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SMB VanEck Short Muni ETF Please read important disclosure Close important disclosure false

SMB
VanEck Short Muni ETF

SMB
VanEck Short Muni ETF

  • NAV
    $17.26

    as of July 17, 2026
  • YTD RETURNS
    1.00%

    as of July 17, 2026
  • Total Net Assets
    $312.38M

    as of July 17, 2026
  • Total Expense Ratio
    0.07%
  • Inception Date
    02/22/2008
  • 30-Day SEC Yield
    2.76%
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Overview

Why SMB

  • Federally Tax-Exempt IncomeProvides income generally exempt from federal taxes
  • Intermediate Duration FocusDesigned to track an index of short-duration municipal bonds to help mange interest rate risk
  • Investment-Grade QualityEmphasizes investment-grade municipal bonds with high overall credit quality

The VanEck Short Muni ETF (SMB®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Short AMT-Free Broad National Municipal Index (MBNS), which is intended to track the overall performance of the U.S. dollar denominated short-term tax-exempt bond market.

Yields  as of  07/17/2026

Distribution Frequency

Monthly

30-Day SEC Yield

2.76%

Distribution Yield

3.25%

12 Month Yield

2.76%

Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Short Muni ETF would have been 2.76% on 07/17/26. Distributions may vary from time to time.

Performance

Average Annual Total Returns* (%)

View All ETFs View All Indices
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 02/22/08
SMB (NAV) 0.33 0.92 1.16 3.29 3.33 1.25 1.49 2.02
SMB (Market Price) 0.47 0.99 0.78 3.26 3.50 1.21 1.49 2.02
ICE Short AMT-Free Broad National Municipal Index 0.34 0.91 1.17 3.27 3.30 1.27 1.67 2.39
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 02/22/08
SMB (NAV) 0.33 0.92 1.16 3.29 3.33 1.25 1.49 2.02
SMB (Market Price) 0.47 0.99 0.78 3.26 3.50 1.21 1.49 2.02
ICE Short AMT-Free Broad National Municipal Index 0.34 0.91 1.17 3.27 3.30 1.27 1.67 2.39

*Returns less than one year are not annualized.

Index data prior to March 1, 2022 reflects that of the Bloomberg AMT-Free Short Continuous Municipal Index (LMT1TR). From March 1, 2022 to November 30, 2022, the index data reflects that of the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT). From December 1, 2022 forward the index data reflects that of the Fund's underlying index the ICE Short AMT Free Broad National Municipal Index (MBNS) and is not intended for third party use.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

