What are inflation linked bonds (ILBs)?

ILBs are fixed income securities designed to help investors preserve purchasing power. An ILB pays a fixed real coupon, which is applied to a principal amount that adjusts with a measure of local inflation, such as the Consumer Price Index (CPI). As inflation rises, the principal rises with it, so both the coupon payments and the amount repaid at maturity increase. Governments are the most common issuers, and they often sell ILBs alongside regular, or nominal, bonds. In the US, ILBs are known as Treasury Inflation Protected Securities (TIPS). The ILB market outside the US is even larger than the US TIPS market, encompassing established developed market issuers, such as the UK, France, Germany and Canada, as well as a large segment of emerging market sovereign issuers.

ILBs pay a fixed coupon rate that is applied to an inflation-adjusted principal amount. As inflation rises, both the principal and coupon payments increase. Consider a simplified example of an ILB with a 3% real coupon and a principal of 100. If inflation is 3%, the principal adjusts from 100 to 103, and the coupon is paid on the new amount (3% of 103 = 3.09). This illustrates how inflation affects an ILB’s principal and coupon payments. In contrast, a nominal bond pays a fixed coupon and returns the original principal, regardless of inflation. In short, an ILB’s principal adjusts with inflation, while a nominal bond’s principal does not.

What role would EMIL play in a global real asset portfolio?

Real asset portfolios often hold gold, commodities, TIPS or real estate. EMIL can play a distinct role alongside them: (1) Income. Unlike commodities and gold, ILBs pay regular income that adjusts with inflation. (2) Higher real yield. EMIL provides an attractive real yield, driven by EM real yields that have historically been persistently higher than TIPS, and we believe the premium is structural. (3) Diversification. EM ILBs have historically had a negative correlation to the US dollar and only a modest to moderate correlation to other inflation sensitive assets such as TIPS, gold and commodities. The developed market portion of EMIL’s index (up to 35%) adds higher credit quality and exposure to additional inflation indexes and currencies. (4) Not dependent on high inflation. The real yield premium reflects persistent differences in neutral rates, term premia and institutional credibility, and has been present across a range of inflation environments. Weigh these benefits against the risks: currency volatility, emerging market risk and the possibility that inflation falls below the breakeven. For investors focused on US inflation, TIPS can remain a core holding, with EM ILBs as a complement rather than a replacement. The right allocation depends on each investor’s goals and risk tolerance, so consider speaking with a financial advisor.

EMIL

VanEck EM Focus Inflation Bond ETF

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Why EMIL

Attractive inflation-adjusted incomeEM inflation-linked bonds offer real yields that are structurally higher than US TIPS

Global inflation hedgeCoupons are linked to local inflation, which have high exposure to commodity prices* and may be more sensitive to global inflation shocks
* Compared to US TIPS. Source: VanEck

Potential protection from currency volatilityInflation linked bonds can offset inflation-driven foreign currency weakness

VanEck EM Focus Inflation Bond ETF (EMIL) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the FTSE Emerging Markets Focused International Inflation-Linked Securities Index (CFIIEFIL). The index is comprised of inflation-linked bonds issued non-US sovereign issuers with a concentration in emerging markets.

Yields

Distribution Frequency

Monthly

30-Day SEC Yield

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Distribution Yield

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12 Month Yield

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Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck EM Focus Inflation Bond ETF would have been -- % on 01/01/01. Distributions may vary from time to time.

Performance

Average Annual Total Returns* (%)

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	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 11/02/26
EMIL (NAV)	--	--	--	--	--	--	--	--
EMIL (Market Price)	--	--	--	--	--	--	--	--
FTSE Emerging Markets Focused International Inflation-Linked Index	-2.42	-0.72	5.64	9.21	7.93	5.83	--	--

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 11/02/26
EMIL (NAV)	--	--	--	--	--	--	--	--
EMIL (Market Price)	--	--	--	--	--	--	--	--
FTSE Emerging Markets Focused International Inflation-Linked Index	-2.42	-0.72	5.64	9.21	7.93	5.83	--	--

*Returns less than one year are not annualized.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

Holdings

Daily Holdings (%) as of

Total Holdings: 0

Holding Name	% of Net Assets	Coupon	Maturity	Market Value (US$)

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Country of risk is defined using the International Organization for Standardization’s (ISO) country codes which take four factors into account (listed in order of importance): management location, country of primary listing, country of revenue and reporting currency of the issuer. Management location is defined by country of domicile unless location of such key players as the CEO, CFO, COO or General Counsel is otherwise.

Fees

Distributions

Distribution History

Anticipated Frequency: Monthly Dividend Income & Annual Capital Gains

Ex-date	Record Date	Payable date	Dividend Income^‡	Short-Term Capital Gains	Long-Term Capital Gains	Return of Capital	Total Distributions

^‡All registered investment companies are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading VanEck ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant VanEck ETFs on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.

Certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The final determination of the tax characteristics cannot be determined until after each Fund’s yearend and are reported to shareholders on Form 1099-DIV. The form is mailed to shareholders shortly after calendar yearend specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distribution on a shareholder’s tax return.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the securities in its portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends may change. There can be no assurance that the Fund will be able to declare a dividend distribution in each period. Past performance is no guarantee of future results.

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Frequency
Summary Prospectus
Annually
Statutory Prospectus
Annually
SAI
Annually

Fund Documents

Name
EMIL Fund Profile: Higher Real Yield, Beyond TIPS
Quarterly
All EMIL Holdings
Daily
VanEck Tax Information & Distributions
NAV & Premium/Discount History
Daily
CFIIEFIL Performance History
Daily
VanEck ETF Guide
Annually

EMIL

VanEck EM Focus Inflation Bond ETF

EMIL

VanEck EM Focus Inflation Bond ETF

Documents

Overview

Why EMIL

Yields

Performance

Average Annual Total Returns* (%)

Holdings

Daily Holdings (%) as of

Fees

Distributions

Distribution History

Team

Resources

Regulatory Information

Fund Documents

Thought Leadership

EMIL VanEck EM Focus Inflation Bond ETF

EMIL VanEck EM Focus Inflation Bond ETF

Documents

Overview

Why EMIL

Yields

Performance

Average Annual Total Returns* (%)

Holdings

Daily Holdings (%) as of

Fees

Distributions

Distribution History

Team

Resources

Regulatory Information

Fund Documents

Thought Leadership

EMIL

VanEck EM Focus Inflation Bond ETF

EMIL

VanEck EM Focus Inflation Bond ETF