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SMB VanEck Short Muni ETF Please read important disclosure Close important disclosure Show More Show Less Compare false

SMB
VanEck Short Muni ETF

SMB
VanEck Short Muni ETF

  • NAV
    $17.18

    as of August 03, 2026
  • YTD RETURNS
    0.52%

    as of August 03, 2026
  • Total Net Assets
    $310.91M

    as of August 03, 2026
  • Total Expense Ratio
    0.07%
  • Inception Date
    02/22/2008
  • 30-Day SEC Yield
    2.83%
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Overview

Why SMB

  • Federally Tax-Exempt IncomeProvides income generally exempt from federal taxes
  • Intermediate Duration FocusDesigned to track an index of short-duration municipal bonds to help mange interest rate risk
  • Investment-Grade QualityEmphasizes investment-grade municipal bonds with high overall credit quality

The VanEck Short Muni ETF (SMB®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Short AMT-Free Broad National Municipal Index (MBNS), which is intended to track the overall performance of the U.S. dollar denominated short-term tax-exempt bond market.

Yields  as of  08/03/2026

Distribution Frequency

Monthly

30-Day SEC Yield

2.83%

Distribution Yield

3.04%

12 Month Yield

2.79%

Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Short Muni ETF would have been 2.83% on 08/03/26. Distributions may vary from time to time.

Performance

Average Annual Total Returns* (%)

View All ETFs View All Indices
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 02/22/08
SMB (NAV) 0.33 0.92 1.16 3.29 3.33 1.25 1.49 2.02
SMB (Market Price) 0.47 0.99 0.78 3.26 3.50 1.21 1.49 2.02
ICE Short AMT-Free Broad National Municipal Index 0.34 0.91 1.17 3.27 3.30 1.27 1.67 2.39
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 02/22/08
SMB (NAV) 0.33 0.92 1.16 3.29 3.33 1.25 1.49 2.02
SMB (Market Price) 0.47 0.99 0.78 3.26 3.50 1.21 1.49 2.02
ICE Short AMT-Free Broad National Municipal Index 0.34 0.91 1.17 3.27 3.30 1.27 1.67 2.39

*Returns less than one year are not annualized.

Index data prior to March 1, 2022 reflects that of the Bloomberg AMT-Free Short Continuous Municipal Index (LMT1TR). From March 1, 2022 to November 30, 2022, the index data reflects that of the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT). From December 1, 2022 forward the index data reflects that of the Fund's underlying index the ICE Short AMT Free Broad National Municipal Index (MBNS) and is not intended for third party use.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

