0001137360 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:HighYieldSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:SpecialRiskConsiderationsOfInvestingInEuropeanIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:SpecialRiskConsiderationsOfInvestingInAsianIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:SpecialRiskConsiderationsOfInvestingInLatinAmericanIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:SpecialRiskConsiderationsOfInvestingInMiddleEasternIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:ForeignSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:EmergingMarketIssuersRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:EmergingMarketIssuersRiskSecuritiesMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:EmergingMarketsIssuersRiskPoliticalAndEconomicRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:EmergingMarketsIssuersRiskInvestmentAndRepatriationRestrictionsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:EmergingMarketIssuersRiskLimitedDisclosureAboutEmergingMarketIssuersRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:EmergingMarketIssuersRiskOperationalAndSettlementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:EmergingMarketIssuersRiskCorporateAndSecuritiesLawsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:ForeignCurrencyRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:RestrictedSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:FinancialsSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:EnergySectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:BasicMaterialsSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036768Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000112445Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000112445Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000112445Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000112445Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000112445Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000112445Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000112445Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000112445Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000112445Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000112445Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000112445Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000112445Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICEBofADiversifiedHighYieldUSEmergingMarketsCorporatePlusIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICEBofADiversifiedHighYieldUSEmergingMarketsCorporatePlusIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICEBofADiversifiedHighYieldUSEmergingMarketsCorporatePlusIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICEBofADiversifiedHighYieldUSEmergingMarketsCorporatePlusIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICEBofAGlobalBroadMarketPlusIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICEBofAGlobalBroadMarketPlusIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICEBofAGlobalBroadMarketPlusIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICEBofAGlobalBroadMarketPlusIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000036768Member ck0001137360:C000112445Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000036772Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:HighYieldSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:ForeignSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:RestrictedSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:ConsumerDiscretionarySectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:InformationTechnologySectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:BasicMaterialsSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:FinancialsSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:SpecialRiskConsiderationsOfInvestingInEuropeanIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000036772Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000112461Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000112461Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000112461Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000112461Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000112461Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000112461Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000112461Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000112461Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000112461Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000112461Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000112461Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000112461Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICEUSFallenAngelHighYield10ConstrainedIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICEUSFallenAngelHighYield10ConstrainedIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICEUSFallenAngelHighYield10ConstrainedIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICEUSFallenAngelHighYield10ConstrainedIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000036772Member ck0001137360:C000112461Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000056168Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:GreenBondsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:SpecialRiskConsiderationsOfInvestingInAsianIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:SpecialRiskConsiderationsOfInvestingInEuropeanIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:ForeignSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:EmergingMarketIssuersRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:EmergingMarketIssuersRiskSecuritiesMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:EmergingMarketsIssuersRiskPoliticalAndEconomicRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:EmergingMarketsIssuersRiskInvestmentAndRepatriationRestrictionsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:EmergingMarketIssuersRiskLimitedDisclosureAboutEmergingMarketIssuersRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:EmergingMarketIssuersRiskOperationalAndSettlementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:EmergingMarketIssuersRiskCorporateAndSecuritiesLawsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:ForeignCurrencyRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:FloatingRateRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:HighYieldSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:SupranationalBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:GovernmentRelatedBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:RestrictedSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:SecuritizedAssetBackedSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:FinancialsSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:UtilitiesSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000056168Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000176891Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000176891Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000176891Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000176891Member 2017-03-02 2025-12-31 0001137360 ck0001137360:C000176891Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000176891Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000176891Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000176891Member oef:AfterTaxesOnDistributionsMember 2017-03-02 2025-12-31 0001137360 ck0001137360:C000176891Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000176891Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000176891Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000176891Member oef:AfterTaxesOnDistributionsAndSalesMember 2017-03-02 2025-12-31 0001137360 ck0001137360:SPGreenBondUSDollarSelectIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:SPGreenBondUSDollarSelectIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:SPGreenBondUSDollarSelectIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:SPGreenBondUSDollarSelectIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2017-03-02 2025-12-31 0001137360 ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2017-03-02 2025-12-31 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000056168Member ck0001137360:C000176891Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000028942Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:ForeignSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:ForeignCurrencyRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:FloatingRateRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:RestrictedSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:FinancialsSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:SpecialRiskConsiderationsOfInvestingInUnitedKingdomIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:SpecialRiskConsiderationsOfInvestingInEuropeanIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:SpecialRiskConsiderationsOfInvestingInAustralianIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000028942Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000088892Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000088892Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000088892Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000088892Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000088892Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000088892Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000088892Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000088892Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000088892Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000088892Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000088892Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000088892Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:MVISUSInvestmentGradeFloatingRateIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:MVISUSInvestmentGradeFloatingRateIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:MVISUSInvestmentGradeFloatingRateIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:MVISUSInvestmentGradeFloatingRateIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000028942Member ck0001137360:C000088892Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000069557Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:C000221911Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:SpecialRiskConsiderationsOfInvestingInEuropeanIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:ForeignSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:BBBRatedBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:RestrictedSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:FinancialsSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:InformationTechnologySectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:ConsumerDiscretionarySectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:ConsumerStaplesSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:DataRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069557Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221911Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221911Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000221911Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000221911Member 2020-12-01 2025-12-31 0001137360 ck0001137360:C000221911Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221911Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000221911Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000221911Member oef:AfterTaxesOnDistributionsMember 2020-12-01 2025-12-31 0001137360 ck0001137360:C000221911Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221911Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000221911Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000221911Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-12-01 2025-12-31 0001137360 ck0001137360:MVISMoodysAnalyticsUSBBBCorporateBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:MVISMoodysAnalyticsUSBBBCorporateBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:MVISMoodysAnalyticsUSBBBCorporateBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:MVISMoodysAnalyticsUSBBBCorporateBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2020-12-01 2025-12-31 0001137360 ck0001137360:C000221911Member ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221911Member ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000221911Member ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000221911Member ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2020-12-01 2025-12-31 0001137360 ck0001137360:S000069557Member ck0001137360:C000221911Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000069557Member ck0001137360:C000221911Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000069557Member ck0001137360:C000221911Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000069557Member ck0001137360:C000221911Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000069557Member ck0001137360:C000221911Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000069556Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:C000221910Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:SpecialRiskConsiderationsOfInvestingInEuropeanIssuersMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:ForeignSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:ForeignCurrencyRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:RestrictedSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:FinancialsSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:InformationTechnologySectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:ConsumerStaplesSectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:ConsumerDiscretionarySectorRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:DataRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000069556Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221910Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221910Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000221910Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000221910Member 2020-12-01 2025-12-31 0001137360 ck0001137360:C000221910Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221910Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000221910Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000221910Member oef:AfterTaxesOnDistributionsMember 2020-12-01 2025-12-31 0001137360 ck0001137360:C000221910Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000221910Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000221910Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000221910Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-12-01 2025-12-31 0001137360 ck0001137360:MVISMoodysAnalyticsUSInvestmentGradeCorporateBondIndexIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:MVISMoodysAnalyticsUSInvestmentGradeCorporateBondIndexIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:MVISMoodysAnalyticsUSInvestmentGradeCorporateBondIndexIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:MVISMoodysAnalyticsUSInvestmentGradeCorporateBondIndexIndexMember 2020-12-01 2025-12-31 0001137360 ck0001137360:ICEBofAUSBroadMarketIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2020-12-01 2025-12-31 0001137360 ck0001137360:S000069556Member ck0001137360:C000221910Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000069556Member ck0001137360:C000221910Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000069556Member ck0001137360:C000221910Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000069556Member ck0001137360:C000221910Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000069556Member ck0001137360:C000221910Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000032925Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:FundOfFundsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:RisksOfInvestingInClosedEndFundsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskMunicipalSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskHighYieldSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskCreditRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskInterestRateRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskCallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskTaxRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskLiquidityRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskLeverageRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskAntiTakeoverMeasuresRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskNonDiversifiedRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:UnderlyingFundsRiskInvestmentRestrictionsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member oef:RiskNondiversifiedStatusMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000032925Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000101627Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000101627Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000101627Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000101627Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:SNetworkMunicipalBondClosedEndFundIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:SNetworkMunicipalBondClosedEndFundIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:SNetworkMunicipalBondClosedEndFundIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:SNetworkMunicipalBondClosedEndFundIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000101627Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000101627Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000032925Member ck0001137360:C000101627Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000019193Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:MunicipalSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:HighYieldSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:PrivateActivityBondsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:IndustrialDevelopmentBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:HealthCareBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:CaliforniaRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:NewYorkRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:TaxRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019193Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053010Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053010Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053010Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053010Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICEBroadHighYieldCrossoverMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICEBroadHighYieldCrossoverMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICEBroadHighYieldCrossoverMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICEBroadHighYieldCrossoverMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053010Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053010Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000019193Member ck0001137360:C000053010Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000019190Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:MunicipalSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:CaliforniaRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:NewYorkRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:TexasRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:SpecialTaxBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:TaxRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019190Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053007Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053007Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053007Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053007Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICEIntermediateAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICEIntermediateAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICEIntermediateAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICEIntermediateAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053007Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053007Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000019190Member ck0001137360:C000053007Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000019191Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:MunicipalSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:CaliforniaRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:NewYorkRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:TexasRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:HealthCareBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:SpecialTaxBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:TaxRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019191Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053008Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053008Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053008Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053008Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICELongAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICELongAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICELongAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICELongAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053008Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053008Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000019191Member ck0001137360:C000053008Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000038973Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:MunicipalSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:HighYieldSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:IndustrialDevelopmentBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:CaliforniaRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:IllinoisRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:NewYorkRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:PrivateActivityBondsRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:TaxRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000038973Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000119796Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000119796Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000119796Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000119796Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICE112YearHighYieldCrossoverMunicipalBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICE112YearHighYieldCrossoverMunicipalBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICE112YearHighYieldCrossoverMunicipalBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICE112YearHighYieldCrossoverMunicipalBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000119796Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000119796Member ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000038973Member ck0001137360:C000119796Member 2025-01-01 2025-12-31 0001137360 ck0001137360:S000019192Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member oef:RiskNotInsuredMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:MunicipalSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:CreditRisk1Member 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:InterestRate1RiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:SpecialTaxBondRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:PreRefundedMunicipalSecuritiesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:CaliforniaRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:NewYorkRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:CallRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:MarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member oef:RiskLoseMoneyMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:OperationalRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:SamplingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:IndexTrackingRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:TaxRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:AuthorizedParticipantConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:TradingIssuesRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:PassiveManagementRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:S000019192Member ck0001137360:IndexRelatedConcentrationRiskMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053009Member 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053009Member 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053009Member 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053009Member 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053009Member oef:AfterTaxesOnDistributionsMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053009Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053009Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053009Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001137360 ck0001137360:C000053009Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-09-01 2026-09-01 0001137360 ck0001137360:C000053009Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001137360 ck0001137360:C000053009Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001137360 ck0001137360:C000053009Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICEShortAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICEShortAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICEShortAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICEShortAMTFreeBroadNationalMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-09-01 2026-09-01 0001137360 ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0001137360 ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0001137360 ck0001137360:ICEUSBroadMunicipalIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2016-01-01 2016-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2017-01-01 2017-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2018-01-01 2018-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2019-01-01 2019-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2020-01-01 2020-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2021-01-01 2021-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2022-01-01 2022-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2023-01-01 2023-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2024-01-01 2024-12-31 0001137360 ck0001137360:S000019192Member ck0001137360:C000053009Member 2025-01-01 2025-12-31 iso4217:USD pure 0.1528 0.0799 -0.0354 0.1229 0.0675 -0.0092 -0.1268 0.0813 0.1243 0.0919 0.2532 0.0967 -0.0474 0.1662 0.1333 0.0765 -0.1424 0.1295 0.0577 0.0911 -0.0407 0.0543 0.0762 -0.0182 -0.1185 0.0693 0.0363 0.0691 0.0204 0.0282 0.0052 0.0543 0.0166 0.0066 0.0068 0.0743 0.0721 0.0532 0.0058 -0.1502 0.0980 0.0392 0.0741 0.0021 -0.1447 0.0901 0.0338 0.0731 485BPOS 0001137360 false 0.0153 0.0832 -0.0591 0.2033 0.0732 0.0834 -0.2376 0.0267 0.0685 0.0787 0.0033 0.1056 0.0210 0.0917 -0.0005 0.0533 -0.1525 0.0550 0.0450 0.0261 -0.0058 0.0621 0.0064 0.0822 0.0566 0.0091 -0.0966 0.0564 0.0056 0.0532 0.0014 0.0857 -0.0073 0.1008 0.0637 0.0261 -0.1752 0.0780 0.0156 0.0211 -0.0186 0.0550 0.0243 0.0730 0.0180 0.0392 -0.0906 0.0367 0.0401 0.0466 -0.0045 0.0167 0.0142 0.0409 0.0322 0.0025 -0.0431 0.0346 0.0212 0.0415 2026-08-27 N-1A VANECK ETF TRUST INVESTMENT OBJECTIVE <div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Emerging Markets High Yield Bond ETF</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:7.8pt;font-weight:400;line-height:120%;position:relative;top:-4.2pt;vertical-align:baseline"> </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index (the “Emerging Markets High Yield Index” or the “Index”).</span></div> VanEck Emerging Markets High Yield Bond ETF 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) 0.0040 0.0000 0.0040 September 1, 2027 EXPENSE EXAMPLE <div style="margin-bottom:6pt;padding-right:9pt"><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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 41 128 224 505 PORTFOLIO TURNOVER 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio. 0.39 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 normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Emerging Markets High Yield Index is comprised of U.S. dollar denominated bonds issued by non-sovereign emerging market issuers that have a below investment grade rating and that are issued in the major domestic and Eurobond markets. </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 order to qualify for inclusion in the Emerging Markets High Yield Index, an issuer must have risk exposure to countries other than members of the FX Group of Ten, all Western European countries and territories of the United States and Western European countries. </span></div><div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The FX Group of Ten includes all Euro members, Australia, Canada, Japan, New Zealand, Norway, Sweden, Switzerland, the United Kingdom (“UK”) and the United States. As of June 30, 2026, the Emerging Markets High Yield Index included 561 below investment grade bonds of 345 issuers. As of the same date, approximately 75% of the Emerging Markets High Yield Index </span></div><div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">was comprised of Rule 144A securities. Such bonds may include quasi-sovereign bonds. The Fund’s 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to shareholders.</span></div><div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Emerging Markets High Yield Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Emerging Markets High Yield Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Emerging Markets High Yield Index. Because of the practical difficulties and expense of purchasing all of the securities in the Emerging Markets High Yield Index, the Fund does not purchase all of the securities in the Emerging Markets High Yield Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the bonds in the Emerging Markets High Yield Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Emerging Markets High Yield Index.</span></div><div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Emerging Markets High Yield Index concentrates in an industry or group of industries. As of April 30, 2026, each of the financials, energy and basic materials sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Emerging Markets High Yield Index concentrates in an industry or group of industries. As of April 30, 2026, each of the financials, energy and basic materials sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">High Yield Securities Risk.</span> Securities rated below investment grade are commonly referred to as high yield securities or “junk bonds.” High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities, resulting in increased volatility of their market prices and a corresponding volatility in the Fund’s net asset value. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet their projected business goals or to obtain additional financing. In the event of a default, the Fund may incur additional expenses to seek recovery. The secondary market for high yield securities may be less liquid than the markets for higher quality securities, and high yield securities issued by non-corporate issuers may be less liquid than high yield securities issued by corporate issuers. Illiquidity may have an adverse effect on the market prices of and the Fund’s ability to arrive at a fair value for certain securities when it seeks to do so. In addition, periods of economic uncertainty and change may result in an increased volatility of market prices of high yield securities and a corresponding volatility in the Fund's net asset value. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in European Issuers. </span>Investments in securities of European issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Economic and Monetary Union of the European Union requires member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or European Union regulations on trade, changes in the exchange rate of the euro, the default or threat of default by a European Union member country on its sovereign debt, and/or an economic recession in a European Union member country may have a significant adverse effect on the economies of other European Union countries and on major trading partners outside Europe. If any member country exits the Economic and Monetary Union, the departing country would face the risks of currency devaluation and its trading partners and banks and others around the world that hold the departing country’s debt would face the risk of significant losses. The European financial markets have previously experienced, and may continue to experience, volatility and have been adversely affected, and may in the future be affected, by concerns about economic downturns, credit rating downgrades, rising government debt levels and possible default on or restructuring of government debt in several European countries. These events have adversely affected, and may in the future affect, the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including European Union member countries that do not use the euro and non-European Union member countries. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in Asian Issuers.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Investments in securities of Asian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. Many Asian economies have experienced rapid growth and industrialization in recent years, but there is no assurance that this growth rate will be maintained. Certain Asian economies have experienced over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, decreased exports and economic recessions. Geopolitical hostility, political instability, as well as economic or environmental events in any one Asian country can have a significant effect on the entire Asian region as well as on major trading partners outside Asia, and any adverse effect on some or all of the Asian countries and regions in which the Fund invests. The securities markets in some Asian economies are relatively underdeveloped and may subject the Fund to higher action costs or greater uncertainty than investments in more developed securities markets. Such risks may adversely affect the value of the Fund’s investments. Certain Asian countries have developed increasingly strained relationships with 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%">U.S. or with China, and if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade. In addition, many Asian countries are subject to social and labor risks associated with demands for improved political, economic and social conditions. These risks, among others, may adversely affect the value of the Fund's 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%">Special Risk Considerations of Investing in Latin American Issuers.