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VanEck Announces Preliminary Yearend Distribution Estimates for VanEck Vectors ETFs

BBH, GRNB, AFK, MOO, BRF, SMOG, GDX, HAP, GLIN, IDX, FLTR, MORT, NLR, REMX, OIH, RTH, SMH, ANGL, BIZD, HYEM, IHY, PFXF, ISRA, CNXT, CBON, PPH, LFEQ, RAAX, ESPO, C.GOAT, EMLC | November 22, 2019

NEW YORK

VanEck announced today preliminary yearend distribution estimates for its VanEck Vectors^®exchange-traded funds.

Please note that capital gains estimates were made as of October 31, 2019 and income estimates were made as of November 20, 2019, and are based upon the best information available and may be subject to significant change based on a number of factors, including but not limited to changes in the number of shares outstanding, changes in income that may occur prior to record date, and certain tax adjustments and reclassifications. These factors may also result in some VanEck Vectors ETFs which currently show no estimated income or capital gain distributions making a distribution at yearend. VanEck strongly urges shareholders to consult with their tax adviser regarding the tax consequences of these distributions. You should not make investment decisions based on this information.

Ex-Date: December 23, 2019

Record Date: December 24, 2019

Payable Date: December 30, 2019

Hard Assets ETFs	Ticker	Estimated Income	Estimated Short-Term Capital Gain	Estimated Long-Term Capital Gain
VanEck Vectors Agribusiness ETF	MOO	$0.869	None	None
VanEck Vectors Coal ETF	KOL	$0.939	None	None
VanEck Vectors Gold Miners ETF	GDX	$0.196	None	None
VanEck Vectors Junior Gold Miners ETF	GDXJ	†	None	None
VanEck Vectors Low Carbon Energy ETF	SMOG	None	None	None
VanEck Vectors Natural Resources ETF	HAP	$1.041	None	None
VanEck Vectors Oil Refiners ETF	CRAK	$0.430	None	None
VanEck Vectors Oil Services ETF	OIH	$0.278	None	None
VanEck Vectors Rare Earth/Strategic Metals ETF	REMX	$0.220	None	None
VanEck Vectors Steel ETF	SLX	$1.226	None	None
VanEck Vectors Unconventional Oil & Gas ETF	FRAK	$0.206	None	None
VanEck Vectors Uranium+Nuclear Energy ETF	NLR	$1.072	None	None

Country/Regional ETFs	Ticker	Estimated Income	Estimated Short-Term Capital Gain	Estimated Long-Term Capital Gain
VanEck Vectors Africa Index ETF	AFK	†	None	None
VanEck Vectors Brazil Small-Cap ETF	BRF	†	None	None
VanEck Vectors ChinaAMC CSI 300 ETF	PEK	$0.797	None	None
VanEck Vectors ChinaAMC SME-ChiNext ETF	CNXT	†	None	None
VanEck Vectors Egypt Index ETF	EGPT	†	None	None
VanEck Vectors India Small-Cap Index ETF	SCIF	$0.465	None	None
VanEck Vectors Indonesia Index ETF	IDX	$0.500	None	None
VanEck Vectors Israel ETF	ISRA	†	None	None
VanEck Vectors Russia ETF	RSX	$1.389	None	None
VanEck Vectors Russia Small-Cap ETF	RSXJ	$1.668	None	None
VanEck Vectors Vietnam ETF	VNM	$0.108	None	None

Strategic Equity/Guided Allocation ETFs	Ticker	Estimated Income	Estimated Short-Term Capital Gain	Estimated Long-Term Capital Gain
VanEck Vectors Morningstar Global Wide Moat ETF	GOAT	$0.350	$0.481	None
VanEck Vectors Morningstar International Moat ETF	MOTI	$1.074	None	None
VanEck Vectors Morningstar Wide Moat ETF	MOAT	$0.682	None	None
VanEck Vectors NDR CMG Long/Flat Allocation ETF	LFEQ	$0.435	None	None
VanEck Vectors Real Asset Allocation ETF	RAAX	$0.609	None	None

Industry ETFs	Ticker	Estimated Income	Estimated Short-Term Capital Gain	Estimated Long-Term Capital Gain
VanEck Vectors Biotech ETF	BBH	$0.416	None	None
VanEck Vectors Environmental Services ETF	EVX	$0.400	None	None
VanEck Vectors Gaming ETF	BJK	$1.208	None	None
VanEck Vectors Retail ETF	RTH	$1.178	None	None
VanEck Vectors Semiconductor ETF	SMH	$1.642	None	None
VanEck Vectors Video Gaming and eSports ETF	ESPO	$0.088	None	None

† The expected income cannot be determined at this time due to significant Passive Foreign Investment Company (PFIC) income.


