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MAAX
VanEck Muni Allocation ETF

Fund Description

VanEck Muni Allocation ETF (MAAX) seeks maximum long-term after-tax return consisting of capital appreciation and income generally exempt from federal income tax. In pursuing long-term total return, the Fund seeks to reduce duration and/or credit risk during appropriate times by allocating primarily to VanEck municipal exchange-traded products that invest in tax-exempt bonds.

 
 

  • Fund Ticker

    MAAX
  • Exchange

    Cboe
  • Inception Date

    05/15/2019
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates

  as of 11/25/22

  • 30-Day SEC Yield1

    2.70%
  • Total Net Assets

    $2.7M
  • Number of Holdings

    19
  • Options

    No
  • Gross Expense Ratio2

    0.33%
  • Net Expense Ratio/TER2

    0.33%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    11/30/2022

Fund Highlights

  • Actively allocates based on interest rate and credit opportunities.

  • Technical and macroeconomic indicators seek to manage credit and duration risk.

  • Performance oriented strategy offers the potential for capital appreciation plus tax-exempt income.

Yields as of 11/25/22

  • 30-Day SEC Yield1

    2.70%
  • Distribution Yield1

    3.61%
  • 12-Month Yield1

    2.62%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.07%
  • 22% Federal Tax Rate

    3.46%
  • 24% Federal Tax Rate

    3.55%
  • 32% Federal Tax Rate

    3.97%
  • 35% Federal Tax Rate

    4.15%
  • 37% Federal Tax Rate

    4.29%
 1/1a See Important Disclosure for definitions.

Fees and Expenses2

  • Management Fee

    0.08%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    0.25%
  • Gross Expense Ratio

    0.33%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.33%

2Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2023.

Trading Information

  • Fund Ticker

    MAAX
  • Index Total Return Ticker

    MUNI
  • NAV

    MAAXNV
  • Intraday NAV (IIV)4

    MAAXIV
  • Shares Outstanding

    130,000
  • Estimated Cash

    MAAXEU
  • Total Cash

    MAAXTC
  • CUSIP

    92189H508
  • ISIN

    US92189H5081
4See IIV Details. Source: Bloomberg

Fundamentals3 as of 11/25/22

  • Yield to Worst

    4.19%
  • Yield to Maturity

    4.44%
  • Effective Duration (yrs)

    5.96
  • Duration to Worst (yrs)

    6.28
  • Modified Duration (yrs)

    6.90
  • Spread Duration (yrs)

    5.97
  • Years to Maturity

    13.11
  • Coupon

    3.93%
 3See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager for Inflation Allocation Strategy and Municipal Allocation Strategy; Head of the VanEck Quantitative Investment Solutions (QIS) Team
  • Joined VanEck in 2012
  • Prior to VanEck, Director and Portfolio Manager within the UBS Portfolio Strategy Group
  • Previously, sales and client relationship roles at Oppenheimer & Co. and Georgeson, Inc.
  • MBA, Finance, New York University
  • BS, Business Economics, State University of New York College at Cortland
  • Deputy Portfolio Manager for Inflation Allocation Strategy and Municipal Allocation Strategy
  • Joined VanEck in 2007
  • Prior to his current role, served as Settlements Supervisor and Administrator at VanEck
  • BS, Business Administration (concentration in Financial Analysis), State University of New York at Buffalo

Prices as of 11/25/22

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
MAAX $20.81
$20.80
215
0
$-0.02 / -0.10%
$-0.02 / --
--
--
$-0.01
-0.02%
0.25%

Premium/Discount History as of 11/25/22

Calendar Year 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Premium/Discount Charts NAV & Prem/Discount History
MAAX Days closed at a premium 166 59 56 23 10
Days closed at NAV 37 4 2 6 22
Days closed at a discount 49 1 4 33 32

Performance History: Average Annual Total Returns* (%)

  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) -0.96 -9.19 -18.12 -17.16 -5.57 -- -- -3.95
MAAX (Share Price) -0.96 -9.18 -18.16 -17.18 -5.56 -- -- -3.95
ICE US Broad Municipal Index5 -0.70 -6.32 -12.04 -11.29 -1.95 0.43 1.76 -0.98
Performance Differential (NAV - Index) -0.26 -2.87 -6.08 -5.87 -3.62 -- -- -2.97
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) -5.33 -5.33 -17.32 -16.61 -5.21 -- -- -3.77
MAAX (Share Price) -5.33 -5.29 -17.37 -16.80 -5.22 -- -- -3.77
ICE US Broad Municipal Index5 -3.42 -3.32 -11.42 -10.75 -1.68 0.61 1.86 -0.80
Performance Differential (NAV - Index) -1.91 -2.01 -5.90 -5.86 -3.53 -- -- -2.97

