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July INVESTMENT OBJECTIVE <div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:115%">The investment objective of the VanEck U.S. Equity Buffer ETF - July (the “Fund”) is to seek to provide investors with returns (before fees and expenses) that match the price return of the Underlying ETF, up to a predetermined upside cap of [__%] while providing a buffer (before fees and expenses) against the first 20% of Underlying ETF losses, over the period from approximately [ ], 2026 through June 30, 2027.</span></div> FUND FEES AND EXPENSES <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”).</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0000 0.0050 “Other Expenses” are based on estimated amounts for the current fiscal year. EXPENSE EXAMPLE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account brokerage commissions that you pay when purchasing or selling Shares of the Fund.</span></div> The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your Shares at the end of those periods. The example also assumes that your investment has a 5% annual return and that the Fund’s operating expenses remain the same (except that the example incorporates the fee waivers and/or expense reimbursement arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 51 160 PORTFOLIO TURNOVER <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund will pay transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover will cause the Fund to incur additional transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, may affect the Fund’s performance. Because the Fund is newly organized, no portfolio turnover figures are available.</span></div> PRINCIPAL INVESTMENT STRATEGIES <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in investments that provide exposure to one or more ETFs or unit investment trusts (collectively, the “Underlying ETF”), which seeks to track an index comprised of U.S. equities. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Underlying ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&amp;P 500</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">®</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Index, by investing in equity securities of U.S. companies, including companies with large capitalizations.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund employs a defined outcome strategy which seeks to produce pre-determined investment outcomes (the “Outcomes”) based on the performance of the share price of the Underlying ETF over an approximate one year period. The Fund invests in Flexible Exchange</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">®</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Options (“FLEX Options”) on the Underlying ETF. FLEX Options are exchange-traded option contracts with uniquely customizable terms. Although guaranteed for settlement by the Options Clearing Corporation (the ”OCC”), FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange-traded option contracts. Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. The reference asset for all of the Fund’s FLEX Options is the Underlying ETF. Through its use of FLEX Options on the Underlying ETF, the Fund has significant exposure to companies in the information technology sector. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Outcomes sought by the Fund, which include the Buffer and Cap discussed below, are based upon the performance of the Underlying ETF’s share price over an approximately one-year period from July 1 through June 30 of each year (the “Outcome Period”). The current Outcome Period is from approximately [ ], 2026 through June 30, 2027. Upon conclusion of the Outcome Period, the Fund will receive the cash value of all the FLEX Options it held for the prior Outcome Period. It will then generally invest in a new series of FLEX Options with an expiration date of approximately one year in the future, and a new Outcome Period will begin. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">The Outcomes may only be realized by investors who continuously hold Shares from the commencement of the Outcome Period until its conclusion. Investors who purchase Shares after the Outcome Period has begun or sell Shares prior to the Outcome Period’s conclusion may experience investment returns that vary from those that the Fund seeks to provide.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s strategy has been specifically designed to seek to produce the Outcomes based upon the performance of the Underlying ETF’s share price (or its “price return”) over the duration of the Outcome Period. The Fund will not receive or benefit from any dividend payments made by the Underlying ETF to the extent of its FLEX Options investments. The Fund is not an appropriate investment for income-seeking investors. If the Underlying ETF’s share price increases over the duration of the Outcome Period, the Fund seeks to provide investors that hold Shares for the entire Outcome Period with an increase in value that approximately matches the percentage increase experienced by the Underlying ETF’s share price over the duration of the Outcome Period, up to an upside return cap (the “Cap”) that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period. Therefore, even though the Fund’s returns are based upon the performance of the Underlying ETF’s share price, if the Underlying ETF’s share price experiences returns for the Outcome Period in excess of the Cap, Fund shareholders will not participate in such excess returns.</span></div><div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:115%">The Cap is based upon prevailing market conditions at the time the Fund enters into the FLEX Options on the business day immediately prior to the first day of the Outcome Period. For the current Outcome Period, the Cap is [ ]% prior to taking into account any fees or expenses charged to shareholders. When the Fund’s annual Fund management fee of 0.50% of the Fund’s average daily net assets is taken into account, pro-rated for the length of the current Outcome Period, the Cap is [ ]%. The Cap will be further reduced by any shareholder transaction fees, any acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses incurred by the Fund. Since the Cap is based upon prevailing market conditions at the beginning of an Outcome Period, the Cap will rise or fall from one Outcome Period to the next.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As is discussed in further detail below, it is anticipated that during the Outcome Period the Fund’s net asset value (“NAV”) will not increase or decrease at the same rate as the Underlying ETF’s share price. The Fund’s NAV is based upon the value of its portfolio, which is primarily composed of FLEX Options. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Although the value of the Underlying ETF’s share price is a significant component of the value of the Fund’s FLEX Options, the time remaining until those FLEX Options expire also affects their value. The Fund’s investment sub-adviser, Lido Advisors, LLC (“Lido” or the “Sub-Adviser”), generally anticipates that the Fund’s NAV will increase on days when the Underlying ETF’s share price increases and will decrease on days when the Underlying ETF’s share price decreases. Due to the use of options, the rate of such increase or decrease will likely be dampened and will likely be less than that experienced by the Underlying ETF.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund seeks to generate returns that match the Underlying ETF, up to the Cap (discussed in detail below), while limiting downside losses through the implementation of the Buffer. The two hypothetical graphical illustrations provided below are designed to illustrate the Outcomes that the Fund seeks to provide for investors who hold Shares for the entirety of the Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. The returns that the Fund seeks to provide do not include the costs associated with purchasing Shares and certain expenses incurred by the Fund.