VANECK VECTORS ETF TRUST - VANECK VECTORS FALLEN ANGEL HIGH YIELD BOND ETF ETF

The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of ICE US Fallen Angel High Yield 10% Constrained Index (the Fallen Angel Index). The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance.