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HYD
VanEck Vectors High-Yield Municipal Index ETF

  • Fund Description

    The VanEck Vectors® High-Yield Municipal Index ETF (HYD®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays Municipal Custom High Yield Composite Index (LMEHTR), which is intended to track the overall performance of the U.S. dollar denominated high yield long-term tax-exempt bond market. HYD is expected to pay monthly dividends. 

  •  
      

    • Fund Ticker

      HYD
    • Exchange

      NYSE Arca
    • Commencement

      02/04/2009
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMEHTR
    • Index Rebalancing

      Monthly
    • 2017 Preliminary NAIC
      Designation7

      4
  •  
    as of 11/17/17

    • 30-Day SEC Yield1

      4.01%
    • Total Net Assets

      $2.2B
    • Number of Holdings

      1590
    • Options

      Available
    • Gross Expense Ratio2

      0.35%
    • Net Expense Ratio/TER2

      0.35%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      11/30/2017

    1, 2, 7 See Important Disclosure

  • View All IndicesView All ETFsPerformance History: Average Annual Total Returns* (%)

    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    02/04/09
    HYD (NAV)-0.061.499.393.125.053.86--8.03
    HYD (Share Price)0.031.959.063.095.073.81--8.03
    LMEHTR (Index)0.301.359.304.476.265.39--9.27
    Performance Differential (NAV - Index)-0.360.140.09-1.35-1.21-1.53---1.24
    After Tax Held-0.061.499.393.115.043.83--7.99
    After Tax Sold0.131.307.003.674.944.04--7.61
    Quarter End as of 09/30/17
    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    02/04/09
    HYD (NAV)-0.012.189.461.615.364.06--8.12
    HYD (Share Price)0.032.359.031.455.273.98--8.11
    LMEHTR (Index)-0.382.008.972.786.435.65--9.33
    Performance Differential (NAV - Index)0.370.180.49-1.17-1.07-1.59---1.21
    After Tax Held-0.012.189.461.605.354.03--8.08
    After Tax Sold0.151.686.852.765.184.20--7.68
  • Performance History:Cumulative Total Return (%) as of 12/31/16

    1 YR3 YR5 YR10 YRLIFE
    02/04/09
    HYD (NAV)0.3320.2628.44--79.57
    HYD (Share Price)0.3121.6328.23--80.05
    LMEHTR (Index)1.8125.1736.71--98.55
    Performance Differential (NAV - Index)-1.48-4.91-8.27---18.98
  • Distribution History

