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SHYD VanEck Short High Yield Muni ETF Please read important disclosure Close important disclosure false

SHYD
VanEck Short High Yield Muni ETF

SHYD
VanEck Short High Yield Muni ETF

  • NAV
    $22.68

    as of April 17, 2026
  • YTD RETURNS
    0.72%

    as of April 17, 2026
  • Total Net Assets
    $423.05M

    as of April 17, 2026
  • Total Expense Ratio
    0.32%
  • Inception Date
    01/13/2014
  • 30-Day SEC Yield
    3.64%
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Overview

Why SHYD

  • High-Yield Muni Focus

    Underlying Index comprised of highest-yielding municipal bonds with income generally exempt from federal taxes, focused on the 1-12 year maturity range.

  • Enhanced Liquidity Feature

    Index includes 20% BBB and 10% A investment-grade exposure as well as a 30% cap on non-rated bonds for enhanced liquidity

  • Diversified Credit Quality

    Index covers wide range of muni sectors and securities with historically low default rates.

    Source: Moody’s Investors Services; "U.S. Municipal Bond Defaults and Recoveries, 1970-2024"

The VanEck Short High Yield Muni ETF (SHYD®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX), which is intended to track the overall performance of the U.S. dollar denominated high yield short-term tax-exempt bond market.

Yields  as of  04/17/2026

Distribution Frequency

Monthly

30-Day SEC Yield

3.64%

Distribution Yield

4.04%

12 Month Yield

3.57%

Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Short High Yield Muni ETF would have been 3.64% on 04/17/26. Distributions may vary from time to time.

Performance

Average Annual Total Returns* (%)

View All ETFs View All Indices
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 01/13/14
SHYD (NAV) -1.69 -0.03 -0.03 3.78 3.60 1.06 2.00 2.24
SHYD (Market Price) -1.60 -0.52 -0.52 4.39 3.90 1.00 2.02 2.27
ICE 1-12 Year Broad High Yield Crossover Municipal Index (Index) -1.46 0.02 0.02 3.64 4.21 2.44 3.33 3.79
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 01/13/14
SHYD (NAV) -1.69 -0.03 -0.03 3.78 3.60 1.06 2.00 2.24
SHYD (Market Price) -1.60 -0.52 -0.52 4.39 3.90 1.00 2.02 2.27
ICE 1-12 Year Broad High Yield Crossover Municipal Index (Index) -1.46 0.02 0.02 3.64 4.21 2.44 3.33 3.79

*Returns less than one year are not annualized.

Index data prior to March 1, 2022 reflects that of the Bloomberg Municipal High Yield Short Duration Index (BMHYTR). From March 1, 2022 to November 30, 2022 the index data reflects that of the ICE 1-12 Year High Yield Crossover Municipal Bond Transition Index (MXIT). From December 1, 2022 forward, the index data reflects that of the Fund's underlying index, the ICE 1-12 Year Broad High Yield Crossover Municipal Index (MIHX) and is not intended for third party use.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

