*Municipal yield curve calculated and disseminated by Municipal Market Data (MMD). Yield Ratio=MMD Yield/Treasury Yield. Yields represented by yield to maturity. Yield to maturity is the annual rate of return on a bond held to final maturity.

The indices listed are unmanaged indices and do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in any Fund. An index’s performance is not illustrative of any Fund’s performance. Indices are not securities in which investments can be made.

The Barclays Municipal Bond Index is considered representative of the broad market for investment grade, tax-exempt municipal bonds with a maturity of at least one year.

James Colby is a portfolio manager and senior municipal strategist at Market Vectors ETFs.