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Investments in securities of Latin American issuers involve special considerations not typically associated with investments in securities of issuers located in the United States. The economies of certain Latin American countries have, at times, experienced high interest rates, economic volatility, inflation, currency devaluations and high unemployment rates. In addition, commodities (such as oil, gas and minerals) represent a significant percentage of the region’s exports and many economies in this region are particularly sensitive to fluctuations in commodity prices. The economies of Latin American countries are heavily dependent on trading relationships with key trading partners, including the U.S., Europe, Asia, and other Latin American countries. Adverse economic events in one country may have a significant adverse effect on other countries of this region.</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%">Most Latin American countries have experienced severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. Although inflation in many Latin American countries has lessened, there is no guarantee it will remain at lower levels.</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 political history of certain Latin American countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such events could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and could result in significant disruption in securities markets in the region.</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 economies of Latin American countries are generally considered emerging markets and can be significantly affected by currency devaluations. Certain Latin American countries may also have managed currencies which are maintained at artificial levels relative to the U.S. dollar rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Latin American countries also restrict the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for many Latin American currencies and it would, as a result, be difficult for the Fund to engage in foreign currency transactions designed to protect the value of the Fund’s interests in securities denominated in such currencies.</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%">Finally, a number of Latin American countries are among the largest debtors of developing countries. There have been moratoria on, and a rescheduling of, repayment with respect to these debts. Such events can restrict the flexibility of these debtor nations in the international markets and result in the imposition of onerous conditions on their economies.</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%">Special Risk Considerations of Investing in Middle Eastern Issuers. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Investments in securities of Middle Eastern issuers, including issuers located outside of the Middle East that generate significant revenues from the Middle East, involve risks and special considerations not typically associated with investments in the U.S. securities markets. Many Middle Eastern countries have little or no democratic tradition, and the political and legal systems in such countries may have an adverse impact on the Fund. Many economies in the Middle East are highly reliant on income from the sale of oil and natural gas or trade with countries involved in the sale of oil and natural gas, and their economies are therefore vulnerable to changes in the market for oil and natural gas and foreign currency values. As global demand for oil and natural gas fluctuates, many Middle Eastern economies may be significantly 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%">In addition, many Middle Eastern governments have exercised and continue to exercise substantial influence over many aspects of the private sector. In certain cases, a Middle Eastern country’s government may own or control many companies,including some of the largest companies in the country. Accordingly, governmental actions in the future could have a significant effect on economic conditions in Middle Eastern countries. This could affect private sector companies and the Fund,as well as the value of securities in the Fund’s portfolio.</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%">Certain Middle Eastern markets are in the earliest stages of development. As a result, there may be a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Brokers in Middle Eastern countries typically are fewer in number and less capitalized than brokers in the U.S.</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 legal systems in certain Middle Eastern countries also may have an adverse impact on the Fund. For example, the potential liability of a shareholder in a U.S. corporation with respect to acts of the corporation generally is limited to the amount of the shareholder’s investment. However, the notion of limited liability is less clear in certain Middle Eastern countries. The Fund therefore may be liable in certain Middle Eastern countries for the acts of a corporation in which it invests for an amount greater than its actual investment in that corporation. Similarly, the rights of investors in Middle Eastern issuers may be more limited than those of shareholders of a U.S. corporation. It may be difficult or impossible to obtain or enforce a legal judgment in a Middle Eastern country. Some Middle Eastern countries prohibit or impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign entities such as the Fund. For example, certain countries may require governmental approval prior to investment by foreign persons or limit the amount of investment by foreign persons in a particular issuer. Certain Middle Eastern countries may also limit investment by foreign persons to only a specific class of </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%">securities of an issuer that may have less advantageous terms (including price) than securities of the issuer available for purchase by nationals of the relevant Middle Eastern country.</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 manner in which foreign investors may invest in companies in certain Middle Eastern countries, as well as limitations on those investments, may have an adverse impact on the operations of the Fund. For example, in certain of these countries, the Fund may be required to invest initially through a local broker or other entity and then have the shares that were purchased re-registered in the name of the Fund. Re-registration in some instances may not be possible on a timely basis. This may result in a delay during which the Fund may be denied certain of its rights as an investor, including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where the Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors has already been filled and, consequently, the Fund may not be able to invest in the relevant company.</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%">Substantial limitations may exist in certain Middle Eastern countries with respect to the Fund’s ability to repatriate investment income or capital gains. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on 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%">Certain Middle Eastern countries may be heavily dependent upon international trade and, consequently, have been and may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been and may continue to be adversely impacted by economic conditions in the countries with which they trade. In addition,certain issuers located in Middle Eastern countries in which the Fund invests may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. government and the United Nations, and/or countries identified by the U.S. government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such countries. The Fund, as an investor in such issuers, will be indirectly subject to those 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%">Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes, historical animosities, international alliances, defense concerns or other reasons, which may adversely affect the economies of these Middle Eastern countries. Certain Middle Eastern countries experience significant unemployment, as well as widespread underemployment. There has also been a recent increase in recruitment efforts and an aggressive push for territorial control by terrorist groups in the region, which has led to an outbreak of warfare and hostilities. Wars and armed hostilities may arise, continue, or escalate at any time due to ethnic, racial, political, religious or ideological tensions between groups in the region or foreign intervention or lack of intervention, among other factors.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Foreign Securities Risk.</span> Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, less stringent investor protections and disclosure standards, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Because certain foreign securities markets may be limited in size, the activity of large traders may have an undue influence on the prices of securities that trade in such markets. The Fund invests in securities of issuers located in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The cost of investing in foreign securities, including brokerage commissions and custodial expenses, can be higher than the cost of investing in domestic securities. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Emerging Market Issuers Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Investments in securities of emerging market issuers involve risks not typically associated with investments in securities of issuers in more developed countries that may negatively affect the value of your investment in the Fund. Such heightened risks may include, among others, expropriation, nationalization and/or confiscation of assets and property, restrictions on and government intervention in international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision making, armed conflict, the impact on the economy as a result of civil war, crime (including drug violence) and social instability as a result of religious, ethnic and/or socioeconomic unrest. Issuers in certain emerging market countries are subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are issuers in more developed markets, and therefore, all material information may not be available or reliable. Emerging markets are also more likely than developed markets to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, 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%">less developed a country’s securities markets are, the greater the likelihood of custody problems. Additionally, each of the factors described below could have a negative impact on the Fund’s performance and increase the volatility of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Securities Market Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities markets in emerging market countries are underdeveloped and are often considered to be less correlated to global economic cycles than those markets located in more developed countries. Securities markets in emerging market countries are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation of labor and industry. These factors, coupled with restrictions on foreign investment and other factors, limit the supply of securities available for investment by the Fund. This will affect the rate at which the Fund is able to invest in emerging market countries, the purchase and sale prices for such securities and the timing of purchases and sales. Emerging markets can experience high rates of inflation, deflation and currency devaluation. The prices of certain securities listed on securities markets in emerging market countries have been subject to sharp fluctuations and sudden declines, and no assurance can be given as to the future performance of listed securities in general. Volatility of prices may be greater than in more developed securities markets. Moreover, securities markets in emerging market countries may be closed for extended periods of time or trading on securities markets may be suspended altogether due to political or civil unrest. Market volatility may also be heightened by the actions of a small number of investors. Brokerage firms in emerging market countries may be fewer in number and less established than brokerage firms in more developed markets. Since the Fund may need to effect securities transactions through these brokerage firms, the Fund is subject to the risk that these brokerage firms will not be able to fulfill their obligations to the Fund. This risk is magnified to the extent the Fund effects securities transactions through a single brokerage firm or a small number of brokerage firms. In addition, the infrastructure for the safe custody of securities and for purchasing and selling securities, settling trades, collecting dividends, initiating corporate actions, and following corporate activity is not as well developed in emerging market countries as is the case in certain more developed markets.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Political and Economic Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Certain emerging market countries have historically been subject to political instability and their prospects are tied to the continuation of economic and political liberalization in the region. Instability may result from factors such as government or military intervention in decision making, terrorism, civil unrest, extremism or hostilities between neighboring countries. Any of these factors, including an outbreak of hostilities, could negatively impact the Fund’s returns. Limited political and democratic freedoms in emerging market countries might cause significant social unrest. These factors may have a significant adverse effect on an emerging market country’s economy.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Many emerging market countries may be heavily dependent upon international trade and, consequently, may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which it trades. They also have been, and may continue to be, adversely affected by economic conditions in the countries with which they trade.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In addition, commodities (such as oil, gas and minerals) represent a significant percentage of certain emerging market countries’ exports and these economies are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one country may have a significant adverse effect on other countries of this region. In addition, most emerging market countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels. The political history of certain emerging market countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such events could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets in the region.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Also, from time to time, certain issuers located in emerging market countries in which the Fund invests may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such countries. The Fund, as an investor in such issuers, will be indirectly subject to those risks.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The economies of one or more countries in which the Fund may invest may be in various states of transition from a planned economy to a more market oriented economy. The economies of such countries differ from the economies of most developed countries in many respects, including levels of government involvement, states of development, growth rates, control of foreign exchange and allocation of resources. Economic growth in these economies may be uneven both geographically and among various sectors of their economies and may also be accompanied by periods of high inflation. Political changes, social instability and adverse diplomatic developments in these countries could result in the imposition of additional government restrictions, including expropriation of assets, confiscatory taxes or nationalization of some or all of the property held by the underlying issuers of securities of emerging market issuers. There is no guarantee that the governments of these countries will not revert back to some form of planned or non-market oriented economy, and such governments continue to be active participants in many economic sectors through ownership positions and regulation. The allocation of resources in such countries is subject to a high level of government control. Such countries’ governments may strictly regulate the payment of foreign currency denominated obligations and set monetary policy. Through their </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">policies, these governments may provide preferential treatment to particular industries or companies. The policies set by the government of one of these countries could have a substantial effect on that country’s economy.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment and Repatriation Restrictions Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The government in an emerging market country may restrict or control to varying degrees the ability of foreign investors to invest in securities of issuers located or operating in such emerging market countries. These restrictions and/or controls may at times limit or prevent foreign investment in securities of issuers located or operating in emerging market countries and may inhibit the Fund’s ability to meet its investment objective. In addition, the Fund may not be able to buy or sell securities or receive full value for such securities. Moreover, certain emerging market countries may require governmental approval or special licenses prior to investments by foreign investors and may limit the amount of investments by foreign investors in a particular industry and/or issuer; may limit such foreign investment to a certain class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of such emerging market countries; and/or may impose additional taxes on foreign investors. A delay in obtaining a required government approval or a license would delay investments in those emerging market countries, and, as a result, the Fund may not be able to invest in certain securities while approval is pending. The government of certain emerging market countries may also withdraw or decline to renew a license that enables the Fund to invest in such country. These factors make investing in issuers located or operating in emerging market countries significantly riskier than investing in issuers located or operating in more developed countries, and any one of them could cause a decline in the net asset value of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Additionally, investments in issuers located in certain emerging market countries may be subject to a greater degree of risk associated with governmental approval in connection with the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. Moreover, there is the risk that if the balance of payments in an emerging market country declines, the government of such country may impose temporary restrictions on foreign capital remittances. Consequently, the Fund could be adversely affected by delays in, or a refusal to grant, required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Furthermore, investments in emerging market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Limited Disclosure About Emerging Market Issuers Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Issuers located or operating in emerging market countries are not subject to the same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less financial and other information publicly available with regard to issuers located or operating in emerging market countries and such issuers are not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers located or operating in more developed countries.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Operational and Settlement Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> In addition to having less developed securities markets, emerging market countries have less developed custody and settlement practices than certain developed countries. Rules adopted under the Investment Company Act of 1940 permit the Fund to maintain its foreign securities and cash in the custody of certain eligible non-U.S. banks and securities depositories. Banks in emerging market countries that are eligible foreign sub-custodians may be recently organized or otherwise lack extensive operating experience. In addition, in certain emerging market countries there may be legal restrictions or limitations on the ability of the Fund to recover assets held in custody by a foreign sub-custodian in the event of the bankruptcy of the sub-custodian. Because settlement systems in emerging market countries may be less organized than in other developed markets, there may be a risk that settlement may be delayed and that cash or securities of the Fund may be in jeopardy because of failures of or defects in the systems. Under the laws in many emerging market countries, the Fund may be required to release local shares before receiving cash payment or may be required to make cash payment prior to receiving local shares, creating a risk that the Fund may surrender cash or securities without ever receiving securities or cash from the other party. Settlement systems in emerging market countries also have a higher risk of failed trades and back to back settlements may not be possible.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may not be able to convert a foreign currency to U.S. dollars in time for the settlement of redemption requests effected in cash. In the event that the Fund is not able to convert the foreign currency to U.S. dollars in time for settlement, which may occur as a result of the delays described above, the Fund may be required to liquidate certain investments and/or borrow money in order to fund such redemption. The liquidation of investments, if required, could be at disadvantageous prices or otherwise have an adverse impact on the Fund’s performance (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, by causing the Fund to overweight foreign currency denominated holdings and underweight other holdings which were sold to fund redemptions). In addition, the Fund will incur interest expense on any borrowings and the borrowings will cause the Fund to be leveraged, which may magnify gains and losses on its investments.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In certain emerging market countries, the marketability of investments may be limited due to the restricted opening hours of trading exchanges, and a relatively high proportion of market value may be concentrated in the hands of a relatively small number of investors. In addition, because certain emerging market countries’ trading exchanges on which the Fund’s portfolio securities may trade are open when the relevant exchanges are closed, the Fund may be subject to heightened risk associated with market movements. Trading volume may be lower on certain emerging market countries’ trading exchanges than on more developed securities markets and securities may be generally less liquid. The infrastructure for clearing, settlement and registration on the primary and secondary markets of certain emerging market countries are less developed than in certain other markets and under certain circumstances this may result in the Fund experiencing delays in settling and/or registering transactions in the markets in which it invests, particularly if the growth of foreign and </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">domestic investment in certain emerging market countries places an undue burden on such investment infrastructure. Such delays could affect the speed with which the Fund can transmit redemption proceeds and may inhibit the initiation and realization of investment opportunities at optimum times.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain issuers in emerging market countries may utilize share blocking schemes. Share blocking refers to a practice, in certain foreign markets, where voting rights related to an issuer’s securities are predicated on these securities being blocked from trading at the custodian or sub-custodian level for a period of time around a shareholder meeting. These restrictions have the effect of barring the purchase and sale of certain voting securities within a specified number of days before and, in certain instances, after a shareholder meeting where a vote of shareholders will be taken. Share blocking may prevent the Fund from buying or selling securities for a period of time. During the time that shares are blocked, trades in such securities will not settle. The blocking period can last up to several weeks. The process for having a blocking restriction lifted can be quite onerous with the particular requirements varying widely by country. In addition, in certain countries, the block cannot be removed. As a result of the ramifications of voting ballots in markets that allow share blocking, the Adviser, on behalf of the Fund, reserves the right to abstain from voting proxies in those markets.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Corporate and Securities Laws Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities laws in emerging market countries are relatively new and unsettled and, consequently, there is a risk of rapid and unpredictable change in laws regarding foreign investment, securities regulation, title to securities and securityholders rights. Accordingly, foreign investors may be adversely affected by new or amended laws and regulations. In addition, the systems of corporate governance to which emerging market issuers are subject may be less advanced than those systems to which issuers located in more developed countries are subject, and therefore, securityholders of issuers located in emerging market countries may not receive many of the protections available to securityholders of issuers located in more developed countries. In circumstances where adequate laws and securityholders rights exist, it may not be possible to obtain swift and equitable enforcement of the law. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. The Fund has limited rights and few practical remedies in emerging markets and the ability of U.S. authorities to bring enforcement actions in emerging markets may be limited.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Securities Market Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities markets in emerging market countries are underdeveloped and are often considered to be less correlated to global economic cycles than those markets located in more developed countries. Securities markets in emerging market countries are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation of labor and industry. These factors, coupled with restrictions on foreign investment and other factors, limit the supply of securities available for investment by the Fund. This will affect the rate at which the Fund is able to invest in emerging market countries, the purchase and sale prices for such securities and the timing of purchases and sales. Emerging markets can experience high rates of inflation, deflation and currency devaluation. The prices of certain securities listed on securities markets in emerging market countries have been subject to sharp fluctuations and sudden declines, and no assurance can be given as to the future performance of listed securities in general. Volatility of prices may be greater than in more developed securities markets. Moreover, securities markets in emerging market countries may be closed for extended periods of time or trading on securities markets may be suspended altogether due to political or civil unrest. Market volatility may also be heightened by the actions of a small number of investors. Brokerage firms in emerging market countries may be fewer in number and less established than brokerage firms in more developed markets. Since the Fund may need to effect securities transactions through these brokerage firms, the Fund is subject to the risk that these brokerage firms will not be able to fulfill their obligations to the Fund. This risk is magnified to the extent the Fund effects securities transactions through a single brokerage firm or a small number of brokerage firms. In addition, the infrastructure for the safe custody of securities and for purchasing and selling securities, settling trades, collecting dividends, initiating corporate actions, and following corporate activity is not as well developed in emerging market countries as is the case in certain more developed markets.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Political and Economic Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Certain emerging market countries have historically been subject to political instability and their prospects are tied to the continuation of economic and political liberalization in the region. Instability may result from factors such as government or military intervention in decision making, terrorism, civil unrest, extremism or hostilities between neighboring countries. Any of these factors, including an outbreak of hostilities, could negatively impact the Fund’s returns. Limited political and democratic freedoms in emerging market countries might cause significant social unrest. These factors may have a significant adverse effect on an emerging market country’s economy.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Many emerging market countries may be heavily dependent upon international trade and, consequently, may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which it trades. They also have been, and may continue to be, adversely affected by economic conditions in the countries with which they trade.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In addition, commodities (such as oil, gas and minerals) represent a significant percentage of certain emerging market countries’ exports and these economies are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one country may have a significant adverse effect on other countries of this region. In addition, most emerging market countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels. The political history of certain emerging market countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such events could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets in the region.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Also, from time to time, certain issuers located in emerging market countries in which the Fund invests may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such countries. The Fund, as an investor in such issuers, will be indirectly subject to those risks.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The economies of one or more countries in which the Fund may invest may be in various states of transition from a planned economy to a more market oriented economy. The economies of such countries differ from the economies of most developed countries in many respects, including levels of government involvement, states of development, growth rates, control of foreign exchange and allocation of resources. Economic growth in these economies may be uneven both geographically and among various sectors of their economies and may also be accompanied by periods of high inflation. Political changes, social instability and adverse diplomatic developments in these countries could result in the imposition of additional government restrictions, including expropriation of assets, confiscatory taxes or nationalization of some or all of the property held by the underlying issuers of securities of emerging market issuers. There is no guarantee that the governments of these countries will not revert back to some form of planned or non-market oriented economy, and such governments continue to be active participants in many economic sectors through ownership positions and regulation. The allocation of resources in such countries is subject to a high level of government control. Such countries’ governments may strictly regulate the payment of foreign currency denominated obligations and set monetary policy. Through their </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">policies, these governments may provide preferential treatment to particular industries or companies. The policies set by the government of one of these countries could have a substantial effect on that country’s economy.