Holdings

Daily Holdings (%) as of 04/16/2026

Download XLS Get holdings
Total Holdings: 543
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
California Municipal Finance Authority
1.60
 4.000
07/15/2029
6,747,687
Patriots Energy Group Financing Agency
1.29
 5.250
10/01/2054
5,467,652
Commonwealth Of Puerto Rico
1.04
 5.750
07/01/2031
4,399,002
Commonwealth Of Puerto Rico
0.96
 4.000
07/01/2033
4,054,104
Greater Orlando Aviation Authority
0.95
 5.500
11/01/2037
3,994,411
City & County Of Denver Co
0.93
 5.000
10/01/2032
3,937,777
Black Belt Energy Gas District
0.91
 5.000
12/01/2055
3,826,114
Baldwin County Industrial Development A
0.86
 5.000
06/01/2055
3,615,726
Mission Economic Development Corp
0.82
 4.625
10/01/2031
3,467,765
California Infrastructure & Economic De
0.80
 12.000
01/01/2065
3,368,182
Kentucky Public Energy Authority
0.77
 5.250
06/01/2055
3,234,386
Commonwealth Of Puerto Rico
0.76
 5.625
07/01/2029
3,200,433
New York Transportation Development Cor
0.68
 5.250
08/01/2031
2,880,345
California Community Choice Financing A
0.64
 5.500
05/01/2054
2,683,441
New York Transportation Development Cor
0.63
 5.000
08/01/2031
2,679,534
California Housing Finance Agency
0.60
 4.000
03/20/2033
2,520,660
City Of Houston Tx Airport System Reven
0.59
 5.000
07/01/2029
2,504,363
Chicago Board Of Education
0.59
 5.000
12/01/2036
2,504,155
Chicago Board Of Education
0.56
 5.000
12/01/2034
2,363,170
Metropolitan Transportation Authority
0.55
 5.000
11/15/2035
2,331,683
New York Transportation Development Cor
0.51
 5.000
12/01/2029
2,160,244
Puerto Rico Commonwealth Aqueduct & Sew
0.50
 5.000
07/01/2033
2,130,150
Chicago Board Of Education
0.50
 5.000
12/01/2030
2,105,914
Chicago Board Of Education
0.50
 5.000
12/01/2031
2,099,163
Chicago Board Of Education
0.49
 5.000
12/01/2032
2,088,727
Montgomery County Industrial Developmen
0.49
 4.100
06/01/2029
2,070,531
California Community Choice Financing A
0.49
 5.000
10/01/2055
2,067,037
City Of Houston Tx Airport System Reven
0.49
 5.000
07/15/2027
2,058,665
Black Belt Energy Gas District
0.48
 4.000
12/01/2052
2,046,564
Indiana Finance Authority
0.48
 4.125
12/01/2026
2,045,217
New York Transportation Development Cor
0.48
 3.000
08/01/2031
2,026,968
Ohio Air Quality Development Authority
0.47
 3.250
09/01/2029
2,003,053
New Hampshire Business Finance Authorit
0.44
 4.150
10/20/2040
1,851,884
Brooklyn Arena Local Development Corp
0.44
 5.000
07/15/2030
1,841,869
City Of Houston Tx Airport System Reven
0.43
 5.000
07/15/2027
1,801,332
California Statewide Communities Develo
0.42
 5.250
12/01/2034
1,776,394
Baldwin County Industrial Development A
0.41
 4.300
03/01/2056
1,716,540
Chicago Board Of Education
0.40
 6.000
12/01/2037
1,693,952
New York Transportation Development Cor
0.40
 4.000
07/01/2035
1,679,674
County Of Miami-Dade Fl Aviation Revenu
0.40
 5.000
10/01/2034
1,679,389
Puerto Rico Sales Tax Financing Corp Sa
0.40
 --
07/01/2031
1,671,645
County Of Miami-Dade Fl Aviation Revenu
0.39
 5.000
10/01/2036
1,660,934
Rhode Island Health And Educational Bui
0.39
 5.000
05/15/2031
1,638,689
Greater Orlando Aviation Authority
0.38
 5.500
11/01/2036
1,619,476
Escambia County Health Facilities Autho
0.38
 5.000
08/15/2031
1,596,320
California Community Choice Financing A
0.38
 5.250
01/01/2054
1,591,561
Southeast Energy Authority A Cooperativ
0.38
 5.000
11/01/2035
1,587,583
City Of Chicago Il
0.37
 5.000
01/01/2030
1,582,969
New York Transportation Development Cor
0.37
 5.000
10/01/2035
1,576,115
Chicago Board Of Education
0.37
 5.000
12/01/2033
1,564,266
New York Transportation Development Cor
0.37
 5.000
12/01/2030
1,562,159
New York Energy Finance Development Cor
0.37
 5.000
07/01/2056
1,561,233
City Of Houston Tx Airport System Reven
0.37
 5.000
07/15/2028
1,558,828
Dekalb County Housing Authority
0.37
 4.000
12/01/2033
1,542,639
West Virginia Economic Development Auth
0.36
 4.625
04/15/2055
1,534,033
Tulsa Municipal Airport Trust Trustees/
0.36
 5.500
06/01/2035
1,531,519
Glynn-Brunswick Memorial Hospital Autho
0.36
 5.000
08/01/2034
1,516,945
Commonwealth Of Puerto Rico
0.36
 4.000
07/01/2035
1,509,948
Calhoun County Navigation Industrial De
0.35
 3.625
07/01/2026
1,469,163
Chicago Board Of Education
0.34
 5.000
12/01/2033
1,450,970
City Of Henderson Ky
0.34
 3.700
01/01/2032
1,434,019
New Jersey Economic Development Authori
0.34
 5.250
09/15/2029
1,423,649
Chicago Board Of Education
0.33
 --
12/01/2028
1,378,874
New Hampshire Business Finance Authorit
0.32
 4.125
01/20/2034
1,370,820
Maricopa County Industrial Development
0.32
 4.000
07/01/2029
1,363,291
Chicago Board Of Education
0.32
 5.125
12/01/2032
1,345,835
Chicago Board Of Education
0.31
 5.000
12/01/2029
1,313,077
Chicago Board Of Education
0.31
 5.000
12/01/2030
1,307,684
California Community Choice Financing A
0.30
 5.000
01/01/2055
1,286,217
Matagorda County Navigation District No
0.30
 4.000
06/01/2030
1,269,520
New York Transportation Development Cor
0.30
 5.000
07/01/2034
1,249,263
Austin Convention Enterprises Inc
0.29
 5.000
01/01/2033
1,222,743
Puerto Rico Sales Tax Financing Corp Sa
0.28
 --
07/01/2029
1,179,804
New Jersey Economic Development Authori
0.28
 4.000
07/01/2032
1,174,250
Capital Trust Agency Inc
0.28
 3.375
07/01/2031
1,171,258
County Of Allen Oh Hospital Facilities
0.27
 5.000
11/01/2034
1,161,455
Great Lakes Water Authority Water Suppl
0.27
 5.000
07/01/2034
1,157,022
Puerto Rico Sales Tax Financing Corp Sa
0.27
 --
07/01/2033
1,155,611
City Of Los Angeles Department Of Airpo
0.27
 5.000
05/15/2035
1,149,196
California Health Facilities Financing
0.27
 5.000
12/01/2035
1,147,274
Metropolitan Pier & Exposition Authorit
0.27
 --
12/15/2033
1,145,489
Monroe County Industrial Development Co
0.27
 5.000
12/01/2034
1,134,542
District Of Columbia Water & Sewer Auth
0.27
 5.000
10/01/2037
1,133,299
State Of Illinois
0.27
 5.000
09/01/2034
1,129,125
California Health Facilities Financing
0.27
 5.000
12/01/2034
1,128,788
New Jersey Economic Development Authori
0.27
 5.750
09/15/2027
1,127,908
Dallas Fort Worth International Airport
0.27
 5.000
11/01/2036
1,124,531
Massachusetts Development Finance Agenc
0.27
 5.000
07/01/2035
1,124,455
Parish Of St James La
0.27
 6.100
12/01/2040
1,124,119
City Of Salt Lake City Ut Airport Reven
0.27
 5.000
07/01/2037
1,120,221
San Joaquin Valley Clean Energy Authori
0.26
 5.500
01/01/2056
1,117,397
Columbus Regional Airport Authority
0.26
 5.000
01/01/2036
1,115,622
Virginia Beach Development Authority
0.26
 5.750
09/01/2033
1,113,391
Trust For Cultural Resources Of The Cit
0.26
 --
12/01/2032
1,110,718
New York Transportation Development Cor
0.26
 6.000
04/01/2035
1,103,706
California Community Choice Financing A
0.26
 5.000
10/01/2056
1,103,425
Pennsylvania Economic Development Finan
0.26
 5.000
06/30/2032
1,100,943
California Community Choice Financing A
0.26
 5.000
02/01/2055
1,092,756
Territory Of Guam
0.26
 5.000
01/01/2031
1,087,750
Salt Verde Financial Corp
0.26
 5.000
12/01/2037
1,086,374
Southeast Energy Authority A Cooperativ
0.26
 5.500
01/01/2053
1,086,318
Tennessee Energy Acquisition Corp
0.26
 5.000
05/01/2052
1,085,232
Chicago Board Of Education
0.26
 5.500
12/01/2031
1,084,683
Texas Municipal Gas Acquisition & Suppl
0.26
 5.000
12/15/2030
1,081,545
Southeast Alabama Gas Supply District/T
0.26
 5.000
06/01/2049
1,080,885
Central Plains Energy Project
0.26
 5.000
08/01/2055
1,080,043
Texas Municipal Gas Acquisition & Suppl
0.26
 5.000
01/01/2055
1,079,959
Kentucky Public Energy Authority
0.26
 5.000
05/01/2036
1,079,639
Territory Of Guam
0.25
 5.000
01/01/2030
1,075,901
City Of Houston Tx Airport System Reven
0.25
 5.500
07/15/2037
1,074,848
Puerto Rico Commonwealth Aqueduct & Sew
0.25
 5.000
07/01/2030
1,073,099
Virginia Small Business Financing Autho
0.25
 5.000
12/01/2034
1,070,150
California Community Choice Financing A
0.25
 5.000
02/01/2055
1,068,433
Indiana Finance Authority
0.25
 4.250
11/01/2030
1,067,782
Southern California Public Power Author
0.25
 5.000
07/01/2053
1,066,235
Central Plains Energy Project
0.25
 5.000
09/01/2031
1,066,151
California Community Choice Financing A
