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Income Investing: Ideas to Beat the BankSM

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

VanEck®Income ETFs: Yield Monitor
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Mutual funds | Exchange-traded funds | Institutional funds | Separately managed accounts | UCITS

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.

Income Investing Insights

VanEck Income ETFs

December 2021

Ticker Fund Name 30 Day SEC Yield (%)4 Duration (Yrs) Gross Expense Net Expense
International Bond
CBON China Bond ETF 2.40 4.003 0.68 0.50
HYEM Emerging Markets High Yield Bond ETF 5.78 3.772 0.40 0.40
GRNB Green Bond ETF 2.11 5.792 0.20 0.20
IHY International High Yield Bond ETF 4.05 3.552 0.40 0.40
EMLC J.P. Morgan EM Local Currency Bond ETF 5.51 5.082 0.31 0.30
Corporate Bond
ANGL Fallen Angel High Yield Bond ETF 3.18 6.822 0.35 0.35
FLTR Investment Grade Floating Rate ETF 0.39 0.042 0.14 0.14
MBBB Moody’s Analytics BBB Corporate Bond ETF 2.48 6.912 0.25 0.25
MIG Moody’s Analytics IG Corporate Bond ETF 2.29 7.152 0.20 0.20
Municipal Bond
XMPT CEF Muni Income ETF 3.96 -- 2.32 2.32
HYD High Yield Muni ETF 2.35 5.321 0.35 0.35
SMI HIP Sustainable Muni ETF 0.84 4.322 0.24 0.24
ITM Intermediate Muni ETF 0.91 6.031 0.24 0.24
MLN Long Muni ETF 1.50 7.241 0.24 0.24
MAAX Muni Allocation ETF 2.31 5.791 0.36 0.36
SHYD Short High Yield Muni ETF 1.56 4.081 0.35 0.35
SMB Short Muni ETF 0.33 2.881 0.20 0.20
Equity Income
BIZD BDC Income ETF 8.25 -- 10.07 10.07
EINC Energy Income ETF 5.10 -- 0.45 0.45
DURA Morningstar Durable Dividend ETF 3.06 -- 0.29 0.29
MORT Mortgage REIT Income ETF 8.78 -- 0.41 0.41
PFXF Preferred Securities ex Financials ETF 4.89 -- 0.40 0.40
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Source: VanEck (as of 12/31/21).
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 12/31/21 would have been as follows - CBON: 2.38%, EMLC: 5.50%, . 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, EINC, DURA, FLTR, GRNB, HYD, HYEM, IHY, ITM, MAAX, MBBB, MIG, MLN, MORT, PFXF, SHYD, SMB, SMI, and 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 12/31/21) 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
Long Government 5,262 8,117 9,591 9,591
High Yield Bond 3,982 5,425 4,900 4,900
Short Government 1,551 1,848 7,563 7,563
Muni National Interm 1,400 2,686 11,116 11,116
Ultrashort Bond 936 1,455 4,141 4,141
Emerging Markets Bond 778 503 4,402 4,402
Muni National Short 680 1,116 5,555 5,555
Intermediate Government 334 2,587 10,624 10,624
Long-Term Bond 296 551 814 814
Bank Loan 223 1,544 10,330 10,330
High Yield Muni 166 102 1,529 1,529
Muni National Long 151 579 1,691 1,691
World Bond 28 80 296 296
Short-Term Bond -822 -450 26,966 26,966
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Source: Morningstar (as of 12/31/21). Not representative of fund or fund indices.

Investment Category Yields

Yield to Worst (%)
Category 12/31/21 11/30/21 12/31/20
EM USD High Yield Aggregate 7.24 7.86 5.87
EM Local Currency Sovereigns 5.72 5.68 4.22
EM USD Sovereigns 5.29 5.42 4.55
Global High Yield Corporates 4.61 5.18 4.28
U.S. High Yield Corporates 4.32 4.85 4.24
EM USD High Yield + IG Corps 3.96 4.11 3.32
High Yield Municipals 3.11 3.07 3.82
U.S. Corporates 2.33 2.29 1.74
Preferred Securities 2.29 3.20 0.29
U.S. Aggregate 1.75 1.69 1.12
10 Year Treasuries 1.51 1.44 0.92
TIPS 1.34 1.26 0.69
Global Aggregate 1.31 1.24 0.83
Municipals 1.11 1.10 1.07
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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 12/31/21).  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 12/31/21 would have been as follows - CBON: 2.38%, EMLC: 5.50%, . 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, and 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

Muncipal AAA Yield Curve

Source: Bloomberg (as of 12/31/21).

