Menu
Contact
Individual Investors

Subscribe to email updates

Subscribe now

Financial Professionals

Subscribe to email updates, or password protected financial professional-only content
email address/username
password
New? Register Here
Forgot Password

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

      NYSE Arca

    • Commencement

      01/02/2008

    • ETF Structure

      Physical

    • Administrator

      Van Eck Associates

    • Custodian

      Bank of New York Mellon

    • Index Ticker

      LMT3TR

    • Index Rebalancing

      Monthly

  •  
    as of 11/16/18

    • 30-Day SEC Yield1

      3.48%

    • Total Net Assets

      $139.5M

    • Number of Holdings

      497

    • Options

      Expected

    • Gross Expense Ratio2

      0.24%

    • Net Expense Ratio/TER2

      0.24%

    • Distribution Frequency

      Monthly

    • Next Distribution Date

      11/30/2018

  • Morningstar™ Ratings3
    as of 09/30/18

    Category Overall 3 Year 5 Year
    Muni National Long
       
    3 stars of 146 funds
       
    3 stars of 146 funds
        
    4 stars of 128 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 11/16/18

    • 30-Day SEC Yield1

      3.48%

    • Distribution Yield1

      3.32%

    • 12-Month Yield1

      3.13%

    • Taxable Equivalent 30-Day SEC Yields1a

      --

    • 12% Federal Tax Rate

      3.96%

    • 22% Federal Tax Rate

      4.46%

    • 24% Federal Tax Rate

      4.58%

    • 32% Federal Tax Rate

      5.12%

    • 35% Federal Tax Rate

      5.36%

    • 37% Federal Tax Rate

      5.53%
     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

      7,250,000

    • Estimated Cash

      MLNEU

    • Total Cash

      MLNTC

    • CUSIP

      92189F536

    • ISIN

      US92189F5364
    5See IIV Details. Source: Bloomberg

  • Fundamentals4
    as of 11/15/18

    • Yield to Worst

      3.78%

    • Yield to Maturity

      4.23%

    • Effective Duration (yrs)

      11.40

    • Duration to Worst (yrs)

      8.57

    • Modified Duration (yrs)

      12.24

    • Spread Duration (yrs)

      10.11

    • Years to Maturity

      23.88

    • Coupon

      4.46%
     4 See Important Disclosure for definitions.

  • Prices as of 11/16/18

    NAV/
    Last 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     		NAV
    Chart
    MLN $19.24
    $19.19     		40,768
    15,494     		$0.03 / +0.16%
    $0.09 / +0.47%     		-2.87%
    -2.88%
    		 $-0.05
    -0.27%

  • View All IndicesView All ETFsPerformance History: Average Annual Total Returns* (%)

    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    01/02/08
    MLN (NAV)-1.39-2.28-3.42-1.762.314.505.593.57
    MLN (Share Price)-1.09-2.59-3.58-2.012.144.505.493.54
    LMT3TR (Index)-1.24-1.82-2.67-0.742.995.226.674.84
    Performance Differential (NAV - Index)-0.15-0.46-0.75-1.02-0.68-0.72-1.08-1.27
    After Tax Held-1.39-2.28-3.42-1.762.314.505.593.57
    After Tax Sold-0.72-1.04-1.010.192.514.305.333.63
    Quarter End as of 09/30/18
    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    01/02/08
    MLN (NAV)-1.11-1.01-2.060.262.965.035.333.74
    MLN (Share Price)-1.37-1.67-2.52-0.052.804.865.143.68
    LMT3TR (Index)-0.98-0.59-1.461.043.575.706.515.00
    Performance Differential (NAV - Index)-0.13-0.42-0.60-0.78-0.61-0.67-1.18-1.26
    After Tax Held-1.11-1.01-2.060.262.955.035.333.74
    After Tax Sold-0.55-0.29-0.311.393.004.715.093.75

    *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.

    The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

  • Daily HoldingsTop 10 Holdings (%)as of 10/31/18

    Total Holdings: 498
    Issuer Name
    		StateWeighting (%)
    New York N Y City Transitional Fin Auth Rev
    NY
    		2.64
    Massachusetts St
    MA
    		2.51
    California St
    CA
    		2.26
    New York St Dorm Auth Revs Non St Supported Debt
    NY
    		2.04
    California Health Facs Fing Auth Rev
    CA
    		1.73
    Metropolitan Transn Auth N Y Rev
    NY
    		1.54
    South Carolina St Pub Svcs Auth Rev
    SC
    		1.48
    New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev
    NY
    		1.47
    San Diego Calif Uni Sch Dist
    CA
    		1.32
    Massachusetts St Dev Fin Agy Rev
    MA
    		1.30
    Top 10 Total (%)18.29

