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ITM Market Vectors AMT-Free Intermediate Municipal Index ETF

  • Fund Description

    The Market Vectors® AMT-Free Intermediate Municipal Index ETF (ITM®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR), which is intended to track the overall performance of the U.S. dollar denominated intermediate-term tax-exempt bond.

  •  
      

    • Fund Ticker

      ITM
    • Exchange

      NYSE Arca
    • Commencement

      12/04/2007
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMT2TR
    • Index Rebalancing

      Monthly
    • Preliminary NAIC
      Designation7

      1
  •  
    as of 02/09/16

    • 30-Day SEC Yield1

      1.70%
    • Total Net Assets

      $1.4B
    • Number of Holdings

      1549
    • Options

      Available
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio/TER2

      0.24%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      02/29/2016
    1, 2, 7 See Important Disclosure
  • Index Key Points

    The Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) is comprised of: 

    Four main sectors: general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

    Issues eligible for inclusion in Index:   

    • Have a nominal maturity of 6-17 years.
    • Have a dated-date within the last 5 years.
    • Rated investment grade.
    • AMT-free.
    • Have an outstanding par value of at least $7 million.
    • Issued as part of a transaction of at least $75 million.
    • Fixed rate.

    Index Provider: Barclays

  • Index Profile

    • Ticker

      LMT2TR
    • Inception Date

      11/05/2007
    • Rebalance Frequency

      Monthly
  • Index Fundamentals4
    as of 02/08/16

    • Yield to Worst

      1.91%
    • Yield to Maturity

      2.58%
    • Effective Duration (yrs)

      7.18
    • Duration to Worst (yrs)

      6.27
    • Modified Duration (yrs)

      6.84
    • Spread Duration (yrs)

      6.72
    • Years to Maturity

      11.38
    • Coupon

      4.78%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%) as of 01/31/16

    Total Constituents: 14727
    Issuer Name
    State Weighting (%)
    California St For Previous Issues See 13063B
    CA
    2.41
    New York N Y City Transitional Fin Auth Rev Forissues D
    CY
    1.97
    California St For Previous Issues See 13063A Foraddl Is
    CA
    1.77
    New York St Dorm Auth St Pers Income Tax Rev Forissues
    NY
    1.68
    Metropolitan Transn Auth N Y Rev For Issues Dtdprior To
    NY
    1.67
    Pennsylvania St
    PA
    1.41
    Washington St For Issues Dtd Prior To 02/05/2013See 939
    WA
    1.24
    Connecticut St For Issues Dated Prior To 10/19/10 See 2
    CT
    1.21
    Maryland St For Issues Dated Prior To 08/05/11 See 5741
    MD
    1.06
    Washington St For Issues Dtd Prior To 07/23/08 See 9397
    WA
    1.01
    Top 10 Total (%)15.43
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.
  • Index Geographical Weightings (%) as of 01/31/16

    • State

      % of Net Assets
    • California

      15.5
    • Texas

      9.1
    • Florida

      4.9
    • Washington

      4.1
    • New Jersey

      3.4
    • Illinois

      3.4
    • Pennsylvania

      3.3
    • Massachusetts

      2.9
    • Maryland

      2.6
    • Ohio

      2.6
    • Virginia

      2.5
    • Connecticut

      2.1
    • Arizona

      2.1
    • Georgia

      2.0
    • Michigan

      1.7
    • Wisconsin

      1.7
    • North Carolina

      1.6
    • Minnesota

      1.5
    • Hawaii

      1.4
  • Index Sector Weightings (%) as of 01/31/16

    • Sector

      % of Net Assets
    • State General

      21.5
    • Local General

      16.0
    • Transportation

      14.4
    • Special Tax

      11.9
    • Water Utilities

      9.5
    • Education

      6.9
    • Leasing

      6.7
    • Power Utilities

      6.1
    • Health Care Facilities

      5.1
    • IDR/PCR

      0.9
    • Housing

      0.8
    • Resource Recovery

      0.3
  • Index Credit Quality (%)
    as of 01/31/16

    Composite % of Net Assets
    Investment Grade AAA 16.31
    AA 59.88
    A 20.58
    BBB 3.24
    Total Investment Grade -- 100.00
    Barclays Composite Rating: A blend of a security's Moody's, S&P, and Fitch ratings. If all three agencies rate the security, the middle rating is taken. If only two agencies rate a security, the lower rating is taken. If only one agency rates a security, that rating is used. Not rated indicates that a security is rated by fewer than one of the three rating agencies. This composite is not intended to be a credit opinion.
  • Maturity (%) as of 01/31/16

    Average Maturity: 11.39 Years