Holdings

Daily Holdings (%) as of 07/16/2026

Download XLS Get holdings
Total Holdings: 326
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
Indiana Finance Authority
1.07
 5.500
02/01/2032
3,339,336
New York City Transitional Finance Auth
1.06
 5.500
07/15/2031
3,319,781
Charlotte-Mecklenburg Hospital Authorit
1.05
 5.000
01/15/2049
3,265,486
State Of California
1.03
 5.000
04/01/2030
3,205,642
Southeast Energy Authority A Cooperativ
0.98
 4.000
12/01/2051
3,050,788
Commonwealth Of Massachusetts
0.95
 5.500
05/01/2031
2,961,169
State Of New Jersey
0.91
 5.500
06/01/2030
2,833,698
Kansas Development Finance Authority
0.86
 5.000
11/15/2054
2,678,480
New York City Housing Development Corp
0.82
 3.950
11/01/2064
2,560,687
Commonwealth Of Massachusetts
0.81
 5.000
10/01/2031
2,524,022
California Statewide Communities Develo
0.76
 1.750
09/01/2029
2,373,909
Massachusetts Water Resources Authority
0.72
 5.250
08/01/2030
2,249,153
Black Belt Energy Gas District
0.71
 4.000
10/01/2052
2,230,076
State Of Connecticut
0.70
 3.000
01/15/2032
2,187,185
Main Street Natural Gas Inc
0.69
 5.000
05/01/2054
2,167,830
Main Street Natural Gas Inc
0.69
 5.000
04/01/2054
2,150,770
County Of King Wa
0.68
 4.000
07/01/2030
2,136,670
Tennessee Energy Acquisition Corp
0.68
 5.000
05/01/2052
2,119,303
City & County Of Honolulu Hi
0.68
 5.000
03/01/2031
2,113,605
California Community Choice Financing A
0.67
 5.500
05/01/2054
2,105,676
Texas Water Development Board
0.67
 5.500
10/15/2031
2,095,551
Fort Bend Independent School District
0.67
 5.000
08/15/2030
2,087,294
Conroe Independent School District
0.66
 5.000
02/15/2027
2,072,351
City Of Orlando Fl Tourist Development
0.66
 5.000
11/01/2031
2,070,421
State Of Georgia
0.66
 5.000
02/01/2032
2,070,224
City Of Chicago Il
0.66
 5.000
01/01/2030
2,066,716
Central Florida Expressway Authority
0.66
 5.000
07/01/2038
2,052,837
State Of California
0.64
 5.000
04/01/2032
2,007,437
Los Angeles Unified School District/Ca
0.59
 5.000
07/01/2030
1,846,222
Energy Southeast A Cooperative District
0.59
 5.500
11/01/2053
1,838,170
State Of Connecticut Special Tax Revenu
0.58
 5.000
05/01/2031
1,827,155
State Of California
0.54
 5.000
10/01/2031
1,691,912
State Of Maryland
0.53
 5.000
03/15/2031
1,643,076
New Jersey Educational Facilities Autho
0.52
 5.000
07/01/2064
1,638,179
State Of California
0.52
 5.000
10/01/2031
1,630,420
Wisconsin Health & Educational Faciliti
0.52
 5.000
02/15/2032
1,618,159
State Of North Carolina
0.52
 5.000
03/01/2030
1,613,501
Indiana Finance Authority
0.51
 4.250
11/01/2030
1,601,242
New York City Transitional Finance Auth
0.51
 4.000
11/01/2030
1,579,624
Curators Of The University Of Missouri/
0.49
 5.000
11/01/2030
1,542,846
Pefa Inc
0.49
 5.000
09/01/2049
1,532,823
California State University
0.49
 5.000
11/01/2031
1,529,026
Main Street Natural Gas Inc
0.49
 4.000
03/01/2050
1,525,398
Metropolitan Transportation Authority
0.48
 5.000
11/15/2031
1,508,393
Kern High School District
0.48
 2.000
08/01/2031
1,490,921
Frisco Independent School District
0.45
 5.500
02/15/2032
1,421,505
State Of California
0.44
 5.000
08/01/2027
1,372,202
State Of Ohio
0.44
 5.000
12/15/2031
1,362,130
New York State Dormitory Authority
0.43
 5.000
10/01/2030
1,351,986
County Of Allen Oh Hospital Facilities
0.43
 5.000
12/01/2029
1,338,338
City Of Columbus Oh
0.43
 5.000
04/01/2031
1,337,876
Central Plains Energy Project
0.41
 5.000
09/01/2031
1,290,848
Main Street Natural Gas Inc
0.41
 4.000
07/01/2052
1,282,881
Jackson County School District No 549c
0.40
 5.000
12/15/2028
1,257,437
Central Florida Expressway Authority
0.40
 4.000
07/01/2031
1,252,336
New York Transportation Development Cor
0.40
 5.000
12/01/2030
1,248,889
Kentucky Public Energy Authority
0.40
 4.000
08/01/2052
1,237,281
New York City Transitional Finance Auth
0.39
 5.000
02/01/2030
1,231,786
State Of North Carolina
0.38
 5.000
06/01/2031
1,199,032
Jefferson County School District R-1
0.38
 5.000
12/15/2030
1,172,789
State Of California
0.36
 5.000
09/01/2030
1,119,424
Minnesota Public Facilities Authority S
0.36
 5.500
03/01/2031
1,119,064
Triborough Bridge & Tunnel Authority
0.36
 5.000
11/15/2031
1,118,027
New York City Transitional Finance Auth
0.35
 5.000
08/01/2031
1,101,229
Texas State Transportation Commission
0.35
 5.000
04/01/2030
1,096,193
Metropolitan Transportation Authority
0.35
 5.000
11/15/2030
1,096,047
Commonwealth Of Massachusetts
0.35
 5.000
05/01/2030
1,094,140
State Of California
0.35
 5.000
10/01/2029
1,093,558
Board Of Regents Of The University Of T
0.35
 5.000
08/15/2029
1,089,885
City Of New York Ny
0.35
 5.000
08/01/2029
1,089,294
Denton Independent School District
0.35
 5.000
08/15/2029
1,088,052
State Of Washington
0.35
 5.500
06/01/2031
1,087,399
County Of Allen Oh Hospital Facilities
0.35
 5.000
08/01/2030
1,085,440
Connecticut State Health & Educational
0.35
 5.000
07/01/2064
1,084,496
Colorado Health Facilities Authority
0.35
 5.000
11/15/2060
1,083,478
New York State Dormitory Authority
0.35
 5.000
03/15/2029
1,082,270
State Of Louisiana
0.35
 5.000
02/01/2029
1,081,681
State Of Maryland
0.35
 5.000
03/15/2029
1,080,553
Metropolitan Government Nashville & Dav
0.35
 5.000
07/01/2031
1,080,482
Main Street Natural Gas Inc
0.35
 5.500
09/01/2053
1,079,162
State Of California
0.34
 5.000
09/01/2028
1,074,246
Black Belt Energy Gas District
0.34
 5.500
06/01/2049
1,074,157
Southeast Alabama Gas Supply District/T
0.34
 5.500
08/01/2054
1,073,291
Piedmont Municipal Power Agency
0.34
 5.000
01/01/2032
1,072,332
Main Street Natural Gas Inc
0.34
 5.500
07/01/2053
1,070,167
State Of North Carolina
0.34
 5.000
05/01/2031
1,069,377
City Of Houston Tx
0.34
 5.000
03/01/2032
1,067,449
North Carolina Municipal Power Agency N
0.34
 5.000
01/01/2032
1,067,259
California Community Choice Financing A
0.34
 5.250
11/01/2054
1,066,122
County Of Miami-Dade Fl Water & Sewer S
0.34
 5.000
10/01/2028
1,066,019
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,065,825
Regional Transportation District Sales
0.34
 5.000
11/01/2028
1,065,344
California Community Choice Financing A
0.34
 5.000
07/01/2053
1,063,776
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,058,822
Minneapolis-St Paul Metropolitan Airpor
0.34
 5.000
01/01/2029
1,057,993
Texas Municipal Gas Acquisition & Suppl
0.34
 5.500
01/01/2054
1,057,737
New Jersey Health Care Facilities Finan
0.34
 5.000
07/01/2031
1,057,394
University Of Connecticut
0.34
 5.000
04/15/2029
1,054,120
New York City Transitional Finance Auth
0.34
 5.000
07/15/2031
1,052,782
New York State Dormitory Authority
0.34
 5.000
08/01/2030
1,050,692
State Of California
0.34
 5.000
09/01/2027
1,049,502
Southeast Energy Authority A Cooperativ
0.34
 5.250
01/01/2054
1,048,129
State Of California
0.34
 5.000
10/01/2027
1,047,504
County Of Harris Tx Toll Road Revenue
0.34
 5.000
08/15/2027
1,047,217
Commonwealth Of Pennsylvania
0.34
 5.000
09/01/2027
1,046,801
City Of New York Ny
0.33
 5.000
09/01/2027
1,046,464
City Of New York Ny
0.33
 5.000
09/01/2027
1,046,464
Iowa Finance Authority
