Fund Description: VanEck Vectors CEF Municipal Income ETF, formerly, Market Vectors CEF Municipal Income ETF, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the VanEck Vectors ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The VanEck Vectors CEF Municipal Income ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S-Newtork Municipal Bond Closed-End Fund Index. INDEX DESCRIPTION: The S-Newtork Municipal Bond Closed-End Fund Index is composed of shares of municipal closed-end funds listed in the United States that are principally engaged in asset management processes designed to produce federally tax exempt annual yield. 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 federal alternative minimum tax (AMT). The Fund is a fund of funds, meaning that it invests all or a portion of its assets in other funds. The Fund normally invests at least 80% of its total assets in securities of issuers that comprise the Index. The Underlying Funds invest in municipal bonds issued by states or local governments or agencies the income of which is exempt from U.S. federal income tax, but a portion of this income may be subject to the AMT and will generally be subject to state income taxes. The Fund’s investment policy to invest at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than AMT) requires shareholder approval before it can be changed. The Fund may count investments that generate income subject to the AMT toward the 80% investment requirement. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index. FUND MANAGEMENT: Van Eck Associates Corporation serves as the investment adviser to the Fund and will be responsible for the day-to-day management of the Fund.