</span></div><div style="margin-bottom:12pt;text-align:center"><img alt="image1-July.jpg" id="i-3" src="ck0001137360-20260818_g2.jpg" style="height:384px;margin-bottom:5pt;vertical-align:text-bottom;width:480px"/></div><div style="text-align:center"><img alt="image (4) July.jpg" id="i-4" src="ck0001137360-20260818_g3.jpg" style="height:264px;margin-bottom:5pt;vertical-align:text-bottom;width:708px"/></div><div style="margin-bottom:6pt"><span><br/></span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">The hypothetical charts above are for illustration purposes only. Shareholders may experience different Outcomes than shown in these illustrations, including loss of their entire investment. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period.</span></div><div><span style="color:#000000;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The following table contains </span><span style="color:#000000;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:112%">hypothetical</span><span style="color:#000000;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:112%"> examples designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, based upon the performance of the Underlying ETF from -100% to 100%. </span><span style="color:#000000;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:112%">The table is provided for illustrative purposes and does not provide every possible performance scenario for Shares over the course of an Outcome Period.</span><span style="color:#000000;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:112%"> </span><span style="color:#000000;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:112%">There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. The table is not intended to predict or project the performance of the FLEX Options or the Fund. Fund shareholders should not take this information as an assurance of the expected performance of the Underlying ETF or return on Shares.</span><span style="color:#000000;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:112%"> The actual overall performance of the Fund will vary with fluctuations in the value of the FLEX Options during the Outcome Period, among other factors. Please refer to the Fund’s website, www.vaneck.com/JULV, which provides updated information relating to this table on a daily basis throughout the Outcome Period.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.644%"><tr><td style="width:1.0%"></td><td style="width:13.832%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.988%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.000%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Underlying ETF Performance</span></td><td colspan="2" style="background-color:#cceeff;border-left:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(100)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(50)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5)</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">50</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100</span></td><td style="background-color:#cceeff;border-right:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-left:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:left;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Fund Performance</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(80)</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(30)</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 0 1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0</span></td><td style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt 1.5pt 0;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">[ ]%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">[ ]%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">[ ]%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">[ ]%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">[ ]%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">[ ]%</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-right:1pt solid #000;border-top:1pt solid #000;padding:1.5pt 1pt;text-align:right;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:100%">[ ]%</span></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:115%">The Cap is set on the business day immediately prior to the first day of the Outcome Period and is [__]% prior to taking into account any fees or expenses charged to shareholders. When the Fund’s annual Fund management fee of 0.50% of the Fund’s average daily net assets is taken into account, pro-rated for the length of the current Outcome Period, the Cap is [__]%. The Fund’s annual management fee of 0.50% of the Fund’s average daily net assets, any acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses incurred by the Fund will have the effect of reducing the Cap and Buffer amounts for Fund shareholders and the returns listed herein.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:112%">Use of FLEX Options.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:112%"> The Outcomes may be achieved by purchasing and selling call and put FLEX Options to create layers within the Fund’s portfolio. The FLEX Options that comprise the Fund’s portfolio each reference the Underlying ETF and are set to expire on the last day of the Outcome Period. The customizable nature of FLEX Options allows the Sub-Adviser to select the share price at which the Underlying ETF will be exercised at the expiration of each FLEX Option. This is commonly known as the “strike price.” On the business day immediately prior to the first day of the Outcome Period, the Sub-Adviser specifically selects the strike price for each FLEX Option such that when the FLEX Options are exercised on the final day of the Outcome Period, the Outcomes may be obtained, depending on the performance of the Underlying ETF’s share price over the duration of the Outcome Period. The Fund utilizes European style option contracts, which are exercisable only on the expiration date of the option contract.</span></div><div style="margin-bottom:6pt;margin-top:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">To achieve the Outcomes, the Fund may purchase and sell a combination of call option contracts and put option contracts. A call option contract gives the buyer of the call option contract the right (but not the obligation) to buy, and the seller of the call option contract (i.e., the “writer”) the obligation to sell, a specified amount of an underlying security at a pre-determined price. A put option contract gives the buyer of the put option contract the right (but not the obligation) to sell, and the writer of the put option contract the obligation to buy (if the option is exercised), a specified amount of an underlying security at a pre-determined price.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The effect of the Fund’s call option contracts is to provide exposure to the increases in the price of the Underlying ETF, subject to the Cap. The potential investment gains provided by the Fund are subject to the Cap, a maximum investment return level, which is discussed below. The Fund will not participate in gains that exceed the Cap. Separately, the Fund is designed to deliver on its investment objective to provide returns that are buffered by up to 20% if the Underlying ETF’s share price experiences a loss during the course of the Outcome Period through its put option contracts. There is no guarantee that the Fund will be successful in its attempt to provide buffered returns. The Buffer that the Fund seeks to provide is only operative against the first 20% of Underlying ETF losses for the Outcome Period. After the Underlying ETF’s share price has decreased in value by more than 20%, the Fund will experience all subsequent losses on a one-to-one basis. The effect created by the Fund’s Buffer is that if the Underlying ETF’s share price has decreased in value over the course of the Outcome Period, the Fund seeks to be returned the amount of its principal investment (if the Underlying ETF’s share price decreased in value by 20% or less) or experience a loss that is 20% less than the loss experienced by the Underlying ETF (if the Underlying ETF’s share price decreased in value by more than 20%).