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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
Bank of New York Mellon
Index Ticker
LMT3TR
Index Rebalancing
Monthly

as of 01/18/19

30-Day SEC Yield¹
3.22%
Total Net Assets
$133.6M
Number of Holdings
505
Options
Expected
Gross Expense Ratio²
0.24%
Net Expense Ratio/TER²
0.24%
Distribution Frequency
Monthly
Next Distribution Date
--

Morningstar™ Ratings³
as of 12/31/18

Category	Overall	3 Year	5 Year
Muni National Long	4 stars of 146 funds	3 stars of 146 funds	4 stars of 130 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 01/18/19

30-Day SEC Yield¹
3.22%
Distribution Yield¹
3.11%
12-Month Yield¹
3.07%
Taxable Equivalent 30-Day SEC Yields^1a
12% Federal Tax Rate
3.66%
22% Federal Tax Rate
4.13%
24% Federal Tax Rate
4.24%
32% Federal Tax Rate
4.74%
35% Federal Tax Rate
4.95%
37% Federal Tax Rate
5.11%

^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
6,800,000
Estimated Cash
MLNEU
Total Cash
MLNTC
CUSIP
92189F536
ISIN
US92189F5364

⁵See IIV Details. Source: Bloomberg

Fundamentals⁴
as of 01/18/19

Yield to Worst
3.46%
Yield to Maturity
4.06%
Effective Duration (yrs)
--
Duration to Worst (yrs)
7.19
Modified Duration (yrs)
12.05
Spread Duration (yrs)
10.08
Years to Maturity
23.82
Coupon
4.41%

⁴ See Important Disclosure for definitions.

Prices as of 01/18/19

	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	$19.65 $19.56	74,502 15,508	-$0.01 / -0.06% $-0.09 / -0.46%	+0.40% +0.26%	$-0.09 -0.45%

View All Indices View All ETFs Performance History: Average Annual Total Returns* (%)

Month End as of 12/31/18
Quarter End as of 12/31/18

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 01/02/08
MLN (NAV)	1.29	1.36	-0.73	-0.73	2.58	5.43	5.98	3.78
MLN (Share Price)	1.34	1.78	-0.78	-0.78	2.44	5.64	6.28	3.76
LMT3TR (Index)	1.54	1.71	0.23	0.23	3.18	6.02	7.01	5.04
Performance Differential (NAV - Index)	-0.25	-0.35	-0.96	-0.96	-0.60	-0.59	-1.03	-1.26
After Tax Held	1.29	1.36	-0.73	-0.73	2.58	5.42	5.98	3.78
After Tax Sold	0.86	1.12	0.79	0.79	2.69	5.02	5.65	3.78

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 01/02/08
MLN (NAV)	1.29	1.36	-0.73	-0.73	2.58	5.43	5.98	3.78
MLN (Share Price)	1.34	1.78	-0.78	-0.78	2.44	5.64	6.28	3.76
LMT3TR (Index)	1.54	1.71	0.23	0.23	3.18	6.02	7.01	5.04
Performance Differential (NAV - Index)	-0.25	-0.35	-0.96	-0.96	-0.60	-0.59	-1.03	-1.26
After Tax Held	1.29	1.36	-0.73	-0.73	2.58	5.42	5.98	3.78
After Tax Sold	0.86	1.12	0.79	0.79	2.69	5.02	5.65	3.78

*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 Holdings Top 10 Holdings (%)as of 12/31/18

Total Holdings: 503

Swipe
to view
full data

	Issuer Name	State	Weighting (%)
	New York St Dorm Auth Revs Non St Supported Debt	NY	2.52
	Massachusetts St	MA	2.47
	New York N Y City Transitional Fin Auth Rev	NY	2.28
	California Health Facs Fing Auth Rev	CA	1.70
	Massachusetts St Dev Fin Agy Rev	MA	1.59
	California St	CA	1.45
	New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev	NY	1.42
	Michigan Fin Auth Rev	MI	1.35
	San Diego Calif Uni Sch Dist	CA	1.29
	Hudson Yds Infrastructure Corp N Y Second Indenture Rev	NY	1.28
Top 10 Total (%)			17.35

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

Geographical Weightings (%) as of 12/31/18

State
% of Net Assets
■
California
17.8
■
New York
16.2
■
Texas
9.8
■
Massachusetts
5.6
■
Pennsylvania
5.1
■
Illinois
4.7
■
Florida
4.5
■
Ohio
2.6
■
New Jersey
2.4
■
Washington
2.3
■
Colorado
2.3
■
Michigan
2.2
■
District of Columbia
1.7
■
Louisiana
1.7
■
Maryland
1.7
■
Alabama
1.6
■
Tennessee
1.4
■
Wisconsin
1.4
■
Arizona
1.3
■
Georgia
1.3
■
Other
12.4

Currency Exposure (%)

as of 12/31/18

U.S. Dollar
100.29
Other/Cash
-0.29

Sector Weightings (%) as of 12/31/18

Sector
% of Net Assets
■
Health Care
20.4
■
Transportation
13.8
■
Local
13.2
■
Water & Sewer
11.2
■
Education
10.2
■
Special Tax
10.1
■
State
7.0
■
Power
5.0
■
Housing
4.0
■
Leasing
4.0
■
Tobacco
0.8
■
Industrial Revenue
0.2

Credit Quality (%) as of 12/31/18

Composite		% of Net Assets
Investment Grade	AAA	12.31
	AA	51.23
	A	27.85
	BBB	8.61
Total Investment Grade	--	100.00

Source: Barclays. Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 12/31/18

Average Portfolio Maturity: 23.79 Years

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