,698		3,199,912
Net increase in net assets resulting from operations	$	13,791,325		$	26,926,669		$	218,253,306	$	5,446,942

See Notes to Financial Statements

189

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended October 31, 2025 (unaudited)

	High Yield Muni ETF			IG Floating Rate ETF		Intermediate Muni ETF			Long Muni ETF
Income:
Interest	$	80,586,283		$	65,167,569	$	30,345,278		$	11,383,141
Securities lending income		—			29,305		—			—
Net foreign taxes reclaimed		—			19,785		—			—
Total income		80,586,283			65,216,659		30,345,278			11,383,141
Expenses:
Management fees		5,428,980			1,754,344		1,752,518			661,933
Interest		—			2,657		—			—
Taxes		—			3,500		—			—
Total expenses		5,428,980			1,760,501		1,752,518			661,933
Net investment income		75,157,303			63,456,158		28,592,760			10,721,208

Net realized gain (loss) on:
Investments		(19,349,154	)		1,491,625		(1,664,966	)		(1,163,400	)
In-kind redemptions		—			7,836		(4,802,028	)		(1,190,596	)
Net realized gain (loss)		(19,349,154	)		1,499,461		(6,466,994	)		(2,353,996	)

Net change in unrealized appreciation (depreciation) on:
Investments		69,971,271			14,477,093		81,961,239			17,961,255
Net change in unrealized appreciation (depreciation)		69,971,271			14,477,093		81,961,239			17,961,255
Net increase in net assets resulting from operations	$	125,779,420		$	79,432,712	$	104,087,005		$	26,328,467

See Notes to Financial Statements

190

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended October 31, 2025 (unaudited)

	Moody’s Analytics BBB Corporate Bond ETF		Moody’s Analytics IG Corporate Bond ETF			Short High Yield Muni ETF			Short Muni ETF
Income:
Interest	$	224,553	$	339,293		$	6,710,177		$	3,732,717
Securities lending income		190		613			—			—
Total income		224,743		339,906			6,710,177			3,732,717
Expenses:
Management fees		10,885		13,894			581,627			98,728
Interest		—		—			272			217
Total expenses		10,885		13,894			581,899			98,945
Net investment income		213,858		326,012			6,128,278			3,633,772

Net realized gain (loss) on:
Investments		21,733		(12,963	)		(416,936	)		(35,348	)
In-kind redemptions		—		(193,127	)		—			—
Net realized gain (loss)		21,733		(206,090	)		(416,936	)		(35,348	)

Net change in unrealized appreciation (depreciation) on:
Investments		164,446		410,426			7,344,010			4,253,494
Net change in unrealized appreciation (depreciation)		164,446		410,426			7,344,010			4,253,494
Net increase in net assets resulting from operations	$	400,037	$	530,348		$	13,055,352		$	7,851,918

See Notes to Financial Statements

191

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	CEF Muni Income ETF						Emerging Markets High Yield Bond ETF
	Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025			Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025
Operations:
Net investment income	$	3,616,467		$	9,012,809		$	13,585,217		$	25,938,183
Net realized loss		(2,348,400	)		(1,784,188	)		(2,334,030	)		(2,773,909	)
Net change in unrealized appreciation (depreciation)		12,523,258			9,389,097			15,675,482			12,972,804
Net increase in net assets resulting from operations		13,791,325			16,617,718			26,926,669			36,137,078
Distributions to shareholders from:
Distributable earnings		(5,217,975	)		(9,012,809	)		(13,327,040	)		(25,599,210	)
Return of capital		—			(2,116,534	)		—			—
Total distributions		(5,217,975	)		(11,129,343	)		(13,327,040	)		(25,599,210	)

Share transactions*:
Proceeds from sale of shares		25,039,104			50,638,025			49,497,267			52,633,748
Cost of shares redeemed		(13,163,941	)		(107,316,276	)		—			(44,468,099	)
Net increase (decrease) in net assets resulting from share transactions		11,875,163			(56,678,251	)		49,497,267			8,165,649
Total increase (decrease) in net assets		20,448,513			(51,189,876	)		63,096,896			18,703,517
Net Assets, beginning of period		169,948,612			221,138,488			376,733,591			358,030,074
Net Assets, end of period	$	190,397,125		$	169,948,612		$	439,830,487		$	376,733,591
*Transactions in capital shares:
Shares sold		1,175,000			2,325,000			2,500,000			2,700,000
Shares redeemed		(625,000	)		(4,900,000	)		—			(2,300,000	)
Net increase (decrease)		550,000			(2,575,000	)		2,500,000			400,000

See Notes to Financial Statements

192

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Fallen Angel High Yield Bond ETF						Green Bond ETF
	Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025			Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025
Operations:
Net investment income	$	92,264,203		$	189,776,559		$	2,970,621		$	4,351,794
Net realized gain (loss)		11,393,405			(70,002,632	)		(723,591	)		(280,516	)
Net change in unrealized appreciation (depreciation)		114,595,698			53,395,569			3,199,912			3,196,106
Net increase in net assets resulting from operations		218,253,306			173,169,496			5,446,942			7,267,384
Distributions to shareholders from:
Distributable earnings		(91,582,975	)		(192,699,120	)		(2,868,635	)		(4,213,705	)

