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The Market Vectors Long Municipal Index ETF investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays Capital AMT Free Long Continuous Municipal Index (the "Long Index"). The Fund will normally invest at least 80% of its total assets in fixed income securities that comprise the Long Index. To be included in the Long Index, bonds must be rated Baa3/BBB- or higher by at least two of the following ratings agencies: Moody's, S&P and Fitch. Potential Long Index constituents must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million.