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  • Ticker:- PRB;true;LMPETR;
  • Ticker Group:- ETFFI_MI;false;;

  • Making News

    The Bond Buyer: Some Steering Clear of Puerto Rico, Others Riding Out the Storm


    04/10/13: Examining the question of whether investors should exit Puerto Rican debt ahead of the commonwealth’s proposed fiscal remedies, The Bond Buyer consults MV’s James Colby. "Whether or not we feel that these credits are at risk for further downgrades, we would only consider an outright sale or removal if we felt a monetary default might occur, putting shareholders' interest at risk."
      View article >> 


    The Bond Buyer: February Muni Bond Volume Tumbles


    02/28/13: James Ramage interviews MV's James Colby, who was surprised by the decline in muni issuance in February, considering interest rate levels. Colby expects that refundings should increase: "Why wait, if it’s producing cost savings and can get done reasonably efficiently? Do your refundings; get those deals off the books and save taxpayers money prior to the end of the fiscal year."
      View article >> 


    InvestmentNews: Colby on the Impact of Migratory Patterns on Munis


    02/17/13: Investment News pics up Colby’s MUNI NATION post about population migration in the U.S.: "My concern is for the economic health — no, survival — of state and local governments that issue tax-exempt debt securities in order to meet the public needs of their inhabitants. The Forbes article points to migratory population shifts that I believe will have very real consequences for certain states (NJ, IL, NY, MI, ME, CT, WI)."
      View article >> 


    ETF Trends: Muni Bond ETFs January Rebound


    02/14/13: MV's James Colby writes about the "political ripples of the fiscal cliff and inauguration finally reaching the edge of the pond, the markets appear to be once again fully engaged in the dissection of domestic economic releases, earnings and European monetary drama." He summarizes January: New flows into municipals, along with cash from calls, maturities and coupon payments are again positive, overwhelming a meager January supply: a formula that is prevalent in most years, coined the January Effect.

    View article >> 


  • MUNI NATION 

  • How to Purchase

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Pre-Refunded Municipal Index ETF PRB

  • Full Name: Market Vectors®
    Pre-Refunded Municipal Index ETF (PRB®)

    Management Style: Sampling

    Underlying Index: The Barclays Municipal Pre-Refunded Treasury-Escrowed Index (LMPETR)

    Index Description: LMPETR is a market value weighted Index comprised of pre-refunded and/or escrowed-to-maturity municipal bonds, provided that the collateral in the escrow account is comprised strictly of obligations of, and carry the full faith and credit of, the U.S. Treasury. To be included in the Index, bonds must have an explicit or implicit credit rating of AAA.

  •    

    • Fund Ticker

      PRB

    • Exchange

      NYSE Arca

    • Index Total Return Ticker

      LMPETR

    • Index Provider

      Barclays

    • Total Net Assets

      $32.4M

    • Shares Outstanding

      1,300,000

    • Number of Holdings

      49

    • Commencement Date

      02/02/2009

  •   as of 06/19/13

  • Key Points

    • Tax-Free Yields with the Security of Treasuries
      Yields typically exceeding those of Treasuries on taxable-equivalent basis, and income generally exempt from federal taxes and AMT-free constituents

    • High Credit Quality and Liquidity
      Most liquid segment of municipal bond market with the highest credit quality available*

    • Limited Interest Rate Risk
      Designed to track an index of relatively short maturity municipal bonds

    • *Issuers often choose not to pay to have a pre-refunded bond re-rated by a national rating agency such as Moody’s, S&P or Fitch. Pre-refunded bonds are typically considered the highest quality available in the muni market because the collateral carries the full faith and credit of the U.S. Treasury.

  • Yields as of 06/19/13

    • 30-Day SEC Yield1

      0.88%

    • Distribution Yield1

      1.42%

    • 12-Month Yield1

      1.53%

    • Taxable Equivalent 30-Day SEC Yields1a

    • Federal Tax Rate of 15%

      1.03%

    • Federal Tax Rate of 25%

      1.17%

    • Federal Tax Rate of 28%

      1.22%

    • Federal Tax Rate of 33%

      1.31%

    • Federal Tax Rate of 39.6%

      1.45%
     1/1a See Important Disclosure for definitions.