</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:115%">Each of the FLEX Options purchased and sold throughout the Outcome Period are expected to have the same or similar terms (i.e., strike price and expiration) as the corresponding FLEX Options purchased and sold on the business day immediately prior to the first day of the Outcome Period. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:112%">The Outcome Period</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:112%">. The Outcomes sought by the Fund are based upon the Fund’s NAV on the business day immediately prior to the first day of the Outcome Period, which is when the Fund expects to enter into the FLEX Options for a particular Outcome Period, and the FLEX Options of the Outcome Period will expire at the end of the Outcome Period. Each FLEX Option’s value is ultimately derived from the performance of the Underlying ETF’s share price during that time. Because the terms of the FLEX Options don’t change, the Cap and Buffer both relate to the Fund’s NAV on the day the initial FLEX Option positions were established. A shareholder that purchases Shares after the commencement of the Outcome Period will likely have purchased Shares that have a different NAV than the NAV on the day on which the initial FLEX Option positions were established for the Outcome Period (i.e., the NAV upon which the Outcomes are based) and may experience investment Outcomes very different from those sought by the Fund. Since the FLEX Options are exercisable only at the end of the Outcome Period, a shareholder that sells Shares prior to the end of the Outcome Period may also experience investment Outcomes very different from those sought by the Fund. To achieve the Outcomes sought by the Fund for the Outcome Period, an investor must continuously hold Shares from the time that the Fund enters into the initial FLEX Options through the day those FLEX Options expire. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The value of the Fund’s FLEX Options is derived from the performance of the underlying reference asset, the Underlying ETF’s share price. However, because a component of an option’s value is the number of days remaining until its expiration, during the Outcome Period, the Fund’s NAV will not directly correlate on a day-to-day basis with the returns experienced by the Underlying ETF. The Sub-Adviser generally anticipates that the Fund’s NAV will increase on days when the Underlying ETF’s share price increases and will decrease on days when the Underlying ETF’s share price decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF. Similarly, the amount of time remaining until the end of the Outcome Period also affects the impact of the Buffer on the Fund’s NAV, which may not be in full effect prior to the </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">end of the Outcome Period. The Fund’s strategy is designed to seek to produce the Outcomes upon the expiration of the FLEX Options on the last day of the Outcome Period and it should not be expected that the Outcomes will be provided at any point prior to that time. Taken together, this means that at the midpoint of the Outcome Period, if the Underlying ETF’s share price has decreased by 20%, the Fund’s NAV can be expected to have decreased in value (because the Buffer is not yet in full effect), but by less than 20% (because the Fund’s NAV will not correlate one-to-one with the Underlying ETF and the Fund’s NAV tends not to participate fully in either Underlying ETF gains or losses).</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">An investor that holds Shares through multiple Outcome Periods may fail to experience gains comparable to those of the Underlying ETF over time because at the end of each Outcome Period, a new Cap will be established based on the then-current price of the Underlying ETF and any gains experienced by the Underlying ETF above the prior Cap will be forfeited. Similarly, an investor that holds Shares through multiple Outcome Periods will be unable to recapture losses from prior Outcome Periods because at the end of each Outcome Period, a new Buffer will be established based on the then-current price of the Underlying ETF and any losses experienced below the Buffer will be locked-in. Moreover, the annual imposition of a new Cap on future gains may make it difficult to recoup any losses from the prior Outcome Periods such that, over multiple Outcome Periods, the Fund may have losses that exceed those of the Underlying ETF.</span></div><div style="margin-bottom:3pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:115%">Cap on Potential Upside Returns.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:115%"> Unlike other investment products, the potential upside returns an investor can receive from an investment in the Fund over the Outcome Period is subject to the Cap. The Cap represents the maximum percentage return an investor can achieve from an investment in the Fund over the duration of the Outcome Period. Therefore, even though the Fund’s returns are based upon the performance of the Underlying ETF’s share price, if the Underlying ETF’s share price experiences returns for the Outcome Period in excess of the Cap, the Fund will not participate in excess returns. The Cap is determined on the business day immediately prior to the first day of the Outcome Period and is [ ]% prior to taking into account any fees or expenses charged to shareholders. When the Fund’s annual Fund management fee of 0.50% of the Fund’s average daily net assets is taken into account, pro-rated for the length of the current Outcome Period, the Cap is [ ]%. The Cap will be further reduced by any shareholder transaction fees, any acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses incurred by the Fund. The Cap is also set forth on the Fund's website at www.vaneck.com/JULV.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Cap will change from one Outcome Period to the next based upon prevailing market conditions at the beginning of the Outcome Period. The Cap, and the Fund’s position relative to it, should be considered before investing in the Fund. If an investor is considering purchasing Shares during the Outcome Period, and the Fund has already increased in value to a level near to the Cap, an investor purchasing Shares at that price has limited to no gains available for the remainder of the Outcome Period but remains vulnerable to significant downside risks. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">There is no guarantee that the Fund will successfully achieve its investment objective. The Cap is a result of the design of the Fund’s principal investment strategy. In order to provide the Buffer, the Fund enters into a series of FLEX Option contracts. As the purchaser of certain of these FLEX Options, the Fund is obligated to pay a premium to the seller of those FLEX Options. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:112%">However, the strategy is designed so that any premiums that the Fund is obligated to pay are offset by premiums it receives in connection with the selling of FLEX Options. On the business day immediately prior to the first day of the Outcome Period when the Fund enters into its other FLEX Options positions, the portfolio managers will calculate the amount of premiums that the Fund will owe in order to provide the Buffer and will then go into the market and sell a call FLEX Option with terms that entitle the Fund to receive a premium in an amount equal to the amount that the Fund would otherwise owe. