This actively managed Exchange Traded Fund (ETF) typically commits a minimum of 80% of its total assets to investments that generate income generally exempt from U.S. federal income tax, excluding the Alternative Minimum Tax (AMT). Under normal market conditions, its primary investment strategy involves allocating capital to various registered VanEck Vectors ETFs. These underlying funds, in turn, concentrate on publicly traded municipal bonds denominated in U.S. dollars, spanning the full spectrum of the tax-exempt bond market from investment-grade to below-investment-grade (high-yield) issues. The fund is also designated as non-diversified.