Think Yield with Income Investing

Income Investing Insights

To help investors stay informed in an ever-changing interest rate environment, we offer monthly commentary on income investing, covering the latest news, trends and investment opportunities.

VanEck Income ETFs

May 2022

Ticker	Fund Name	30 Day SEC Yield (%)⁴	Duration (Yrs)	Gross Expense	Net Expense

Ticker	Fund Name	30 Day SEC Yield (%)⁴	Duration (Yrs)	Gross Expense	Net Expense
Corporate Bond
ANGL	Fallen Angel High Yield Bond ETF	5.88	5.83 ²	0.35	0.35
MBBB	Moody’s Analytics BBB Corporate Bond ETF	4.48	6.38 ²	0.25	0.25
MIG	Moody’s Analytics IG Corporate Bond ETF	4.31	6.45 ²	0.20	0.20
Equity Income
EINC	Energy Income ETF	4.03	--	0.46	0.46
DURA	Morningstar Durable Dividend ETF	2.90	--	0.29	0.29
MORT	Mortgage REIT Income ETF	10.49	--	0.41	0.41
PFXF	Preferred Securities ex Financials ETF	5.45	--	0.40	0.40
Floating Rate
BIZD	BDC Income ETF	8.81	--	10.07	10.07
FLTR	Investment Grade Floating Rate ETF	1.28	-0.06 ²	0.14	0.14
International Bond
CBON	China Bond ETF	2.27	4.49 ³	0.68	0.50
HYEM	Emerging Markets High Yield Bond ETF	7.82	3.79 ²	0.40	0.40
GRNB	Green Bond ETF	3.88	5.26 ²	0.20	0.20
IHY	International High Yield Bond ETF	6.23	3.71 ²	0.40	0.40
EMLC	J.P. Morgan EM Local Currency Bond ETF	6.91	4.68 ²	0.31	0.30
Municipal Bond
XMPT	CEF Muni Income ETF	4.93	10.03 ¹	2.32	2.32
HYD	High Yield Muni ETF	4.11	6.98 ¹	0.35	0.35
SMI	HIP Sustainable Muni ETF	2.75	4.53 ¹	0.24	0.24
ITM	Intermediate Muni ETF	2.87	5.90 ¹	0.24	0.24
MLN	Long Muni ETF	3.45	8.80 ¹	0.24	0.24
MAAX	Muni Allocation ETF	2.59	6.04 ¹	0.36	0.36
SHYD	Short High Yield Muni ETF	3.51	4.20 ¹	0.35	0.35
SMB	Short Muni ETF	2.31	2.67 ¹	0.20	0.20

Ticker
Corporate Bond
ANGL
MBBB
MIG
Equity Income
EINC
DURA
MORT
PFXF
Floating Rate
BIZD
FLTR
International Bond
CBON
HYEM
GRNB
IHY
EMLC
Municipal Bond
XMPT
HYD
SMI
ITM
MLN
MAAX
SHYD
SMB

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Source: VanEck (as of 05/31/22).

¹Duration to Worst. ²Effective Duration. ³Modified Duration. ⁴30-Day SEC Yield is calculated daily, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last 12 months assuming the most recent NAV. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yields on 05/31/22 would have been as follows - CBON: 2.27%, EMLC: 6.89% . Expenses for CBON and EMLC are contractually capped. Expense caps exclude acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. Expense Caps: CBON: 0.50%, EMLC: 0.30% . Expenses for ANGL, BIZD, DURA, EINC, FLTR, GRNB, HYD, HYEM, IHY, ITM, MAAX, MBBB, MIG, MLN, MORT, PFXF, SHYD, SMB, SMI, XMPT are unitary fees. Van Eck Associates Corporation (the “Adviser”) will pay all expenses of these Funds, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, oﬀering costs, trading expenses, taxes and extraordinary expenses. Expense ratios are as of the most recent prospectus. Past performance is no guarantee of future results. Please see the prospectus of each fund for more detailed information on expenses.

Source: VanEck (as of 05/31/22) Past performance is no guarantee of future results. Please see the prospectus of each fund for more detailed information on expenses.

