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Long Municipal Index ETF MLN

  • Full Name: Market Vectors®
    Long Municipal Index ETF (MLN)

    Management Style: Sampling

    Underlying Index: The Barclays AMT-Free Long Continuous Municipal Index (LMT3TR)

    Index Provider: Barclays

    Index Description: LMT3TR is a market value weighted index designed to replicate the price movements of long-duration bonds with a nominal maturity of 17 years or more.

  •  
      

    • Fund Ticker

      MLN
    • Exchange

      NYSE Arca
    • Commencement

      01/02/2008
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMT3TR
    • Index Rebalancing

      Monthly
  •  
    as of 07/28/14

    • 30-Day SEC Yield1

      3.58%
    • Total Net Assets

      $79.9M
    • Number of Holdings

      144
    • Options

      Expected
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio/TER2

      0.24%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      07/31/2014
  • Index Key Points

    The Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) 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 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

      LMT3TR
    • Inception Date

      11/05/2007
    • Rebalance Frequency

      Monthly
  • Index Fundamentals4
    as of 07/25/14

    • Yield to Worst

      3.60%
    • Yield to Maturity

      4.37%
    • Effective Duration (yrs)

      12.92
    • Modified Duration (yrs)

      13.24
    • Duration to Worst (yrs)

      6.93
    • Spread Duration (yrs)

      8.69
    • Years to Maturity

      24.82
    • Coupon

      4.85%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%)as of 06/30/14

    Total Constituents: 5291
    Constituent Name
    Coupon
    Maturity Weighting (%)
    California State
    6.000
    04/01/2038
    0.55
    California State
    6.000
    04/01/2033
    0.53
    CALIFORNIA STATEWIDE CMNTYS DE
    5.000
    04/01/2042
    0.34
    PUERTO RICO SALES TAX FING COR
    6.000
    08/01/2042
    0.33
    MA Health & Edl
    5.000
    11/15/2036
    0.32
    HUDSON YDS INFRASTRUCTURE CORP
    5.000
    02/15/2047
    0.27
    California State
    5.000
    04/01/2031
    0.27
    CALIFORNIA ST
    6.000
    11/01/2039
    0.27
    GRAND PARKWAY TRANSN CORP TEX
    5.000
    10/01/2051
    0.23
    CALIFORNIA ST
    5.000
    04/01/2043
    0.22
    Top 10 Total (%)3.33
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.
  • Index Geographical Weightings (%)
    as of 06/30/14

    • State

      % of Net Assets
    • CA

      18.8
    • NY

      16.5
    • TX

      9.9
    • IL

      5.6
    • FL

      4.6
    • MA

      4.0
    • PA

      4.0
    • WA

      2.9
    • OH

      2.8
    • NJ

      2.7
    • GA

      2.0
    • CO

      2.0
    • PR

      1.8
    • SC

      1.6
    • IN

      1.3
    • MI

      1.3
    • NC

      1.3
    • VA

      1.3
    • DC

      1.3
    • LA

      1.2
  • Index Sector Weightings (%)
    as of 06/30/14

    • Sector

      % of Net Assets
    • Transportation

      19.7
    • Health Care Facilities

      17.1
    • Special Tax

      11.4
    • Water Utilities

      10.8
    • State General

      9.5
    • Education

      8.7
    • Local General

      8.1
    • Power Utilities

      5.4
    • Leasing

      4.4
    • IDR/PCR

      3.3
    • Housing

      1.4
    • Resource Recovery

      0.3
  • Index Credit Quality (%)
    as of 06/30/14

    Composite % of Net Assets
    Investment Grade AAA 7.95
    AA 45.58
    A 39.40
    BBB 7.07
    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 06/30/14

    Average Maturity: 24.88 Years