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Cap is the strike price of that sold call FLEX Option. The strike price is determined based upon prevailing market conditions at the time the Fund enters into the FLEX Options, most notably current interest rate levels, volatility in the Underlying ETF’s share price, and the relationship of put and calls on the underlying FLEX Options.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Buffer. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Buffer is only operative against the first 20% of Underlying ETF losses for the Outcome Period; however, there is no guarantee that the Fund will be successful in its attempt to provide buffered returns. After the Underlying ETF’s share price has decreased by more than 20%, the Fund will experience all subsequent losses on a one-to-one basis. The Buffer is provided prior to taking into account annual Fund management fees, transaction fees, any acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses incurred by the Fund. These fees and any expenses will have the effect of reducing the Buffer amount for Fund shareholders for an Outcome Period. </span></div><div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:115%">When the Fund’s annual management fee equal to 0.50% of the Fund’s daily net assets is taken into account, pro-rated for the length of the current Outcome Period, the net Buffer for the Outcome Period is 19.58%. The Fund’s strategy is designed to seek to produce the Outcomes upon the expiration of its FLEX Options investments on the last day of the Outcome Period. Therefore, it should not be expected that the Buffer, including the net effect of the Fund’s annual management fee on the Buffer, will be provided at any point prior to the last day of the Outcome Period. If an investor is considering purchasing Shares during the Outcome Period, and the Fund has already decreased in value by an amount equal to or greater than 20%, an investor purchasing Shares at that price will have increased gains available prior to reaching the Cap but may not benefit from the Buffer that the Fund seeks to provide for the remainder of the Outcome Period. Conversely, if an investor is considering purchasing Shares during the Outcome Period and the Fund has already increased in value, then a shareholder may experience losses prior to gaining the protection offered by the Buffer, which is not guaranteed. A shareholder that purchases Shares at the beginning of the Outcome Period may lose their entire investment. While the Fund seeks to limit losses to 20% for shareholders who hold Shares for the entire Outcome Period, there is no guarantee it will successfully do so. Depending upon market conditions at the time of purchase, a shareholder that purchases Shares after the Outcome Period has begun </span></div><div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:115%">may also lose their entire investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Fund Rebalance.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund is a continuous investment vehicle. It does not terminate and distribute its assets at the conclusion of each Outcome Period. On the termination date of an Outcome Period, the Sub-Adviser will recommend investments in a new set of FLEX Options and another Outcome Period will commence.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Approximately one week prior to the end of each Outcome Period, the Fund will file a prospectus supplement, which will alert existing shareholders that an Outcome Period is approaching its conclusion and disclose the anticipated ranges for the Cap for the next Outcome Period. Following the close of business on the last day of the Outcome Period, the Fund will file a prospectus supplement that discloses the Fund’s final Cap (both gross and net of the unitary management fee) for the next Outcome Period. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s website, www.vaneck.com/JULV, provides information relating to the Outcomes, including the Fund’s position relative to the Cap and Buffer, of an investment in the Fund on a daily basis.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund is classified as a “non-diversified company” under the Investment Company Act of 1940, as amended (the “Investment Company Act of 1940”).</span></div> The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in investments that provide exposure to one or more ETFs or unit investment trusts (collectively, the “Underlying ETF”), which seeks to track an index comprised of U.S. equities. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Defined Outcome Strategy Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund, in employing a “defined outcome strategy” is subject to certain unique risks, which are detailed below.</span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Buffered Loss Risk</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against Underlying ETF losses if the Underlying ETF’s share price decreases by 20% or less over the duration of the Outcome Period. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match those of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are held at the time at which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of the Outcome Period. In the event an investor purchases Shares after the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection or non-principal protection, and an investor may experience significant losses on its investment, including the loss of its entire investment.</span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Capped Upside Return Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that are subject to the Cap. In the event that the Underlying ETF experiences gains in excess of the Cap for the Outcome Period, the Fund will not participate in, and will underperform the Underlying ETF to the extent of, those gains beyond the Cap. The Fund’s strategy seeks to deliver returns that match those of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are held at the time at which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of the Outcome Period. In the event an investor purchases Shares after the FLEX Options were entered into, there may be little or no ability for that investor to experience an investment gain on their Shares. Further, because the FLEX Options are designed to produce returns that match the price return of the Underlying ETF (subject to the Cap) on the last day of the Outcome Period, if an investor sells Shares prior to the expiration date of the FLEX Options such investor may sell at a point where the Fund’s performance does not match the performance of the Underlying ETF over the Outcome Period, and therefore may sell at a point where the Fund has underperformed the Underlying ETF. </span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund seeks to actively manage its portfolio such that any transaction fees incurred by the Fund in connection with the management of the Fund’s assets will not impact the Fund’s performance in seeking to provide upside exposure to the Underlying ETF or the Fund’s ability to experience returns that match the Cap, to the extent the returns of the Underlying ETF are equal to or greater than the Cap. However, it is not guaranteed that the Fund will be able to successfully manage its assets to contemplate the transaction fees incurred by the Fund to achieve the Outcomes sought by the Fund.</span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Outcome Period Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s investment strategy is designed to deliver returns that match those of the Underlying ETF’s share price if Shares are held from the time the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of the Outcome Period. In the event an investor purchases Shares after the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the returns realized by the investor will not match those that the Fund seeks to provide.