Holdings

Daily Holdings (%) as of 07/31/2026

Download XLS Get holdings
Total Holdings: 323
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
New York City Transitional Finance Auth
1.06
 5
07/15/2031
3,300,058
Charlotte-Mecklenburg Hospital Authorit
1.04
 5
01/15/2049
3,243,193
Indiana Finance Authority
1.04
 5.5
02/01/2032
3,241,063
State Of California
1.02
 5
04/01/2030
3,188,077
Southeast Energy Authority A Cooperativ
0.96
 4
12/01/2051
3,004,571
Commonwealth Of Massachusetts
0.95
 5.5
05/01/2031
2,944,807
State Of New Jersey
0.90
 5.5
06/01/2030
2,814,043
Kansas Development Finance Authority
0.86
 5
11/15/2054
2,663,088
New York City Housing Development Corp
0.82
 3.95
11/01/2064
2,551,799
Commonwealth Of Massachusetts
0.81
 5
10/01/2031
2,508,415
California Statewide Communities Develo
0.76
 1.75
09/01/2029
2,367,397
Black Belt Energy Gas District
0.72
 4
10/01/2052
2,232,335
Massachusetts Water Resources Authority
0.70
 5.25
08/01/2030
2,184,589
Main Street Natural Gas Inc
0.69
 5
05/01/2054
2,150,193
State Of Connecticut
0.69
 3
01/15/2032
2,143,367
Main Street Natural Gas Inc
0.69
 5
04/01/2054
2,136,517
County Of King Wa
0.69
 4
07/01/2030
2,136,097
Tennessee Energy Acquisition Corp
0.68
 5
05/01/2052
2,110,288
City & County Of Honolulu Hi
0.68
 5
03/01/2031
2,104,732
California Community Choice Financing A
0.67
 5.5
05/01/2054
2,101,086
Fort Bend Independent School District
0.67
 5
08/15/2030
2,086,145
Texas Water Development Board
0.67
 5.5
10/15/2031
2,086,003
Conroe Independent School District
0.67
 5
02/15/2027
2,072,789
City Of Orlando Fl Tourist Development
0.66
 5
11/01/2031
2,068,614
City Of Chicago Il
0.66
 5
01/01/2030
2,060,500
Central Florida Expressway Authority
0.66
 5
07/01/2038
2,052,132
State Of Georgia
0.65
 5
02/01/2032
2,020,875
State Of California
0.64
 5
04/01/2032
1,990,239
Los Angeles Unified School District/Ca
0.59
 5
07/01/2030
1,837,121
State Of Connecticut Special Tax Revenu
0.58
 5
05/01/2031
1,815,607
Energy Southeast A Cooperative District
0.58
 5.5
11/01/2053
1,815,374
State Public School Building Authority
0.57
 5
06/01/2032
1,774,653
State Of California
0.54
 5
10/01/2031
1,676,805
State Of Maryland
0.53
 5
03/15/2031
1,635,449
New Jersey Educational Facilities Autho
0.52
 5
07/01/2064
1,629,359
State Of California
0.52
 5
10/01/2031
1,621,769
Wisconsin Health & Educational Faciliti
0.52
 5
02/15/2032
1,610,217
State Of North Carolina
0.52
 5
03/01/2030
1,609,383
Indiana Finance Authority
0.51
 4.25
11/01/2030
1,593,638
New York City Transitional Finance Auth
0.50
 4
11/01/2030
1,571,501
Pefa Inc
0.49
 5
09/01/2049
1,534,097
Curators Of The University Of Missouri/
0.49
 5
11/01/2030
1,531,470
California State University
0.49
 5
11/01/2031
1,530,289
Main Street Natural Gas Inc
0.49
 4
03/01/2050
1,526,928
Metropolitan Transportation Authority
0.48
 5
11/15/2031
1,505,916
Kern High School District
0.47
 2
08/01/2031
1,460,343
Frisco Independent School District
0.45
 5.5
02/15/2032
1,405,275
New York State Dormitory Authority
0.43
 5
10/01/2030
1,353,001
State Of Ohio
0.43
 5
12/15/2031
1,352,518
State Of California
0.43
 5
08/01/2027
1,338,358
County Of Allen Oh Hospital Facilities
0.43
 5
12/01/2029
1,334,189
City Of Columbus Oh
0.43
 5
04/01/2031
1,332,491
Central Plains Energy Project
0.41
 5
09/01/2031
1,285,034
Main Street Natural Gas Inc
0.41
 4
07/01/2052
1,282,426
Jackson County School District No 549c
0.40
 5
12/15/2028
1,260,023
Central Florida Expressway Authority
0.40
 4
07/01/2031
1,247,066
New York Transportation Development Cor
0.40
 5
12/01/2030
1,242,492
Kentucky Public Energy Authority
0.39
 4
08/01/2052
1,206,751
New York City Transitional Finance Auth
0.39
 5
02/01/2030
1,202,431
State Of North Carolina
0.38
 5
06/01/2031
1,193,761
Jefferson County School District R-1
0.38
 5
12/15/2030
1,169,875
State Of California
0.36
 5
09/01/2030
1,122,748
Minnesota Public Facilities Authority S
0.36
 5.5
03/01/2031
1,112,753
Triborough Bridge & Tunnel Authority
0.36
 5
11/15/2031
1,108,768
Commonwealth Of Massachusetts
0.35
 5
05/01/2030
1,090,946
Metropolitan Transportation Authority
0.35
 5
11/15/2030
1,090,838
Texas State Transportation Commission
0.35
 5
04/01/2030
1,089,733
State Of California
0.35
 5
10/01/2029
1,087,076
Board Of Regents Of The University Of T
0.35
 5
08/15/2029
1,086,023
Colorado Health Facilities Authority
0.35
 5
11/15/2060
1,085,437
Denton Independent School District
0.35
 5
08/15/2029
1,084,826
State Of Washington
0.35
 5.5
06/01/2031
1,082,356
Connecticut State Health & Educational
0.35
 5
07/01/2064
1,079,556
New York State Dormitory Authority
0.35
 5
03/15/2029
1,077,103
State Of Maryland
0.35
 5
03/15/2029
1,076,969
Metropolitan Government Nashville & Dav
0.35
 5
07/01/2031
1,074,662
Main Street Natural Gas Inc
0.34
 5.5
09/01/2053
1,071,881
State Of California
0.34
 5
09/01/2028
1,071,280
New York City Transitional Finance Auth
0.34
 5
08/01/2031
1,069,780
Main Street Natural Gas Inc
0.34
 5.5
07/01/2053
1,067,569
Piedmont Municipal Power Agency
0.34
 5
01/01/2032
1,066,398
State Of North Carolina
0.34
 5
05/01/2031
1,066,069
City Of Houston Tx
0.34
 5
03/01/2032
1,064,354
County Of Miami-Dade Fl Water & Sewer S
0.34
 5
10/01/2028
1,064,302
Southeast Alabama Gas Supply District/T
0.34
 5.5
08/01/2054
1,064,054
Triborough Bridge & Tunnel Authority
0.34
 5
11/15/2028
1,063,824
Regional Transportation District Sales
0.34
 5
11/01/2028
1,063,446
North Carolina Municipal Power Agency N
0.34
 5
01/01/2032
1,062,764
California Community Choice Financing A
0.34
 5.25
11/01/2054
1,062,260
City Of New York Ny
0.34
 5
08/01/2029
1,058,484
County Of Allen Oh Hospital Facilities
0.34
 5
08/01/2030
1,057,831
Triborough Bridge & Tunnel Authority
0.34
 5
11/15/2028
1,056,902
Minneapolis-St Paul Metropolitan Airpor
0.34
 5
01/01/2029
1,055,864
Texas Municipal Gas Acquisition & Suppl
0.34
 5.5
01/01/2054
1,054,532
State Of Louisiana
0.34
 5
02/01/2029
1,054,407
New Jersey Health Care Facilities Finan
0.34
 5
07/01/2031
1,053,928
New York City Transitional Finance Auth
0.34
 5
07/15/2031
1,052,865
University Of Connecticut
0.34
 5
04/15/2029
1,052,256
State Of California
0.34
 5
09/01/2027
1,048,424
County Of Harris Tx Toll Road Revenue
0.34
 5
08/15/2027
1,046,778
Commonwealth Of Pennsylvania
0.34
 5
09/01/2027
1,046,592
State Of California
0.34
 5
10/01/2027
1,046,282
Southeast Energy Authority A Cooperativ
0.34
 5.25
01/01/2054
1,045,350
City Of New York Ny
0.34
 5
09/01/2027
1,044,979
City Of New York Ny
0.34
 5
09/01/2027
1,044,979
State Of California
0.34
 5
11/01/2028
1,043,524
Black Belt Energy Gas District
0.33
 5.5
06/01/2049