Share transactions*:
Proceeds from sale of shares		319,229,934			786,605,093			29,118,841			31,139,547
Cost of shares redeemed		(162,048,038	)		(891,441,642	)		—			—
Net increase (decrease) in net assets resulting from share transactions		157,181,896			(104,836,549	)		29,118,841			31,139,547
Total increase (decrease) in net assets		283,852,227			(124,366,173	)		31,697,148			34,193,226
Net Assets, beginning of period		2,801,978,351			2,926,344,524			125,913,342			91,720,116
Net Assets, end of period	$	3,085,830,578		$	2,801,978,351		$	157,610,490		$	125,913,342
*Transactions in capital shares:
Shares sold		10,950,000			27,250,000			1,200,000			1,300,000
Shares redeemed		(5,550,000	)		(31,450,000	)		—			—
Net increase (decrease)		5,400,000			(4,200,000	)		1,200,000			1,300,000

See Notes to Financial Statements

193

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	High Yield Muni ETF						IG Floating Rate ETF
	Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025			Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025
Operations:
Net investment income	$	75,157,303		$	135,543,897		$	63,456,158		$	103,526,832
Net realized gain (loss)		(19,349,154	)		(57,281,419	)		1,499,461			4,920,385
Net change in unrealized appreciation (depreciation)		69,971,271			(20,949,688	)		14,477,093			(14,494,957	)
Net increase in net assets resulting from operations		125,779,420			57,312,790			79,432,712			93,952,260
Distributions to shareholders from:
Distributable earnings		(73,312,940	)		(134,451,070	)		(62,919,680	)		(101,615,875	)

Share transactions*:
Proceeds from sale of shares		229,374,678			972,204,595			212,642,275			1,117,835,080
Cost of shares redeemed		(74,344,524	)		(429,565,658	)		(2,553,238	)		(305,607,381	)
Net increase in net assets resulting from share transactions		155,030,154			542,638,937			210,089,037			812,227,699
Total increase in net assets		207,496,634			465,500,657			226,602,069			804,564,084
Net Assets, beginning of period		3,380,822,225			2,915,321,568			2,344,336,594			1,539,772,510
Net Assets, end of period	$	3,588,318,859		$	3,380,822,225		$	2,570,938,663		$	2,344,336,594
*Transactions in capital shares:
Shares sold		4,550,000			18,900,000			8,350,000			43,900,000
Shares redeemed		(1,500,000	)		(8,450,000	)		(100,000	)		(12,050,000	)
Net increase		3,050,000			10,450,000			8,250,000			31,850,000

See Notes to Financial Statements

194

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Intermediate Muni ETF						Long Muni ETF
	Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025			Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025
Operations:
Net investment income	$	28,592,760		$	52,680,081		$	10,721,208		$	18,841,016
Net realized loss		(6,466,994	)		(6,893,106	)		(2,353,996	)		(1,333,714	)
Net change in unrealized appreciation (depreciation)		81,961,239			(20,013,998	)		17,961,255			(14,178,375	)
Net increase in net assets resulting from operations		104,087,005			25,772,977			26,328,467			3,328,927
Distributions to shareholders from:
Distributable earnings		(28,118,972	)		(52,313,452	)		(10,294,260	)		(18,304,160	)

Share transactions*:
Proceeds from sale of shares		147,476,729			331,998,085			117,338,297			132,878,950
Cost of shares redeemed		(108,545,489	)		(159,799,860	)		(28,733,308	)		(22,517,761	)
Net increase in net assets resulting from share transactions		38,931,240			172,198,225			88,604,989			110,361,189
Total increase in net assets		114,899,273			145,657,750			104,639,196			95,385,956
Net Assets, beginning of period		1,950,323,319			1,804,665,569			535,887,443			440,501,487
Net Assets, end of period	$	2,065,222,592		$	1,950,323,319		$	640,526,639		$	535,887,443
*Transactions in capital shares:
Shares sold		3,200,000			7,250,000			6,800,000			7,450,000
Shares redeemed		(2,400,000	)		(3,500,000	)		(1,700,000	)		(1,250,000	)
Net increase		800,000			3,750,000			5,100,000			6,200,000

See Notes to Financial Statements

195

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Moody’s Analytics BBB Corporate Bond ETF						Moody’s Analytics IG Corporate Bond ETF
	Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025			Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025
Operations:
Net investment income	$	213,858		$	445,638		$	326,012		$	754,150
Net realized gain (loss)		21,733			1,759			(206,090	)		(78,665	)
Net change in unrealized appreciation (depreciation)		164,446			249,411			410,426			360,343
Net increase in net assets resulting from operations		400,037			696,808			530,348			1,035,828
Distributions to shareholders from:
Distributable earnings		(213,280	)		(446,420	)		(354,355	)		(722,330	)

