Municipal Bonds

The VanEck Long Muni ETF (MLN^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR), 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
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
State Street Bank and Trust Company
Index Ticker
LMT3TR
Index Rebalancing
Monthly
2021 Preliminary NAIC Designation⁷
1.F

as of 10/18/21

30-Day SEC Yield¹
1.60%
Total Net Assets
$243.5M
Number of Holdings
504
Options
Expected
Gross Expense Ratio²
0.24%
Net Expense Ratio/TER²
0.24%
Distribution Frequency
Monthly

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Index Key Points

The Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR) is comprised of:

Four main sectors: general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Issues eligible for inclusion in Index:

Have a nominal maturity of 17+ years.
Have a dated-date within the last 5 years.
Rated investment grade.
AMT-free.
Have an outstanding par value of at least $7 million.
Issued as part of a transaction of at least $75 million.
Fixed rate.

Index Provider: Bloomberg Index Services Limited

Index Profile

Ticker
LMT3TR
Inception Date
11/05/2007
Rebalance Frequency
Monthly

Index Fundamentals⁴
as of 10/15/21

Yield to Worst
1.92%
Yield to Maturity
3.21%
Effective Duration (yrs)
8.44
Duration to Worst (yrs)
7.07
Modified Duration (yrs)
10.21
Spread Duration (yrs)
9.25
Years to Maturity
24.36
Coupon
4.20%

⁴ See Important Disclosure for definitions.

Top 10 Constituents (%) as of 09/30/21

Total Constituents: 8215

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	Issuer Name	State	Weighting (%)
	New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev	NY	2.40
	New York N Y City Transitional Fin Auth Rev	NY	2.23
	Metropolitan Transn Auth N Y Rev	NY	1.70
	California St	CA	1.69
	Massachusetts St	MA	1.68
	New York N Y	NY	1.65
	New York St Dorm Auth St Pers Income Tax Rev	NY	1.60
	California Health Facs Fing Auth Rev	CA	1.30
	New York St Urban Dev Corp Rev	NY	1.28
	Pennsylvania St Tpk Commn Tpk Rev	PA	1.05
Top 10 Total (%)			16.58

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Geographical Weightings (%) as of 09/30/21

State
% of Net Assets
■
New York
20.2
■
California
15.1
■
Texas
10.2
■
Florida
4.7
■
Pennsylvania
4.6
■
Massachusetts
4.0
■
Illinois
3.4
■
New Jersey
3.1
■
Colorado
2.8
■
Ohio
2.7
■
Michigan
2.4
■
Washington
2.2
■
Georgia
2.2
■
Maryland
1.8
■
Virginia
1.7
■
Dist. of Columbia
1.4
■
District of Columbia
1.4
■
North Carolina
1.4
■
Arizona
1.3
■
Wisconsin
1.1

Index Sector Weightings (%) as of 09/30/21

Sector
% of Net Assets
■
Health Care Facilities
17.1
■
Local General
15.2
■
Transportation
14.2
■
Special Tax
11.5
■
Water Utilities
10.1
■
Education
8.5
■
Housing
6.2
■
State General
6.0
■
Leasing
4.8
■
Power Utilities
4.4
■
IDR/PCR
2.0

Index Credit Quality (%) as of 09/30/21

Composite		% of Net Assets
Investment Grade	AAA	14.09
	AA	52.25
	A	23.98
	BBB	9.68
Total Investment Grade	--	100.00

Source: Barclays. Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 09/30/21

Average Maturity: 24.34 Years

Municipal Bonds

CEO's Investment Outlook

Related Funds

MLNVanEck Long Muni ETF

Fund Description