1,043,128
City Of Houston Tx Combined Utility Sys
0.33
 5
11/15/2027
1,041,597
Washington Convention & Sports Authorit
0.33
 5
10/01/2030
1,039,690
State Of Illinois
0.33
 5
11/01/2027
1,038,189
California Community Choice Financing A
0.33
 5
07/01/2053
1,037,197
Black Belt Energy Gas District
0.33
 5
05/01/2053
1,037,072
County Of Baltimore Md
0.33
 5
03/01/2030
1,035,236
Energy Northwest
0.33
 --
07/01/2027
1,031,669
New Jersey Educational Facilities Autho
0.33
 5
07/01/2028
1,025,952
Hillsboro School District No 1j
0.33
 5
06/15/2031
1,025,521
Commonwealth Of Pennsylvania
0.33
 5
07/15/2027
1,025,041
New York State Dormitory Authority
0.33
 5
08/01/2030
1,024,160
State Of California
0.33
 5
09/01/2026
1,023,176
West Virginia Commissioner Of Highways
0.33
 5
09/01/2026
1,022,938
San Francisco City & County Public Util
0.33
 5.5
10/01/2026
1,021,287
Louisville/Jefferson County Metropolita
0.33
 5
10/01/2047
1,020,664
Iowa Finance Authority
0.33
 5
08/01/2031
1,019,681
Pennsylvania Higher Educational Facilit
0.33
 4
08/15/2031
1,019,151
Triborough Bridge & Tunnel Authority
0.33
 5
11/15/2026
1,017,775
Metropolitan Council
0.33
 5.5
12/01/2026
1,016,604
Ohio Water Development Authority
0.33
 5
12/01/2027
1,016,123
New York State Thruway Authority
0.33
 5
01/01/2027
1,014,515
County Of Hennepin Mn Sales Tax Revenue
0.33
 5
12/15/2031
1,014,114
Central Florida Tourism Oversight Distr
0.33
 4
06/01/2031
1,013,330
California State Public Works Board
0.32
 4
11/01/2031
1,011,579
Long Island Power Authority
0.32
 5.5
09/01/2055
1,009,619
King County School District No 414 Lake
0.32
 5
12/01/2031
1,006,015
State Of Connecticut
0.32
 3
06/01/2029
1,005,544
New York City Housing Development Corp
0.32
 5.5
11/01/2064
1,005,460
State Of Hawaii
0.32
 3
10/01/2029
1,000,248
California Community Choice Financing A
0.32
 4
02/01/2052
1,000,075
Indiana Finance Authority
0.32
 5
06/01/2029
999,268
State Of Florida
0.32
 3
06/01/2030
994,245
New York City Housing Development Corp
0.32
 3.125
11/01/2065
992,827
State Of Minnesota
0.32
 3
10/01/2030
990,410
New York City Housing Development Corp
0.32
 3.15
05/01/2066
989,600
City Of Denton Tx Utility System Revenu
0.31
 5
12/01/2031
978,247
Board Of Regents Of The University Of T
0.31
 5
08/15/2031
971,768
State Of California
0.31
 5
11/01/2028
970,383
New York State Dormitory Authority
0.31
 5
02/15/2032
963,494
Fort Bend Independent School District
0.31
 5
02/15/2028
962,094
State Of California Department Of Water
0.30
 5
12/01/2031
949,171
Collin County Community College Distric
0.30
 4
08/15/2031
949,073
State Of Florida Department Of Transpor
0.30
 5
07/01/2030
948,662
State Of Washington
0.29
 5.5
08/01/2031
899,436
Beverly Hills Unified School District C
0.29
 --
08/01/2030
890,580
Harris County Cultural Education Facili
0.28
 5
11/15/2030
878,626
State Of New Mexico Severance Tax Perma
0.28
 5
07/01/2027
862,125
New York City Transitional Finance Auth
0.28
 5.5
02/01/2027
860,541
Georgia State Road & Tollway Authority
0.27
 5
06/01/2029
854,765
California State Public Works Board
0.27
 5
10/01/2026
847,559
Public Finance Authority
0.27
 4
10/01/2041
829,788
State Of Louisiana
0.27
 5
03/01/2032
826,563
California State Public Works Board
0.26
 5
10/01/2028
819,856
Los Angeles County Metropolitan Transpo
0.26
 5
07/01/2031
814,822
State Of Illinois
0.26
 5
11/01/2026
814,326
State Of California
0.26
 5
10/01/2030
813,838
County Of Fairfax Va
0.25
 5
10/01/2031
787,733
State Of North Carolina
0.25
 3
05/01/2031
785,998
New Jersey Transportation Trust Fund Au
0.25
 4.1
06/15/2031
784,611
City Of Columbus Oh
0.25
 5.5
04/01/2029
783,288
California Health Facilities Financing
0.25
 5
11/15/2031
779,110
County Of Montgomery Md
0.25
 4
08/01/2029
777,037
State Of California
0.25
 5
04/01/2027
775,355
State Of Maryland Department Of Transpo
0.25
 4
05/01/2030
770,637
University Of Connecticut
0.24
 5
01/15/2030
754,052
Regional Transportation Authority
0.24
 5
07/01/2028
751,539
Energy Northwest
0.24
 5
07/01/2028
743,617
City Of South Miami Health Facilities A
0.24
 5
08/15/2029
740,974
New Jersey Economic Development Authori
0.24
 3.125
07/01/2031
739,412
Virginia Public Building Authority
0.24
 5
08/01/2029
735,946
Montgomery County Industrial Developmen
0.24
 4.1
06/01/2029
734,184
California State Public Works Board
0.23
 5
11/01/2029
731,332
New York State Urban Development Corp
0.23
 5
03/15/2027
713,827
Illinois Finance Authority
0.23
 5
07/01/2027
702,668
City Of New York Ny
0.22
 5
04/01/2032
694,529
Commonwealth Of Massachusetts
0.22
 5.5
01/01/2027
690,831
State Of Illinois
0.22
 3.5
06/01/2029
689,198
Trinity River Authority Central Regiona
0.22
 5
08/01/2030
683,260
New York State Dormitory Authority
0.22
 5
03/15/2028
676,418
New Jersey Health Care Facilities Finan
0.22
 5
07/01/2029
675,634
Pennsylvania Housing Finance Agency
0.22
 2.8
10/01/2031
671,854
Washington Metropolitan Area Transit Au
0.21
 5
07/01/2031
664,090
Illinois State Toll Highway Authority
0.21
 5
01/01/2027
659,113
King County School District No 411 Issa
0.21
 4
12/01/2031
640,332
New York State Environmental Facilities
0.20
 5
06/15/2028
636,322
State Of Connecticut Special Tax Revenu
0.20
 5
05/01/2028
632,207
City Of San Antonio Tx Electric & Gas S
0.20
 5
02/01/2027
631,342
New Jersey Economic Development Authori
0.20
 5
06/15/2034
631,219
City Of Phoenix Civic Improvement Corp
0.20
 5
07/01/2029
623,970
New York State Dormitory Authority
0.20
 5
02/15/2032
615,540
City Of Dallas Tx Waterworks & Sewer Sy
0.20
 5
10/01/2031
612,248
State Of New York Mortgage Agency Homeo
0.20
 3
10/01/2031
609,754
Texas Municipal Gas Acquisition & Suppl
0.20
 5
12/15/2026
608,062
Virginia College Building Authority
0.20
 5
02/01/2027
607,530
State Of Maryland Department Of Transpo
0.20
 5
10/01/2026
607,432
State Of North Carolina
0.19
 5
05/01/2029
601,611
State Of Illinois Sales Tax Revenue
0.19
 4
06/15/2028
594,854
City Of Dallas Tx Waterworks & Sewer Sy
0.19
 5
10/01/2030
576,626
Alabama Public School And College Autho
0.18
 5
11/01/2031
572,642
Washington Metropolitan Area Transit Au
0.18
 5
07/01/2030
567,560
State Of California
0.18
 5
10/01/2027
554,530
Salt River Project Agricultural Improve
0.18
 5
01/01/2032
551,737
San Bernardino Community College Distri
0.18
 4
08/01/2049
549,072
New York State Dormitory Authority
0.18
 5
03/15/2030
547,976
Utah Transit Authority
0.18
 5
12/15/2030
546,694
City Of New York Ny
0.17
 5
11/01/2030
543,646
Utah Transit Authority
0.17
 5
06/15/2030
542,074
County Of Jefferson Al
0.17
 5
09/15/2028
541,977
City Of New York Ny
0.17
 5
08/01/2030
541,133
