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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 04/09/20

  • 30-Day SEC Yield1

    2.61%

  • Total Net Assets

    $204.1M

  • Number of Holdings

    605

  • Options

    Expected

  • Gross Expense Ratio2

    0.24%

  • Net Expense Ratio/TER2

    0.24%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    04/30/2020

Morningstar™ Ratings3
as of 1/31/2020

Category Overall 3 Year 5 Year
Muni National Long
4 stars of 145 funds
4 stars of 145 funds
4 stars of 134 funds

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 long-duration municipal bonds

  • Quality
    Investment-grade index constituents with high overall credit quality

Yields
as of 04/09/20

  • 30-Day SEC Yield1

    2.61%

  • Distribution Yield1

    2.75%

  • 12-Month Yield1

    2.77%

  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    2.97%

  • 22% Federal Tax Rate

    3.35%

  • 24% Federal Tax Rate

    3.43%

  • 32% Federal Tax Rate

    3.84%

  • 35% Federal Tax Rate

    4.02%

  • 37% Federal Tax Rate

    4.14%
 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

    MLN

  • Index Total Return Ticker

    LMT3TR

  • NAV

    MLNNV

  • Intraday NAV (IIV)5

    MLNIV

  • Shares Outstanding

    9,900,000

  • Estimated Cash

    MLNEU

  • Total Cash

    MLNTC

  • CUSIP

    92189F536

  • ISIN

    US92189F5364
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 04/08/20

  • Yield to Worst

    2.79%

  • Yield to Maturity

    3.65%

  • Effective Duration (yrs)

    9.79

  • Duration to Worst (yrs)

    6.94

  • Modified Duration (yrs)

    10.73

  • Spread Duration (yrs)

    9.31

  • Years to Maturity

    23.34

  • Coupon

    4.29%
 4 See Important Disclosure for definitions.

Prices as of 04/09/20

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
MLN $20.61
$20.38		 145,235
291,519		 $0.11 / +0.53%
$0.12 / +0.59%		 -0.82%
-2.00%
 $-0.23
-1.14%		 --

Premium/Discount History as of 04/09/20

Calendar Year 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 106 28 27 45 25
MLN Days closed at NAV 21 7 6 4 5
Days closed at a discount 125 28 31 15 32

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
01/02/08
MLN (NAV) -4.82 0.02 0.02 5.61 5.27 4.06 5.07 4.20
MLN (Share Price) -6.27 -2.02 -2.02 3.49 4.52 3.63 4.83 4.04
LMT3TR (Index) -5.42 -0.79 -0.79 5.62 5.75 4.56 5.79 5.34
Performance Differential (NAV - Index) 0.60 0.81 0.81 -0.01 -0.48 -0.50 -0.72 -1.14
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) -4.82 0.02 0.02 5.61 5.27 4.06 5.07 4.20
MLN (Share Price) -6.27 -2.02 -2.02 3.49 4.52 3.63 4.83 4.04
LMT3TR (Index) -5.42 -0.79 -0.79 5.62 5.75 4.56 5.79 5.34
Performance Differential (NAV - Index) 0.60 0.81 0.81 -0.01 -0.48 -0.50 -0.72 -1.14

*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: 606
Swipe
to view
full data
Issuer Name State Weighting (%)
New York N Y City Transitional Fin Auth Rev
NY
3.10
New York St Dorm Auth Revs Non St Supported Debt
NY
2.08
California Health Facs Fing Auth Rev
CA
1.88
Metropolitan Transn Auth N Y Rev
NY
1.72
California St
CA
1.66
Texas Water Dev Brd
TX
1.59
Massachusetts St
MA
1.55
Massachusetts St Dev Fin Agy Rev
MA
1.43
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev
NY
1.41
Illinois Fin Auth Rev
IL
1.19
Top 10 Total (%) 17.61

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
  • ■

    New York

    17.2
  • ■

    California

    16.3
  • ■

    Texas

    10.8
  • ■

    Pennsylvania

    4.9
  • ■

    Florida

    4.5
  • ■

    Illinois

    4.3
  • ■

    Massachusetts

    4.2
  • ■

    Ohio

    3.1
  • ■

    Colorado

    2.8
  • ■

    New Jersey

    2.7
  • ■

    Washington

    2.5
  • ■

    North Carolina

    2.1
  • ■

    Georgia

    2.0
  • ■

    Michigan

    1.8
  • ■

    Oregon

    1.7
  • ■

    District of Columbia

    1.5
  • ■

    Maryland

    1.5
  • ■

    Alabama

    1.1
  • ■

    Tennessee

    1.1
  • ■

    Louisiana

    1.0
  • ■

    Other

    12.8

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

  • U.S. Dollar

    99.55

  • Other/Cash

    0.45

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

  • Sector

    % of Net Assets
  • ■

    Health Care

    19.0
  • ■

    Local

    15.6
  • ■

    Transportation

    13.3
  • ■

    Special Tax

    11.5
  • ■

    Water & Sewer

    10.3
  • ■

    Education

    8.8
  • ■

    State

    6.4
  • ■

    Housing

    5.0
  • ■

    Power

    4.6
  • ■

    Leasing

    3.6
  • ■

    Tobacco

    0.9
  • ■

    Industrial Revenue

    0.9

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

Composite % of Net Assets
Investment Grade AAA 16.92
AA 48.38
A 24.89
BBB 9.16
Non-Investment Grade BB 0.24
B 0.03
Total Investment Grade -- 99.36
Total Non-Investment Grade -- 0.27
Not Rated -- 0.37
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 03/31/20

 Average Portfolio Maturity: 23.36 Years