New to investing, or short on time? This guide answers common questions about the VanEck Wealth Builder ETF (WBMO), an all-in-one exchange-traded fund (ETF) that gives you a diversified mix of stocks, bonds, real assets and digital assets in a single ticker. Read on to see how it works, who it may appeal to, what it costs and what risks to consider.

• What is the VanEck Wealth Builder ETF (WBMO)?
• What is an all-in-one ETF (asset allocation ETF)?
• What is an ETF, and how is it different from a mutual fund?
• What does “actively managed” mean?
• What type of investor might WBMO appeal to?
• Why choose an all-in-one ETF instead of building my own portfolio?
• How is WBMO different from a robo-advisor?
• Can WBMO be the only investment I own?
• Is WBMO a core ETF or a core-satellite ETF?
• Who manages WBMO?
• Is WBMO the same as the Wealth Builder Plus Model Portfolios?
• What does WBMO invest in?
• How often is WBMO rebalanced?
• How does WBMO select its underlying ETFs? Does it only hold VanEck funds?
• Why does WBMO include real assets?
• How much bitcoin can WBMO hold?
• Why does WBMO include bitcoin, and do I need a crypto wallet?
• What themes does WBMO focus on?
• What does WBMO cost? (fees and expenses)
• Will WBMO issue a K-1?
• Does WBMO pay dividends?
• Can I hold WBMO in a brokerage account or an individual retirement account (IRA)?
• Does WBMO have a performance track record?
• What are the key risks of investing in WBMO?
• What happens if markets fall?
• How can investors buy WBMO?

Digital asset risk: WBMO may gain exposure to digital assets, such as bitcoin, through underlying ETPs. Digital assets are highly volatile, can rise or fall dramatically, and are not suitable for all investors. There is no guarantee that prices will recover, and you could lose your entire investment. These ETPs are not registered under the 1940 Act or regulated as commodity pools, so they offer fewer investor protections.

1. What is the VanEck Wealth Builder ETF (WBMO)?

WBMO is an actively managed, all-in-one exchange-traded fund (ETF) that seeks to deliver a complete, diversified portfolio in a single ticker. The Fund invests in other exchange-traded products (ETPs), such as ETFs, that provide exposure to global stocks, bonds, real assets and digital assets.

2. What is an all-in-one ETF (asset allocation ETF)?

An all-in-one ETF, also called an asset allocation or multi-asset ETF, is a single investment that holds a diversified mix of other investments, such as stocks and bonds. Instead of buying and managing each piece yourself, you buy one ticker and the fund team handles the trading and rebalancing for you. WBMO takes this approach with stocks, bonds, real assets and bitcoin.

3. What is an ETF, and how is it different from a mutual fund?

An ETF, or exchange-traded fund, holds a collection of investments, such as stocks or bonds, and trades on a stock exchange throughout the day, like a stock. Each ETF has a ticker, a short code you use to find and buy it. Mutual funds also pool money into a collection of investments, but they are typically bought and sold once a day at a price set after the market closes. Fees, minimums and tax treatment can differ between ETFs and mutual funds, so check the details of any fund before you invest.

4. What does “actively managed” mean?

Some funds, often called index funds, aim to match a market index and make few changes. In an actively managed fund, a team chooses the investments and adjusts them over time. For WBMO, VanEck’s Multi-Asset Solutions team decides how much goes into each type of investment and changes the mix as markets and conditions change. Active management does not guarantee better results or protect against losses.

5. What type of investor might WBMO appeal to?

WBMO may appeal to a wide range of investors, not just beginners, including those who:

• Are new to investing and want a simple starting point
• Feel nervous about getting started
• Don't have the time to research and manage a mix of funds themselves
• Are experienced and want to simplify a complicated portfolio or add a diversified core holding

One ticker gives you a diversified portfolio, and VanEck handles the rebalancing for you. That said, because WBMO invests in stocks, bonds, real assets and bitcoin, its value can rise and fall and you can lose money. Consider your goals, your time horizon and your risk tolerance, and talk to a financial professional if you aren't sure.

6. Why choose an all-in-one ETF instead of building my own portfolio?

Building a portfolio usually means choosing several funds, deciding how much to hold of each and adjusting them as markets move. An all-in-one ETF such as WBMO puts that mix in a single ticker, and VanEck handles the trading and rebalancing inside the ETF. The tradeoff is less control, because you can't change how much goes into any one investment.

7. How is WBMO different from a robo-advisor?

Both aim to make it easier to invest in a diversified mix, but they work differently. A robo-advisor is an online service that builds and manages a portfolio for you, usually based on a questionnaire about your goals and risk tolerance, and it often charges its own advisory fee on top of the cost of the funds it uses. WBMO is a single ETF. You buy one ticker through your own brokerage account, and VanEck's team manages the mix and rebalances it inside the ETF. WBMO has a management fee of 0.15% (15 basis points) per year* and does not build a personalized plan for you, so consider whether you prefer a single ETF or a service that tailors a portfolio to you.

* Please see disclosures at the end of this content for complete WBMO fee information.

