Market Vectors Short Municipal Index ETF (the Fund), formerly Market Vectors–Lehman Brothers AMT-Free Short Municipal Index ETF, seeks to replicate as closely as possible the price and yield performance of the Barclays Capital AMT-Free Short Continuous Municipal Index (the Index). The Index provides exposure to investment-grade municipal bonds with a nominal maturity of 1 to 6 years. To be included in the Index, bonds must be rated investment grade (Baa3/BBB- or higher) by at least two ratings agencies: Moody’s, Standard & Poor’s (S&P) and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine Index eligibility. If only one of the three agencies rates a security, the rating must be investment grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The Fund’s investment advisor is Van Eck Associates Corporation.