0.25
 5.250
11/01/2054
1,060,542
Calcasieu Parish Memorial Hospital Serv
0.25
 5.000
12/01/2027
1,058,537
City Of Coralville Ia
0.25
 4.000
06/01/2029
1,056,763
California Community Choice Financing A
0.25
 5.000
12/01/2053
1,056,253
Chicago Board Of Education
0.25
 5.000
12/01/2029
1,050,462
City Of Houston Tx Airport System Reven
0.25
 5.250
07/15/2028
1,050,377
Puerto Rico Commonwealth Aqueduct & Sew
0.25
 5.000
07/01/2028
1,048,814
City Of Minneapolis Mn
0.25
 5.000
11/15/2035
1,048,803
Matching Fund Special Purpose Securitiz
0.25
 5.000
10/01/2032
1,046,247
Chicago Board Of Education
0.25
 5.000
12/01/2030
1,046,147
Build Nyc Resource Corp
0.25
 5.000
06/01/2036
1,045,157
California Community Choice Financing A
0.25
 5.000
08/01/2055
1,044,179
Minnesota Municipal Gas Agency
0.25
 5.000
09/01/2035
1,043,713
New York City Housing Development Corp
0.25
 3.950
11/01/2064
1,041,806
California Municipal Finance Authority
0.25
 5.000
12/31/2037
1,039,164
Washington State Convention Center Publ
0.25
 4.000
07/01/2031
1,038,091
Commonwealth Of Puerto Rico
0.25
 5.625
07/01/2027
1,035,789
New York City Housing Development Corp
0.25
 3.750
05/01/2065
1,035,241
New Jersey Economic Development Authori
0.24
 5.000
07/01/2033
1,030,210
Chicago Board Of Education
0.24
 5.000
12/01/2037
1,026,556
New Jersey Economic Development Authori
0.24
 5.625
11/15/2030
1,025,436
New York State Housing Finance Agency
0.24
 3.600
11/01/2064
1,024,495
New York Transportation Development Cor
0.24
 4.000
10/01/2030
1,023,166
Florida Local Government Finance Commis
0.24
 4.200
11/15/2030
1,022,078
New York Liberty Development Corp
0.24
 5.150
11/15/2034
1,022,065
Puerto Rico Electric Power Authority
0.24
 5.250
07/01/2033
1,021,905
Vermont Educational & Health Buildings
0.24
 5.000
12/01/2031
1,020,958
Public Finance Authority
0.24
 4.300
11/01/2030
1,019,930
Lee County Industrial Development Autho
0.24
 4.125
11/15/2029
1,018,997
Washington State Housing Finance Commis
0.24
 4.375
01/01/2033
1,013,921
Virginia Beach Development Authority
0.24
 5.750
09/01/2030
1,013,721
Guam Power Authority
0.24
 5.000
10/01/2033
1,013,641
Puerto Rico Sales Tax Financing Corp Sa
0.24
 4.500
07/01/2034
1,013,430
Black Belt Energy Gas District
0.24
 5.000
10/01/2035
1,013,425
Oklahoma Development Finance Authority
0.24
 5.000
08/15/2026
1,013,022
New York Transportation Development Cor
0.24
 4.000
07/01/2031
1,011,888
Rhode Island Health And Educational Bui
0.24
 5.000
09/01/2031
1,007,836
South Carolina Jobs-Economic Developmen
0.24
 5.500
06/15/2033
1,007,268
Compton Public Finance Authority
0.24
 4.500
09/01/2032
1,006,123
Build Nyc Resource Corp
0.24
 5.000
12/15/2031
1,001,937
New York City Housing Development Corp
0.24
 3.125
11/01/2065
1,000,250
Ohio Air Quality Development Authority
0.23
 4.250
08/01/2029
991,113
New York State Dormitory Authority
0.23
 5.000
08/01/2030
987,915
New York State Environmental Facilities
0.23
 3.750
12/01/2044
983,345
Ohio Air Quality Development Authority
0.23
 2.600
06/01/2041
982,107
California Municipal Finance Authority
0.23
 3.500
12/31/2035
973,721
Windler Public Improvement Authority
0.23
 4.000
12/01/2031
970,772
County Of Miami-Dade Seaport Department
0.22
 5.000
10/01/2036
944,780
City Of Farmington Nm
0.22
 1.800
04/01/2029
944,522
Allentown Neighborhood Improvement Zone
0.22
 5.000
05/01/2028
933,943
Industrial Development Authority Of The
0.22
 5.000
07/01/2035
913,558
Connecticut State Health & Educational
0.21
 5.000
07/01/2029
902,920
Territory Of Guam
0.21
 4.000
01/01/2036
902,352
Colorado Health Facilities Authority
0.21
 3.500
05/15/2030
902,140
Puerto Rico Sales Tax Financing Corp Sa
0.21
 --
07/01/2029
901,991
Wisconsin Health & Educational Faciliti
0.20
 3.000
08/15/2026
828,511
City Of Los Angeles Department Of Airpo
0.20
 5.000
05/15/2030
826,655
Arizona Industrial Development Authorit
0.19
 4.750
07/01/2029
816,611
County Of Miami-Dade Fl Aviation Revenu
0.19
 5.000
10/01/2035
813,949
Louisiana Local Government Environmenta
0.19
 3.500
11/01/2032
805,086
Puerto Rico Municipal Finance Agency
0.19
 5.000
08/01/2030
790,795
New Jersey Economic Development Authori
0.19
 4.000
06/15/2029
783,887
California Community Choice Financing A
0.18
 5.000
01/01/2056
779,584
Metropolitan Nashville Airport Authorit
0.18
 5.000
07/01/2038
778,519
County Of Cuyahoga Oh
0.18
 5.000
05/15/2032
777,955
County Of Sullivan Ny
0.18
 4.850
11/01/2031
771,599
Florida Higher Educational Facilities F
0.18
 5.000
07/01/2035
771,285
Eastern Illinois Economic Development A
0.18
 5.000
11/01/2033
769,437
State Of Illinois
0.18
 5.000
03/01/2033
762,076
Arkansas Development Finance Authority
0.18
 4.250
09/01/2046
750,230
Philadelphia Gas Works Co
0.18
 5.000
10/01/2031
744,854
New Memphis Arena Public Building Autho
0.18
 --
04/01/2033
740,860
Chicago Board Of Education
0.17
 --
12/01/2028
723,567
Puerto Rico Electric Power Authority
0.17
 5.250
07/01/2032
717,953
Florida Development Finance Corp
0.17
 5.000
07/01/2035
712,361
Colorado State University Research Foun
0.17
 5.000
03/01/2035
710,273
Washington State Housing Finance Commis
0.17
 3.500
12/20/2035
708,720
M-S-R Energy Authority
0.17
 6.125
11/01/2029
698,937
Central Plains Energy Project
0.16
 5.000
09/01/2034
688,470
Monroe County Industrial Development Co
0.16
 4.000
12/01/2035
683,661
Public Finance Authority
0.16
 5.000
12/01/2027
670,220
Virginia Small Business Financing Autho
0.15
 4.000
01/01/2031
654,476
Metropolitan Pier & Exposition Authorit
0.15
 --
06/15/2030
651,264
Detroit Regional Convention Facility Au
0.15
 5.000
10/01/2035
642,178
Metropolitan Washington Airports Author
0.15
 --
10/01/2037
637,584
City Of Minneapolis Mn
0.15
 5.000
11/15/2034
636,029
New Hope Cultural Education Facilities
0.15
 4.000
07/01/2028
632,581
California Municipal Finance Authority
0.15
 5.000
06/30/2027
630,637
State Of Nevada Department Of Business
0.15
 12.000
01/01/2065
620,982
M-S-R Energy Authority
0.15
 7.000
11/01/2034
617,757
Denver Convention Center Hotel Authorit
0.15
 5.000
12/01/2027
617,340
City Of Wichita Ks
0.15
 5.000
05/15/2034
617,002
City Of Farmington Nm
0.15
 2.150
04/01/2033
613,034
New Jersey Economic Development Authori
0.14
 4.000
07/01/2034
607,738
Allentown Neighborhood Improvement Zone
0.14
 5.000
05/01/2028
582,558
North Carolina Medical Care Commission
0.14
 5.000
10/01/2033
581,890
Illinois Sports Facilities Authority/Th
0.14
 5.000
06/15/2029
579,736
New York State Thruway Authority
0.14
 5.000
01/01/2038
579,104
Kalamazoo Economic Development Corp
0.14
 3.900
08/15/2031
578,714
Massachusetts Development Finance Agenc
0.14
 5.000
07/01/2034
578,511
Chicago Board Of Education
0.14
 5.000
12/01/2030
576,848
Los Angeles Department Of Water & Power
0.14
 5.000
07/01/2035
576,272
New Jersey Transportation Trust Fund Au
0.14
 5.000
06/15/2036
575,984
City Of Los Angeles Department Of Airpo
0.14
 5.000
05/15/2035
574,598
Connecticut State Health & Educational
0.14
 5.000
07/01/2033
572,440
San Francisco City & County Airport Com
0.13
 5.000
05/01/2033
567,038
Miami Beach Redevelopment Agency
0.13
 5.000
02/01/2036
566,584
Territory Of Guam
0.13
 5.000
01/01/2035
565,401
City Of Philadelphia Pa Airport Revenue
0.13
 5.000
07/01/2034
565,043
Chicago O'Hare International Airport
0.13
 5.000
01/01/2032
564,566
Monroe County Industrial Development Co
0.13
 4.000
01/01/2030
562,685
North Carolina Medical Care Commission
0.13
 5.000
09/01/2034
559,725
New Jersey Educational Facilities Autho
0.13
 5.000
07/01/2064
559,026
Dallas Fort Worth International Airport
0.13
 5.000
11/01/2031
558,668
Metropolitan Nashville Airport Authorit
0.13
 5.250
07/01/2035
556,896
Kentucky Bond Development Corp
0.13
 5.000
08/15/2055
556,526
Harris County-Houston Sports Authority
0.13
 5.000
11/15/2030
556,382
California Community Choice Financing A
0.13
 5.000
12/01/2035
555,355
County Of Jefferson Al Sewer Revenue
0.13
 5.000
10/01/2035
554,266
New Hampshire Business Finance Authorit
0.13
 5.375
12/15/2035
554,074
Connecticut State Health & Educational
0.13
 5.000
07/01/2064
554,064
City Of Atlanta Ga Department Of Aviati
0.13
 5.000
07/01/2030
548,674
California Community Choice Financing A
0.13
 5.000
03/01/2056
548,235
Delaware Valley Regional Finance Author
0.13
 5.500
08/01/2028
547,352
West Virginia Economic Development Auth
0.13
 5.450
01/01/2055
546,777
City Of Philadelphia Pa Airport Revenue
0.13
 5.000
07/01/2030
546,618
Energy Southeast A Cooperative District
0.13
 5.250
07/01/2054
545,904
San Francisco City & County Airport Com
0.13
 5.000
05/01/2029
544,773
San Francisco City & County Airport Com
0.13
 5.000
05/01/2029
544,773
Tennergy Corp/Tn
0.13
 5.500
10/01/2053
543,052
California Community Choice Financing A
0.13
 5.000
04/01/2056
542,989
Monroe County Industrial Development Co
0.13
 5.000
12/01/2031
542,763
Virginia Small Business Financing Autho
0.13
 5.000
01/01/2034
540,974
Black Belt Energy Gas District
0.13
 5.000
12/01/2035
540,215
Main Street Natural Gas Inc
0.13
 5.000
05/01/2055
539,458
California Municipal Finance Authority
0.13
 --
06/30/2032
539,053
Texas Municipal Gas Acquisition And Sup
0.13
 5.000
01/01/2036
538,987
Central Valley Energy Authority
0.13
 5.000
08/01/2034
538,844
City Of Houston Tx Airport System Reven
0.13
 5.250
07/15/2034
537,761
Lower Alabama Gas District/The
0.13
 5.000
12/01/2033
537,309
Virginia Small Business Financing Autho
0.13
 5.000
07/01/2035
536,702
Southeast Energy Authority A Cooperativ
0.13
 5.000
10/01/2030
536,414
Kentucky Public Energy Authority
0.13
 5.000
01/01/2055
535,741
New York City Industrial Development Ag
0.13
 5.000
03/01/2029
535,216
California Community Choice Financing A
0.13
 5.000
02/01/2031
534,916
Main Street Energy Inc
0.13
 5.000
12/01/2033
534,888
City Of Houston Tx Airport System Reven
0.13
 5.250
07/15/2030
533,681
Arlington Higher Education Finance Corp
0.13
 5.000
06/15/2035
533,232
Massachusetts Development Finance Agenc
0.13
 5.000
07/01/2029
533,001
City Of Grand Forks Nd
0.13
 5.000
12/01/2034
532,929
Capital Trust Agency Inc
0.13
 4.000
06/15/2031
530,783
Black Belt Energy Gas District
0.13
 5.000
12/01/2034
529,756
California Community Choice Financing A
0.13
 5.000
07/01/2053
529,491
Black Belt Energy Gas District
0.13
 5.000
07/01/2033
528,095
Black Belt Energy Gas District
0.12
 5.000
10/01/2035
527,577
Black Belt Energy Gas District
0.12
 5.250
05/01/2056
525,323
Metropolitan Pier & Exposition Authorit
0.12
 5.000
12/15/2028
524,627
Illinois Finance Authority
0.12
 4.800
12/01/2043
524,307
Puerto Rico Electric Power Authority
0.12
 5.250
07/01/2029
524,152
California Public Finance Authority
0.12
 5.700
06/01/2034
523,195
Monroe County Industrial Development Co
0.12
 5.000
07/01/2034
523,073
Cleveland-Cuyahoga County Port Authorit
0.12
 5.250
01/01/2034
522,716
San Francisco City & County Airport Com
0.12
 5.000
05/01/2027
522,664
Texas Municipal Gas Acquisition & Suppl
0.12
 --
04/01/2036
522,051
Louisiana Public Facilities Authority
0.12
 5.000
12/15/2034
520,867
City Of Houston Tx Airport System Reven
0.12
 5.000
07/15/2028
519,609
Stamford Housing Authority
0.12
 4.750
10/01/2032
519,339
St Louis County Industrial Development
0.12
 5.000
09/01/2028
518,804
Long Island Power Authority
0.12
 5.000
09/01/2032
518,459
Black Belt Energy Gas District
0.12
 5.000
07/01/2028
518,363
Chicago Board Of Education
0.12
 5.000
12/01/2027
518,237
County Of Cook Il
0.12
 5.000
11/15/2028
517,476
Energy Southeast A Cooperative District
0.12
 5.000
09/01/2033
517,028
Oklahoma County Finance Authority
0.12
 5.250
06/15/2034
516,161
Metropolitan Transportation Authority
0.12
 5.000
11/15/2031
516,103
Public Finance Authority
0.12
 5.000
10/01/2034
515,567
County Of Okaloosa Fl
0.12
 4.375
05/15/2035
515,389
Central Plains Energy Project
0.12
 5.000
09/01/2027
514,462
Puerto Rico Electric Power Authority
0.12
 5.250
07/01/2030
514,201
North Carolina Turnpike Authority
0.12
 5.000
01/01/2032
514,138
Public Finance Authority
0.12
 6.000
07/01/2060
513,939
Village Community Development District
0.12
 4.000
05/01/2034
513,433
Atlanta Development Authority/The
0.12
 5.000
04/01/2034
513,037
New Hampshire Business Finance Authorit