0.33
 5.000
08/01/2031
1,045,589
State Of California
0.33
 5.000
11/01/2028
1,044,162
City Of Houston Tx Combined Utility Sys
0.33
 5.000
11/15/2027
1,042,431
Washington Convention & Sports Authorit
0.33
 5.000
10/01/2030
1,040,294
County Of Baltimore Md
0.33
 5.000
03/01/2030
1,039,672
State Of Illinois
0.33
 5.000
11/01/2027
1,039,001
Black Belt Energy Gas District
0.33
 5.000
05/01/2053
1,037,939
Energy Northwest
0.33
 --
07/01/2027
1,032,017
California Community Choice Financing A
0.33
 4.000
02/01/2052
1,027,016
New Jersey Educational Facilities Autho
0.33
 5.000
07/01/2028
1,026,088
Hillsboro School District No 1j
0.33
 5.000
06/15/2031
1,025,707
Commonwealth Of Pennsylvania
0.33
 5.000
07/15/2027
1,025,146
Massachusetts Water Resources Authority
0.33
 5.000
08/01/2040
1,024,159
State Of California
0.33
 5.000
09/01/2026
1,022,081
West Virginia Commissioner Of Highways
0.33
 5.000
09/01/2026
1,021,894
San Francisco City & County Public Util
0.33
 5.500
10/01/2026
1,020,580
Louisville/Jefferson County Metropolita
0.33
 5.000
10/01/2047
1,018,953
Pennsylvania Higher Educational Facilit
0.33
 4.000
08/15/2031
1,018,005
Triborough Bridge & Tunnel Authority
0.33
 5.000
11/15/2026
1,017,211
Metropolitan Council
0.33
 5.500
12/01/2026
1,015,852
Ohio Water Development Authority
0.33
 5.000
12/01/2027
1,015,474
New York State Thruway Authority
0.32
 5.000
01/01/2027
1,014,129
Central Florida Tourism Oversight Distr
0.32
 4.000
06/01/2031
1,013,349
Long Island Power Authority
0.32
 5.500
09/01/2055
1,012,747
California State Public Works Board
0.32
 4.000
11/01/2031
1,010,551
New York City Housing Development Corp
0.32
 5.500
11/01/2064
1,009,786
State Of Connecticut
0.32
 3.000
06/01/2029
1,008,244
New York City Housing Development Corp
0.32
 3.125
11/01/2065
1,007,057
State Of Hawaii
0.32
 3.000
10/01/2029
1,006,998
King County School District No 414 Lake
0.32
 5.000
12/01/2031
1,006,644
State Of Minnesota
0.32
 3.000
10/01/2030
1,003,732
New York City Housing Development Corp
0.32
 3.150
05/01/2066
1,002,312
Indiana Finance Authority
0.32
 5.000
06/01/2029
1,001,958
State Of Florida
0.32
 3.000
06/01/2030
998,906
Board Of Regents Of The University Of T
0.31
 5.000
08/15/2031
975,995
State Of California
0.31
 5.000
11/01/2028
973,427
Fort Bend Independent School District
0.31
 5.000
02/15/2028
963,019
State Of Florida Department Of Transpor
0.31
 5.000
07/01/2030
952,985
State Of California Department Of Water
0.30
 5.000
12/01/2031
950,622
Collin County Community College Distric
0.30
 4.000
08/15/2031
949,319
State Of Washington
0.30
 5.500
08/01/2031
921,834
Beverly Hills Unified School District C
0.29
 --
08/01/2030
895,254
New York City Transitional Finance Auth
0.28
 5.500
02/01/2027
881,555
Harris County Cultural Education Facili
0.28
 5.000
11/15/2030
879,343
State Of New Mexico Severance Tax Perma
0.28
 5.000
07/01/2027
862,432
Georgia State Road & Tollway Authority
0.27
 5.000
06/01/2029
857,061
California State Public Works Board
0.27
 5.000
10/01/2026
846,960
State Of Washington
0.27
 5.000
08/01/2031
844,898
Public Finance Authority
0.27
 4.000
10/01/2041
833,675
State Of Louisiana
0.27
 5.000
03/01/2032
831,674
California State Public Works Board
0.26
 5.000
10/01/2028
820,211
State Of California
0.26
 5.000
10/01/2030
816,820
Los Angeles County Metropolitan Transpo
0.26
 5.000
07/01/2031
815,302
State Of Illinois
0.26
 5.000
11/01/2026
813,707
State Of North Carolina
0.25
 3.000
05/01/2031
794,984
County Of Montgomery Md
0.25
 4.000
08/01/2029
794,431
County Of Fairfax Va
0.25
 5.000
10/01/2031
789,135
City Of Columbus Oh
0.25
 5.500
04/01/2029
783,794
New Jersey Transportation Trust Fund Au
0.25
 4.100
06/15/2031
783,334
California Health Facilities Financing
0.25
 5.000
11/15/2031
780,027
State Of California
0.25
 5.000
04/01/2027
775,594
State Of Maryland Department Of Transpo
0.25
 4.000
05/01/2030
771,875
Virginia Public Building Authority
0.24
 5.000
08/01/2029
754,148
University Of Connecticut
0.24
 5.000
01/15/2030
753,852
Regional Transportation Authority
0.24
 5.000
07/01/2028
751,512
New Jersey Economic Development Authori
0.24
 3.125
07/01/2031
746,742
Energy Northwest
0.24
 5.000
07/01/2028
743,845
City Of South Miami Health Facilities A
0.24
 5.000
08/15/2029
741,140
Montgomery County Industrial Developmen
0.24
 4.100
06/01/2029
737,611
California State Public Works Board
0.23
 5.000
11/01/2029
733,415
State Of Georgia
0.23
 5.000
08/01/2026
716,961
New York State Urban Development Corp
0.23
 5.000
03/15/2027
713,786
New York City Transitional Finance Auth
0.23
 5.000
08/01/2031
706,683
Illinois Finance Authority
0.23
 5.000
07/01/2027
702,966
Trinity River Authority Central Regiona
0.22
 5.000
08/01/2030
700,288
City Of New York Ny
0.22
 5.000
04/01/2032
697,762
Commonwealth Of Massachusetts
0.22
 5.500
01/01/2027
690,490
State Of Illinois
0.22
 3.500
06/01/2029
688,245
Pennsylvania Housing Finance Agency
0.22
 2.800
10/01/2031
678,636
New York State Dormitory Authority
0.22
 5.000
03/15/2028
677,170
New Jersey Health Care Facilities Finan
0.22
 5.000
07/01/2029
675,710
Town Of Oyster Bay Ny
0.22
 3.250
02/01/2029
675,195
Washington Metropolitan Area Transit Au
0.21
 5.000
07/01/2031
663,691
Illinois State Toll Highway Authority
0.21
 5.000
01/01/2027
658,976
City Of San Antonio Tx Electric & Gas S
0.21
 5.000
02/01/2027
645,852
King County School District No 411 Issa
0.20
 4.000
12/01/2031
639,725
New York State Environmental Facilities
0.20
 5.000
06/15/2028
637,337
State Of Connecticut Special Tax Revenu
0.20
 5.000
05/01/2028
633,323
New Jersey Economic Development Authori
0.20
 5.000
06/15/2034
631,923
City Of Phoenix Civic Improvement Corp
0.20
 5.000
07/01/2029
622,757
Virginia College Building Authority
0.20
 5.000
02/01/2027
622,404
City Of Dallas Tx Waterworks & Sewer Sy
0.20
 5.000
10/01/2031
611,669
Texas Municipal Gas Acquisition & Suppl
0.19
 5.000
12/15/2026
607,628
State Of Maryland Department Of Transpo
0.19
 5.000
10/01/2026
606,959
State Of New York Mortgage Agency Homeo
0.19
 3.000
10/01/2031
606,041
State Of North Carolina
0.19
 5.000
05/01/2029
601,518
State Of Illinois Sales Tax Revenue
0.19
 4.000
06/15/2028
595,694
City Of Dallas Tx Waterworks & Sewer Sy
0.18
 5.000
10/01/2030
576,106
Alabama Public School And College Autho
0.18
 5.000
11/01/2031
575,744
Washington Metropolitan Area Transit Au
0.18
 5.000
07/01/2030
567,200
San Bernardino Community College Distri
0.18
 4.000
08/01/2049
559,230
Salt River Project Agricultural Improve
0.18
 5.000
01/01/2032
556,253
State Of California
0.18
 5.000
10/01/2027
555,177
City Of New York Ny
0.18
 5.000
08/01/2030
553,572
Miami Beach Redevelopment Agency
0.18
 5.000
02/01/2031
553,352
New York State Dormitory Authority
0.18
 5.000
03/15/2030
550,565
Utah Transit Authority
0.18
 5.000
12/15/2030
550,076
City Of New York Ny
0.18
 5.000
11/01/2030
547,010
Utah Transit Authority
0.17
 5.000
06/15/2030
544,526
County Of Jefferson Al
0.17
 5.000
09/15/2028
541,768
Southeast Energy Authority A Cooperativ
0.17
 5.500