Rutherford Cty Health & Edu Fac Brd
0.17
 5.5
11/15/2048
539,195
Southeast Energy Authority A Cooperativ
0.17
 5.5
10/01/2030
538,771
Miami Beach Redevelopment Agency
0.17
 5
02/01/2031
537,911
City Of Houston Tx
0.17
 5.5
03/01/2032
536,465
New York City Industrial Development Ag
0.17
 5
03/01/2029
535,669
Orange County Convention Center/Orlando
0.17
 5
10/01/2030
535,478
City Of New York Ny
0.17
 5.5
10/01/2031
534,991
Chicago O'Hare International Airport
0.17
 5
01/01/2030
534,834
City Of San Francisco Ca Public Utiliti
0.17
 5.5
11/01/2028
533,851
California Community Choice Financing A
0.17
 5.25
01/01/2054
533,264
Metropolitan Washington Airports Author
0.17
 5
10/01/2028
532,473
California Infrastructure & Economic De
0.17
 5
11/01/2029
532,420
County Of Clark Department Of Aviation
0.17
 5
07/01/2029
532,412
California Community Choice Financing A
0.17
 5
02/01/2054
531,553
Shelby County Health Educational & Hous
0.17
 5.5
09/01/2049
531,063
Kentucky Public Energy Authority
0.17
 5.25
06/01/2055
530,505
Central Puget Sound Regional Transit Au
0.17
 5
11/01/2026
529,660
State Of Maryland
0.17
 5
03/15/2028
529,420
New York State Dormitory Authority
0.17
 5
02/15/2027
528,421
Austin Independent School District
0.17
 5
08/01/2028
527,395
American Municipal Power Inc
0.17
 5
02/15/2028
527,176
Ohio Turnpike & Infrastructure Commissi
0.17
 5
02/15/2031
526,907
Ohio Turnpike & Infrastructure Commissi
0.17
 5
02/15/2032
526,224
Arizona Industrial Development Authorit
0.17
 5.5
11/01/2028
523,447
State Of California
0.17
 5
10/01/2027
523,141
Grand River Dam Authority
0.17
 5
06/01/2031
522,984
California Health Facilities Financing
0.17
 5
11/01/2027
522,507
Minneapolis-St Paul Metropolitan Airpor
0.17
 5
01/01/2030
521,921
Long Island Power Authority
0.17
 5
09/01/2026
521,783
Virginia Commonwealth Transportation Bo
0.17
 5
03/15/2027
521,193
Triborough Bridge & Tunnel Authority
0.17
 5
11/15/2027
520,863
State Of Michigan Trunk Line Revenue
0.17
 5
11/15/2027
520,478
County Of Miami-Dade Fl
0.17
 5
10/01/2029
520,360
Main Street Natural Gas Inc
0.17
 5
12/01/2052
519,460
Illinois Finance Authority
0.17
 5
01/01/2028
518,516
Tobacco Settlement Financing Corp
0.17
 5
06/01/2031
518,234
Tennessee Energy Acquisition Corp
0.17
 5
05/01/2053
518,204
New York State Dormitory Authority
0.17
 5
02/15/2027
518,060
City & County Of Honolulu Hi
0.17
 5
03/01/2027
517,591
New York State Urban Development Corp
0.17
 5
03/15/2027
517,266
State Of Maryland
0.17
 5
03/15/2028
516,907
Montgomery County Industrial Developmen
0.17
 5.5
10/01/2053
516,320
Commonwealth Of Massachusetts
0.17
 5
05/01/2027
515,423
University Of Colorado
0.17
 4
06/01/2034
514,770
Lower Colorado River Authority
0.17
 5.5
05/15/2027
514,722
Commonwealth Of Massachusetts
0.16
 5
07/01/2027
513,261
Butler County Unified School District N
0.16
 4
09/01/2030
512,983
Central Florida Expressway Authority
0.16
 5
07/01/2027
512,851
Tennessee Energy Acquisition Corp
0.16
 5.625
09/01/2026
512,682
Illinois Finance Authority
0.16
 5
08/15/2026
512,095
California State Public Works Board
0.16
 5
09/01/2026
511,604
City Of New York Ny
0.16
 5
08/01/2027
511,192
County Of Mecklenburg Nc
0.16
 4
04/01/2029
511,125
Wisconsin Health & Educational Faciliti
0.16
 4
08/15/2031
510,868
New Jersey Health Care Facilities Finan
0.16
 5.5
09/15/2026
510,833
New York City Transitional Finance Auth
0.16
 5
11/01/2026
509,387
City Of Colorado Springs Co Utilities S
0.16
 5
11/15/2026
508,945
Metropolitan Transportation Authority
0.16
 5
11/15/2026
508,773
City Of Portland Or Sewer System Revenu
0.16
 5
12/01/2026
508,220
Boulder Larimer & Weld Counties St Vrai
0.16
 5
12/15/2035
507,708
State Of Colorado
0.16
 5
12/15/2026
507,528
City Of Forsyth Mt
0.16
 3.875
07/01/2028
507,439
Salt River Project Agricultural Improve
0.16
 5
01/01/2027
507,237
New Jersey Transportation Trust Fund Au
0.16
 5
12/15/2026
507,178
North Texas Tollway Authority
0.16
 5
01/01/2027
506,763
East County Advanced Water Purification
0.16
 3.125
09/01/2026
506,566
New York State Housing Finance Agency
0.16
 5.5
11/01/2063
505,190
Main Street Natural Gas Inc
0.16
 4
08/01/2052
505,168
California Infrastructure & Economic De
0.16
 3
10/01/2047
505,083
New York State Housing Finance Agency
0.16
 3.8
11/01/2062
505,008
California State University
0.16
 3.125
11/01/2051
504,600
California Community Choice Financing A
0.16
 4
05/01/2053
504,589
County Of Bexar Tx
0.16
 5
06/15/2027
504,186
Los Angeles Unified School District/Ca
0.16
 5
07/01/2030
503,152
Michigan State Housing Development Auth
0.16
 5.5
04/01/2030
502,718
Maryland Community Development Administ
0.16
 5.5
01/01/2029
501,913
Commonwealth Of Pennsylvania
0.16
 3
01/01/2031
497,498
State Of Maryland Department Of Transpo
0.16
 3
09/01/2031
496,281
Foothill-Eastern Transportation Corrido
0.16
 --
01/01/2027
494,818
California State Public Works Board
0.16
 3
09/01/2031
492,729
City Of San Antonio Tx Electric & Gas S
0.16
 3.15
02/01/2055
487,206
New York City Transitional Finance Auth
0.15
 5
11/01/2027
458,819
County Of Miami-Dade Fl
0.15
 --
10/01/2031
457,913
State Of Mississippi
0.14
 5
10/01/2029
448,686
New Jersey Transportation Trust Fund Au
0.14
 5
06/15/2030
438,443
Pennsylvania Housing Finance Agency
0.14
 3.2
10/01/2031
426,035
City Of New York Ny
0.14
 5
03/01/2027
423,951
Illinois State Toll Highway Authority
0.14
 5
01/01/2027
420,818
Lone Star College System
0.13
 5
02/15/2033
409,652
Commonwealth Of Massachusetts
0.13
 5
10/01/2026
408,318
State Of Michigan
0.13
 3
05/01/2030
404,795
County Of Wake Nc
0.12
 5
09/01/2026
383,649
State Of Connecticut Special Tax Revenu
0.12
 5
07/01/2031
382,813
Allegheny County Hospital Development A
0.12
 5
07/15/2030
379,791
University Of Utah/The
0.12
 5
08/01/2031
372,004
Michigan State Housing Development Auth
0.12
 3.1
12/01/2031
368,557
City Of Chicago Il
0.12
 5
01/01/2027
368,425
Canadian County Educational Facilities
0.11
 3
09/01/2029
330,552
Lancaster County School District/Sc
0.10
 3.25
03/01/2032
323,244
Long Island Power Authority
0.10
 5
09/01/2031
317,773
California Health Facilities Financing
0.10
 5
08/15/2031
317,735
Kentucky State Property & Building Comm
0.09
 5
10/01/2030
273,507
New York State Housing Finance Agency
0.08
 2.5
11/01/2060
264,507
South Dakota Health & Educational Facil
0.08
 5
09/01/2030
264,390
Texas Water Development Board
0.08
 5
04/15/2030
260,310
County Of Mecklenburg Nc
0.08
 2
12/01/2030
234,802
--
0.53
 --
--
1,661,199
Other/Cash
1.40
 --
--
4,346,103
← Scroll for more information →
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Portfolio