8. Can WBMO be the only investment I own?

It can be for some investors. WBMO is designed to be a complete, diversified portfolio in a single ticker, so some may use it as a core holding. Others pair it with other investments, such as an employer retirement plan or individual stocks. Whether WBMO can be enough for you depends on your goals, your time horizon, your risk tolerance and what else you own. A financial professional can help you decide.

9. Is WBMO a core ETF or a core-satellite ETF?

WBMO takes a core-satellite approach inside a single ETF. A core holding is the foundation of a portfolio, an investment you plan to hold for the long term and build around. Satellite holdings are smaller, more targeted positions added around that core. In WBMO, broad market funds form the core, and targeted themed funds, such as semiconductors, gold and bitcoin, act as satellites. Because WBMO is designed to be a complete, diversified portfolio in a single ticker, some investors may use it as their core holding. Others may use it as one part of a broader portfolio. How WBMO fits depends on your goals, your time horizon and your risk tolerance. A financial professional can help you decide.

10. Who manages WBMO?

WBMO is managed by VanEck’s Multi-Asset Solutions (MAS) team, which also runs the Wealth Builder models.

• David Schassler, Portfolio Manager and Head of Multi-Asset Solutions. David joined VanEck in 2012. He was previously a Director and Portfolio Manager in the UBS Portfolio Strategy Group.
• John Lau, CFA, Deputy Portfolio Manager and Senior Portfolio Implementation Manager.

The strategy is overseen by VanEck’s Investment Committee. The committee is chaired by Jan van Eck (CEO) and brings in portfolio managers from VanEck’s natural resources, gold, emerging markets and digital assets teams.

11. Is WBMO the same as the Wealth Builder Plus Model Portfolios?

No. WBMO is a separate fund, not an ETF version of any one Wealth Builder Plus model. Its holdings, weights and performance will differ from those of the models.

The two share an investment philosophy and are managed by VanEck’s Multi-Asset Solutions team. Like the models, WBMO looks beyond the traditional 60/40 mix, with deliberate exposure to themes such as disruptive technology and natural resources and strategic exposure to real and digital assets. It uses an open-architecture approach and a disciplined process for asset allocation, weighting, diversification, risk and ongoing management.

The Wealth Builder Plus Model Portfolios launched on July 1, 2024 and are offered in Conservative, Moderate and Aggressive versions on advisor platforms, where the advisor or platform places the trades. Instead of selecting, monitoring and rebalancing multiple funds, a client can own one ETF with a single allocation. VanEck handles trading and rebalancing inside the ETF.

12. What does WBMO invest in?

WBMO invests in four main types of investments, called asset classes:

• Stocks (equities): Shares of companies in developed and emerging markets around the world, across company sizes and styles. Also includes targeted exposure to “wide-moat” companies (those with lasting competitive advantages), semiconductors, quantum computing, defense and private-markets-related stocks.
• Bonds (fixed income): Loans to governments and companies that pay interest. WBMO holds U.S. Treasuries of different maturities, plus investment grade corporate bonds, fallen angels (bonds from companies that lost their investment grade rating), floating rate notes, collateralized loan obligations (CLOs) and emerging markets high yield bonds.
• Real assets: Investments tied to physical things, such as gold, energy income, infrastructure, uranium and diversified real assets. These exposures tend to behave differently from stocks and bonds when everyday prices rise (inflation).
• Digital assets: A small, measured amount of bitcoin.

13. How often is WBMO rebalanced?

WBMO generally rebalances quarterly. Rebalancing means adjusting the portfolio back to its target mix of investments when markets move it off course. The team can also trade between quarterly rebalances if markets get volatile. The process has three steps:

• Set: Target weights (how much goes into each investment) are set for each asset class and for the exposures within it.
• Monitor: The team tracks all asset classes, including how far each investment has drifted from its target and how much each asset class contributes to the portfolio's overall risk.
• Rebalance: Investments are trimmed or topped up as markets move, with trading guided by volatility.

14. How does WBMO select its underlying ETFs? Does it only hold VanEck funds?

No. WBMO uses an open-architecture approach, meaning it can pick the right fund for each job, no matter who runs it. VanEck has no mandate to hold only its own funds. WBMO can own ETFs/ ETPs from VanEck and from other providers, chosen for the role each plays in the portfolio.

Both broad market funds and themed funds (focused on one specific idea) can come from VanEck or third-party funds, depending on which fits best. VanEck ETPs are typically used for targeted thematic exposures such as semiconductors, wide-moat stocks, fallen angels, CLOs, gold and bitcoin. Selection criteria include the exposure each fund provides, its liquidity (how easily it can be bought and sold) and its cost.

15. Why does WBMO include real assets?

Real assets such as gold, natural resources, energy infrastructure and commodities often react differently to what's happening in the economy than traditional stocks and bonds. They may help diversify a portfolio (spread your money across different types of investments so you aren't relying on just one), especially when inflation is rising. WBMO holds them on purpose, as a planned part of the mix rather than an afterthought.

WBMO targets 7.5% of the portfolio in real assets, within a range of 4–12%.