Share transactions*:
Proceeds from sale of shares		—			1,089,022			2,719,641			10,741,686
Cost of shares redeemed		—			(1,079,029	)		(9,536,853	)		(2,120,683	)
Net increase (decrease) in net assets resulting from share transactions		—			9,993			(6,817,212	)		8,621,003
Total increase (decrease) in net assets		186,757			260,381			(6,641,219	)		8,934,501
Net Assets, beginning of period		8,555,045			8,294,664			21,328,005			12,393,504
Net Assets, end of period	$	8,741,802		$	8,555,045		$	14,686,786		$	21,328,005
*Transactions in capital shares:
Shares sold		—			50,000			125,000			500,000
Shares redeemed		—			(50,000	)		(450,000	)		(100,000	)
Net increase (decrease)		—			—			(325,000	)		400,000

See Notes to Financial Statements

196

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	Short High Yield Muni ETF						Short Muni ETF
	Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025			Six Months Ended October 31, 2025 (unaudited)			Year Ended April 30, 2025
Operations:
Net investment income	$	6,128,278		$	10,568,971		$	3,633,772		$	6,349,401
Net realized loss		(416,936	)		(4,004,799	)		(35,348	)		(316,998	)
Net change in unrealized appreciation (depreciation)		7,344,010			4,593,379			4,253,494			2,355,336
Net increase in net assets resulting from operations		13,055,352			11,157,551			7,851,918			8,387,739
Distributions to shareholders from:
Distributable earnings		(5,928,730	)		(10,289,255	)		(3,648,775	)		(6,402,005	)

Share transactions*:
Proceeds from sale of shares		46,539,081			18,138,035			23,301,101			27,462,893
Cost of shares redeemed		—			(21,454,447	)		—			(18,042,693	)
Net increase (decrease) in net assets resulting from share transactions		46,539,081			(3,316,412	)		23,301,101			9,420,200
Total increase (decrease) in net assets		53,665,703			(2,448,116	)		27,504,244			11,405,934
Net Assets, beginning of period		318,278,595			320,726,711			264,878,837			253,472,903
Net Assets, end of period	$	371,944,298		$	318,278,595		$	292,383,081		$	264,878,837
*Transactions in capital shares:
Shares sold		2,050,000			800,000			1,350,000			1,600,000
Shares redeemed		—			(950,000	)		—			(1,050,000	)
Net increase (decrease)		2,050,000			(150,000	)		1,350,000			550,000

See Notes to Financial Statements

197

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	CEF Muni Income ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$21.05			$20.76			$21.46			$23.53			$29.07			$24.34
Net investment income (a)		0.44			0.93			0.79			0.95			1.14			1.14
Net realized and unrealized gain (loss) on investments		1.23			0.52			(0.57	)		(2.00	)		(5.56	)		4.71
Total from investment operations		1.67			1.45			0.22			(1.05	)		(4.42	)		5.85
Distributions from:
Net investment income		(0.64	)		(0.94	)		(0.83	)		(1.02	)		(1.12	)		(1.12	)
Return of capital		—			(0.22	)		(0.09	)		—			—			—
Total distributions		(0.64	)		(1.16	)		(0.92	)		(1.02	)		(1.12	)		(1.12	)
Net asset value, end of period		$22.08			$21.05			$20.76			$21.46			$23.53			$29.07
Total return (b)		8.11	%		6.79	%		1.16	%		(4.53	)%		(15.82	)%		24.38	%

Ratios to average net assets
Expenses (c)		0.41	%(d)		0.41	%		0.41	%		0.41	%		0.40	%		0.40	%
Expenses excluding interest and taxes (c)		0.40	%(d)		0.40	%		0.40	%		0.40	%		N/A			N/A
Net investment income (c)		4.14	%(d)		4.23	%		3.80	%		4.30	%		4.01	%		4.17	%
Supplemental data
Net assets, end of period (in millions)		$190			$170			$221			$204			$169			$177
Portfolio turnover rate (e)		4	%		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)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

198

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Emerging Markets High Yield Bond ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$19.42			$18.84			$18.19			$19.52			$23.63			$20.54
Net investment income (a)		0.66			1.29			1.15			1.10			1.20			1.29
Net realized and unrealized gain (loss) on investments		0.66			0.55			0.67			(1.25	)		(4.11	)		3.06
Total from investment operations		1.32			1.84			1.82			(0.15	)		(2.91	)		4.35
Distributions from:
Net investment income		(0.66	)		(1.26	)		(1.17	)		(1.18	)		(1.20	)		(1.26	)
Net asset value, end of period		$20.08			$19.42			$18.84			$18.19			$19.52			$23.63
Total return (b)		6.90	%		9.97	%		10.50	%		(0.56	)%		(12.84	)%		21.53	%

Ratios to average net assets
Gross expenses (c)		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%		0.45	%
Net expenses (c)		0.40	%(d)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		6.61	%(d)		6.59	%		6.32	%		6.08	%		5.39	%		5.58	%
Supplemental data
Net assets, end of period (in millions)		$440			$377			$358			$431			$1,152			$784
Portfolio turnover rate (e)		22	%		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)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

