Important Tax Information for VanEck Vectors ETFs

2018 VanEck Supplemental Tax Guide

Important Tax Information for VanEck Vectors? ETFs

Section 1 - Information for Municipal Income ETFs Taxable vs. Tax-Exempt Income State by State Information

Section 2 - Information for Equity ETFs Qualified Dividend Income for Individuals Dividends Received Deduction for Corporations

Section 3 - Long-Term Capital Gains Distributions

Section 4 - Interest from Federal Obligations

Section 5 - Information Regarding Funds with Foreign Source Income and Foreign Tax Credits

Section 6 - Return of Capital / Nondividend Distributions Section 7 - Information for Non-U.S. Shareholders

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2-4 5-6

7-9 10 - 11

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13 - 15 16 - 17

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This material must be accompanied or preceded by a prospectus and summary prospectus. This document does not constitute and should not be considered a substitute for professional legal or tax advice. We strongly urge shareholders to consult with their tax advisers regarding the tax consequences of this information.

IRS Circular 230 Disclosure: VanEck does not provide legal, tax or accounting advice. Any statement contained in this communication concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Shareholders or potential shareholders of the VanEck Vectors ETFs should obtain their own independent tax advice based on their particular circumstances. For more complete information about the VanEck Vectors ETFs, contact your investment representative and request a prospectus or visit .

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 . Please read the prospectus and summary prospectus carefully before investing.

VanEck Vectors ETF shares trade like stocks, are subject to investment risk and will fluctuate in market value. The market price of the VanEck Vectors ETFs shares may be more or less than the net asset value.

If you have any questions concerning this information or the VanEck Vectors ETFs in general, contact your investment representative, or please call 800.826.2333 between 9:00 a.m. and 5:30 p.m. EST, Monday through Friday.

| 800.826.2333

SECTION 1 - MUNICIPAL INCOME ETFs TAXABLE VS. TAX-EXEMPT INCOME

The per share amounts of taxable vs. tax-exempt income for the VanEck Vectors Municipal Income ETFs are listed in the table below.

If you received a Form 1099-DIV, you should use the amounts shown in Box 1a and Box 11 for your share of ordinary income and tax-exempt income.

If you did not receive a Form 1099-DIV, to determine your share of the Fund's taxable vs. tax-exempt income, multiply the per share amounts shown below times the number of shares you held on the record date of each distribution or the percentage times the dollar amount of each distribution received.

Fund Name

VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF VanEck Vectors? High-Yield Municipal Index ETF Total

VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index ETF VanEck Vectors? AMT-Free Intermediate Municipal Index

VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF VanEck Vectors? AMT-Free Long Municipal Index ETF

Ticker Symbol

HYD HYD HYD HYD HYD HYD HYD HYD HYD HYD HYD HYD

ITM ITM ITM ITM ITM ITM ITM ITM ITM ITM ITM ITM

MLN MLN MLN MLN MLN MLN MLN MLN MLN MLN MLN MLN

Payable Date

02/07/2018 03/07/2018 04/06/2018 05/07/2018 06/07/2018 07/09/2018 08/07/2018 09/10/2018 10/05/2018 11/07/2018 12/07/2018 01/03/2019

02/07/2018 03/07/2018 04/06/2018 05/07/2018 06/07/2018 07/09/2018 08/07/2018 09/10/2018 10/05/2018 11/07/2018 12/07/2018 01/03/2019

02/07/2018 03/07/2018 04/06/2018 05/07/2018 06/07/2018 07/09/2018 08/07/2018 09/10/2018 10/05/2018 11/07/2018 12/07/2018 01/03/2019

Tax-Exempt Interest

Per Share

0.109915 0.105196 0.115322 0.112667 0.107297 0.103038 0.115311 0.110758 0.108284 0.242203 0.211915 0.242797 1.684703

0.045722 0.041638 0.046619 0.045423 0.047089 0.045199 0.046995 0.046596 0.045997 0.095686 0.091196 0.095486 0.693646

0.052646 0.046289 0.052249 0.048573 0.049671 0.049002 0.050499 0.050599 0.049102 0.053094 0.049302 0.050799 0.601825

Tax-Exempt Interest as a Percentage of

the Total Distribution

98.31% 98.31% 98.31% 98.31% 98.71% 98.98% 98.98% 98.98% 98.98% 98.98% 98.98% 98.98% 98.79%

99.61% 99.61% 99.61% 99.61% 99.76% 99.78% 99.78% 99.78% 99.78% 99.78% 99.78% 99.78% 99.73%

99.33% 99.33% 99.33% 99.33% 99.74% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.80% 99.64%

Taxable Ordinary Income Per Share (a)

0.001885 0.001804 0.001978 0.001933 0.001403 0.001062 0.001189 0.001142 0.001116 0.002497 0.002185 0.002503 0.020697

0.000178 0.000162 0.000181 0.000177 0.000111 0.000101 0.000105 0.000104 0.000103 0.000214 0.000204 0.000214 0.001854

