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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

    Cboe
  • 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 01/18/19

  • 30-Day SEC Yield1

    1.69%
  • Total Net Assets

    $14.7M
  • Number of Holdings

    59
  • 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 Short
3 stars of 180 funds
3 stars of 180 funds
3 stars of 162 funds

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 01/18/19

  • 30-Day SEC Yield1

    1.69%
  • Distribution Yield1

    1.65%
  • 12-Month Yield1

    1.44%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    1.92%
  • 22% Federal Tax Rate

    2.17%
  • 24% Federal Tax Rate

    2.22%
  • 32% Federal Tax Rate

    2.48%
  • 35% Federal Tax Rate

    2.60%
  • 37% Federal Tax Rate

    2.68%
 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

    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 01/18/19

  • Yield to Worst

    1.85%
  • Yield to Maturity

    1.85%
  • Effective Duration (yrs)

    2.88
  • Duration to Worst (yrs)

    2.88
  • Modified Duration (yrs)

    2.98
  • Spread Duration (yrs)

    2.97
  • Years to Maturity

    3.20
  • Coupon

    4.84%
 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
PRB $24.46
$24.47
3,108
974
$0.00 / +0.00%
$0.00 / +0.00%
+0.51%
+0.38%
$0.01
0.04%

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

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/02/09
PRB (NAV) 0.54 1.00 1.47 1.47 0.83 0.82 -- 1.04
PRB (Share Price) 0.96 1.38 1.93 1.93 0.95 0.96 -- 1.06
LMPETR (Index) 0.70 1.19 1.66 1.66 0.97 1.02 1.60 1.44
Performance Differential (NAV - Index) -0.16 -0.19 -0.19 -0.19 -0.14 -0.20 -- -0.40
After Tax Held 0.54 1.00 1.47 1.47 0.82 0.81 -- 1.03
After Tax Sold 0.37 0.75 1.45 1.45 0.90 0.86 -- 1.07
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/02/09
PRB (NAV) 0.54 1.00 1.47 1.47 0.83 0.82 -- 1.04
PRB (Share Price) 0.96 1.38 1.93 1.93 0.95 0.96 -- 1.06
LMPETR (Index) 0.70 1.19 1.66 1.66 0.97 1.02 1.60 1.44
Performance Differential (NAV - Index) -0.16 -0.19 -0.19 -0.19 -0.14 -0.20 -- -0.40
After Tax Held 0.54 1.00 1.47 1.47 0.82 0.81 -- 1.03
After Tax Sold 0.37 0.75 1.45 1.45 0.90 0.86 -- 1.07

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

Total Holdings: 59
Swipe
to view
full data
Issuer Name State Weighting (%)
Pennsylvania St
PA
6.54
North Carolina St Cap Impt Ltd Oblig
NC
4.79
Wisconsin St
WI
4.72
Houston Tex Util Sys Rev
TX
4.39
Foothill / Eastern Transn Corridor Agy Calif Toll Rd Rev
CA
4.16
Triborough Brdg & Tunl Auth N Y Revs
NY
3.95
Mississippi Dev Bk Spl Oblig
MS
3.75
Pinal Cnty Ariz Electrical Dist No 3 Elec Sys Rev
AZ
3.72
North Tex Twy Auth Rev
TX
3.65
Laredo Tex Wtrwks Swr Sys Rev
TX
3.09
Top 10 Total (%) 42.76

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

    15.0
  • Texas

    11.1
  • Virginia

    9.3
  • Ohio

    8.9
  • Pennsylvania

    8.0
  • New York

    7.5
  • Wisconsin

    7.3
  • North Carolina

    7.0
  • Mississippi

    3.7
  • Arizona

    3.7
  • Maryland

    2.6
  • Colorado

    2.6
  • Oregon

    2.0
  • Georgia

    1.5
  • Rhode Island

    1.1
  • Kentucky

    1.1
  • Massachusetts

    1.1
  • Louisiana

    1.1
  • Puerto Rico

    1.0
  • Alabama

    1.0
  • Other

    3.2

Currency Exposure (%)
as of 12/31/18

  • U.S. Dollar

    98.36
  • Other/Cash

    1.64

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

  • Sector

    % of Net Assets
  • Transportation

    30.0
  • State

    16.5
  • Water & Sewer

    13.2
  • Leasing

    9.1
  • Health Care

    8.2
  • Education

    8.0
  • Local

    6.0
  • Power

    6.0
  • Special Tax

    3.1

Maturity (%) as of 12/31/18

 Average Portfolio Maturity: 9.90 Years