VANECK
OIL
REFINERS
ETF
SCHEDULE
OF
INVESTMENTS
March
31,
2024
(unaudited)
1
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
COMMON
STOCKS
:
99.8%
Australia
:
3.7%
Ampol
Ltd. †
68,033
$
1,766,824
Underline
Austria
:
4.5%
OMV
AG
45,909
2,176,683
Underline
Finland
:
5.6%
Neste
Oyj
99,612
2,703,879
Underline
Greece
:
1.7%
Motor
Oil
Hellas
Corinth
Refineries
SA
27,501
819,788
Underline
Hungary
:
3.2%
MOL
Hungarian
Oil
&
Gas
Plc
189,154
1,534,584
Underline
India
:
7.4%
Reliance
Industries
Ltd.
(USD)
144A
(GDR)
49,347
3,523,376
Underline
Japan
:
12.7%
Cosmo
Energy
Holdings
Co.
Ltd. †
24,900
1,250,750
ENEOS
Holdings,
Inc.
562,800
2,712,113
Idemitsu
Kosan
Co.
Ltd.
308,840
2,117,939
6,080,802
Poland
:
4.8%
ORLEN
SA
141,239
2,304,266
Underline
Portugal
:
4.4%
Galp
Energia
SGPS
SA
127,284
2,106,549
Underline
Saudi
Arabia
:
1.6%
S-Oil
Corp.
(KRW)
13,509
782,416
Underline
South
Korea
:
6.1%
HD
Hyundai
Co.
Ltd.
18,304
936,701
SK
Innovation
Co.
Ltd. *
22,578
1,988,710
2,925,411
Number
of
Shares
Value
Taiwan
:
3.2%
Formosa
Petrochemical
Corp.
709,000
$
1,520,728
Underline
Thailand
:
2.7%
Bangchak
Corp.
PCL
(NVDR)
376,000
459,037
Thai
Oil
PCL
(NVDR)
508,400
821,015
1,280,052
Turkey
:
4.3%
Turkiye
Petrol
Rafinerileri
AS
374,694
2,049,589
Underline
United
States
:
33.9%
Delek
US
Holdings,
Inc.
17,748
545,573
HF
Sinclair
Corp.
36,500
2,203,505
Marathon
Petroleum
Corp.
18,018
3,630,627
Par
Pacific
Holdings,
Inc. *
16,269
602,929
PBF
Energy,
Inc.
31,166
1,794,227
Phillips
66
24,577
4,014,407
Valero
Energy
Corp.
20,291
3,463,471
16,254,739
Total
Common
Stocks
(Cost:
$41,821,466)
47,829,686
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
1.7%
Money
Market
Fund:
1.7%
(Cost:
$807,030)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
807,030
807,030
Total
Investments:
101.5%
(Cost:
$42,628,496)
48,636,716
Liabilities
in
excess
of
other
assets:
(1.5)%
(723,482)
NET
ASSETS:
100.0%
$
47,913,234
Definitions:
GDR
Global
Depositary
Receipt
KRW
Korean
Won
NVDR
Non-Voting
Depositary
Receipt
USD
United
States
Dollar
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$1,300,998.
*
Non-income
producing
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
$3,523,376,
or
7.4%
of
net
assets.