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  • Ticker:- ITM;true;LMT2TR;
  • Ticker Group:- ETFFI_MI;false;;
  • Making News

    InvestmentNews: Muni Bond Fund Rebound Appears to Have Legs


    3/13/14: InvestmentNews’ Carol O’Donnell suggests that municipal bonds may be worthwhile for investors to examine despite poor performance during 2013. According to James Colby, municipal bond supply is normalizing and “The question is whether demand is healthy enough to absorb these additional sales without a drop in price.”

    View article » 



    The WSJ: Detroit Rattles Muni Market


    8/07/13: In light of Detroit’s recent default, The Wall Street Journal considers the wider implications of replacing older bonds with new ones that have different terms, as the city’s emergency manager suggests doing. James Colby opines, “You really break the foundation of debt markets if municipalities can freely restructure their obligations.”

    View article » 



    ETF Trends: Sell-Off in Municipal Bond ETFs May be Overdone


    6/18/13: Tom Lydon considers the shift some investors have made away from municipal bond ETFs due to anxiety about higher interest rates. It may be an “overreaction,” he writes. Lydon suggests investing in SMB and consults James Colby, who contends that “muni bonds offer attractive taxable equivalent yields.”

    View article » 



    WSJ: Should You Buy Taxable Muni Bonds?


    06/05/13: According to The Wall Street Journal, institutional investors and mutual funds that can’t capitalize on tax breaks are buying taxable munis, but MV’s James Colby says, “I don’t doubt for a moment that some of these bonds are finding their way into individual accounts.”

    View article » 



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Intermediate Municipal Index ETF ITM

  • Full Name: Market Vectors®
    Intermediate Municipal Index ETF (ITM®)

    Management Style: Sampling

    Underlying Index: The Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR)

    Index Description: LMT2TR is a market value weighted index designed to replicate the price movements of medium-duration bonds with a nominal maturity of 6-17 years.

  •  
     

    • Fund Ticker

      ITM
    • Exchange

      NYSE Arca
    • Index Total Return Ticker

      LMT2TR
    • Index Provider

      Barclays
    • Total Net Assets

      $620.6M
    • Shares Outstanding

      26,900,000
    • Number of Holdings

      649
    • Commencement Date

      12/04/2007
  •  
    as of 04/24/14

    • 30-Day SEC Yield1

      2.36%
    • Distribution Frequency

      Monthly
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio2

      0.24%
    • Options

      Expected
    • Preliminary NAIC Designation7

      1
    • Management Team »
    • ITM Fact Sheet »
    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 04/23/14

    • Yield to Worst

      2.65%
    • Yield to Maturity

      3.15%
    • Effective Duration (yrs)

      7.69
    • Modified Duration (yrs)

      7.47
    • Duration to Worst (yrs)

      6.18
    • Spread Duration (yrs)

      6.74
    • Years to Maturity

      11.13
    • Coupon

      4.81%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%) as of 03/31/14

    Total Constituents: 12496
    Constituent Name
    Coupon
    Maturity Weighting (%)
    CALIFORNIA ST ECONOMIC RECOVER
    5.000
    07/01/2020
    0.21
    CALIFORNIA ST ECONOMIC RECOVER
    5.000
    07/01/2022
    0.20
    CALIFORNIA ST ECONOMIC RECOVER
    5.000
    07/01/2021
    0.19
    CALIFORNIA ST DEPT WTR RES PWR
    5.000
    05/01/2020
    0.16
    RAILSPLITTER TOB SETTLEMENT AU
    6.000
    06/01/2028
    0.14
    CALIFORNIA ST
    5.000
    10/01/2029
    0.14
    CALIFORNIA ST DEPT WTR RES PWR
    5.000
    05/01/2020
    0.12
    CALIFORNIA ST
    5.000
    03/01/2030
    0.12
    Metropolitan Transn Auth, NY Rev
    6.000
    11/15/2028
    0.11
    ST CHARLES PARISH LA GULF OPPO
    4.000
    12/01/2040
    0.11
    Top 10 Total (%) 1.50
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.
  • Index Geographical Weightings (%)
    as of 03/31/14

    • State

      % of Net Assets
    • NY

      16.9
    • CA

      16.7
    • TX

      6.7
    • FL

      4.7
    • WA

      4.2
    • IL

      3.9
    • NJ

      3.8
    • PA

      3.6
    • MA

      2.9
    • OH

      2.6
    • GA

      2.5
    • MD

      2.4
    • VA

      2.2
    • NC

      2.2
    • AZ

      2.2
    • CT

      1.8
    • WI

      1.6
    • MN

      1.6
    • MI

      1.6
    • LA

      1.5
    • Total

      85.6
  • Index Sector Weightings (%)
    as of 03/31/14

    • Sector

      % of Net Assets
    • State General

      22.2
    • Transportation

      14.6
    • Local General

      13.6
    • Special Tax

      12.5
    • Water Utilities

      8.3
    • Education

      6.7
    • Leasing

      6.6
    • Health Care Facilities

      6.3
    • Power Utilities

      6.0
    • IDR/PCR

      2.2
    • Housing

      0.9
    • Resource Recovery

      0.1
    • Total

      100.0
  • Index Credit Quality (%)
    as of 03/31/14

    Composite % of Net Assets
    AAA 15.57
    AA 53.75
    A 27.37
    BAA 3.32
    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 03/31/14

    Average Maturity: 11.17 Years