Sector Weightings (%) as at 06/30/2026

  • Sector

    % of Net Assets

  • State GO

    18.47

  • Local GO

    14.68

  • Utilities - Other

    9.54

  • Tax

    9.53

  • Hospitals

    7.40

  • Power

    6.58

  • Education

    6.25

  • Water & Sewer

    5.49

  • Transportation

    5.25

  • Leasing COPS & Appropriations

    4.29

  • Refunded

    3.28

  • Multi-Family Housing

    2.51

  • Toll & Turnpike

    2.09

  • Airport

    1.04

  • Misc

    0.93

  • Pollution Control

    0.92

  • Single Family Housing

    0.67

  • Industrial Development Revenue

    0.64

  • Tobacco

    0.17

  • Health

    0.16

  • Unassigned

    0.10

Credit Quality (%) as of 06/30/2026

Composite % of Net Assets
Investment Grade AAA 19.34
AA 47.97
A 21.07
BBB 4.27
Total Investment Grade -- 92.65
Not Rated -- 7.35
If more than one rating is available for an underlying security, the lower of the two ratings is used. If a bond issued by a national government, national government agency or supranational issuer is not rated, the issuer’s credit rating will be used. If two issuer ratings are available, the lower of the two is used. If only one rating is available in all scenarios, we will use the rating provided. If no rating is available, the security will be not rated. Not rated securities do not necessarily indicate lower credit quality. Ratings and portfolio credit quality may change over time.

Years to Maturity as at 06/30/2026

  • Years

    Maturity (%)