Global 10-Year Sovereign Yields (%)

Source: FactSet and Bloomberg (as of 12/31/21). Based on local currency prices. Past performance is no guarantee of future results.

Investment Category Total Returns (%)

Month-End 12/31/2021 Quarter-End 12/31/2021
Investment Category 1 MO* YTD* 1 YR 3 YR 5 YR
U.S. Aggregate -0.26 -1.54 -1.54 4.77 3.56
U.S. High Yield Corporates 1.88 5.34 5.34 8.53 6.07
Global High Yield Corporates 1.70 1.36 1.36 7.55 5.79
EM USD High Yield Aggregate 1.64 -3.16 -3.16 3.99 3.25
EM USD High Yield + IG Corps 0.54 -0.09 -0.09 6.82 5.19
EM Local Currency Sovereigns 1.56 -8.72 -8.72 2.06 2.81
EM USD Sovereigns 1.40 -1.79 -1.79 5.91 4.63
U.S. Corporates -0.08 -1.04 -1.04 7.55 5.24
U.S. REITs -0.12 -0.07 -0.07 6.72 5.09
Global Aggregate -0.14 -4.69 -4.69 3.58 3.35
TIPS 0.32 5.93 5.93 8.39 5.32
Municipals 0.16 1.51 1.51 4.70 4.15
High Yield Municipals 0.26 7.74 7.74 7.71 7.50
10 Year Treasuries -0.42 -3.66 -3.66 5.05 3.42
Preferred Securities 2.47 1.73 1.73 8.16 6.31
U.S. Dividend Stocks 7.26 32.10 32.10 15.74 10.98
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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 12/31/21 Quarter-End 12/31/21
Ticker Fund Name 1 MO* YTD* 1 YR 3 YR 5 YR LIFE Commenced
International Bond
CBON China Bond ETF 0.67 6.33 6.33 6.66 5.61 3.02 11/10/14
HYEM Emerging Markets High Yield Bond ETF 0.49 -0.92 -0.92 5.90 4.35 4.94 05/08/12
GRNB Green Bond ETF -0.12 -1.82 -1.82 3.67 -- 3.36 03/03/17
IHY International High Yield Bond ETF 1.34 -2.78 -2.78 5.98 4.85 4.82 04/02/12
EMLC J.P. Morgan EM Local Currency Bond ETF 1.10 -9.33 -9.33 0.86 1.55 0.34 07/22/10
Corporate Bond
ANGL Fallen Angel High Yield Bond ETF 1.80 7.65 7.65 12.47 8.25 8.75 04/10/12
FLTR Investment Grade Floating Rate ETF -0.04 0.66 0.66 2.56 2.20 1.52 04/25/11
MBBB Moody’s Analytics BBB Corporate Bond ETF -0.01 0.58 0.58 -- -- 1.60 12/01/20
MIG Moody’s Analytics IG Corporate Bond ETF -0.07 0.21 0.21 -- -- 1.05 12/01/20
Municipal Bond
XMPT CEF Muni Income ETF 1.40 8.34 8.34 11.84 7.35 6.73 07/12/11
HYD High Yield Muni ETF 0.18 5.33 5.33 4.75 5.34 6.77 02/04/09
SMI HIP Sustainable Muni ETF 0.17 -- -- -- -- 0.73 09/08/21
ITM Intermediate Muni ETF 0.13 0.91 0.91 4.89 4.29 4.24 12/04/07
MLN Long Muni ETF 0.22 2.61 2.61 6.31 5.30 4.31 01/02/08
MAAX Muni Allocation ETF 0.27 2.30 2.30 -- -- 2.32 05/15/19
SHYD Short High Yield Muni ETF 0.13 3.92 3.92 4.31 4.17 3.12 01/13/14
SMB Short Muni ETF -0.02 0.25 0.25 2.51 2.12 2.21 02/22/08
Equity Income
BIZD BDC Income ETF 2.84 39.82 39.82 18.92 9.52 7.48 02/11/13
EINC Energy Income ETF 1.45 37.99 37.99 8.95 0.02 -8.19 03/12/12
DURA Morningstar Durable Dividend ETF 7.78 16.45 16.45 13.59 -- 11.40 10/30/18
MORT Mortgage REIT Income ETF 1.26 18.61 18.61 3.85 4.89 6.61 08/16/11
PFXF Preferred Securities ex Financials ETF 5.20 12.21 12.21 13.34 8.57 6.82 07/16/12
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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. Performance information for the VanEck ETFs reflects temporary waivers of expenses and/or fees. Had the VanEck ETFs incurred all expenses, investment returns would have been reduced. The investment return and value of shares of VanEck ETFs will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance quoted. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

