Municipal Bonds
FeaturedMAAX Cuts Duration as Bond Yields Surge
Blog | February 17High Yield Munis Benefit from Anticipated Fiscal Support
Blog | January 15Democratic Control of Senate Creates a Tailwind for Muni Bonds
Blog | December 18Strong Demand, Not Enough Supply Continues to Drive Munis
Explore All
ITMVanEck Vectors Intermediate Muni ETF
Fund Description
The VanEck Vectors® Intermediate Muni ETF (ITM®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR), which is intended to track the overall performance of the U.S. dollar denominated intermediate-term tax-exempt bond market.
-
Fund Ticker
ITM -
Exchange
Cboe -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Custodian
State Street Bank and Trust Company -
Index Ticker
LMT2TR -
Index Rebalancing
Monthly -
2020 Preliminary NAIC Designation7
1.F
as of 04/14/21
-
30-Day SEC Yield1
0.97% -
Total Net Assets
$1.8B -
Number of Holdings
2495 -
Options
Available -
Gross Expense Ratio2
0.24% -
Net Expense Ratio/TER2
0.24% -
Distribution Frequency
Monthly
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 intermediate-duration municipal bonds - Quality
Investment-grade index constituents with high overall credit quality
Yields
as of 04/14/21
-
30-Day SEC Yield1
0.97% -
Distribution Yield1
1.87% -
12-Month Yield1
1.91% -
Taxable Equivalent 30-Day SEC Yields1a
-
12% Federal Tax Rate
1.10% -
22% Federal Tax Rate
1.24% -
24% Federal Tax Rate
1.28% -
32% Federal Tax Rate
1.43% -
35% Federal Tax Rate
1.49% -
37% Federal Tax Rate
1.54%
Fees & Expenses2
-
Management Fee
0.24% -
Other Expenses
-- -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.24% -
Fee Waivers andExpense Reimbursement
-- -
Net Expense Ratio/TER2
0.24%
Trading Information
-
Fund Ticker
ITM -
Index Total Return Ticker
LMT2TR -
NAV
ITMNV -
Intraday NAV (IIV)5
ITMIV -
Shares Outstanding
34,698,916 -
Estimated Cash
ITMEU -
Total Cash
ITMTC -
CUSIP
92189H201 -
ISIN
US92189H2013
Fundamentals4
as of 04/13/21
-
Yield to Worst
1.08% -
Yield to Maturity
2.06% -
Effective Duration (yrs)
5.89 -
Duration to Worst (yrs)
5.76 -
Modified Duration (yrs)
5.79 -
Spread Duration (yrs)
6.10 -
Years to Maturity
10.58 -
Coupon
4.68%
Investment Professionals
James Colby III
- Portfolio Manager for non-taxable Fixed Income ETFs and Senior Municipal Strategist
- Joined VanEck in 2007
- Prior to joining VanEck, held several senior municipal fixed income positions at Lord Abbett, John Hancock Funds, Old Harbor Capital and Evergreen Asset Management
- Member of National Municipal Buyers Conference (Chairman, 1996), Municipal Forum of New York, Boston Fixed Income Management Society and The Economics Club of New York
- MBA, Finance, Hofstra University
- BA, Economics and International Relations, Brown University
Daniel Cho
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2013
- Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
- MS, Finance, University of Rochester
- BS, Information Sciences and Technology, Pennsylvania State University
Stephanie Wang
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2016