Morningstar ETF Category Flows

Estimated Net Flow ($M)

Morningstar Category Name	1-MO	QTD	YTD	1-Yr

Morningstar Category Name	1-MO	QTD	YTD	1-Yr
Ultrashort Bond	8,486	13,947	25,562	30,769
Muni National Interm	4,842	7,290	8,698	15,249
Long Government	4,783	5,145	12,842	27,179
Short-Term Bond	4,263	3,306	720	13,481
High Yield Bond	3,717	-397	-12,431	-7,587
Intermediate Government	2,835	6,535	7,618	11,131
Short Government	2,747	4,314	5,393	6,745
High Yield Muni	474	378	108	809
Muni National Short	454	360	2,753	6,240
Emerging Markets Bond	408	-260	-1,535	463
Muni National Long	330	-541	283	1,417
Long-Term Bond	-109	-306	-1,244	-618
Bank Loan	-1,128	-529	1,067	5,440

Morningstar Category Name
Ultrashort Bond
Muni National Interm
Long Government
Short-Term Bond
High Yield Bond
Intermediate Government
Short Government
High Yield Muni
Muni National Short
Emerging Markets Bond
Muni National Long
Long-Term Bond
Bank Loan

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Source: Morningstar (as of 05/31/22). Not representative of fund or fund indices.

Investment Category Yields

Yield to Worst (%)

Category	05/31/22	04/30/22	05/31/21

Category	05/31/22	04/30/22	05/31/21
EM USD High Yield Aggregate	9.67	9.50	6.01
EM USD Sovereigns	7.45	7.38	4.96
Global High Yield Corporates	7.25	7.10	4.15
U.S. High Yield Corporates	7.13	6.97	4.15
EM Local Currency Sovereigns	6.76	6.77	4.93
EM USD High Yield + IG Corps	5.94	5.82	3.49
Preferred Securities	5.18	5.48	1.84
High Yield Municipals	4.88	4.87	3.28
U.S. Corporates	4.21	4.31	2.11
U.S. Aggregate	3.38	3.48	1.50
TIPS	3.09	3.08	1.04
Municipals	2.92	3.18	1.02
10 Year Treasuries	2.84	2.89	1.58
Global Aggregate	2.59	2.57	1.12

Category
EM USD High Yield Aggregate
EM USD Sovereigns
Global High Yield Corporates
U.S. High Yield Corporates
EM Local Currency Sovereigns
EM USD High Yield + IG Corps
Preferred Securities
High Yield Municipals
U.S. Corporates
U.S. Aggregate
TIPS
Municipals
10 Year Treasuries
Global Aggregate

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FactSet (as of dates indicated). See end for Index Names. Not representative of fund or fund indices. Please see standard performance for these categories below. Past performance is no guarantee of future results.

U.S. Yield Curves

Source: VanEck (as of 05/31/22). ¹Duration to Worst. ²Effective Duration. ³Modified Duration. ⁴30-Day SEC Yield. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yields on 05/31/22 would have been as follows - CBON: 2.27%, EMLC: 6.89% . Expenses for CBON and EMLC are contractually capped. Expense caps exclude acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses. Expense Caps: CBON: 0.50%, EMLC: 0.30%. Expenses for ANGL, BIZD, DURA, EINC, FLTR, GRNB, HYD, HYEM, IHY, ITM, MAAX, MBBB, MIG, MLN, MORT, PFXF, SHYD, SMB, SMI, XMPT are unitary fees. Van Eck Associates Corporation (the “Adviser”) will pay all expenses of these Funds, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, oﬀering costs, trading expenses, taxes and extraordinary expenses. Expense ratios are as of the most recent prospectus. Please see the prospectus of each fund for more detailed information on expenses.