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 12/31/21 Quarter-End 12/31/21
Ticker Fund Name 1 MO* YTD* 1 YR 3 YR 5 YR LIFE Commenced
International Bond
CBON China Bond ETF 0.53 6.18 6.18 6.93 5.88 3.04 11/10/14
HYEM Emerging Markets High Yield Bond ETF 1.72 -0.84 -0.84 6.15 4.52 5.02 05/08/12
GRNB Green Bond ETF 0.19 -2.19 -2.19 3.61 -- 3.40 03/03/17
IHY International High Yield Bond ETF 1.69 -2.44 -2.44 6.10 5.12 4.87 04/02/12
EMLC J.P. Morgan EM Local Currency Bond ETF 1.21 -9.37 -9.37 0.88 1.54 0.36 07/22/10
Corporate Bond
ANGL Fallen Angel High Yield Bond ETF 2.31 7.24 7.24 12.78 8.23 8.76 04/10/12
FLTR Investment Grade Floating Rate ETF -0.07 0.62 0.62 2.64 2.17 1.52 04/25/11
MBBB Moody’s Analytics BBB Corporate Bond ETF 0.14 0.47 0.47 -- -- 1.73 12/01/20
MIG Moody’s Analytics IG Corporate Bond ETF 0.09 0.19 0.19 -- -- 1.21 12/01/20
Municipal Bond
XMPT CEF Muni Income ETF 1.90 8.33 8.33 11.99 7.44 6.76 07/12/11
HYD High Yield Muni ETF 0.58 5.40 5.40 4.91 5.32 6.78 02/04/09
SMI HIP Sustainable Muni ETF 0.15 -- -- -- -- 1.02 09/08/21
ITM Intermediate Muni ETF 0.04 0.50 0.50 4.81 4.29 4.23 12/04/07
MLN Long Muni ETF 0.16 2.61 2.61 6.37 5.26 4.31 01/02/08
MAAX Muni Allocation ETF 0.25 2.34 2.34 -- -- 2.34 05/15/19
SHYD Short High Yield Muni ETF 0.74 4.31 4.31 4.44 4.29 3.18 01/13/14
SMB Short Muni ETF 0.14 0.24 0.24 2.68 2.20 2.23 02/22/08
Equity Income
BIZD BDC Income ETF 2.46 39.27 39.27 19.36 9.51 7.45 02/11/13
EINC Energy Income ETF 1.43 38.28 38.28 8.93 0.03 -8.19 03/12/12
DURA Morningstar Durable Dividend ETF 8.44 16.52 16.52 13.75 -- 11.42 10/30/18
MORT Mortgage REIT Income ETF 1.20 18.50 18.50 3.83 4.93 6.61 08/16/11
PFXF Preferred Securities ex Financials ETF 4.78 12.26 12.26 13.33 8.54 6.82 07/16/12
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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. Performance information for the VanEck ETFs reflects temporary waivers of expenses and/or fees. Had the VanEck ETFs incurred all expenses, investment returns would have been reduced. The investment return and value of shares of VanEck ETFs will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance quoted. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