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment and Repatriation Restrictions Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The government in an emerging market country may restrict or control to varying degrees the ability of foreign investors to invest in securities of issuers located or operating in such emerging market countries. These restrictions and/or controls may at times limit or prevent foreign investment in securities of issuers located or operating in emerging market countries and may inhibit the Fund’s ability to meet its investment objective. In addition, the Fund may not be able to buy or sell securities or receive full value for such securities. Moreover, certain emerging market countries may require governmental approval or special licenses prior to investments by foreign investors and may limit the amount of investments by foreign investors in a particular industry and/or issuer; may limit such foreign investment to a certain class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of such emerging market countries; and/or may impose additional taxes on foreign investors. A delay in obtaining a required government approval or a license would delay investments in those emerging market countries, and, as a result, the Fund may not be able to invest in certain securities while approval is pending. The government of certain emerging market countries may also withdraw or decline to renew a license that enables the Fund to invest in such country. These factors make investing in issuers located or operating in emerging market countries significantly riskier than investing in issuers located or operating in more developed countries, and any one of them could cause a decline in the net asset value of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Additionally, investments in issuers located in certain emerging market countries may be subject to a greater degree of risk associated with governmental approval in connection with the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. Moreover, there is the risk that if the balance of payments in an emerging market country declines, the government of such country may impose temporary restrictions on foreign capital remittances. Consequently, the Fund could be adversely affected by delays in, or a refusal to grant, required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Furthermore, investments in emerging market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Limited Disclosure About Emerging Market Issuers Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Issuers located or operating in emerging market countries are not subject to the same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less financial and other information publicly available with regard to issuers located or operating in emerging market countries and such issuers are not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers located or operating in more developed countries.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Operational and Settlement Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> In addition to having less developed securities markets, emerging market countries have less developed custody and settlement practices than certain developed countries. Rules adopted under the Investment Company Act of 1940 permit the Fund to maintain its foreign securities and cash in the custody of certain eligible non-U.S. banks and securities depositories. Banks in emerging market countries that are eligible foreign sub-custodians may be recently organized or otherwise lack extensive operating experience. In addition, in certain emerging market countries there may be legal restrictions or limitations on the ability of the Fund to recover assets held in custody by a foreign sub-custodian in the event of the bankruptcy of the sub-custodian. Because settlement systems in emerging market countries may be less organized than in other developed markets, there may be a risk that settlement may be delayed and that cash or securities of the Fund may be in jeopardy because of failures of or defects in the systems. Under the laws in many emerging market countries, the Fund may be required to release local shares before receiving cash payment or may be required to make cash payment prior to receiving local shares, creating a risk that the Fund may surrender cash or securities without ever receiving securities or cash from the other party. Settlement systems in emerging market countries also have a higher risk of failed trades and back to back settlements may not be possible.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may not be able to convert a foreign currency to U.S. dollars in time for the settlement of redemption requests effected in cash. In the event that the Fund is not able to convert the foreign currency to U.S. dollars in time for settlement, which may occur as a result of the delays described above, the Fund may be required to liquidate certain investments and/or borrow money in order to fund such redemption. The liquidation of investments, if required, could be at disadvantageous prices or otherwise have an adverse impact on the Fund’s performance (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, by causing the Fund to overweight foreign currency denominated holdings and underweight other holdings which were sold to fund redemptions). In addition, the Fund will incur interest expense on any borrowings and the borrowings will cause the Fund to be leveraged, which may magnify gains and losses on its investments.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In certain emerging market countries, the marketability of investments may be limited due to the restricted opening hours of trading exchanges, and a relatively high proportion of market value may be concentrated in the hands of a relatively small number of investors. In addition, because certain emerging market countries’ trading exchanges on which the Fund’s portfolio securities may trade are open when the relevant exchanges are closed, the Fund may be subject to heightened risk associated with market movements. Trading volume may be lower on certain emerging market countries’ trading exchanges than on more developed securities markets and securities may be generally less liquid. The infrastructure for clearing, settlement and registration on the primary and secondary markets of certain emerging market countries are less developed than in certain other markets and under certain circumstances this may result in the Fund experiencing delays in settling and/or registering transactions in the markets in which it invests, particularly if the growth of foreign and </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">domestic investment in certain emerging market countries places an undue burden on such investment infrastructure. Such delays could affect the speed with which the Fund can transmit redemption proceeds and may inhibit the initiation and realization of investment opportunities at optimum times.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain issuers in emerging market countries may utilize share blocking schemes. Share blocking refers to a practice, in certain foreign markets, where voting rights related to an issuer’s securities are predicated on these securities being blocked from trading at the custodian or sub-custodian level for a period of time around a shareholder meeting. These restrictions have the effect of barring the purchase and sale of certain voting securities within a specified number of days before and, in certain instances, after a shareholder meeting where a vote of shareholders will be taken. Share blocking may prevent the Fund from buying or selling securities for a period of time. During the time that shares are blocked, trades in such securities will not settle. The blocking period can last up to several weeks. The process for having a blocking restriction lifted can be quite onerous with the particular requirements varying widely by country. In addition, in certain countries, the block cannot be removed. As a result of the ramifications of voting ballots in markets that allow share blocking, the Adviser, on behalf of the Fund, reserves the right to abstain from voting proxies in those markets.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Corporate and Securities Laws Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities laws in emerging market countries are relatively new and unsettled and, consequently, there is a risk of rapid and unpredictable change in laws regarding foreign investment, securities regulation, title to securities and securityholders rights. Accordingly, foreign investors may be adversely affected by new or amended laws and regulations. In addition, the systems of corporate governance to which emerging market issuers are subject may be less advanced than those systems to which issuers located in more developed countries are subject, and therefore, securityholders of issuers located in emerging market countries may not receive many of the protections available to securityholders of issuers located in more developed countries. In circumstances where adequate laws and securityholders rights exist, it may not be possible to obtain swift and equitable enforcement of the law. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. The Fund has limited rights and few practical remedies in emerging markets and the ability of U.S. authorities to bring enforcement actions in emerging markets may be limited.</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%">Foreign Currency Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Because all or a portion of the income received by the Fund from its investments and/or the revenues received by the underlying issuers will generally be denominated in foreign currencies, the Fund’s exposure to foreign currencies and changes in the value of foreign currencies versus the U.S. dollar may result in reduced returns for the Fund, and the value of certain foreign currencies may be subject to a high degree of fluctuation. The Fund may also (directly or indirectly) incur costs in connection with conversions between U.S. dollars and foreign currencies.</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%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Restricted Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Regulation S securities and Rule 144A securities are restricted securities that are not registered under the Securities Act of 1933. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable. The Fund may not be able to purchase or sell a restricted security promptly or at a reasonable time or price. Although there may be a substantial institutional market for these securities, it is not possible to predict exactly how the market for such securities will develop or whether it will continue to exist. A restricted security that was liquid at the time of purchase may subsequently become illiquid and its value may decline as a result. Restricted securities that are deemed illiquid will count towards the Fund’s limitation on illiquid securities. In addition, transaction costs may be higher for restricted securities than for more liquid securities. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.</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%">Financials Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that </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%">affects the scope of their activities, the prices they can charge and the amount of capital they must maintain. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework. Furthermore, some companies in the financials sector perceived as benefiting from government intervention in the past may be subject to future government-imposed restrictions on their businesses or face increased government involvement in their operations. Increased government involvement in the financials sector, including measures such as taking ownership positions in financial institutions, could result in a dilution of the Fund’s investments in financial institutions.</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%">Energy Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the energy sector. Companies operating in the energy sector are subject to risks including, but not limited to, economic growth, worldwide demand, political instability in the regions that the companies operate, government regulation stipulating rates charged by utilities, interest rate sensitivity, oil price volatility, energy conservation, environmental policies, depletion of resources, and the cost of providing the specific utility services and other factors that they cannot control.  </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 energy sector is cyclical and is highly dependent on commodity prices; prices and supplies of energy may fluctuate significantly over short and long periods of time due to, among other things, national and international political changes, the Organization of Petroleum Exporting Countries ("OPEC") policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the regulatory environment, taxation policies, and the economy of the key energy-consuming countries. Commodity prices have recently been subject to increased volatility and declines, which may negatively affect companies in which the Fund may invest.</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%">Companies in the energy sector may be adversely affected by terrorism, natural disasters or other catastrophes. Companies in the energy sector are at risk of civil liability from accidents resulting in injury, loss of life or property, pollution or other environmental damage claims and risk of loss from terrorism and natural disasters. Disruptions in the oil industry or shifts in fuel consumption may significantly impact companies in this sector. Significant oil and gas deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to the other risks of investing in emerging markets.</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%">Companies in the energy sector may also be adversely affected by changes in exchange rates, tax treatment, government regulation and intervention, negative perception, efforts at energy conservation and world events in the regions in which the companies operate (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest). Because a significant portion of revenues of companies in this sector is derived from a relatively small number of customers that are largely comprised of governmental entities and utilities, governmental budget constraints may have a significant impact on the stock prices of companies in this sector. Entities operating in the energy sector are subject to significant regulation of nearly every aspect of their operations by federal, state and local governmental agencies. Such regulation can change rapidly or over time in both scope and intensity. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may materially adversely affect the financial performance of companies in the energy 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%">A downturn in the energy sector, adverse political, legislative or regulatory developments or other events could have a larger impact on the Fund than on an investment company that does not invest a substantial portion of its assets in the energy sector. At times, the performance of securities of companies in the energy sector may lag the performance of other sectors or the broader market as a whole. The price of oil, natural gas and other fossil fuels may decline and/or experience significant volatility, which could adversely impact companies operating in the energy sector.</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%">Basic Materials Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the basic materials sector. Companies engaged in the production and distribution of basic materials may be adversely affected by changes in world events, political and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.</span></div> <div style="margin-bottom:6pt;padding-right:9pt"><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 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;padding-right:9pt"><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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net 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%">income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</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%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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%">No Guarantee of Active Trading Market 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 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 </span></div>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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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> 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 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 3.92%. </span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">15.00%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2Q 2020</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:top"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-15.16%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2020</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0392 Best Quarter: 0.1500 2020-06-30 Worst Quarter: -0.1516 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck Emerging Markets High Yield Bond ETF(return before taxes) 0.0919 0.0281 0.0515 VanEck Emerging Markets High Yield Bond ETF(return after taxes on distributions) 0.0625 0.0020 0.0252 VanEck Emerging Markets High Yield Bond ETF(return after taxes on distributions and sale of Fund Shares) 0.0537 0.0095 0.0277 ICE BofA Diversified High Yield US Emerging Markets Corporate Plus Index(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0925 0.0264 0.0531 ICE BofA Global Broad Market Plus Index(reflects no deduction for fees, expenses or taxes) 0.0805 -0.0241 0.0111 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Fallen Angel High Yield Bond ETF</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:7.8pt;font-weight:400;line-height:120%;position:relative;top:-4.2pt;vertical-align:baseline"> </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of ICE US Fallen Angel High Yield 10% Constrained Index (the “Fallen Angel Index” or the “Index”).</span></div> VanEck Fallen Angel High Yield Bond ETF 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) 0.0025 0.0000 0.0025 September 1, 2027 EXPENSE EXAMPLE <div style="margin-bottom:6pt;padding-right:9pt"><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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 26 80 141 318 PORTFOLIO TURNOVER 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52% of the average value of its portfolio. 0.52 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 normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Fallen Angel Index is comprised of below investment grade corporate bonds denominated in U.S. dollars that were (a) rated investment grade at the time of issuance or (b) in certain limited circumstances, were original-issue high yield bonds from the same obligor entity whose bonds were already included in the Fallen Angel Index and are senior or senior secured only. Qualifying securities must be issued in the U.S. domestic market and have a below investment grade rating. Defaulted securities are removed from the Fallen Angel Index at the end of the month in which they default. The Fallen Angel Index is comprised of bonds issued by both U.S. and non-U.S. issuers.</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 country of risk of qualifying issuers must be a member of the FX Group of Ten, a Western European nation, or a territory of the United States or a Western European nation. The FX Group of Ten includes all Euro members, Australia, Canada, Japan, New Zealand, Norway, Sweden, Switzerland, the United Kingdom and the United States.</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> As of June 30, 2026, the Fallen Angel Index included 130 below investment grade bonds of 55 issuers and approximately 15% of the Fallen Angel Index was </span></div><div style="margin-bottom:6pt"><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">comprised of Rule 144A securities. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to shareholders.</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, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Fallen Angel Index by investing in a portfolio of securities that generally replicates the Fallen Angel Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Fallen Angel Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Fallen Angel Index.</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 become "non-diversified" as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Fallen Angel Index. This means that the Fund may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Fund were always managed as a diversified management investment company. The Fund intends to be diversified in approximately the same proportion as the Fallen Angel Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Fallen Angel Index.</span></div><div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Fallen Angel Index concentrates in an industry or group of industries. As of April 30, 2026, each of the consumer discretionary, information technology, financials and basic materials sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Fallen Angel Index concentrates in an industry or group of industries. As of April 30, 2026, each of the consumer discretionary, information technology, financials and basic materials sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">High Yield Securities Risk.</span> Securities rated below investment grade are commonly referred to as high yield securities or “junk bonds.” High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities, resulting in increased volatility of their market prices and a corresponding volatility in the Fund’s net asset value. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet their projected business goals or to obtain additional financing. In the event of a default, the Fund may incur additional expenses to seek recovery. The secondary market for high yield securities may be less liquid than the markets for higher quality securities, and high yield securities issued by non-corporate issuers may be less liquid than high yield securities issued by corporate issuers. Illiquidity may have an adverse effect on the market prices of and the Fund’s ability to arrive at a fair value for certain securities when it seeks to do so. In addition, periods of economic uncertainty and change may result in an increased volatility of market prices of high yield securities and a corresponding volatility in the Fund's net asset value. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Foreign Securities Risk.</span> Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, less stringent investor protections and disclosure standards, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Because certain foreign securities markets may be limited in size, the activity of large traders may have an undue influence on the prices of securities that trade in such markets. The Fund invests in securities of issuers located in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The cost of investing in foreign securities, including brokerage commissions and custodial expenses, can be higher than the cost of investing in domestic securities. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Restricted Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Regulation S securities and Rule 144A securities are restricted securities that are not registered under the Securities Act of 1933. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable. The Fund may not be able to purchase or sell a restricted security promptly or at a reasonable time or price. Although there may be a substantial institutional market for these securities, it is not possible to predict exactly how the market for such securities will develop or whether it will continue to exist. A restricted security that was liquid at the time of purchase may subsequently become illiquid and its value may decline as a result. Restricted securities that are deemed illiquid will count towards the Fund’s limitation on illiquid securities. In addition, transaction costs may be higher for restricted securities than for more liquid securities. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.</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 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%">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> <div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</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%">Consumer Discretionary Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the consumer discretionary sector. The consumer discretionary sector comprises companies whose businesses are sensitive to economic cycles, such as manufacturers of high-end apparel and automobile and leisure companies. Companies in the consumer discretionary sector are subject to fluctuations in supply and demand. These companies may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.</span></div> <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 Fund 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 Fund 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"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Basic Materials Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the basic materials sector. Companies engaged in the production and distribution of basic materials may be adversely affected by changes in world events, political and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Financials Sector Risk.</span> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework. Furthermore, some companies in the financials sector perceived as benefiting from government intervention in the past may be subject to future government-imposed restrictions on their businesses or face increased government involvement in their operations. Increased government involvement in the financials sector, including measures such as taking ownership positions in financial institutions, could result in a dilution of the Fund’s investments in financial institutions. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in European Issuers. </span>Investments in securities of European issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Economic and Monetary Union of the European Union requires member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or European Union regulations on trade, changes in the exchange rate of the euro, the default or threat of default by a European Union member country on its sovereign debt, and/or an economic recession in a European Union member country may have a significant adverse effect on the economies of other European Union countries and on major trading partners outside Europe. If any member country exits the Economic and Monetary Union, the departing country would face the risks of currency devaluation and its trading partners and banks and others around the world that hold the departing country’s debt would face the risk of significant losses. The European financial markets have previously experienced, and may continue to experience, volatility and have been adversely affected, and may in the future be affected, by concerns about economic downturns, credit rating downgrades, rising government debt levels and possible default on or restructuring of government debt in several European countries. These events have adversely affected, and may in the future affect, the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including European Union member countries that do not use the euro and non-European Union member countries. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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. <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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Trading Issues Risk.</span> 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 style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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> 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 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-Diversification Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may become classified as “non-diversified” under the Investment Company Act of 1940 solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. If the Fund becomes non-diversified, it may invest a greater portion of its assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. Prior to February 28, 2020, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE BofA US Fallen Angel High Yield Index (the "Prior Index"). Therefore, performance information prior to February 28, 2020 reflects the performance of the Fund while seeking to track the Prior Index. As a result, the Fund’s future performance may differ substantially from the performance information shown below. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. Prior to February 28, 2020, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE BofA US Fallen Angel High Yield Index (the "Prior Index"). Therefore, performance information prior to February 28, 2020 reflects the performance of the Fund while seeking to track the Prior Index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com nnual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 2.23%.</span></div><div style="margin-bottom:6pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.497%"><tr><td style="width:1.0%"></td><td style="width:43.743%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.013%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">14.02%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2Q 2020</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-13.14%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2020</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0223 Best Quarter: 0.1402 2020-06-30 Worst Quarter: -0.1314 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck Fallen Angel High Yield Bond ETF (return before taxes) 0.0911 0.0377 0.0761 VanEck Fallen Angel High Yield Bond ETF (return after taxes on distributions) 0.0636 0.0152 0.0522 VanEck Fallen Angel High Yield Bond ETF (return after taxes on distributions and sale of Fund Shares) 0.0533 0.0187 0.0489 ICE US Fallen Angel High Yield 10% Constrained Index* (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0903 0.0388 0.0793 ICE BofA US Broad Market Index(reflects no deduction for fees, expenses or taxes) 0.0715 -0.0042 0.0201 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Green Bond ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S&amp;P Green Bond U.S. Dollar Select Index (the “Green Bond Index” or the “Index”).</span></div> VanEck Green Bond ETF 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) 0.0020 0.0000 0.0020 September 1, 2027 EXPENSE EXAMPLE <div style="margin-bottom:6pt;padding-right:9pt"><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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 20 64 113 255 PORTFOLIO TURNOVER 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 21% of the average value of its portfolio. 0.21 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 normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Green Bond Index is comprised of bonds issued for qualified “green” purposes and seeks to measure the performance of U.S. dollar denominated “green”-labeled bonds issued globally. The Green Bond Index is sponsored by S&amp;P Dow Jones Indices LLC, which is not affiliated with or sponsored by the Fund or the Adviser. “Green” bonds are bonds whose proceeds are used principally for climate change mitigation, climate adaptation or other environmentally beneficial projects, such as, but not limited to, the development of clean, sustainable or renewable energy sources, commercial and industrial energy efficiency, or conservation of natural resources. For a bond to be eligible for inclusion in the Green Bond Index, the issuer of the bond must indicate the bond’s “green” label and the rationale behind it, such as the intended use of proceeds. As an additional filter, the bond must be flagged as “green” by Climate Bonds Initiative (“CBI”), an international not-for-profit working to mobilize the bond market for climate change solutions, to be eligible for inclusion in the Green Bond Index. The Green Bond Index is market value-weighted and includes supranational, corporate, government-related, sovereign and securitized “green” bonds issued throughout the world (including emerging market countries), and may include both investment grade and below investment grade securities (commonly referred to as high yield securities or “junk bonds”). “Securitized green bonds” are securities typically collateralized </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%">by a specified pool of assets, such as mortgages, automobile loans or other consumer receivables. All bonds must be rated by at least one credit rating agency, except that up to 10% of the Green Bond Index can be invested in unrated bonds that are issued or guaranteed by a government-sponsored enterprise. The maximum weight of below investment grade bonds (excluding any unrated bonds that are issued or guaranteed by a government-sponsored enterprise) in the Green Bond Index is capped at 20%. No more than 10% of the Green Bond Index can be invested in a single issuer. Qualifying securities must have a maturity of at least 12 months at the time of issuance and at least one month remaining until maturity at each rebalancing date. </span></div><div style="margin-bottom:6pt"><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of June 30, 2026, the Green Bond Index consisted of 488 bonds issued by 270 issuers and the weighted average maturity and effective duration of the Green Bond Index was approximately 7.46 years and 4.66 years, respectively. As of the same date, approximately 20.07% of the Green Bond Index was comprised of Regulation S securities and 31.94% of the Green Bond Index was comprised of Rule 144A securities.</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 S&amp;P Green Bond Index is rebalanced monthly. The Fund’s 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to shareholders.</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, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Green Bond Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Green Bond Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Green Bond Index. Because of the practical difficulties and expense of purchasing all of the securities in the Green Bond Index, the Fund does not purchase all of the securities in the Green Bond Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the securities in the Green Bond Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Green Bond Index.