VANECK

STEEL

ETF

SCHEDULE

OF

INVESTMENTS

March

31,

2025

(unaudited)

1

FootnoteRuleAboveBlank

Footnotes:

Number

of

Shares

Value

COMMON

STOCKS:

99.9%

Australia

:

10.6%

Rio

Tinto

Plc

(ADR)

132,662‌

$

7,970,333‌

Underline

Brazil

:

17.6%

Cia

Siderurgica

Nacional

SA

(ADR) †

2,022,323‌

3,377,279‌

Gerdau

SA

(ADR)

1,161,334‌

3,298,189‌

Vale

SA

(ADR)

653,323‌

6,520,163‌

13,195,631‌

Canada

:

0.6%

Algoma

Steel

Group,

Inc.

(USD) †

77,909‌

422,267‌

Underline

Luxembourg

:

4.7%

ArcelorMittal

SA

(USD)

122,749‌

3,541,309‌

Underline

Netherlands

:

9.6%

Tenaris

SA

(ADR)

99,766‌

3,901,848‌

Ternium

SA

(ADR) †

106,470‌

3,317,605‌

7,219,453‌

South

Korea

:

4.7%

POSCO

Holdings,

Inc.

(ADR) †

74,459‌

3,539,036‌

Underline

United

States

:

52.1%

ATI,

Inc. *

69,446‌

3,613,275‌

Carpenter

Technology

Corp. †

19,383‌

3,511,812‌

Cleveland-Cliffs,

Inc. *

†

363,517‌

2,988,110‌

Commercial

Metals

Co.

75,919‌

3,493,033‌

Gibraltar

Industries,

Inc. *

53,813‌

3,156,671‌

Number

of

Shares

Value

United

States

(continued)

Metallus,

Inc. *

†

31,286‌

$

417,981‌

Nucor

Corp.

33,182‌

3,993,122‌

Olympic

Steel,

Inc.

16,548‌

521,593‌

Radius

Recycling,

Inc.

20,771‌

599,867‌

Reliance,

Inc.

13,926‌

4,021,133‌

Ryerson

Holding

Corp. †

23,665‌

543,348‌

Steel

Dynamics,

Inc.

30,764‌

3,847,961‌

SunCoke

Energy,

Inc.

62,673‌

576,592‌

United

States

Steel

Corp. †

84,385‌

3,566,110‌

Warrior

Met

Coal,

Inc. †

71,045‌

3,390,267‌

Worthington

Steel,

Inc.

37,710‌

955,194‌

39,196,069‌

Total

Common

Stocks

(Cost:

$92,124,895)

75,084,098‌

SHORT-TERM

INVESTMENT

HELD

AS

COLLATERAL

FOR

SECURITIES

ON

LOAN:

2.7%

Money

Market

Fund:

2.7%

(Cost:

$2,063,607)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

2,063,607‌

2,063,607‌

Total

Investments:

102.6%

(Cost:

$94,188,502)

77,147,705‌

Liabilities

in

excess

of

other

assets:

(2.6)%

(1,944,943‌)

NET

ASSETS:

100.0%

$

75,202,762‌

Definitions:

ADR

American

Depositary

Receipt

USD

United

States

Dollar

†

Security

fully

or

partially

on

loan.

Total

market

value

of

securities

on

loan

is

$16,671,505.

*

Non-income

producing