199

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Fallen Angel High Yield Bond ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$28.30			$28.36			$27.74			$28.94			$32.20			$26.84
Net investment income (a)		0.90			1.80			1.61			1.29			1.19			1.49
Net realized and unrealized gain (loss) on investments		1.26			(0.04	)		0.61			(1.15	)		(3.22	)		5.35
Total from investment operations		2.16			1.76			2.22			0.14			(2.03	)		6.84
Distributions from:
Net investment income		(0.90	)		(1.82	)		(1.60	)		(1.34	)		(1.23	)		(1.48	)
Net asset value, end of period		$29.56			$28.30			$28.36			$27.74			$28.94			$32.20
Total return (b)		7.73	%		6.31	%		8.26	%		0.60	%		(6.63	)%		25.95	%

Ratios to average net assets
Gross expenses (c)		0.26	%(d)		0.25	%		0.33	%		0.35	%		0.35	%		0.43	%
Net expenses (c)		0.26	%(d)		0.25	%		0.33	%		0.35	%		0.35	%		0.35	%
Net expenses excluding interest and taxes (c)		0.25	%(d)		0.25	%		0.33	%		0.35	%		0.35	%		0.35	%
Net investment income		6.16	%(d)		6.24	%		5.77	%		4.68	%		3.70	%		4.83	%
Supplemental data
Net assets, end of period (in millions)		$3,086			$2,802			$2,926			$2,783			$3,826			$4,915
Portfolio turnover rate (e)		25	%		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)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

200

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Green Bond ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$23.98			$23.22			$23.58			$24.13			$27.16			$26.85
Net investment income (a)		0.52			0.96			0.81			0.63			0.55			0.55
Net realized and unrealized gain (loss) on investments		0.45			0.74			(0.38	)		(0.54	)		(3.03	)		0.28	(b)
Total from investment operations		0.97			1.70			0.43			0.09			(2.48	)		0.83
Distributions from:
Net investment income		(0.51	)		(0.94	)		(0.79	)		(0.64	)		(0.55	)		(0.52	)
Net asset value, end of period		$24.44			$23.98			$23.22			$23.58			$24.13			$27.16
Total return (c)		4.06	%		7.42	%		1.89	%		0.41	%		(9.30	)%		3.07	%

Ratios to average net assets
Gross expenses (d)		0.20	%(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.65	%
Net expenses (d)		0.20	%(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		4.29	%(e)		4.03	%		3.48	%		2.71	%		2.07	%		2.01	%
Supplemental data
Net assets, end of period (in millions)		$158			$126			$92			$75			$95			$84
Portfolio turnover rate (f)		11	%		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)	Annualized
(f)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

201

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	High Yield Muni ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$50.24			$51.28			$51.43			$55.18			$62.48			$56.13
Net investment income (a)		1.12			2.23			2.22			2.01			2.09			2.36
Net realized and unrealized gain (loss) on investments		0.74			(1.05	)		(0.21	)		(3.73	)		(7.27	)		6.38
Total from investment operations		1.86			1.18			2.01			(1.72	)		(5.18	)		8.74
Distributions from:
Net investment income		(1.09	)		(2.22	)		(2.16	)		(2.03	)		(2.12	)		(2.39	)
Net asset value, end of period		$51.01			$50.24			$51.28			$51.43			$55.18			$62.48
Total return (b)		3.79	%		2.23	%		4.04	%		(3.11	)%		(8.62	)%		15.84	%

Ratios to average net assets
Expenses		0.32	%(c)		0.32	%		0.32	%		0.35	%		0.35	%		0.35	%
Net investment income		4.43	%(c)		4.29	%		4.37	%		3.84	%		3.38	%		3.91	%
Supplemental data
Net assets, end of period (in millions)		$3,588			$3,381			$2,915			$2,800			$3,018			$3,461
Portfolio turnover rate (d)		13	%		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)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

202

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	IG Floating Rate ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$25.40			$25.47			$25.08			$25.07			$25.33			$24.61
Net investment income (a)		0.65			1.42			1.59			0.98			0.14			0.23
Net realized and unrealized gain (loss) on investments		0.17			(0.07	)		0.38			(0.09	)		(0.25	)		0.76
Total from investment operations		0.82			1.35			1.97			0.89			(0.11	)		0.99
Distributions from:
Net investment income		(0.65	)		(1.42	)		(1.58	)		(0.88	)		(0.15	)		(0.27	)
Net asset value, end of period		$25.57			$25.40			$25.47			$25.08			$25.07			$25.33
Total return (b)		3.26	%		5.42	%		8.12	%		3.61	%		(0.45	)%		4.07	%