</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 concentrate its investments in a particular industry or group of industries to the extent that the Green Bond Index concentrates in an industry or group of industries. As of April 30, 2026, each of the financials, utilities and government sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Green Bond Index concentrates in an industry or group of industries. As of April 30, 2026, each of the financials, utilities and government sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">“Green” Bonds Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Investments in “green” bonds include bonds whose proceeds are used principally for climate mitigation, climate adaptation or other environmentally beneficial projects, such as, but not limited to, the development of clean, sustainable or renewable energy sources, commercial and industrial energy efficiency, or conservation of natural resources. Investing in “green” bonds carries the risk that, under certain market conditions, the Fund may underperform as compared to funds that invest in a broader range of investments. In addition, some “green” investments may be dependent on government tax incentives and subsidies and on political support for certain environmental technologies and companies. Investing primarily in “green” investments may affect the Fund’s exposure to certain sectors or types of investments and will impact the Fund’s relative investment performance depending on whether such sectors or investments are in or out of favor in the market. The “green” sector may also have challenges such as a limited number of issuers and limited liquidity in the market. Additionally, there may also be a limited supply of bonds that merit “green” status, which may adversely affect the Fund.</span> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in Asian Issuers.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Investments in securities of Asian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. Many Asian economies have experienced rapid growth and industrialization in recent years, but there is no assurance that this growth rate will be maintained. Certain Asian economies have experienced over-extension of credit, currency devaluations and restrictions, high unemployment, high inflation, decreased exports and economic recessions. Geopolitical hostility, political instability, as well as economic or environmental events in any one Asian country can have a significant effect on the entire Asian region as well as on major trading partners outside Asia, and any adverse effect on some or all of the Asian countries and regions in which the Fund invests. The securities markets in some Asian economies are relatively underdeveloped and may subject the Fund to higher action costs or greater uncertainty than investments in more developed securities markets. Such risks may adversely affect the value of the Fund’s investments. Certain Asian countries have developed increasingly strained relationships with the U.S. or with China, and if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade. In addition, many Asian countries are subject to social and labor risks associated with demands for improved political, economic and social conditions. These risks, among others, may adversely affect the value of the Fund's 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%">Special Risk Considerations of Investing in European Issuers. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Investments in securities of European issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Economic and Monetary Union of the European Union requires member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or European Union regulations on trade, changes in the exchange </span></div>rate of the euro, the default or threat of default by a European Union member country on its sovereign debt, and/or an economic recession in a European Union member country may have a significant adverse effect on the economies of other European Union countries and on major trading partners outside Europe. If any member country exits the Economic and Monetary Union, the departing country would face the risks of currency devaluation and its trading partners and banks and others around the world that hold the departing country’s debt would face the risk of significant losses. The European financial markets have previously experienced, and may continue to experience, volatility and have been adversely affected, and may in the future be affected, by concerns about economic downturns, credit rating downgrades, rising government debt levels and possible default on or restructuring of government debt in several European countries. These events have adversely affected, and may in the future affect, the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including European Union member countries that do not use the euro and non-European Union member countries. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Foreign Securities Risk.</span> Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, less stringent investor protections and disclosure standards, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Because certain foreign securities markets may be limited in size, the activity of large traders may have an undue influence on the prices of securities that trade in such markets. The Fund invests in securities of issuers located in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The cost of investing in foreign securities, including brokerage commissions and custodial expenses, can be higher than the cost of investing in domestic securities. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Emerging Market Issuers Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Investments in securities of emerging market issuers involve risks not typically associated with investments in securities of issuers in more developed countries that may negatively affect the value of your investment in the Fund. Such heightened risks may include, among others, expropriation, nationalization and/or confiscation of assets and property, restrictions on and government intervention in international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision making, armed conflict, the impact on the economy as a result of civil war, crime (including drug violence) and social instability as a result of religious, ethnic and/or socioeconomic unrest. Issuers in certain emerging market countries are subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are issuers in more developed markets, and therefore, all material information may not be available or reliable. Emerging markets are also more likely than developed markets to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Local agents are held only to the standards of care of their local markets. In general, the less developed a country’s securities markets are, the greater the likelihood of custody problems. Additionally, each of the factors described below could have a negative impact on the Fund’s performance and increase the volatility of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Securities Market Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities markets in emerging market countries are underdeveloped and are often considered to be less correlated to global economic cycles than those markets located in more developed countries. Securities markets in emerging market countries are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation of labor and industry. These factors, coupled with restrictions on foreign investment and other factors, limit the supply of securities available for investment by the Fund. This will affect the rate at which the Fund is able to invest in emerging market countries, the purchase and sale prices for such securities and the timing of purchases and sales. Emerging markets can experience high rates of inflation, deflation and currency devaluation. The prices of certain securities listed on securities markets in emerging market countries have been subject to sharp fluctuations and sudden declines, and no assurance can be given as to the future performance of listed securities in general. Volatility of prices may be greater than in more developed securities markets. Moreover, securities markets in emerging market countries may be closed for extended periods of time or trading on securities markets may be suspended altogether due to political or civil unrest. Market volatility may also be heightened by the actions of a small number of investors. Brokerage firms in emerging market countries may be fewer in number and less established than brokerage firms in more developed markets. Since the Fund may need to effect securities transactions through these brokerage firms, the Fund is subject to the risk that these brokerage firms will not be able to fulfill their obligations to the Fund. This risk is magnified to the extent the Fund effects securities transactions through a single brokerage firm or a small number of brokerage firms. In addition, the infrastructure for the safe custody of securities and for purchasing and </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">selling securities, settling trades, collecting dividends, initiating corporate actions, and following corporate activity is not as well developed in emerging market countries as is the case in certain more developed markets.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Political and Economic Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Certain emerging market countries have historically been subject to political instability and their prospects are tied to the continuation of economic and political liberalization in the region. Instability may result from factors such as government or military intervention in decision making, terrorism, civil unrest, extremism or hostilities between neighboring countries. Any of these factors, including an outbreak of hostilities, could negatively impact the Fund’s returns. Limited political and democratic freedoms in emerging market countries might cause significant social unrest. These factors may have a significant adverse effect on an emerging market country’s economy.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Many emerging market countries may be heavily dependent upon international trade and, consequently, may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which it trades. They also have been, and may continue to be, adversely affected by economic conditions in the countries with which they trade.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In addition, commodities (such as oil, gas and minerals) represent a significant percentage of certain emerging market countries’ exports and these economies are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one country may have a significant adverse effect on other countries of this region. In addition, most emerging market countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels. The political history of certain emerging market countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such events could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets in the region.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Also, from time to time, certain issuers located in emerging market countries in which the Fund invests may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such countries. The Fund, as an investor in such issuers, will be indirectly subject to those risks.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The economies of one or more countries in which the Fund may invest may be in various states of transition from a planned economy to a more market oriented economy. The economies of such countries differ from the economies of most developed countries in many respects, including levels of government involvement, states of development, growth rates, control of foreign exchange and allocation of resources. Economic growth in these economies may be uneven both geographically and among various sectors of their economies and may also be accompanied by periods of high inflation. Political changes, social instability and adverse diplomatic developments in these countries could result in the imposition of additional government restrictions, including expropriation of assets, confiscatory taxes or nationalization of some or all of the property held by the underlying issuers of securities of emerging market issuers. There is no guarantee that the governments of these countries will not revert back to some form of planned or non-market oriented economy, and such governments continue to be active participants in many economic sectors through ownership positions and regulation. The allocation of resources in such countries is subject to a high level of government control. Such countries’ governments may strictly regulate the payment of foreign currency denominated obligations and set monetary policy. Through their policies, these governments may provide preferential treatment to particular industries or companies. The policies set by the government of one of these countries could have a substantial effect on that country’s economy.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment and Repatriation Restrictions Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The government in an emerging market country may restrict or control to varying degrees the ability of foreign investors to invest in securities of issuers located or operating in such emerging market countries. These restrictions and/or controls may at times limit or prevent foreign investment in securities of issuers located or operating in emerging market countries and may inhibit the Fund’s ability to meet its investment objective. In addition, the Fund may not be able to buy or sell securities or receive full value for such securities. Moreover, certain emerging market countries may require governmental approval or special licenses prior to investments by foreign investors and may limit the amount of investments by foreign investors in a particular industry and/or issuer; may limit such foreign investment to a certain class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of such emerging market countries; and/or may impose additional taxes on foreign investors. A delay in obtaining a required government approval or a license would delay investments in those emerging market countries, and, as a result, the Fund may not be able to invest in certain securities while approval is pending. The government of certain emerging market countries may also withdraw or decline to renew a license that enables the Fund to invest in such country. These factors make investing in issuers located or operating in emerging market countries significantly riskier than investing in issuers located or operating in more developed countries, and any one of them could cause a decline in the net asset value of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Additionally, investments in issuers located in certain emerging market countries may be subject to a greater degree of risk associated with governmental approval in connection with the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. Moreover, there is the risk that if the balance of payments in an </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">emerging market country declines, the government of such country may impose temporary restrictions on foreign capital remittances. Consequently, the Fund could be adversely affected by delays in, or a refusal to grant, required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Furthermore, investments in emerging market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Limited Disclosure About Emerging Market Issuers Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Issuers located or operating in emerging market countries are not subject to the same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less financial and other information publicly available with regard to issuers located or operating in emerging market countries and such issuers are not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers located or operating in more developed countries.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Operational and Settlement Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> In addition to having less developed securities markets, emerging market countries have less developed custody and settlement practices than certain developed countries. Rules adopted under the Investment Company Act of 1940 permit the Fund to maintain its foreign securities and cash in the custody of certain eligible non-U.S. banks and securities depositories. Banks in emerging market countries that are eligible foreign sub-custodians may be recently organized or otherwise lack extensive operating experience. In addition, in certain emerging market countries there may be legal restrictions or limitations on the ability of the Fund to recover assets held in custody by a foreign sub-custodian in the event of the bankruptcy of the sub-custodian. Because settlement systems in emerging market countries may be less organized than in other developed markets, there may be a risk that settlement may be delayed and that cash or securities of the Fund may be in jeopardy because of failures of or defects in the systems. Under the laws in many emerging market countries, the Fund may be required to release local shares before receiving cash payment or may be required to make cash payment prior to receiving local shares, creating a risk that the Fund may surrender cash or securities without ever receiving securities or cash from the other party. Settlement systems in emerging market countries also have a higher risk of failed trades and back to back settlements may not be possible.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may not be able to convert a foreign currency to U.S. dollars in time for the settlement of redemption requests effected in cash. In the event that the Fund is not able to convert the foreign currency to U.S. dollars in time for settlement, which may occur as a result of the delays described above, the Fund may be required to liquidate certain investments and/or borrow money in order to fund such redemption. The liquidation of investments, if required, could be at disadvantageous prices or otherwise have an adverse impact on the Fund’s performance (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, by causing the Fund to overweight foreign currency denominated holdings and underweight other holdings which were sold to fund redemptions). In addition, the Fund will incur interest expense on any borrowings and the borrowings will cause the Fund to be leveraged, which may magnify gains and losses on its investments.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In certain emerging market countries, the marketability of investments may be limited due to the restricted opening hours of trading exchanges, and a relatively high proportion of market value may be concentrated in the hands of a relatively small number of investors. In addition, because certain emerging market countries’ trading exchanges on which the Fund’s portfolio securities may trade are open when the relevant exchanges are closed, the Fund may be subject to heightened risk associated with market movements. Trading volume may be lower on certain emerging market countries’ trading exchanges than on more developed securities markets and securities may be generally less liquid. The infrastructure for clearing, settlement and registration on the primary and secondary markets of certain emerging market countries are less developed than in certain other markets and under certain circumstances this may result in the Fund experiencing delays in settling and/or registering transactions in the markets in which it invests, particularly if the growth of foreign and domestic investment in certain emerging market countries places an undue burden on such investment infrastructure. Such delays could affect the speed with which the Fund can transmit redemption proceeds and may inhibit the initiation and realization of investment opportunities at optimum times.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain issuers in emerging market countries may utilize share blocking schemes. Share blocking refers to a practice, in certain foreign markets, where voting rights related to an issuer’s securities are predicated on these securities being blocked from trading at the custodian or sub-custodian level for a period of time around a shareholder meeting. These restrictions have the effect of barring the purchase and sale of certain voting securities within a specified number of days before and, in certain instances, after a shareholder meeting where a vote of shareholders will be taken. Share blocking may prevent the Fund from buying or selling securities for a period of time. During the time that shares are blocked, trades in such securities will not settle. The blocking period can last up to several weeks. The process for having a blocking restriction lifted can be quite onerous with the particular requirements varying widely by country. In addition, in certain countries, the block cannot be removed. As a result of the ramifications of voting ballots in markets that allow share blocking, the Adviser, on behalf of the Fund, reserves the right to abstain from voting proxies in those markets.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Corporate and Securities Laws Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities laws in emerging market countries are relatively new and unsettled and, consequently, there is a risk of rapid and unpredictable change in laws regarding foreign investment, securities regulation, title to securities and securityholders rights. Accordingly, foreign investors may be adversely affected by new or amended laws and regulations. In addition, the systems of corporate governance to which emerging market issuers are subject may be less advanced than those systems to which issuers located in more developed countries are subject, and therefore, securityholders of issuers located in emerging market countries may not receive many of the protections available to securityholders of issuers located in more developed countries. In circumstances where adequate laws and </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">securityholders rights exist, it may not be possible to obtain swift and equitable enforcement of the law. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. The Fund has limited rights and few practical remedies in emerging markets and the ability of U.S. authorities to bring enforcement actions in emerging markets may be limited.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Securities Market Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities markets in emerging market countries are underdeveloped and are often considered to be less correlated to global economic cycles than those markets located in more developed countries. Securities markets in emerging market countries are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation of labor and industry. These factors, coupled with restrictions on foreign investment and other factors, limit the supply of securities available for investment by the Fund. This will affect the rate at which the Fund is able to invest in emerging market countries, the purchase and sale prices for such securities and the timing of purchases and sales. Emerging markets can experience high rates of inflation, deflation and currency devaluation. The prices of certain securities listed on securities markets in emerging market countries have been subject to sharp fluctuations and sudden declines, and no assurance can be given as to the future performance of listed securities in general. Volatility of prices may be greater than in more developed securities markets. Moreover, securities markets in emerging market countries may be closed for extended periods of time or trading on securities markets may be suspended altogether due to political or civil unrest. Market volatility may also be heightened by the actions of a small number of investors. Brokerage firms in emerging market countries may be fewer in number and less established than brokerage firms in more developed markets. Since the Fund may need to effect securities transactions through these brokerage firms, the Fund is subject to the risk that these brokerage firms will not be able to fulfill their obligations to the Fund. This risk is magnified to the extent the Fund effects securities transactions through a single brokerage firm or a small number of brokerage firms. In addition, the infrastructure for the safe custody of securities and for purchasing and </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">selling securities, settling trades, collecting dividends, initiating corporate actions, and following corporate activity is not as well developed in emerging market countries as is the case in certain more developed markets.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Political and Economic Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Certain emerging market countries have historically been subject to political instability and their prospects are tied to the continuation of economic and political liberalization in the region. Instability may result from factors such as government or military intervention in decision making, terrorism, civil unrest, extremism or hostilities between neighboring countries. Any of these factors, including an outbreak of hostilities, could negatively impact the Fund’s returns. Limited political and democratic freedoms in emerging market countries might cause significant social unrest. These factors may have a significant adverse effect on an emerging market country’s economy.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Many emerging market countries may be heavily dependent upon international trade and, consequently, may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which it trades. They also have been, and may continue to be, adversely affected by economic conditions in the countries with which they trade.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In addition, commodities (such as oil, gas and minerals) represent a significant percentage of certain emerging market countries’ exports and these economies are particularly sensitive to fluctuations in commodity prices. Adverse economic events in one country may have a significant adverse effect on other countries of this region. In addition, most emerging market countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels. The political history of certain emerging market countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such events could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets in the region.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Also, from time to time, certain issuers located in emerging market countries in which the Fund invests may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such countries. The Fund, as an investor in such issuers, will be indirectly subject to those risks.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The economies of one or more countries in which the Fund may invest may be in various states of transition from a planned economy to a more market oriented economy. The economies of such countries differ from the economies of most developed countries in many respects, including levels of government involvement, states of development, growth rates, control of foreign exchange and allocation of resources. Economic growth in these economies may be uneven both geographically and among various sectors of their economies and may also be accompanied by periods of high inflation. Political changes, social instability and adverse diplomatic developments in these countries could result in the imposition of additional government restrictions, including expropriation of assets, confiscatory taxes or nationalization of some or all of the property held by the underlying issuers of securities of emerging market issuers. There is no guarantee that the governments of these countries will not revert back to some form of planned or non-market oriented economy, and such governments continue to be active participants in many economic sectors through ownership positions and regulation. The allocation of resources in such countries is subject to a high level of government control. Such countries’ governments may strictly regulate the payment of foreign currency denominated obligations and set monetary policy. Through their policies, these governments may provide preferential treatment to particular industries or companies. The policies set by the government of one of these countries could have a substantial effect on that country’s economy.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment and Repatriation Restrictions Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The government in an emerging market country may restrict or control to varying degrees the ability of foreign investors to invest in securities of issuers located or operating in such emerging market countries. These restrictions and/or controls may at times limit or prevent foreign investment in securities of issuers located or operating in emerging market countries and may inhibit the Fund’s ability to meet its investment objective. In addition, the Fund may not be able to buy or sell securities or receive full value for such securities. Moreover, certain emerging market countries may require governmental approval or special licenses prior to investments by foreign investors and may limit the amount of investments by foreign investors in a particular industry and/or issuer; may limit such foreign investment to a certain class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of such emerging market countries; and/or may impose additional taxes on foreign investors. A delay in obtaining a required government approval or a license would delay investments in those emerging market countries, and, as a result, the Fund may not be able to invest in certain securities while approval is pending. The government of certain emerging market countries may also withdraw or decline to renew a license that enables the Fund to invest in such country. These factors make investing in issuers located or operating in emerging market countries significantly riskier than investing in issuers located or operating in more developed countries, and any one of them could cause a decline in the net asset value of the Fund.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Additionally, investments in issuers located in certain emerging market countries may be subject to a greater degree of risk associated with governmental approval in connection with the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. Moreover, there is the risk that if the balance of payments in an </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">emerging market country declines, the government of such country may impose temporary restrictions on foreign capital remittances. Consequently, the Fund could be adversely affected by delays in, or a refusal to grant, required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Furthermore, investments in emerging market countries may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Limited Disclosure About Emerging Market Issuers Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Issuers located or operating in emerging market countries are not subject to the same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less financial and other information publicly available with regard to issuers located or operating in emerging market countries and such issuers are not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers located or operating in more developed countries.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Operational and Settlement Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> In addition to having less developed securities markets, emerging market countries have less developed custody and settlement practices than certain developed countries. Rules adopted under the Investment Company Act of 1940 permit the Fund to maintain its foreign securities and cash in the custody of certain eligible non-U.S. banks and securities depositories. Banks in emerging market countries that are eligible foreign sub-custodians may be recently organized or otherwise lack extensive operating experience. In addition, in certain emerging market countries there may be legal restrictions or limitations on the ability of the Fund to recover assets held in custody by a foreign sub-custodian in the event of the bankruptcy of the sub-custodian. Because settlement systems in emerging market countries may be less organized than in other developed markets, there may be a risk that settlement may be delayed and that cash or securities of the Fund may be in jeopardy because of failures of or defects in the systems. Under the laws in many emerging market countries, the Fund may be required to release local shares before receiving cash payment or may be required to make cash payment prior to receiving local shares, creating a risk that the Fund may surrender cash or securities without ever receiving securities or cash from the other party. Settlement systems in emerging market countries also have a higher risk of failed trades and back to back settlements may not be possible.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may not be able to convert a foreign currency to U.S. dollars in time for the settlement of redemption requests effected in cash. In the event that the Fund is not able to convert the foreign currency to U.S. dollars in time for settlement, which may occur as a result of the delays described above, the Fund may be required to liquidate certain investments and/or borrow money in order to fund such redemption. The liquidation of investments, if required, could be at disadvantageous prices or otherwise have an adverse impact on the Fund’s performance (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, by causing the Fund to overweight foreign currency denominated holdings and underweight other holdings which were sold to fund redemptions). In addition, the Fund will incur interest expense on any borrowings and the borrowings will cause the Fund to be leveraged, which may magnify gains and losses on its investments.