VANECK
STEEL
ETF
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(unaudited)
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
COMMON
STOCKS:
100.0%
Australia
:
32.6%
BHP
Group
Ltd.
(ADR)
166,446
$
12,107,282
BlueScope
Steel
Ltd.
181,823
3,267,020
Fortescue
Ltd. †
587,547
8,334,358
Mineral
Resources
Ltd. *
†
71,170
2,713,831
Rio
Tinto
Ltd. †
89,334
10,075,266
Rio
Tinto
PLC
(ADR)
132,590
12,369,321
48,867,078
Austria
:
2.0%
voestalpine
AG
68,657
3,036,826
Underline
Brazil
:
9.4%
Cia
Siderurgica
Nacional
SA
(ADR) *
†
388,510
481,753
Gerdau
SA
(ADR)
700,610
2,529,202
Vale
SA
(ADR)
696,397
11,079,676
14,090,631
Canada
:
1.2%
Labrador
Iron
Ore
Royalty
Corp. †
35,939
755,065
Russel
Metals,
Inc. †
31,927
1,098,131
1,853,196
Finland
:
0.8%
Outokumpu
Oyj †
230,971
1,260,307
Underline
Japan
:
9.5%
Hanwa
Co.
Ltd. †
94,700
947,437
JFE
Holdings,
Inc. †
337,600
3,942,807
Maruichi
Steel
Tube
Ltd.
119,700
1,090,034
Nippon
Steel
Corp. †
1,796,500
6,608,643
Yamato
Kogyo
Co.
Ltd.
20,200
1,560,860
14,149,781
Luxembourg
:
5.4%
APERAM
SA
26,802
1,067,123
ArcelorMittal
SA
(USD)
134,719
7,002,694
8,069,817
Netherlands
:
5.0%
Tenaris
SA
(ADR) †
104,689
6,090,806
Ternium
SA
(ADR)
33,038
1,326,476
7,417,282
South
Africa
:
0.4%
Kumba
Iron
Ore
Ltd.
33,420
623,417
Underline
South
Korea
:
5.2%
Hyundai
Steel
Co.
44,798
1,028,842
Number
of
Shares
Value
South
Korea
(continued)
POSCO
Holdings,
Inc.
(ADR) †
115,420
$
6,750,916
7,779,758
Spain
:
1.1%
Acerinox
SA
114,140
1,590,762
Underline
Sweden
:
2.0%
SSAB
AB
372,055
2,914,597
Underline
Taiwan
:
4.7%
China
Steel
Corp.
7,683,000
4,592,637
Feng
Hsin
Steel
Co.
Ltd.
334,000
641,464
TA
Chen
Stainless
Pipe
1,483,000
1,733,044
6,967,145
Turkey
:
0.9%
Eregli
Demir
ve
Celik
Fabrikalari
TAS
2,132,994
1,365,062
Underline
United
Kingdom
:
0.3%
Vesuvius
PLC
90,885
476,044
Underline
United
States
:
19.5%
Cleveland-Cliffs,
Inc. *
†
288,962
2,441,729
Commercial
Metals
Co.
44,678
2,744,570
Nucor
Corp.
53,295
9,012,184
Reliance,
Inc.
22,290
6,774,377
Sims
Ltd.
(AUD)
77,843
980,515
Steel
Dynamics,
Inc.
37,270
6,708,600
Worthington
Steel,
Inc.
17,366
527,058
29,189,033
Total
Common
Stocks
(Cost:
$136,647,717)
149,650,736
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
6.7%
Money
Market
Fund:
6.7%
(Cost:
$10,056,283)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
3.66%(a)
10,056,283
10,056,283
Total
Investments:
106.7%
(Cost:
$146,704,000)
159,707,019
Liabilities
in
excess
of
other
assets:
(6.7)%
(9,998,632)
NET
ASSETS:
100.0%
$
149,708,387
Definitions:
ADR
American
Depositary
Receipt
AUD
Australia
Dollar
USD
United
States
Dollar
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$34,320,044.
*
Non-income
producing
(a)
The
rate
shown
is
the
7-day
yield
as
of
03/31/26.
VANECK
STEEL
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
*
See
Schedule
of
Investments
for
geographic
sectors.
The
summary
of
inputs
used
to
value
the
Fund's
investments
as
of
March
31,
2026
is
as
follows:
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Value
Common
Stocks
$
149,650,736
Australia
$
24,476,603
$
24,390,475
$
—
$
48,867,078
Austria
—
3,036,826
—
3,036,826
Brazil
14,090,631
—
—
14,090,631
Canada
1,853,196
—
—
1,853,196
Finland
—
1,260,307
—
1,260,307
Japan
—
14,149,781
—
14,149,781
Luxembourg
7,002,694
1,067,123
—
8,069,817
Netherlands
7,417,282
—
—
7,417,282
South
Africa
623,417
—
—
623,417
South
Korea
6,750,916
1,028,842
—
7,779,758
Spain
—
1,590,762
—
1,590,762
Sweden
—
2,914,597
—
2,914,597
Taiwan
641,464
6,325,681
—
6,967,145
Turkey
—
1,365,062
—
1,365,062
United
Kingdom
476,044
—
—
476,044
United
States
28,208,518
980,515
—
29,189,033
Money
Market
Fund
10,056,283
—
—
10,056,283
Total
Investments
$
101,597,048
$
58,109,971
$
—
$
159,707,019