Ratios to average net assets
Gross expenses (c)		0.14	%(d)		0.14	%		0.14	%		0.14	%		0.14	%		0.39	%
Net expenses (c)		0.14	%(d)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		5.06	%(d)		5.56	%		6.31	%		3.95	%		0.56	%		0.93	%
Supplemental data
Net assets, end of period (in millions)		$2,571			$2,344			$1,540			$1,146			$1,135			$560
Portfolio turnover rate (e)		38	%		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)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

203

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Intermediate Muni ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$45.25			$45.86			$46.35			$45.69			$51.62			$48.97
Net investment income (a)		0.68			1.29			1.17			0.97			0.83			0.98
Net realized and unrealized gain (loss) on investments		1.78			(0.62	)		(0.50	)		0.65			(5.92	)		2.72
Total from investment operations		2.46			0.67			0.67			1.62			(5.09	)		3.70
Distributions from:
Net investment income		(0.67	)		(1.28	)		(1.16	)		(0.96	)		(0.84	)		(0.98	)
Net realized capital gains		—			—			—			—			—	(b)		(0.07	)
Total distributions		(0.67	)		(1.28	)		(1.16	)		(0.96	)		(0.84	)		(1.05	)
Net asset value, end of period		$47.04			$45.25			$45.86			$46.35			$45.69			$51.62
Total return (c)		5.50	%		1.43	%		1.48	%		3.59	%		(9.99	)%		7.59	%

Ratios to average net assets
Expenses		0.18	%(d)		0.18	%		0.23	%		0.24	%		0.24	%		0.24	%
Net investment income		2.94	%(d)		2.79	%		2.56	%		2.12	%		1.64	%		1.90	%
Supplemental data
Net assets, end of period (in millions)		$2,065			$1,950			$1,805			$1,822			$1,695			$1,801
Portfolio turnover rate (e)		5	%		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)	Annualized
(e)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

204

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Long Muni ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$17.20			$17.66			$17.91			$18.35			$21.68			$20.18
Net investment income (a)		0.33			0.66			0.62			0.52			0.46			0.52
Net realized and unrealized gain (loss) on investments		0.46			(0.48	)		(0.26	)		(0.46	)		(3.26	)		1.54
Total from investment operations		0.79			0.18			0.36			0.06			(2.80	)		2.06
Distributions from:
Net investment income		(0.32	)		(0.64	)		(0.61	)		(0.50	)		(0.46	)		(0.52	)
Net realized capital gains		—			—			—			—			(0.07	)		(0.04	)
Total distributions		(0.32	)		(0.64	)		(0.61	)		(0.50	)		(0.53	)		(0.56	)
Net asset value, end of period		$17.67			$17.20			$17.66			$17.91			$18.35			$21.68
Total return (b)		4.69	%		0.99	%		2.02	%		0.40	%		(13.26	)%		10.31	%

Ratios to average net assets
Expenses		0.24	%(c)		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%
Net investment income		3.89	%(c)		3.68	%		3.54	%		2.91	%		2.15	%		2.45	%
Supplemental data
Net assets, end of period (in millions)		$641			$536			$441			$313			$216			$228
Portfolio turnover rate (d)		4	%		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)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

205

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics BBB Corporate Bond ETF
	Six Months Ended October 31, 2025			Year Ended April 30,												Period Ended April 30,
	(unaudited)			2025			2024			2023			2022			2021 (a)

Net asset value, beginning of period		$21.39			$20.74			$21.11			$21.52			$24.73			$25.00
Net investment income (b)		0.53			1.06			0.99			0.78			0.55			0.22
Net realized and unrealized gain (loss) on investments		0.46			0.66			(0.37	)		(0.44	)		(3.19	)		(0.30	)
Total from investment operations		0.99			1.72			0.62			0.34			(2.64	)		(0.08	)
Distributions from:
Net investment income		(0.53	)		(1.07	)		(0.99	)		(0.75	)		(0.57	)		(0.19	)
Net asset value, end of period		$21.85			$21.39			$20.74			$21.11			$21.52			$24.73
Total return (c)		4.74	%		8.42	%		3.02	%		1.70	%		(10.96	)%		(0.32	)%

Ratios to average net assets
Expenses		0.25	%(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(d)
Net investment income		4.91	%(d)		4.96	%		4.78	%		3.75	%		2.26	%		2.14	%(d)
Supplemental data
Net assets, end of period (in millions)		$9			$9			$8			$8			$9			$10
Portfolio turnover rate (e)		31	%		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

206

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Moody’s Analytics IG Corporate Bond ETF
	Six Months Ended October 31, 2025			Year Ended April 30,												Period Ended April 30,
	(unaudited)			2025			2024			2023			2022			2021 (a)

Net asset value, beginning of period		$21.33			$20.66			$21.14			$21.61			$24.58			$25.00
Net investment income (b)		0.51			1.02			0.96			0.74			0.52			0.21
Net realized and unrealized gain (loss) on investments		0.45			0.66			(0.48	)		(0.49	)		(2.96	)		(0.45	)
Total from investment operations		0.96			1.68			0.48			0.25			(2.44	)		(0.24	)
Distributions from:
Net investment income		(0.53	)		(1.01	)		(0.96	)		(0.72	)		(0.53	)		(0.18	)
Net asset value, end of period		$21.76			$21.33			$20.66			$21.14			$21.61			$24.58
Total return (c)		4.55	%		8.24	%		2.36	%		1.22	%		(10.15	)%		(0.97	)%

