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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

    State Street Bank and Trust Company

  • Index Ticker

    LMT2TR

  • Index Rebalancing

    Monthly

  • 2020 Preliminary NAIC Designation7

    1

 
as of 04/08/20

  • 30-Day SEC Yield1

    1.89%

  • Total Net Assets

    $1.6B

  • Number of Holdings

    2940

  • Options

    Available

  • Gross Expense Ratio2

    0.24%

  • Net Expense Ratio/TER2

    0.24%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    04/30/2020
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 04/08/20

  • 30-Day SEC Yield1

    1.89%

  • Distribution Yield1

    2.31%

  • 12-Month Yield1

    2.22%

  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    2.15%

  • 22% Federal Tax Rate

    2.42%

  • 24% Federal Tax Rate

    2.49%

  • 32% Federal Tax Rate

    2.78%

  • 35% Federal Tax Rate

    2.91%

  • 37% Federal Tax Rate

    3.00%
 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

    32,648,916

  • Estimated Cash

    ITMEU

  • Total Cash

    ITMTC

  • CUSIP

    92189H201

  • ISIN

    US92189H2013
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 04/07/20

  • Yield to Worst

    1.98%

  • Yield to Maturity

    2.71%

  • Effective Duration (yrs)

    6.26

  • Duration to Worst (yrs)

    5.88

  • Modified Duration (yrs)

    6.22

  • Spread Duration (yrs)

    6.25

  • Years to Maturity

    10.82

  • Coupon

    4.66%
 4 See Important Disclosure for definitions.

Prices as of 04/08/20

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
ITM $49.57
$49.01		 579,984
185,669		 $0.18 / +0.37%
$0.28 / +0.57%		 -0.43%
-1.57%
 $-0.56
-1.13%		 0.21%

Premium/Discount History as of 04/08/20

Calendar Year 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 61 11 19 23 9
ITM Days closed at NAV 16 6 5 3 2
Days closed at a discount 175 46 40 38 51

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
12/04/07
ITM (NAV) -3.69 0.08 0.08 4.58 4.40 3.34 4.25 4.32
ITM (Share Price) -4.97 -1.55 -1.55 3.03 3.94 2.95 4.06 4.18
LMT2TR (Index) -4.07 -0.40 -0.40 4.61 4.75 3.77 4.84 5.00
Performance Differential (NAV - Index) 0.38 0.48 0.48 -0.03 -0.35 -0.43 -0.59 -0.68
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
12/04/07
ITM (NAV) -3.69 0.08 0.08 4.58 4.40 3.34 4.25 4.32
ITM (Share Price) -4.97 -1.55 -1.55 3.03 3.94 2.95 4.06 4.18
LMT2TR (Index) -4.07 -0.40 -0.40 4.61 4.75 3.77 4.84 5.00
Performance Differential (NAV - Index) 0.38 0.48 0.48 -0.03 -0.35 -0.43 -0.59 -0.68

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "Net Asset Value" (NAV) of a VanEck Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 03/31/20 Daily Holdings

Total Holdings: 2,966
Swipe
to view
full data
Issuer Name State Weighting (%)
California St
CA
5.87
Metropolitan Transn Auth N Y Rev
NY
1.89
New York St Dorm Auth St Pers Income Tax Rev
NY
1.67
Illinois St
IL
1.47
New York N Y City Transitional Fin Auth Rev
NY
1.38
New York N Y
NY
1.35
Washington St
WA
1.32
Massachusetts St
MA
1.03
New York St Dorm Auth Sales Tax Rev St Supporteddebt
NY
1.00
Maryland St
MD
0.97
Top 10 Total (%) 17.95

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

Geographical Weightings (%) as of 03/31/20

  • State

    % of Net Assets
  • ■

    California

    16.0
  • ■

    New York

    14.2
  • ■

    Texas

    9.8
  • ■

    Pennsylvania

    4.7
  • ■

    Florida

    4.2
  • ■

    Illinois

    4.2
  • ■

    Washington

    4.0
  • ■

    New Jersey

    3.5
  • ■

    Massachusetts

    3.4
  • ■

    Maryland

    2.8
  • ■

    Ohio

    2.5
  • ■

    Connecticut

    2.4
  • ■

    Virginia

    2.0
  • ■

    Colorado

    1.7
  • ■

    Georgia

    1.7
  • ■

    North Carolina

    1.6
  • ■

    District of Columbia

    1.5
  • ■

    Wisconsin

    1.4
  • ■

    Nevada

    1.3
  • ■

    Michigan

    1.3
  • ■

    Other

    15.7

Currency Exposure (%)
as of 03/31/20

  • U.S. Dollar

    99.93

  • Other/Cash

    0.08

Sector Weightings (%) as of 03/31/20

  • Sector

    % of Net Assets
  • ■

    State

    19.7
  • ■

    Local

    18.0
  • ■

    Transportation

    12.0
  • ■

    Special Tax

    11.1
  • ■

    Water & Sewer

    9.0
  • ■

    Health Care

    8.3
  • ■

    Education

    7.3
  • ■

    Leasing

    5.7
  • ■

    Power

    5.2
  • ■

    Housing

    1.4
  • ■

    Tobacco

    1.3
  • ■

    Industrial Revenue

    0.9
  • ■

    Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 03/31/20

Composite % of Net Assets
Investment Grade AAA 18.09
AA 54.80
A 20.93
BBB 6.17
Non-Investment Grade BB 0.01
Total Investment Grade -- 99.99
Total Non-Investment Grade -- 0.01
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 03/31/20

 Average Portfolio Maturity: 10.88 Years