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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 Provider: Barclays

    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
    • 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 10/29/14

    • 30-Day SEC Yield1

      2.04%
    • Total Net Assets

      $775.7M
    • Number of Holdings

      866
    • Options

      Expected
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio/TER2

      0.24%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      10/31/2014
    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 10/28/14

    • Yield to Worst

      2.27%
    • Yield to Maturity

      2.87%
    • Effective Duration (yrs)

      7.23
    • Modified Duration (yrs)

      6.72
    • Duration to Worst (yrs)

      6.23
    • Spread Duration (yrs)

      6.67
    • Years to Maturity

      11.25
    • Coupon

      4.75%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%)as of 09/30/14

    Total Constituents: 12529
    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 09/30/14

    • State

      % of Net Assets
    • NY

      17.2
    • CA

      16.2
    • TX

      7.2
    • FL

      4.5
    • WA

      4.2
    • IL

      4.1
    • NJ

      3.9
    • MA

      3.2
    • PA

      3.1
    • OH

      2.7
    • MD

      2.5
    • GA

      2.3
    • VA

      2.3
    • NC

      2.1
    • AZ

      2.1
    • CT

      1.9
    • MN

      1.8
    • MI

      1.7
    • WI

      1.6
    • LA

      1.5
  • Index Sector Weightings (%)
    as of 09/30/14

    • Sector

      % of Net Assets
    • State General

      22.2
    • Transportation

      14.8
    • Local General

      14.2
    • Special Tax

      11.9
    • Water Utilities

      8.6
    • Education

      7.0
    • Leasing

      6.3
    • Health Care Facilities

      6.2
    • Power Utilities

      5.9
    • IDR/PCR

      1.8
    • Housing

      0.9
    • Resource Recovery

      0.1
  • Index Credit Quality (%)
    as of 09/30/14

    Composite % of Net Assets
    Investment Grade AAA 16.11
    AA 53.26
    A 27.39
    BBB 3.23
    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 09/30/14

    Average Maturity: 11.28 Years