Ratios to average net assets
Expenses		0.20	%(d)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%(d)
Net investment income		4.69	%(d)		4.78	%		4.66	%		3.53	%		2.13	%		2.10	%(d)
Supplemental data
Net assets, end of period (in millions)		$15			$21			$12			$13			$13			$15
Portfolio turnover rate (e)		21	%		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

207

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short High Yield Muni ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$22.34			$22.27			$22.34			$22.86			$25.06			$23.09
Net investment income (a)		0.41			0.75			0.67			0.59			0.58			0.73
Net realized and unrealized gain (loss) on investments		0.47			0.05			(0.06	)		(0.50	)		(2.18	)		1.99
Total from investment operations		0.88			0.80			0.61			0.09			(1.60	)		2.72
Distributions from:
Net investment income		(0.40	)		(0.73	)		(0.68	)		(0.61	)		(0.60	)		(0.75	)
Net asset value, end of period		$22.82			$22.34			$22.27			$22.34			$22.86			$25.06
Total return (b)		3.98	%		3.59	%		2.82	%		0.43	%		(6.58	)%		11.89	%

Ratios to average net assets
Expenses		0.34	%(c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		3.58	%(c)		3.34	%		3.04	%		2.64	%		2.34	%		2.98	%
Supplemental data
Net assets, end of period (in millions)		$372			$318			$321			$398			$418			$306
Portfolio turnover rate (d)		14	%		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)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

208

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

	Short Muni ETF
	Six Months			Year Ended April 30,
	Ended October 31, 2025 (unaudited)			2025			2024			2023			2022			2021

Net asset value, beginning of period		$17.09			$16.95			$16.95			$16.89			$18.04			$17.55
Net investment income (a)		0.22			0.41			0.31			0.21			0.15			0.23
Net realized and unrealized gain (loss) on investments		0.27			0.14			0.04			0.10			(1.09	)		0.51
Total from investment operations		0.49			0.55			0.35			0.31			(0.94	)		0.74
Distributions from:
Net investment income		(0.23	)		(0.41	)		(0.35	)		(0.25	)		(0.19	)		(0.25	)
Net realized capital gains		—			—			—			—			(0.02	)		—
Total distributions		(0.23	)		(0.41	)		(0.35	)		(0.25	)		(0.21	)		(0.25	)
Net asset value, end of period		$17.35			$17.09			$16.95			$16.95			$16.89			$18.04
Total return (b)		2.88	%		3.26	%		2.12	%		1.83	%		(5.27	)%		4.27	%

Ratios to average net assets
Expenses		0.07	%(c)		0.07	%		0.09	%		0.20	%		0.20	%		0.20	%
Net investment income		2.58	%(c)		2.40	%		1.86	%		1.22	%		0.86	%		1.26	%
Supplemental data
Net assets, end of period (in millions)		$292			$265			$253			$269			$328			$297
Portfolio turnover rate (d)		12	%		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)	Annualized
(d)	Portfolio turnover rate is not annualized and excludes in-kind transactions.

See Notes to Financial Statements

209

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

October 31, 2025 (unaudited)

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”). Van Eck Associates Corporation (the “Adviser”) serves as the investment adviser for the Funds.

Fund		Diversification Classification

CEF Muni Income ETF (“CEF Muni”)		Diversified
Emerging Markets High Yield Bond ETF (“Emerging Markets High Yield”)		Diversified
Fallen Angel High Yield Bond ETF (“Fallen Angel”)		Diversified
Green Bond ETF (“Green Bond”)		Diversified
High Yield Muni ETF (“High Yield”)		Diversified
IG Floating Rate ETF (“IG Floating Rate”)		Non-Diversified
Intermediate Muni ETF (“Intermediate”)		Diversified
Long Muni ETF (“Long”)		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
Short High Yield Muni ETF (“Short High Yield”)		Diversified
Short Muni ETF (“Short”)		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

CEF Muni		S-Network Municipal Bond Closed-End 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
High Yield		ICE Broad High Yield Crossover Municipal Index
IG Floating Rate		MVIS^®US Investment Grade Floating Rate Index
Intermediate		ICE Intermediate AMT-Free Broad National Municipal Index
Long		ICE Long AMT-Free Broad National Municipal Index
Moody’s Analytics BBB		MVIS^®Moody’s Analytics^®US BBB Corporate Bond Index
Moody’s Analytics IG		MVIS^®Moody’s Analytics^®US Investment Grade Corporate Bond Index
Short High Yield		ICE 1-12 Year Broad High Yield Crossover Municipal Index
Short		ICE Short AMT-Free Broad National Municipal Index

The Funds (except for CEF Muni) expect to use a sampling approach in seeking to achieve their investment 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. CEF Muni seeks to achieve its investment objective by investing in a portfolio of securities in substantially the same weighting as its index.

