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Guided Allocation

MAAX
VanEck Vectors Municipal Allocation ETF

Fund Description

VanEck Vectors® Municipal 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
  • Commencement

    05/15/2019
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company

 
as of 04/08/20

  • 30-Day SEC Yield1

    3.34%
  • Total Net Assets

    $6.9M
  • Number of Holdings

    2
  • Options

    Expected
  • Gross Expense Ratio2

    0.38%
  • Net Expense Ratio/TER2

    0.38%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    04/30/2020

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 04/08/20

  • 30-Day SEC Yield1

    3.34%
  • Distribution Yield1

    3.20%
  • 12-Month Yield1

    2.63%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.80%
  • 22% Federal Tax Rate

    4.28%
  • 24% Federal Tax Rate

    4.39%
  • 32% Federal Tax Rate

    4.91%
  • 35% Federal Tax Rate

    5.14%
  • 37% Federal Tax Rate

    5.30%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.08%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    0.30%
  • Gross Expense Ratio

    0.38%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.38%
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

    300,000
  • Estimated Cash

    MAAXEU
  • Total Cash

    MAAXTC
  • CUSIP

    92189H508
  • ISIN

    US92189H5081
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 04/07/20

  • Yield to Worst

    1.66%
  • Yield to Maturity

    1.73%
  • Effective Duration (yrs)

    3.33
  • Duration to Worst (yrs)

    3.15
  • Modified Duration (yrs)

    3.37
  • Spread Duration (yrs)

    3.29
  • Years to Maturity

    6.20
  • Coupon

    4.68%
  • AMT

    3.84%
 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
MAAX $23.01
$23.01
6,155
65
$0.04 / +0.16%
$0.11 / +0.49%
-9.10%
-9.12%
$0.00
-0.02%
2.15%

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 79 17 26 36 38
MAAX Days closed at NAV 50 11 23 16 9
Days closed at a discount 31 4 15 12 15

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) -12.09 -9.03 -9.03 -- -- -- -- -5.85
MAAX (Share Price) -11.18 -8.15 -8.15 -- -- -- -- -4.87
Bloomberg Barclays Municipal Bond Index8 -3.63 -0.63 -0.63 3.85 3.96 3.19 4.14 2.50
Performance Differential (NAV - Index) -8.46 -8.40 -8.40 -- -- -- -- -8.35
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) -12.09 -9.03 -9.03 -- -- -- -- -5.85
MAAX (Share Price) -11.18 -8.15 -8.15 -- -- -- -- -4.87
Bloomberg Barclays Municipal Bond Index8 -3.63 -0.63 -0.63 3.85 3.96 3.19 4.14 2.50
Performance Differential (NAV - Index) -8.46 -8.40 -8.40 -- -- -- -- -8.35

Daily Holdings (%) as of 04/07/20 Download All Fund Holdings »

Total Holdings: 2
Swipe
to view
full data
Ticker
Holding Name
Identifier (FIGI)
Shares Asset Class Market Value
(US$)
% of Net
Assets
SMB US
VanEck AMT-Free Short Muni Index ETF
BBG000R24QP6
376,387
Stock 6,611,618 95.94
MLN US
VanEck AMT-Free Long Muni Index ETF
BBG000V2BFB2
4,337
Stock 85,612 1.24
--
Other/Cash
--
--
Cash 194,514 2.82
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 300,000. 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 03/31/20

  • State

    % of Net Assets
  • California

    14.2
  • New York

    12.2
  • Illinois

    8.5
  • Texas

    7.7
  • New Jersey

    5.2
  • Florida

    4.9
  • Pennsylvania

    4.2
  • Ohio

    3.4
  • Colorado

    2.7
  • Massachusetts

    2.7
  • Washington

    2.1
  • Wisconsin

    1.9
  • Puerto Rico

    1.9
  • Arizona

    1.7
  • Georgia

    1.5
  • Maryland

    1.5
  • Michigan

    1.4
  • District of Columbia

    1.4
  • Alabama

    1.3
  • Virginia

    1.2
  • Other

    18.3

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

  • U.S. Dollar

    99.93
  • Other/Cash

    0.07

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

  • Sector

    % of Net Assets
  • Health Care

    17.5
  • Local

    11.7
  • Special Tax

    10.7
  • Transportation

    10.3
  • Industrial Revenue

    8.9
  • State

    8.5
  • Education

    8.3
  • Water & Sewer

    6.1
  • Leasing

    5.8
  • Tobacco

    5.2
  • Housing

    3.0
  • Power

    2.9
  • Cash

    1.1
  • Unassigned

    0.0
  • Solid Waste/Res Recovery

    0.0

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

Composite % of Net Assets
Investment Grade AAA 9.11
AA 26.89
A 13.57
BBB 18.02
Non-Investment Grade BB 9.23
B 3.76
CCC 1.31
Total Investment Grade -- 67.59
Total Non-Investment Grade -- 14.29
Not Rated -- 17.01
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 03/31/20

 Average Portfolio Maturity: 18.48 Years