Treasury Yield Curve

■
05/31/2022

30 25 20 15 10 9 8 7 5 4 3 2 1 0.5 0.25
3.08391 3.28593 3.31324 2.91654 2.86617 2.85707 2.86136 2.88602 2.86239 2.82164 2.74642 2.59027 2.01884 1.60392 1.26025
■
04/30/2022

30 25 20 15 10 9 8 7 5 4 3 2 1 0.5 0.25
2.96832 3.14363 3.19325 2.90214 2.90347 2.90757 2.92648 2.9597 2.96944 2.96347 2.93596 2.7971 2.02233 1.46385 1.03954
■
05/31/2021

30 25 20 15 10 9 8 7 5 4 3 2 1 0.5 0.25
2.27586 2.24782 2.14722 1.84532 1.58265 1.48506 1.36991 1.22132 0.787932 0.544416 0.305974 0.13098 0.07742 0.059447 0.072614

Muncipal AAA Yield Curve

■
05/31/2022

30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0.5 0.25
2.883 2.876 2.876 2.877 2.861 2.842 2.829 2.824 2.795 2.764 2.743 2.737 2.704 2.695 2.685 2.658 2.63 2.595 2.555 2.539 2.495 2.438 2.384 2.333 2.239 2.186 2.099 2.016 1.864 1.584 1.039 0.921
■
04/30/2022

30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0.5 0.25
3.066 3.059 3.058 3.061 3.048 3.03 3.016 3.009 2.982 2.952 2.931 2.924 2.89 2.878 2.871 2.844 2.819 2.798 2.765 2.754 2.715 2.665 2.619 2.572 2.521 2.5 2.433 2.349 2.219 1.961 1.319 1.204
■
05/31/2021

30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0.5 0.25
1.592 1.581 1.572 1.571 1.557 1.538 1.509 1.492 1.458 1.427 1.392 1.361 1.326 1.29 1.267 1.226 1.177 1.14 1.081 1.039 0.973 0.915 0.797 0.664 0.552 0.45 0.34 0.194 0.111 0.088 0.064 0.057

Source: Bloomberg (as of 05/31/22).

Global 10-Year Sovereign Yields (%)

■
Argentina
56.30
■
Turkey
20.30
■
Brazil
12.00
■
Colombia
10.60
■
S. Africa
10.20
■
Mexico
8.50
■
Peru
7.50
■
India
7.30
■
Indonesia
7.20
■
Hungary
6.90
■
Poland
6.50
■
Philippines
6.30
■
Chile
6.30
■
Malaysia
4.10
■
New Zealand
3.60
■
Australia
3.40
■
US
2.90
■
Thailand
2.90
■
China
2.80
■
UK
2.10
■
Euro
1.10

Source: FactSet and Bloomberg (as of 05/31/22). Based on local currency prices. Past performance is no guarantee of future results.

Investment Category Total Returns (%)

	Month-End 05/31/2022			Quarter-End 03/31/2022
Investment Category	1 MO*	YTD*		1 YR	3 YR	5 YR

	Month-End 05/31/2022		Quarter-End 03/31/2022
Investment Category	1 MO*	YTD*	1 YR	3 YR	5 YR
U.S. Aggregate	0.64	-8.92	-4.14	1.68	2.14
U.S. High Yield Corporates	0.25	-7.76	-0.29	4.38	4.55
Global High Yield Corporates	-0.06	-10.19	-4.63	3.18	3.87
EM USD High Yield Aggregate	-0.90	-11.09	-6.41	-0.32	1.11
EM USD High Yield + IG Corps	-0.36	-12.54	-7.89	1.61	2.52
EM Local Currency Sovereigns	1.76	-10.55	-8.50	-1.13	0.18
EM USD Sovereigns	0.03	-15.03	-7.41	0.01	1.68
U.S. Corporates	0.93	-11.92	-4.18	3.01	3.33
U.S. REITs	0.03	-10.70	-3.81	2.78	3.31
Global Aggregate	0.27	-11.06	-6.38	0.68	1.69
TIPS	-0.99	-5.95	4.27	6.18	4.42
Municipals	1.49	-7.47	-4.45	1.53	2.51
High Yield Municipals	1.10	-8.86	-1.34	4.02	5.23
10 Year Treasuries	0.55	-10.57	-3.29	1.61	1.83
Preferred Securities	4.43	-11.69	-5.45	2.28	3.26
U.S. Dividend Stocks	5.30	6.99	16.23	13.69	11.27