0.12
 4.750
06/20/2041
512,864
Chicago Board Of Education
0.12
 --
12/01/2029
511,719
Alabama Special Care Facilities Financi
0.12
 5.500
06/01/2030
510,912
County Of Muskingum Oh
0.12
 5.000
02/15/2027
510,510
Black Belt Energy Gas District
0.12
 4.000
10/01/2052
510,291
South Carolina Jobs-Economic Developmen
0.12
 4.000
12/01/2030
509,988
Florida Development Finance Corp
0.12
 5.000
10/01/2032
509,864
New Jersey Health Care Facilities Finan
0.12
 5.000
07/01/2029
509,777
Polk County Industrial Development Auth
0.12
 4.825
06/15/2035
509,730
Austin Convention Enterprises Inc
0.12
 5.000
01/01/2030
509,607
New Jersey Economic Development Authori
0.12
 5.500
01/01/2027
509,431
California Pollution Control Financing
0.12
 5.000
07/01/2037
508,148
Grand Rapids Economic Development Corp
0.12
 4.125
11/01/2030
507,185
Michigan Finance Authority
0.12
 4.000
12/01/2036
507,111
State Of Hawaii Department Of Budget &
0.12
 3.100
05/01/2026
506,886
Public Finance Authority
0.12
 5.000
06/15/2036
506,463
Washington State Housing Finance Commis
0.12
 3.950
07/01/2029
505,947
Illinois Finance Authority
0.12
 3.650
05/01/2031
505,572
Alameda Corridor Transportation Authori
0.12
 5.000
10/01/2036
504,702
Build Nyc Resource Corp
0.12
 4.250
06/15/2035
504,672
Florida Development Finance Corp
0.12
 5.000
08/15/2032
504,083
North Carolina Medical Care Commission
0.12
 4.250
09/01/2028
503,928
North Carolina Medical Care Commission
0.12
 3.200
11/01/2030
503,414
Chicago Board Of Education
0.12
 --
12/01/2029
502,971
Arkansas Development Finance Authority
0.12
 4.000
09/01/2046
501,860
City Of Phoenix Civic Improvement Corp
0.12
 4.000
07/01/2037
501,822
Commonwealth Of Puerto Rico
0.12
 4.000
07/01/2037
495,129
Plaza At Noah's Ark Community Improveme
0.12
 3.000
05/01/2030
488,857
State Of Illinois
0.12
 5.000
11/01/2028
486,505
Ohio Air Quality Development Authority
0.11
 2.400
12/01/2038
485,002
Chicago Board Of Education
0.11
 --
12/01/2026
479,387
New York City Industrial Development Ag
0.11
 3.000
03/01/2036
477,823
Public Finance Authority
0.11
 5.000
06/15/2034
477,302
Allentown Neighborhood Improvement Zone
0.11
 5.000
05/01/2027
473,832
Port Beaumont Navigation District
0.11
 2.625
01/01/2031
471,376
El Centro Financing Authority
0.11
 4.500
07/01/2029
463,789
Maryland Economic Development Corp
0.11
 5.000
06/01/2028
450,394
New Jersey Economic Development Authori
0.11
 4.250
06/15/2026
446,674
New Jersey Economic Development Authori
0.10
 5.250
06/15/2028
443,426
New Hampshire Business Finance Authorit
0.10
 5.950
12/01/2031
443,006
Philadelphia Authority For Industrial D
0.10
 4.000
06/01/2031
441,719
Hoover Industrial Development Board
0.10
 6.375
11/01/2050
441,584
Connecticut State Health & Educational
0.10
 5.000
07/01/2027
440,601
California Statewide Communities Develo
0.10
 3.500
11/01/2027
429,365
New York Transportation Development Cor
0.10
 5.000
07/01/2030
426,682
Albany Hospital Facility Authority
0.10
 3.200
11/15/2029
426,105
Illinois Finance Authority
0.10
 5.000
05/15/2033
422,508
Florida Development Finance Corp
0.10
 4.000
09/15/2030
417,617
Illinois Sports Facilities Authority/Th
0.10
 5.000
06/15/2028
414,848
Metropolitan Pier & Exposition Authorit
0.10
 --
12/15/2030
407,819
Collegiate Charter School Of Lowell
0.10
 5.000
06/15/2029
407,522
Salt Verde Financial Corp
0.10
 5.500
12/01/2029
403,880
New Jersey Transportation Trust Fund Au
0.10
 5.000
06/15/2030
403,157
San Francisco City & County Airport Com
0.09
 5.000
05/01/2034
397,456
Georgia Local Government
0.09
 4.750
06/01/2028
395,915
Arizona Industrial Development Authorit
0.09
 3.625
05/20/2033
390,406
Polk County Industrial Development Auth
0.09
 5.875
01/01/2033
386,000
Washington State Housing Finance Commis
0.09
 5.000
01/01/2031
373,188
District Of Columbia
0.09
 4.000
06/01/2030
372,179
Texas Municipal Gas Acquisition & Suppl
0.09
 5.000
12/15/2028
372,146
Massachusetts Development Finance Agenc
0.09
 5.000
10/01/2029
370,910
New Hampshire Business Finance Authorit
0.09
 5.000
12/01/2028
