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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
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company

 
as of 10/18/21

  • 30-Day SEC Yield1

    2.82%
  • Total Net Assets

    $4.2M
  • Number of Holdings

    13
  • Options

    Expected
  • Gross Expense Ratio2

    0.36%
  • Net Expense Ratio/TER2

    0.36%
  • Distribution Frequency

    Monthly
Why Invest?

Key Points

  • 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 10/18/21

  • 30-Day SEC Yield1

    2.82%
  • Distribution Yield1

    2.60%
  • 12-Month Yield1

    2.62%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.20%
  • 22% Federal Tax Rate

    3.62%
  • 24% Federal Tax Rate

    3.71%
  • 32% Federal Tax Rate

    4.15%
  • 35% Federal Tax Rate

    4.34%
  • 37% Federal Tax Rate

    4.48%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.08%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    0.28%
  • Gross Expense Ratio

    0.36%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.36%
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.

Trading Information

  • Fund Ticker

    MAAX
  • Index Total Return Ticker

    LMBITR
  • NAV

    MAAXNV
  • Intraday NAV (IIV)4

    MAAXIV
  • Shares Outstanding

    170,000
  • Estimated Cash

    MAAXEU
  • Total Cash

    MAAXTC
  • CUSIP

    92189H508
  • ISIN

    US92189H5081
4See IIV Details. Source: Bloomberg

Fundamentals3
as of 10/15/21

  • Yield to Worst

    1.92%
  • Yield to Maturity

    2.99%
  • Effective Duration (yrs)

    6.80
  • Duration to Worst (yrs)

    6.02
  • Modified Duration (yrs)

    7.63
  • Spread Duration (yrs)

    7.03
  • Years to Maturity

    16.74
  • Coupon

    3.50%
  • AMT

    6.08%
 3See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager for Global Asset Allocation Strategy, 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 Global Asset Allocation Strategy, 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 10/18/21

NAV/
Market Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change
NAV/
Last Price
Premium/
Discount
Prem/Discount
Distribution Charts
NAV &
Prem/Discount
History
30-Day
Median
Bid Ask
Spread
NAV
Chart
MAAX $24.68
$24.69
713
809
$0.01 / +0.03%
$-0.01 / -0.02%
+1.22%
+1.28%
$0.01
0.06%
0.28%

Premium/Discount History as of 10/18/21

Calendar Year 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 128 33 28 22 57
MAAX Days closed at NAV 35 11 13 15 5
Days closed at a discount 90 20 20 26 2


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) -1.44 -1.04 1.43 4.31 -- -- -- 2.20
MAAX (Share Price) -1.33 -0.98 1.65 4.37 -- -- -- 2.30
Bloomberg Barclays Municipal Bond Index8 -0.72 -0.27 0.79 2.63 5.06 3.26 3.87 3.85
Performance Differential (NAV - Index) -0.72 -0.77 0.64 1.68 -- -- -- -1.65
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) -1.44 -1.04 1.43 4.31 -- -- -- 2.20
MAAX (Share Price) -1.33 -0.98 1.65 4.37 -- -- -- 2.30
Bloomberg Barclays Municipal Bond Index8 -0.72 -0.27 0.79 2.63 5.06 3.26 3.87 3.85
Performance Differential (NAV - Index) -0.72 -0.77 0.64 1.68 -- -- -- -1.65

Daily Holdings (%) as of 10/15/21 Download All Fund Holdings »

Total Holdings: 13
Ticker
Holding Name % of Net
Assets
Identifier (FIGI)
Shares Asset Class Market Value
(US$)
ITM US
VanEck Intermediate Muni ETF 49.50
BBG000Q0JKR6
40,643
Stock 2,075,638
MLN US
VanEck Long Muni ETF 19.91
BBG000V2BFB2
38,944
Stock 834,765
HYD US
VanEck High Yield Muni ETF 15.44
BBG000C8Z562
10,455
Stock 647,374
SHYD US
VanEck Short High Yield Munietf 5.11
BBG005T08329
8,579
Stock 214,389
KTF US
Dws Municipal Income Trust 1.96
BBG000C0PD09
6,969
Other 82,234
ENX US
Eaton Vance New York Municipal Bond Fun 1.02
BBG000NSTZG6
3,456
Other 42,958
MYI US
Blackrock Muniyield Quality Fund Iii In 1.01
BBG000CR6303
2,908
Other 42,195
MFM US
Mfs Municipal Income Trust 1.00
BBG000BNZ6M0
5,949
Other 41,940
MAV US
Pioneer Municipal High Income Advantage 1.00
BBG000BTK484
3,581
Other 41,898
MUI US
Blackrock Municipal Income Fund Inc 1.00
BBG000PRJYW2
2,734
Other 41,830
MMU US
Western Asset Managed Municipals Fund I 1.00
BBG000BC1FN0
3,155
Other 41,772
MFL US
Blackrock Muniholdings Investment Quali 0.99
BBG000BV3NR5
2,893
Other 41,688
MHI US
Pioneer Municipal High Income Fund Inc 0.97
BBG000PTD753
3,358
Other 40,833
--
Other/Cash 0.09
--
--
Cash 3,981
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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 170,000. 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 09/30/21

  • State

    % of Net Assets
  • New York

    12.9
  • California

    12.9
  • Illinois

    7.3
  • Texas

    7.2
  • New Jersey

    5.8
  • [Unassigned]

    5.0
  • Florida

    4.5
  • Pennsylvania

    4.0
  • Ohio

    3.2
  • Colorado

    2.9
  • Washington

    2.1
  • Massachusetts

    2.0
  • Virginia

    1.8
  • Wisconsin

    1.7
  • Puerto Rico

    1.7
  • Georgia

    1.7
  • Maryland

    1.7
  • Arizona

    1.5
  • Michigan

    1.5
  • North Carolina

    1.3
  • Other

    17.3

Currency Exposure (%)
as of 09/30/21

  • U.S. Dollar

    99.91
  • Other/Cash

    0.09

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

  • Sector

    % of Net Assets
  • Health Care

    13.1
  • Local

    11.8
  • Transportation

    11.6
  • Special Tax

    10.7
  • State

    8.5
  • Unassigned

    7.4
  • Education

    7.3
  • Industrial Revenue

    7.2
  • Leasing

    6.9
  • Water & Sewer

    5.7
  • Tobacco

    3.9
  • Housing

    3.3
  • Power

    2.4
  • Cash

    0.3
  • Solid Waste/Res Recovery

    0.0

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

Composite % of Net Assets
Investment Grade AAA 8.58
AA 28.19
A 14.22
BBB 13.86
Non-Investment Grade BB 7.87
B 2.52
CCC 1.31
Total Investment Grade -- 64.86
Total Non-Investment Grade -- 11.71
Not Rated -- 23.18
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 09/30/21

 Average Portfolio Maturity: 17.66 Years