Fund Description: VanEck Vectors High-Yield Municipal Index ETF, formerly Market Vectors - High Yield Municipal Index ETF, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the VanEck Vectors ETF Trust, an open-ended investment management company. INVESTMENT OBJECTIVE: The VanEck Vectors High-Yield Municipal Index ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays Capital Municipal Custom High Yield Composite Index. INDEX DESCRIPTION: The Barclays Capital Municipal Custom High Yield Composite Index is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. dollar denominated high yield long-term tax-exempt bond market. It is a total return benchmark designed for high quality and tax-efficient investments. The majority of the High Yield Index’s constituents are from the revenue sector, with some constituents being from the general obligation sector. The revenue sector is divided into industry sectors that consist of but may not be limited to electric, health care, transportation, education, water & sewer, resource recovery, leasing and special tax. The High Yield Index is calculated using a market value weighting methodology. The Index tracks the high yield municipal bond market with a 75% weight in non-investment grade municipal bonds and a 25% weight in Baa/BBB-rated investment grade municipal bonds. It is comprised of three total return, market size weighted benchmark indexes with weights as follows: 50% weight in Muni High Yield/$100 Million Deal Size Index. 25% weight in Muni High Yield/Under $100 Million Deal Size Index. 25% weight in Muni Baa-Rated/$100 Million Deal Size Index. All bonds must have a fixed rate, a dated-date after December 31, 1990 and must be at least one year from their maturity date. Taxable municipal bonds, bonds with floating rates and derivatives are excluded from the three indexes. FUND STRATEGY: The Fund will normally invest at least 80% of its total assets in securities that comprise the Index. A lesser percentage may be so invested to the extent that additional flexibility is needed to comply with the requirements of the U.S. Internal Revenue Code of 1986, as amended, and other regulatory requirements. The Fund utilizes a passive or indexing investment approach to approximate the investment performance of the Index. The Fund expects to use a sampling approach in seeking to achieve its objective. A quantitative analysis is used to select municipal bonds and other securities that represent a sample of securities in the Index in terms of key risk factors, performance attributes and other characteristics. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Generally, the Fund is expected to hold less than the total number of securities in the Index, but reserves the right to hold as many securities as it believes necessary to achieve the Fund’s investment objective. In addition, from time to time, securities are added to or removed from the Index. The Fund may sell securities that are represented in the Index, or purchase securities that are not yet represented in the Index, in anticipation of their removal from or addition to the Index. Further, the Fund's Advisor, may choose to overweight securities, purchase or sell securities not in the High Yield Index, or utilize various combinations of other available investment techniques, in seeking to track the Index. Because of the passive investment management approach of the Fund, the portfolio turnover rate is expected to be under 30%, generally a lower turnover rate than for many other investment companies. Sales as a result of High Yield Index changes could result in the realization of short or long-term capital gains by the Fund thereby resulting in a tax liability for shareholders subject to U.S. Federal income tax. FUND MANAGEMENT: Van Eck Associates Corporation serves as the adviser to the Fund and subject to the supervision of the Board of Trustees, will be responsible for the day-to-day investment management of the Fund.