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MLN
VanEck Vectors AMT-Free Long Municipal Index ETF

Fund Description

The VanEck Vectors® AMT-Free Long Municipal Index ETF (MLN®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR), which is intended to track the overall performance of the U.S. dollar denominated long-term tax-exempt bond market.

 
 

  • Fund Ticker

    MLN
  • Exchange

    Cboe
  • Commencement

    01/02/2008
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    LMT3TR
  • Index Rebalancing

    Monthly

 
as of 02/18/20

  • 30-Day SEC Yield1

    1.93%
  • Total Net Assets

    $216.1M
  • Number of Holdings

    612
  • Options

    Expected
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    02/28/2020

Index Key Points

The Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) 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 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

    LMT3TR
  • Inception Date

    11/05/2007
  • Rebalance Frequency

    Monthly

Index Fundamentals4
as of 02/14/20

  • Yield to Worst

    2.07%
  • Yield to Maturity

    3.39%
  • Effective Duration (yrs)

    7.72
  • Duration to Worst (yrs)

    6.64
  • Modified Duration (yrs)

    7.74
  • Spread Duration (yrs)

    8.21
  • Years to Maturity

    24.33
  • Coupon

    4.46%
 4 See Important Disclosure for definitions.

Top 10 Constituents (%) as of 01/31/20

Total Constituents: 8435
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full data
Issuer Name State Weighting (%)
New York N Y City Transitional Fin Auth Rev
NY
2.21
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev
NY
1.97
Massachusetts St
MA
1.65
California Health Facs Fing Auth Rev
CA
1.64
California St
CA
1.49
New York St Dorm Auth St Pers Income Tax Rev
NY
1.44
New York St Dorm Auth Revs Non St Supported Debt
NY
1.26
New York N Y
NY
1.14
Massachusetts St Dev Fin Agy Rev
MA
1.13
Metropolitan Transn Auth N Y Rev
NY
1.11
Top 10 Total (%) 15.04
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Geographical Weightings (%) as of 01/31/20

  • State

    % of Net Assets
  • New York

    16.9
  • California

    16.3
  • Texas

    10.4
  • Pennsylvania

    4.7
  • Illinois

    4.6
  • Florida

    4.4
  • Massachusetts

    4.3
  • New Jersey

    2.6
  • Washington

    2.6
  • Ohio

    2.6
  • Georgia

    2.5
  • Colorado

    2.4
  • Michigan

    2.2
  • Maryland

    1.6
  • Dist. of Columbia

    1.4
  • District of Columbia

    1.4
  • North Carolina

    1.4
  • Arizona

    1.3
  • Wisconsin

    1.2
  • Tennessee

    1.2

Index Sector Weightings (%) as of 01/31/20

  • Sector

    % of Net Assets
  • Health Care Facilities

    18.7
  • Local General

    15.1
  • Transportation

    13.3
  • Special Tax

    11.6
  • Water Utilities

    10.2
  • Education

    9.2
  • State General

    6.3
  • Housing

    5.4
  • Power Utilities

    4.7
  • Leasing

    4.3
  • IDR/PCR

    1.3

Index Credit Quality (%) as of 01/31/20

Composite % of Net Assets
Investment Grade AAA 14.20
AA 52.18
A 24.08
BBB 9.54
Total Investment Grade -- 100.00
Source: Barclays. Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 01/31/20

 Average Maturity: 24.30 Years