10/01/2030
541,024
Rutherford Cty Health & Edu Fac Brd
0.17
 5.500
11/15/2048
540,854
Austin Independent School District
0.17
 5.000
08/01/2028
540,748
Orange County Convention Center/Orlando
0.17
 5.000
10/01/2030
538,102
City Of New York Ny
0.17
 5.500
10/01/2031
537,252
Chicago O'Hare International Airport
0.17
 5.000
01/01/2030
537,131
New York City Industrial Development Ag
0.17
 5.000
03/01/2029
536,821
City Of Houston Tx
0.17
 5.500
03/01/2032
536,038
California Community Choice Financing A
0.17
 5.250
01/01/2054
535,101
City Of San Francisco Ca Public Utiliti
0.17
 5.500
11/01/2028
534,850
California Community Choice Financing A
0.17
 5.000
02/01/2054
534,353
County Of Clark Department Of Aviation
0.17
 5.000
07/01/2029
533,916
Metropolitan Washington Airports Author
0.17
 5.000
10/01/2028
533,340
California Infrastructure & Economic De
0.17
 5.000
11/01/2029
533,281
Shelby County Health Educational & Hous
0.17
 5.500
09/01/2049
532,308
Kentucky Public Energy Authority
0.17
 5.250
06/01/2055
531,346
State Of Maryland
0.17
 5.000
03/15/2028
530,038
Central Puget Sound Regional Transit Au
0.17
 5.000
11/01/2026
529,539
New York State Dormitory Authority
0.17
 5.000
02/15/2027
528,594
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2031
528,220
American Municipal Power Inc
0.17
 5.000
02/15/2028
527,638
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2032
527,514
City Of New York Ny
0.17
 5.000
08/01/2027
524,342
Main Street Natural Gas Inc
0.17
 5.000
12/01/2052
523,800
State Of California
0.17
 5.000
10/01/2027
523,752
Arizona Industrial Development Authorit
0.17
 5.500
11/01/2028
523,538
Grand River Dam Authority
0.17
 5.000
06/01/2031
522,626
California Health Facilities Financing
0.17
 5.000
11/01/2027
522,621
Minneapolis-St Paul Metropolitan Airpor
0.17
 5.000
01/01/2030
521,645
Long Island Power Authority
0.17
 5.000
09/01/2026
521,350
Triborough Bridge & Tunnel Authority
0.17
 5.000
11/15/2027
521,282
State Of Michigan Trunk Line Revenue
0.17
 5.000
11/15/2027
521,149
Tobacco Settlement Financing Corp
0.17
 5.000
06/01/2031
521,005
Virginia Commonwealth Transportation Bo
0.17
 5.000
03/15/2027
520,717
County Of Miami-Dade Fl
0.17
 5.000
10/01/2029
519,908
Tennessee Energy Acquisition Corp
0.17
 5.000
05/01/2053
518,994
Illinois Finance Authority
0.17
 5.000
01/01/2028
518,845
New York State Dormitory Authority
0.17
 5.000
02/15/2027
518,230
City & County Of Honolulu Hi
0.17
 5.000
03/01/2027
517,671
New York State Urban Development Corp
0.17
 5.000
03/15/2027
517,236
State Of Maryland
0.17
 5.000
03/15/2028
516,790
University Of Colorado
0.17
 4.000
06/01/2034
516,363
Montgomery County Industrial Developmen
0.17
 5.500
10/01/2053
516,079
Commonwealth Of Massachusetts
0.17
 5.000
05/01/2027
515,597
Lower Colorado River Authority
0.16
 5.500
05/15/2027
514,796
California Community Choice Financing A
0.16
 4.000
05/01/2053
514,164
Central Florida Expressway Authority
0.16
 5.000
07/01/2027
513,592
Commonwealth Of Massachusetts
0.16
 5.000
07/01/2027
513,592
Butler County Unified School District N
0.16
 4.000
09/01/2030
513,172
San Diego Public Facilities Financing A
0.16
 5.000
08/01/2027
512,086
Tennessee Energy Acquisition Corp
0.16
 5.625
09/01/2026
511,958
Illinois Finance Authority
0.16
 5.000
08/15/2026
511,531
California State Public Works Board
0.16
 5.000
09/01/2026
511,165
Maryland Community Development Administ
0.16
 5.500
01/01/2029
511,120
Wisconsin Health & Educational Faciliti
0.16
 4.000
08/15/2031
510,937
County Of Mecklenburg Nc
0.16
 4.000
04/01/2029
510,537
New Jersey Health Care Facilities Finan
0.16
 5.500
09/15/2026
510,337
New York City Transitional Finance Auth
0.16
 5.000
11/01/2026
509,114
City Of Colorado Springs Co Utilities S
0.16
 5.000
11/15/2026
508,655
Metropolitan Transportation Authority
0.16
 5.000
11/15/2026
508,457
City Of Portland Or Sewer System Revenu
0.16
 5.000
12/01/2026
507,945
City Of Forsyth Mt
0.16
 3.875
07/01/2028
507,873
State Of Colorado
0.16
 5.000
12/15/2026
507,697
New Jersey Transportation Trust Fund Au
0.16
 5.000
12/15/2026
507,469
Boulder Larimer & Weld Counties St Vrai
0.16
 5.000
12/15/2035
507,466
Salt River Project Agricultural Improve
0.16
 5.000
01/01/2027
507,042
North Texas Tollway Authority
0.16
 5.000
01/01/2027
506,859
East County Advanced Water Purification
0.16
 3.125
09/01/2026
505,969
Michigan State Housing Development Auth
0.16
 5.500
04/01/2030
505,502
Main Street Natural Gas Inc
0.16
 4.000
08/01/2052
505,479
New York State Housing Finance Agency
0.16
 5.500
11/01/2063
504,986
California Infrastructure & Economic De
0.16
 3.000
10/01/2047
504,582
New York State Housing Finance Agency
0.16
 3.800
11/01/2062
504,237
Commonwealth Of Pennsylvania
0.16
 3.000
01/01/2031
504,230
County Of Bexar Tx
0.16
 5.000
06/15/2027
503,199
California State University
0.16
 3.125
11/01/2051
502,974
State Of Maryland Department Of Transpo
0.16
 3.000
09/01/2031
502,591
Los Angeles Unified School District/Ca
0.16
 5.000
07/01/2030
502,170
City Of San Antonio Tx Electric & Gas S
0.16
 3.150
02/01/2055
502,137
California State Public Works Board
0.16
 3.000
09/01/2031
500,023
Foothill-Eastern Transportation Corrido
0.16
 --
01/01/2027
494,629
County Of Miami-Dade Fl
0.15
 --
10/01/2031
461,180
New York City Transitional Finance Auth
0.15
 5.000
11/01/2027
458,712
State Of Mississippi
0.14
 5.000
10/01/2029
448,689
New Jersey Transportation Trust Fund Au
0.14
 5.000
06/15/2030
437,566
Pennsylvania Housing Finance Agency
0.14
 3.200
10/01/2031
424,822
City Of New York Ny
0.14
 5.000
03/01/2027
424,183
Illinois State Toll Highway Authority
0.13
 5.000
01/01/2027
420,731
State Of Michigan
0.13
 3.000
05/01/2030
410,900
Lone Star College System
0.13
 5.000
02/15/2033
409,199
Commonwealth Of Massachusetts
0.13
 5.000
10/01/2026
408,065
State Of Maryland
0.13
 5.000
08/01/2026
394,321
Oakland Unified School District/Alameda
0.12
 5.000
08/01/2026
389,191
State Of Connecticut Special Tax Revenu
0.12
 5.000
07/01/2031
385,551
County Of Wake Nc
0.12
 5.000
09/01/2026
383,276
Allegheny County Hospital Development A
0.12
 5.000
07/15/2030
381,310
University Of Utah/The
0.12
 5.000
08/01/2031
381,268
City Of Chicago Il
0.12
 5.000
01/01/2027
368,084
Michigan State Housing Development Auth
0.12
 3.100
12/01/2031
367,148
Canadian County Educational Facilities
0.11
 3.000
09/01/2029
331,508
Lancaster County School District/Sc
0.10
 3.250
03/01/2032
326,519
Long Island Power Authority
0.10
 5.000
09/01/2031
318,212
California Health Facilities Financing
0.10
 5.000
08/15/2031
317,129
Kentucky State Property & Building Comm
0.09
 5.000
10/01/2030
275,368
New York State Housing Finance Agency
0.08
 2.500
11/01/2060
264,581
South Dakota Health & Educational Facil
0.08
 5.000
09/01/2030
264,446
Texas Water Development Board
0.08
 5.000
04/15/2030
260,425
County Of Mecklenburg Nc
0.08
 2.000
12/01/2030
236,778
--
1.76
 --
--
5,487,822
Other/Cash
-0.02
 --
--
-49,541
← Scroll for more information →
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Portfolio