    Anticipated Frequency: Monthly Dividend Income & Annual Capital Gains
    Ex-Date Record
    Date
    Payable Date Dividend
    Income*
    Short-Term
    Capital Gains
    Long-Term
    Capital Gains
    Return of Capital Total Distributions
    11/01/2017 11/03/2017 11/07/2017 $0.1127 -- -- -- $0.1127
    10/02/2017 10/04/2017 10/06/2017 $0.1209 -- -- -- $0.1209
    09/01/2017 09/06/2017 09/08/2017 $0.1086 -- -- -- $0.1086
    08/01/2017 08/03/2017 08/07/2017 $0.1011 -- -- -- $0.1011
    07/03/2017 07/06/2017 07/10/2017 $0.1121 -- -- -- $0.1121
    06/01/2017 06/05/2017 06/07/2017 $0.1147 -- -- -- $0.1147
    05/01/2017 05/03/2017 05/05/2017 $0.1082 -- -- -- $0.1082
    04/03/2017 04/05/2017 04/07/2017 $0.1148 -- -- -- $0.1148
    03/01/2017 03/03/2017 03/07/2017 $0.1040 -- -- -- $0.1040
    02/01/2017 02/03/2017 02/07/2017 $0.1165 -- -- -- $0.1165
    12/28/2016 12/30/2016 01/04/2017 $0.1295 -- -- -- $0.1295
    12/01/2016 12/05/2016 12/07/2016 $0.1212 -- -- -- $0.1212
    11/01/2016 11/03/2016 11/07/2016 $0.1111 -- -- -- $0.1111
    10/03/2016 10/05/2016 10/07/2016 $0.1096 -- -- -- $0.1096
    09/01/2016 09/06/2016 09/08/2016 $0.1075 -- -- -- $0.1075
    08/01/2016 08/03/2016 08/05/2016 $0.1042 -- -- -- $0.1042
    07/01/2016 07/06/2016 07/08/2016 $0.1027 -- -- -- $0.1027
    06/01/2016 06/03/2016 06/07/2016 $0.1149 -- -- -- $0.1149
    05/02/2016 05/04/2016 05/06/2016 $0.1150 -- -- -- $0.1150
    04/01/2016 04/05/2016 04/07/2016 $0.1148 -- -- -- $0.1148
    03/01/2016 03/03/2016 03/07/2016 $0.1118 -- -- -- $0.1118
    02/01/2016 02/03/2016 02/05/2016 $0.1157 -- -- -- $0.1157
    12/29/2015 12/31/2015 01/05/2016 $0.1158 -- -- -- $0.1158
    12/01/2015 12/03/2015 12/07/2015 $0.1206 -- -- -- $0.1206
    11/02/2015 11/04/2015 11/06/2015 $0.1197 -- -- -- $0.1197
    10/01/2015 10/05/2015 10/07/2015 $0.1237 -- -- -- $0.1237
    09/01/2015 09/03/2015 09/08/2015 $0.1254 -- -- -- $0.1254
    08/03/2015 08/05/2015 08/07/2015 $0.1285 -- -- -- $0.1285
    07/01/2015 07/06/2015 07/08/2015 $0.1226 -- -- -- $0.1226
    06/01/2015 06/03/2015 06/05/2015 $0.1248 -- -- -- $0.1248
    05/01/2015 05/05/2015 05/07/2015 $0.1190 -- -- -- $0.1190
    04/01/2015 04/06/2015 04/08/2015 $0.1347 -- -- -- $0.1347
    03/02/2015 03/04/2015 03/06/2015 $0.1255 -- -- -- $0.1255
    02/02/2015 02/04/2015 02/06/2015 $0.1282 -- -- -- $0.1282
    12/29/2014 12/31/2014 01/05/2015 $0.1350 -- -- -- $0.1350
    12/01/2014 12/03/2014 12/05/2014 $0.1109 -- -- -- $0.1109
    11/03/2014 11/05/2014 11/07/2014 $0.1200 -- -- -- $0.1200
    10/01/2014 10/03/2014 10/07/2014 $0.1200 -- -- -- $0.1200
    09/02/2014 09/04/2014 09/08/2014 $0.1265 -- -- -- $0.1265
    08/01/2014 08/05/2014 08/07/2014 $0.1292 -- -- -- $0.1292
    07/01/2014 07/03/2014 07/08/2014 $0.1270 -- -- -- $0.1270
    06/02/2014 06/04/2014 06/06/2014 $0.1202 -- -- -- $0.1202
    05/01/2014 05/05/2014 05/07/2014 $0.1222 -- -- -- $0.1222
    04/01/2014 04/03/2014 04/07/2014 $0.1350 -- -- -- $0.1350
    03/03/2014 03/05/2014 03/07/2014 $0.1507 -- -- -- $0.1507
    02/03/2014 02/05/2014 02/07/2014 $0.1391 -- -- -- $0.1391
    12/27/2013 12/31/2013 01/03/2014 $0.1425 -- $0.0994 -- $0.2419
    12/02/2013 12/04/2013 12/06/2013 $0.1340 -- -- -- $0.1340
    11/01/2013 11/05/2013 11/07/2013 $0.1438 -- -- -- $0.1438
    10/01/2013 10/03/2013 10/07/2013 $0.1363 -- -- -- $0.1363
    09/03/2013 09/05/2013 09/09/2013 $0.1517 -- -- -- $0.1517
    08/01/2013 08/05/2013 08/07/2013 $0.1482 -- -- -- $0.1482
    07/01/2013 07/03/2013 07/08/2013 $0.1526 -- -- -- $0.1526
    06/03/2013 06/05/2013 06/07/2013 $0.1388 -- -- -- $0.1388
    05/01/2013 05/03/2013 05/07/2013 $0.1283 -- -- -- $0.1283
    04/01/2013 04/03/2013 04/05/2013 $0.1475 -- -- -- $0.1475
    03/01/2013 03/05/2013 03/07/2013 $0.1270 -- -- -- $0.1270
    02/01/2013 02/05/2013 02/07/2013 $0.1413 -- -- -- $0.1413
    12/27/2012 12/31/2012 01/03/2013 $0.1450 -- -- -- $0.1450