  • Fees & Expenses2

    • Management Fee

      0.24%

    • Other Expenses

      --

    • Acquired Fund Fees and Expenses

      --

    • Gross Expense Ratio

      0.24%

    • Fee Waivers and
      Expense Reimbursement

      --

    • Net Expense Ratio

      0.24%
    2The Investment Management Agreement between Market Vectors ETF Trust (the "Trust") and Van Eck Associates Corporation (the "Adviser") provides that the Adviser will pay all expenses of the Fund, except for the fee payment under the Investment Management Agreement, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

  • Trading Information

    • Fund Ticker

      PRB

    • Index Total Return Ticker

      LMPETR

    • NAV

      PRBNV

    • Intraday NAV (IIV)5

      PRBIV

    • Shares Outstanding

      1,300,000

    • Estimated Cash

      PRBEU

    • Total Cash

      PRBTC

    • CUSIP

      57060U738

    • ISIN

      US57060U7384
    5See IIV Details. Source: Bloomberg

  • Fundamentals4 as of 06/18/13

    • Yield to Worst

      1.05%

    • Yield to Maturity

      1.06%

    • Effective Duration (yrs)

      3.84

    • Modified Duration (yrs)

      3.95

    • Duration to Worst (yrs)

      3.70

    • Spread Duration (yrs)

      3.90

    • Years to Maturity

      5.06

    • Coupon

      5.18%
     4 See Important Disclosure for definitions.

  • Prices as of 06/19/13

    TickerNAV/
    Last Price    		Avg. 30-Day
    Trading
    Volume    		Daily Change
    NAV/
    Last Price    		 YTD Change
    NAV/
    Last Price    		Premium/
    Discount    		Prem/Discount
    Distribution Charts    		NAV &
    Prem/Discount
    History    		NAV
    Price
    Chart
    PRB $24.93
    $24.82         		3,414
    7,845
    $-0.03 / -0.1%
    $-0.04 / -0.2%
    		- 1.3%
    - 1.5%
    		$-0.11
    -0.44%

  • View All Indices » View All ETFs » Performance History: Average Annual Total Returns* (%)

    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    02/02/09
    PRB (NAV) -0.90 -0.62 -0.45 0.60 1.59 -- -- 1.78
    PRB (Share Price) -0.82 -0.86 -0.57 0.56 1.64 -- -- 1.71
    LMPETR (Index) -0.25 -0.06 0.15 0.69 1.79 -- -- 2.06
    Performance Differential (NAV - Index) -0.65 -0.56 -0.60 -0.09 -0.20 -- -- -0.28
    After Tax Held -- -- -- 0.60 -- -- -- 1.77
    After Tax Sold -- -- -- 1.00 -- -- -- 1.69
    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    02/02/09
    PRB (NAV) -0.40 -0.22 -0.22 1.59 2.02 -- -- 1.91
    PRB (Share Price) -0.71 -0.42 -0.42 1.35 1.77 -- -- 1.81
    LMPETR (Index) -0.04 0.17 0.17 1.21 2.14 -- -- 2.15
    Performance Differential (NAV - Index) -0.36 -0.16 -0.39 0.38 -0.12 -- -- -0.24
    After Tax Held -- -- -- 1.59 -- -- -- 1.90
    After Tax Sold -- -- -- 1.56 -- -- -- 1.79

    *Returns less than one year are not annualized.

    The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

    The "Net Asset Value" (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

    The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

  • View All Holdings » Top 10 Holdings (%) as of 05/31/13

    Total Holdings: 49
    Holding Name
    Coupon
    		 Maturity
    Composite
    Rating
    State
    Currency
    		 % of Net
    Assets
    City of Omaha NE
    6.500
    		 12/01/2030
    AA+
    NE
    USD
    		 11.40
    Massachusetts Department of Transportat
    5.125
    		 01/01/2023
    NR
    MA
    USD
    		 10.07
    New Jersey Economic Development Authori
    5.000
    		 03/01/2020
    A+
    NJ
    USD
    		 6.69
    NJ Transportation Trust Fund Authority
    5.250
    		 06/15/2015
    NR
    NJ
    USD
    		 4.30
    Indiana Transportation Finance Authorit
    5.250
    		 06/01/2021
    AA+
    IN
    USD
    		 3.29
    Philadelphia School District
    5.250
    		 06/01/2034
    AA-
    PA
    USD
    		 3.29
    Colorado Department of Transportation
    5.000
    		 12/15/2016
    A+
    CO
    USD
    		 3.27
    Illinois State Toll Highway Authority
    5.000
    		 01/01/2026
    AA-
    IL
    USD
    		 2.65
    Illinois State Toll Highway Authority
    5.000
    		 01/01/2027
    AA-
    IL
    USD
    		 2.65
    North East Independent School District/
    4.750
    		 02/01/2035
    NR
    TX
    USD
    		 2.60
    Top 10 Total (%) 50.21

