1 “Avg Yield to Worst” is equal to either the lowest of either yield-to-maturity or yield-to-call date on every possible call date.
2 Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included. The Distribution Yield is the annual yield an investor would receive if the most recent fund distribution stayed the same going forward. The Distribution Yield represents a single distribution from the fund and does not represent the total return of the fund. The Distribution Yield is calculated by annualizing the most recent distribution and dividing by the fund NAV from the as-of date. The 30-Day SEC Yield is computed under an SEC standardized formula and is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the fund’s expenses for the period. Because the 30-Day SEC Yield reflects the rate at which the fund is earning income on its current portfolio of securities, while the distribution rate reflects the fund's past dividends paid to shareholders, the fund's 30-Day SEC Yield and Distribution Yield may differ.
Important Disclosure
Municipal bonds are subject to risks related to litigation, legislation, political changes, local business or economic conditions, conditions in underlying sectors, bankruptcy or other changes in the financial condition of the issuer, and/or the discontinuance of the taxation supporting the project or assets or the inability to collect revenues for the project or from the assets. Bonds and bond funds will decrease in value as interest rates rise. Municipal bonds are also subject to credit risk, interest rate risk, call risk, lease obligations and tax risk. The market for municipal bonds may be less liquid than for taxable bonds. There is no guarantee that the Fund’s income will be exempt from federal or state income taxes or the alternative minimum tax. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax. For a more complete description of these and other risks, please refer to each Fund’s prospectus.
A portion of the Funds’ dividends may be subject to federal, state, or local income taxes or may be subject to the federal alternative minimum tax.
After Tax Held Returns represent return after taxes on distributions and assumes shares have not been sold. After Tax Sold Returns represent the return after taxes on distributions and the sale of fund shares. After Tax on Distributions assumes shares have not been sold. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement
The Barclays Capital Long Continuous Municipal Index is calculated and maintained by Barclays Capital Inc. Barclays Capital Inc. does not sponsor, endorse, or promote the Funds and bears no liability with respect to any such Funds or security.
Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Investors can not invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The “Net Asset Value” (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the
dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total
liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading
value. Market Vectors ETF investors should not expect to buy or sell
shares at NAV.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.
Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing.
Not FDIC Insured — No Bank Guarantee — May Lose Value
Van Eck Securities Corporation, Distributor