    12/03/2012 12/05/2012 12/07/2012 $0.1245 -- -- -- $0.1245
    11/01/2012 11/05/2012 11/07/2012 $0.1360 -- -- -- $0.1360
    10/01/2012 10/03/2012 10/05/2012 $0.1386 -- -- -- $0.1386
    09/04/2012 09/07/2012 09/10/2012 $0.1384 -- -- -- $0.1384
    08/01/2012 08/03/2012 08/07/2012 $0.1319 -- -- -- $0.1319
    07/02/2012 07/05/2012 07/09/2012 $0.1350 -- -- -- $0.1350
    06/01/2012 06/05/2012 06/07/2012 $0.1392 -- -- -- $0.1392
    05/01/2012 05/03/2012 05/07/2012 $0.1345 -- -- -- $0.1345
    04/02/2012 04/04/2012 04/09/2012 $0.1555 -- -- -- $0.1555
    03/01/2012 03/05/2012 03/07/2012 $0.1305 -- -- -- $0.1305
    02/01/2012 02/03/2012 02/07/2012 $0.1315 -- -- -- $0.1315
    12/28/2011 12/30/2011 01/04/2012 $0.1300 -- -- -- $0.1300
    12/01/2011 12/05/2011 12/07/2011 $0.1342 -- -- -- $0.1342
    11/01/2011 11/03/2011 11/07/2011 $0.1400 -- -- -- $0.1400
    10/03/2011 10/05/2011 10/07/2011 $0.1440 -- -- -- $0.1440
    09/01/2011 09/06/2011 09/08/2011 $0.1490 -- -- -- $0.1490
    08/01/2011 08/03/2011 08/05/2011 $0.1426 -- -- -- $0.1426
    07/01/2011 07/06/2011 07/08/2011 $0.1400 -- -- -- $0.1400
    06/01/2011 06/03/2011 06/07/2011 $0.1500 -- -- -- $0.1500
    05/02/2011 05/04/2011 05/06/2011 $0.1430 -- -- -- $0.1430
    04/01/2011 04/05/2011 04/07/2011 $0.1450 -- -- -- $0.1450
    03/01/2011 03/03/2011 03/07/2011 $0.1800 -- -- -- $0.1800
    02/01/2011 02/03/2011 02/07/2011 $0.1480 -- -- -- $0.1480
    12/29/2010 12/31/2010 01/05/2011 $0.1450 $0.1820 $0.0380 -- $0.3650
    12/01/2010 12/03/2010 12/07/2010 $0.1530 -- -- -- $0.1530
    11/01/2010 11/03/2010 11/05/2010 $0.1400 -- -- -- $0.1400
    10/01/2010 10/05/2010 10/07/2010 $0.1460 -- -- -- $0.1460
    09/01/2010 09/03/2010 09/08/2010 $0.1460 -- -- -- $0.1460
    08/02/2010 08/04/2010 08/06/2010 $0.1400 -- -- -- $0.1400
    07/01/2010 07/06/2010 07/08/2010 $0.1320 -- -- -- $0.1320
    06/01/2010 06/03/2010 06/07/2010 $0.1490 -- -- -- $0.1490
    05/03/2010 05/05/2010 05/07/2010 $0.1620 -- -- -- $0.1620
    04/01/2010 04/06/2010 04/08/2010 $0.1470 -- -- -- $0.1470
    03/01/2010 03/03/2010 03/05/2010 $0.1410 -- -- -- $0.1410
    02/01/2010 02/03/2010 02/05/2010 $0.1550 -- -- -- $0.1550
    12/29/2009 12/31/2009 01/05/2010 $0.1610 -- -- -- $0.1610
    12/01/2009 12/03/2009 12/07/2009 $0.1390 -- -- -- $0.1390
    11/02/2009 11/04/2009 11/06/2009 $0.1550 -- -- -- $0.1550
    10/01/2009 10/05/2009 10/07/2009 $0.1540 -- -- -- $0.1540
    09/01/2009 09/03/2009 09/08/2009 $0.1600 -- -- -- $0.1600
    08/03/2009 08/05/2009 08/07/2009 $0.1600 -- -- -- $0.1600
    07/01/2009 07/06/2009 07/08/2009 $0.1550 -- -- -- $0.1550
    06/01/2009 06/03/2009 06/05/2009 $0.1620 -- -- -- $0.1620
    05/01/2009 05/05/2009 05/07/2009 $0.1600 -- -- -- $0.1600
    04/01/2009 04/03/2009 04/07/2009 $0.1540 -- -- -- $0.1540
    03/02/2009 03/04/2009 03/06/2009 $0.1750 -- -- -- $0.1750
    *All registered investment companies are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading VanEck Vectors ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant VanEck Vectors ETFs on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.Certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The final determination of the tax characteristics cannot be determined until after each Fund’s yearend and are reported to shareholders on Form 1099-DIV. The form is mailed to shareholders shortly after calendar yearend specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distribution on a shareholder’s tax return.The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the securities in its portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends may change. There can be no assurance that the Fund will be able to declare a dividend distribution in each period. Past performance is no guarantee of future results.Click here to access more detailed yearend tax information.
  • Calendar Year Returns (%) as of 12/31/2016