Investment Category	Investment Category
U.S. Aggregate
U.S. High Yield Corporates
Global High Yield Corporates
EM USD High Yield Aggregate
EM USD High Yield + IG Corps
EM Local Currency Sovereigns
EM USD Sovereigns
U.S. Corporates
U.S. REITs
Global Aggregate
TIPS
Municipals
High Yield Municipals
10 Year Treasuries
Preferred Securities
U.S. Dividend Stocks

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Source: FactSet (as of dates indicated). *Returns less than one year are not annualized.
The performance quoted represents past performance. Past performance is no guarantee of future results. Not representative of fund or fund indices. The listed indices are unmanaged and are not securities in which an investment can be made. Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index.

VanEck Income ETF Total Returns (%)

		Month-End 05/31/2022		Quarter-End 03/31/2022
Ticker	Fund Name	1 MO*	YTD*	1 YR	3 YR	5 YR	LIFE	Commenced
Corporate Bond
ANGL	Fallen Angel High Yield Bond ETF	0.47	-10.87	-0.55	6.85	5.81	7.73	04/10/2012
MBBB	Moody’s Analytics BBB Corporate Bond ETF	0.66	-12.16	-5.27	--	--	-5.05	12/01/2020
MIG	Moody’s Analytics IG Corporate Bond ETF	0.81	-11.31	-4.66	--	--	-4.99	12/01/2020
Equity Income
EINC	Energy Income ETF	6.57	26.68	40.14	9.65	3.85	-6.18	03/12/2012
DURA	Morningstar Durable Dividend ETF	2.86	1.07	11.00	9.74	--	10.94	10/30/2018
MORT	Mortgage REIT Income ETF	2.97	-10.47	-2.43	-1.89	1.54	5.96	08/16/2011
PFXF	Preferred Securities ex Financials ETF	2.20	-9.05	3.91	7.29	6.12	6.02	07/16/2012
Floating Rate
BIZD	BDC Income ETF	-3.42	-4.27	20.13	13.91	8.47	7.69	02/11/2013
FLTR	Investment Grade Floating Rate ETF	-0.21	-0.86	-0.27	1.51	1.87	1.43	04/25/2011
CLOI	VanEck CLO ETF	--	--	--	--	--	--	06/21/2022
International Bond
CBON	China Bond ETF	0.03	-3.46	7.22	5.56	5.53	2.99	11/10/2014
HYEM	Emerging Markets High Yield Bond ETF	-1.42	-12.23	-10.03	0.66	1.62	3.82	05/08/2012
GRNB	Green Bond ETF	0.34	-8.85	-5.39	0.86	1.77	1.94	03/03/2017
IHY	International High Yield Bond ETF	-0.28	-11.99	-9.07	1.45	2.62	3.92	04/02/2012
EMLC	J.P. Morgan EM Local Currency Bond ETF	1.22	-8.73	-7.64	-1.74	-0.70	-0.07	07/22/2010
Municipal Bond
XMPT	CEF Muni Income ETF	3.61	-16.51	-8.42	2.91	3.57	5.08	07/12/2011
HYD	High Yield Muni ETF	1.15	-9.71	-3.86	0.92	2.85	6.03	02/04/2009
SMI	HIP Sustainable Muni ETF	1.44	-7.15	--	--	--	-5.65	09/08/2021
ITM	Intermediate Muni ETF	1.80	-9.06	-5.97	1.00	2.31	3.60	12/04/2007
MLN	Long Muni ETF	2.36	-12.88	-6.69	1.31	2.81	3.49	01/02/2008
MAAX	Muni Allocation ETF	2.01	-10.40	-6.15	--	--	-0.93	05/15/2019
SHYD	Short High Yield Muni ETF	0.80	-7.46	-3.43	1.19	2.50	2.25	01/13/2014
SMB	Short Muni ETF	1.19	-4.07	-3.66	0.56	1.02	1.88	02/22/2008

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Source: FactSet (as of dates indicated). *Returns less than one year are not annualized.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a VanEck Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. VanEck ETF investors should not expect to buy or sell shares at NAV.