  • < 1

    15.20

  • 1 - 3

    21.60

  • 3 - 5

    36.80

  • 5 - 7

    26.40

  • 7 - 10

    0.00

  • 10 - 15

    0.00

  • 15 - 20

    0.00

  • 20 - 30

    0.00

  • 30 +

    0.00

Fees

Distributions

Distribution History

Anticipated Frequency: Monthly Dividend Income & Annual Capital Gains
Ex-date Record Date Payable date Dividend
Income‡ 		Short-Term
Capital Gains 		Long-Term
Capital Gains 		Return of
Capital 		Total
Distributions
08/03/2026 08/03/2026 08/06/2026 $ 0.0435 -- -- -- $ 0.04
07/01/2026 07/01/2026 07/07/2026 $ 0.0467 -- -- -- $ 0.05
06/01/2026 06/01/2026 06/04/2026 $ 0.0356 -- -- -- $ 0.04
05/01/2026 05/01/2026 05/06/2026 $ 0.0387 -- -- -- $ 0.04
04/01/2026 04/01/2026 04/07/2026 $ 0.0458 -- -- -- $ 0.05
03/02/2026 03/02/2026 03/05/2026 $ 0.0356 -- -- -- $ 0.04
02/02/2026 02/02/2026 02/05/2026 $ 0.0398 -- -- -- $ 0.04
12/29/2025 12/29/2025 12/31/2025 $ 0.0405 -- -- -- $ 0.04
11/28/2025 11/28/2025 12/03/2025 $ 0.0372 -- -- -- $ 0.04
11/03/2025 11/03/2025 11/06/2025 $ 0.0405 -- -- -- $ 0.04
10/01/2025 10/01/2025 10/06/2025 $ 0.0371 -- -- -- $ 0.04
09/02/2025 09/02/2025 09/05/2025 $ 0.0389 -- -- -- $ 0.04
08/01/2025 08/01/2025 08/06/2025 $ 0.0402 -- -- -- $ 0.04
07/01/2025 07/01/2025 07/07/2025 $ 0.0368 -- -- -- $ 0.04
06/02/2025 06/02/2025 06/05/2025 $ 0.0384 -- -- -- $ 0.04
05/01/2025 05/01/2025 05/06/2025 $ 0.0356 -- -- -- $ 0.04
04/01/2025 04/01/2025 04/04/2025 $ 0.0432 -- -- -- $ 0.04
03/03/2025 03/03/2025 03/06/2025 $ 0.0325 -- -- -- $ 0.03
02/03/2025 02/03/2025 02/06/2025 $ 0.0366 -- -- -- $ 0.04
12/27/2024 12/27/2024 12/30/2024 $ 0.0368 -- -- -- $ 0.04
12/02/2024 12/02/2024 12/05/2024 $ 0.0340 -- -- -- $ 0.03
11/01/2024 11/01/2024 11/06/2024 $ 0.0372 -- -- -- $ 0.04
10/01/2024 10/01/2024 10/04/2024 $ 0.0344 -- -- -- $ 0.03
09/03/2024 09/03/2024 09/06/2024 $ 0.0347 -- -- -- $ 0.03
08/01/2024 08/01/2024 08/06/2024 $ 0.0368 -- -- -- $ 0.04
07/01/2024 07/01/2024 07/05/2024 $ 0.0329 -- -- -- $ 0.03
06/03/2024 06/03/2024 06/06/2024 $ 0.0250 -- -- -- $ 0.03
05/01/2024 05/02/2024 05/07/2024 $ 0.0300 -- -- -- $ 0.03
04/01/2024 04/02/2024 04/05/2024 $ 0.0442 -- -- -- $ 0.04
03/01/2024 03/04/2024 03/07/2024 $ 0.0292 -- -- -- $ 0.03
02/01/2024 02/02/2024 02/07/2024 $ 0.0315 -- -- -- $ 0.03
12/27/2023 12/28/2023 12/29/2023 $ 0.0314 -- -- -- $ 0.03
12/01/2023 12/04/2023 12/07/2023 $ 0.0274 -- -- -- $ 0.03
11/01/2023 11/02/2023 11/07/2023 $ 0.0300 -- -- -- $ 0.03
10/02/2023 10/03/2023 10/06/2023 $ 0.0269 -- -- -- $ 0.03
09/01/2023 09/05/2023 09/08/2023 $ 0.0245 -- -- -- $ 0.02
08/01/2023 08/02/2023 08/10/2023 $ 0.0312 -- -- -- $ 0.03
07/03/2023 07/05/2023 07/07/2023 $ 0.0240 -- -- -- $ 0.02
06/01/2023 06/02/2023 06/07/2023 $ 0.0246 -- -- -- $ 0.02
05/01/2023 05/02/2023 05/05/2023 $ 0.0219 -- -- -- $ 0.02
04/03/2023 04/04/2023 04/10/2023 $ 0.0297 -- -- -- $ 0.03
03/01/2023 03/02/2023 03/07/2023 $ 0.0185 -- -- -- $ 0.02
02/01/2023 02/02/2023 02/07/2023 $ 0.0227 -- -- -- $ 0.02
12/28/2022 12/29/2022 12/30/2022 $ 0.0231 -- -- -- $ 0.02
12/01/2022 12/02/2022 12/07/2022 $ 0.0197 -- -- -- $ 0.02
11/01/2022 11/02/2022 11/07/2022 $ 0.0215 -- -- -- $ 0.02
10/03/2022 10/04/2022 10/07/2022 $ 0.0180 -- -- -- $ 0.02
09/01/2022 09/02/2022 09/08/2022 $ 0.0191 -- -- -- $ 0.02
08/01/2022 08/02/2022 08/05/2022 $ 0.0205 -- -- -- $ 0.02
07/01/2022 07/05/2022 07/08/2022 $ 0.0204 -- -- -- $ 0.02
06/01/2022 06/02/2022 06/07/2022 $ 0.0166 -- -- -- $ 0.02
05/02/2022 05/03/2022 05/06/2022 $ 0.0172 -- -- -- $ 0.02
04/01/2022 04/04/2022 04/07/2022 $ 0.0178 -- -- -- $ 0.02
03/01/2022 03/02/2022 03/07/2022 $ 0.0131 -- -- -- $ 0.01
02/01/2022 02/02/2022 02/07/2022 $ 0.0151 -- -- -- $ 0.02
12/29/2021 12/30/2021 12/31/2021 $ 0.0169 $ 0.0018 $ 0.0226 -- $ 0.04
12/01/2021 12/02/2021 12/07/2021 $ 0.0142 -- -- -- $ 0.01
11/01/2021 11/02/2021 11/05/2021 $ 0.0168 -- -- -- $ 0.02
10/01/2021 10/04/2021 10/07/2021 $ 0.0143 -- -- -- $ 0.01
09/01/2021 09/02/2021 09/08/2021 $ 0.0159 -- -- -- $ 0.02
08/02/2021 08/03/2021 08/06/2021 $ 0.0175 -- -- -- $ 0.02
07/01/2021 07/02/2021 07/08/2021 $ 0.0162 -- -- -- $ 0.02
06/01/2021 06/02/2021 06/07/2021 $ 0.0177 -- -- -- $ 0.02
05/03/2021 05/04/2021 05/07/2021 $ 0.0167 -- -- -- $ 0.02
04/01/2021 04/05/2021 04/08/2021 $ 0.0189 -- -- -- $ 0.02
03/01/2021 03/02/2021 03/05/2021 $ 0.0148 -- -- -- $ 0.01
02/01/2021 02/02/2021 02/05/2021 $ 0.0178 -- -- -- $ 0.02
12/29/2020 12/30/2020 01/05/2021 $ 0.0222 -- -- -- $ 0.02
12/01/2020 12/02/2020 12/07/2020 $ 0.0199 -- -- -- $ 0.02
11/02/2020 11/03/2020 11/06/2020 $ 0.0232 -- -- -- $ 0.02
10/01/2020 10/02/2020 10/07/2020 $ 0.0207 -- -- -- $ 0.02
09/01/2020 09/02/2020 09/08/2020 $ 0.0226 -- -- -- $ 0.02
08/03/2020 08/04/2020 08/07/2020 $ 0.0248 -- -- -- $ 0.02
07/01/2020 07/02/2020 07/08/2020 $ 0.0216 -- -- -- $ 0.02
