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MLN
VanEck Long Muni ETF

Fund Description

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

 
 

  • Fund Ticker

    MLN
  • Exchange

    Cboe
  • Inception Date

    01/02/2008
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    MLBT
  • Index Rebalancing

    Monthly
  • 2022 Preliminary NAIC Designation7

    1.F

 
as of 05/27/22

  • 30-Day SEC Yield1

    3.48%
  • Total Net Assets

    $220.7M
  • Number of Holdings

    465
  • Options

    No
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    05/31/2022
Why Invest?

Index Key Points

ICE Long AMT-Free Broad National Municipal Transition Index (MLBT):

The Fund is expected to begin tracking the ICE Long AMT-Free Broad National Municipal Transition Index (the "Long Index") on or around March 1, 2022. The Long Index is an interim index that gradually increases exposure to securities based on their weightings in the ICE Long AMT-Free Broad National Municipal Index (the "Final Long Index") while proportionally reducing exposure to certain component securities of the Bloomberg AMT-Free Long Continuous Municipal Index. The Fund is expected to begin tracking the Final Long Index on December 1, 2022.


The Final Long Index tracks the performance of long maturity U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. Qualifying securities must be exempt from Federal taxes and must not be subject to alternative minimum tax. In addition, qualifying securities must have at least 17 years remaining term to final maturity, a fixed coupon schedule (including zero coupon and step up or stepdown bonds) and an investment grade rating (based on the middle rating of Moody’s, S&P and Fitch).


Index Provider: ICE Data Indices, LLC

Index Profile

  • Ticker

    MLBT
  • Inception Date

    12/11/2021
  • Rebalance Frequency

    Monthly

Index Fundamentals4
as of 05/27/22

  • Yield to Worst

    3.68%
  • Yield to Maturity

    4.11%
  • Effective Duration (yrs)

    11.03
  • Duration to Worst (yrs)

    8.53
  • Modified Duration (yrs)

    14.11
  • Spread Duration (yrs)

    8.99
  • Years to Maturity

    24.10
  • Coupon

    4.18%
 4See Important Disclosure for definitions.

Index Top 10 Constituents (%) as of 04/30/22

Total Constituents: 10,866
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Issuer Name State Weightings (%)
The Dormitory Authority of the State of New York NY 2.88
New York City Transitional Finance Authority NY 2.76
New York City Municipal Water Finance Authority NY 2.53
California State of CA 2.01
Metropolitan Transportation Authority NY 1.93
New York State Urban Development Corporation NY 1.59
Massachusetts Commonwealth of MA 1.53
New York City of NY 1.38
Los Angeles Department of Water and Power CA 1.33
Pennsylvania Turnpike Commission PA 1.32
Top 10 Total (%) 19.26
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Geographical Weightings (%) as of 04/30/22

  • State

    % of Net Assets
  • New York

    20.9
  • California

    16.3
  • Texas

    10.0
  • Florida

    5.0
  • Pennsylvania

    4.5
  • Massachusetts

    3.6
  • Illinois

    3.3
  • New Jersey

    3.1
  • Colorado

    2.5
  • Ohio

    2.4
  • Washington

    2.2
  • Georgia

    2.1
  • Michigan

    2.0
  • Maryland

    1.7
  • Virginia

    1.5
  • District of Columbia

    1.4
  • Dist. of Columbia

    1.4
  • Arizona

    1.3
  • Minnesota

    1.2
  • Wisconsin

    1.2

Index Sector Weightings (%) as of 04/30/22

  • Sector

    % of Net Assets
  • Hospitals

    15.9
  • Local GO

    14.3
  • Tax

    13.7
  • Water & Sewer

    10.1
  • Toll & Turnpike

    8.0
  • Education

    7.1
  • State GO

    6.0
  • Transportation

    5.3
  • Single Family Housing

    4.2
  • Leasing COPS & Appropriations

    4.1
  • Power

    3.7
  • Airport

    2.0
  • Multi-Family Housing

    1.7
  • Utilities - Other

    1.4
  • Misc

    1.0
  • Health

    0.9
  • Tobacco

    0.9
  • Industrial Development Revenue

    0.8
  • Pollution Control

    0.3

Index Credit Quality (%) as of 04/30/22

Composite % of Net Assets
Investment Grade AAA 10.42
AA 49.37
A 17.01
BBB 7.90
Non-Investment Grade BB 0.01
Total Investment Grade -- 84.69
Total Non-Investment Grade -- 0.01
Not Rated -- 15.31

Maturity (%) as of 04/30/22

Average Maturity: 24.20 Years