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 12/31/2021 Quarter-End 12/31/2021
Ticker Fund Name 1 MO* YTD* 1 YR 3 YR 5 YR LIFE Commenced
International Bond
CBON China Bond ETF NAV 0.67 6.33 6.33 6.66 5.61 3.02 11/10/14
Price 0.53 6.18 6.18 6.93 5.88 3.04
HYEM Emerging Markets High Yield Bond ETF NAV 0.49 -0.92 -0.92 5.90 4.35 4.94 05/08/12
Price 1.72 -0.84 -0.84 6.15 4.52 5.02
GRNB Green Bond ETF NAV -0.12 -1.82 -1.82 3.67 -- 3.36 03/03/17
Price 0.19 -2.19 -2.19 3.61 -- 3.40
IHY International High Yield Bond ETF NAV 1.34 -2.78 -2.78 5.98 4.85 4.82 04/02/12
Price 1.69 -2.44 -2.44 6.10 5.12 4.87
EMLC J.P. Morgan EM Local Currency Bond ETF NAV 1.10 -9.33 -9.33 0.86 1.55 0.34 07/22/10
Price 1.21 -9.37 -9.37 0.88 1.54 0.36
Corporate Bond
ANGL Fallen Angel High Yield Bond ETF NAV 1.80 7.65 7.65 12.47 8.25 8.75 04/10/12
Price 2.31 7.24 7.24 12.78 8.23 8.76
FLTR Investment Grade Floating Rate ETF NAV -0.04 0.66 0.66 2.56 2.20 1.52 04/25/11
Price -0.07 0.62 0.62 2.64 2.17 1.52
MBBB Moody’s Analytics BBB Corporate Bond ETF NAV -0.01 0.58 0.58 -- -- 1.60 12/01/20
Price 0.14 0.47 0.47 -- -- 1.73
MIG Moody’s Analytics IG Corporate Bond ETF NAV -0.07 0.21 0.21 -- -- 1.05 12/01/20
Price 0.09 0.19 0.19 -- -- 1.21
Municipal Bond
XMPT CEF Muni Income ETF NAV 1.40 8.34 8.34 11.84 7.35 6.73 07/12/11
Price 1.90 8.33 8.33 11.99 7.44 6.76
HYD High Yield Muni ETF NAV 0.18 5.33 5.33 4.75 5.34 6.77 02/04/09
Price 0.58 5.40 5.40 4.91 5.32 6.78
SMI HIP Sustainable Muni ETF NAV 0.17 -- -- -- -- 0.73 09/08/21
Price 0.15 -- -- -- -- 1.02
ITM Intermediate Muni ETF NAV 0.13 0.91 0.91 4.89 4.29 4.24 12/04/07
Price 0.04 0.50 0.50 4.81 4.29 4.23
MLN Long Muni ETF NAV 0.22 2.61 2.61 6.31 5.30 4.31 01/02/08
Price 0.16 2.61 2.61 6.37 5.26 4.31
MAAX Muni Allocation ETF NAV 0.27 2.30 2.30 -- -- 2.32 05/15/19
Price 0.25 2.34 2.34 -- -- 2.34
SHYD Short High Yield Muni ETF NAV 0.13 3.92 3.92 4.31 4.17 3.12 01/13/14
Price 0.74 4.31 4.31 4.44 4.29 3.18
SMB Short Muni ETF NAV -0.02 0.25 0.25 2.51 2.12 2.21 02/22/08
Price 0.14 0.24 0.24 2.68 2.20 2.23
Equity Income
BIZD BDC Income ETF NAV 2.84 39.82 39.82 18.92 9.52 7.48 02/11/13
Price 2.46 39.27 39.27 19.36 9.51 7.45
EINC Energy Income ETF NAV 1.45 37.99 37.99 8.95 0.02 -8.19 03/12/12
Price 1.43 38.28 38.28 8.93 0.03 -8.19
DURA Morningstar Durable Dividend ETF NAV 7.78 16.45 16.45 13.59 -- 11.40 10/30/18
Price 8.44 16.52 16.52 13.75 -- 11.42
MORT Mortgage REIT Income ETF NAV 1.26 18.61 18.61 3.85 4.89 6.61 08/16/11
Price 1.20 18.50 18.50 3.83 4.93 6.61
PFXF Preferred Securities ex Financials ETF NAV 5.20 12.21 12.21 13.34 8.57 6.82 07/16/12
Price 4.78 12.26 12.26 13.33 8.54 6.82

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. Performance information for the VanEck ETFs reflects temporary waivers of expenses and/or fees. Had the VanEck ETFs incurred all expenses, investment returns would have been reduced. The investment return and value of shares of VanEck ETFs will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance quoted. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

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.

VanEck Vectors Monthly ETF Yield Monitor

VanEck Monthly ETF Yield Monitor

IMPORTANT DISCLOSURE

Prior to September 1, 2020, the Municipal Income funds were known as the VanEck AMT-Free Short Municipal Index ETF, VanEck AMT-Free Intermediate Municipal Index ETF, VanEck AMT-Free Long Municipal Index ETF, VanEck Short High-Yield Municipal Index ETF, VanEck High-Yield Municipal Index ETF, and the VanEck Municipal Allocation ETF.

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