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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.

  •  
      

    • Fund Ticker

      ITM
    • Exchange

      NYSE Arca
    • Commencement

      12/04/2007
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMT2TR
    • Index Rebalancing

      Monthly
    • 2017 Preliminary NAIC
      Designation7

      1
  •  
    as of 05/26/17

    • 30-Day SEC Yield1

      2.20%
    • Total Net Assets

      $1.6B
    • Number of Holdings

      3276
    • Options

      Available
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio/TER2

      0.24%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      05/31/2017
    1, 2, 7 See Important Disclosure
  • Index Key Points

    The Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) 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 6-17 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: Bloomberg Index Services Limited

  • Index Profile

    • Ticker

      LMT2TR
    • Inception Date

      11/05/2007
    • Rebalance Frequency

      Monthly
  • Index Fundamentals4
    as of 05/26/17

    • Yield to Worst

      2.30%
    • Yield to Maturity

      2.86%
    • Effective Duration (yrs)

      7.09
    • Duration to Worst (yrs)

      6.29
    • Modified Duration (yrs)

      7.01
    • Spread Duration (yrs)

      7.12
    • Years to Maturity

      11.30
    • Coupon

      4.73%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%) as of 04/30/17

    Total Constituents: 17246
    Issuer Name
    StateWeighting (%)
    California St For Previous Issues See 13063B Forfuture
    CA
    3.86
    New York St Dorm Auth St Pers Income Tax Rev Forissues
    NY
    1.72
    New York N Y City Transitional Fin Auth Rev Forissues D
    NY
    1.71
    Metropolitan Transn Auth N Y Rev For Issues Dtdprior To
    NY
    1.61
    Washington St For Issues Dtd Prior To 02/05/2013See 939
    WA
    1.44
    Pennsylvania St
    PA
    1.33
    Connecticut St For Issues Dated Prior To 10/19/10 See 2
    CT
    1.21
    New York St Urban Dev Corp Rev
    NY
    1.14
    Texas St For Issues Dated Prior To 12/19/12 See882722 F
    TX
    1.06
    Maryland St For Issues Dated Prior To 08/05/11 See 5741
    MD
    1.06
    Top 10 Total (%)16.14
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.
  • Index Geographical Weightings (%) as of 04/30/17

    • State

      % of Net Assets
    • California

      15.8
    • New York

      15.5
    • Texas

      10.3
    • Florida

      4.6
    • Illinois

      4.0
    • New Jersey

      3.8
    • Washington

      3.8
    • Pennsylvania

      3.8
    • Massachusetts

      3.2
    • Ohio

      2.6
    • Maryland

      2.5
    • Connecticut

      2.5
    • Virginia

      2.2
    • Georgia

      1.9
    • Arizona

      1.9
    • Michigan

      1.8
    • Wisconsin

      1.5
    • Colorado

      1.5
    • Minnesota

      1.4
    • North Carolina

      1.4
  • Index Sector Weightings (%) as of 04/30/17

    • Sector

      % of Net Assets
    • State General

      20.9
    • Local General

      17.0
    • Transportation

      13.9
    • Special Tax

      11.0
    • Water Utilities

      9.5
    • Education

      7.3
    • Leasing

      7.0
    • Power Utilities

      6.0
    • Health Care Facilities

      5.8
    • Housing

      0.9
    • IDR/PCR

      0.6
    • Resource Recovery

      0.1
  • Index Credit Quality (%) as of 04/30/17

    Composite % of Net Assets
    Investment Grade AAA 17.21
    AA 57.60
    A 20.48
    BBB 4.70
    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 04/30/17

    Average Maturity: 11.37 Years