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In certain emerging market countries, the marketability of investments may be limited due to the restricted opening hours of trading exchanges, and a relatively high proportion of market value may be concentrated in the hands of a relatively small number of investors. In addition, because certain emerging market countries’ trading exchanges on which the Fund’s portfolio securities may trade are open when the relevant exchanges are closed, the Fund may be subject to heightened risk associated with market movements. Trading volume may be lower on certain emerging market countries’ trading exchanges than on more developed securities markets and securities may be generally less liquid. The infrastructure for clearing, settlement and registration on the primary and secondary markets of certain emerging market countries are less developed than in certain other markets and under certain circumstances this may result in the Fund experiencing delays in settling and/or registering transactions in the markets in which it invests, particularly if the growth of foreign and domestic investment in certain emerging market countries places an undue burden on such investment infrastructure. Such delays could affect the speed with which the Fund can transmit redemption proceeds and may inhibit the initiation and realization of investment opportunities at optimum times.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain issuers in emerging market countries may utilize share blocking schemes. Share blocking refers to a practice, in certain foreign markets, where voting rights related to an issuer’s securities are predicated on these securities being blocked from trading at the custodian or sub-custodian level for a period of time around a shareholder meeting. These restrictions have the effect of barring the purchase and sale of certain voting securities within a specified number of days before and, in certain instances, after a shareholder meeting where a vote of shareholders will be taken. Share blocking may prevent the Fund from buying or selling securities for a period of time. During the time that shares are blocked, trades in such securities will not settle. The blocking period can last up to several weeks. The process for having a blocking restriction lifted can be quite onerous with the particular requirements varying widely by country. In addition, in certain countries, the block cannot be removed. As a result of the ramifications of voting ballots in markets that allow share blocking, the Adviser, on behalf of the Fund, reserves the right to abstain from voting proxies in those markets.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Corporate and Securities Laws Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities laws in emerging market countries are relatively new and unsettled and, consequently, there is a risk of rapid and unpredictable change in laws regarding foreign investment, securities regulation, title to securities and securityholders rights. Accordingly, foreign investors may be adversely affected by new or amended laws and regulations. In addition, the systems of corporate governance to which emerging market issuers are subject may be less advanced than those systems to which issuers located in more developed countries are subject, and therefore, securityholders of issuers located in emerging market countries may not receive many of the protections available to securityholders of issuers located in more developed countries. In circumstances where adequate laws and </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">securityholders rights exist, it may not be possible to obtain swift and equitable enforcement of the law. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. The Fund has limited rights and few practical remedies in emerging markets and the ability of U.S. authorities to bring enforcement actions in emerging markets may be limited.</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%">Foreign Currency Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Because all or a portion of the income received by the Fund from its investments and/or the revenues received by the underlying issuers will generally be denominated in foreign currencies, the Fund’s exposure to foreign currencies and changes in the value of foreign currencies versus the U.S. dollar may result in reduced returns for the Fund, and the value of certain foreign currencies may be subject to a high degree of fluctuation. The Fund may also (directly or indirectly) incur costs in connection with conversions between U.S. dollars and foreign currencies.</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%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Floating Rate Risk.</span> The Fund invests in floating-rate securities, which are instruments in which the interest rate payable on an obligation fluctuates on a periodic basis based upon changes in an interest rate benchmark. As a result, the yield on such a security will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the security. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">High Yield Securities Risk.</span> Securities rated below investment grade are commonly referred to as high yield securities or “junk bonds.” High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities, resulting in increased volatility of their market prices and a corresponding volatility in the Fund’s net asset value. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet their projected business goals or to obtain additional financing. In the event of a default, the Fund may incur additional expenses to seek recovery. The secondary market for high yield securities may be less liquid than the markets for higher quality securities, and high yield securities issued by non-corporate issuers may be less liquid than high yield securities issued by corporate issuers. Illiquidity may have an adverse effect on the market prices of and the Fund’s ability to arrive at a fair value for certain securities when it seeks to do so. In addition, periods of economic uncertainty and change may result in an increased volatility of market prices of high yield securities and a corresponding volatility in the Fund's 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%">Supranational Bond Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> To the extent that the Fund invests in supranational bonds, the Fund may be sensitive to changes in, and its performance may depend to a greater extent on, the overall condition of the supranational entities that issue such bonds. Certain securities in which the Fund may invest are obligations issued or backed by supranational entities, such as the European Investment Bank. Obligations of supranational organizations are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. If an issuer of supranational bonds defaults on payments of principal and/or interest, the Fund may have limited recourse against the issuer. A supranational entity’s willingness or ability to repay principal and pay interest in a timely manner may be affected by its cash flow situation, the extent of its reserves, the relative size of the debt service burden to the entity as a whole and the political constraints to which a supranational entity may be subject. During periods of economic uncertainty, the market prices of supranational bonds, and the Fund’s net asset value, may be more volatile than prices of corporate bonds, which may result in losses. Obligations of a supranational organization that are denominated in foreign currencies will also be subject to the risks associated with investment in foreign currencies.</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%">Government-Related Bond Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The governmental authority or government-related entity that controls the repayment of the bond may be unable or unwilling to honor its payment obligations. If an issuer of government-related bonds defaults on payments of principal and/or interest, the Fund may have limited recourse against the issuer. A government-related debtor’s willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash flow, the extent of its foreign currency reserves, the availability of sufficient foreign exchange when a payment is due, the relative size of the debt service burden to the economy as a whole, the government-related debtor’s policy toward international lenders, and the political constraints to which the debtor may be subject. During periods of economic uncertainty, the market prices of government-related bonds, and the Fund’s net asset value, may be more volatile than prices of corporate bonds, which may result in 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%">Restricted Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Regulation S securities and Rule 144A securities are restricted securities that are not registered under the Securities Act of 1933. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable. The Fund may not be able to purchase or sell a restricted security promptly or at a reasonable time or price. Although there may be a substantial institutional market for these securities, it is not possible to predict exactly how the market for such securities will develop or whether it will continue to exist. A restricted security that was liquid at the time of purchase may subsequently become illiquid and its value may decline as a result. Restricted securities that are deemed illiquid will count towards the Fund’s limitation on illiquid securities. In addition, transaction costs may be higher for restricted securities than for more liquid securities. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.</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%">Securitized/Asset-Backed Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Investments in asset-backed securities, including collateralized mortgage obligations, are subject to the risk of significant credit downgrades, dramatic changes in liquidity, and defaults to a greater extent than many other types of fixed-income investments. During periods of falling interest rates, asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of asset-backed securities may extend, which may lock in a below-market interest rate, increase the security’s duration and interest rate sensitivity, and reduce the value of the security. The Fund may invest in asset-backed securities issued or backed by federal agencies or government sponsored enterprises or that are part of a government-sponsored program, which may subject the Fund to the risks noted above. The values of assets or collateral underlying asset-backed securities may decline and, therefore, may not be adequate to cover underlying obligations. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.</span></div> <div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Financials Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework. Furthermore, some companies in the financials sector perceived as benefiting from government intervention in the past may be subject to future government-imposed restrictions on their businesses or face increased government involvement in their operations. Increased government involvement in the financials sector, including measures such as taking ownership positions in financial institutions, could result in a dilution of the Fund’s investments in financial institutions.</span></div> <div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Utilities Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the utilities sector. Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and international competition, difficulty in raising adequate amounts of capital and governmental limitation on rates charged to customers.</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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</span></div> <div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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> 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 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar year shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. Prior to September 1, 2019, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the S&amp;P Green Bond Select Index (the “Prior Index”). Therefore, performance information prior to September 1, 2019 reflects the performance of the Fund while seeking to track the Prior Index. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. Prior to September 1, 2019, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the S&P Green Bond Select Index (the “Prior Index”). Therefore, performance information prior to September 1, 2019 reflects the performance of the Fund while seeking to track the Prior Index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was <span id="ie4bd4460c3a44b8a88da7e9192774134_10152"></span>0.81%.</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:30.932%"><tr><td style="width:1.0%"></td><td style="width:42.735%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.493%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.472%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">5.90%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">-6.01%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">1Q 2022</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0081 Best Quarter: 0.0590 2023-12-31 Worst Quarter: -0.0601 2022-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 2017-03-02 VanEck Green Bond ETF(return before taxes) 0.0691 0.0050 0.0233 VanEck Green Bond ETF(return after taxes on distributions) 0.0509 -0.0079 0.0131 VanEck Green Bond ETF(return after taxes on distributions and sale of Fund Shares) 0.0406 -0.0019 0.0135 S&P Green Bond U.S. Dollar Select Index*(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0700 0.0062 0.0269 ICE BofA US Broad Market Index(reflects no deduction for fees, expenses or taxes) 0.0715 -0.0042 0.0195 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck IG Floating Rate ETF</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS</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%"> US Investment Grade Floating Rate Index (the “Floating Rate Index” or the “Index”).</span></div> VanEck IG Floating Rate ETF 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) 0.0014 0.0000 0.0014 September 1, 2027 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 14 45 79 179 PORTFOLIO TURNOVER 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio. 0.75 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 normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Floating Rate Index is comprised of U.S. dollar-denominated floating rate notes issued by corporate entities or similar commercial entities that are public reporting companies in the United States and rated investment grade. The Fund may invest a significant portion of its assets in Rule 144A securities.</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> As of June 30, 2026, the Floating Rate Index included 456 notes of 148 issuers and approximately 39% of the Floating Rate Index was comprised of Rule 144A securities. The Fund’s 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> notice to shareholders. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Floating Rate Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Floating Rate Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Floating Rate Index. Because of the practical difficulties and expense of purchasing all of the securities in the Floating Rate Index, the Fund does not purchase all of the securities in the Floating Rate Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset </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%">of the bonds in the Floating Rate Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Floating Rate Index.</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 fund and, therefore, may invest a greater percentage of its assets in a particular issuer. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Floating Rate Index concentrates in an industry or group of industries. As of April 30, 2026, the financials sector represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Floating Rate Index concentrates in an industry or group of industries. As of April 30, 2026, the financials sector represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Foreign Securities Risk.</span> Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, less stringent investor protections and disclosure standards, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Because certain foreign securities markets may be limited in size, the activity of large traders may have an undue influence on the prices of securities that trade in such markets. The Fund invests in securities of issuers located in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The cost of investing in foreign securities, including brokerage commissions and custodial expenses, can be higher than the cost of investing in domestic securities. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Foreign Currency Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Because all or a portion of the income received by the Fund from its investments and/or the revenues received by the underlying issuers will generally be denominated in foreign currencies, the Fund’s exposure to foreign currencies and changes in the value of foreign currencies versus the U.S. dollar may result in reduced returns for the Fund, and the value of certain foreign currencies may be subject to a high degree of fluctuation. The Fund may also (directly or indirectly) incur costs in connection with conversions between U.S. dollars and foreign currencies.</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%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Floating Rate Risk.</span> The Fund invests in floating-rate securities, which are instruments in which the interest rate payable on an obligation fluctuates on a periodic basis based upon changes in an interest rate benchmark. As a result, the yield on such a security will generally decline in a falling interest rate environment, causing the Fund to experience a reduction in the income it receives from the security. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Restricted Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Regulation S securities and Rule 144A securities are restricted securities that are not registered under the Securities Act of 1933. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable. The Fund may not be able to purchase or sell a restricted security promptly or at a </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%">reasonable time or price. Although there may be a substantial institutional market for these securities, it is not possible to predict exactly how the market for such securities will develop or whether it will continue to exist. A restricted security that was liquid at the time of purchase may subsequently become illiquid and its value may decline as a result. Restricted securities that are deemed illiquid will count towards the Fund’s limitation on illiquid securities. In addition, transaction costs may be higher for restricted securities than for more liquid securities. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.</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%">Financials Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework. Furthermore, some companies in the financials sector perceived as benefiting from government intervention in the past may be subject to future government-imposed restrictions on their businesses or face increased government involvement in their operations. Increased government involvement in the financials sector, including measures such as taking ownership positions in financial institutions, could result in a dilution of the Fund’s investments in financial institutions.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in United Kingdom Issuers.</span> Investments in securities of United Kingdom issuers, including issuers located outside of the United Kingdom that generate significant revenues from the United Kingdom, involve risks and special considerations not typically associated with investments in the U.S. securities markets. Investments in United Kingdom issuers may subject the Fund to regulatory, political, currency, security and economic risks specific to the United Kingdom. The British economy relies heavily on the export of financial services to the United States and other European countries. Following the United Kingdom's withdrawal from the European Union on January 31, 2020 (“Brexit”), certain trading matters between the United Kingdom and the European Union remain unresolved, including with respect to financial services. The continuing uncertainty could have an adverse impact on the U.K. economy and currency. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in European Issuers. </span>Investments in securities of European issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Economic and Monetary Union of the European Union requires member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or European Union regulations on trade, changes in the exchange rate of the euro, the default or threat of default by a European Union member country on its sovereign debt, and/or an economic recession in a European Union member country may have a significant adverse effect on the economies of other European Union countries and on major trading partners outside Europe. If any member country exits the Economic and Monetary Union, the departing country would face the risks of currency devaluation and its trading partners and banks and others around the world that hold the departing country’s debt would face the risk of significant losses. The European financial markets have previously experienced, and may continue to experience, volatility and have been adversely affected, and may in the future be affected, by concerns about economic downturns, credit rating downgrades, rising government debt levels and possible default on or restructuring of government debt in several European countries. These events have adversely affected, and may in the future affect, the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including European Union member countries that do not use the euro and non-European Union member countries. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in Australian Issuers.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Investments in securities of Australian issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Australian economy is heavily dependent on exports from the agricultural and mining sectors. As a result, the Australian economy is susceptible to fluctuations in the commodity markets. The Australian economy is also dependent on trading with key trading partners.</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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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> 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 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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 2.30%.</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 13pt 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:120%">5.58%</span></td><td colspan="3" style="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:120%">2Q 2020</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 13pt 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:120%">-5.13%</span></td><td colspan="3" style="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:120%">1Q 2020</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0230 Best Quarter: 0.0558 2020-06-30 Worst Quarter: -0.0513 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck IG Floating Rate ETF(return before taxes) 0.0532 0.0422 0.0335 VanEck IG Floating Rate ETF(return after taxes on distributions) 0.0321 0.0254 0.0208 VanEck IG Floating Rate ETF(return after taxes on distributions and sale of Fund Shares) 0.0312 0.0250 0.0202 MVIS US Investment Grade Floating Rate Index(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0540 0.0422 0.0351 ICE BofA US Broad Market Index(reflects no deduction for fees, expenses or taxes) 0.0715 -0.0042 0.0201 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Moody’s Analytics BBB Corporate Bond ETF (the “Fund”) seeks to track, as closely as possible, before fees and expenses, the price and yield performance of the MVIS</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%"> Moody’s Analytics</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%"> US BBB Corporate Bond Index (the “BBB Index” or the “Index”).</span></div> VanEck Moody’s Analytics BBB Corporate Bond ETF 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) 0.0025 0.0000 0.0025 September 1, 2027 EXPENSE EXAMPLE <div style="margin-bottom:6pt;padding-right:9pt"><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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 26 80 141 318 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 60% of the average value of its portfolio.</span></div> 0.60 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 normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The BBB Index is comprised of U.S. dollar-denominated corporate bonds issued in the U.S. domestic market that have a BBB rating based on the bond’s composite rating, which is an average of ratings from various rating agencies. Bonds no longer rated BBB, including non-investment grade bonds, are removed from the BBB Index at the end of the month in which they are upgraded or downgraded in connection with the BBB Index’s next scheduled rebalance. The BBB Index is comprised of bonds issued by both U.S. and non-U.S. issuers that the BBB Index provider determines to have an attractive valuation based on proprietary credit risk metrics developed by Moody’s Analytics, Inc. (“Moody’s Analytics”). Further, bonds that the BBB Index provider determines to have the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody’s Analytics, are excluded from the BBB Index.</span></div><div style="margin-bottom:6pt;padding-right:9pt"><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of June 30, 2026, the BBB Index included 358 notes of 99 issuers and approximately 19% of the BBB Index was comprised of Rule 144A securities. These amounts are subject to change. The Fund’s</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to shareholders. The Fund, using a </span></div><div style="margin-bottom:6pt;padding-right:9pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">“passive” or indexing investment approach, attempts to approximate the investment performance of the BBB Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the BBB Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to track the BBB Index. Because of the practical difficulties and expense of purchasing all of the securities in the BBB Index, the Fund does not purchase all of the securities in the BBB Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the bonds in the BBB Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the BBB Index.</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 fund and, therefore, may invest a greater percentage of its assets in a particular issuer. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the BBB Index concentrates in an industry or group of industries. As of April 30, 2026, each of the financials, information technology, consumer staples and consumer discretionary sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the BBB Index concentrates in an industry or group of industries. As of April 30, 2026, each of the financials, information technology, consumer staples and consumer discretionary sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in European Issuers. </span>Investments in securities of European issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Economic and Monetary Union of the European Union requires member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or European Union regulations on trade, changes in the exchange rate of the euro, the default or threat of default by a European Union member country on its sovereign debt, and/or an economic recession in a European Union member country may have a significant adverse effect on the economies of other European Union countries and on major trading partners outside Europe. If any member country exits the Economic and Monetary Union, the departing country would face the risks of currency devaluation and its trading partners and banks and others around the world that hold the departing country’s debt would face the risk of significant losses. The European financial markets have previously experienced, and may continue to experience, volatility and have been adversely affected, and may in the future be affected, by concerns about economic downturns, credit rating downgrades, rising government debt levels and possible default on or restructuring of government debt in several European countries. These events have adversely affected, and may in the future affect, the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including European Union member countries that do not use the euro and non-European Union member countries. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Foreign Securities Risk.</span> Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, less stringent investor protections and disclosure standards, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Because certain foreign securities markets may be limited in size, the activity of large traders may have an undue influence on the prices of securities that trade in such markets. The Fund invests in securities of issuers located in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The cost of investing in foreign securities, including brokerage commissions and custodial expenses, can be higher than the cost of investing in domestic securities. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">BBB-Rated Bond Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> BBB-rated bonds are typically subject to greater risk of downgrade than other investment grade bonds. The risk of downgrade to below-investment grade will be heightened during an economic downturn or substantial period of rising interest rates. Downgrading a bond from investment grade to high yield (or “junk bond”) could negatively affect its value.</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%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Restricted Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Regulation S securities and Rule 144A securities are restricted securities that are not registered under the Securities Act of 1933. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable. The Fund may not be able to purchase or sell a restricted security promptly or at a reasonable time or price. Although there may be a substantial institutional market for these securities, it is not possible to predict exactly how the market for such securities will develop or whether it will continue to exist. A restricted security that was liquid at the time of purchase may subsequently become illiquid and its value may decline as a result. Restricted securities that are deemed illiquid will count towards the Fund’s limitation on illiquid securities. In addition, transaction costs may be higher for restricted securities than for more liquid securities. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.</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%">Financials Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework. Furthermore, some companies in the financials sector perceived as benefiting from government intervention in the past may be subject to future government-imposed restrictions on their businesses or face increased government involvement in their operations. Increased government involvement in the financials sector, including measures such as taking ownership positions in financial institutions, could result in a dilution of the Fund’s investments in financial institutions.</span></div> <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 Fund 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 Fund 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"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Consumer Discretionary Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the consumer discretionary sector. The consumer discretionary sector comprises companies whose businesses are sensitive to economic cycles, such as manufacturers of high-end apparel and automobile and leisure companies. Companies in the consumer discretionary sector are subject to fluctuations in supply and demand. These companies may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Consumer Staples Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the consumer staples sector. The</span><span style="color:#323232;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span>consumer staples sector comprises companies whose businesses are less sensitive to economic cycles, such as manufacturers and distributors of food and beverages and producers of non-durable household goods and personal products. Companies in the consumer staples sector may be adversely affected by changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, exploration and production spending. Companies in this sector are also affected by changes in government regulation, world events and economic conditions. <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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</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%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</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 value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate </span></div>from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Data Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Given the complexity of the investments and strategies of the Fund, the Adviser relies heavily on quantitative models and information and data. This data is used to construct sets of transactions and investments, and to provide risk management insights. If the quantitative models and information and data proves to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks.</span></div> <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> 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 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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 0.89%.</span></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:30.932%"><tr><td style="width:1.0%"></td><td style="width:42.735%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.493%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.472%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">8.26%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">-8.24%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">1Q 2022</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0089 Best Quarter: 0.0826 2023-12-31 Worst Quarter: -0.0824 2022-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 2020-12-01 VanEck Moody’s Analytics BBB Corporate Bond ETF(return before taxes) 0.0741 0.0094 0.0115 VanEck Moody’s Analytics BBB Corporate Bond ETF (return after taxes on distributions) 0.0524 -0.0071 -0.0047 VanEck Moody’s Analytics BBB Corporate Bond ETF (return after taxes on distributions and sale of Fund Shares) 0.0435 -0.0002 0.0015 MVIS Moody’s Analytics US BBB Corporate Bond Index(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0765 0.0096 0.0123 ICE BofA US Broad Market Index (reflects no deduction for fees, expenses or taxes) 0.0715 -0.0042 -0.0030 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Moody’s Analytics IG Corporate Bond ETF (the “Fund”) seeks to track, as closely as possible, before fees and expenses, the price and yield performance of the MVIS</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%"> Moody’s Analytics</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%"> US Investment Grade Corporate Bond Index (the “US IG Index” or the “Index”).</span></div> VanEck Moody’s Analytics IG Corporate Bond ETF 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) 0.0020 0.0000 0.0020 September 1, 2027 EXPENSE EXAMPLE <div style="margin-bottom:6pt;padding-right:9pt"><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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 20 64 113 255 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 54% of the average value of its portfolio.</span></div> 0.54 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 normally invests at least 80% of its total assets in securities that comprise the Fund's benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The US IG Index is comprised of U.S. dollar-denominated corporate bonds issued in the U.S. domestic market that have an investment grade rating based on the bond’s composite rating, which is an average of ratings from various rating agencies. Bonds that fall below investment grade are removed from the US IG Index at the end of the month in which they are downgraded in connection with the US IG Index's next scheduled rebalance. </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 US IG Index is comprised of bonds issued by both U.S. and non-U.S. issuers that the US IG Index provider determines to have an attractive valuation based on proprietary credit risk metrics developed by Moody's Analytics, Inc. (“Moody's Analytics”). Further, bonds that the US IG Index provider determines to have the highest probability of being downgraded to non-investment grade, based on proprietary credit risk metrics developed by Moody's Analytics, are excluded from the US IG Index.</span></div><div style="margin-bottom:6pt"><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of June 30, 2026, the US IG Index included 544 notes of 127 issuers and approximately 18% of the US IG Index was comprised of Rule 144A securities. These amounts are subject to change.</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 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to shareholders.</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, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the US IG Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the US IG Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to track the US IG Index. Because of the practical difficulties and expense of purchasing all of the securities in the US IG Index, the Fund does not purchase all of the securities in the US IG Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the bonds in the US IG Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the US IG Index.</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 concentrate its investments in a particular industry or group of industries to the extent that the US IG Index concentrates in an industry or group of industries. As of April 30, 2026, each of the financials, information technology, consumer discretionary and consumer staples sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in securities that comprise the Fund's benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the US IG Index concentrates in an industry or group of industries. As of April 30, 2026, each of the financials, information technology, consumer discretionary and consumer staples sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Risk Considerations of Investing in European Issuers. </span>Investments in securities of European issuers involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Economic and Monetary Union of the European Union requires member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or European Union regulations on trade, changes in the exchange rate of the euro, the default or threat of default by a European Union member country on its sovereign debt, and/or an economic recession in a European Union member country may have a significant adverse effect on the economies of other European Union countries and on major trading partners outside Europe. If any member country exits the Economic and Monetary Union, the departing country would face the risks of currency devaluation and its trading partners and banks and others around the world that hold the departing country’s debt would face the risk of significant losses. The European financial markets have previously experienced, and may continue to experience, volatility and have been adversely affected, and may in the future be affected, by concerns about economic downturns, credit rating downgrades, rising government debt levels and possible default on or restructuring of government debt in several European countries. These events have adversely affected, and may in the future affect, the value and exchange rate of the euro and may continue to significantly affect the economies of every country in Europe, including European Union member countries that do not use the euro and non-European Union member countries. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Foreign Securities Risk.</span> Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities. These additional risks include greater market volatility, the availability of less reliable financial information, less stringent investor protections and disclosure standards, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. Because certain foreign securities markets may be limited in size, the activity of large traders may have an undue influence on the prices of securities that trade in such markets. The Fund invests in securities of issuers located in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers (including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental interventions or other actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. The cost of investing in foreign securities, including brokerage commissions and custodial expenses, can be higher than the cost of investing in domestic securities. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Foreign Currency Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Because all or a portion of the income received by the Fund from its investments and/or the revenues received by the underlying issuers will generally be denominated in foreign currencies, the Fund’s exposure to foreign currencies and changes in the value of foreign currencies versus the U.S. dollar may result in reduced returns for the Fund, and the value of certain foreign currencies may be subject to a high degree of fluctuation. The Fund may also (directly or indirectly) incur costs in connection with conversions between U.S. dollars and foreign currencies.</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%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an </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%">issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Restricted Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Regulation S securities and Rule 144A securities are restricted securities that are not registered under the Securities Act of 1933. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable. The Fund may not be able to purchase or sell a restricted security promptly or at a reasonable time or price. Although there may be a substantial institutional market for these securities, it is not possible to predict exactly how the market for such securities will develop or whether it will continue to exist. A restricted security that was liquid at the time of purchase may subsequently become illiquid and its value may decline as a result. Restricted securities that are deemed illiquid will count towards the Fund’s limitation on illiquid securities. In addition, transaction costs may be higher for restricted securities than for more liquid securities. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delays in effecting the registration.</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%">Financials Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework. Furthermore, some companies in the financials sector perceived as benefiting from government intervention in the past may be subject to future government-imposed restrictions on their businesses or face increased government involvement in their operations. Increased government involvement in the financials sector, including measures such as taking ownership positions in financial institutions, could result in a dilution of the Fund’s investments in financial institutions.</span></div> <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 Fund 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 Fund 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 style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Consumer Staples Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the consumer staples sector. The</span><span style="color:#323232;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span>consumer staples sector comprises companies whose businesses are less sensitive to economic cycles, such as manufacturers and distributors of food and beverages and producers of non-durable household goods and personal products. Companies in the consumer staples sector may be adversely affected by changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, exploration and production spending. Companies in this sector are also affected by changes in government regulation, world events and economic conditions. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Consumer Discretionary Sector Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be sensitive to, and its performance may depend to a greater extent on, the overall condition of the consumer discretionary sector. The consumer discretionary sector comprises companies whose businesses are sensitive to economic cycles, such as manufacturers of high-end apparel and automobile and leisure companies. Companies in the consumer discretionary sector are subject to fluctuations in supply and demand. These </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%">companies may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.</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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</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%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</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 value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell </span></div>securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Data Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Given the complexity of the investments and strategies of the Fund, the Adviser relies heavily on quantitative models and information and data. This data is used to construct sets of transactions and investments, and to provide risk management insights. If the quantitative models and information and data proves to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks.</span></div> <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> 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 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%">Index-Related Concentration Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such </span></div>sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The year-to-date total return as of June 30, 2026 was 0.75%.</span></div><div style="margin-bottom:4pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">7.99%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-7.62%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2022</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0075 Best Quarter: 0.0799 2023-12-31 Worst Quarter: -0.0762 2022-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 2020-12-01 VanEck Moody’s Analytics IG Corporate Bond ETF(return before taxes) 0.0731 0.0072 0.0089 VanEck Moody’s Analytics IG Corporate Bond ETF (return after taxes on distributions) 0.0522 -0.0085 -0.0066 VanEck Moody’s Analytics IG Corporate Bond ETF (return after taxes on distributions and sale of Fund Shares) 0.0430 -0.0014 0.0000 MVIS Moody’s Analytics US Investment Grade Corporate Bond Index(reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0745 0.0070 0.0094 ICE BofA US Broad Market Index(reflects no deduction for fees, expenses or taxes) 0.0715 -0.0042 -0.0030 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> 2026-09-01 INVESTMENT OBJECTIVE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck CEF Muni Income ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S-Network Municipal Bond Closed-End Fund Index</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">SM</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> (the “CEFMX Index”).</span></div> VanEck CEF Muni Income ETF 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><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">.</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) 0.0040 0.0001 0.0299 0.0340 September 1, 2027 “Acquired Fund Fees and Expenses” reflect the Fund’s pro rata portion of the expenses charged by the Underlying Funds (as defined herein). These expenses are based on the total expense ratio disclosed in each Underlying Fund’s most recent shareholder report. Because Acquired Fund Fees and Expenses are not borne directly by the Fund, they will not be reflected in the expense information in the Fund’s financial statements and the information presented in the table will differ from that presented in the Fund’s financial highlights included in the Fund’s reports to shareholders. 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 343 1045 1769 3685 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio.</span></div> 0.13 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 normally invests at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than federal alternative minimum tax (“AMT”)). The Fund is a “fund of funds,” meaning that it invests all or a portion of its assets in other funds (the “Underlying Funds”). The Fund normally invests at least 80% of its total assets in securities of issuers that comprise the Fund’s benchmark index. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. The CEFMX Index is comprised of shares of U.S.-listed closed-end funds. The Underlying Funds invest in municipal bonds issued by states or local governments or agencies the income of which is exempt from U.S. federal income tax, but a portion of this income may be subject to the AMT and will generally be subject to </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%">state income taxes. The Fund’s investment policy to invest at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than AMT) requires shareholder approval before it can be changed. The Fund may count investments that generate income subject to the AMT toward the 80% investment requirement.</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 Investment Company Act of 1940, as amended (the “Investment Company Act of 1940”), places limits on the percentage of the total outstanding stock of an Underlying Fund that may be owned by 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%">The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the CEFMX Index by investing in a portfolio of securities that generally replicates the CEFMX Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the CEFMX Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the CEFMX Index. </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 become “non-diversified” as defined under the Investment Company Act of 1940, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the CEFMX Index. This means that the Fund may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Fund were always managed as a diversified management investment company. The Fund intends to be diversified in approximately the same proportion as the CEFMX Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the CEFMX Index.</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 concentrate its investments in a particular industry or group of industries to the extent that the CEFMX Index concentrates in an industry or group of industries.</span></div> The Fund normally invests at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than federal alternative minimum tax (“AMT”)). The Fund may concentrate its investments in a particular industry or group of industries to the extent that the CEFMX Index concentrates in an industry or group of industries. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Fund of Funds Risk.</span> The performance of the Fund is dependent on the performance of the Underlying Funds. The Fund will be subject to the risks of the Underlying Funds’ investments. The Fund will pay indirectly a proportional share of the fees and expenses of the Underlying Funds in which it invests, including their 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 Funds, absorbing duplicative levels of fees. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Risks of Investing in Closed-End Funds. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The shares of a closed-end fund may trade at a discount or premium to its net asset value. A closed-end fund may be leveraged as part of its investment strategy. Investments in Underlying Funds that use leverage indirectly expose the Fund to the effects of leverage and may cause the value of the Fund’s Shares to be more volatile than if the Fund invested in Underlying Funds that do not utilize leverage, diminishing the Fund’s long-term returns. Provisions of the Investment Company Act of 1940 or regulations thereunder may dictate how the Adviser is required to vote Underlying Fund Shares (in the same general proportion as shares held by other shareholders of the Underlying Fund).</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 Funds Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may be subject to the following risks as a result of its investment in the Underlying Funds:</span></div><div style="margin-bottom:6pt;padding-left:18pt"><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 prices of the securities in the Underlying Funds 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 and social unrest) adversely interrupt the global economy; in these and other circumstances, such events or developments might affect companies world-wide. An investment in an Underlying Fund may lose money.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Municipal Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying Funds may invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the “full faith and credit” of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. The issuer of a revenue bond makes interest and principal payments from revenues generated from a particular source or facility, such as a tax on </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">particular property or revenues generated from a municipal water or sewer utility or an airport. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. </span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">High Yield Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying Funds may invest in high yield securities. Securities rated below investment grade are commonly referred to as high yield securities or “junk bonds.” High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual municipal developments than higher rated securities. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet their projected business goals or to obtain additional financing. In the event of a default, the Fund may incur additional expenses to seek recovery. The secondary market for municipal securities that are high yield securities may be less liquid than the markets for higher quality municipal securities or high yield securities issued by corporate issuers and, as such, may have an adverse effect on the market prices of and an Underlying Fund’s ability to arrive at a fair value for certain securities. In addition, periods of economic uncertainty and change may result in an increased volatility of market prices of high yield securities and a corresponding volatility in the Fund’s net asset value.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Credit Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Bonds are subject to credit risk. Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt or to otherwise honor its obligations and/or default completely. Bonds are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a bond may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. The Underlying Funds may hold securities that are insured by a bond insurer. A downgrade of the credit rating of such bond insurer may cause the value of the insured security to decline.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:115%">Interest Rate Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:115%"> Debt securities, such as bonds, are also subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a bond resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Underlying Funds. In addition, debt securities, such as bonds, with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities with shorter durations. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Underlying Funds' investments to decline.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying Funds may invest in callable bonds. If interest rates fall, it is possible that issuers of callable securities will “call” (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during or following a period of declining interest rates, the Underlying Fund is likely to have to replace such called security with a lower yielding security or securities with greater risks or other less favorable features. If that were to happen, it would decrease the Underlying Fund’s net investment income, resulting in a decline in the Fund’s income.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><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%">There is no guarantee that the Underlying Fund’s income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Underlying Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Underlying Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><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%"> Unlike the Fund, as closed-end funds the Underlying Funds are not limited in their ability to invest in illiquid securities. Securities with reduced liquidity involve greater risk than securities with more liquid markets. Prices of securities not traded on an exchange may vary over time. Secondary trading of a fixed-income security may decline for a period of time if its credit quality unexpectedly declines. An Underlying Fund may not receive full value for assets sold during periods of infrequent trading.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Leverage Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Ordinary borrowings by an Underlying Fund or an Underlying Fund’s investment in derivatives may result in leverage. If the prices of those investments decrease, or if the cost of borrowing exceeds any increase in the prices of investments made with the proceeds of the borrowing, the net asset value of the Underlying Fund’s shares will decrease more than if the Underlying Fund had not used leverage. An Underlying Fund may have to sell investments at a time and at a price that is unfavorable to the Underlying Fund to repay borrowings. Interest on borrowings is an expense the </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Underlying Fund would not otherwise incur. Leverage magnifies the potential for gain and the risk of loss. If an Underlying Fund uses leverage, there can be no assurance that the Underlying Fund’s leverage strategy will be successful.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Anti-Takeover Measures Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Certain Underlying Funds may have provisions in their organizational documents intended to limit the ability of third parties to acquire control or change the composition of the Underlying Fund’s board. This may discourage a third party from seeking to obtain control of the Underlying Fund, which could limit the ability of Underlying Fund shareholders to sell their shares at a premium over prevailing market prices.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><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%"> Some of the Underlying Funds may invest a relatively high percentage of their assets in a smaller number of issuers or may invest a larger proportion of their assets in the obligations of a single issuer. Moreover, the gains and losses on an investment in such an Underlying Fund may have a greater impact on the Fund’s net asset value and may make the value of the Fund’s investment in such an Underlying Fund more volatile than an investment in more diversified Underlying Funds.</span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment Restrictions Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund is subject to the conditions set forth in certain provisions of the Investment Company Act of 1940 or regulations thereunder that limit the amount that the Fund and its affiliates, in the aggregate, can invest in the outstanding voting securities of an unaffiliated Underlying Fund. The Fund and its affiliates may not acquire “control” of an Underlying Fund, which is presumed once ownership of an Underlying Fund’s outstanding voting securities exceeds 25%. This limitation could inhibit the Fund’s ability to purchase one or more Underlying Funds in the Index in the proportions represented in the Index. In these circumstances, the Fund would be required to use sampling techniques, which could increase the risk of tracking error.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><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 prices of the securities in the Underlying Funds 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 and social unrest) adversely interrupt the global economy; in these and other circumstances, such events or developments might affect companies world-wide. An investment in an Underlying Fund may lose money.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Municipal Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying Funds may invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the “full faith and credit” of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. The issuer of a revenue bond makes interest and principal payments from revenues generated from a particular source or facility, such as a tax on </span></div>particular property or revenues generated from a municipal water or sewer utility or an airport. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of many or all municipal obligations of issuers in a state, U.S. territory, or possession. <div style="margin-bottom:6pt;margin-top:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">High Yield Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying Funds may invest in high yield securities. Securities rated below investment grade are commonly referred to as high yield securities or “junk bonds.” High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual municipal developments than higher rated securities. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet their projected business goals or to obtain additional financing. In the event of a default, the Fund may incur additional expenses to seek recovery. The secondary market for municipal securities that are high yield securities may be less liquid than the markets for higher quality municipal securities or high yield securities issued by corporate issuers and, as such, may have an adverse effect on the market prices of and an Underlying Fund’s ability to arrive at a fair value for certain securities. In addition, periods of economic uncertainty and change may result in an increased volatility of market prices of high yield securities and a corresponding volatility in the Fund’s net asset value.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Credit Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Bonds are subject to credit risk. Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt or to otherwise honor its obligations and/or default completely. Bonds are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a bond may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. The Underlying Funds may hold securities that are insured by a bond insurer. A downgrade of the credit rating of such bond insurer may cause the value of the insured security to decline.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:115%">Interest Rate Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:115%"> Debt securities, such as bonds, are also subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a bond resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Underlying Funds. In addition, debt securities, such as bonds, with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities with shorter durations. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Underlying Funds' investments to decline.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Underlying Funds may invest in callable bonds. If interest rates fall, it is possible that issuers of callable securities will “call” (or prepay) their bonds before their maturity date. If a call were exercised by the issuer during or following a period of declining interest rates, the Underlying Fund is likely to have to replace such called security with a lower yielding security or securities with greater risks or other less favorable features. If that were to happen, it would decrease the Underlying Fund’s net investment income, resulting in a decline in the Fund’s income.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><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%">There is no guarantee that the Underlying Fund’s income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Underlying Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Underlying Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><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%"> Unlike the Fund, as closed-end funds the Underlying Funds are not limited in their ability to invest in illiquid securities. Securities with reduced liquidity involve greater risk than securities with more liquid markets. Prices of securities not traded on an exchange may vary over time. Secondary trading of a fixed-income security may decline for a period of time if its credit quality unexpectedly declines. An Underlying Fund may not receive full value for assets sold during periods of infrequent trading.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Leverage Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Ordinary borrowings by an Underlying Fund or an Underlying Fund’s investment in derivatives may result in leverage. If the prices of those investments decrease, or if the cost of borrowing exceeds any increase in the prices of investments made with the proceeds of the borrowing, the net asset value of the Underlying Fund’s shares will decrease more than if the Underlying Fund had not used leverage. An Underlying Fund may have to sell investments at a time and at a price that is unfavorable to the Underlying Fund to repay borrowings. Interest on borrowings is an expense the </span></div><div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Underlying Fund would not otherwise incur. Leverage magnifies the potential for gain and the risk of loss. If an Underlying Fund uses leverage, there can be no assurance that the Underlying Fund’s leverage strategy will be successful.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Anti-Takeover Measures Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Certain Underlying Funds may have provisions in their organizational documents intended to limit the ability of third parties to acquire control or change the composition of the Underlying Fund’s board. This may discourage a third party from seeking to obtain control of the Underlying Fund, which could limit the ability of Underlying Fund shareholders to sell their shares at a premium over prevailing market prices.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><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%"> Some of the Underlying Funds may invest a relatively high percentage of their assets in a smaller number of issuers or may invest a larger proportion of their assets in the obligations of a single issuer. Moreover, the gains and losses on an investment in such an Underlying Fund may have a greater impact on the Fund’s net asset value and may make the value of the Fund’s investment in such an Underlying Fund more volatile than an investment in more diversified Underlying Funds.