</span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Upside Participation Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">There can be no guarantee that the Fund will be successful in its strategy to provide shareholders with a total return that matches the increases in the price of the Underlying ETF over the Outcome Period, subject to a maximum return imposed by the Cap. In the event an investor purchases Shares after the FLEX Options were entered into or does not stay invested in the Fund for the entirety of the Outcome Period, the returns realized by such investor may not match those that the Fund seeks to achieve.</span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Cap Change Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Outcome Period and is dependent on prevailing market conditions at the time the Cap is established. As such, the Cap may rise or fall from one Outcome Period to the next and is unlikely to remain the same for consecutive Outcome Periods.</span></div> <div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Buffered Loss Risk</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against Underlying ETF losses if the Underlying ETF’s share price decreases by 20% or less over the duration of the Outcome Period. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match those of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are held at the time at which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of the Outcome Period. In the event an investor purchases Shares after the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the Buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection or non-principal protection, and an investor may experience significant losses on its investment, including the loss of its entire investment.</span></div> <div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Capped Upside Return Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s strategy seeks to provide returns that are subject to the Cap. In the event that the Underlying ETF experiences gains in excess of the Cap for the Outcome Period, the Fund will not participate in, and will underperform the Underlying ETF to the extent of, those gains beyond the Cap. The Fund’s strategy seeks to deliver returns that match those of the Underlying ETF (up to the Cap), while limiting downside losses, if Shares are held at the time at which the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of the Outcome Period. In the event an investor purchases Shares after the FLEX Options were entered into, there may be little or no ability for that investor to experience an investment gain on their Shares. Further, because the FLEX Options are designed to produce returns that match the price return of the Underlying ETF (subject to the Cap) on the last day of the Outcome Period, if an investor sells Shares prior to the expiration date of the FLEX Options such investor may sell at a point where the Fund’s performance does not match the performance of the Underlying ETF over the Outcome Period, and therefore may sell at a point where the Fund has underperformed the Underlying ETF. </span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund seeks to actively manage its portfolio such that any transaction fees incurred by the Fund in connection with the management of the Fund’s assets will not impact the Fund’s performance in seeking to provide upside exposure to the Underlying ETF or the Fund’s ability to experience returns that match the Cap, to the extent the returns of the Underlying ETF are equal to or greater than the Cap. However, it is not guaranteed that the Fund will be able to successfully manage its assets to contemplate the transaction fees incurred by the Fund to achieve the Outcomes sought by the Fund.</span></div> <div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Outcome Period Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s investment strategy is designed to deliver returns that match those of the Underlying ETF’s share price if Shares are held from the time the Fund enters into the FLEX Options and held until those FLEX Options expire at the end of the Outcome Period. In the event an investor purchases Shares after the FLEX Options were entered into or sells Shares prior to the expiration of the FLEX Options, the returns realized by the investor will not match those that the Fund seeks to provide.</span></div> <div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Upside Participation Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">There can be no guarantee that the Fund will be successful in its strategy to provide shareholders with a total return that matches the increases in the price of the Underlying ETF over the Outcome Period, subject to a maximum return imposed by the Cap. In the event an investor purchases Shares after the FLEX Options were entered into or does not stay invested in the Fund for the entirety of the Outcome Period, the returns realized by such investor may not match those that the Fund seeks to achieve.</span></div> <div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Cap Change Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> A new Cap is established at the beginning of each Outcome Period and is dependent on prevailing market conditions at the time the Cap is established. As such, the Cap may rise or fall from one Outcome Period to the next and is unlikely to remain the same for consecutive Outcome Periods.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">FLEX Options Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund will utilize FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Additionally, FLEX Options may be less liquid than certain other securities, such as standardized options. In less liquid markets for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. In connection with the creation and redemption of Shares, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Fund at prices that reflect the market price of the Shares, the Fund’s NAV and, in turn the share price of the Fund, could be negatively impacted.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The FLEX Options held by the Fund are exercisable at the strike price on their expiration date. As a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the Underlying ETF. However, prior to such date, the value of the FLEX Options does not increase or decrease at the same rate as the Underlying ETF’s share price on a day-to-day basis (although they generally move in the same direction). The value of the FLEX Options held by the Fund will be determined based on market quotations or other recognized pricing methods. The value of the underlying FLEX Options will be affected by, among others, changes in the Underlying ETF’s share price, changes in interest rates, changes in the actual and implied volatility of the Underlying ETF and the remaining time until the FLEX Options expire.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Option Contracts Risk.</span> The use of option contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of option contracts are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, changes in interest or currency exchange rates, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political developments, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. There may at times be an imperfect correlation between the movement in values option contracts and the reference asset, and there may at times not be a liquid secondary market for certain option contracts. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Derivatives Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Derivatives are financial instruments whose values are based on the value of one or more reference assets or indicators, such as a security, currency, interest rate, or index. The Fund’s use of derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Moreover, although the value of a derivative is based on an underlying asset or indicator, a derivative typically does not carry the same rights as would be the case if the Fund invested directly in the underlying securities, currencies or other assets.