		Month-End 05/31/2022		Quarter-End 03/31/2022
Ticker	Fund Name	1 MO*	YTD*	1 YR	3 YR	5 YR	LIFE	Commenced
Corporate Bond
ANGL	Fallen Angel High Yield Bond ETF	1.93	-10.58	-1.06	6.78	5.72	7.72	04/10/2012
MBBB	Moody’s Analytics BBB Corporate Bond ETF	1.07	-12.14	-5.40	--	--	-4.93	12/01/2020
MIG	Moody’s Analytics IG Corporate Bond ETF	1.26	-11.21	-4.82	--	--	-4.87	12/01/2020
Equity Income
EINC	Energy Income ETF	7.25	27.07	40.17	9.73	3.89	-6.18	03/12/2012
DURA	Morningstar Durable Dividend ETF	3.13	1.26	11.07	9.82	--	11.02	10/30/2018
MORT	Mortgage REIT Income ETF	2.89	-10.50	-2.52	-1.96	1.51	5.95	08/16/2011
PFXF	Preferred Securities ex Financials ETF	2.25	-9.35	3.82	7.45	6.21	6.05	07/16/2012
Floating Rate
BIZD	BDC Income ETF	-3.40	-4.00	19.99	13.89	8.47	7.71	02/11/2013
FLTR	Investment Grade Floating Rate ETF	-0.37	-1.01	-0.53	1.50	1.81	1.43	04/25/2011
CLOI	VanEck CLO ETF	--	--	--	--	--	--	06/21/2022
International Bond
CBON	China Bond ETF	-0.04	-4.09	7.05	5.64	5.72	2.99	11/10/2014
HYEM	Emerging Markets High Yield Bond ETF	-1.23	-13.50	-10.06	0.78	1.70	3.87	05/08/2012
GRNB	Green Bond ETF	0.85	-8.94	-5.93	0.80	1.74	1.90	03/03/2017
IHY	International High Yield Bond ETF	0.12	-12.47	-9.35	1.58	2.60	3.92	04/02/2012
EMLC	J.P. Morgan EM Local Currency Bond ETF	1.38	-8.84	-7.52	-1.63	-0.73	-0.07	07/22/2010
Municipal Bond
XMPT	CEF Muni Income ETF	3.83	-16.87	-8.10	3.03	3.64	5.12	07/12/2011
HYD	High Yield Muni ETF	1.67	-9.72	-4.41	0.89	2.83	6.02	02/04/2009
SMI	HIP Sustainable Muni ETF	1.32	-7.29	--	--	--	-5.57	09/08/2021
ITM	Intermediate Muni ETF	1.98	-9.03	-6.11	1.01	2.35	3.59	12/04/2007
MLN	Long Muni ETF	2.75	-13.35	-6.97	1.15	2.69	3.46	01/02/2008
MAAX	Muni Allocation ETF	1.83	-10.51	-5.98	--	--	-0.94	05/15/2019
SHYD	Short High Yield Muni ETF	2.04	-7.58	-4.80	0.92	2.40	2.15	01/13/2014
SMB	Short Muni ETF	1.77	-4.11	-3.94	0.55	1.02	1.87	02/22/2008

