VANECK VECTORS HIGH INCOME INFRASTRUCTURE MLP ETF (YMLI) Exchange: NYSE ARCA

DELISTED - The Fund will normally invest at least 80% of its total assets in securities that comprise the Fund’s benchmark index. The Infrastructure MLP Index is a rules-based index designed to provide investors a means of tracking the performance of selected infrastructure master limited partnerships (“MLPs”) with an emphasis on current yield. Infrastructure MLP Index components are publicly traded on a U.S. securities exchange. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of MLPs. Each 80% investment policy is non-fundamental and may be changed without shareholder approval upon 60 days’ prior written notice to shareholders. The Infrastructure MLP Index consists of MLPs classified as “Infrastructure” MLPs. Infrastructure MLPs are a subset of the MLP universe that earn a majority of their cash flow from the transportation and storage of energy commodities. Infrastructure MLPs include all MLPs operating with one of the following as a substantial business segment:   •   transportation, terminaling and storage of refined petroleum products (including gasoline, diesel, jet fuel, kerosene and heating oil);   •   gathering, compressing, dehydrating, treating, processing, marketing of natural gas, and fractionation of natural gas liquids;   •   transportation and/or storage of natural gas and natural gas liquids;   •   transportation of crude oil, refined petroleum products and/or other liquids; and   •   operating as the general partner of an MLP which primarily engages in any of the businesses listed above. As of December 31, 2018, the Infrastructure MLP Index included 25 MLPs and the U.S. dollar-denominated market capitalizations of the Infrastructure MLP Index components ranged from approximately $685 million to approximately $34.6 billion. These amounts are subject to change. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Infrastructure MLP Index by investing in a portfolio of securities that generally replicates the Infrastructure MLP Index. Unlike many investment companies that try to “beat” the performance of a benchmark index, the Fund does not try to “beat” the Infrastructure MLP Index and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the Fund will substantially outperform the Infrastructure MLP Index but also may reduce some of the risks of active management, such as poor security selection. Under various circumstances or under certain market conditions, it may not be possible or practicable to purchase all of the securities in the Infrastructure MLP Index or in the weighting of such securities in the Infrastructure MLP Index. In these cases, the Fund may purchase a sample of securities in the Infrastructure MLP Index or underweight or overweight a security in the Infrastructure MLP Index. MLPs are publicly traded partnerships engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the MLP. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity, and receive cash distributions. The Fund will be a limited partner (or a member) in the MLPs in which it invests. MLPs are generally treated as partnerships for U.S. federal income tax purposes. Thus, the MLPs themselves generally do not pay U.S. federal income taxes, but investors (like the Fund) that hold interests in MLPs are generally subject to tax on their allocable shares of the MLPs’ income and gains. Currently, most MLPs operate in the energy and/or natural resources sectors. To qualify as an MLP and to avoid being taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities such as the processing, transportation and storage of mineral or natural resources and other commodities. Partnerships eligible for inclusion in the Infrastructure MLP Index are subject to further market capitalization and liquidity screens before they may be included in the Infrastructure MLP Index. The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the “1940 Act”), and, therefore, may invest a greater percentage of its assets in a particular issuer. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Infrastructure MLP Index concentrates in an industry or group of industries. As of November 30, 2018, the Fund was concentrated in the energy sector. The Infrastructure MLP Index is calculated and administered by Solactive AG, which is not affiliated with the Fund or the Adviser. Solactive AG determines the components and the relative weightings of the securities in the Infrastructure MLP Index subject to the Infrastructure MLP Index methodology and publishes information regarding the Infrastructure MLP Index. The Infrastructure MLP Index is rebalanced annually, but may be adjusted more frequently under extraordinary circumstances, consistent with the Infrastructure MLP Index methodology.