BUZZ Investing: Sentiment Toward Energy on the Rise
June 17, 2022
Read Time 7 MIN
Global equities were modestly higher during the recent period between selection dates (May 12, 2022 to June, 9, 2022) of the BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index” or “Index”), however, the headline returns masked significant levels of intra-month volatility as investors debated the economic impact of additional interest rate increases and prospects of a domestic recession. The BUZZ Index gained 5% during the period between selection dates. The S&P 500 Index experienced daily gains or losses of more than 1% on ten of twenty-one trading days with five of those ten days experiencing gains or losses of more than 2%. The S&P 500 Index had fallen into bear market territory on an intra-day basis on May 19, falling nearly 21% from its all-time high of early January 2022, before recovering losses and staging a late-month rally to finish the session in the positive. The technology heavy Nasdaq Composite Index finished positive for the same selection date period by 3.37%, yet remained down 25% year-to-date. The year-to-date loss for the S&P 500 marks the index’s worst start to a calendar year since 1939, while the year-to-date decline for the Nasdaq Composite marks its worst start to a new year since the index was created in 1971.1
The BUZZ Index declined 2.36% during the month of May compared to the S&P 500 Index, which returned 0.18% during the same period. Year to date, the BUZZ Index trails the S&P 500 with returns of -35.71% and -12.76%, respectively, as of the end of May.
Beaten up Consumer Discretionary and Technology Rebound
Technology, growth-oriented and thematic related equities have been among the hardest hit during the recent correction across U.S. markets. The top contributors to BUZZ Index performance during the recent period between selection dates feature an assortment of stocks from those segments. GameStop Corp (GME), once at the center of the ‘reddit’ craze and the original branded ‘meme-stock’, led all advancers in the BUZZ Index during the recent period as its shares surged 44%, contributing 1.25 percentage points of the BUZZ Index’s 5% gain during the period. As can be seen in the following table, seven of the top ten contributors to BUZZ Index performance remain 50% or more below their 52-week high as of the June 9 selection date. The average trading price for the top ten contributors was 64% below their 52-week high, a telling sign of the extent of the sell-off of those segments of the market.
| Top BUZZ Index Contributors: May 12, 2022 – June 9, 2022 | ||||
| Company | Ticker | Average Weight (%) |
Return Contribution (%) |
% Change from 52-week high (as of June 9, 2022) |
| GameStop Corp | GME | 3.4 | 1.25 | -50% |
| Upstart Holdings Inc | UPST | 0.31 | 0.58 | -90% |
| DraftKings Inc | DKNG | 0.51 | 0.45 | -79% |
| Advanced Micro Devices Inc | AMD | 3.3 | 0.45 | -40% |
| Palantir Technologies Inc | PLTR | 2.96 | 0.41 | -70% |
| Lucid Group Inc | LCID | 2.75 | 0.37 | -67% |
| NVIDIA Corp | NVDA | 3.05 | 0.34 | -48% |
| AMC Entertainment Holdings Inc | AMC | 2.98 | 0.30 | -80% |
| Amazon.com Inc | AMZN | 2.91 | 0.25 | -38% |
| SoFi Technologies Inc | SOFI | 3.47 | 0.22 | -75% |
Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein. For a complete list of holdings in the ETF, please visit www.vaneck.com.
The top detractors to performance featured a range of stocks from information technology, communication services, industrials and consumer staples sectors. Social media platforms Snap Inc (SNAP) and Twitter Inc (TWTR) were the biggest detractors from performance during the recent period. Carvana (CVNA), the online used car shopping platform, which was featured in last month’s blog, continued to trade lower as slowing consumer demand weighed on the stock. CVNA also announced significant reduction in headcount as it tries to manage cash flow, signaling investor concerns related to its future solvency given its large debt load may be warranted. Shares of CVNA fell 38.1% during the period, yet detracted just 27 basis points from overall BUZZ Index performance given its low average weight in the Index of just 61 basis points during the period.
| Bottom BUZZ Index Contributors: May 12, 2022 – June 9, 2022 | |||
| Company | Ticker | Average Weight (%) | Return Contribution (%) |
| Snap Inc | SNAP | 1.03 | -0.68 |
| Twitter Inc | TWTR | 2.61 | -0.51 |
| Carvana Co | CVNA | 0.61 | -0.27 |
| Robinhood Markets Inc | HOOD | 2.89 | -0.26 |
| Walmart Inc | WMT | 0.64 | -0.22 |
| Target Corp | TGT | 0.37 | -0.19 |
| Lyft Inc | LYFT | 0.59 | -0.11 |
| Meta Platforms Inc | META | 2.95 | -0.11 |
| Snowflake Inc | SNOW | 0.81 | -0.07 |
| Carnival Corp | CCL | 0.67 | -0.07 |
Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein. For a complete list of holdings in the ETF, please visit www.vaneck.com.
