VANECK VECTORS STEEL ETF

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the NYSE® Arca Steel Index?. The fund normally invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the steel sector. Such companies may include small- and medium-capitalization companies and foreign and emerging market issuers. It may concentrate its investments in a particular industry or group of industries to the extent that the Steel Index concentrates in an industry or group of industries. The fund is non-diversified.