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MLN VanEck Vectors AMT-Free Long Municipal Index ETF

  • Fund Description

    The VanEck Vectors AMT-Free Long Municipal Index ETF (MLN®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays AMT-Free Long Continuous Municipal Index (LMT3TR), which is intended to track the overall performance of the U.S. dollar denominated long-term tax-exempt bond market.

  •  
      

    • 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 07/27/16

    • 30-Day SEC Yield1

      2.11%
    • Total Net Assets

      $182.2M
    • Number of Holdings

      346
    • Options

      Expected
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio/TER2

      0.24%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      07/29/2016
  • 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 07/26/16

    • Yield to Worst

      2.41%
    • Yield to Maturity

      3.67%
    • Effective Duration (yrs)

      9.63
    • Duration to Worst (yrs)

      6.71
    • Modified Duration (yrs)

      8.96
    • Spread Duration (yrs)

      9.34
    • Years to Maturity

      24.42
    • Coupon

      4.66%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%) as of 06/30/16

    Total Constituents: 6841
    Issuer Name
    StateWeighting (%)
    New York N Y City Transitional Fin Auth Rev Forissues D
    NY
    2.11
    Metropolitan Transn Auth N Y Rev For Issues Dtdprior To
    NY
    1.99
    California St For Previous Issues See 13063B
    CA
    1.86
    New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev For
    NY
    1.86
    California St For Previous Issues See 13063A Foraddl Is
    CA
    1.61
    South Carolina St Pub Svc Auth Rev For Issues Dated Pri
    SC
    1.56
    Illinois Fin Auth Rev For Issues Dtd Prior To 02/03/11
    IL
    1.08
    Pennsylvania St Tpk Commn Tpk Rev For Issues Dtdprior T
    PA
    1.05
    New York St Dorm Auth St Pers Income Tax Rev Forissues
    NY
    1.03
    New Jersey St Transn Tr Fd Auth
    NJ
    0.98
    Top 10 Total (%)15.13
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.
  • Index Geographical Weightings (%) as of 06/30/16

    • State

      % of Net Assets
    • New York

      17.1
    • Texas

      11.2
    • Illinois

      5.3
    • Massachusetts

      4.2
    • Pennsylvania

      3.8
    • Florida

      3.8
    • Washington

      3.3
    • New Jersey

      3.1
    • Ohio

      2.6
    • Michigan

      2.3
    • Georgia

      1.9
    • Colorado

      1.9
    • South Carolina

      1.8
    • Louisiana

      1.3
    • Arizona

      1.3
    • Dist. of Columbia

      1.2
    • District of Columbia

      1.2
    • Indiana

      1.2
    • Maryland

      1.2
  • Index Sector Weightings (%) as of 06/30/16

    • Sector

      % of Net Assets
    • Transportation

      15.6
    • Health Care Facilities

      15.3
    • Water Utilities

      13.3
    • Local General

      11.1
    • Special Tax

      9.8
    • Education

      9.4
    • State General

      8.8
    • Power Utilities

      7.4
    • Leasing

      5.7
    • Housing

      2.2
    • IDR/PCR

      1.4
    • Resource Recovery

      0.1
  • Index Credit Quality (%)
    as of 06/30/16

    Composite % of Net Assets
    Investment Grade AAA 10.83
    AA 52.48
    A 29.51
    BBB 7.06
    Total Investment Grade -- 99.89
    Not Rated -- 0.11
    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 06/30/16

    Average Maturity: 24.45 Years