VANECK VECTORS ETF TRUST - VANECK VECTORS RETAIL ETF

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® US Listed Retail 25 Index. The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. To be initially eligible for the index, companies must generate at least 50% of their revenues from retail. Retail includes companies engaged primarily in retail distribution; wholesalers; online, direct mail and TV retailers; multi-line retailers; specialty retailers; and food and other staples retailers. The fund is non-diversified.