Ex-Date: December 30, 2019		Record Date: December 31, 2019		Payable Date: January 6, 2020

Industry ETFs	Ticker	Estimated Income	Estimated Short-Term Capital Gain	Estimated Long-Term Capital Gain
VanEck Vectors Pharmaceutical ETF	PPH	**	None	None

Municipal Bond ETFs	Ticker	Estimated Income	Estimated Short-Term Capital Gain	Estimated Long-Term Capital Gain
VanEck Vectors AMT-Free Intermediate Municipal Index ETF	ITM	*	None	$0.060
VanEck Vectors AMT-Free Long Municipal Index ETF	MLN	*	None	$0.023
VanEck Vectors AMT-Free Short Municipal Index ETF	SMB	*	None	None
VanEck Vectors CEF Municipal Income ETF	XMPT	*	None	None
VanEck Vectors High-Yield Municipal Index ETF	HYD	*	None	None
VanEck Vectors Municipal Allocation ETF	MAAX	*	None	None
VanEck Vectors Short High-Yield Municipal Index ETF	SHYD	*	None	None

Income ETFs	Ticker	Estimated Income	Estimated Short-Term Capital Gain	Estimated Long-Term Capital Gain
VanEck Vectors BDC Income ETF	BIZD	**	None	None
VanEck Vectors ChinaAMC China Bond ETF	CBON	*	None	None
VanEck Vectors Emerging Markets High Yield Bond ETF	HYEM	*	None	None
VanEck Vectors Emerging Markets Aggregate Bond ETF	EMAG	*	None	None
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	EMLC	*	None	None
VanEck Vectors Morningstar Durable Dividend ETF	DURA	**	$0.226	None
VanEck Vectors Fallen Angel High Yield Bond ETF	ANGL	*	None	None
VanEck Vectors Green Bond ETF	GRNB	*	None	None
VanEck Vectors International High Yield Bond ETF	IHY	*	None	None
VanEck Vectors Investment Grade Floating Rate ETF	FLTR	*	None	None
VanEck Vectors Mortgage REIT Income ETF	MORT	**	None	None
VanEck Vectors Preferred Securities ex Financials ETF	PFXF	*	None	None

^*The ETF pays a monthly scheduled income distribution; therefore, no estimate is provided.
^**The ETF pays a quarterly scheduled income distribution; therefore, no estimate is provided.

Due to yearend tax adjustments, the December distributions may be different than the regular monthly or quarterly distributions paid during the year.

The majority, and possibly all, of the dividend distributions will be paid out of net investment income earned by the Funds. A portion of these distributions may come from net short-term or long-term realized capital gains or return of capital.

The final tax treatment of these dividends will be reported to shareholders on their 1099-DIV form, which is mailed after the close of each calendar year. The amount of dividends paid by each ETF may vary from time to time. Past dividend amounts are no guarantee of future dividend payment amounts.

Passive Foreign Investment Company (PFIC) Income: Several VanEck Vectors ETFs may make investments in non-U.S. corporations classified as “passive foreign investment companies”. Generally speaking, PFICs are non-U.S. corporations having 50% or more of their assets invested in cash or securities, or having 75% or more of their gross income originating from passive sources, including but not limited to interest, dividends and rents. In other words, these foreign companies primarily derive their revenue streams from investments (rather than operations). Please refer to your VanEck Vectors ETF’s Statement of Additional Information (SAI) for further information on PFICs.

IRS Circular 230 disclosure: VanEck does not provide legal, tax or accounting advice. Any statement contained in this communication concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Shareholders or potential shareholders of the VanEck Vectors ETFs should obtain their own independent tax advice based on their particular circumstances.

About VanEck

VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 – that subsequently shaped the investment management industry.

Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of October 31, 2019, VanEck managed approximately $51.5 billion in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.

Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.

The principal risks of investing in VanEck Vectors ETFs include sector, market, economic, political, foreign currency, world event, index tracking and non-diversification risks, as well as fluctuations in net asset value and the risks associated with investing in less developed capital markets. The assets of some Funds may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors. The Funds may loan their securities, which may subject them to additional credit and counterparty risk. Fixed income investments are subject to interest rate risk, credit risk, the risk that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. High-yield bonds are subject to greater risk of loss of income and principal than higher-rated securities. Bonds and bond funds will decrease in value as interest rates rise. In addition when interest rates fall income may decline. Please see the prospectus of each Fund for more complete information regarding each Fund's specific risks.

To receive a distribution, you must have been a registered shareholder of the relevant VanEck Vectors ETFs on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.

Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market.

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 contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

Van Eck Securities Corporation, Distributor
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New York, NY 10017
800.826.2333