</span></div> <div style="margin-bottom:6pt;padding-left:18pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment Restrictions Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund is subject to the conditions set forth in certain provisions of the Investment Company Act of 1940 or regulations thereunder that limit the amount that the Fund and its affiliates, in the aggregate, can invest in the outstanding voting securities of an unaffiliated Underlying Fund. The Fund and its affiliates may not acquire “control” of an Underlying Fund, which is presumed once ownership of an Underlying Fund’s outstanding voting securities exceeds 25%. This limitation could inhibit the Fund’s ability to purchase one or more Underlying Funds in the Index in the proportions represented in the Index. In these circumstances, the Fund would be required to use sampling techniques, which could increase the risk of tracking error.</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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">  The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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%"> </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> </span>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 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-Diversification Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may become classified as “non-diversified” under the Investment Company Act of 1940 solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. If the Fund becomes non-diversified, it may invest a greater portion of its assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 4.56%.</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="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:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">13.87%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="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:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-14.00%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2022</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0456 Best Quarter: 0.1387 2023-12-31 Worst Quarter: -0.1400 2022-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <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 after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></div> The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck CEF Muni Income ETF (return before taxes) 0.0787 -0.0045 0.0271 VanEck CEF Muni Income ETF (return after taxes on distributions) 0.0785 -0.0048 0.0269 VanEck CEF Muni Income ETF(return after taxes on distributions and sale of Fund Shares) 0.0632 0.0054 0.0306 S-Network Municipal Bond Closed-End Fund Index (reflects no deduction for fees, expenses or taxes) (reflects no deduction for fees, expenses or taxes) 0.0841 -0.0012 0.0304 ICE US Broad Municipal Index(reflects no deduction for fees, expenses or taxes) 0.0410 0.0092 0.0235 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck High Yield Muni ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Broad High Yield Crossover Municipal Index (the “High Yield Index”).</span></div> VanEck High Yield Muni ETF 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) 0.0032 0.0000 0.0032 September 1, 2027 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 33 103 180 406 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.</span></div> 0.28 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 normally invests at least 80% of its total assets in securities that comprise the benchmark index. The High Yield Index is comprised of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market with a weight of 70% in non-investment grade municipal bonds, 25% in triple-B rated investment grade municipal bonds and 5% in single-A rated investment grade municipal bonds (in accordance with the High Yield Index provider’s methodology). This 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days' prior written notice to shareholders.</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 has adopted a fundamental investment policy to invest at least 80% of its assets in municipal securities. Such policy cannot be changed without a shareholder vote. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. This percentage limitation applies at the time of the 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%">The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the High Yield Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the High Yield Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the High Yield Index. Because of the practical difficulties and expense of purchasing all of 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%">securities in the High Yield Index, the Fund does not purchase all of the securities in the High Yield Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the bonds in the High Yield Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the High Yield Index. The High Yield Index is rebalanced on the last calendar day of the month.</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 concentrate its investments in a particular industry or group of industries to the extent that the High Yield Index concentrates in an industry or group of industries. </span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of April 30, 2026, each of the industrial development and health care sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in securities that comprise the benchmark index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the High Yield Index concentrates in an industry or group of industries. As of April 30, 2026, each of the industrial development and health care sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Municipal Securities Risk. </span>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the “full faith and credit” of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Revenue bonds, on the other hand, may be repaid only from a specific facility or source, and are therefore subject to more economic risk than general obligation bonds, which may be repaid from any revenue source. The taxing power of a municipality may be limited by provisions of constitutions or laws and a municipality's credit will depend on many factors. A municipality in which the Fund invests may experience significant financial difficulties, including bankruptcy or default, which may negatively impact the Fund. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The bond markets may experience reduced liquidity due to events such as limited trading activity, reductions in bond inventory, market volatility, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's ability to sell a holding at a suitable price. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of municipal obligations of issuers in a state, U.S. territory, or possession. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">High Yield Securities Risk.</span>  Securities rated below investment grade are commonly referred to as high yield securities or “junk bonds.” High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities, resulting in increased volatility of their market prices and a corresponding volatility in the Fund’s net asset value. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet their projected business goals or to obtain additional financing. In the event of a default, the Fund may incur additional expenses to seek recovery. The secondary market for high yield securities may be less liquid than the markets for higher quality securities, and high yield securities issued by non-corporate issuers may be less liquid than high yield securities issued by corporate issuers. Illiquidity may have an adverse effect on the market prices of and the Fund’s ability to arrive at a fair value for certain securities when it seeks to do so. In addition, periods of economic uncertainty and change may result in an increased volatility of market prices of high yield securities and a corresponding volatility in the Fund's 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%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</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%">Interest Rate Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt </span></div>securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">  The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</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%">Private Activity Bonds Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund will be sensitive to, and its performance may depend to a greater extent on, the overall condition and performance of private activity bonds. The issuers of private activity bonds may be negatively impacted by conditions affecting either the general credit of the user of the private activity project or the project itself.</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%">Industrial Development Bond Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">These revenue bonds are issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, port and parking facilities. These bonds are normally secured only by the revenues from the project and not by state or local government tax payments. Consequently, the credit quality of these securities is dependent upon the ability of the user of the facilities financed by the bonds and any guarantor to meet its financial obligations. Payment of interest on and repayment of principal of such bonds are the responsibility of the user and/or any guarantor. These bonds are subject to a wide variety of risks, many of which relate to the nature of the specific project. Generally, the value and credit quality of these bonds are sensitive to the risks related to an economic slowdown.</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%">Health Care Bond Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The health care industry is subject to regulatory action by a number of private and governmental agencies, including federal, state and local governmental agencies. A major source of revenues for the health care industry is payments from Medicare and Medicaid programs. As a result, the industry is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may also affect the industry and the value and credit quality of health care bonds, such as general and local economic conditions, demand for services, expenses (including malpractice insurance premiums) and competition among health care providers. The following elements may adversely affect health care facility operations: the implementation of national and/or state-specific health insurance exchanges; other national, state or local health care reform measures; medical and technological advances which dramatically alter the need for health services or the way in which such services are delivered; changes in medical coverage which alter the traditional fee-for-service revenue stream; efforts by employers, insurers, and governmental agencies to reduce the costs of health insurance and health care services; and increases and decreases in the cost and availability of medical products.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">California Risk.</span> The Fund may invest a significant portion of its assets in municipal obligations of issuers located in the State of California. Consequently, the Fund may be affected by political, economic, regulatory and other developments within California and by the financial condition of California’s political subdivisions, agencies, instrumentalities and public authorities. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">New York Risk.</span> The Fund may invest a significant portion of its assets in New York municipal bonds. Consequently, the Fund may be affected by political, economic, regulatory or other developments within the State of New York, and by the financial condition of its public authorities and political subdivisions. <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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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%"> There is no guarantee that the Fund’s income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.</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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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> 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 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Municipal Custom High Yield Composite Index (the “Prior High Yield Index”). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior High Yield Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE High Yield Crossover Municipal Bond Transition Index (the “Transition Index") and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund began tracking the High Yield Index on December 1, 2022. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Municipal Custom High Yield Composite Index (the “Prior High Yield Index”). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior High Yield Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE High Yield Crossover Municipal Bond Transition Index (the “Transition Index") and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 3.44%.</span></div><div style="margin-bottom:3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="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:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">6.89%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="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:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-7.55%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2020</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0344 Best Quarter: 0.0689 2023-12-31 Worst Quarter: -0.0755 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <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 after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></div> The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck High Yield Muni ETF(return before taxes) 0.0261 0.0020 0.0224 VanEck High Yield Muni ETF(return after taxes on distributions) 0.0258 0.0017 0.0222 VanEck High Yield Muni ETF(return after taxes on distributions and sale of Fund Shares) 0.0328 0.0104 0.0266 ICE Broad High Yield Crossover Municipal Index(reflects no deduction for fees, expenses or taxes)* (reflects no deduction for fees, expenses or taxes) 0.0333 0.0208 0.0414 ICE US Broad Municipal Index(reflects no deduction for fees, expenses or taxes) 0.0410 0.0092 0.0235 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Intermediate Muni ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Intermediate AMT-Free Broad National Municipal Index (the “Intermediate Index”).</span></div> VanEck Intermediate Muni ETF 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) 0.0018 0.0000 0.0018 September 1, 2027 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 18 58 101 230 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 10% of the average value of its portfolio.</span></div> 0.10 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 normally invests at least 80% of its total assets in fixed income securities that comprise the Intermediate Index. The Intermediate Index is comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. This 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days' prior written notice to shareholders.</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 has adopted a fundamental investment policy to invest at least 80% of its assets in municipal securities. Such policy cannot be changed without a shareholder vote. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. This percentage limitation applies at the time of the 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%">The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Intermediate Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Intermediate Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Intermediate Index. Because of the practical difficulties and expense of purchasing all of the securities in the Intermediate Index, the Fund does not purchase all of the securities in the Intermediate Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may </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%">purchase a subset of the bonds in the Intermediate Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Intermediate Index. The Intermediate Index is rebalanced on the last calendar day of the month.</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 concentrate its investments in a particular industry or group of industries to the extent that the Intermediate Index concentrates in an industry or group of industries. </span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As of April 30, 2026, each of the general obligation and special tax (</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, revenue bonds backed by a specific tax) sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in fixed income securities that comprise the Intermediate Index. The Intermediate Index is comprised of publicly traded municipal bonds that cover the U.S. dollar denominated intermediate term tax-exempt bond market. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Intermediate Index concentrates in an industry or group of industries. As of April 30, 2026, each of the general obligation and special tax (i.e., revenue bonds backed by a specific tax) sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Municipal Securities Risk. </span>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the “full faith and credit” of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Revenue bonds, on the other hand, may be repaid only from a specific facility or source, and are therefore subject to more economic risk than general obligation bonds, which may be repaid from any revenue source. The taxing power of a municipality may be limited by provisions of constitutions or laws and a municipality's credit will depend on many factors. A municipality in which the Fund invests may experience significant financial difficulties, including bankruptcy or default, which may negatively impact the Fund. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The bond markets may experience reduced liquidity due to events such as limited trading activity, reductions in bond inventory, market volatility, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's ability to sell a holding at a suitable price. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of municipal obligations of issuers in a state, U.S. territory, or possession. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">California Risk.</span> The Fund may invest a significant portion of its assets in municipal obligations of issuers located in the State of California. Consequently, the Fund may be affected by political, economic, regulatory and other developments within California and by the financial condition of California’s political subdivisions, agencies, instrumentalities and public authorities. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">New York Risk.</span> The Fund may invest a significant portion of its assets in New York municipal bonds. Consequently, the Fund may be affected by political, economic, regulatory or other developments within the State of New York, and by the financial condition of its public authorities and political subdivisions. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Texas Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest a significant portion of its assets in Texas municipal bonds. Consequently, the Fund may be affected by negative political, economic, regulatory or other developments within the State of Texas including the financial condition of its public authorities and political subdivisions.</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%">Special Tax Bond Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Special tax bonds are usually backed and payable through a single tax, or series of special taxes such as incremental property taxes. The failure of the tax levy to generate adequate revenue to pay the debt service on the bonds may cause the value of the bonds to decline. Adverse conditions and developments affecting a particular project may result in lower revenues to the issuer of the municipal securities, which may adversely affect the value of the Fund’s portfolio.</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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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%">There is no guarantee that the Fund’s income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.</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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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 at a different time than the exchange on which the Shares are traded. Liquidity in those securities may be reduced after the </span></div>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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg AMT-Free Intermediate Continuous Municipal Index (the "Prior Intermediate Index"). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior Intermediate Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE Intermediate AMT-Free Broad National Municipal Transition Index (the “Transition Index”) and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund began tracking the Intermediate Index on December 1, 2022. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index and a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg AMT-Free Intermediate Continuous Municipal Index (the "Prior Intermediate Index"). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior Intermediate Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE Intermediate AMT-Free Broad National Municipal Transition Index (the “Transition Index”) and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 1.28%.</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="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:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">7.37%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="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:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-7.53%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:bottom"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2022</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0128 Best Quarter: 0.0737 2023-12-31 Worst Quarter: -0.0753 2022-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <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 after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></div> The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck Intermediate Muni ETF(return before taxes) 0.0532 0.0040 0.0217 VanEck Intermediate Muni ETF(return after taxes on distributions) 0.0530 0.0038 0.0216 VanEck Intermediate Muni ETF(return after taxes on distributions and sale of Fund Shares) 0.0434 0.0082 0.0220 ICE Intermediate AMT-Free Broad National Municipal Index(reflects no deduction for fees, expenses or taxes)* (reflects no deduction for fees, expenses or taxes) 0.0542 0.0066 0.0257 ICE US Broad Municipal Index (reflects no deduction for fees, expenses or taxes) 0.0410 0.0092 0.0235 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Long Muni ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Long AMT-Free Broad National Municipal Index (the “Long Index”).</span></div> VanEck Long Muni ETF 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) 0.0024 0.0000 0.0024 September 1, 2027 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 25 77 135 306 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 7% of the average value of its portfolio.</span></div> 0.07 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 normally invests at least 80% of its total assets in fixed income securities that comprise the Long Index. The Long Index is comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. This 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days' prior written notice to shareholders.</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 has adopted a fundamental investment policy to invest at least 80% of its assets in municipal securities. Such policy cannot be changed without a shareholder vote. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. This percentage limitation applies at the time of the 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%">The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Long Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Long Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Long Index. Because of the practical difficulties and expense of purchasing all of the securities in the Long Index, the Fund does not purchase all of the securities in the Long Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the bonds in </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 Long Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Long Index. The Long Index is rebalanced on the last calendar day of the month.</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 concentrate its investments in a particular industry or group of industries to the extent that the Long Index concentrates in an industry or group of industries</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. As of April 30, 2026, each of the health care, general obligation and special tax (</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> revenue bonds backed by a special tax) sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in fixed income securities that comprise the Long Index. The Long Index is comprised of publicly traded municipal bonds that cover the U.S. dollar denominated long-term tax-exempt bond market. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Long Index concentrates in an industry or group of industries. As of April 30, 2026, each of the health care, general obligation and special tax (i.e. revenue bonds backed by a special tax) sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Municipal Securities Risk. </span>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the “full faith and credit” of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Revenue bonds, on the other hand, may be repaid only from a specific facility or source, and are therefore subject to more economic risk than general obligation bonds, which may be repaid from any revenue source. The taxing power of a municipality may be limited by provisions of constitutions or laws and a municipality's credit will depend on many factors. A municipality in which the Fund invests may experience significant financial difficulties, including bankruptcy or default, which may negatively impact the Fund. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The bond markets may experience reduced liquidity due to events such as limited trading activity, reductions in bond inventory, market volatility, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's ability to sell a holding at a suitable price. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of municipal obligations of issuers in a state, U.S. territory, or possession. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">California Risk.</span> The Fund may invest a significant portion of its assets in municipal obligations of issuers located in the State of California. Consequently, the Fund may be affected by political, economic, regulatory and other developments within California and by the financial condition of California’s political subdivisions, agencies, instrumentalities and public authorities. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">New York Risk.</span> The Fund may invest a significant portion of its assets in New York municipal bonds. Consequently, the Fund may be affected by political, economic, regulatory or other developments within the State of New York, and by the financial condition of its public authorities and political subdivisions. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Texas Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest a significant portion of its assets in Texas municipal bonds. Consequently, the Fund may be affected by negative political, economic, regulatory or other developments within the State of Texas including the financial condition of its public authorities and political subdivisions.</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%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</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%">Health Care Bond Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The health care industry is subject to regulatory action by a number of private and governmental agencies, including federal, state and local governmental agencies. A major source of revenues for the health care industry is payments from Medicare and Medicaid programs. As a result, the industry is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may also affect the industry and the value and credit quality of health care bonds, such as general and local economic conditions, demand for services, expenses (including malpractice insurance premiums) and competition among health care providers. The following elements may adversely affect health care facility operations: the implementation of national and/or state-specific health insurance exchanges; other national, state or local health care reform measures; medical and technological advances which dramatically alter the need for health services or the way in which such services are delivered; changes in medical coverage which alter the traditional fee-for-service revenue stream; efforts by employers, insurers, and governmental agencies to reduce the costs of health insurance and health care services; and increases and decreases in the cost and availability of medical products.</span></div> <div style="margin-bottom:6pt"><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Tax Bond Risk.</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">  Special tax bonds are usually backed and payable through a single tax, or series of special taxes such as incremental property taxes. The failure of the tax levy to generate adequate revenue to pay the debt service on the bonds may cause the value of the bonds to decline. Adverse conditions and developments affecting a particular project may result in lower revenues to the issuer of the municipal securities, which may adversely affect the value of the Fund’s portfolio.</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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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%">There is no guarantee that the Fund’s income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.</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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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> 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 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg AMT-Free Long Continuous Municipal Index (the "Prior Long Index"). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior Long Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE Long AMT-Free Broad National Municipal Transition Index (the “Transition Index") and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund began tracking the Long Index on December 1, 2022. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg AMT-Free Long Continuous Municipal Index (the "Prior Long Index"). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior Long Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE Long AMT-Free Broad National Municipal Transition Index (the “Transition Index") and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 3.48%.</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">10.26%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-9.77%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2022</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0348 Best Quarter: 0.1026 2023-12-31 Worst Quarter: -0.0977 2022-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <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 after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></div> The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck Long Muni ETF (return before taxes) 0.0211 -0.0110 0.0180 VanEck Long Muni ETF (return after taxes on distributions) 0.0208 -0.0114 0.0178 VanEck Long Muni ETF(return after taxes on distributions and sale of Fund Shares) 0.0275 -0.0016 0.0208 ICE Long AMT-Free Broad National Municipal Index(reflects no deduction for fees, expenses or taxes)* (reflects no deduction for fees, expenses or taxes) 0.0223 -0.0041 0.0246 ICE US Broad Municipal Index (reflects no deduction for fees, expenses or taxes) 0.0410 0.0092 0.0235 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Short High Yield Muni ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE 1-12 Year Broad High Yield Crossover Municipal Index (the “Short High Yield Index”).</span></div> VanEck Short High Yield Muni ETF 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) 0.0032 0.0000 0.0032 September 1, 2027 Total Annual Fund Operating Expenses have been restated to reflect the current management fee rate. 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 33 103 180 406 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 29% of the average value of its portfolio.</span></div> 0.29 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 normally invests at least 80% of its total assets in securities that comprise the benchmark index. The Short High Yield Index is composed of publicly traded municipal bonds that cover the U.S. dollar denominated high yield short-term tax-exempt bond market with a weight of 70% in non-investment grade municipal bonds, 20% in triple-B rated investment grade municipal bonds and a targeted 10% in single-A rated investment grade municipal bonds (in accordance with the Short High Yield Index provider's methodology). All bonds must have a nominal maturity of 1 to 12 years. This 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days' prior written notice to shareholders.