VANECK FUTURE OF FOOD ETF (YUMY) Exchange: NYSE ARCA

Under normal conditions, the Fund invests at least 80% of its total assets in domestic and foreign equity securities of companies engaged in Agri-Food technology and innovation. “Agri-Food technology and innovation” encompasses industries and companies that are leading, enabling, supplying, disrupting, or benefiting from new environmentally sustainable agriculture and food products and services. The Adviser performs a qualitative and quantitative analysis of each company’s financial statements, balance sheets and/or earnings reports to determine whether a company is engaged in Agri-Food technology and innovation. The Fund is an actively managed exchange-traded fund (“ETF”).The Adviser classifies Agri-Food technology and innovation-related companies into three overarching categories: food technology companies, precision agriculture companies and agricultural sustainability companies. Food technology companies include companies that apply innovative science to the creation, production, packaging, or distribution of new environmentally sustainable food products, such as alternative proteins, novel ingredients and flavors, and aquaculture (i.e., breeding, rearing and harvesting of fish, shellfish and other organisms). Precision agriculture companies are companies that make, service, or operate solutions that optimize farm operations, such as robotics and automation platforms, indoor and vertical (i.e., growth in vertically stacked layers) farms, water and irrigation equipment, and data collection and analysis software. Agricultural sustainability companies are companies that research, develop, make, or distribute environmentally sustainable products across the agricultural supply chain, such as new seed genetics, environmentally sustainable fertilizers, biological and nature-based crop chemicals, novel animal feed and nutrition solutions, and sustainable crop preservation and storage alternatives. The Fund may invest without limitation in any of these three Agri-Food technology and innovation categories and may have limited or no exposure to one or more particular categories at any given time. The Adviser selects equity securities of companies that it believes represent growth opportunities. The Adviser engages in its own internal research and analysis and leverages insights from diverse sources, including external research, to identify and take advantage of Agri-Food technology and innovation trends that influence and impact individual companies or industries. Further, the Adviser will analyze financially material risks and opportunities related to ESG (i.e., Environmental, Social and Governance) factors as a component of the overall investment process. ESG considerations can affect the Adviser’s fundamental assessment of a company or country.The Fund may invest in securities of companies located anywhere in the world, including the United States. The Fund may invest in securities of companies of any capitalization range. The Fund concentrates its investments in the food technology, precision agriculture, and agricultural sustainability group of industries. An Agri-Food technology and innovation-related company may not currently derive any revenue, and there is no assurance that such company will derive any revenue from environmentally sustainable agriculture and food products and services in the future. The Fund’s 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to shareholders. The Fund may also invest up to 20% of its net assets in special purpose vehicles such as special purpose acquisition companies (“SPACs”), initial public offerings (“IPOs”), and securities issued by other investment companies, including exchange traded funds (“ETFs”) and foreign investment companies. The Fund may also invest in money market funds, but these investments are not subject to this limitation. The Fund may invest in SPACs, IPOs, and ETFs to participate in, or gain exposure to, certain market industries, or when direct investments in certain countries are not permitted or available. The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer. As of December 31, 2021, each of the basic materials, consumer staples, and industrials sectors represented a significant portion of the Fund.