The VanEck Long/Flat Trend ETF (LFEQ) strives to replicate, as accurately as possible and prior to expenses, the price and yield characteristics of the Ned Davis Research CMG US Large Cap Long/Flat Index (NDRCMGLF). This underlying index utilizes a unique algorithmic model that dictates its allocation between U.S. equities and/or U.S. Treasury bills. The primary objective is to mitigate potential losses during market declines and seize opportunities during upward trends. This model issues daily signals, defining the index's equity exposure at specific levels: 100%, 50%, or 0%.