</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 has adopted a fundamental investment policy to invest at least 80% of its assets in municipal securities. Such policy cannot be changed without a shareholder vote. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. This percentage limitation applies at the time of the 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%">The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Short High Yield Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Short High Yield Index and does not take temporary defensive positions that are inconsistent with its </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%">investment objective of seeking to replicate the Short High Yield Index. Because of the practical difficulties and expense of purchasing all of the securities in the Short High Yield Index, the Fund does not purchase all of the securities in the Short High Yield Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the bonds in the Short High Yield Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Short High Yield Index. The Short High Yield Index is rebalanced on the last calendar day of the month.</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 concentrate its investments in a particular industry or group of industries to the extent that the Short High Yield Index concentrates in an industry or group of industries</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. As of April 30, 2026, each of the industrial development and general obligation sectors represented a significant portion of the Fund.</span></div> The Fund normally invests at least 80% of its total assets in securities that comprise the benchmark index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Short High Yield Index concentrates in an industry or group of industries. As of April 30, 2026, each of the industrial development and general obligation sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Municipal Securities Risk. </span>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the “full faith and credit” of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Revenue bonds, on the other hand, may be repaid only from a specific facility or source, and are therefore subject to more economic risk than general obligation bonds, which may be repaid from any revenue source. The taxing power of a municipality may be limited by provisions of constitutions or laws and a municipality's credit will depend on many factors. A municipality in which the Fund invests may experience significant financial difficulties, including bankruptcy or default, which may negatively impact the Fund. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The bond markets may experience reduced liquidity due to events such as limited trading activity, reductions in bond inventory, market volatility, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's ability to sell a holding at a suitable price. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of municipal obligations of issuers in a state, U.S. territory, or possession. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">High Yield Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Securities rated below investment grade are commonly referred to as high yield securities or “junk bonds.” High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and </span></div>principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities, resulting in increased volatility of their market prices and a corresponding volatility in the Fund’s net asset value. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations, to meet their projected business goals or to obtain additional financing. In the event of a default, the Fund may incur additional expenses to seek recovery. The secondary market for high yield securities may be less liquid than the markets for higher quality securities, and high yield securities issued by non-corporate issuers may be less liquid than high yield securities issued by corporate issuers. Illiquidity may have an adverse effect on the market prices of and the Fund’s ability to arrive at a fair value for certain securities when it seeks to do so. In addition, periods of economic uncertainty and change may result in an increased volatility of market prices of high yield securities and a corresponding volatility in the Fund's net asset value. <div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Industrial Development Bond Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> These revenue bonds are issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, port and parking facilities. These bonds are normally secured only by the revenues from the project and not by state or local government tax payments. Consequently, the credit quality of these securities is dependent upon the ability of the user of the facilities financed by the bonds and any guarantor to meet its financial obligations. Payment of interest on and repayment of principal of such bonds are the responsibility of the user and/or any guarantor. These bonds are subject to a wide variety of risks, many of which relate to the nature of the specific project. Generally, the value and credit quality of these bonds are sensitive to the risks related to an economic slowdown.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">California Risk.</span> The Fund may invest a significant portion of its assets in municipal obligations of issuers located in the State of California. Consequently, the Fund may be affected by political, economic, regulatory and other developments within California and by the financial condition of California’s political subdivisions, agencies, instrumentalities and public authorities. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Illinois Risk.</span> The Fund may invest a significant portion of its assets in Illinois municipal bonds. Consequently, the Fund may be affected by negative political, economic, regulatory or other developments within the State of Illinois including the financial condition of its public authorities and political subdivisions, to a greater degree than a fund that invests in a broader base of securities. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">New York Risk.</span> The Fund may invest a significant portion of its assets in New York municipal bonds. Consequently, the Fund may be affected by political, economic, regulatory or other developments within the State of New York, and by the financial condition of its public authorities and political subdivisions. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</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%">Private Activity Bonds Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund will be sensitive to, and its performance may depend to a greater extent on, the overall condition and performance of private activity bonds. The issuers of private activity bonds may be negatively impacted by conditions affecting either the general credit of the user of the private activity project or the project itself.</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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset </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%">value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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%">There is no guarantee that the Fund’s income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.</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. <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 </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%">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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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> 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 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Municipal High Yield Short Duration Index (the "Prior Short High Yield Index"). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior Short High Yield Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index (the “Transition Index”) and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund began tracking the Short High Yield Index on December 1, 2022. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Municipal High Yield Short Duration Index (the "Prior Short High Yield Index"). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior Short High Yield Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index (the “Transition Index”) and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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 year-to-date total return as of June 30, 2026 was 1.89%.</span></div><div style="margin-bottom:3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">3.87%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-5.99%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2022</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0189 Best Quarter: 0.0387 2023-12-31 Worst Quarter: -0.0599 2022-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <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 after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></div> The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck Short High Yield Muni ETF (return before taxes) 0.0466 0.0130 0.0214 VanEck Short High Yield Muni ETF (return after taxes on distributions) 0.0464 0.0128 0.0212 VanEck Short High Yield Muni ETF (return after taxes on distributions and sale of Fund Shares) 0.0421 0.0166 0.0233 ICE 1-12 Year Broad High Yield Crossover Municipal Index(reflects no deduction for fees, expenses or taxes)* (reflects no deduction for fees, expenses or taxes) 0.0449 0.0273 0.0349 ICE US Broad Municipal Index(reflects no deduction for fees, expenses or taxes) 0.0410 0.0092 0.0235 <div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span></div> INVESTMENT OBJECTIVE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck Short Muni ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Short AMT-Free Broad National Municipal Index (the “Short Index”).</span></div> VanEck Short Muni ETF 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) 0.0007 0.0000 0.0007 September 1, 2027 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 7 23 40 90 PORTFOLIO TURNOVER 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio. 0.25 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 normally invests at least 80% of its total assets in fixed income securities that comprise the Short Index. The Short Index is comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. This 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to shareholders. </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 has adopted a fundamental investment policy to invest at least 80% of its assets in municipal securities. Such policy cannot be changed without a shareholder vote. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. This percentage limitation applies at the time of the 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%">The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Short Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Short Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate the Short Index. Because of the practical difficulties and expense of purchasing all of the securities in the Short Index, the Fund does not purchase all of the securities in the Short Index. Instead, the Adviser utilizes a “sampling” methodology in seeking to achieve the Fund’s objective. As such, the Fund may purchase a subset of the bonds in </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 Short Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Short Index. The Short Index is rebalanced on the last calendar day of the month.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Short Index concentrates in an industry or group of industries. As of April 30, 2026, each of the general obligation and special tax (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, revenue bonds backed by a special tax) sectors represented a significant portion of the Fund. The Fund normally invests at least 80% of its total assets in fixed income securities that comprise the Short Index. The Short Index is comprised of publicly traded municipal bonds that cover the U.S. dollar denominated short-term tax-exempt bond market. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Short Index concentrates in an industry or group of industries. As of April 30, 2026, each of the general obligation and special tax (i.e., revenue bonds backed by a special tax) sectors represented a significant portion of the Fund. 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Municipal Securities Risk. </span>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Certain municipalities may have difficulty meeting their obligations due to, among other reasons, changes in underlying demographics. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. Municipal securities include general obligation bonds, which are backed by the “full faith and credit” of the issuer, which has the power to tax residents to pay bondholders. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. General obligation bonds generally are not backed by revenues from a specific project or source. Revenue bonds, on the other hand, may be repaid only from a specific facility or source, and are therefore subject to more economic risk than general obligation bonds, which may be repaid from any revenue source. The taxing power of a municipality may be limited by provisions of constitutions or laws and a municipality's credit will depend on many factors. A municipality in which the Fund invests may experience significant financial difficulties, including bankruptcy or default, which may negatively impact the Fund. Municipal securities also include revenue bonds, which are generally backed by revenue from a specific project or tax. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The bond markets may experience reduced liquidity due to events such as limited trading activity, reductions in bond inventory, market volatility, and rapid or unexpected changes in interest rates. Less liquid markets could lead to greater price volatility and limit the Fund's ability to sell a holding at a suitable price. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. Municipal instruments may be susceptible to periods of economic stress, which could affect the market values and marketability of municipal obligations of issuers in a state, U.S. territory, or possession. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Credit Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk refers to the possibility that the issuer or guarantor of a security will be unable and/or unwilling to honor its payment obligations and/or default completely on securities. The Fund’s securities are subject to varying degrees of credit risk, depending on the issuer’s financial condition and on the terms of the securities, which may be reflected in credit ratings. There is a possibility that the credit rating of a security may be downgraded after purchase or the perception of an issuer’s creditworthiness may decline, which may adversely affect the value of the security. Lower credit quality may also affect liquidity and make it difficult for the Fund to sell the security.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Interest Rate Risk.</span> Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most debt securities and certain preferred securities go down. When the general level of interest rates goes down, the prices of most debt securities go up, but the yield or income from new issuances of debt securities generally decreases. Fluctuations in interest rates may also affect the liquidity of and income generated by debt securities held by the Fund. Many factors can cause interest rates to rise, including central bank monetary policy, rising inflation rates and general economic conditions. Debt securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than debt securities, such as bonds, with shorter durations. A substantial investment by the Fund in debt securities with longer-term maturities during periods of rising interest rates may cause the value of the Fund’s investments to decline significantly. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. It is difficult to predict the magnitude, timing or direction of interest rate changes and the impact these changes will have on the markets in which the Fund invests. <div style="margin-bottom:6pt"><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Special Tax Bond Risk.</span><span style="background-color:#ffffff;color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">  Special tax bonds are usually backed and payable through a single tax, or series of special taxes such as incremental property taxes. The failure of the tax levy to generate adequate revenue to pay the debt service on the bonds may cause the value of the bonds to decline. Adverse conditions and developments affecting a particular project may result in lower revenues to the issuer of the municipal securities, which may adversely affect the value of the Fund’s portfolio.</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%">Pre-Refunded Municipal Securities Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Pre-refunded municipal securities are subject to interest rate risk, market risk and limited liquidity. The principal of and interest on municipal securities that have been pre-refunded are no longer paid from 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%">original revenue source for the securities. Instead, after pre-refunding of the principal of and interest on these securities, principal and interest are typically paid from an escrow fund consisting of obligations issued or guaranteed by the U.S. Government. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. The assets held in the escrow fund pledged to pay the principal and interest of the pre-refunded municipal securities do not guarantee the price of the securities. Pre-refunded municipal securities are usually purchased at a price which represents a premium over their face value.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">California Risk.</span> The Fund may invest a significant portion of its assets in municipal obligations of issuers located in the State of California. Consequently, the Fund may be affected by political, economic, regulatory and other developments within California and by the financial condition of California’s political subdivisions, agencies, instrumentalities and public authorities. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">New York Risk.</span> The Fund may invest a significant portion of its assets in New York municipal bonds. Consequently, the Fund may be affected by political, economic, regulatory or other developments within the State of New York, and by the financial condition of its public authorities and political subdivisions. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Call Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund may invest in callable debt securities. If interest rates fall, issuers may “call” (or prepay) their debt securities before their maturity date. If the issuer exercises a call during or following a period of declining interest rates, the Fund is likely to have to replace the called security with a lower yielding security or riskier security, decreasing the Fund’s net investment income. The Fund also may fail to recover additional amounts (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.</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 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%">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> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Sampling Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in its Index. As a result, an adverse development respecting an issuer of securities held by the Fund could result in a greater decline in net asset value than would be the case if the Fund held all of the securities in its Index. Conversely, a positive development relating to an issuer of securities in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund are smaller, these risks will be greater.</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%">Index Tracking Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund’s return may not match the return of the Index for a number of reasons. For example, the Fund incurs operating expenses, including taxes, not applicable to the Index and incurs costs associated with buying and selling securities and entering into derivatives transactions (if applicable), especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Index or (if applicable) raising cash to meet redemptions or deploying cash in connection with inflows into the Fund. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value. Conversely, the Fund may generate earnings through its securities lending activities, which may increase the Fund’s return relative to the Index. </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%">Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Index provider may rely on various sources of information to assess the criteria of components of the Index, including information that may be based on assumptions and estimates. Errors in the Index data, the Index computations and/or the construction of the Index in accordance with its methodology may occur from time to time, and the Index provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Shareholders should understand that any gains from the Index provider’s or others’ errors will be kept by the Fund and its shareholders and any losses or costs resulting from the Index provider’s or others’ errors will be borne by the Fund and its shareholders. Additionally, when the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index. Therefore, errors and additional ad hoc rebalances carried out by the Index provider or its agents to the Index may increase the costs to and the tracking error risk 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%">The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to pay expenses or to meet redemptions. In addition, the Fund may not invest in certain securities included in the Index, or invest in them in the exact proportions in which they are represented in the Index. The Fund’s performance may also deviate from the return of the Index for various reasons, including legal restrictions or limitations imposed by the governments of </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%">certain countries, certain exchange listing standards (where applicable), a lack of liquidity in markets in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). To the extent the Fund utilizes depositary receipts, the purchase of depositary receipts may negatively affect the Fund’s ability to track the performance of the Index and increase tracking error, which may be exacerbated if the issuer of the depositary receipt discontinues issuing new depositary receipts or withdraws existing depositary receipts.</span></div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund may value certain of its investments, underlying currencies and/or other assets based on fair value prices. To the extent the Fund calculates its net asset value based on fair value prices and the value of the Index is based on securities’ closing prices on local foreign markets (</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">i.e.</span>, the value of the Index is not based on fair value prices), the Fund’s ability to track the Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any), repatriation or economic sanctions may also increase the index tracking risk. The Fund’s performance may also deviate from the performance of the Index due to the impact of withholding taxes, late announcements relating to changes to the Index and high turnover of the Index. When markets are volatile, the ability to sell securities at fair value prices may be adversely impacted and may result in additional trading costs and/or increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Index. Changes to the composition of the Index in connection with a rebalancing or reconstitution of the Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened. <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%">There is no guarantee that the Fund’s income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund’s acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.</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. <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> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span> Unlike many investment companies, the Fund is not “actively” managed. Therefore, unless a specific security/asset is removed from its Index, the Fund generally would not sell such a security/asset because the security’s issuer is in financial trouble. If a specific security/asset is removed from the Fund’s Index, the Fund may be forced to sell such security/asset at an inopportune time or for prices other than at current market values. An investment in the Fund involves risks similar to those of investing in any fund that invests in a similar asset class, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in security/asset prices. The Fund’s Index may not contain the appropriate or a diversified mix of securities and/or assets for any particular economic cycle. The timing of changes in the composition of the Fund’s portfolio in seeking to track its Index could have a negative effect on the Fund. Unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. Additionally, unusual market conditions may cause the Fund’s Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Fund’s Index to vary from its normal or expected composition. This means that, based on market and economic conditions, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. <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, </span></div>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 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. <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Index-Related Concentration Risk.</span> The Fund’s assets may be concentrated in a particular sector or sectors or industry or group of industries to reflect the Index’s allocation to such sector or sectors or industry or group of industries. The securities of many or all of the companies in the same sector or industry may decline in value due to developments adversely affecting such sector or industry. By concentrating its assets in a particular sector or sectors or industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on those sectors and/or industries may negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of securities. PERFORMANCE <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 bar chart that follows shows how the Fund performed for the calendar years shown. The table below the bar chart shows the Fund’s average annual returns (before and after taxes). The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg AMT-Free Short Continuous Municipal Index (the "Prior Short Index"). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior Short Index. From March 1, 2022 to November 30, 2022, the Fund tracked the ICE Short AMT-Free Broad National Municipal Transition Index (the “Transition Index”) and performance from March 1, 2022 to November 30, 2022 reflects the performance of the Fund tracking the Transition Index. The Fund began tracking the Short Index on December 1, 2022. All returns assume reinvestment of dividends and distributions. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. Updated performance information is available online at www.vaneck.com.</span></div> The bar chart and table provide an indication of the risks of investing in the Fund by comparing the Fund’s performance from year to year and by showing how the Fund’s average annual returns for the one year, five year, ten year and/or since inception periods, as applicable, compared with the Fund’s benchmark index, a broad measure of market performance and an additional index. Prior to March 1, 2022, the Fund sought to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg AMT-Free Short Continuous Municipal Index (the "Prior Short Index"). Therefore, performance information prior to March 1, 2022 reflects the performance of the Fund tracking the Prior Short Index. The Fund’s past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. www.vaneck.com Annual Total Returns (%)—Calendar Years <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%">The year-to-date total return as of June 30, 2026 was 1.16%.</span></div><div style="margin-bottom:3pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:31.073%"><tr><td style="width:1.0%"></td><td style="width:42.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.354%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.356%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Best Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">3.36%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4Q 2023</span></td></tr><tr><td colspan="3" style="padding:1.5pt 1pt;text-align:left;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Worst Quarter:</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">-3.95%</span></td><td colspan="3" style="padding:1.5pt 1pt;text-align:center;vertical-align:middle"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1Q 2022</span></td></tr></table></div> year-to-date total return 2026-06-30 0.0116 Best Quarter: 0.0336 2023-12-31 Worst Quarter: -0.0395 2022-03-31 Average Annual Total Returns for the Periods Ended December 31, 2025 <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 after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></div> The after-tax returns presented in the table below are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold Shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. VanEck Short Muni ETF (return before taxes) 0.0415 0.0109 0.0153 VanEck Short Muni ETF (return after taxes on distributions) 0.0414 0.0107 0.0152 VanEck Short Muni ETF (return after taxes on distributions and sale of Fund Shares) 0.0355 0.0125 0.0155 ICE Short AMT-Free Broad National Municipal Index(reflects no deduction for fees, expenses or taxes)* (reflects no deduction for fees, expenses or taxes) 0.0408 0.0109 0.0174 ICE US Broad Municipal Index (reflects no deduction for fees, expenses or taxes) 0.0410 0.0092 0.0235 <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%">See “License Agreements and Disclaimers” for important information.</span> Van Eck Associates 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 September 1, 2027. Van Eck Associates 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 September 1, 2027. Prior to market close on February 28, 2020, the index data included herein reflect that of the Prior Index. Thereafter, the index data reflects that of the Fallen Angel Index. Van Eck Associates 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 September 1, 2027. Prior to market close on September 1, 2019, the index data included herein reflect that of the Prior Index. Thereafter, the index data reflects that of the Green Bond Index. Van Eck Associates 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 September 1, 2027. Van Eck Associates 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 September 1, 2027. Van Eck Associates 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 September 1, 2027. Van Eck Associates 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 September 1, 2027. “Acquired Fund Fees and Expenses” reflect the Fund’s pro rata portion of the expenses charged by the Underlying Funds (as defined herein). These expenses are based on the total expense ratio disclosed in each Underlying Fund’s most recent shareholder report. Because Acquired Fund Fees and Expenses are not borne directly by the Fund, they will not be reflected in the expense information in the Fund’s financial statements and the information presented in the table will differ from that presented in the Fund’s financial highlights included in the Fund’s reports to shareholders. Van Eck Associates 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 September 1, 2027. Prior to market close on March 1, 2022, the index data included herein reflects that of the Prior High Yield Index. From March 2, 2022 to market close on November 30, 2022, the index data reflects that of the Transition Index. Thereafter, the index data reflects that of the High Yield Index. Van Eck Associates 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 September 1, 2027. Prior to market close on March 1, 2022, the index data included herein reflects that of the Prior Intermediate Index. From March 2, 2022 to market close on November 30, 2022, the index data reflects that of the Transition Index. Thereafter, the index data reflects that of the Intermediate Index Van Eck Associates 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 September 1, 2027. Prior to market close on March 1, 2022, the index data included herein reflects that of the Prior Long Index. From March 2, 2022 to market close on November 30, 2022, the index data reflects that of the Transition Index. Thereafter, the index data reflects that of the Long Index. Van Eck Associates 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 September 1, 2027. Total Annual Fund Operating Expenses have been restated to reflect the current management fee rate. Prior to market close on March 1, 2022, the index data included herein reflects that of the Prior Short High Yield Index. From March 2, 2022 to market close on November 30, 2022, the index data reflects that of the Transition Index. Thereafter, the index data reflects that of the Short High Yield Index. Van Eck Associates 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 September 1, 2027. Prior to market close on March 1, 2022, the index data included herein reflects that of the Prior Short Index. From March 2, 2022 to market close on November 30, 2022, the index data reflects that of the Transition Index. Thereafter, the index data reflects that of the Short Index.