Sector Weightings (%) as at 06/30/2026

  • Sector

    % of Net Assets

  • State GO

    18.47

  • Local GO

    14.68

  • Utilities - Other

    9.54

  • Tax

    9.53

  • Hospitals

    7.40

  • Power

    6.58

  • Education

    6.25

  • Water & Sewer

    5.49

  • Transportation

    5.25

  • Leasing COPS & Appropriations

    4.29

  • Refunded

    3.28

  • Multi-Family Housing

    2.51

  • Toll & Turnpike

    2.09

  • Airport

    1.04

  • Misc

    0.93

  • Pollution Control

    0.92

  • Single Family Housing

    0.67

  • Industrial Development Revenue

    0.64

  • Tobacco

    0.17

  • Health

    0.16

  • Unassigned

    0.10

Credit Quality (%) as of 06/30/2026

Composite % of Net Assets
Investment Grade AAA 19.34
AA 47.97
A 21.07
BBB 4.27
Total Investment Grade -- 92.65
Not Rated -- 7.35
If more than one rating is available for an underlying security, the lower of the two ratings is used. If a bond issued by a national government, national government agency or supranational issuer is not rated, the issuer’s credit rating will be used. If two issuer ratings are available, the lower of the two is used. If only one rating is available in all scenarios, we will use the rating provided. If no rating is available, the security will be not rated. Not rated securities do not necessarily indicate lower credit quality. Ratings and portfolio credit quality may change over time.

Years to Maturity as at 06/30/2026

  • Years

    Maturity (%)