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			Month-End 05/31/2022		Quarter-End 03/31/2022
Ticker	Fund Name		1 MO*	YTD*	1 YR	3 YR	5 YR	LIFE	Commenced
Corporate Bond
ANGL	Fallen Angel High Yield Bond ETF	NAV	0.47	-10.87	-0.55	6.85	5.81	7.73	04/10/2012
ANGL	Fallen Angel High Yield Bond ETF	Price	1.93	-10.58	-1.06	6.78	5.72	7.72	04/10/2012
MBBB	Moody’s Analytics BBB Corporate Bond ETF	NAV	0.66	-12.16	-5.27	--	--	-5.05	12/01/2020
MBBB	Moody’s Analytics BBB Corporate Bond ETF	Price	1.07	-12.14	-5.40	--	--	-4.93	12/01/2020
MIG	Moody’s Analytics IG Corporate Bond ETF	NAV	0.81	-11.31	-4.66	--	--	-4.99	12/01/2020
MIG	Moody’s Analytics IG Corporate Bond ETF	Price	1.26	-11.21	-4.82	--	--	-4.87	12/01/2020
Equity Income
EINC	Energy Income ETF	NAV	6.57	26.68	40.14	9.65	3.85	-6.18	03/12/2012
EINC	Energy Income ETF	Price	7.25	27.07	40.17	9.73	3.89	-6.18	03/12/2012
DURA	Morningstar Durable Dividend ETF	NAV	2.86	1.07	11.00	9.74	--	10.94	10/30/2018
DURA	Morningstar Durable Dividend ETF	Price	3.13	1.26	11.07	9.82	--	11.02	10/30/2018
MORT	Mortgage REIT Income ETF	NAV	2.97	-10.47	-2.43	-1.89	1.54	5.96	08/16/2011
MORT	Mortgage REIT Income ETF	Price	2.89	-10.50	-2.52	-1.96	1.51	5.95	08/16/2011
PFXF	Preferred Securities ex Financials ETF	NAV	2.20	-9.05	3.91	7.29	6.12	6.02	07/16/2012
PFXF	Preferred Securities ex Financials ETF	Price	2.25	-9.35	3.82	7.45	6.21	6.05	07/16/2012
Floating Rate
BIZD	BDC Income ETF	NAV	-3.42	-4.27	20.13	13.91	8.47	7.69	02/11/2013
BIZD	BDC Income ETF	Price	-3.40	-4.00	19.99	13.89	8.47	7.71	02/11/2013
FLTR	Investment Grade Floating Rate ETF	NAV	-0.21	-0.86	-0.27	1.51	1.87	1.43	04/25/2011
FLTR	Investment Grade Floating Rate ETF	Price	-0.37	-1.01	-0.53	1.50	1.81	1.43	04/25/2011
CLOI	VanEck CLO ETF	NAV	--	--	--	--	--	--	06/21/2022
CLOI	VanEck CLO ETF	Price	--	--	--	--	--	--	06/21/2022
International Bond
CBON	China Bond ETF	NAV	0.03	-3.46	7.22	5.56	5.53	2.99	11/10/2014
CBON	China Bond ETF	Price	-0.04	-4.09	7.05	5.64	5.72	2.99	11/10/2014
HYEM	Emerging Markets High Yield Bond ETF	NAV	-1.42	-12.23	-10.03	0.66	1.62	3.82	05/08/2012
HYEM	Emerging Markets High Yield Bond ETF	Price	-1.23	-13.50	-10.06	0.78	1.70	3.87	05/08/2012
GRNB	Green Bond ETF	NAV	0.34	-8.85	-5.39	0.86	1.77	1.94	03/03/2017
GRNB	Green Bond ETF	Price	0.85	-8.94	-5.93	0.80	1.74	1.90	03/03/2017
IHY	International High Yield Bond ETF	NAV	-0.28	-11.99	-9.07	1.45	2.62	3.92	04/02/2012
IHY	International High Yield Bond ETF	Price	0.12	-12.47	-9.35	1.58	2.60	3.92	04/02/2012
EMLC	J.P. Morgan EM Local Currency Bond ETF	NAV	1.22	-8.73	-7.64	-1.74	-0.70	-0.07	07/22/2010
EMLC	J.P. Morgan EM Local Currency Bond ETF	Price	1.38	-8.84	-7.52	-1.63	-0.73	-0.07	07/22/2010
Municipal Bond
XMPT	CEF Muni Income ETF	NAV	3.61	-16.51	-8.42	2.91	3.57	5.08	07/12/2011
XMPT	CEF Muni Income ETF	Price	3.83	-16.87	-8.10	3.03	3.64	5.12	07/12/2011
HYD	High Yield Muni ETF	NAV	1.15	-9.71	-3.86	0.92	2.85	6.03	02/04/2009
HYD	High Yield Muni ETF	Price	1.67	-9.72	-4.41	0.89	2.83	6.02	02/04/2009
SMI	HIP Sustainable Muni ETF	NAV	1.44	-7.15	--	--	--	-5.65	09/08/2021
SMI	HIP Sustainable Muni ETF	Price	1.32	-7.29	--	--	--	-5.57	09/08/2021
ITM	Intermediate Muni ETF	NAV	1.80	-9.06	-5.97	1.00	2.31	3.60	12/04/2007
ITM	Intermediate Muni ETF	Price	1.98	-9.03	-6.11	1.01	2.35	3.59	12/04/2007
MLN	Long Muni ETF	NAV	2.36	-12.88	-6.69	1.31	2.81	3.49	01/02/2008
MLN	Long Muni ETF	Price	2.75	-13.35	-6.97	1.15	2.69	3.46	01/02/2008
MAAX	Muni Allocation ETF	NAV	2.01	-10.40	-6.15	--	--	-0.93	05/15/2019
MAAX	Muni Allocation ETF	Price	1.83	-10.51	-5.98	--	--	-0.94	05/15/2019
SHYD	Short High Yield Muni ETF	NAV	0.80	-7.46	-3.43	1.19	2.50	2.25	01/13/2014
SHYD	Short High Yield Muni ETF	Price	2.04	-7.58	-4.80	0.92	2.40	2.15	01/13/2014
SMB	Short Muni ETF	NAV	1.19	-4.07	-3.66	0.56	1.02	1.88	02/22/2008
SMB	Short Muni ETF	Price	1.77	-4.11	-3.94	0.55	1.02	1.87	02/22/2008