06/01/2020 06/02/2020 06/05/2020 $ 0.0245 -- -- -- $ 0.02
05/01/2020 05/04/2020 05/07/2020 $ 0.0236 -- -- -- $ 0.02
04/01/2020 04/02/2020 04/07/2020 $ 0.0244 -- -- -- $ 0.02
03/02/2020 03/03/2020 03/06/2020 $ 0.0212 -- -- -- $ 0.02
02/03/2020 02/04/2020 02/07/2020 $ 0.0234 -- -- -- $ 0.02
12/30/2019 12/31/2019 01/06/2020 $ 0.0247 -- -- -- $ 0.02
12/02/2019 12/03/2019 12/06/2019 $ 0.0240 -- -- -- $ 0.02
11/01/2019 11/04/2019 11/07/2019 $ 0.0233 -- -- -- $ 0.02
10/01/2019 10/02/2019 10/07/2019 $ 0.0226 -- -- -- $ 0.02
09/03/2019 09/04/2019 09/09/2019 $ 0.0236 -- -- -- $ 0.02
08/01/2019 08/02/2019 08/07/2019 $ 0.0238 -- -- -- $ 0.02
07/01/2019 07/02/2019 07/08/2019 $ 0.0231 -- -- -- $ 0.02
06/03/2019 06/04/2019 06/07/2019 $ 0.0227 -- -- -- $ 0.02
05/01/2019 05/02/2019 05/07/2019 $ 0.0233 -- -- -- $ 0.02
04/01/2019 04/02/2019 04/05/2019 $ 0.0240 -- -- -- $ 0.02
03/01/2019 03/04/2019 03/07/2019 $ 0.0220 -- -- -- $ 0.02
02/01/2019 02/04/2019 02/07/2019 $ 0.0240 -- -- -- $ 0.02
12/27/2018 12/28/2018 01/03/2019 $ 0.0237 -- -- -- $ 0.02
12/03/2018 12/04/2018 12/07/2018 $ 0.0224 -- -- -- $ 0.02
11/01/2018 11/02/2018 11/07/2018 $ 0.0228 -- -- -- $ 0.02
10/01/2018 10/02/2018 10/05/2018 $ 0.0221 -- -- -- $ 0.02
09/04/2018 09/05/2018 09/10/2018 $ 0.0224 -- -- -- $ 0.02
08/01/2018 08/02/2018 08/07/2018 $ 0.0223 -- -- -- $ 0.02
07/02/2018 07/03/2018 07/09/2018 $ 0.0223 -- -- -- $ 0.02
06/01/2018 06/04/2018 06/07/2018 $ 0.0223 -- -- -- $ 0.02
05/01/2018 05/02/2018 05/07/2018 $ 0.0200 -- -- -- $ 0.02
04/02/2018 04/03/2018 04/06/2018 $ 0.0203 -- -- -- $ 0.02
03/01/2018 03/02/2018 03/07/2018 $ 0.0178 -- -- -- $ 0.02
02/01/2018 02/02/2018 02/07/2018 $ 0.0198 -- -- -- $ 0.02
12/27/2017 12/28/2017 01/03/2018 $ 0.0188 -- -- -- $ 0.02
12/01/2017 12/04/2017 12/07/2017 $ 0.0178 -- -- -- $ 0.02
11/01/2017 11/02/2017 11/07/2017 $ 0.0183 -- -- -- $ 0.02
10/02/2017 10/03/2017 10/06/2017 $ 0.0175 -- -- -- $ 0.02
09/01/2017 09/06/2017 09/08/2017 $ 0.0179 -- -- -- $ 0.02
08/01/2017 08/03/2017 08/07/2017 $ 0.0178 -- -- -- $ 0.02
07/03/2017 07/06/2017 07/10/2017 $ 0.0175 -- -- -- $ 0.02
06/01/2017 06/05/2017 06/07/2017 $ 0.0188 -- -- -- $ 0.02
05/01/2017 05/03/2017 05/05/2017 $ 0.0171 -- -- -- $ 0.02
04/03/2017 04/05/2017 04/07/2017 $ 0.0177 -- -- -- $ 0.02
03/01/2017 03/03/2017 03/07/2017 $ 0.0153 -- -- -- $ 0.02
02/01/2017 02/03/2017 02/07/2017 $ 0.0170 -- -- -- $ 0.02
12/28/2016 12/30/2016 01/04/2017 $ 0.0166 -- -- -- $ 0.02
12/01/2016 12/05/2016 12/07/2016 $ 0.0154 -- -- -- $ 0.02
11/01/2016 11/03/2016 11/07/2016 $ 0.0155 -- -- -- $ 0.02
10/03/2016 10/05/2016 10/07/2016 $ 0.0155 -- -- -- $ 0.02
09/01/2016 09/06/2016 09/08/2016 $ 0.0160 -- -- -- $ 0.02
08/01/2016 08/03/2016 08/05/2016 $ 0.0160 -- -- -- $ 0.02
07/01/2016 07/06/2016 07/08/2016 $ 0.0160 -- -- -- $ 0.02
06/01/2016 06/03/2016 06/07/2016 $ 0.0168 -- -- -- $ 0.02
05/02/2016 05/04/2016 05/06/2016 $ 0.0163 -- -- -- $ 0.02
04/01/2016 04/05/2016 04/07/2016 $ 0.0168 -- -- -- $ 0.02
03/01/2016 03/03/2016 03/07/2016 $ 0.0158 -- -- -- $ 0.02
02/01/2016 02/03/2016 02/05/2016 $ 0.0170 -- -- -- $ 0.02
12/29/2015 12/31/2015 01/05/2016 $ 0.0170 -- -- -- $ 0.02
12/01/2015 12/03/2015 12/07/2015 $ 0.0164 -- -- -- $ 0.02
11/02/2015 11/04/2015 11/06/2015 $ 0.0175 -- -- -- $ 0.02
10/01/2015 10/05/2015 10/07/2015 $ 0.0168 -- -- -- $ 0.02
09/01/2015 09/03/2015 09/08/2015 $ 0.0167 -- -- -- $ 0.02
08/03/2015 08/05/2015 08/07/2015 $ 0.0165 -- -- -- $ 0.02
07/01/2015 07/06/2015 07/08/2015 $ 0.0162 -- -- -- $ 0.02
06/01/2015 06/03/2015 06/05/2015 $ 0.0166 -- -- -- $ 0.02
05/01/2015 05/05/2015 05/07/2015 $ 0.0160 -- -- -- $ 0.02
04/01/2015 04/06/2015 04/08/2015 $ 0.0166 -- -- -- $ 0.02
03/02/2015 03/04/2015 03/06/2015 $ 0.0150 -- -- -- $ 0.01
02/02/2015 02/04/2015 02/06/2015 $ 0.0169 -- -- -- $ 0.02
12/29/2014 12/31/2014 01/05/2015 $ 0.0169 -- -- -- $ 0.02
12/01/2014 12/03/2014 12/05/2014 $ 0.0160 -- -- -- $ 0.02
11/03/2014 11/05/2014 11/07/2014 $ 0.0171 -- -- -- $ 0.02
10/01/2014 10/03/2014 10/07/2014 $ 0.0162 -- -- -- $ 0.02
09/02/2014 09/04/2014 09/08/2014 $ 0.0174 -- -- -- $ 0.02
08/01/2014 08/05/2014 08/07/2014 $ 0.0175 -- -- -- $ 0.02
07/01/2014 07/03/2014 07/08/2014 $ 0.0169 -- -- -- $ 0.02
06/02/2014 06/04/2014 06/06/2014 $ 0.0178 -- -- -- $ 0.02
05/01/2014 05/05/2014 05/07/2014 $ 0.0180 -- -- -- $ 0.02
04/01/2014 04/03/2014 04/07/2014 $ 0.0184 -- -- -- $ 0.02
03/03/2014 03/05/2014 03/07/2014 $ 0.0202 -- -- -- $ 0.02
02/03/2014 02/05/2014 02/07/2014 $ 0.0205 -- -- -- $ 0.02
12/27/2013 12/31/2013 01/03/2014 $ 0.0209 -- -- -- $ 0.02
12/02/2013 12/04/2013 12/06/2013 $ 0.0203 -- -- -- $ 0.02
11/01/2013 11/05/2013 11/07/2013 $ 0.0232 -- -- -- $ 0.02
10/01/2013 10/03/2013 10/07/2013 $ 0.0198 -- -- -- $ 0.02
09/03/2013 09/05/2013 09/09/2013 $ 0.0204 -- -- -- $ 0.02