    These are not recommendations to buy or to sell any security. Securities and holdings may vary. Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

  • Geographical Weightings (%) as of 05/31/13

    • State

      % of Net Assets

    • NJ

      19.9

    • MA

      16.7

    • NE

      11.4

    • IL

      8.9

    • CO

      8.9

    • CA

      5.0

    • TX

      3.4

    • IN

      3.3

    • PA

      3.3

    • NC

      2.5

    • MI

      2.4

    • GA

      1.9

    • NY

      1.9

    • HI

      1.7

    • FL

      1.7

    • MD

      1.7

    • UT

      1.6

    • NV

      1.3

    • KY

      0.9

    • TN

      0.8

    • Other

      1.0

    • Total

      100.2

  • Currency Exposure (%)
    as of 05/31/13

    • U.S. Dollar

      100.11

    • Other

      -0.11

    • Total

      100.00

  • Sector Weightings (%) as of 05/31/13

    • Sector

      % of Net Assets

    • Government

      100.1

    • Other

      -0.1

    • Total

      100.0

  • Maturity (%) as of 05/31/13

    Average Portfolio Maturity: 10.86 Years

  • Contact Us

    Van Eck Securities
    Corporation, Distributor
    335 Madison Avenue, 19th Fl.
    New York, NY 10017
    888.MKT.VCTR
    888.658.8287
    marketvectors@vaneck.com

  • Important Disclosure

    130-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The Distribution Yield is the annual yield an investor would receive if the most recent fund distribution stayed the same going forward. The yield represents a single distribution from the fund and does not represent the total return of the fund.  The yield is calculated by annualizing the most recent distribution and dividing by the fund NAV from the as-of date. The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV.The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

    1aTaxable equivalent yields (TEY) are used by investors to compare yields on taxable and tax-exempt securities after accounting for federal income taxes. TEY represents the yield a taxable bond investment would have to earn in order to match, after deducting federal income taxes, the yield available on a tax-exempt municipal bond investment. TEY = Tax-Free Municipal Bond Yield/(1 -Tax Rate).

    3Morningstar Ratings: ©2013 Morningstar, Inc. All Rights Reserved. All Rights Reserved. Not applicable at this time. 

    4These figures represent averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases.Years to Maturity is the length of time until a fixed-income investment returns its original investment. The years to maturity for pre-refunded bonds is calculated using the first call date unless they are escrowed to final maturity. This provides investors with a more realistic expectation of the average years to maturity of the portfolio and index because the majority of pre-refunded bonds are only escrowed to manage cash flows to their first call. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The Coupon and Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

     5IIV is an abbreviation for An ETF's intraday indicative value; it is an estimated fair value of its holdings based on the most recent prices of its underlying securities and other assets. Intraday values are typically updated every 15 seconds and should closely approximate the net asset value (NAV) of an ETF throughout the trading day. ETF intraday values are calculated by an exchange (e.g., the NYSE Arca) and are distributed through quote services.

    6The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

    Municipal bonds are subject to risks related to litigation, legislation, political change, conditions in underlying sectors or in local business communities and economies, bankruptcy or other changes in the issuer’s financial condition, and/or the discontinuance of taxes supporting the project or assets or the inability to collect revenues for the project or from the assets. Bonds and bond funds will decrease in value as interest rates rise. Additional risks include credit, interest rate, call, reinvestment, tax, market and lease obligation risk. Interest and principal payments for pre-refunded bonds are funded from securities in an escrow account. The escrowed securities do not guarantee the price of these bonds. Municipal bonds may be less liquid than taxable bonds. There is no guarantee that the Fund’s income will be exempt from federal or state income taxes, and changes in those tax rates or in alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax.

    A portion of the Funds’ dividends may be subject to federal, state, or local income taxes or may be subject to the federal alternative minimum tax.

    The Barclays Municipal Pre-Refunded–Treasury-Escrowed Index is calculated and maintained by Barclays Inc. Barclays Inc. does not sponsor, endorse, or promote the Funds and bears no liability with respect to any such Funds or security.

    After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement.

    Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Investors can not invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.

    The “Net Asset Value” (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

    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. Creation units are issued and redeemed principally in kind. 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. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

    The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Performance current to the most recent month end is available by calling 888.MKT.VCTR or on this web page. 

    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 the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 888.MKT.VCTR or visit vaneck.com/etf. Please read the prospectus and summary prospectus carefully before investing. 

    Not FDIC Insured — No Bank Guarantee — May Lose Value

© 2013 Van Eck Securities Corporation. All rights reserved.