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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.

Why Munis?

 
 

  • Fund Ticker

    MLN
  • Exchange

    Cboe
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    LMT3TR
  • Index Rebalancing

    Monthly

 
as of 08/13/20

  • 30-Day SEC Yield1

    1.80%
  • Total Net Assets

    $210.5M
  • Number of Holdings

    555
  • Options

    Expected
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly

Morningstar™ Ratings3
as of 07/31/2020

Category Overall 3 Year 5 Year
Muni National Long
4 stars of 149 funds
4 stars of 149 funds
4 stars of 139 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 08/13/20

  • 30-Day SEC Yield1

    1.80%
  • Distribution Yield1

    2.64%
  • 12-Month Yield1

    2.56%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    2.05%
  • 22% Federal Tax Rate

    2.31%
  • 24% Federal Tax Rate

    2.37%
  • 32% Federal Tax Rate

    2.65%
  • 35% Federal Tax Rate

    2.77%
  • 37% Federal Tax Rate

    2.86%
 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

    9,700,000
  • Estimated Cash

    MLNEU
  • Total Cash

    MLNTC
  • CUSIP

    92189F536
  • ISIN

    US92189F5364
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 08/12/20

  • Yield to Worst

    1.93%
  • Yield to Maturity

    3.22%
  • Effective Duration (yrs)

    8.13
  • Duration to Worst (yrs)

    6.61
  • Modified Duration (yrs)

    8.41
  • Spread Duration (yrs)

    8.27
  • Years to Maturity

    23.47
  • Coupon

    4.25%
 4 See Important Disclosure for definitions.

Prices as of 08/13/20

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 $21.70
$21.53
53,677
138,669
-$0.02 / -0.08%
$-0.12 / -0.53%
+5.32%
+4.34%
$-0.17
-0.80%
0.23%

Premium/Discount History as of 08/13/20

Calendar Year 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 106 27 45 25 0
MLN Days closed at NAV 21 6 4 5 0
Days closed at a discount 125 31 15 32 63

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) 2.18 7.84 4.70 6.38 5.53 5.19 5.21 4.47
MLN (Share Price) 1.44 8.84 3.59 5.52 5.37 4.96 5.09 4.39
LMT3TR (Index) 2.48 8.46 4.69 7.13 6.22 5.84 5.99 5.65
Performance Differential (NAV - Index) -0.30 -0.62 0.01 -0.75 -0.69 -0.65 -0.78 -1.18
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) 1.28 2.44 2.47 4.92 5.13 4.97 5.11 4.32
MLN (Share Price) 1.33 4.23 2.12 4.76 5.15 5.07 5.05 4.30
LMT3TR (Index) 1.33 2.97 2.16 5.52 5.74 5.59 5.86 5.48
Performance Differential (NAV - Index) -0.05 -0.53 0.31 -0.60 -0.61 -0.62 -0.75 -1.16

Top 10 Holdings (%) as of 07/31/20 Daily Holdings

Total Holdings: 555
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to view
full data
Issuer Name State Weighting (%)
New York N Y City Transitional Fin Auth Rev
NY
2.95
California Health Facs Fing Auth Rev
CA
2.02
New York St Dorm Auth Revs Non St Supported Debt
NY
1.93
Metropolitan Transn Auth N Y Rev
NY
1.91
Massachusetts St
MA
1.77
California St
CA
1.73
Texas Water Dev Brd
TX
1.62
Massachusetts St Dev Fin Agy Rev
MA
1.46
New Jersey St Transn Tr Fd Auth
NJ
1.21
Chicago Ill O Hare Intl Arpt Rev
IL
1.21
Top 10 Total (%) 17.81

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

Geographical Weightings (%) as of 07/31/20

  • State

    % of Net Assets
  • New York

    17.5
  • California

    15.6
  • Texas

    10.6
  • Massachusetts

    4.5
  • Florida

    4.4
  • Illinois

    4.2
  • Pennsylvania

    4.1
  • Ohio

    3.6
  • Georgia

    2.9
  • Colorado

    2.6
  • Washington

    2.5
  • New Jersey

    2.3
  • District of Columbia

    2.0
  • North Carolina

    2.0
  • Alabama

    1.8
  • Oregon

    1.8
  • Michigan

    1.6
  • Wisconsin

    1.3
  • Kentucky

    1.2
  • Maryland

    1.1
  • Other

    12.4

Currency Exposure (%)
as of 07/31/20

  • U.S. Dollar

    99.99
  • Other/Cash

    0.01

Sector Weightings (%) as of 07/31/20

  • Sector

    % of Net Assets
  • Health Care

    19.2
  • Local

    15.6
  • Transportation

    14.1
  • Special Tax

    11.4
  • Water & Sewer

    10.5
  • Education

    8.4
  • State

    6.3
  • Housing

    4.4
  • Leasing

    4.0
  • Power

    3.6
  • Industrial Revenue

    1.7
  • Tobacco

    0.8

Credit Quality (%) as of 07/31/20

Composite % of Net Assets
Investment Grade AAA 15.38
AA 46.22
A 27.22
BBB 10.69
Non-Investment Grade BB 0.49
Total Investment Grade -- 99.51
Total Non-Investment Grade -- 0.49
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 07/31/20

 Average Portfolio Maturity: 23.50 Years