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PRB
VanEck Vectors Pre-Refunded Municipal Index ETF

  • Fund Description

    The VanEck Vectors® Pre-Refunded Municipal Index ETF (PRB®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays Municipal Pre-Refunded-Treasury-Escrowed Index (LMPETR), which is intended to track the overall performance of the U.S. dollar denominated pre-refunded or escrowed-to maturity tax-exempt bond market.

  •  
      

    • Fund Ticker

      PRB
    • Exchange

      NYSE Arca
    • Commencement

      02/02/2009
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMPETR
    • Index Rebalancing

      Monthly
  •  
    as of 09/22/17

    • 30-Day SEC Yield1

      0.91%
    • Total Net Assets

      $14.8M
    • Number of Holdings

      64
    • Options

      Expected
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio/TER2

      0.24%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      09/29/2017
  • Key Points

    • Tax-Free Yield with the Security of U.S. Treasuries and Government-Agency Issued Securities
      Yields typically exceeding those of Treasuries on taxable-equivalent basis, and income generally exempt from federal taxes and AMT-free constituents

    • High Credit Quality and Liquidity
      Most liquid segment of municipal bond market with the highest credit quality available*

    • Limited Interest Rate Risk
      Designed to track an index of relatively short maturity municipal bonds

    • *Issuers often choose not to pay to have a pre-refunded bond re-rated by a national rating agency such as Moody’s, S&P or Fitch. Pre-refunded bonds are typically considered the highest quality available in the muni market because the collateral carries the full faith and credit of the U.S. Treasury.
  • Yields
    as of 09/22/17

    • 30-Day SEC Yield1

      0.91%
    • Distribution Yield1

      1.22%
    • 12-Month Yield1

      1.04%
    • Taxable Equivalent 30-Day SEC Yields1a

      --
    • 15% Federal Tax Rate

      1.07%
    • 25% Federal Tax Rate

      1.22%
    • 28% Federal Tax Rate

      1.27%
    • 33% Federal Tax Rate

      1.36%
    • 39.6% Federal Tax Rate

      1.51%
     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%
    2Van 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

      PRB
    • Index Total Return Ticker

      LMPETR
    • NAV

      PRBNV
    • Intraday NAV (IIV)5

      PRBIV
    • Shares Outstanding

      600,000
    • Estimated Cash

      PRBEU
    • Total Cash

      PRBTC
    • CUSIP

      92189F510
    • ISIN

      US92189F5109
    5See IIV Details. Source: Bloomberg
  • Fundamentals4
    as of 09/22/17

    • Yield to Worst

      1.16%
    • Yield to Maturity

      1.16%
    • Effective Duration (yrs)

      2.81
    • Duration to Worst (yrs)

      2.79
    • Modified Duration (yrs)

      2.84
    • Spread Duration (yrs)

      2.84
    • Years to Maturity

      3.15
    • Coupon

      5.01%
     4 See Important Disclosure for definitions.
  • Prices as of 09/22/17

    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
    PRB $24.69
    $24.63
    688
    699
    $0.00 / +0.00%
    $-0.02 / -0.10%
    +1.85%
    +2.65%
    $-0.07
    -0.26%
  • View All IndicesView All ETFsPerformance History: Average Annual Total Returns* (%)

    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    02/02/09
    PRB (NAV)0.340.411.970.860.860.44--1.16
    PRB (Share Price)0.710.412.740.910.990.35--1.13
    LMPETR (Index)0.350.502.250.901.000.97--1.57
    Performance Differential (NAV - Index)-0.01-0.09-0.28-0.04-0.14-0.53---0.41
    After Tax Held0.340.411.970.860.860.44--1.16
    After Tax Sold0.240.361.440.930.850.57--1.16
    Quarter End as of 06/30/17
    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    02/02/09
    PRB (NAV)-0.260.421.290.240.720.48--1.11
    PRB (Share Price)-0.550.591.760.040.640.29--1.04
    LMPETR (Index)-0.210.531.520.240.880.91--1.52
    Performance Differential (NAV - Index)-0.05-0.11-0.230.00-0.16-0.43---0.41
    After Tax Held-0.260.421.290.240.720.48--1.10
    After Tax Sold-0.100.370.970.560.750.61--1.12
  • Daily HoldingsTop 10 Holdings (%)as of 08/31/17

    Total Holdings: 67
    Issuer Name
    StateWeighting (%)
    Atlanta Ga Wtr & Wastewtr Rev
    GA
    6.42
    Triborough Brdg & Tunl Auth N Y Revs
    NY
    4.16
    Foothill / Eastern Transn Corridor Agy Calif Toll Rd Re
    CA
    4.12
    Pinal Cnty Ariz Electrical Dist No 3 Elec Sys Rev
    AZ
    3.94
    New York St Dorm Auth Revs Non St Supported Debt
    NY
    3.37
    Laredo Tex Wtrwks Swr Sys Rev
    TX
    3.16
    Richmond Va Met Auth Expwy Rev
    VA
    3.12
    Orange Cnty Calif Wtr Dist Rev Ctfs Partn
    CA
    2.71
    Columbus Ohio For Issues Dated Prior To 09/26/2012 See
    OH
    2.62
    California St Pub Wks Brd Lease Rev
    CA
    2.48
    Top 10 Total (%)36.10

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

  • Geographical Weightings (%) as of 08/31/17

    • State

      % of Net Assets
    • California

      20.1
    • New York

      8.2
    • Georgia

      7.9
    • Texas

      7.5
    • Ohio

      7.0
    • Maryland

      5.9
    • Florida

      5.9
    • Arizona

      3.9
    • Oregon

      3.9
    • New Jersey

      3.2
    • Virginia

      3.1
    • Colorado

      2.7
    • North Carolina

      2.7
    • Wisconsin

      2.6
    • Mississippi

      2.1
    • Massachusetts

      2.1
    • Pennsylvania

      1.7
    • New Mexico

      1.2
    • Louisiana

      1.2
    • Rhode Island

      1.2
    • Other

      5.8
  • Currency Exposure (%)
    as of 08/31/17

    • U.S. Dollar

      99.20
    • Other/Cash

      0.80
  • Sector Weightings (%) as of 08/31/17

    • Sector

      % of Net Assets
    • Transportation

      16.9
    • Water & Sewer

      14.4
    • Education

      12.7
    • State

      11.6
    • Health Care

      11.5
    • Power

      10.7
    • Local

      9.4
    • Leasing

      8.1
    • Special Tax

      4.7
  • Maturity (%) as of 08/31/17

    Average Portfolio Maturity: 11.61 Years

  • 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).

    2PRB 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. 

    4These figures represent 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. The years to maturity for pre-refunded bonds is calculated using the first call date unless they are escrowed to final maturity. This provides investors with a more realistic expectation of the average years to maturity of the portfolio and index because the majority of pre-refunded bonds are only escrowed to manage cash flows to their first call. 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, risks related to litigation, legislation, political change, conditions in underlying sectors or in local business communities and economies, bankruptcy or other changes in the issuer's financial condition and/or the discontinuance of taxes supporting the project or assets of the inability to collect revenues for the project or from the assets, and credit, interest rate, and call risk, all of which may adversely affect the Fund. Interest and principal payments for prerefunded bonds are funded from securities in an escrow account. The escrowed securities do not guarantee the price of these bonds. 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 Fund's assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

    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.

    Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. 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.