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ck0001137360:S000108611Member ck0001137360:NewFundRiskMember 2025-09-15 2026-09-15 0001137360 ck0001137360:S000108611Member ck0001137360:NoGuaranteeOfActiveTradingMarketRiskMember 2025-09-15 2026-09-15 0001137360 ck0001137360:S000108611Member ck0001137360:TradingIssuesRiskMember 2025-09-15 2026-09-15 0001137360 ck0001137360:S000108611Member ck0001137360:PassiveManagementRiskMember 2025-09-15 2026-09-15 0001137360 ck0001137360:S000108611Member ck0001137360:FundSharesTradingPremiumDiscountRiskAndLiquidityOfFundSharesRiskMember 2025-09-15 2026-09-15 0001137360 ck0001137360:S000108611Member ck0001137360:NonDiversifiedRiskMember 2025-09-15 2026-09-15 0001137360 ck0001137360:S000108611Member ck0001137360:IndexRelatedConcentrationRiskMember 2025-09-15 2026-09-15 iso4217:USD pure 485BPOS VanEck ETF Trust 0001137360 false N-1A 2026-09-15 2026-09-15 EM Focus Inflation Bond ETF INVESTMENT OBJECTIVE <div><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">VanEck EM Focus Inflation Bond ETF (the “Fund”) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the FTSE Emerging Markets Focused International Inflation-Linked Securities Index (the “Inflation-Linked Index” or “Index”).</span></div> FUND FEES AND EXPENSES <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Shares”).</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%"> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0000 0.0030 “Other Expenses” are based on estimated amounts for the current fiscal year. EXPENSE EXAMPLE <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account brokerage commissions that you pay when purchasing or selling Shares of the Fund.</span></div> The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your Shares at the end of those periods. The example also assumes that your investment has a 5% annual return and that the Fund’s operating expenses remain the same (except that the example incorporates the fee waivers and/or expense reimbursement arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 31 97 PORTFOLIO TURNOVER <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund will pay transaction costs, such as commissions, when it purchases and sells securities (or “turns over” its portfolio). A higher portfolio turnover will cause the Fund to incur additional transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, may affect the Fund’s performance. Because the Fund is newly organized, no portfolio turnover figures are available.</span></div> PRINCIPAL INVESTMENT STRATEGIES <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. For purposes of this policy, “assets” means net assets plus the amount of any borrowings for investment purposes. The Inflation-Linked Index is comprised of inflation-linked bonds issued outside the United States with fixed-rate coupon payments that are linked to an inflation index, issued in the local currency of the issuer. Inflation-linked bonds are government issued debt securities whose coupon payments are linked to an inflation index in an effort to offer inflationary protection. The Inflation-Linked Index seeks to maintain a concentration in emerging markets issuers. The Inflation-Linked Index includes government debt (direct obligations of the issuer country) but does not include quasi-government debt or corporate debt and may include high yield debt and restricted 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%">As of August 31, 2026, the Index included 20 countries and 211 securities. These amounts are subject to change. 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 Inflation-Linked Index by investing in a portfolio of securities that generally replicates the Inflation-Linked Index. Unlike many </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 companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Inflation-Linked Index and does not take temporary defensive positions that are inconsistent with its investment objective of seeking to replicate 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%">Because of the practical difficulties and expense of purchasing all of the securities in the Inflation-Linked Index, the Fund does not purchase all of the securities in the Inflation-Linked 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 Inflation-Linked Index in an effort to hold a portfolio of bonds with generally the same risk and return characteristics of the Inflation-Linked Index.</span></div>The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the “Investment Company Act of 1940”) 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 Inflation-Linked Index concentrates in an industry or group of industries. As of August 31, 2026, the government sector represented a significant portion of the Index. The Fund normally invests at least 80% of its total assets in securities that comprise the Fund’s benchmark index. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Inflation-Linked Index concentrates in an industry or group of industries. As of August 31, 2026, the government sector represented a significant portion of the Index. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Inflation-Linked Bonds Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The value of inflation-linked bonds generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. In general, the value of inflation-linked bonds will decrease if real interest rates increase. For example, if nominal interest rates rise at a faster rate than inflation, real interest rates may increase, leading to a decrease in the value of inflation-linked bonds. The inflation-linked bonds market may be less developed or liquid, and more volatile, than certain other securities markets.</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%">Debt Securities Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Debt securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Debt securities with longer durations have higher risk and volatility. For example, if a bond has a duration of five years and interest rates increase by 1%, the bond's price will decline by approximately 5%.</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 Securities Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> 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.</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%">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:36pt"><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:36pt"><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:36pt"><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:36pt"><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:36pt"><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:36pt"><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:36pt"><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 </span></div>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 style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Securities Market Risk.</span> 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. <div style="margin-bottom:6pt;padding-left:36pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">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:36pt"><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:36pt"><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:36pt"><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:36pt"><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:36pt"><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 </span></div>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 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%">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%">Sovereign Bond Risk.</span><span style="color:#323232;font-family:'Arial',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:400;line-height:120%">Investment in sovereign bonds involves special risks not present in corporate bonds. The governmental authority that controls the repayment of the bond may be unable or unwilling to make interest payments and/or repay the principal on its debt or to otherwise honor its obligations. If an issuer of sovereign bonds defaults on payments of principal and/or interest, the Fund may have limited recourse against the issuer. During periods of economic uncertainty, the market prices of sovereign bonds, and the Fund’s net asset value, may be more volatile than prices of corporate bonds, which may result in losses. In the past, certain governments of emerging market countries have declared themselves unable to meet their financial obligations on a timely basis, which has resulted in losses for holders of sovereign bonds.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Liquidity Risk. </span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Reduced liquidity in the bond markets can result from a number of 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.