Sentiment Stock Highlight – Walmart Inc.
Shares of Walmart (WMT) suffered their biggest one-day decline since the 1987 stock market crash, falling 11.4% on May 17 after reporting its fiscal first-quarter 2023 earnings. Despite reporting $141.6 billion in revenue, which beat analyst revenue estimates of $138.9 billion, surging costs weighed heavily on the company’s margins as it reported $1.30 per share in earnings, well below analyst estimates of $1.48. Walmart CEO Doug McMilon remarked when reviewing the results that "Bottom-line results were unexpected and reflect the unusual environment. U.S. inflation levels, particularly in food and fuel, created more pressure on margin mix and operating costs than we expected." Investors may have been further concerned that the company will be hesitant to raise prices to restore its profit margins as McMilon further noted that Walmart “will balance the needs of our customers for value with the need to deliver profit growth for our future."
Walmart has long been featured within the BUZZ Index. Since January 2021, WMT has averaged a 1.00% weight as a consistent constituent of the Index. WMT received a 1.42% weight within the Index during the March 2022 Index rebalance, and as the stock proceeded to trade higher in the ensuing months, nearly reaching $160 per share, sentiment began to wane. During the May 2022 Index reconstitution, WMT received just a 0.61% weight within the Index. The volume of discussion across online platforms spiked following the disappointing Q1 2023 earnings results in May, with investor sentiment increasingly positive as investors may view the sell-off in WMT shares as overdone and the stock representing a value opportunity. WMT received a weight of 2.02% during the June Index reconstitution.
Walmart Stock Price | January 4, 2021 – June 13, 2022
Source: BUZZ Holdings ULC, Bloomberg. Past performance is no guarantee of future results. Index performance is not illustrative of fund performance. Not intended as a recommendation to buy or to sell any of the securities mentioned herein. For a complete list of holdings in the ETF, please visit www.vaneck.com.
BUZZ Index June 2022 Rebalance Highlights
Energy Sector
Two years ago, oil futures infamously traded into negative territory as the COVID-19 related lockdowns around the world quickly destroyed demand while shippers were unable to find storage for their production. Oil prices quickly rebounded as economies around the world re-opened, and like most risk assets, the price of crude steadily rose until the end of 2021. Unlike equities, which have been heading lower throughout 2022, the price of oil continued to surge higher, reaching levels not seen since the 2007 all-time highs. Supply-side issues, exacerbated by the conflict in Ukraine, have caused upward pressure on prices. Even with OPEC ramping up production, the increased output is unable to offset the effect of sanctions on Russia as many countries have agreed not to purchase Russian oil. Energy stocks have benefited, with oil and gas companies such as Chevron (CVX) reaching all-time highs. As we approach the first summer since most of the major economic lockdowns have been lifted, seasonal demand for crude is once again rising and investor sentiment toward energy stocks is rising alongside. This month, Chevron and Southwestern Energy (SWN) are new additions to the BUZZ Index, with weights of 0.91% and 0.51%, respectively.
Macy’s
North American consumers have increasingly returned to malls and stores over the past year. Inflationary pressures have sent the prices of basic goods and energy higher, eroding the purchasing power of consumers; however, demand for fashion remains surprisingly high. Although traffic at physical stores has improved, the COVID-19 pandemic has notably shifted consumer behaviors with online sales continuing to make up a significant portion of retailers' sales. Retailers such as Macy's (M) that have adapted to changing consumer trends and invested in their digital strategy have benefited. The company's comparable sales are up significantly year-over-year, with online sales now accounting for more than 30% of total revenues. Total active online customers have increased as well. Macy's high-end division, Bloomingdale's, is thriving, as affluent customers' shopping habits appear relatively unaffected by surging inflation. Macy's surprisingly strong business caught many investors by surprise, and the stock jumped 20% on last month's earnings. Investor sentiment has been increasing in recent weeks as well, and this month Macy’s re-enters the Index with a 0.82% weight.
For more on rebalance results and a full breakdown of index constituents added and removed for the month, view the BUZZ Index reconstitution report.
