• Ticker:- PRB;true;LMPETR;
  • 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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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

      $34.6M
    • Shares Outstanding

      1,400,000
    • Number of Holdings

      58
    • Commencement Date

      02/02/2009
  •  
    as of 04/17/14

  • Index Key Points

    The Barclays Municipal Pre-Refunded Treasury-Escrowed Index (LMPETR) is comprised of: 

    Pre-refunded and escrowed-to-maturity bonds (ETMs) with underlying collateral comprised solely of U.S. Treasuries and U.S. Treasury-issued State and Local Government Series bonds (SLGs).

    Issues eligible for inclusion in Index:  

    • Nominal maturity of 1-30 years.
    • Outstanding par value of at least $7 million.
    • Issued as part of transaction of at least $75 million in value.
    • Fixed rate coupon and denominated in U.S. dollars.

      Index Provider: Barclays

  • Index Profile
     

    • Ticker

      LMPETR
    • Inception Date

      12/16/2008
    • Rebalance Frequency

      Monthly
  • Index Fundamentals4
    as of 04/16/14

    • Yield to Worst

      0.62%
    • Yield to Maturity

      0.64%
    • Effective Duration (yrs)

      2.49
    • Modified Duration (yrs)

      2.54
    • Duration to Worst (yrs)

      2.39
    • Spread Duration (yrs)

      2.54
    • Years to Maturity

      2.87
    • Coupon

      4.91%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%) as of 03/31/14

    Total Constituents: 1980
    Constituent Name
    Coupon
    Maturity Weighting (%)
    MASSACHUSETTS ST SCH BLDG AUTH
    5.000
    08/15/2030
    1.08
    IL Toll Hwy Auth Toll
    5.000
    01/01/2031
    0.61
    NJ Tpk Auth Tpk Rev
    6.000
    01/01/2016
    0.59
    Sacramento Co, CA Santn Di
    5.000
    12/01/2035
    0.59
    Regional Transn Dist, CO Sale
    5.000
    11/01/2036
    0.57
    MA Water Res Auth
    6.000
    07/15/2019
    0.51
    LA Gas & Fuels Tax Rev
    5.000
    05/01/2035
    0.50
    Louisville & Jefferson Co, KY
    6.000
    02/01/2037
    0.49
    PR Comwlth Hwy & Tran
    5.000
    07/01/2036
    0.45
    CA Infrastructure & Ec
    5.000
    07/01/2033
    0.45
    Top 10 Total (%) 5.84
    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
    • CA

      11.5
    • MA

      10.3
    • TX

      7.2
    • NY

      6.5
    • NJ

      6.4
    • WA

      5.7
    • IL

      5.1
    • CO

      4.6
    • PR

      4.0
    • MD

      3.6
    • PA

      3.0
    • FL

      2.8
    • VA

      2.8
    • GA

      2.7
    • AZ

      2.5
    • WI

      2.2
    • LA

      2.2
    • TN

      2.1
    • HI

      1.9
    • NC

      1.8
    • Total

      88.9
  • Index Sector Weightings (%)
    as of 03/31/14

    • Sector

      % of Net Assets
    • Transportation

      19.6
    • State General

      19.6
    • Local General

      19.0
    • Special Tax

      12.6
    • Leasing

      9.1
    • Water Utilities

      5.2
    • Health Care Facilities

      4.8
    • Power Utilities

      4.7
    • Education

      4.4
    • Housing

      0.8
    • IDR/PCR

      0.2
    • Resource Recovery

      0.0
    • Total

      100.0
  • Maturity (%) as of 03/31/14

    Average Maturity: 10.43 Years