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MAAX
VanEck Vectors Muni Allocation ETF

Fund Description

VanEck Vectors® Muni Allocation ETF (MAAX) seeks maximum long-term after-tax return consisting of capital appreciation and income generally exempt from federal income tax. In pursuing long-term total return, the Fund seeks to reduce duration and/or credit risk during appropriate times by allocating primarily to VanEck Vectors municipal exchange-traded products that invest in tax-exempt bonds.

 
 

  • Fund Ticker

    MAAX
  • Exchange

    Cboe
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company

 
as of 09/23/20

  • 30-Day SEC Yield1

    2.90%
  • Total Net Assets

    $4.9M
  • Number of Holdings

    4
  • Options

    Expected
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly

Key Points

  • Guided allocation approach
    Allocates among VanEck municipal bond ETFs based on interest rate and credit opportunities

  • Seeks maximum total return and income
    Performance oriented strategy offers the potential for capital appreciation plus tax-exempt income

  • Actively managed
    Process uses technical and macroeconomic indicators to guide credit and duration exposure, seeking to avoid market risks when appropriate

Yields
as of 09/23/20

  • 30-Day SEC Yield1

    2.90%
  • Distribution Yield1

    2.98%
  • 12-Month Yield1

    2.87%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.30%
  • 22% Federal Tax Rate

    3.72%
  • 24% Federal Tax Rate

    3.82%
  • 32% Federal Tax Rate

    4.26%
  • 35% Federal Tax Rate

    4.46%
  • 37% Federal Tax Rate

    4.60%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.08%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    0.27%
  • Gross Expense Ratio

    0.35%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.35%
2Van 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

    MAAX
  • Index Total Return Ticker

    LMBITR
  • NAV

    MAAXNV
  • Intraday NAV (IIV)5

    MAAXIV
  • Shares Outstanding

    200,000
  • Estimated Cash

    MAAXEU
  • Total Cash

    MAAXTC
  • CUSIP

    92189H508
  • ISIN

    US92189H5081
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/23/20

  • Yield to Worst

    2.57%
  • Yield to Maturity

    3.45%
  • Effective Duration (yrs)

    7.81
  • Duration to Worst (yrs)

    6.17
  • Modified Duration (yrs)

    7.94
  • Spread Duration (yrs)

    7.42
  • Years to Maturity

    17.96
  • Coupon

    4.59%
  • AMT

    4.95%
 4 See Important Disclosure for definitions.

Prices as of 09/23/20

NAV/
Market 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
30-Day
Median
Bid Ask
Spread
NAV
Chart
MAAX $24.44
$24.51
1,832
1,346
$0.00 / +0.01%
$0.03 / +0.14%
-2.24%
-2.06%
$0.07
0.28%
0.57%

Premium/Discount History as of 09/23/20

Calendar Year 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 79 26 36 38 24
MAAX Days closed at NAV 50 23 16 9 9
Days closed at a discount 31 15 12 15 30

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) -0.30 3.49 -2.22 -2.60 -- -- -- 0.92
MAAX (Share Price) -0.01 3.37 -2.27 -2.58 -- -- -- 0.94
Bloomberg Barclays Municipal Bond Index8 -0.47 2.04 3.31 3.24 4.09 3.99 3.98 5.03
Performance Differential (NAV - Index) 0.17 1.45 -5.53 -5.84 -- -- -- -4.11
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) 1.64 5.57 -3.96 -1.63 -- -- -- -0.54
MAAX (Share Price) 1.59 4.57 -3.95 -1.47 -- -- -- -0.47
Bloomberg Barclays Municipal Bond Index8 0.82 2.72 2.08 4.45 4.22 3.93 4.22 4.69
Performance Differential (NAV - Index) 0.82 2.85 -6.04 -6.08 -- -- -- -5.23

Daily Holdings (%) as of 09/23/20 Download All Fund Holdings »

Total Holdings: 4
Ticker
Holding Name
Identifier (FIGI)
Shares Asset Class Market Value
(US$)
% of Net
Assets
MLN US
VanEck Vectors Long Muni ETF
BBG000V2BFB2
79,732
Stock 1,704,980 34.88
HYD US
VanEck Vectors High Yield Muni ETF
BBG000C8Z562
24,515
Stock 1,469,689 30.07
ITM US
VanEck Vectors Intermediate Muni ETF
BBG000Q0JKR6
28,474
Stock 1,463,146 29.93
SHYD US
VanEck Vectors Short High Yield Muni Et
BBG005T08329
10,089
Stock 245,661 5.03
--
Other/Cash
--
--
Cash 4,340 0.09
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These are not recommendations to buy or to sell any security. Securities and holdings will vary at times. The holdings presented reflect unsettled trade activity from creation and/or redemption transactions from the prior business day and may differ from the holdings information used to calculate the Fund's net asset value. The adjusted shares outstanding is 200,000. This includes any changes in shares outstanding due to creations or redemptions on the previous business day, and may differ from the information used to calculate the fund's net asset value.

Geographical Weightings (%) as of 08/31/20

  • State

    % of Net Assets
  • California

    14.2
  • New York

    13.4
  • Texas

    8.3
  • Illinois

    7.7
  • New Jersey

    4.8
  • Florida

    4.5
  • Pennsylvania

    4.0
  • Ohio

    3.8
  • Massachusetts

    2.9
  • Colorado

    2.6
  • Washington

    2.3
  • Georgia

    2.0
  • Wisconsin

    1.9
  • Maryland

    1.9
  • Virginia

    1.5
  • District of Columbia

    1.5
  • Alabama

    1.5
  • Arizona

    1.5
  • Puerto Rico

    1.4
  • North Carolina

    1.3
  • Other

    16.9

Currency Exposure (%)
as of 08/31/20

  • U.S. Dollar

    99.90
  • Other/Cash

    0.10

Sector Weightings (%) as of 08/31/20

  • Sector

    % of Net Assets
  • Health Care

    16.2
  • Local

    13.6
  • Transportation

    11.2
  • Special Tax

    11.1
  • State

    9.8
  • Education

    8.2
  • Water & Sewer

    7.3
  • Industrial Revenue

    6.9
  • Leasing

    5.8
  • Tobacco

    4.3
  • Power

    2.9
  • Housing

    2.4
  • Cash

    0.3
  • Unassigned

    0.0
  • Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 08/31/20

Composite % of Net Assets
Investment Grade AAA 10.72
AA 32.51
A 16.41
BBB 14.73
Non-Investment Grade BB 7.74
B 2.96
CCC 1.46
Total Investment Grade -- 74.36
Total Non-Investment Grade -- 12.15
Not Rated -- 13.22
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 08/31/20

 Average Portfolio Maturity: 18.00 Years