BUZZ Investing: Equities Rally Amidst Encouraging Inflation Data
November 22, 2022
Read Time 7 MIN
Stability seemed to take root across domestic markets during the recent period between Index selection dates (October 13, 2022 to November 10, 2022, the “Period”), with equities gaining and the surging US dollar pausing its relentless year-to-date advance. Upbeat corporate earnings, resilient US consumer spending, and domestic GDP growth, which beat expectations, overcame earnings disappointments from several mega-cap technology stocks. The S&P 500 Index gained, pulling the widely followed index out of bear market territory for the year. Some market participants cited ‘oversold’ conditions in both price and sentiment as catalysts for the rebound.
The Federal Open Market Committee (FOMC) hiked its Federal Funds Target Rate by 75bps at its November 2 meeting, marking the fourth consecutive 75bps point hike as the committee continues to pursue its most aggressive pace of monetary policy tightening since it started using the overnight funds rate as its principal policy tool in 1990. Future readings of domestic inflation remain a key focus for many market participants trying to forecast the pace of future interest rate hikes by the Federal Reserve. Recent readings of domestic inflation revealed the consumer price index rose less than forecast, posting its smallest gains since January 2022. The CME FedWatch Tool, which analyzes the probability of FOMC rate moves for upcoming meetings using 30-Day Fed Fund futures pricing data, now indicates an approximate 20% probability of a fifth consecutive 75bps hike while projecting an easing of the pace of future increases into 2023.
The BUZZ NextGen AI US Sentiment Leaders Index (the “BUZZ Index” or “Index”) returned 7.00% during the month of October compared to a return of 8.10% for the S&P 500 Index during the same period. Year-to-date, the BUZZ Index trails the S&P 500 with returns of -41.43% and -17.70%, respectively, as of the end of October.
Shares of Chip Makers Pace Advancing Stocks within the BUZZ Index
Shares of NVIDIA Corp (NASD: NVDA) and Advanced Micro Devices (NASD: AMD) each surged over 14% on November 10, as investors reacted positively to signs of slowing inflation which sparked speculation the Federal Reserve might become less aggressive with future interest rate hikes. The leading chip makers snap rally helped pace gains within the BUZZ Index during the period; however, both NVDA and AMD remain 50% below their 52-week highs, a telling indicator of the breadth of the technology sell-off of 2022. Shopify Inc. (NYSE: SHOP) was another notable contributor to the BUZZ Index performance during the Period. The Canadian e-commerce company reported Q4 revenue that beat analysts’ expectations after adding more avenues for its customers to sell and promote their products. Among the hardest hit of thematic and future-growth oriented equities, SHOP gained nearly 40% during the Period, the best-performing stock in the BUZZ Index. Despite the impressive gains, shares of SHOP remain nearly 80% below their 52-week high.
| Top BUZZ Index Contributors: October 13, 2022 – November 10, 2022 | |||
| Company | Ticker | Average Weight (%) | Return Contribution (%) |
| NVIDIA Corp | NVDA | 3.20 | 0.97 |
| Carnival Corp | CCL | 2.20 | 0.68 |
| Shopify Inc | SHOP | 1.85 | 0.62 |
| Advanced Micro Devices Inc | AMD | 2.86 | 0.51 |
| Boeing Co/The | BA | 1.39 | 0.46 |
| Ford Motor Co | F | 2.12 | 0.44 |
| JPMorgan Chase & Co | JPM | 1.89 | 0.40 |
| Netflix Inc | NFLX | 2.73 | 0.35 |
| Enphase Energy Inc | ENPH | 1.19 | 0.29 |
| Bank of America Corp | BAC | 1.36 | 0.26 |
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.
The top detractors to performance featured a range of stocks from the Communication Services, Consumer Discretionary, and Information Technology sectors together with technology-oriented Financials. Shares of electric vehicle manufacturer Tesla Inc (NASD: TSLA) were among the top detractors to performance, falling nearly 14% during the Period. TSLA CEO Elon Musk sold at least another $3.95 billion worth of TSLA shares in his electric car company after closing his $44 billion acquisition of Twitter. Musk’s acquisition of Twitter closed on October 27th. Shares of TSLA have fallen 31.4% from the April 14th announcement of Musk’s bid through the closing of the transaction. Meta Platforms, Inc. (NASD: META), the parent company of social media platforms such as Facebook and Instagram, continued to struggle, falling 14.1% during the Period, failing to participate in the broader equity market rally. Investors appear frustrated with META CEO Mark Zuckerberg’s seemingly stubborn commitment to the company’s 'Long-Term Vision' for its Metaverse vision while simultaneously announcing plans to fire 13% of its workforce in a bid to reduce costs.
| Bottom BUZZ Index Contributors: October 13, 2022 – November 10, 2022 | |||
| Company | Ticker | Average Weight (%) | Return Contribution (%) |
| Coinbase Global Inc | COIN | 1.88 | -0.56 |
| Tesla Inc | TSLA | 2.76 | -0.42 |
| Amazon.com Inc | AMZN | 2.76 | -0.41 |
| Meta Platforms Inc | META | 2.51 | -0.38 |
| Lucid Group Inc | LCID | 2.40 | -0.19 |
| Plug Power Inc | PLUG | 1.04 | -0.18 |
| Affirm Holdings Inc | AFRM | 0.80 | -0.17 |
| Robinhood Markets Inc | HOOD | 1.06 | -0.16 |
| Palantir Technologies Inc | PLTR | 2.51 | -0.15 |
| Alphabet Inc | GOOGL | 2.76 | -0.14 |
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.
