Fund Description: VanEck Vectors Municipal Allocation ETF is a non-diversified actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the VanEck Vectors ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The VanEck Vectors Municipal Allocation ETF seeks maximum long-term after-tax return, consisting of capital appreciation and income generally exempt from federal income tax (other than federal alternative minimum tax (AMT). The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund normally invests at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than AMT). The Fund invests under normal circumstances, primarily in VanEck Vectors ETFs that are registered under the applicable federal securities laws and that invest in publicly traded municipal bonds that cover the U.S. dollar-denominated investment grade and below investment grade (high yield or junk bonds) tax-exempt bond market. The Fund may also invest in unaffiliated exchange-traded products (ETPs), which could include ETFs and closed-end funds. The Adviser primarily uses a proprietary, rules-based allocation model. The Municipal Allocation Model utilizes various indicators to identify periods of credit and duration risk. These indicators measure various risk metrics, which include but are not limited to, market prices and trends, volatility (i.e., the measure of historic and/or predicted future variation of returns for a given security or market index), yield spreads (i.e., the difference between yields on differing fixed income securities of varying maturities, credit ratings and risk), and relative yield ratios. FUND MANAGEMENT: Van Eck Associates Corp. serves as the investment adviser to the Fund.