08/01/2013 08/05/2013 08/07/2013 $ 0.0194 -- -- -- $ 0.02
07/01/2013 07/03/2013 07/08/2013 $ 0.0195 -- -- -- $ 0.02
06/03/2013 06/05/2013 06/07/2013 $ 0.0200 -- -- -- $ 0.02
05/01/2013 05/03/2013 05/07/2013 $ 0.0200 -- -- -- $ 0.02
04/01/2013 04/03/2013 04/05/2013 $ 0.0204 -- -- -- $ 0.02
03/01/2013 03/05/2013 03/07/2013 $ 0.0186 -- -- -- $ 0.02
02/01/2013 02/05/2013 02/07/2013 $ 0.0202 -- -- -- $ 0.02
12/27/2012 12/31/2012 01/03/2013 $ 0.0213 -- $ 0.0110 -- $ 0.03
12/03/2012 12/05/2012 12/07/2012 $ 0.0205 -- -- -- $ 0.02
11/01/2012 11/05/2012 11/07/2012 $ 0.0210 -- -- -- $ 0.02
10/01/2012 10/03/2012 10/05/2012 $ 0.0213 -- -- -- $ 0.02
09/04/2012 09/07/2012 09/10/2012 $ 0.0226 -- -- -- $ 0.02
08/01/2012 08/03/2012 08/07/2012 $ 0.0234 -- -- -- $ 0.02
07/02/2012 07/05/2012 07/09/2012 $ 0.0233 -- -- -- $ 0.02
06/01/2012 06/05/2012 06/07/2012 $ 0.0245 -- -- -- $ 0.02
05/01/2012 05/03/2012 05/07/2012 $ 0.0243 -- -- -- $ 0.02
04/02/2012 04/04/2012 04/09/2012 $ 0.0258 -- -- -- $ 0.03
03/01/2012 03/05/2012 03/07/2012 $ 0.0248 -- -- -- $ 0.02
02/01/2012 02/03/2012 02/07/2012 $ 0.0265 -- -- -- $ 0.03
12/28/2011 12/30/2011 01/04/2012 $ 0.0279 -- $ 0.0002 -- $ 0.03
12/01/2011 12/05/2011 12/07/2011 $ 0.0270 -- -- -- $ 0.03
11/01/2011 11/03/2011 11/07/2011 $ 0.0270 -- -- -- $ 0.03
10/03/2011 10/05/2011 10/07/2011 $ 0.0270 -- -- -- $ 0.03
09/01/2011 09/06/2011 09/08/2011 $ 0.0282 -- -- -- $ 0.03
08/01/2011 08/03/2011 08/05/2011 $ 0.0290 -- -- -- $ 0.03
07/01/2011 07/06/2011 07/08/2011 $ 0.0268 -- -- -- $ 0.03
06/01/2011 06/03/2011 06/07/2011 $ 0.0290 -- -- -- $ 0.03
05/02/2011 05/04/2011 05/06/2011 $ 0.0275 -- -- -- $ 0.03
04/01/2011 04/05/2011 04/07/2011 $ 0.0330 -- -- -- $ 0.03
03/01/2011 03/03/2011 03/07/2011 $ 0.0281 -- -- -- $ 0.03
02/01/2011 02/03/2011 02/07/2011 $ 0.0310 -- -- -- $ 0.03
12/29/2010 12/31/2010 01/05/2011 $ 0.0300 $ 0.0210 $ 0.0370 -- $ 0.09
12/01/2010 12/03/2010 12/07/2010 $ 0.0280 -- -- -- $ 0.03
11/01/2010 11/03/2010 11/05/2010 $ 0.0290 -- -- -- $ 0.03
10/01/2010 10/05/2010 10/07/2010 $ 0.0290 -- -- -- $ 0.03
09/01/2010 09/03/2010 09/08/2010 $ 0.0300 -- -- -- $ 0.03
08/02/2010 08/04/2010 08/06/2010 $ 0.0300 -- -- -- $ 0.03
07/01/2010 07/06/2010 07/08/2010 $ 0.0290 -- -- -- $ 0.03
06/01/2010 06/03/2010 06/07/2010 $ 0.0300 -- -- -- $ 0.03
05/03/2010 05/05/2010 05/07/2010 $ 0.0300 -- -- -- $ 0.03
04/01/2010 04/06/2010 04/08/2010 $ 0.0300 -- -- -- $ 0.03
03/01/2010 03/03/2010 03/05/2010 $ 0.0280 -- -- -- $ 0.03
02/01/2010 02/03/2010 02/05/2010 $ 0.0300 -- -- -- $ 0.03
12/29/2009 12/31/2009 01/05/2010 $ 0.0325 -- -- -- $ 0.03
12/01/2009 12/03/2009 12/07/2009 $ 0.0310 -- -- -- $ 0.03
11/02/2009 11/04/2009 11/06/2009 $ 0.0320 -- -- -- $ 0.03
10/01/2009 10/05/2009 10/07/2009 $ 0.0300 -- -- -- $ 0.03
09/01/2009 09/03/2009 09/08/2009 $ 0.0315 -- -- -- $ 0.03
08/03/2009 08/05/2009 08/07/2009 $ 0.0360 -- -- -- $ 0.04
07/01/2009 07/06/2009 07/08/2009 $ 0.0340 -- -- -- $ 0.03
06/01/2009 06/03/2009 06/05/2009 $ 0.0350 -- -- -- $ 0.04
05/01/2009 05/05/2009 05/07/2009 $ 0.0370 -- -- -- $ 0.04
04/01/2009 04/03/2009 04/07/2009 $ 0.0400 -- -- -- $ 0.04
03/02/2009 03/04/2009 03/06/2009 $ 0.0360 -- -- -- $ 0.04
02/02/2009 02/04/2009 02/06/2009 $ 0.0380 -- -- -- $ 0.04
12/26/2008 12/30/2008 01/06/2009 $ 0.0370 -- -- -- $ 0.04
12/01/2008 12/03/2008 12/05/2008 $ 0.0450 -- -- -- $ 0.04
11/03/2008 11/05/2008 11/07/2008 $ 0.0340 -- -- -- $ 0.03
10/01/2008 10/03/2008 10/07/2008 $ 0.0367 -- -- -- $ 0.04
09/02/2008 09/04/2008 09/09/2008 $ 0.0393 -- -- -- $ 0.04
08/01/2008 08/05/2008 08/07/2008 $ 0.0377 -- -- -- $ 0.04
07/01/2008 07/03/2008 07/08/2008 $ 0.0367 -- -- -- $ 0.04
06/02/2008 06/04/2008 06/06/2008 $ 0.0400 -- -- -- $ 0.04
05/01/2008 05/05/2008 05/07/2008 $ 0.0100 -- -- -- $ 0.01
04/01/2008 04/03/2008 04/08/2008 $ 0.0687 -- -- -- $ 0.07

‡All registered investment companies are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading VanEck ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant VanEck ETFs on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.

Certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The final determination of the tax characteristics cannot be determined until after each Fund’s yearend and are reported to shareholders on Form 1099-DIV. The form is mailed to shareholders shortly after calendar yearend specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distribution on a shareholder’s tax return.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the securities in its portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends may change. There can be no assurance that the Fund will be able to declare a dividend distribution in each period. Past performance is no guarantee of future results.

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