Fund Description: VanEck Vectors Pre-Refunded Municipal Index ETF, formerly Market Vectors - Pre-Refunded 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 Pre-Refunded Municipal Index ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays Capital Municipal Pre-Refunded - Treasury-Escrowed Index. INDEX DESCRIPTION: The Barclays Capital Municipal Pre-Refunded - Treasury-Escrowed Index is a market size weighted index comprised of publicly traded municipal bonds that cover the U.S. Dollar denominated tax exempt bond market. It is a total return benchmark designed for high quality and tax efficient investments. The Index is comprised of pre-refunded and/or escrowed-to-maturity municipal bonds, provided that the collateral in the escrow account is comprised strictly of obligations of and carry the full faith and credit of the U.S. Treasury. To be included in the Index, bonds must have an explicit or implicit credit rating of AAA. The Index is calculated using a market value weighting methodology. Potential Index constituents must have a par value of at least $7 million and be issued as part of a transaction of at least $75 million in market value. Each potential Index component must be pre-refunded or escrowed-to-maturity, provided that the underlying collateral in the escrow account is comprised strictly of marketable U.S. Treasury securities and/or U.S. Treasury-issued State and Local Government Series (SLGs) securities. In addition, each potential Index component must have a fixed rated coupon and be denominated in U.S. Dollars. The following types of securities are excluded from the Index: taxable municipal bonds, floating rate bonds, derivatives and remarketed issues. Total returns are calculated based on the sum of price changes, gain/loss on repayments of principal, and coupon received or accrued, expressed as a percentage of beginning market value. The Index is calculated once a day by Barclays Capital. 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 Adviser may choose to overweight securities, purchase or sell securities not in the Index, or utilize various combinations of other available investment techniques, in seeking to track the Index. 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.