  • < 1

    15.20

  • 1 - 3

    21.60

  • 3 - 5

    36.80

  • 5 - 7

    26.40

  • 7 - 10

    0.00

  • 10 - 15

    0.00

  • 15 - 20

    0.00

  • 20 - 30

    0.00

  • 30 +

    0.00

Fees

Distributions

Distribution History

Anticipated Frequency: Monthly Dividend Income & Annual Capital Gains
Ex-date Record
Date 		Payable date Dividend
Income‡ 		Short-Term
Capital Gains 		Long-Term
Capital Gains 		Return of
Capital 		Total
Distributions
07/01/2026 07/01/2026 07/07/2026 $ 0.0467 -- -- -- $ 0.05
06/01/2026 06/01/2026 06/04/2026 $ 0.0356 -- -- -- $ 0.04
05/01/2026 05/01/2026 05/06/2026 $ 0.0387 -- -- -- $ 0.04
04/01/2026 04/01/2026 04/07/2026 $ 0.0458 -- -- -- $ 0.05
03/02/2026 03/02/2026 03/05/2026 $ 0.0356 -- -- -- $ 0.04
02/02/2026 02/02/2026 02/05/2026 $ 0.0398 -- -- -- $ 0.04
12/29/2025 12/29/2025 12/31/2025 $ 0.0405 -- -- -- $ 0.04
11/28/2025 11/28/2025 12/03/2025 $ 0.0372 -- -- -- $ 0.04
11/03/2025 11/03/2025 11/06/2025 $ 0.0405 -- -- -- $ 0.04
10/01/2025 10/01/2025 10/06/2025 $ 0.0371 -- -- -- $ 0.04
09/02/2025 09/02/2025 09/05/2025 $ 0.0389 -- -- -- $ 0.04
08/01/2025 08/01/2025 08/06/2025 $ 0.0402 -- -- -- $ 0.04
07/01/2025 07/01/2025 07/07/2025 $ 0.0368 -- -- -- $ 0.04
06/02/2025 06/02/2025 06/05/2025 $ 0.0384 -- -- -- $ 0.04
05/01/2025 05/01/2025 05/06/2025 $ 0.0356 -- -- -- $ 0.04
04/01/2025 04/01/2025 04/04/2025 $ 0.0432 -- -- -- $ 0.04
03/03/2025 03/03/2025 03/06/2025 $ 0.0325 -- -- -- $ 0.03
02/03/2025 02/03/2025 02/06/2025 $ 0.0366 -- -- -- $ 0.04
12/27/2024 12/27/2024 12/30/2024 $ 0.0368 -- -- -- $ 0.04
12/02/2024 12/02/2024 12/05/2024 $ 0.0340 -- -- -- $ 0.03
11/01/2024 11/01/2024 11/06/2024 $ 0.0372 -- -- -- $ 0.04
10/01/2024 10/01/2024 10/04/2024 $ 0.0344 -- -- -- $ 0.03
09/03/2024 09/03/2024 09/06/2024 $ 0.0347 -- -- -- $ 0.03
08/01/2024 08/01/2024 08/06/2024 $ 0.0368 -- -- -- $ 0.04
07/01/2024 07/01/2024 07/05/2024 $ 0.0329 -- -- -- $ 0.03
06/03/2024 06/03/2024 06/06/2024 $ 0.0250 -- -- -- $ 0.03
05/01/2024 05/02/2024 05/07/2024 $ 0.0300 -- -- -- $ 0.03
04/01/2024 04/02/2024 04/05/2024 $ 0.0442 -- -- -- $ 0.04
03/01/2024 03/04/2024 03/07/2024 $ 0.0292 -- -- -- $ 0.03
02/01/2024 02/02/2024 02/07/2024 $ 0.0315 -- -- -- $ 0.03
12/27/2023 12/28/2023 12/29/2023 $ 0.0314 -- -- -- $ 0.03
12/01/2023 12/04/2023 12/07/2023 $ 0.0274 -- -- -- $ 0.03
11/01/2023 11/02/2023 11/07/2023 $ 0.0300 -- -- -- $ 0.03
10/02/2023 10/03/2023 10/06/2023 $ 0.0269 -- -- -- $ 0.03
09/01/2023 09/05/2023 09/08/2023 $ 0.0245 -- -- -- $ 0.02
08/01/2023 08/02/2023 08/10/2023 $ 0.0312 -- -- -- $ 0.03
07/03/2023 07/05/2023 07/07/2023 $ 0.0240 -- -- -- $ 0.02
06/01/2023 06/02/2023 06/07/2023 $ 0.0246 -- -- -- $ 0.02
05/01/2023 05/02/2023 05/05/2023 $ 0.0219 -- -- -- $ 0.02
04/03/2023 04/04/2023 04/10/2023 $ 0.0297 -- -- -- $ 0.03
03/01/2023 03/02/2023 03/07/2023 $ 0.0185 -- -- -- $ 0.02
02/01/2023 02/02/2023 02/07/2023 $ 0.0227 -- -- -- $ 0.02
12/28/2022 12/29/2022 12/30/2022 $ 0.0231 -- -- -- $ 0.02
12/01/2022 12/02/2022 12/07/2022 $ 0.0197 -- -- -- $ 0.02
11/01/2022 11/02/2022 11/07/2022 $ 0.0215 -- -- -- $ 0.02
10/03/2022 10/04/2022 10/07/2022 $ 0.0180 -- -- -- $ 0.02
09/01/2022 09/02/2022 09/08/2022 $ 0.0191 -- -- -- $ 0.02
08/01/2022 08/02/2022 08/05/2022 $ 0.0205 -- -- -- $ 0.02
07/01/2022 07/05/2022 07/08/2022 $ 0.0204 -- -- -- $ 0.02
06/01/2022 06/02/2022 06/07/2022 $ 0.0166 -- -- -- $ 0.02
05/02/2022 05/03/2022 05/06/2022 $ 0.0172 -- -- -- $ 0.02
04/01/2022 04/04/2022 04/07/2022 $ 0.0178 -- -- -- $ 0.02
03/01/2022 03/02/2022 03/07/2022 $ 0.0131 -- -- -- $ 0.01
02/01/2022 02/02/2022 02/07/2022 $ 0.0151 -- -- -- $ 0.02
12/29/2021 12/30/2021 12/31/2021 $ 0.0169 $ 0.0018 $ 0.0226 -- $ 0.04
12/01/2021 12/02/2021 12/07/2021 $ 0.0142 -- -- -- $ 0.01
11/01/2021 11/02/2021 11/05/2021 $ 0.0168 -- -- -- $ 0.02
10/01/2021 10/04/2021 10/07/2021 $ 0.0143 -- -- -- $ 0.01
09/01/2021 09/02/2021 09/08/2021 $ 0.0159 -- -- -- $ 0.02
08/02/2021 08/03/2021 08/06/2021 $ 0.0175 -- -- -- $ 0.02
07/01/2021 07/02/2021 07/08/2021 $ 0.0162 -- -- -- $ 0.02
06/01/2021 06/02/2021 06/07/2021 $ 0.0177 -- -- -- $ 0.02
05/03/2021 05/04/2021 05/07/2021 $ 0.0167 -- -- -- $ 0.02
04/01/2021 04/05/2021 04/08/2021 $ 0.0189 -- -- -- $ 0.02
03/01/2021 03/02/2021 03/05/2021 $ 0.0148 -- -- -- $ 0.01
02/01/2021 02/02/2021 02/05/2021 $ 0.0178 -- -- -- $ 0.02
12/29/2020 12/30/2020 01/05/2021 $ 0.0222 -- -- -- $ 0.02
12/01/2020 12/02/2020 12/07/2020 $ 0.0199 -- -- -- $ 0.02
11/02/2020 11/03/2020 11/06/2020 $ 0.0232 -- -- -- $ 0.02
10/01/2020 10/02/2020 10/07/2020 $ 0.0207 -- -- -- $ 0.02
09/01/2020 09/02/2020 09/08/2020 $ 0.0226 -- -- -- $ 0.02
08/03/2020 08/04/2020 08/07/2020 $ 0.0248 -- -- -- $ 0.02
07/01/2020 07/02/2020 07/08/2020 $ 0.0216 -- -- -- $ 0.02
06/01/2020 06/02/2020 06/05/2020 $ 0.0245 -- -- -- $ 0.02