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Derivatives are subject to a number of risks, such as potential changes in value in response to market developments or, in the case of “over-the-counter” derivatives, as a result of a counterparty’s credit quality and the risk that a derivative transaction may not have the effect the Adviser anticipated. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not achieve the desired correlation with the underlying asset or indicator. Derivative transactions can create investment leverage and may be highly volatile, and the Fund could lose more than the amount it invests. The use of derivatives may increase the amount and affect the timing and character of taxes payable by shareholders of the Fund.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Many derivative transactions are entered into “over-the-counter” without a central clearinghouse; as a result, the value of such a derivative transaction will depend on, among other factors, the ability and the willingness of the Fund’s counterparty to perform its obligations under the transaction. If a counterparty were to default on its obligations, the Fund’s contractual remedies against such counterparty may be subject to bankruptcy and insolvency laws, which could affect the Fund’s rights as a creditor (e.g., the Fund may not receive the net amount of payments that it is contractually entitled to receive). Counterparty risk also refers to the related risks of having concentrated exposure to such a counterparty. A liquid secondary market may not always exist for the Fund’s derivative positions at any time, and the Fund may not be able to initiate or liquidate a swap position at an advantageous time or price, which may result in significant losses. The Fund may also face the risk that it may not be able to meet margin and payment requirements to maintain a derivatives position.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Derivatives are also subject to operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human errors. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Clearing Member Default Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Transactions in some types of derivatives, including FLEX Options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to, and receive payments from, a clearing house through their accounts at clearing members. Customer funds held at a clearing </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">organization in connection with any option contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for its FLEX Options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. The loss of a clearing member for the Fund to transact with could result in increased transaction costs and other operational issues that could impede the Fund’s ability to implement its investment strategy. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Counterparty risk is the risk an issuer, guarantor or counterparty of a security in the Fund is unable or unwilling to meet its obligation on the security. Counterparty risk may arise because of the counterparty’s financial condition, market activities, or for other reasons. The Fund may be unable to recover its investment from the counterparty or may obtain a limited and/or delayed recovery. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the event an OCC clearing member that is a counterparty of the Fund were to become insolvent, the Fund may have some or all of its FLEX Options closed without its consent or may experience delays or other difficulties in attempting to close or exercise its affected FLEX Options positions, both of which would impair the Fund’s ability to deliver on its investment strategy. The OCC’s rules and procedures are designed to facilitate the prompt settlement of options transactions and exercises, including for clearing member insolvencies. However, there is the risk that the OCC and its backup system will fail if clearing member insolvencies are substantial or widespread. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Underlying ETF Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s investment performance largely depends on the investment performance and associated risks of the Underlying ETF. The Underlying ETF is subject to many of the same structural risks as the Fund that are described in more detail herein. However, the risks of investing in an ETF also include the risks associated with the underlying investments held by the ETF. As such, the Fund may be subject to the following risks as a result of its exposure to the Underlying ETF:</span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The value of the equity securities held by the Underlying ETF may fall due to general market and economic conditions, perceptions regarding the markets in which the issuers of securities held by the Underlying ETF participate, or factors relating to specific issuers in which the Underlying ETF invests. Equity securities are subordinated to preferred securities and debt in a company’s capital structure with respect to priority to a share of corporate income, and therefore will be subject to greater dividend risk than preferred securities or debt instruments. In addition, while broad market measures of equity securities have historically generated higher average returns than fixed income securities, equity securities have generally also experienced significantly more volatility in those returns. </span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Information Technology Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying ETF may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Further, many companies involved in, or exposed to, artificial intelligence-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Underlying ETF may be adversely affected by negative developments impacting those companies, industries or sectors. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies. In addition, information technology may face increased government scrutiny and may be subject to adverse government or legal action. </span></div><div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Large-Capitalization Companies Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying ETF may invest in large-capitalization companies and, therefore will be subject to certain risks associated with large-capitalization companies. Securities of large-capitalization companies could fall out of favor with the market and underperform securities of small- or medium-capitalization companies. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Equity Securities Risk. </span>The value of the equity securities held by the Underlying ETF may fall due to general market and economic conditions, perceptions regarding the markets in which the issuers of securities held by the Underlying ETF participate, or factors relating to specific issuers in which the Underlying ETF invests. Equity securities are subordinated to preferred securities and debt in a company’s capital structure with respect to priority to a share of corporate income, and therefore will be subject to greater dividend risk than preferred securities or debt instruments. In addition, while broad market measures of equity securities have historically generated higher average returns than fixed income securities, equity securities have generally also experienced significantly more volatility in those returns. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Information Technology Sector Risk.