0.000354 0.000311 0.000351 0.000327 0.000129 0.000098 0.000101 0.000101 0.000098 0.000106 0.000098 0.000101 0.002175

Taxable Income as a Percentage of

the Total Distribution

Total Distribution Per

Share

1.69% 1.69% 1.69% 1.69% 1.29% 1.02% 1.02% 1.02% 1.02% 1.02% 1.02% 1.02% 1.21%

0.39% 0.39% 0.39% 0.39% 0.24% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.22% 0.27%

0.67% 0.67% 0.67% 0.67% 0.26% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.20% 0.36%

0.111800 0.107000 0.117300 0.114600 0.108700 0.104100 0.116500 0.111900 0.109400 0.244700 0.214100 0.245300

1.705400 -

0.045900 0.041800 0.046800 0.045600 0.047200 0.045300 0.047100 0.046700 0.046100 0.095900 0.091400 0.095700

0.695500 -

0.053000 0.046600 0.052600 0.048900 0.049800 0.049100 0.050600 0.050700 0.049200 0.053200 0.049400 0.050900

0.604000

(a) All of the taxable ordinary income per share represents Qualified Interest Income for non-U.S. shareholders.

Van Eck Securities Corporation, Distributor

666 Third Avenue | New York, NY 10017

| 800.826.2333

2

SECTION 1 - MUNICIPAL INCOME ETFs TAXABLE VS. TAX-EXEMPT INCOME

The per share amounts of taxable vs. tax-exempt income for the VanEck Vectors Municipal Income ETFs are listed in the table below.

If you received a Form 1099-DIV, you should use the amounts shown in Box 1a and Box 11 for your share of ordinary income and tax-exempt income.

If you did not receive a Form 1099-DIV, to determine your share of the Fund's taxable vs. tax-exempt income, multiply the per share amounts shown below times the number of shares you held on the record date of each distribution or the percentage times the dollar amount of each distribution received.

Fund Name VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF VanEck Vectors? Pre-Refunded Municipal Index ETF

VanEck Vectors? Pre-Refunded Municipal Index ETF Total

Ticker Symbol

PRB PRB PRB PRB PRB PRB PRB PRB PRB PRB PRB PRB

VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF VanEck Vectors? AMT-Free Short Municipal Index ETF

VanEck Vectors? AMT-Free Short Municipal Index ETF

SMB SMB SMB SMB SMB SMB SMB SMB SMB SMB SMB SMB

VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF VanEck Vectors? Short High-Yield Municipal Index ETF

SHYD SHYD SHYD SHYD SHYD SHYD SHYD SHYD SHYD SHYD SHYD SHYD

VanEck Vectors? Short High-Yield Municipal Index ETF Total

Payable Date

02/07/2018 03/07/2018 04/06/2018 05/07/2018 06/07/2018 07/09/2018 08/07/2018 09/10/2018 10/05/2018 11/07/2018 12/07/2018 01/03/2019

02/07/2018 03/07/2018 04/06/2018 05/07/2018 06/07/2018 07/09/2018 08/07/2018 09/10/2018 10/05/2018 11/07/2018 12/07/2018 01/03/2019

02/07/2018 03/07/2018 04/06/2018 05/07/2018 06/07/2018 07/09/2018 08/07/2018 09/10/2018 10/05/2018 11/07/2018 12/07/2018 01/03/2019

Tax-Exempt Interest

Per Share

0.026076 0.023796 0.027960 0.027455 0.028919 0.028333 0.029603 0.029994 0.029212 0.030385 0.030678 0.032925 0.345336

Tax-Exempt Interest as a Percentage of

the Total Distribution

99.15% 99.15% 99.15% 99.12% 97.70% 97.70% 97.70% 97.70% 97.70% 97.70% 97.70% 97.70% 98.13%

Taxable Ordinary Income Per Share (a)

0.000224 0.000204 0.000240 0.000245 0.000681 0.000667 0.000697 0.000706 0.000688 0.000715 0.000722 0.000775

0.006564

Taxable

Income as a

Percentage of

Total

the Total Distribution Per

Distribution

Share

0.85%

0.026300

0.85%

0.024000

0.85%

0.028200

0.88%

0.027700

2.30%

0.029600

2.30%

0.029000

2.30%

0.030300

2.30%

0.030700

2.30%

0.029900

2.30%

0.031100

2.30%

0.031400

2.30%

0.033700

1.87%

0.351900

0.019638 0.017654 0.020134 0.019836 0.022219 0.022234 0.022234 0.022334 0.022035 0.022733 0.022334 0.023630 0.257015

0.064662 0.058649 0.064662 0.062099 0.054928 0.060119 0.061604 0.066457 0.064873 0.067250 0.066061 0.067844

0.759208

99.18% 99.18% 99.18% 99.18% 99.64% 99.70% 99.70% 99.71% 99.71% 99.71% 99.71% 99.70% 99.54%

