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ITM
VanEck Vectors AMT-Free Intermediate Municipal Index ETF

Fund Description

The VanEck Vectors® AMT-Free Intermediate Municipal Index ETF (ITM®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR), which is intended to track the overall performance of the U.S. dollar denominated intermediate-term tax-exempt bond market.

 
 

  • Fund Ticker

    ITM
  • Exchange

    Cboe
  • Commencement

    12/04/2007
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    Bank of New York Mellon
  • Index Ticker

    LMT2TR
  • Index Rebalancing

    Monthly
  • 2019 NAIC Designation7

    1

 
as of 09/17/19

  • 30-Day SEC Yield1

    1.40%
  • Total Net Assets

    $1.9B
  • Number of Holdings

    2927
  • Options

    Available
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    09/30/2019
1, 2, 7 See Important Disclosure

Key Points

  • Tax Exempt Income
    Income generally exempt from federal taxes and the Alternative Minimum Tax (AMT)

  • Targeted Interest Rate Risk
    Designed to track an index of intermediate-duration municipal bonds

  • Quality
    Investment-grade index constituents with high overall credit quality

Yields
as of 09/17/19

  • 30-Day SEC Yield1

    1.40%
  • Distribution Yield1

    2.20%
  • 12-Month Yield1

    2.24%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    1.59%
  • 22% Federal Tax Rate

    1.80%
  • 24% Federal Tax Rate

    1.85%
  • 32% Federal Tax Rate

    2.06%
  • 35% Federal Tax Rate

    2.16%
  • 37% Federal Tax Rate

    2.23%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.24%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.24%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.24%
Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    ITM
  • Index Total Return Ticker

    LMT2TR
  • NAV

    ITMNV
  • Intraday NAV (IIV)5

    ITMIV
  • Shares Outstanding

    37,098,916
  • Estimated Cash

    ITMEU
  • Total Cash

    ITMTC
  • CUSIP

    92189H201
  • ISIN

    US92189H2013
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/17/19

  • Yield to Worst

    1.89%
  • Yield to Maturity

    2.64%
  • Effective Duration (yrs)

    6.25
  • Duration to Worst (yrs)

    5.96
  • Modified Duration (yrs)

    6.17
  • Spread Duration (yrs)

    6.29
  • Years to Maturity

    10.96
  • Coupon

    4.68%
 4 See Important Disclosure for definitions.

Prices as of 09/17/19

NAV/
Last Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change
NAV/
Last Price
Premium/
Discount
Prem/Discount
Distribution Charts
NAV &
Prem/Discount
History
NAV
Chart
ITM $49.93
$49.99
161,906
75,201
-$0.08 / -0.16%
$0.00 / +0.00%
+7.01%
+7.07%
$0.06
0.11%

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
12/04/07
ITM (NAV) 1.81 3.17 9.17 10.52 3.31 3.97 4.66 4.61
ITM (Share Price) 2.00 3.31 9.21 10.58 3.32 3.98 4.65 4.62
LMT2TR (Index) 1.92 3.32 9.25 10.84 3.74 4.51 5.28 5.32
Performance Differential (NAV - Index) -0.11 -0.15 -0.08 -0.32 -0.43 -0.54 -0.62 -0.71
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
12/04/07
ITM (NAV) 0.41 2.59 6.26 8.07 2.45 3.77 4.73 4.43
ITM (Share Price) 0.29 2.53 6.02 8.04 2.34 3.71 4.68 4.42
LMT2TR (Index) 0.38 2.44 6.15 8.33 2.78 4.29 5.36 5.14
Performance Differential (NAV - Index) 0.03 0.15 0.11 -0.26 -0.33 -0.52 -0.63 -0.71

Top 10 Holdings (%) as of 08/31/19 Daily Holdings

Total Holdings: 2,886
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full data
Issuer Name State Weighting (%)
California St
CA
5.67
New York N Y City Transitional Fin Auth Rev
NY
1.97
New York St Dorm Auth St Pers Income Tax Rev
NY
1.71
Metropolitan Transn Auth N Y Rev
NY
1.65
Illinois St
IL
1.51
Washington St
WA
1.34
New York St Dorm Auth Sales Tax Rev St Supporteddebt
NY
1.26
New York N Y
NY
1.13
Connecticut St
CT
1.12
Massachusetts St
MA
1.11
Top 10 Total (%) 18.47

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Geographical Weightings (%) as of 08/31/19

  • State

    % of Net Assets
  • California

    15.6
  • New York

    14.7
  • Texas

    9.5
  • Pennsylvania

    4.6
  • Illinois

    4.4
  • Florida

    4.4
  • Washington

    3.6
  • New Jersey

    3.5
  • Massachusetts

    3.1
  • Maryland

    3.1
  • Connecticut

    2.7
  • Ohio

    2.3
  • Virginia

    2.1
  • Michigan

    1.9
  • Georgia

    1.7
  • Colorado

    1.6
  • North Carolina

    1.5
  • Wisconsin

    1.5
  • Arizona

    1.5
  • Minnesota

    1.3
  • Other

    15.4

Currency Exposure (%)
as of 08/31/19

  • U.S. Dollar

    99.80
  • Other/Cash

    0.20

Sector Weightings (%) as of 08/31/19

  • Sector

    % of Net Assets
  • State

    20.3
  • Local

    17.4
  • Transportation

    12.0
  • Special Tax

    11.3
  • Water & Sewer

    10.0
  • Health Care

    7.1
  • Leasing

    6.8
  • Education

    6.5
  • Power

    5.4
  • Housing

    1.5
  • Tobacco

    1.1
  • Industrial Revenue

    0.5
  • Unassigned

    0.1
  • Solid Waste/Res Recovery

    0.1

Credit Quality (%) as of 08/31/19

Composite % of Net Assets
Investment Grade AAA 17.47
AA 55.41
A 20.75
BBB 6.27
Non-Investment Grade BB --
Total Investment Grade -- 99.91
Total Non-Investment Grade -- --
Not Rated -- 0.09
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 08/31/19

 Average Portfolio Maturity: 10.97 Years