MLNVanEck 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.
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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
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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
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
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Ticker
MLBT -
Inception Date
12/11/2021 -
Rebalance Frequency
Monthly
Index Fundamentals4 as of 05/27/22
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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%
Index Top 10 Constituents (%) as of 04/30/22
to view
full data
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 |
Index Geographical Weightings (%) as of 04/30/22
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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
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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