16. How much bitcoin can WBMO hold?

Bitcoin is held in WBMO’s digital assets allocation, which is separate from its real assets allocation. Bitcoin is a distinct asset with its own characteristics and risks. WBMO targets 2% of the portfolio in digital assets, within a range of 1–5%. WBMO gets its bitcoin exposure through a spot bitcoin ETP (a fund that aims to track the price of bitcoin) rather than holding bitcoin directly. Bitcoin is highly volatile (its price can rise or fall sharply), and bitcoin ETPs are not registered under the Investment Company Act of 1940 (the 1940 Act), the main U.S. law that regulates mutual funds and ETFs.

17. Why does WBMO include bitcoin, and do I need a crypto wallet?

No. WBMO gets its bitcoin exposure through a spot bitcoin ETP, so you don't need to set up a digital wallet, manage keys or use a crypto exchange. Bitcoin is a small part of the portfolio, with a target of 2% and a range of 1–5%. It is meant to add variety to the mix, not to replace stocks and bonds. Bitcoin may behave differently from stocks and bonds, but it is highly volatile and can lose significant value.

18. What themes does WBMO focus on?

WBMO’s mix reflects VanEck’s outlook on the economy and markets through four long-term themes:

• Technological disruption: Semiconductors, quantum computing and innovators with lasting competitive advantages that supply the technology build-out, not only the platforms that consume it.
• Real assets: Gold, natural resources, energy infrastructure and commodities.
• Debasement-minded: Assets whose supply cannot be expanded by policy.
• Income diversification: Different sources of bond income, including fallen angel bonds, CLOs, floating rate notes and international bonds, across the bond part of the portfolio.

19. What does WBMO cost? (fees and expenses)

WBMO charges a management fee of 0.15% (15 basis points) per year^*, or about $15 for every $10,000 invested. Because it is a fund of funds, shareholders also indirectly pay the fees of the underlying ETPs it holds. You may also pay brokerage commissions when you buy or sell shares, depending on your brokerage. See the prospectus for WBMO's fees and expenses.

* Please see disclosures at the end of this content for complete WBMO fee information.

20. Will WBMO issue a K-1?

No. WBMO is a traditional 1940 Act ETF, so shareholders receive a Form 1099 (a standard tax form for investment income) at year-end rather than a K-1, a more complex tax form that some commodity and partnership investments issue. This is true even though WBMO gets commodity, gold and bitcoin exposure through underlying ETPs.

21. Does WBMO pay dividends?

Yes. WBMO expects to pay distributions (income paid out to shareholders) every quarter. Distributions are not guaranteed, and their amounts will vary.

22. Can I hold WBMO in a brokerage account or an individual retirement account (IRA)?

Generally, yes. A brokerage account, sometimes called a trading account, is an account you open with a brokerage firm, such as Fidelity, Schwab or Robinhood, to buy and sell investments like stocks and ETFs. An individual retirement account (IRA) is a tax-advantaged retirement account that many brokerage firms also offer. Because WBMO is an ETF listed on the New York Stock Exchange (NYSE), it can generally be held in both. Availability depends on your brokerage and account type, so check with yours.

23. Does WBMO have a performance track record?

Performance data for WBMO is available at vaneck.com.

The performance of the Wealth Builder Plus Model Portfolios is not the performance of WBMO and should not be considered a substitute for it.

24. What are the key risks of investing in WBMO?

All investing involves risk, including possible loss of principal (the money you put in). Key risks include:

• Fund of funds risk: WBMO holds other funds, so its performance depends on those underlying ETPs. WBMO bears their risks, and shareholders indirectly pay their fees.
• Digital asset risk: Bitcoin-related ETPs are highly volatile. They may trade at significant premiums or discounts to net asset value (NAV, the value of the fund’s underlying investments), are not registered under the 1940 Act, and can decline significantly without recovering.
• BDC risk: Business development companies (BDCs) generally invest in less mature or thinly traded companies, may use leverage and may charge high incentive fees.
• Collateralized loan obligation (CLO), call and government securities risk: CLOs carry the risks of their underlying loans plus structural risks. Callable bonds may be paid back early when interest rates fall. Treasury values fluctuate with interest rates.
• Gold, natural resources and MLP risk: Gold is considered speculative. Natural resources companies are sensitive to commodity prices, regulation and political developments. Master limited partnerships (MLPs) carry tax, governance and liquidity risks.
• Other risks: New fund, active management, foreign and emerging markets, high yield, non-diversification, concentration, and ETF trading and premium/discount risks.

See the prospectus for a full description of risks.

25. What happens if markets fall?

WBMO can lose value when markets fall, and you can lose money. Because it holds a mix of stocks, bonds, real assets and bitcoin, its investments don’t always move together, which may soften the impact of a drop in any one area. Diversification does not ensure a profit or protect against a loss in a declining market, though, and bitcoin in particular can be very volatile. If you need your money soon, or a big drop would be hard to stomach, consider whether WBMO fits your time horizon and comfort with risk. A financial professional can help you decide.

26. How can investors buy WBMO?

WBMO trades on the New York Stock Exchange, so you can buy and sell shares through a brokerage account, just like a stock.