- MS, Financial Engineering, Baruch College
- BBA, Finance, Baruch College
Jared Model
- Senior Trader, Portfolio Analyst for Fixed Income ETFs
- Joined VanEck in 2017
- Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
- MBA, Finance, Montclair State University
- BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
Prices as of 04/14/21
Performance History: Average Annual Total Returns* (%)
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE 12/04/07 |
|
---|---|---|---|---|---|---|---|---|
ITM (NAV) | 0.57 | -0.76 | -0.76 | 4.77 | 5.15 | 3.38 | 4.53 | 4.35 |
ITM (Share Price) | 0.50 | -0.95 | -0.95 | 6.53 | 5.23 | 3.42 | 4.51 | 4.36 |
LMT2TR (Index) | 0.69 | -0.82 | -0.82 | 6.03 | 5.80 | 3.91 | 5.16 | 5.07 |
Performance Differential (NAV - Index) | -0.12 | 0.06 | 0.06 | -1.26 | -0.65 | -0.53 | -0.63 | -0.72 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE 12/04/07 |
|
---|---|---|---|---|---|---|---|---|
ITM (NAV) | 0.57 | -0.76 | -0.76 | 4.77 | 5.15 | 3.38 | 4.53 | 4.35 |
ITM (Share Price) | 0.50 | -0.95 | -0.95 | 6.53 | 5.23 | 3.42 | 4.51 | 4.36 |
LMT2TR (Index) | 0.69 | -0.82 | -0.82 | 6.03 | 5.80 | 3.91 | 5.16 | 5.07 |
Performance Differential (NAV - Index) | -0.12 | 0.06 | 0.06 | -1.26 | -0.65 | -0.53 | -0.63 | -0.72 |
Top 10 Holdings (%) as of 03/31/21 Daily Holdings
to view
full data
Issuer Name | State | Weighting (%) | |
---|---|---|---|
California St |
CA
|
6.45 | |
New York N Y City Transitional Fin Auth Rev |
NY
|
2.02 | |
New York N Y |
NY
|
1.88 | |
Metropolitan Transn Auth N Y Rev |
NY
|
1.60 | |
Maryland St |
MD
|
1.48 | |
New York St Dorm Auth St Pers Income Tax Rev |
NY
|
1.43 | |
Illinois St |
IL
|
1.37 | |
Washington St |
WA
|
1.35 | |
Los Angeles Calif Uni Sch Dist |
CA
|
1.33 | |
Massachusetts St |
MA
|
1.21 | |
Top 10 Total (%) | 20.12 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Geographical Weightings (%) as of 03/31/21
-
State
% of Net Assets -
■
California
16.9 -
■
New York
14.9 -
■
Texas
9.6 -
■
Illinois
4.3 -
■
Pennsylvania
4.3 -
■
Florida
4.1 -
■
New Jersey
3.5 -
■
Washington
3.4 -
■
Massachusetts
3.3 -
■
Maryland
3.2 -
■
Ohio
2.8 -
■
Virginia
2.4 -
■
Connecticut
2.2 -
■
Georgia
1.8 -
■
North Carolina
1.8 -
■
District of Columbia
1.7 -
■
Wisconsin
1.7 -
■
Colorado
1.5 -
■
Minnesota
1.5 -
■
Nevada
1.3 -
■
Other
13.9
Currency Exposure (%)
as of 03/31/21
-
U.S. Dollar
100.04 -
Other/Cash
-0.04
Sector Weightings (%) as of 03/31/21
-
Sector
% of Net Assets -
■
State
20.1 -
■
Local
18.7 -
■
Transportation
12.4 -
■
Special Tax
11.1 -
■
Water & Sewer
9.4 -
■
Health Care
7.6 -
■
Leasing
6.6 -
■
Education
6.3 -
■
Power
4.0 -
■
Housing
1.6 -
■
Tobacco
1.4 -
■
Industrial Revenue
0.8 -
■
Solid Waste/Res Recovery
0.0 -
■
Unassigned
0.0
Credit Quality (%) as of 03/31/21
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 18.03 |
AA | 54.54 | |
A | 20.93 | |
BBB | 6.19 | |
Non-Investment Grade | BB | 0.23 |
Total Investment Grade | -- | 99.69 |
Total Non-Investment Grade | -- | 0.23 |
Not Rated | -- | 0.07 |
Maturity (%) as of 03/31/21
Average Portfolio Maturity: 10.60 Years