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IMPORTANT DISCLOSURE

30-Day SEC Yield is a standard calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the fund’s expenses for the period. It does not reflect the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Duration to Worst is a measure of the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Effective Duration is a measure of the average percentage change in a bond’s price, given an upward and downward parallel shift in the Treasury (spot) curve, where the change in price reflects any exercise of embedded call or put options, optional prepayments, and/or changes in adjustable rate coupons according to formulas which may include periodic or lifetime rate caps/floors, etc. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield.

Investment category index representation: U.S. Aggregate represents the Bloomberg Barclays US Aggregate Index, U.S. High Yield Corporates represents the ICE BofAML U.S. High Yield Master Index, Global High Yield Corporates represents the ICE BofAML Global High Yield Index, EM USD High Yield Aggregate represents the Bloomberg Barclays EM Aggregate High Yield Index, EM USD High Yield + IG Corps represents the ICE BofAML EM Liquid Corp Plus Index, EM Local Currency Sovereigns represents the JPM GBI EM Global Diversified Index, EM USD Sovereigns represents the JPM EMBI Global Diversified Index, U.S. Corporates represents the Bloomberg Barclays US Corp Index, U.S. REITs represents the ICE BofAML U.S. REIT Index, Global Aggregate represents the Bloomberg Barclays Global Aggregate Index, TIPS represents the Bloomberg Barclays US Treasury TIPS Index, Municipals represents the Bloomberg Barclays Municipal Index, High Yield Municipals represents the Bloomberg Barclays HY Muni Index, 10 Year Treasuries represents the Bloomberg Barclays US Treasury 10 Yr Index, Preferred Securities represents the ICE BofAML Preferreds Index, U.S. Dividend Stocks represents the DJ U.S. Select Dividend Index.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. Debt securities carry interest rate and credit risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. Credit risk is the risk of loss on an investment due to the deterioration of an issuer's financial health. High-yield, municipal securities and emerging markets securities have additional risks. Some of the underlying securities of some Funds may be subject to call risk, which may result in the Funds having to reinvest the proceeds at lower interest rates, resulting in a decline in the Funds' income. Please see the prospectus of each Fund for more complete information regarding each Fund's specific risks.

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 a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Income Investing: Ideas to Beat the Bank is a service mark of Van Eck Associates Corporation

Think Yield with Income Investing

Below is the latest data and yields for VanEck’s income investing solutions.

VanEck Income ETFs

May 2022

Morningstar ETF Category Flows

Investment Category Yields

U.S. Yield Curves

Treasury Yield Curve

Muncipal AAA Yield Curve

Global 10-Year Sovereign Yields (%)

Investment Category Total Returns (%)

VanEck Income ETF Total Returns (%)