05/01/2020 05/04/2020 05/07/2020 $ 0.0236 -- -- -- $ 0.02
04/01/2020 04/02/2020 04/07/2020 $ 0.0244 -- -- -- $ 0.02
03/02/2020 03/03/2020 03/06/2020 $ 0.0212 -- -- -- $ 0.02
02/03/2020 02/04/2020 02/07/2020 $ 0.0234 -- -- -- $ 0.02
12/30/2019 12/31/2019 01/06/2020 $ 0.0247 -- -- -- $ 0.02
12/02/2019 12/03/2019 12/06/2019 $ 0.0240 -- -- -- $ 0.02
11/01/2019 11/04/2019 11/07/2019 $ 0.0233 -- -- -- $ 0.02
10/01/2019 10/02/2019 10/07/2019 $ 0.0226 -- -- -- $ 0.02
09/03/2019 09/04/2019 09/09/2019 $ 0.0236 -- -- -- $ 0.02
08/01/2019 08/02/2019 08/07/2019 $ 0.0238 -- -- -- $ 0.02
07/01/2019 07/02/2019 07/08/2019 $ 0.0231 -- -- -- $ 0.02
06/03/2019 06/04/2019 06/07/2019 $ 0.0227 -- -- -- $ 0.02
05/01/2019 05/02/2019 05/07/2019 $ 0.0233 -- -- -- $ 0.02
04/01/2019 04/02/2019 04/05/2019 $ 0.0240 -- -- -- $ 0.02
03/01/2019 03/04/2019 03/07/2019 $ 0.0220 -- -- -- $ 0.02
02/01/2019 02/04/2019 02/07/2019 $ 0.0240 -- -- -- $ 0.02
12/27/2018 12/28/2018 01/03/2019 $ 0.0237 -- -- -- $ 0.02
12/03/2018 12/04/2018 12/07/2018 $ 0.0224 -- -- -- $ 0.02
11/01/2018 11/02/2018 11/07/2018 $ 0.0228 -- -- -- $ 0.02
10/01/2018 10/02/2018 10/05/2018 $ 0.0221 -- -- -- $ 0.02
09/04/2018 09/05/2018 09/10/2018 $ 0.0224 -- -- -- $ 0.02
08/01/2018 08/02/2018 08/07/2018 $ 0.0223 -- -- -- $ 0.02
07/02/2018 07/03/2018 07/09/2018 $ 0.0223 -- -- -- $ 0.02
06/01/2018 06/04/2018 06/07/2018 $ 0.0223 -- -- -- $ 0.02
05/01/2018 05/02/2018 05/07/2018 $ 0.0200 -- -- -- $ 0.02
04/02/2018 04/03/2018 04/06/2018 $ 0.0203 -- -- -- $ 0.02
03/01/2018 03/02/2018 03/07/2018 $ 0.0178 -- -- -- $ 0.02
02/01/2018 02/02/2018 02/07/2018 $ 0.0198 -- -- -- $ 0.02
12/27/2017 12/28/2017 01/03/2018 $ 0.0188 -- -- -- $ 0.02
12/01/2017 12/04/2017 12/07/2017 $ 0.0178 -- -- -- $ 0.02
11/01/2017 11/02/2017 11/07/2017 $ 0.0183 -- -- -- $ 0.02
10/02/2017 10/03/2017 10/06/2017 $ 0.0175 -- -- -- $ 0.02
09/01/2017 09/06/2017 09/08/2017 $ 0.0179 -- -- -- $ 0.02
08/01/2017 08/03/2017 08/07/2017 $ 0.0178 -- -- -- $ 0.02
07/03/2017 07/06/2017 07/10/2017 $ 0.0175 -- -- -- $ 0.02
06/01/2017 06/05/2017 06/07/2017 $ 0.0188 -- -- -- $ 0.02
05/01/2017 05/03/2017 05/05/2017 $ 0.0171 -- -- -- $ 0.02
04/03/2017 04/05/2017 04/07/2017 $ 0.0177 -- -- -- $ 0.02
03/01/2017 03/03/2017 03/07/2017 $ 0.0153 -- -- -- $ 0.02
02/01/2017 02/03/2017 02/07/2017 $ 0.0170 -- -- -- $ 0.02
12/28/2016 12/30/2016 01/04/2017 $ 0.0166 -- -- -- $ 0.02
12/01/2016 12/05/2016 12/07/2016 $ 0.0154 -- -- -- $ 0.02
11/01/2016 11/03/2016 11/07/2016 $ 0.0155 -- -- -- $ 0.02
10/03/2016 10/05/2016 10/07/2016 $ 0.0155 -- -- -- $ 0.02
09/01/2016 09/06/2016 09/08/2016 $ 0.0160 -- -- -- $ 0.02
08/01/2016 08/03/2016 08/05/2016 $ 0.0160 -- -- -- $ 0.02
07/01/2016 07/06/2016 07/08/2016 $ 0.0160 -- -- -- $ 0.02
06/01/2016 06/03/2016 06/07/2016 $ 0.0168 -- -- -- $ 0.02
05/02/2016 05/04/2016 05/06/2016 $ 0.0163 -- -- -- $ 0.02
04/01/2016 04/05/2016 04/07/2016 $ 0.0168 -- -- -- $ 0.02
03/01/2016 03/03/2016 03/07/2016 $ 0.0158 -- -- -- $ 0.02
02/01/2016 02/03/2016 02/05/2016 $ 0.0170 -- -- -- $ 0.02
12/29/2015 12/31/2015 01/05/2016 $ 0.0170 -- -- -- $ 0.02
12/01/2015 12/03/2015 12/07/2015 $ 0.0164 -- -- -- $ 0.02
11/02/2015 11/04/2015 11/06/2015 $ 0.0175 -- -- -- $ 0.02
10/01/2015 10/05/2015 10/07/2015 $ 0.0168 -- -- -- $ 0.02
09/01/2015 09/03/2015 09/08/2015 $ 0.0167 -- -- -- $ 0.02
08/03/2015 08/05/2015 08/07/2015 $ 0.0165 -- -- -- $ 0.02
07/01/2015 07/06/2015 07/08/2015 $ 0.0162 -- -- -- $ 0.02
06/01/2015 06/03/2015 06/05/2015 $ 0.0166 -- -- -- $ 0.02
05/01/2015 05/05/2015 05/07/2015 $ 0.0160 -- -- -- $ 0.02
04/01/2015 04/06/2015 04/08/2015 $ 0.0166 -- -- -- $ 0.02
03/02/2015 03/04/2015 03/06/2015 $ 0.0150 -- -- -- $ 0.01
02/02/2015 02/04/2015 02/06/2015 $ 0.0169 -- -- -- $ 0.02
12/29/2014 12/31/2014 01/05/2015 $ 0.0169 -- -- -- $ 0.02
12/01/2014 12/03/2014 12/05/2014 $ 0.0160 -- -- -- $ 0.02
11/03/2014 11/05/2014 11/07/2014 $ 0.0171 -- -- -- $ 0.02
10/01/2014 10/03/2014 10/07/2014 $ 0.0162 -- -- -- $ 0.02
09/02/2014 09/04/2014 09/08/2014 $ 0.0174 -- -- -- $ 0.02
08/01/2014 08/05/2014 08/07/2014 $ 0.0175 -- -- -- $ 0.02
07/01/2014 07/03/2014 07/08/2014 $ 0.0169 -- -- -- $ 0.02
06/02/2014 06/04/2014 06/06/2014 $ 0.0178 -- -- -- $ 0.02
05/01/2014 05/05/2014 05/07/2014 $ 0.0180 -- -- -- $ 0.02
04/01/2014 04/03/2014 04/07/2014 $ 0.0184 -- -- -- $ 0.02
03/03/2014 03/05/2014 03/07/2014 $ 0.0202 -- -- -- $ 0.02
02/03/2014 02/05/2014 02/07/2014 $ 0.0205 -- -- -- $ 0.02
12/27/2013 12/31/2013 01/03/2014 $ 0.0209 -- -- -- $ 0.02
12/02/2013 12/04/2013 12/06/2013 $ 0.0203 -- -- -- $ 0.02
11/01/2013 11/05/2013 11/07/2013 $ 0.0232 -- -- -- $ 0.02
10/01/2013 10/03/2013 10/07/2013 $ 0.0198 -- -- -- $ 0.02
09/03/2013 09/05/2013 09/09/2013 $ 0.0204 -- -- -- $ 0.02