</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%">Cash Transactions Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Unlike other ETFs, the Fund expects to effect its creations and redemptions at least partially for cash, rather than wholly for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently incur brokerage costs and/or recognize gains or losses on such sales that the Fund might not have recognized if it were to distribute portfolio securities in kind. As such, investments in Shares may be less tax-efficient than an investment in a conventional ETF. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value to the extent not offset by the transaction fee payable by an Authorized Participant.</span></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 Brazilian 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 Brazilian issuers, including issuers located outside of Brazil that generate significant revenues from Brazil, involve risks and special considerations not typically associated with investments in the U.S. securities markets. The Brazilian economy has been characterized by frequent, and occasionally drastic, interventions by the Brazilian government, including the imposition of wage and price controls, exchange controls, limiting imports, blocking access to bank accounts and other measures. The Brazilian government has often changed monetary, taxation, credit, trade and other policies to influence the core of Brazil’s economy. Actions taken by the Brazilian government concerning the economy may have significant effects on Brazilian companies and on market conditions and prices of Brazilian securities. Brazil’s economy may be subject to sluggish economic growth due to, among other things, weak consumer spending, political turmoil, high rates of inflation and low commodity prices. Brazil suffers from chronic structural public sector deficits. The Brazilian government has privatized certain entities, which have suffered losses due to, among other things, the inability to adjust to a competitive environment. </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 market for Brazilian securities is directly influenced by the flow of international capital, and economic and market conditions of certain countries, especially emerging market countries. As a result, adverse economic conditions or developments in other emerging market countries have at times significantly affected the availability of credit in the Brazilian economy and resulted in considerable outflows of funds and declines in the amount of foreign currency invested in Brazil. </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%">Investments in Brazilian securities may be subject to certain restrictions on foreign investment. Although Brazilian law has provided greater certainty with respect to the free exchange of currency than in the past, any restrictions or restrictive exchange control policies in the future could have the effect of preventing or restricting access to foreign currency and could affect the Fund’s ability to operate and to qualify for the favorable tax treatment afforded to regulated investment companies for U.S. federal income tax purposes. </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%">Brazil has historically experienced high rates of inflation, a high level of debt, and high crime rates, each of which may constrain economic growth. Brazil suffers from high levels of corruption, crime and income disparity. The Brazilian economy is also heavily dependent upon commodity prices and international trade. Unanticipated political or social developments may result in sudden and significant investment losses. An increase in prices for commodities, such as petroleum, the depreciation of the Brazilian real and future governmental measures seeking to maintain the value of the Brazilian real in relation to the U.S. dollar, may trigger increases in inflation in Brazil and may slow the rate of growth of the Brazilian economy. Conversely, appreciation of the Brazilian real relative to the U.S dollar may lead to the deterioration of Brazil’s current account and balance of payments as well as limit the growth of exports.</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 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 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 </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%">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 Mexican Issuers.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> To the extent the Fund continues to invest in securities issued by Mexican issuers, including issuers located outside of Mexico that generate significant revenues from Mexico, the Fund may be subject to the risk of investing in such issuers. Investment exposure to Mexican issuers involves risks that are specific to Mexico, including regulatory, political and economic risks. The Mexican economy, among other things, is dependent upon external trade with other economies, specifically with the United States and certain Latin American countries. As a result, Mexico is dependent on, among other things, the U.S. economy and any change in the price or demand for Mexican exports may have an adverse impact on the Mexican economy. Recently, Mexico has experienced an outbreak of violence related to drug trafficking. Incidents involving Mexico’s security may have an adverse effect on the Mexican economy and cause uncertainty in its financial markets. In the past, Mexico has experienced high interest rates, economic volatility and high unemployment rates.</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%">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%">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, </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%">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 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></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Authorized Participant Concentration Risk.</span> The Fund may have a limited number of Authorized Participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those Authorized Participants exit the business, or do not process creation and/or redemption orders, there may be a significantly diminished trading market for Shares or Shares may trade like closed-end funds at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. This can be reflected as a spread between the bid-ask prices for the Fund. The Authorized Participant concentration risk may be heightened with respect to certain types of assets or in cases where Authorized Participants have limited or diminished access to the capital required to post collateral. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">New Fund Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Fund is a new fund, with a limited or no operating history and a small asset base. There can be no assurance that the Fund will grow to or maintain a viable size. Due to the Fund’s small asset base, certain of the Fund’s expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some shareholders.</span></div> <span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">No Guarantee of Active Trading Market Risk.</span> There can be no assurance that an active trading market for the Shares will develop or be maintained, as applicable. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in times of market stress because market makers and Authorized Participants may step away from making a market in the Shares and in executing creation and redemption orders, which could cause a material deviation in the Fund’s market price from its net asset value. <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Trading Issues Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> Trading in shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in shares inadvisable. In addition, trading in shares on the exchange is subject to trading halts caused by extraordinary market volatility pursuant to the relevant exchange’s “circuit breaker” rules. If a trading halt or unanticipated early close of the exchange occurs, a shareholder may be unable to purchase or sell Shares of the Fund. There can be no assurance that requirements of the exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.</span></div> <div style="margin-bottom:6pt"><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Passive Management Risk.</span><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> 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 </span></div>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><span style="color:#323232;font-family:'Open Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Fund has not yet commenced operations and therefore does not have a performance history. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.vaneck.com.</span></div> The Fund has not yet commenced operations and therefore does not have a performance history. www.vaneck.com An investment may lose money. “Other Expenses” are based on estimated amounts for the current fiscal year. 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 March 1, 2028.