VanEck Fabless Semiconductor ETF SMHX Strategy

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MarketVector™ U.S. Listed Fabless Semiconductor Index. The fund normally invests at least 80% of its total assets in securities that comprise the fund’s benchmark index. The Fabless Index is composed of U.S.-listed common stocks of companies that derive at least 50% of their revenues from the semiconductor industry and operate as fabless semiconductor companies. The fund is non-diversified.