June 2021

Targeting the Sweet Spot on the Municipal Yield Curve

® ITM VanEck Vectors® Intermediate Muni ETF

Using roll yield to boost total return Why ITM? “Rolling down the yield curve” has become a popular strategy for investors who profit from Tax Exempt Income rising prices by selling bonds before maturity. With a normal (non-inverted) yield curve, short Income generally exempt from federal taxes and maturity bonds will have lower yields and higher prices than long maturity bonds, all else the Alternative Minimum Tax (AMT). equal. As a bond approaches maturity, its yield should fall, and its price should rise. Targeted Interest Rate Risk Designed to track an index of intermediate- duration municipal bonds. Max Roll Yield in Steepest Part of the Curve Quality As of 6/30/2021 Investment-grade index constituents with high 0.16 overall credit quality.

0.14

0.12 VanEck’s Municipal Income Suite Yield Curve Positioning 0.10 SMB | Short Muni ETF 0.08 ITM | Intermediate Muni ETF MLN | Long Muni ETF 0.06 Year Roll Yield (%) -

1 Credit Quality Focused 0.04 SHYD | Short High Yield Muni ETF

0.02 HYD | High Yield Muni ETF Smat Beta 0.00 XMPT | CEF Municipal Income ETF 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 Tactical Years to Maturity Source: FactSet. MAAX | Muni Allocation ETF

Prior to September 1, 2020, the funds were known as the Within the municipal bond market, the yields between maturities can vary. Historically, VanEck Vectors AMT-Free Short Municipal Index ETF, VanEck there has been a sweet spot in the maturity curve where the yield differential between each Vectors AMT-Free Intermediate Municipal Index ETF, VanEck maturity bucket is wider than average, as illustrated in the chart above. Vectors AMT-Free Long Municipal Index ETF, VanEck Vectors Short High-Yield Municipal Index ETF, VanEck Vectors High- Yield Municipal Index ETF and the VanEck Vectors Municipal Intermediate-term bonds enhance roll yield effect Allocation ETF. Municipal bonds with maturities between 6-17 years have historically provided a greater roll yield effect due to these wider spreads between maturities, also referred to as steepness. These higher than average spreads can generate alpha, as the price of the bonds move inversely to the falling yield at a larger rate than other maturity buckets. In addition to the benefits of tax-free income, a targeted allocation to this part of municipal yield curve may help boost an investor’s total return due to this enhanced roll yield feature.

vaneck.com | 800.826.2333 June 2021

VanEck Vectors Intermediate Muni ETF (ITM) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR). The Index is calculated using a market value weighting methodology and tracks investment grade municipal bonds with maturities between 6 and 17 years, exlcuding bonds subject to the Alternative Minimum Tax (AMT).

Fund Ticker ITM Total Return (%) as of 6/30/2021 ITM LMT2TR Index Commencement Date 12/4/2007 NAV 0.74 YTD* 0.80 Expense Ratio (%)* 0.24 Share Price 0.60 NAV 3.55 *Expenses are unitary. Van Eck Associates Corporation (the “Adviser”) will pay all expenses of 1 Yr 4.41 the Fund, except for the fee payment under the investment management agreement, acquired Share Price 3.76 fund fees and expenses, interest expense, offering costs, trading expenses, taxes and NAV 5.43 extraordinary expenses. 3 Yr 6.03 Share Price 5.51 NAV 3.12 5 Yr 3.62 Share Price 3.11 NAV 4.27 10 Yr 4.90 Share Price 4.28 Since Fund Inception NAV 4.39 12/4/2007 5.10 Share Price 4.40 *Returns less than one year are not annualized.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. 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. Net asset value (NAV) per share is calculated by subtracting total liabilities from the total assets, then dividing by the number of shares outstanding. Share price is the last price at which shares were traded on the Fund’s primary listing exchange. Performance current to the most recent month end is available by calling 800.826.2333 or by visiting vaneck.com. Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. 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 amvount invested and fees and expenses. Index returns assume that dividends have been reinvested.

Prior to September 1, 2020, the fund was known as the VanEck Vectors AMT-Free Intermediate Municipal Index ETF (ITM). An investment in the Fund may be subject to risks which include, among others, municipal securities, credit, interest rate, call, California and New York, special tax bond, transportation bond, market, operational, sampling, index tracking, tax, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares and concentration risks, all of which may adversely affect the Fund. Municipal bonds may be less liquid than taxable bonds. 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. 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. Please read the prospectus and summary prospectus carefully before investing. ©2021 VanEck.

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