Note 2—Significant Accounting Policies

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.

210

Note 2—Significant Accounting Policies (continued)

The following summarizes the Funds’ significant accounting policies.

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. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund’s pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Funds are open. 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. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.

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. 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.

211

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 2—Significant Accounting Policies (continued)

Security Valuation (continued)

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 Schedule 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.

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.

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.

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.

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 in the Schedules of Investments.

212

Note 2—Significant Accounting Policies (continued)

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. In general, collateral received exceeds the net amount of the unrealized gain/loss or market value of financial instruments. 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 held in the form of money market fund investments, if any, at October 31, 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).

Segment Reporting

The Funds’ Chief Financial Officer and Treasurer act 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 is presented within the Funds’ financial statements.

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. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date.

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

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

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

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 six months ended October 31, 2025 are as follows:

213

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 3—Investment Management and Other Agreements (continued)

Fund	Management Fees
CEF Muni		0.40	%
Emerging Markets High Yield		0.40
Fallen Angel		0.25
Green Bond		0.20
High Yield		0.32
IG Floating Rate		0.14
Intermediate		0.18
Long		0.24
Moody’s Analytics BBB		0.25
Moody’s Analytics IG		0.20
Short High Yield		0.32	*
Short		0.07

*Prior to September 1, 2025 the management fee rate was 0.35%

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

At October 31, 2025, the Adviser owned approximately 64% of Moody’s Analytics BBB.

Note 4—Capital Share Transactions

As of October 31, 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 six months ended October 31, 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 and U.S. government obligations) were as follows:

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
CEF Muni	$	9,085,558	$	7,345,437	$	25,051,101	$	13,149,569
Emerging Markets High Yield		87,387,351		89,174,029		47,837,081		—
Fallen Angel		713,157,572		730,259,223		302,234,096		150,064,248
Green Bond		16,152,286		14,375,870		25,271,581		—

214

Note 5—Investments (continued)

					In-Kind Capital Share Transactions
Fund	Purchases		Sales		Purchases		Sales
High Yield	$	679,989,189	$	414,346,442	$	—	$	—
IG Floating Rate		946,171,524		922,648,550		191,408,932		1,583,342
Intermediate		293,121,975		92,087,158		—		108,746,031
Long		143,133,194		24,049,981		—		29,108,074
Moody’s Analytics BBB		2,640,673		2,672,985		—		—
Moody’s Analytics IG		3,017,705		2,960,714		2,679,662		9,421,188
Short High Yield		92,276,401		46,223,348		—		—
Short		58,878,619		32,901,505		—		—

During the six months ended October 31, 2025, the following 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:

Fund	Purchases		Sales
High Yield	$	5,360,690	$	54,324,055
Intermediate		49,217,259		62,981,759
Long		19,370,313		15,443,371
Short High Yield		25,443,830		16,265,812
Short		54,434,408		—

Note 6—Income Taxes

As of October 31, 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 Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CEF Muni	$	204,990,985	$	333,405	$	(15,455,863	)	$	(15,122,458	)
Emerging Markets High Yield		451,365,772		11,923,130		(12,793,652	)		(870,522	)
Fallen Angel		3,316,622,739		64,674,467		(58,277,463	)		6,397,004
Green Bond		161,317,836		2,057,193		(4,487,044	)		(2,429,851	)
High Yield		3,673,371,525		56,417,567		(192,881,350	)		(136,463,783	)
IG Floating Rate		2,539,268,571		9,292,777		(1,131,640	)		8,161,137
Intermediate		2,043,880,494		31,139,726		(36,222,984	)		(5,083,258	)
Long		646,095,956		5,087,644		(19,428,915	)		(14,341,271	)
Moody’s Analytics BBB		8,806,310		166,618		(149,580	)		17,038
Moody’s Analytics IG		14,864,949		157,405		(256,621	)		(99,216	)
Short High Yield		376,528,592		5,324,003		(15,261,751	)		(9,937,748	)
Short		288,316,514		3,296,369		(2,871,202	)		425,167

As of October 31, 2025, it is anticipated that CEF Muni will have a return of capital at fiscal year-end.

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 six months ended October 31, 2025, the Funds did not incur any interest or penalties.

215

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 6—Income Taxes (continued)

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, including municipal bonds and 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.

The Emerging Markets High Yield, Fallen Angel, Green Bond, High Yield and Short High Yield 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.

Certain 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.

216

Note 7—Principal Risks (continued)

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.

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.

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.

In prior years, the CEF Muni, Emerging Markets High Yield, Fallen Angel, Green Bond, High Yield, IG Floating Rate, Intermediate, Long and Short adopted a unitary management fee in which the Adviser is responsible for paying all expenses of the Funds. 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 the date of conversion to a unitary management fee structure. Moody’s Analytics BBB, Moody’s Analytics IG and Short High Yield commenced operations with a unitary management fee, and therefore bear no cost or liabilities relative to the Plan.

