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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 11/12/19

  • 30-Day SEC Yield1

    2.21%
  • Total Net Assets

    $194.9M
  • Number of Holdings

    594
  • Options

    Expected
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    11/29/2019

Morningstar™ Ratings3
as of 09/31/2019

Category Overall 3 Year 5 Year
Muni National Long
4 stars of 147 funds
3 stars of 147 funds
4 stars of 133 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 11/12/19

  • 30-Day SEC Yield1

    2.21%
  • Distribution Yield1

    --
  • 12-Month Yield1

    2.82%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    2.51%
  • 22% Federal Tax Rate

    2.83%
  • 24% Federal Tax Rate

    2.91%
  • 32% Federal Tax Rate

    3.25%
  • 35% Federal Tax Rate

    3.40%
  • 37% Federal Tax Rate

    3.51%
 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

    9,350,000
  • Estimated Cash

    MLNEU
  • Total Cash

    MLNTC
  • CUSIP

    92189F536
  • ISIN

    US92189F5364
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 11/11/19

  • Yield to Worst

    2.57%
  • Yield to Maturity

    3.58%
  • Effective Duration (yrs)

    8.62
  • Duration to Worst (yrs)

    6.46
  • Modified Duration (yrs)

    9.59
  • Spread Duration (yrs)

    8.61
  • Years to Maturity

    23.31
  • Coupon

    4.38%
 4 See Important Disclosure for definitions.

Prices as of 11/12/19

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 $20.84
$20.84
49,353
20,053
$0.00 / +0.00%
$-0.06 / -0.29%
+9.04%
+9.30%
$0.00
0.00%

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) -0.05 1.59 10.07 13.13 4.19 4.60 5.32 4.35
MLN (Share Price) 0.17 2.03 10.70 13.92 4.31 4.66 5.29 4.38
LMT3TR (Index) -0.03 1.75 10.39 13.68 5.04 5.20 6.11 5.56
Performance Differential (NAV - Index) -0.02 -0.16 -0.32 -0.55 -0.85 -0.60 -0.79 -1.21
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) -0.88 2.44 10.13 11.62 3.64 4.81 4.97 4.39
MLN (Share Price) -1.05 2.58 10.51 12.48 3.61 4.82 4.95 4.40
LMT3TR (Index) -0.95 2.75 10.43 12.32 4.37 5.45 5.74 5.60
Performance Differential (NAV - Index) 0.07 -0.31 -0.30 -0.70 -0.73 -0.64 -0.77 -1.21

Top 10 Holdings (%) as of 10/31/19 Daily Holdings

Total Holdings: 590
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to view
full data
Issuer Name State Weighting (%)
New York N Y City Transitional Fin Auth Rev
NY
2.53
Metropolitan Transn Auth N Y Rev
NY
2.50
California Health Facs Fing Auth Rev
CA
1.87
Massachusetts St Dev Fin Agy Rev
MA
1.81
Massachusetts St
MA
1.65
California St
CA
1.65
New York St Dorm Auth Revs Non St Supported Debt
NY
1.59
Chicago Ill O Hare Intl Arpt Rev
IL
1.41
Texas Water Dev Brd
TX
1.23
Los Angeles Calif Dept Wtr & Pwr Rev
CA
1.23
Top 10 Total (%) 17.47

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

Geographical Weightings (%) as of 10/31/19

  • State

    % of Net Assets
  • California

    17.2
  • New York

    16.2
  • Texas

    10.1
  • Pennsylvania

    5.6
  • Illinois

    5.1
  • Massachusetts

    4.2
  • Florida

    4.0
  • New Jersey

    3.2
  • Colorado

    2.5
  • Washington

    2.4
  • Ohio

    2.1
  • Alabama

    1.9
  • Michigan

    1.8
  • Maryland

    1.8
  • Georgia

    1.7
  • Louisiana

    1.6
  • Tennessee

    1.3
  • Oregon

    1.2
  • Connecticut

    1.1
  • South Carolina

    1.1
  • Other

    13.8

Currency Exposure (%)
as of 10/31/19

  • U.S. Dollar

    99.26
  • Other/Cash

    0.74

Sector Weightings (%) as of 10/31/19

  • Sector

    % of Net Assets
  • Health Care

    18.1
  • Local

    15.6
  • Transportation

    13.4
  • Special Tax

    11.8
  • Water & Sewer

    10.2
  • Education

    8.3
  • State

    6.0
  • Power

    5.4
  • Leasing

    4.4
  • Housing

    4.4
  • Industrial Revenue

    1.4
  • Tobacco

    1.1

Credit Quality (%) as of 10/31/19

Composite % of Net Assets
Investment Grade AAA 13.96
AA 49.93
A 26.88
BBB 8.94
Non-Investment Grade BB 0.29
Total Investment Grade -- 99.71
Total Non-Investment Grade -- 0.29
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 10/31/19

 Average Portfolio Maturity: 23.31 Years