98.57% 98.57% 98.57% 98.57% 98.79% 99.04% 99.04% 99.04% 99.04% 99.04% 99.04% 99.04%

98.87%

0.000162 0.000146 0.000166 0.000164 0.000081 0.000066 0.000066 0.000066 0.000065 0.000067 0.000066 0.000070 0.001185

0.000938 0.000851 0.000938 0.000901 0.000672 0.000581 0.000596 0.000643 0.000627 0.000650 0.000639 0.000656

0.008692

0.82% 0.82% 0.82% 0.82% 0.36% 0.30% 0.30% 0.29% 0.29% 0.29% 0.29% 0.30% 0.46%

1.43% 1.43% 1.43% 1.43% 1.21% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96% 0.96%

1.13%

0.019800 0.017800 0.020300 0.020000 0.022300 0.022300 0.022300 0.022400 0.022100 0.022800 0.022400 0.023700 0.258200

0.065600 0.059500 0.065600 0.063000 0.055600 0.060700 0.062200 0.067100 0.065500 0.067900 0.066700 0.068500

0.767900

(a) All of the taxable ordinary income per share represents Qualified Interest Income for non-U.S. shareholders.

Van Eck Securities Corporation, Distributor

666 Third Avenue | New York, NY 10017

| 800.826.2333

3

SECTION 1 - MUNICIPAL INCOME ETFs TAXABLE VS. TAX-EXEMPT INCOME

The per share amounts of taxable vs. tax-exempt income for the VanEck Vectors Municipal Income ETFs are listed in the table below.

If you received a Form 1099-DIV, you should use the amounts shown in Box 1a and Box 11 for your share of ordinary income and tax-exempt income.

If you did not receive a Form 1099-DIV, to determine your share of the Fund's taxable vs. tax-exempt income, multiply the per share amounts shown below times the number of shares you held on the record date of each distribution or the percentage times the dollar amount of each distribution received.

(a) All of the taxable ordinary income per share represents Qualified Interest Income for non-U.S. shareholders.

Van Eck Securities Corporation, Distributor

666 Third Avenue | New York, NY 10017

| 800.826.2333

4

SECTION 1 - MUNICIPAL INCOME ETFs STATE BY STATE

The percentages of income earned by each of the VanEck Vectors Municipal Income ETFs from each state or U.S. Territory are listed in the table below. To determine your share of the Fund's income from a particular state or territory, multiply these percentages by the Tax-Exempt Income in Box 11 of your Form 1099-DIV. If you did not receive a Form 1099-DIV, multiply these percentages by the amount of tax-exempt interest you received for the calendar year. Additionally, the percentage of tax-exempt interest subject to the alternative minimum tax is also shown below.

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas U.S. Virgin Islands Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Other U.S. Territories

Alternative Minimum Tax %

VanEck Vectors?

High-Yield

Municipal Index ETF

HYD 1.26 % 0.47 1.87 0.06

14.40 1.69 0.41 0.04 1.72 4.02 1.03 0.48 0.45 0.32

13.85 1.29 2.22 0.82 0.58 0.43 0.60 1.06 1.18 2.18 1.08 1.31 0.25 0.29 0.37 7.10 0.09 7.80 0.31 0.12 9.21 0.99 0.69 3.73 1.08 0.45 0.20 0.05 1.28 4.30 0.99 0.26 0.09 1.71 0.70 1.22 1.84 0.06

VanEck Vectors?

AMT-Free

Intermediate

Municipal Index ETF

ITM 1.14 % 0.37 1.32 0.21

14.61 1.25 2.59 0.29 1.20 4.65 1.76 1.53 0.05 6.37 0.75 0.16 0.82 0.96 1.20 0.03 2.74 2.86 1.50 1.12 0.65 0.84 0.46 1.42 0.05 4.38 0.43

13.57 1.13 0.21 2.44 0.40 1.02 4.37 0.31 0.82 0.02 1.03 9.43 0.41 0.10 2.03 3.81 0.19 1.00 -

10.16

-

VanEck Vectors?

AMT-Free Long

Municipal Index ETF

MLN 1.50 % 0.16 1.29 -

17.13 1.82 0.93 0.16 1.58 4.15 1.83 0.33 0.13 4.91 0.76 0.44 0.76 0.90 1.72 0.16 1.75 4.85 2.10 0.24 0.27 1.04 0.10 0.42 0.52 0.33 2.62 0.18

14.65 1.03 2.62 0.47 1.03 5.25 0.20 1.84 1.24

11.08 0.47 0.19 0.82 2.42 0.17 1.22 0.22 -

VanEck Vectors?

Pre-Refunded

Municipal Index ETF

PRB 0.90 3.01 -

20.92 2.08 2.69 4.69 1.40 0.90 3.86 2.13 0.70 3.80 0.54 0.90 7.91 4.62 7.09 2.91 8.41 0.73 0.81 0.76 5.99 8.24 0.20 3.81 -

-

-

Van Eck Securities Corporation, Distributor

666 Third Avenue | New York, NY 10017

| 800.826.2333

5

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