Sentiment Stock Highlight – Coinbase Global, Inc.
The crypto world was left in shock this month when it was revealed that FTX, the third-largest exchange in the world as measured by trading volume, was facing liquidity issues, and pausing customer withdrawals. Many previously thought it unfathomable that the company, led by Sam Bankman-Fried (“SBF”), could implode so quickly. SBF, an enigmatic and nerdy savant, amassed a cult-like following by millions of crypto ‘believers’ who adored his messy mop of hair, T-shirts and shorts attire, and his penchant for playing computer games during pitch meetings. The 30-year-old founder of FTX, who at one time reportedly had a $26 billion net worth, could seemingly do no wrong as his influence and stature extended across celebrities and regulators alike. SBF’s unassuming down-to-earth attitude and eccentricities were often cited as proof of his ‘genius.’
The decline in value of the FTX’s token, dubbed FTT, which served as collateral for most of the company's liabilities, ultimately exposed the company's massive liquidity shortfall. The revelation that FTX sent customer deposits to its related hedge fund platform Alameda Research was shocking. Hanging in the balance is an increasing probability of a near-zero recovery for millions of retail investors who traded on FTX platforms. While damaging to crypto's image, the news may ultimately boost FTX's competitors, namely Coinbase (NASD: COIN), which sought to reassure the public that it did not misuse customer funds and holds ample reserves. Shares of COIN declined on the FTX news along with most crypto-related assets; however, the stock managed to hold its recent June 2022 lows. Of note is that investor sentiment on the stock has been climbing, suggesting investors may not expect contagion to spread from the FTX fallout to COIN. This month, COIN’s weight rises almost 1%, achieving a maximum 3% weight within the BUZZ Index.
Coinbase Global Stock Price | January 2022 – November 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.
BUZZ Index November 2022 Rebalance Highlights
Snap Inc.
Social media stocks have been among the hardest hit segments of the equity market over the past year. Meta Platforms, Inc. (NASD: META) has garnered much of the financial media’s attention as its stock fell nearly 75% from the start of 2022 to its low in early November. Declining revenues have also been a problem for other social media companies, notably Snap (NYSE: SNAP). SNAP's Q3 earnings, released on October 20th, 2022, highlighted revenue growth slowing into the single digits and larger than expected losses. Shares of SNAP sank 28% following the report. To many, the poor results looked like yet another disappointment for the stock, as shares of SNAP declined sharply following each of the company’s four previous earnings reports. SNAP’s Q3 earnings report did contain several positive signs for the company, including continued daily active user growth, record subscribers in its Snapchat+ subscription service, and a $500 million share buyback program. Investors may be becoming increasingly bullish on the stock, as positive investor sentiment has recently jumped while shares of SNAP have recovered from their post-earnings losses. Previously at a 0.93% weight, this month SNAP joins COIN in ascending to a maximum 3% weight within the BUZZ Index.
For more on rebalancing results and a full breakdown of index constituents added and removed for the month, view the BUZZ Index reconstitution report.
To receive more Thematic Investing insights, sign up in our subscription center.
Related Insights
April 10, 2024
March 25, 2024
March 01, 2024
February 16, 2024
January 31, 2024
Important Disclosures
Company data is the source for all particular company information quoted.
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.
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. Markit CDX North America High Yield Index represents one hundred liquid North American entities with high yield credit ratings as published by Markit. COBE VIX Index is a real–time market index representing the market's expectations for volatility over the coming 30 days.
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.spglobal.com/spdji/en/. 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.
Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
© 2022 VanEck. VanEck®, VanEck Access the opportunities®, and the stylized VanEck design® are trademarks of Van Eck Associates Corporation.
Related Funds
Important Disclosures
Company data is the source for all particular company information quoted.
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.
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. Markit CDX North America High Yield Index represents one hundred liquid North American entities with high yield credit ratings as published by Markit. COBE VIX Index is a real–time market index representing the market's expectations for volatility over the coming 30 days.
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.spglobal.com/spdji/en/. 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.
Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.
© 2022 VanEck. VanEck®, VanEck Access the opportunities®, and the stylized VanEck design® are trademarks of Van Eck Associates Corporation.