  • NAV History
    as of 10/31/17

  • Best & Worst
    Quarter Returns (%)
    as of 09/30/17

    • Best quarter

      3Q'09+15.85%
    • Worst quarter

      4Q'16-7.17%
    Best & Worst Quarter Returns are based on NAV, reflect the period since the Fund's inception, and are updated quarterly. 
  • Important Disclosure

    VanEck only serves professional clients in countries where the funds are registered or where funds can be sold in accordance with local private placement rules.

    130-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among funds. It 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. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. Distributions may vary from time to time. The Distribution Yield is the annual yield an investor would receive if the most recent Fund distribution stayed the same going forward. The yield represents a single distribution from the Fund and does not represent the total return of the Fund.  The yield is calculated by annualizing the most recent distribution and dividing by the Fund NAV from the as-of date. The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

    1aTaxable equivalent yields (TEY) are used by investors to compare yields on taxable and tax-exempt securities after accounting for federal income taxes. TEY represents the yield a taxable bond investment would have to earn in order to match, after deducting federal income taxes, the yield available on a tax-exempt municipal bond investment. TEY = Tax-Free Municipal Bond Yield/(1 -Tax Rate).

    2HYD Fees & Expenses: Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

    3Morningstar Ratings: If applicable, when the ETF is rated three stars or more for any given period. ©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

    For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

    4These figures represent averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options.Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield.Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases.Years to Maturity  is the period of time for which a financial instrument remains outstanding. Maturity refers to a finite time period at the end of which the financial instrument will cease to exist and the principal is repaid. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The Coupon and Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

    5IIV is an abbreviation for the intraday indicative value of an ETF's Shares (and is also known as the Indicative Optimized Portfolio Value or IOPV), and is disseminated every 15 seconds during regular trading hours. The IIV is based on the current market value of the securities and/or cash required to be deposited in exchange for a Creation Unit. The IIV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio. Therefore, the IIV should not be viewed as a "real-time" update of the Fund's NAV, which is computed only once a day. The Fund is not involved in, or responsible for, the calculation or dissemination of the IIV and makes no warranty as to its accuracy.

    6The S&P 500® Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

    7Preliminary NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. A Preliminary NAIC Designation is an opinion of the NAIC Securities Valuation Office (SVO) of the probable credit quality designation that would be assigned by the SVO to an investment if purchased by an insurance company and reported to the SVO. A Preliminary NAIC Designation is only one of the regulatory factors considered by the SVO as part of its analysis of probable regulatory treatment under the Regulatory Treatment Analysis Service (RTAS). A full discussion of such other regulatory factors is set forth in the RTAS Letter provided to Van Eck Associates Corporation. A Preliminary NAIC Designation cannot be used to report the ETF to state insurance regulators. However, the purchasing insurance company may obtain an NAIC Designation for the ETF by filing the security and final documents for the ETF with the SVO. The indication of probable regulatory treatment indicated by a Preliminary NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

    The SVO of the NAIC assesses the credit quality of fixed income securities owned by state-regulated insurance companies and assigns appropriate NAIC designations, ranging from the highest quality of 1 to the lowest of 6. Designations only measure credit risk and do not measure other risks or factors such as volatility, interest rate, prepayment, extension or liquidity risk.

    An investment in the Fund may be subject to risks which include, among others, risks related to litigation, legislation, political change, conditions in underlying sectors or in local business communities and economies, bankruptcy or other changes in the issuer's financial condition and/or the discontinuance of taxes supporting the project or assets of the inability to collect revenues for the project or from the assets, and credit, interest rate, and call risk, all of which may adversely affect the Fund. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. Municipal bonds may be less liquid than taxable bonds. A portion of the dividends you receive may be subject to the federal alternative minimum tax (AMT).There is no guarantee that the Fund's income will be exempt from federal, state or local income taxes, and changes in those tax rates or in 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. The Fund's assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

    The VanEck Vectors ETFs are not sponsored by, endorsed, sold or promoted by Bloomberg or Barclays and neither Bloomberg nor Barclays makes any representation regarding the advisability of investing in them. The only relationship to the Adviser with respect to the VanEck Vectors ETFs is the licensing of certain trademarks and trade names of Bloomberg and Barclays and the BLOOMBERG BARCLAYS INDICES that are determined, composed and calculated by Bloomberg without regard to the Adviser or any investor in the VanEck Vectors ETFs.

    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 throughtax-deferred arrangements such as 401(k) plans or individual retirement.

    The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2017 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

    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. Index returns assume that dividends have been reinvested.

    The "Net Asset Value" (NAV) of a VanEck 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. VanEck 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. 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.

    The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Performance current to the most recent month end is available by calling 800.826.2333 or on this web page.

    Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus , which contains this and other information, call 800.826.2333 or visit vaneck.com/etfs . Please read the prospectus and summary prospectus carefully before investing.

    This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.