Daily Holdings (%) as of 11/23/22

Daily Holdings »
Total Holdings: 19
Ticker
Holding Name % of Net
Assets
Identifier (FIGI)
Shares
Asset Class Market Value
(US$)
Notional Value
ITM US
VanEck Intermediate Muni ETF 36.41
BBG000Q0JKR6
21,772
Stock 985,836 --
HYD US
VanEck High Yield Muni ETF 24.85
BBG000C8Z562
13,101
Stock 672,736 --
SMB US
VanEck Short Muni ETF 19.03
BBG000R24QP6
30,610
Stock 515,166 --
SHYD US
VanEck Short High Yield Munietf 5.37
BBG005T08329
6,559
Stock 145,347 --
KTF US
Dws Municipal Income Trust 1.71
BBG000C0PD09
5,329
Other 46,416 --
XMPT US
VanEck Cef Muni Income ETF 1.05
BBG001WL62Y7
1,311
Stock 28,422 --
VFL US
Delaware Investments National Municipal 0.97
BBG000BH20J6
2,332
Other 26,328 --
NBW US
Neuberger Berman California Municipal F 0.94
BBG000NYNFS0
2,305
Other 25,355 --
NUO US
Nuveen Ohio Quality Municipal Income Fu 0.93
BBG000BFR4Q7
2,011
Other 25,298 --
MMU US
Western Asset Managed Municipals Fund I 0.91
BBG000BC1FN0
2,411
Other 24,640 --
MYI US
Blackrock Muniyield Quality Fund Iii In 0.91
BBG000CR6303
2,224
Other 24,553 --
NXJ US
Nuveen New Jersey Quality Municipal Inc 0.89
BBG000D61W81
2,055
Other 24,023 --
ENX US
Eaton Vance New York Municipal Bond Fun 0.88
BBG000NSTZG6
2,644
Other 23,928 --
NQP US
Nuveen Pennsylvania Quality Municipal I 0.88
BBG000BFH7X3
2,100
Other 23,856 --
CXH US
Mfs Investment Grade Municipal Trust 0.88
BBG000C123D0
3,316
Other 23,809 --
DMF US
Bny Mellon Municipal Income Inc 0.86
BBG000B9X2W1
3,612
Other 23,334 --
MFM US
Mfs Municipal Income Trust 0.85
BBG000BNZ6M0
4,549
Other 23,063 --
CMU US
Mfs High Yield Municipal Trust 0.84
BBG000BFX2H4
7,131
Other 22,677 --
MHI US
Pioneer Municipal High Income Fund Trus 0.84
BBG000PTD753
2,566
Other 22,606 --
--
Other/Cash 0.00
--
0
Cash -110 --
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These are not recommendations to buy or to sell any security. Securities and holdings will vary at times. The holdings presented reflect unsettled trade activity from creation and/or redemption transactions from the prior business day and may differ from the holdings information used to calculate the Fund's net asset value. The adjusted shares outstanding is 130,000. This includes any changes in shares outstanding due to creations or redemptions on the previous business day, and may differ from the information used to calculate the fund's net asset value.

Geographical Weightings (%)
as of 10/31/22

State % of Net Assets
New York 13.76
California 13.71
Illinois 7.89
Texas 7.25
[Unassigned] 6.38
New Jersey 3.91
Pennsylvania 3.74
Florida 3.57
Ohio 2.69
Washington 2.53
Massachusetts 2.37
Puerto Rico 2.26
Colorado 2.09
Georgia 1.91
Maryland 1.81
Virginia 1.74
Connecticut 1.68
Alabama 1.68
Wisconsin 1.65
Arizona 1.53
Other/Cash 15.84

Currency Exposure (%) as of 10/31/22

U.S. Dollar 99.93
Other/Cash 0.07

Sector Weightings (%)
as of 10/31/22

Sector % of Net Assets
Unassigned 100.00

Credit Quality (%) as of 10/31/22

Composite % of Net Assets
Investment Grade AAA 9.09
AA 31.38
A 17.00
BBB 10.50
Non-Investment Grade BB 8.18
B 2.05
CCC 0.52
Total Investment Grade -- 67.96
Total Non-Investment Grade -- 10.75
Not Rated -- 22.45

Maturity (%)
as of 10/31/22

Average Portfolio Maturity: 12.99 Years

Maturity (%)

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