MAAX — VanEck Vectors Muni Allocation ETF ☆

The investment seeks maximum long-term after-tax return, consisting of capital appreciation and income generally exempt from federal income tax. 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 AMT). It is an actively managed ETF that invests, under normal circumstances, primarily in VanEck Vectors ETFs that are registered under the applicable federal securities laws and that invest in publicly traded municipal bonds that cover the U.S. dollar-denominated investment grade and below investment grade tax-exempt bond market. The fund is non-diversified.