VanEck ETF Trust - VanEck Short Muni ETF
US ˙ BATS ˙ US92189F5281

SecuritySMB / VanEck ETF Trust - VanEck Short Muni ETF
InstitutionKarpus Management, Inc.
ManagerGeorge Karpus
Latest Disclosed Ownership3,500 shares
Latest Disclosed Value $ 60,935
Karpus Management, Inc. ownership in SMB / VanEck ETF Trust - VanEck Short Muni ETF

On February 13, 2026 - Karpus Management, Inc. filed a 13F-HR form disclosing ownership of 3,500 shares of VanEck ETF Trust - VanEck Short Muni ETF (US:SMB) valued at $60,935 USD as of December 31, 2025. The entity filed a previous 13F-HR on August 11, 2023 disclosing 0 shares of VanEck ETF Trust - VanEck Short Muni ETF. The current value of the position is $60,620 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-13 2025-12-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 3,500 61
2023-08-11 2023-06-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 0 -10,500 -100.00 0 -100.00
2023-05-11 2023-03-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 10,500 -11,000 -51.16 178 -50.83 0.0056
2023-02-15 2022-12-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 21,500 -28,400 -56.91 363 -56.39 0.0123
2022-11-14 2022-09-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 49,900 0 0.00 830 -2.70 0.0291
2022-08-12 2022-06-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 49,900 14,557 41.19 853 40.99 0.0287
2022-05-10 2022-03-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 35,343 0 0.00 605 -4.42 0.0184
2022-02-14 2021-12-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 35,343 0 0.00 633 -0.47 0.0182
2022-02-11 2021-09-30 13F/A-1 VANECK VECTORS ETF TR AMT FREE SHORT M VANECK SHRT MUNI 92189F528 35,343 0 0.00 636 -0.31 0.0189
2021-08-13 2021-06-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M SHORT MUNI ETF 92189F528 35,343 0 0.00 638 0.16 0.0189
2021-05-17 2021-03-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 35,343 0 0.00 637 -0.47 0.0192
2021-02-16 2020-12-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 35,343 -1,800 -4.85 640 -4.48 0.0201
2020-11-12 2020-09-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 37,143 0 0.00 670 0.15 0.0242
2020-08-20 2020-06-30 13F/A-1 VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 37,143 0 0.00 669 3.56 0.0254
2020-08-14 2020-06-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 37,143 0 669 26,232.5886
2020-05-18 2020-03-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 37,143 0 0.00 646 -2.27 0.0248
2020-05-15 2019-12-31 13F/A-1 VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 37,143 0 0.00 661 0.61 0.0221
2020-02-14 2019-12-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 37,143 0 661 22,092.2386
2019-10-16 2019-09-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 37,143 0 0.00 657 0.00 0.0251
2019-08-14 2019-06-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 37,143 -22,400 -37.62 657 -37.19 0.0239
2019-05-15 2019-03-31 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 59,543 0 0.00 1,046 1.55 0.0381
2019-02-15 2018-12-31 13F/A-1 VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 59,543 -17,200 -22.41 1,030 -21.85 0.0426
2019-02-14 2018-12-31 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 59,543 1,027
2018-11-14 2018-09-30 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 76,743 0 0.00 1,318 -0.53 0.0532
2018-08-14 2018-06-30 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 76,743 -97,000 -55.83 1,325 -55.72 0.0580
2018-05-14 2018-03-31 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 173,743 -2,900 -1.64 2,992 -1.74 0.1343
2018-02-14 2017-12-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 176,643 -30,300 -14.64 3,045 -16.07 0.1406
2017-12-01 2017-09-30 13F/A-1 VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 206,943 -8,600 -3.99 3,628 -3.66 0.1841
2017-11-14 2017-09-30 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 206,943 -8,600 3,628
2017-08-14 2017-06-30 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 215,543 61,100 39.56 3,766 39.74 0.1904
2017-05-15 2017-03-31 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 154,443 0 0.00 2,695 1.16 0.1393
2017-02-14 2016-12-31 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 154,443 81,743 112.44 2,664 107.48 0.1531
2016-11-14 2016-09-30 13F VANECK VECTORS ETF TR AMT FREE SHORT COM 92189F528 72,700 1,500 2.11 1,284 1.74 0.0679
2016-08-15 2016-06-30 13F VANECK VECTORS ETF TR AMT FREE SHORT M COM 92189F528 71,200 71,200 1,262 0.0647
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.