Note 9—Securities Lending

To generate additional income, the Funds may lend securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund’s Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at October 31, 2025, is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of October 31, 2025:

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VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Note 9—Securities Lending (continued)

Fund	Market Value of Securities on Loan		Cash Collateral		Non-Cash Collateral		Total Collateral
Emerging Markets High Yield	$	24,860,398	$	23,309,264	$	3,222,759	$	26,532,023
Fallen Angel		319,621,257		309,815,339		23,060,994		332,876,333
Green Bond		11,511,092		3,368,628		8,548,871		11,917,499
IG Floating Rate		6,328,987		2,916,621		3,618,225		6,534,846
Moody’s Analytics BBB		193,057		238,357		23,474		261,831
Moody’s Analytics IG		424,433		315,096		123,778		438,874

The following table presents money market fund investments held as collateral by type of security on loan as of October 31, 2025:

	Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund	Corporate Bonds
Emerging Markets High Yield	$	23,309,264
Fallen Angel		309,815,339
Green Bond		3,368,628
IG Floating Rate		2,916,621
Moody’s Analytics BBB		238,357
Moody’s Analytics IG		315,096


*	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 six months ended October 31, 2025, the following Funds borrowed under this Facility:

Fund	Days Outstanding		Average Daily Loan Balance		Average Interest Rate
CEF Muni		144		$307,331		5.62	%
Emerging Markets High Yield		1		1,841,814		5.44
Fallen Angel		11		41,944,889		5.68
Green Bond		7		191,759		5.68
IG Floating Rate		8		2,123,919		5.65
Short High Yield		1		232,467		5.68
Short		8		161,965		5.56

Outstanding loan balances as of October 31, 2025, if any, are reflected in the Statements of Assets and Liabilities.

Note 11—New Accounting Pronouncements and Regulatory Requirements

In December 2023, the Financial Accounting Standards Board issued Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective

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Note 11—New Accounting Pronouncements and Regulatory Requirements (continued)

for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09 and the disclosure will be included in the annual report.

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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.

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VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

At a meeting held on June 3, 2025 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck^®ETF Trust (the “Trust,” and the series thereof listed below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck CEF Muni Income ETF, Emerging Markets High Yield Bond ETF, Fallen Angel High Yield Bond ETF, Green Bond ETF, High Yield Muni ETF, HIP Sustainable Muni ETF, IG Floating Rate ETF, Intermediate Muni ETF, Long Muni ETF, Moody’s Analytics BBB Corporate Bond ETF, Moody’s Analytics IG Corporate Bond ETF, Short High Yield Muni ETF and Short Muni ETF.

The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

In preparation for the Renewal Meeting, the Trustees held a meeting on May 1, 2025. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationships with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund, except the VanEck HIP Sustainable Muni ETF, has a different investment objective than the funds in its designated peer group and, therefore, each such Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds, except for the VanEck HIP Sustainable Muni ETF. The Trustees further considered that the VanEck HIP Sustainable Muni ETF was expected to be liquidated and terminated shortly after the Renewal Meeting.

The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and the May 1, 2025 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreements, including the Adviser’s agreement to pay all of the direct expenses of each Fund (excluding the fee payment under the applicable Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).

The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross” performance of each Fund except for the VanEck HIP Sustainable Muni ETF (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. The Trustees considered information from the Adviser regarding the performance of the VanEck HIP Sustainable Muni ETF, an actively managed exchange-traded fund, against its benchmark index and peer funds. The Trustees noted that the VanEck HIP Sustainable Muni ETF had underperformed its benchmark for the one-year period ended December 31, 2024 due to increased

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VANECK ETF TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

market volatility in the second half of 2024 and an underweight exposure to zero-coupon bonds relative to the benchmark, according to the Adviser.

The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.

As noted above, the Trustees were also provided with various data from Broadridge comparing the Funds’ management fees and total expense ratios to those of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted below) had management fees below the average and median of its respective peer group of funds, each of the VanEck Moody’s Analytics IG Corporate Bond ETF and Short High Yield Muni ETF had management fees below the average and equal to the median of its respective peer group of funds, the VanEck Moody’s Analytics BBB Corporate Bond ETF had management fees above the average and median of its peer group of funds, and the VanEck Green Bond ETF had management fees above the average and equal to the median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio below the average and median of its respective peer group of funds, the VanEck Moody’s Analytics BBB Corporate Bond ETF had a total expense ratio below the average and above the median of its peer group of funds, and the VanEck Green Bond ETF had a total expense ratio below the average and equal to the median of its peer group of funds. The Trustees reviewed the amounts by which certain Funds’ management fees and/or total expense ratios exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.

The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.

The Trustees also considered information provided by the Adviser about its overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size and expense ratio and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Funds. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund is reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.

The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 1, 2025 meeting as part of their consideration of the Investment Management Agreements.

In voting to approve the continuation of each of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each of the Investment Management Agreements is in the best interest of the applicable Fund and the Fund’s shareholders.

222