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

  • Geographical Weightings (%) as of 10/31/18

    • State

      % of Net Assets
    • ■

      California

      17.8
    • ■

      New York

      16.6
    • ■

      Texas

      10.2
    • ■

      Massachusetts

      5.4
    • ■

      Pennsylvania

      5.1
    • ■

      Illinois

      4.7
    • ■

      Florida

      3.7
    • ■

      Ohio

      2.7
    • ■

      Washington

      2.5
    • ■

      New Jersey

      2.1
    • ■

      Colorado

      2.1
    • ■

      Michigan

      1.9
    • ■

      South Carolina

      1.8
    • ■

      District of Columbia

      1.7
    • ■

      Louisiana

      1.7
    • ■

      Maryland

      1.7
    • ■

      Alabama

      1.6
    • ■

      Arizona

      1.3
    • ■

      Georgia

      1.3
    • ■

      Wisconsin

      1.2
    • ■

      Other

      12.7

  • Currency Exposure (%)
    as of 10/31/18

    • U.S. Dollar

      100.44

    • Other/Cash

      -0.44

  • Sector Weightings (%) as of 10/31/18

    • Sector

      % of Net Assets
    • ■

      Health Care

      18.6
    • ■

      Transportation

      14.1
    • ■

      Local

      13.1
    • ■

      Water & Sewer

      11.6
    • ■

      Special Tax

      10.8
    • ■

      Education

      9.6
    • ■

      State

      8.1
    • ■

      Power

      6.1
    • ■

      Housing

      3.8
    • ■

      Leasing

      3.1
    • ■

      Tobacco

      0.8
    • ■

      Industrial Revenue

      0.2
    • ■

      Unassigned

      0.0

  • Credit Quality (%) as of 10/31/18

    Composite % of Net Assets
    Investment Grade AAA 13.14
    AA 50.75
    A 28.37
    BBB 7.73
    Total Investment Grade -- 99.99
    Not Rated -- 0.01
    Source: Barclays.  Rating is a proprietary composite of various rating agencies.

  • Maturity (%) as of 10/31/18

    Average Portfolio Maturity: 23.90 Years

Web Access Notice: VanEck is committed to ensuring accessibility of its website for investors and potential investors, including those with disabilities. If you have difficulty accessing any feature or functionality on the VanEck website, please feel free to call us at 800.826.2333 or email us at info@vaneck.com for assistance.
 

  • Important Disclosure

    VanEck only serves professional clients in countries where the funds are registered or where funds can be sold in accordance with local private placement rules.

    130-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. Distributions may vary from time to time. The Distribution Yield is the annual yield an investor would receive if the most recent Fund distribution stayed the same going forward. The yield represents a single distribution from the Fund and does not represent the total return of the Fund.  The yield is calculated by annualizing the most recent distribution and dividing by the Fund NAV from the as-of date.  The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

    1aTaxable equivalent yields (TEY) are used by investors to compare yields on taxable and tax-exempt securities after accounting for federal income taxes. TEY represents the yield a taxable bond investment would have to earn in order to match, after deducting federal income taxes, the yield available on a tax-exempt municipal bond investment. TEY = Tax-Free Municipal Bond Yield/(1 -Tax Rate).

    2MLN Fees & Expenses: 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.

    3Morningstar Ratings: If applicable, when the ETF is rated three stars or more for any given period. ©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

    For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

    4These figures represent weighted averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases. Years to Maturity is the period of time for which a financial instrument remains outstanding. Maturity refers to a finite time period at the end of which the financial instrument will cease to exist and the principal is repaid. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The Coupon and Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

    5IIV is an abbreviation for the intraday indicative value of an ETF's Shares (and is also known as the Indicative Optimized Portfolio Value or IOPV), and is disseminated every 15 seconds during regular trading hours. The IIV is based on the current market value of the securities and/or cash required to be deposited in exchange for a Creation Unit. The IIV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio. Therefore, the IIV should not be viewed as a "real-time" update of the Fund's NAV, which is computed only once a day. The Fund is not involved in, or responsible for, the calculation or dissemination of the IIV and makes no warranty as to its accuracy.

    6The S&P 500® Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

    An investment in the Fund may be subject to risks which include, among others, municipal securities, credit, interest rate, California, New York, Texas, call, health care bond, transportation bond, water and sewer bond, market, operational, sampling, index tracking, tax, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares and concentration risks, all of which may adversely affect the Fund. Municipal bonds may be less liquid than taxable bonds. There is no guarantee that the Fund's income will be exempt from federal, state or local income taxes, and changes in those tax rates or in alternative minimum tax rates or in the tax treatment of municipal bonds may make them less attractive as investments and cause them to lose value. Capital gains, if any, are subject to capital gains tax.

    The VanEck Vectors ETFs are not sponsored by, endorsed, sold or promoted by Bloomberg or Barclays and neither Bloomberg nor Barclays makes any representation regarding the advisability of investing in them. The only relationship to the Adviser with respect to the VanEck Vectors ETFs is the licensing of certain trademarks and trade names of Bloomberg and Barclays and the BLOOMBERG BARCLAYS INDICES that are determined, composed and calculated by Bloomberg without regard to the Adviser or any investor in the VanEck Vectors ETFs.

    After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement.

    The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2018 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

    Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Certain indices may take into account withholding taxes. Investors can not invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.

    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.

    Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

    The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Performance current to the most recent month end is available by calling 800.826.2333 or on this web page.

    Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus , which contains this and other information, call 800.826.2333 or visit vaneck.com/etfs . Please read the prospectus and summary prospectus carefully before investing.

    This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.

Van Eck Securities Corporation, Distributor
666 Third Avenue
New York, NY 10017
800.826.2333

 



© 2018 VanEck. VanEck®, VanEck Vectors®, VanEck Access the opportunities®, and the stylized VanEck design® are trademarks of Van Eck Associates Corp.