What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year? 

• The Fund had a strong year led by industry breakthroughs and innovations in drug development, although regulatory delays in certain areas limited broader gains.

• The healthcare sector was the top contributor, as advancements in gene therapies and vaccines fueled growth.

• Amgen, Inc. was the top individual contributor, benefiting from the approval and commercialization of new drugs.

• Biogen, Inc. was the leading detractor due to decreased revenues from its multiple sclerosis drugs, slower-than-expected uptake of new products like the Alzheimer's drug Leqembi, and strategic adjustments including leadership changes and restructuring efforts.

Average Annual Total Returns 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the or sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. The Index is unmanaged and includes the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$451,990,340
• Number of Portfolio Holdings25
• Portfolio Turnover Rate19%
• Advisory Fees Paid$1,572,343

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year? 

• During the period, softening demand and relatively persistent dollar strength weighed on most commodities, with few exceptions.

• The Fund’s exposure to precious metals, specifically gold, was the top contributor to performance followed by its agriculture exposure. Within agriculture, its allocation to coffee was a notably strong contributor to performance amid supply constraints that drove the price to 13-year highs near the end of the period.

• The largest detractor was energy, specifically gasoline and brent crude as the market grappled with excess supply. The Fund’s industrial metals exposure also weighed on returns for the period as oversupply was a theme along with weakening demand from China for much of the period. Nickel exposure was the leading detractor within industrial metals due to oversupply issues.

Key Fund Statistics 

• Total Net Assets$24,024,075
• Number of Portfolio Holdings28
• Portfolio Turnover Rate-%
• Advisory Fees Paid$137,002

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year? 

• The Fund posted solid growth over the past year, despite heightened volatility in the digital assets space driven by evolving regulatory conditions and institutional demand.

• The information technology sector was the top-performing sector, with companies that support blockchain infrastructure leading gains.

• MicroStrategy, Inc. was the leading individual contributor, benefiting from an increase in Bitcoin holdings and subsequent tailwind from Bitcoin performance.

• The financials sector was the weaker contributor, as digital payment companies faced regulatory headwinds and uncertainty in the market.

• Canaan, Inc., was the largest individual detractor. They design and produce high-performance ASIC (application-specific integrated circuit) chips for Bitcoin mining machines under the Avalon brand. Underperformance was mainly due to decreased revenues, cryptocurrency market volatility, intensified competition, and regulatory challenges.

* Inception of Fund: 4/12/21 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the or sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. The Index is unmanaged and includes the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$134,770,689
• Number of Portfolio Holdings21
• Portfolio Turnover Rate80%
• Advisory Fees Paid$470,200

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year? 

• U.S. dividend stocks, as a group, performed strongly during the year but trailed the broad U.S. equity market due to their higher relative exposure to value-oriented, cyclical companies.

• The Fund’s exposure to the consumer staples, financials, and utilities sectors contributed the most to performance during the period.

• The largest individual contributors to performance were Philip Morris International, Inc., JP Morgan Chase & Co., and Altria Group, Inc.

• The materials sector was the only to detract from performance and the communication services and energy sectors contributed least to positive performance.

• The leading individual detractors from performance were Pfizer, Inc., Chevron Corp., and Merck & Co.

Average Annual Total Returns 

* Inception of Fund: 10/30/18 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the or sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. The Index is unmanaged and includes the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$52,157,095
• Number of Portfolio Holdings86
• Portfolio Turnover Rate62%
• Advisory Fees Paid$172,281

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year? 

• The midstream energy and Master Limited Partner segment saw strong performance over the period driven by their relatively stable cashflows tied to long-term contracts and an improved natural gas price outlook which tends to increase midstream volumes. Increasing demand for energy infrastructure also benefited the segment.

• This was in stark contrast to the muted returns of downstream companies and the negative performance of upstream companies. These segments, more sensitive to supply and demand forces, faced headwinds this year stemming from weakness in oil prices and muted global growth.

• The leading individual contributors to Fund performance during the period were ONEOK, Inc., Targa Resources Corp. and The Williams Companies, Inc..

• The leading individual detractors were Sunoco LP, Mattr Corp., and NGL Energy Partners LP. 

Average Annual Total Returns 

Index data prior to December 2, 2019 reflects that of the Solactive High Income MLP Index. All Index history reflects a blend of the performance of the Indexes.

VanEck Energy Income ETF is the successor to the Yorkville High Income MLP ETF pursuant to a reorganization that took place on February 22, 2016. Prior to that date, the Fund had no investment operations. Accordingly, for periods prior to that date, the Fund performance information is that of the Yorkville High Income MLP ETF.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the or sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. The Index is unmanaged and includes the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$56,456,481
• Number of Portfolio Holdings30
• Portfolio Turnover Rate28%
• Advisory Fees Paid$201,186

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year? 

• The environmental services industry benefited from growing corporate and governmental initiatives focused on sustainability and recycling, supporting overall growth.

• Industrials were the largest sector contributor, with waste management companies expanding recycling capabilities.

• Republic Services, Inc. was the top individual contributor, benefiting from strong financial performance, effective pricing strategies, operational efficiency, and strategic acquisitions.

• The energy sector detracted the most, due to fluctuating oil prices, geopolitical tensions, and a shift in investor focus toward high-growth sectors like technology.

• Vertex Energy, Inc., was the largest detractor because of financial challenges, including a net losses in Q4 2023, operational setbacks like pausing renewable diesel production and filing for Chapter 11 bankruptcy in September 2024.

Average Annual Total Returns 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the or sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. The Index is unmanaged and includes the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$79,427,773
• Number of Portfolio Holdings23
• Portfolio Turnover Rate23%
• Advisory Fees Paid$322,817

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment) 

How did the Fund perform last year? 

• Fabless semiconductor companies performed exceptionally since the inception of the Fund, bolstered by the increasing demand for advanced chip designs in Artificial Intelligence ("AI"), automotive and mobile devices.

• The information technology sector was the largest contributor, led by companies designing cutting-edge semiconductors.

• Impinj, Inc., a leader in RAIN RFID technology, has recently outperformed due to strong financial results as well as inclusion in more broad indices which helped boost attractiveness.

• Nvidia Corp. was the largest individual detractor since inception, underperforming due to recent earnings reports and estimations of future products.

Average Annual Total Returns 

* Inception of Fund: 8/27/24 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Performance information for the Fund may reflect temporary fee waivers, if applicable. Had the Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the or sale of Fund shares.

Investment returns and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. The Index is unmanaged and includes the reinvestment of all dividends.

Key Fund Statistics 

• Total Net Assets$6,416,630
• Number of Portfolio Holdings22
• Portfolio Turnover Rate7%
• Advisory Fees Paid$1,171