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Important Disclosures
1 Source: Dow Jones Market Data.
Company data is the source for all particular company information quoted.
Definitions: The S&P 500 is a stock market index of 500 of the largest companies listed on stock exchanges in the United States. The Nasdaq Composite Index is a stock market index that consists of the stocks that are listed on the Nasdaq stock exchange. S&P Banks Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS asset management & custody banks, diversified banks, regional banks, other diversified financial services and thrifts & mortgage finance sub-industries.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities/financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as of the date of this communication and subject to change without notice. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of 3rd party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck.
An investment in the Fund may be subject to risks which include, among others, risks related to social media analytics, investing in equity securities, medium-capitalization companies, information technology, communication services, consumer discretionary, health care and industrials sectors, market, operational, high portfolio turnover, index tracking, authorized participant concentration, new fund, absence of prior active market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified and concentration risks which may make these investments volatile in price or difficult to trade. Medium-capitalization companies may be subject to elevated risks.
Investing in companies based on social media analytics involves the potential risk of market manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the public perception of a company stock or other investment. Although the Sentiment Leaders Index provider attempts to mitigate the potential risk of such manipulation by employing screens to identify posts which may be computer generated or deceptive and by employing market capitalization and trading volume criteria to remove companies which may be more likely targets for such manipulation, there is no guarantee that the Sentiment Leaders Index's model will successfully reduce such risk. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company's stock performance.
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Certain indices may take into account withholding taxes. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index”) is a product of BUZZ Holdings ULC (“BUZZ Holdings”), and has been licensed to Van Eck Associates Corporation for use in connection with the VanEck Social Sentiment ETF.
“BUZZ” is a trademark of BUZZ Holdings, which has been licensed by Van Eck Associates Corporation for use in connection with the BUZZ Index.
VanEck Social Sentiment ETF is not sponsored, endorsed, sold or promoted by BUZZ Holdings, or its shareholders, or the licensor of the BUZZ Index and/or its affiliates and third party licensors. BUZZ Holdings makes no representation or warranty, express or implied, to the owners of the VanEck Social Sentiment ETF or any member of the public regarding the advisability of investing in securities generally or in VanEck Social Sentiment ETF, particularly or the ability of the BUZZ Index to track general market performance.
BUZZ Holdings’ only relationship to Van Eck Associates Corporation with respect to the BUZZ Index is the licensing of the BUZZ Index and certain trademarks of BUZZ Holdings. The BUZZ Holdings are determined and composed by BUZZ Holdings without regard to Van Eck Associates Corporation or the VanEck Social Sentiment ETF. BUZZ Holdings has no obligation to take the needs of Van Eck Associates Corporation or the owners of VanEck Social Sentiment ETF into consideration in determining and composing the BUZZ Index.
BUZZ Holdings are not responsible for and have not participated in the determination of the prices of VanEck Social Sentiment ETF or the timing of the issuance or sale of securities of VanEck Social Sentiment ETF or in the determination or calculation of the equation by which VanEck Social Sentiment ETF securities may be converted into cash, surrendered, or redeemed, as the case may be. BUZZ Holdings have no obligation or liability in connection with the administration, marketing or trading of VanEck Social Sentiment ETF. There is no assurance that investment products based on the BUZZ Index will accurately track index performance or provide positive investment returns. BUZZ Holdings is not an investment advisor and the inclusion of a security in the BUZZ Index is not a recommendation by BUZZ Holdings to buy, sell, or hold such security, nor should it be considered investment advice.
BUZZ HOLDINGS DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE BUZZ INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS). BUZZ HOLDINGS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. BUZZ HOLDINGS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY Van Eck Associates Corporation, OWNERS OF THE VanEck Social Sentiment ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BUZZ INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL BUZZ HOLDINGS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN BUZZ HOLDINGS AND Van Eck Associates Corporation, OTHER THAN THE LICENSORS OF BUZZ HOLDINGS.
Effective August 18, 2016, BUZZ Indexes Inc. implemented changes to the BUZZ NextGen AI US Sentiment Leaders Index construction rules. The index constituent count was increased from 25 to 75 stocks and the maximum constituent weight was reduce from 15% to 3%. These change may result in more a diversified exposure to index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Related Funds
Important Disclosures
1 Source: Dow Jones Market Data.
Company data is the source for all particular company information quoted.