08/01/2013 08/05/2013 08/07/2013 $ 0.0194 -- -- -- $ 0.02
07/01/2013 07/03/2013 07/08/2013 $ 0.0195 -- -- -- $ 0.02
06/03/2013 06/05/2013 06/07/2013 $ 0.0200 -- -- -- $ 0.02
05/01/2013 05/03/2013 05/07/2013 $ 0.0200 -- -- -- $ 0.02
04/01/2013 04/03/2013 04/05/2013 $ 0.0204 -- -- -- $ 0.02
03/01/2013 03/05/2013 03/07/2013 $ 0.0186 -- -- -- $ 0.02
02/01/2013 02/05/2013 02/07/2013 $ 0.0202 -- -- -- $ 0.02
12/27/2012 12/31/2012 01/03/2013 $ 0.0213 -- $ 0.0110 -- $ 0.03
12/03/2012 12/05/2012 12/07/2012 $ 0.0205 -- -- -- $ 0.02
11/01/2012 11/05/2012 11/07/2012 $ 0.0210 -- -- -- $ 0.02
10/01/2012 10/03/2012 10/05/2012 $ 0.0213 -- -- -- $ 0.02
09/04/2012 09/07/2012 09/10/2012 $ 0.0226 -- -- -- $ 0.02
08/01/2012 08/03/2012 08/07/2012 $ 0.0234 -- -- -- $ 0.02
07/02/2012 07/05/2012 07/09/2012 $ 0.0233 -- -- -- $ 0.02
06/01/2012 06/05/2012 06/07/2012 $ 0.0245 -- -- -- $ 0.02
05/01/2012 05/03/2012 05/07/2012 $ 0.0243 -- -- -- $ 0.02
04/02/2012 04/04/2012 04/09/2012 $ 0.0258 -- -- -- $ 0.03
03/01/2012 03/05/2012 03/07/2012 $ 0.0248 -- -- -- $ 0.02
02/01/2012 02/03/2012 02/07/2012 $ 0.0265 -- -- -- $ 0.03
12/28/2011 12/30/2011 01/04/2012 $ 0.0279 -- $ 0.0002 -- $ 0.03
12/01/2011 12/05/2011 12/07/2011 $ 0.0270 -- -- -- $ 0.03
11/01/2011 11/03/2011 11/07/2011 $ 0.0270 -- -- -- $ 0.03
10/03/2011 10/05/2011 10/07/2011 $ 0.0270 -- -- -- $ 0.03
09/01/2011 09/06/2011 09/08/2011 $ 0.0282 -- -- -- $ 0.03
08/01/2011 08/03/2011 08/05/2011 $ 0.0290 -- -- -- $ 0.03
07/01/2011 07/06/2011 07/08/2011 $ 0.0268 -- -- -- $ 0.03
06/01/2011 06/03/2011 06/07/2011 $ 0.0290 -- -- -- $ 0.03
05/02/2011 05/04/2011 05/06/2011 $ 0.0275 -- -- -- $ 0.03
04/01/2011 04/05/2011 04/07/2011 $ 0.0330 -- -- -- $ 0.03
03/01/2011 03/03/2011 03/07/2011 $ 0.0281 -- -- -- $ 0.03
02/01/2011 02/03/2011 02/07/2011 $ 0.0310 -- -- -- $ 0.03
12/29/2010 12/31/2010 01/05/2011 $ 0.0300 $ 0.0210 $ 0.0370 -- $ 0.09
12/01/2010 12/03/2010 12/07/2010 $ 0.0280 -- -- -- $ 0.03
11/01/2010 11/03/2010 11/05/2010 $ 0.0290 -- -- -- $ 0.03
10/01/2010 10/05/2010 10/07/2010 $ 0.0290 -- -- -- $ 0.03
09/01/2010 09/03/2010 09/08/2010 $ 0.0300 -- -- -- $ 0.03
08/02/2010 08/04/2010 08/06/2010 $ 0.0300 -- -- -- $ 0.03
07/01/2010 07/06/2010 07/08/2010 $ 0.0290 -- -- -- $ 0.03
06/01/2010 06/03/2010 06/07/2010 $ 0.0300 -- -- -- $ 0.03
05/03/2010 05/05/2010 05/07/2010 $ 0.0300 -- -- -- $ 0.03
04/01/2010 04/06/2010 04/08/2010 $ 0.0300 -- -- -- $ 0.03
03/01/2010 03/03/2010 03/05/2010 $ 0.0280 -- -- -- $ 0.03
02/01/2010 02/03/2010 02/05/2010 $ 0.0300 -- -- -- $ 0.03
12/29/2009 12/31/2009 01/05/2010 $ 0.0325 -- -- -- $ 0.03
12/01/2009 12/03/2009 12/07/2009 $ 0.0310 -- -- -- $ 0.03
11/02/2009 11/04/2009 11/06/2009 $ 0.0320 -- -- -- $ 0.03
10/01/2009 10/05/2009 10/07/2009 $ 0.0300 -- -- -- $ 0.03
09/01/2009 09/03/2009 09/08/2009 $ 0.0315 -- -- -- $ 0.03
08/03/2009 08/05/2009 08/07/2009 $ 0.0360 -- -- -- $ 0.04
07/01/2009 07/06/2009 07/08/2009 $ 0.0340 -- -- -- $ 0.03
06/01/2009 06/03/2009 06/05/2009 $ 0.0350 -- -- -- $ 0.04
05/01/2009 05/05/2009 05/07/2009 $ 0.0370 -- -- -- $ 0.04
04/01/2009 04/03/2009 04/07/2009 $ 0.0400 -- -- -- $ 0.04
03/02/2009 03/04/2009 03/06/2009 $ 0.0360 -- -- -- $ 0.04
02/02/2009 02/04/2009 02/06/2009 $ 0.0380 -- -- -- $ 0.04
12/26/2008 12/30/2008 01/06/2009 $ 0.0370 -- -- -- $ 0.04
12/01/2008 12/03/2008 12/05/2008 $ 0.0450 -- -- -- $ 0.04
11/03/2008 11/05/2008 11/07/2008 $ 0.0340 -- -- -- $ 0.03
10/01/2008 10/03/2008 10/07/2008 $ 0.0367 -- -- -- $ 0.04
09/02/2008 09/04/2008 09/09/2008 $ 0.0393 -- -- -- $ 0.04
08/01/2008 08/05/2008 08/07/2008 $ 0.0377 -- -- -- $ 0.04
07/01/2008 07/03/2008 07/08/2008 $ 0.0367 -- -- -- $ 0.04
06/02/2008 06/04/2008 06/06/2008 $ 0.0400 -- -- -- $ 0.04
05/01/2008 05/05/2008 05/07/2008 $ 0.0100 -- -- -- $ 0.01
04/01/2008 04/03/2008 04/08/2008 $ 0.0687 -- -- -- $ 0.07

‡All registered investment companies are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading VanEck ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant VanEck ETFs on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.

Certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The final determination of the tax characteristics cannot be determined until after each Fund’s yearend and are reported to shareholders on Form 1099-DIV. The form is mailed to shareholders shortly after calendar yearend specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distribution on a shareholder’s tax return.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the securities in its portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends may change. There can be no assurance that the Fund will be able to declare a dividend distribution in each period. Past performance is no guarantee of future results.

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