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    Please read these terms and conditions ("terms") carefully before using the services described herein. By using the website located at www.vaneck.com ("Website"), you acknowledge that you have read these terms and conditions set forth herein and that you agree to be bound by them. If you do not agree to all of the terms and conditions set forth herein, you are not an authorized user of these services and you should not use the Website.

    VanEck (“VanEck”) reserves the right to change, modify, add or remove portions of these terms at any time for any reason. We suggest that you review these terms periodically for changes. Such changes shall be effective immediately upon posting. You acknowledge that by accessing the Website after we have posted changes to these terms, you are agreeing to these terms as modified.

    The information provided on the Website is provided "AS IS" and without warranties of any kind either expressed or implied. To the fullest extent permissible pursuant to applicable law, VanEck disclaims all warranties, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose. VanEck does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on the Website and VanEck expressly disclaims all liability for errors and omissions in these materials and for the use or interpretation by others of information contained on the Website.

    VanEck will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via the Website. Neither VanEck, nor any of its affiliates, directors, officers or employees, nor any third party vendor retained by VanEck will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of the Website, or resulting from the act or omission of any other party involved in making the Website or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the Website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of VanEck or of any vendor providing software or support services for the Website.

    In no event will VanEck, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if VanEck or any other party have been advised of the possibility thereof.

    Nothing contained in the Website constitutes investment advice. Neither the information, nor any opinion contained in the Website constitutes a solicitation, recommendations or offer by VanEck or its affiliates to buy or sell any securities, futures, options or other financial instruments, nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

    Decisions based on information contained on the Website are your sole responsibility, and in exchange for using the Website, you agree to hold VanEck harmless against any claims for damages arising from any decisions that you make based on such information.

    Notwithstanding these provisions, you are not entitled to access the Website if doing so would involve a breach of law by you or us in any country. It is your responsibility to be aware of the relevant laws and regulations.

    Disclaimer

    The investments and strategies discussed in the Website may not be suitable for all investors and are not obligations of VanEck or its affiliates or guaranteed by VanEck or its affiliates. VanEck makes no representations that the contents are appropriate for use in all locations, or that the securities, products, instruments, or services discussed on the Website are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties. By making available information on the Website, VanEck does not represent that any investment vehicle is available or suitable for any particular user. All persons and entities accessing the Website do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

    All investments involve risk and may lose value. The value of your investment can go down depending upon market conditions. Fixed income investments are subject to risk including interest rate, credit, market and issuer risk. Currency exchange rates may cause the value of an investment to go up or down. Alternative strategies involve higher risks than traditional investments, may not be tax efficient, and have higher fees than traditional investments; they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. BEFORE ACQUIRING THE SHARES OF ANY INVESTMENT FUND BY PURCHASE OR EXCHANGE, IT IS YOUR RESPONSIBILITY TO READ THE FUND'S PROSPECTUS OR OFFERING MATERIALS.

    The Website is for information purposes only and is not intended to be relied upon as a forecast, research or investment advice. The information on the Website does not constitute a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Although this material is based upon information that VanEck considers reliable and endeavors to keep current, VanEck does not assure that this material is accurate, current or complete, and it should not be relied upon as such. Any opinions expressed on the Website may change as subsequent conditions vary. Past performance is no guarantee of future results.

    Proprietary Information

    The Website is owned and operated by VanEck. Except as otherwise permitted by VanEck, no materials from the Website may be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way. You may download material displayed on the Website only provided you also retain all copyright and other proprietary notices contained in the materials. You may not distribute, modify, transmit, reuse, repost, or use the content of the Website for public or commercial purposes, including the text, images, audio and video without VanEck's written permission. Modification or use of the materials for any other purpose violates VanEck's intellectual property rights.

    The registered and unregistered trademarks, logos and service marks (collectively, the "Trademarks") displayed on the Website, including the VanEck logo, are trademarks of VanEck, its licensors or third parties, except as explicitly noted.

    VanEck neither warrants nor represents that your use of materials displayed on the Website will not infringe the rights of third parties not owned by or affiliated with VanEck. Nothing contained on the Website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any trademark displayed on the Website without the written permission of VanEck or the owner of the trademark.

    Images displayed on the Website are either the property of or used with permission by VanEck. The use of these images by you, or anyone else authorized by you, is prohibited unless specifically permitted. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes. If you download any information from the Website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

    You are hereby advised that VanEck will aggressively enforce its intellectual property rights, including pursuing all remedies available under civil and criminal law.

    Links from the Website

    Should you leave the Website via a link contained herein, and view content that is not provided by VanEck, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy or otherwise reviewed by VanEck. VanEck is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such websites, whether actual, alleged, consequential or punitive. VanEck makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

    Privacy Policy

    Please review our Privacy Policy, which is a part of these terms and is hereby incorporated by reference, to learn about our information collection practices and the measures we take to preserve the privacy and security of your information.

    Jurisdiction and Governing Law

    The information provided on the Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject VanEck or its affiliates to any registration requirement within such jurisdiction or country. Each investment product and service referred to on the website is intended to be made available to only U.S. residents. The Website will not be considered a solicitation for or offering of any investment product or service to any person in any jurisdiction where such solicitation or offering would be illegal.

    The laws of the State of New York govern these terms without regard to conflict of law provisions. If you take legal action relating to these terms, you agree to file such action only in the New York State Supreme Court located in New York, NY, or the United States District Court for the Southern District of New York, and you consent and submit to the personal jurisdiction of those courts for the purpose of litigating any action with VanEck, its affiliates or with any funds referenced in the Website.

    Limitation of Liability

    VanEck and its affiliates and their respective officers, directors, employees or agents will not be liable to you or anyone else for any damages of any kind, including, but not limited to, direct, consequential, incidental, special or indirect damages (including but not limited to lost profits, trading losses or damages that result from use or loss of use of the Website), even if VanEck has been advised of the possibility of such damages or losses, including, without limitation, from the use or attempted use of the Website or another linked website.

    If you live in a state that does not allow the limitation or exclusion of liability or incidental or consequential damages, or if you access the Website solely through an arrangement with your employer or plan sponsor, some or all of these limitations and exclusions may not apply to you.

    Timeliness of Content

    All content on the Website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for refreshing the cache in your browser to ensure you are receiving the most recent data.

    Unauthorized Use of Content

    You agree to defend, indemnify and hold harmless VanEck, its affiliates and each of their respective officers, directors, members, partners, managers and employees against any losses, damages, claims, liabilities and costs (including reasonable attorneys’ fees) to the extent resulting from or arising out of any unauthorized or otherwise inappropriate use of any of the content of the Website attributable to you.

    Termination

    VanEck may terminate your access to the Website for any reason, without prior notice.

    Last Updated May 26, 2015