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Short Municipal Index ETF SMB

  • Full Name: Market Vectors®
    Short Municipal Index ETF (SMB)

    Management Style: Sampling

    Underlying Index: The Barclays AMT-Free Short Continuous Municipal Index (LMT1TR)

    Index Provider: Barclays

    Index Description: LMT1TR is a market value weighted index designed to replicate the price movements of short-duration bonds with a nominal maturity of 1-6 years.

  •  
      

    • Fund Ticker

      SMB
    • Exchange

      NYSE Arca
    • Commencement

      02/22/2008
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMT1TR
    • Index Rebalancing

      Monthly
  •  
    as of 09/29/14

    • 30-Day SEC Yield1

      0.86%
    • Total Net Assets

      $258.4M
    • Number of Holdings

      312
    • Options

      Expected
    • Gross Expense Ratio2

      0.20%
    • Net Expense Ratio/TER2

      0.20%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      09/30/2014
  • Index Key Points

    The Barclays AMT-Free Short Continuous Municipal Index (LMT1TR) 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 1-6 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

          LMT1TR
        • Inception Date

          11/05/2007
        • Rebalance Frequency

          Monthly
      • Index Fundamentals4
        as of 09/26/14

        • Yield to Worst

          1.00%
        • Yield to Maturity

          1.06%
        • Effective Duration (yrs)

          3.28
        • Modified Duration (yrs)

          3.29
        • Duration to Worst (yrs)

          3.26
        • Spread Duration (yrs)

          3.29
        • Years to Maturity

          4.94
        • Coupon

          4.75%
         4 See Important Disclosure for definitions.
      • Top 10 Constituents (%)as of 08/31/14

        Total Constituents: 6310
        Constituent Name
        Coupon
        Maturity Weighting (%)
        CALIFORNIA ST DEPT WTR RES PWR
        5.000
        05/01/2019
        0.45
        CALIFORNIA ST ECONOMIC RECOVER
        5.000
        07/01/2018
        0.44
        CALIFORNIA ST ECONOMIC RECOVER
        5.000
        07/01/2019
        0.32
        CALIFORNIA ST DEPT WTR RES PWR
        5.000
        05/01/2017
        0.29
        California State
        5.000
        04/01/2019
        0.25
        CITIZENS PPTY INS CORP FLA
        5.000
        06/01/2017
        0.25
        FLORIDA HURRICANE CATASTROPHE
        5.000
        07/01/2016
        0.24
        CITIZENS PPTY INS CORP FLA
        5.000
        06/01/2015
        0.24
        FLORIDA HURRICANE CATASTROPHE
        5.000
        07/01/2015
        0.24
        CITIZENS PPTY INS CORP FLA
        6.000
        06/01/2016
        0.21
        Top 10 Total (%)2.93
        These are not recommendations to buy or to sell any security. Securities and holdings may vary.
      • Index Geographical Weightings (%)
        as of 08/31/14

        • State

          % of Net Assets
        • NY

          16.3
        • CA

          16.0
        • FL

          5.6
        • TX

          5.5
        • PA

          4.1
        • IL

          4.0
        • WA

          3.8
        • MD

          3.7
        • NJ

          3.6
        • GA

          3.1
        • OH

          3.1
        • NC

          2.8
        • MA

          2.5
        • MI

          2.4
        • VA

          2.3
        • CT

          2.1
        • MN

          1.8
        • WI

          1.7
        • AZ

          1.6
        • TN

          1.3
      • Index Sector Weightings (%)
        as of 08/31/14

        • Sector

          % of Net Assets
        • State General

          25.5
        • Special Tax

          14.5
        • Local General

          14.0
        • Transportation

          12.4
        • Power Utilities

          8.0
        • Education

          6.0
        • Water Utilities

          5.8
        • Leasing

          5.7
        • Health Care Facilities

          4.0
        • IDR/PCR

          3.1
        • Housing

          0.6
        • Resource Recovery

          0.3
      • Index Credit Quality (%)
        as of 08/31/14

        Composite % of Net Assets
        Investment Grade AAA 20.17
        AA 53.22
        A 23.96
        BBB 2.65
        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 07/31/14

        Average Maturity: 4.96 Years