Definitions: The S&P 500 is a stock market index of 500 of the largest companies listed on stock exchanges in the United States. The Nasdaq Composite Index is a stock market index that consists of the stocks that are listed on the Nasdaq stock exchange. S&P Banks Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS asset management & custody banks, diversified banks, regional banks, other diversified financial services and thrifts & mortgage finance sub-industries.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities/financial instruments mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results, are valid as of the date of this communication and subject to change without notice. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of 3rd party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck.
An investment in the Fund may be subject to risks which include, among others, risks related to social media analytics, investing in equity securities, medium-capitalization companies, information technology, communication services, consumer discretionary, health care and industrials sectors, market, operational, high portfolio turnover, index tracking, authorized participant concentration, new fund, absence of prior active market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified and concentration risks which may make these investments volatile in price or difficult to trade. Medium-capitalization companies may be subject to elevated risks.
Investing in companies based on social media analytics involves the potential risk of market manipulation because social media posts may be made with an intent to inflate, or otherwise manipulate, the public perception of a company stock or other investment. Although the Sentiment Leaders Index provider attempts to mitigate the potential risk of such manipulation by employing screens to identify posts which may be computer generated or deceptive and by employing market capitalization and trading volume criteria to remove companies which may be more likely targets for such manipulation, there is no guarantee that the Sentiment Leaders Index's model will successfully reduce such risk. Furthermore, text and sentiment analysis of social media postings may prove inaccurate in predicting a company's stock performance.
An investor cannot invest directly in an index. Returns reflect past performance and do not guarantee future results. Results reflect the reinvestment of dividends and capital gains, if any. Certain indices may take into account withholding taxes. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index”) is a product of BUZZ Holdings ULC (“BUZZ Holdings”), and has been licensed to Van Eck Associates Corporation for use in connection with the VanEck Social Sentiment ETF.
“BUZZ” is a trademark of BUZZ Holdings, which has been licensed by Van Eck Associates Corporation for use in connection with the BUZZ Index.
VanEck Social Sentiment ETF is not sponsored, endorsed, sold or promoted by BUZZ Holdings, or its shareholders, or the licensor of the BUZZ Index and/or its affiliates and third party licensors. BUZZ Holdings makes no representation or warranty, express or implied, to the owners of the VanEck Social Sentiment ETF or any member of the public regarding the advisability of investing in securities generally or in VanEck Social Sentiment ETF, particularly or the ability of the BUZZ Index to track general market performance.
BUZZ Holdings’ only relationship to Van Eck Associates Corporation with respect to the BUZZ Index is the licensing of the BUZZ Index and certain trademarks of BUZZ Holdings. The BUZZ Holdings are determined and composed by BUZZ Holdings without regard to Van Eck Associates Corporation or the VanEck Social Sentiment ETF. BUZZ Holdings has no obligation to take the needs of Van Eck Associates Corporation or the owners of VanEck Social Sentiment ETF into consideration in determining and composing the BUZZ Index.
BUZZ Holdings are not responsible for and have not participated in the determination of the prices of VanEck Social Sentiment ETF or the timing of the issuance or sale of securities of VanEck Social Sentiment ETF or in the determination or calculation of the equation by which VanEck Social Sentiment ETF securities may be converted into cash, surrendered, or redeemed, as the case may be. BUZZ Holdings have no obligation or liability in connection with the administration, marketing or trading of VanEck Social Sentiment ETF. There is no assurance that investment products based on the BUZZ Index will accurately track index performance or provide positive investment returns. BUZZ Holdings is not an investment advisor and the inclusion of a security in the BUZZ Index is not a recommendation by BUZZ Holdings to buy, sell, or hold such security, nor should it be considered investment advice.
BUZZ HOLDINGS DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE BUZZ INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS). BUZZ HOLDINGS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. BUZZ HOLDINGS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY Van Eck Associates Corporation, OWNERS OF THE VanEck Social Sentiment ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BUZZ INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL BUZZ HOLDINGS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN BUZZ HOLDINGS AND Van Eck Associates Corporation, OTHER THAN THE LICENSORS OF BUZZ HOLDINGS.
Effective August 18, 2016, BUZZ Indexes Inc. implemented changes to the BUZZ NextGen AI US Sentiment Leaders Index construction rules. The index constituent count was increased from 25 to 75 stocks and the maximum constituent weight was reduce from 15% to 3%. These change may result in more a diversified exposure to index constituents than under the rules in effect prior to this date. Past performance is no guarantee of future results.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.