</span> The Underlying ETF may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Further, many companies involved in, or exposed to, artificial intelligence-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Underlying ETF may be adversely affected by negative developments impacting those companies, industries or sectors. Companies in the information technology sector are heavily dependent on patent protection and the expiration of patents may adversely affect the profitability of these companies. In addition, information technology may face increased government scrutiny and may be subject to adverse government or legal action. <div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Large-Capitalization Companies Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying ETF may invest in large-capitalization companies and, therefore will be subject to certain risks associated with large-capitalization companies. Securities of large-capitalization companies could fall out of favor with the market and underperform securities of small- or medium-capitalization companies. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Correlation Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The FLEX Options held by the Fund will be exercisable at the strike price only on their expiration date. As a FLEX Option approaches its expiration date, its value typically will increasingly move with the value of the Underlying ETF. However, prior to the expiration date, the value of the FLEX Options may vary prior to the expiration date because of related factors other than the value of the Underlying ETF. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods. Factors that may influence the value of the FLEX Options include interest rate changes and implied volatility levels of the Underlying ETF, among others. The value of the FLEX Options held by </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">the Fund typically do not increase or decrease at the same level as the Underlying ETF’s share price on a day-to-day basis due to these factors (although they generally move in the same direction).</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Concentration Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">To the extent the Fund has significant exposure in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment Objective Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain circumstances under which the Fund might not achieve its objective include, but are not limited, to (i) if the Fund disposes of FLEX Options, (ii) if the Fund is unable to maintain the proportional relationship based on the number of FLEX Options in the Fund’s portfolio, (iii) a significant accrual of Fund expenses in connection with effecting the Fund’s principal investment strategy or (iv) adverse tax law changes affecting the treatment of FLEX Options.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Liquidity Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In the event that trading in the underlying FLEX Options is limited or absent, the value of the Fund’s FLEX Options may decrease. There is no guarantee that a liquid secondary trading market will exist for the FLEX Options. The trading in FLEX Options may be less deep and liquid than the market for certain other securities, including certain non-customized option contracts. In a less liquid market for the FLEX Options, terminating the FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. </span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Additionally, the liquidation of a large number of FLEX Options may more significantly impact the price in a less liquid market. Further, the Fund requires a sufficient number of participants to facilitate the purchase and sale of options on an exchange to provide liquidity to the Fund for its FLEX Option positions. A less liquid trading market may adversely impact the value of the FLEX Options and the value of your investment.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Market Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Assets may decline in value due to factors affecting financial markets generally or particular asset classes or industries represented in the markets. The value of FLEX Options or other assets may also decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or due to factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates will not have the same impact on all types of securities. The prices of securities are subject to the risks associated with investing in the securities market, including general economic conditions, sudden and unpredictable drops in value, exchange trading suspensions and closures and public health risks. These risks may be magnified if certain social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, war or other conflicts, social unrest, recessions, inflation, interest rate changes, supply chain disruptions, embargoes, tariffs, sanctions and other trade barriers) adversely interrupt the global economy; in these and other circumstances, such events or developments might affect companies world-wide. Overall securities values could decline generally or underperform other investments. An investment may lose money.</span></div> An investment may lose money. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Tax Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund intends to qualify as a “regulated Investment company” (“RIC”). However, the federal income tax treatment of certain aspects of the proposed operations of the Fund are not entirely clear. This includes the tax aspects of the Fund’s options strategy, the possible application of the “straddle” and “constructive sale” rules, and various loss limitation provisions of the Internal Revenue Code of 1986. If, in any year, the Fund fails to qualify as a regulated investment company under the applicable tax laws, the Fund would be taxed as an ordinary corporation. Certain options on an ETF may not qualify as “Section 1256 contracts” under Section 1256 of the Internal Revenue Code of 1986, and disposition of such options will likely result in short-term or long-term capital gains or losses depending on the holding period.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund intends to treat any income it may derive from the FLEX Options as “qualifying income” under the provisions of the Internal Revenue Code of 1986 applicable to RICs. In addition, based upon language in the legislative history, the Fund intends to treat the issuer of the FLEX Options as the referenced asset, which, assuming the referenced asset qualifies as a RIC, would allow the Fund to qualify for special rules in the RIC diversification requirements. If the income is not qualifying income or the issuer of the FLEX Options is not appropriately the referenced asset, the Fund could lose its own status as a RIC.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">To maintain its status as a RIC, the Fund must distribute 90% of its investment company taxable income annually. In addition, to avoid a non-deductible excise tax, the Fund must distribute 98% of its ordinary income and 98.2% of its capital gain net income. Separately, depending upon the circumstances, sales to fund redemptions could cause the Fund to recognize income that the Fund is required to distribute to maintain the Fund’s RIC status and avoid the excise tax. Funding such distributions could require additional sales, which could require more distributions and affect the projected performance of the Fund. Alternatively, if the Fund only makes distributions to maintain its RIC status and becomes subject to the excise tax, that could also affect the projected performance of the Fund. In either case, the assets sold to fund redemptions, distributions or pay the excise tax will not be available to assist the Fund in meeting its target outcome.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In the event that a shareholder purchases shares of the Fund shortly before a distribution by the Fund, the entire distribution may be taxable to the shareholder even though a portion of the distribution effectively represents a return of the purchase price.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investing in ETFs Risk.</span> The Fund’s performance may depend in part on the performance of the Underlying ETF in which it invests. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying ETF in which it invests, including its investment advisory and administration fees, while continuing to pay its own management fee. As a result, the Fund’s shareholders will indirectly bear the expenses of the Underlying ETF, absorbing duplicative levels of fees. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Active Management Risk.</span>  In managing the Fund’s portfolio, the Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. Investment decisions made by the Adviser in seeking to achieve the Fund’s investment objective may cause a decline in the value of the investments held by the Fund and, in turn, cause the Fund’s shares to lose value or underperform other funds with similar investment objectives. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Sub-Adviser Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Sub-Adviser may have little experience managing registered investment companies which are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Affiliated Fund Investment Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> In managing the Fund, the Adviser and/or the Sub-Adviser have the ability to select underlying funds which they believe will achieve the Fund’s investment objective. The Adviser and/or the Sub-Adviser may be subject to potential conflicts of interest in selecting underlying funds because the Adviser and/or the Sub-Adviser may, due to its own financial interest or other business considerations, have an incentive to invest in funds managed by the Adviser and/or the Sub-Adviser or their affiliates rather than investing in funds managed or sponsored by others.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Operational Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund is exposed to operational risk arising from a number of factors, including human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or system failures.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Authorized Participant Concentration Risk.</span> The Fund may have a limited number of Authorized Participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those Authorized Participants exit the business, or do not process creation and/or redemption orders, there may be a significantly diminished trading market for Shares or Shares may trade like closed-end funds at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. This can be reflected as a spread between the bid-ask prices for the Fund. The Authorized Participant concentration risk may be heightened with respect to certain types of assets or in cases where Authorized Participants have limited or diminished access to the capital required to post collateral. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">New Fund Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund is a new fund, with a limited or no operating history and a small asset base. There can be no assurance that the Fund will grow to or maintain a viable size. Due to the Fund’s small asset base, certain of the Fund’s expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some shareholders.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Cash Transactions Risk. </span>Unlike other ETFs, the Fund expects to effect its creations and redemptions at least partially for cash, rather than wholly for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently incur brokerage costs and/or recognize gains or losses on such sales that the Fund might not have recognized if it were to distribute portfolio securities in kind. As such, investments in Shares may be less tax-efficient than an investment in a conventional ETF. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value to the extent not offset by the transaction fee payable by an Authorized Participant. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">No Guarantee of Active Trading Market Risk.</span> There can be no assurance that an active trading market for the Shares will develop or be maintained, as applicable. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in times of market stress because market makers and Authorized Participants may step away from making a market in the Shares and in executing creation and redemption orders, which could cause a material deviation in the Fund’s market price from its net asset value. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Trading Issues Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Trading in shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in shares inadvisable. In addition, trading in shares on the exchange is subject to trading halts caused by extraordinary market volatility pursuant to the relevant exchange’s “circuit breaker” rules. If a trading halt or unanticipated early close of the exchange occurs, a shareholder may be unable to purchase or sell Shares of the Fund. There can be no assurance that requirements of the exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Fund Shares Trading, Premium/Discount Risk and Liquidity of Fund Shares.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The market price of the Shares may fluctuate in response to the Fund’s net asset value, the intraday value of the Fund’s holdings and supply and demand for Shares. Shares may trade above, below, or at their most recent net asset value. Factors including disruptions to creations and redemptions, the existence of market volatility or potential lack of an active trading market for Shares (including through a trading halt), may result in Shares trading at a significant premium or discount to net asset value or to the intraday value of the Fund’s holdings. If a shareholder purchases Shares at a time when the market price is at a premium to the net asset value or sells Shares at a time when the market price is at a discount to the net asset value, the shareholder may pay significantly more or receive significantly less than the underlying value of the Shares. The securities held by the Fund may be traded in markets that close </span></div>at a different time than the exchange on which the Shares are traded. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid/ask spreads on the exchange and the resulting premium or discount to the Shares’ net asset value may widen. Additionally, in stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings and a shareholder may be unable to sell his or her Shares. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Non-Diversified Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940. The Fund is subject to the risk that it will be more volatile than a diversified fund because the Fund may invest a relatively high percentage of its assets in a smaller number of issuers or may invest a larger proportion of its assets in a single issuer. Moreover, the gains and losses on a single investment may have a greater impact on the Fund’s net asset value and may make the Fund more volatile than more diversified funds. The Fund may be particularly vulnerable to this risk if it is comprised of a limited number of investments.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Valuation Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the valuation of the Fund’s FLEX Options will become more difficult. In market environments where there is reduced availability of reliable objective pricing data, the judgment of the Fund’s investment adviser in determining the fair value of the security may play a greater role. While such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value.</span></div><div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.</span></div> PERFORMANCE <div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund has not yet commenced operations and therefore does not have a performance history. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.vaneck.com.</span></div> The Fund has not yet commenced operations and therefore does not have a performance history. www.vaneck.com “Other Expenses” are based on estimated amounts for the current fiscal year. Van Eck Absolute Return Advisers Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least March 1, 2028.