366,712
City Of Chicago Il
0.09
 4.000
01/01/2030
363,252
California Municipal Finance Authority
0.09
 5.000
05/15/2030
363,009
South Carolina Public Service Authority
0.09
 5.000
12/01/2031
362,639
County Of Cuyahoga Oh
0.08
 5.000
02/15/2027
356,914
New Jersey Economic Development Authori
0.08
 5.125
01/01/2034
355,980
State Of Illinois
0.08
 3.500
06/01/2030
354,719
Kentucky Economic Development Finance A
0.08
 5.000
05/15/2036
354,187
New Jersey Transportation Trust Fund Au
0.08
 --
12/15/2026
353,661
Arizona Industrial Development Authorit
0.08
 4.000
07/01/2029
353,582
Public Finance Authority
0.08
 5.500
12/15/2032
346,067
Kalamazoo Economic Development Corp
0.08
 5.000
08/15/2036
341,148
Northern Illinois Municipal Power Agenc
0.08
 5.000
12/01/2029
340,528
Arizona Industrial Development Authorit
0.08
 4.000
07/15/2030
334,224
State Of Illinois
0.08
 5.000
11/01/2029
332,806
Florida Development Finance Corp
0.08
 5.000
08/01/2056
328,898
Puerto Rico Electric Power Authority
0.08
 5.250
07/01/2026
325,229
Miami-Dade County Industrial Developmen
0.08
 5.000
06/01/2030
321,026
Redtail Ridge Metropolitan District
0.08
 --
12/01/2032
320,822
City & County Of Denver Co Airport Syst
0.07
 5.000
12/01/2029
315,991
Massachusetts Development Finance Agenc
0.07
 5.000
07/01/2028
315,929
Public Finance Authority
0.07
 4.000
09/01/2029
313,699
California Statewide Communities Develo
0.07
 5.000
05/15/2033
306,764
Chicago Board Of Education
0.07
 --
12/01/2026
303,286
Tennessee Energy Acquisition Corp
0.07
 5.250
09/01/2026
294,006
Louisville/Jefferson County Metropolita
0.07
 5.000
10/01/2031
293,034
Village Community Development District
0.07
 3.800
05/01/2028
291,431
Hospitals & Higher Education Facilities
0.07
 5.000
07/01/2029
283,244
Harris County-Houston Sports Authority
0.07
 --
11/15/2029
282,931
Public Finance Authority
0.07
 4.250
05/01/2029
281,209
Dutchess County Local Development Corp
0.07
 5.000
07/01/2028
279,913
Town Of Hamden Ct
0.07
 5.000
01/01/2030
279,208
Allentown Neighborhood Improvement Zone
0.07
 5.500
05/01/2032
277,703
California Health Facilities Financing
0.07
 5.000
10/01/2050
277,583
Clark County School District
0.07
 5.000
06/15/2030
277,494
Dutchess County Local Development Corp
0.07
 5.000
07/01/2030
274,760
California Municipal Finance Authority
0.06
 5.000
06/30/2031
273,612
Clark County School District
0.06
 5.000
06/15/2029
272,920
Clark County School District
0.06
 5.000
06/15/2030
272,348
California Municipal Finance Authority
0.06
 5.000
11/01/2035
270,733
Energy Southeast A Cooperative District
0.06
 5.000
11/01/2035
269,004
Rum River Special Education Cooperative
0.06
 5.000
02/01/2035
267,999
Public Finance Authority
0.06
 5.000
07/01/2035
265,949
Mission Economic Development Corp
0.06
 5.000
12/01/2064
264,968
City Of Burbank Il
0.06
 5.250
02/01/2036
264,187
Adams County General Authority
0.06
 5.000
06/01/2034
263,139
Selma Industrial Development Board
0.06
 4.200
05/01/2034
262,901
Chicago Board Of Education
0.06
 5.000
12/01/2027
262,625
Arizona Industrial Development Authorit
0.06
 4.875
07/01/2060
261,251
Chicago Board Of Education
0.06
 5.000
12/01/2029
259,932
Tarrant County Cultural Education Facil
0.06
 6.250
11/15/2031
259,127
American Samoa Economic Development Aut
0.06
 5.000
09/01/2028
258,634
Illinois Sports Facilities Authority/Th
0.06
 --
06/15/2026
258,593
Massachusetts Development Finance Agenc
0.06
 5.500
07/15/2035
258,103
City Of Houston Tx Airport System Reven
0.06
 5.000
07/01/2027
257,696
Oklahoma Development Finance Authority
0.06
 5.000
08/15/2027
257,248
New York State Dormitory Authority
0.06
 5.000
07/01/2027
257,217
King County Public Hospital District No
0.06
 5.000
12/01/2032
257,110
Capital Projects Finance Authority/Fl
0.06
 5.000
06/15/2035
256,274
California Municipal Finance Authority
0.06
 5.000
11/01/2036
256,207
New York City Housing Development Corp
0.06
 5.250
12/15/2031
256,155
New Hampshire Business Finance Authorit
0.06
 6.000
12/01/2031
256,015
Chandler Industrial Development Authori
0.06
 4.100
12/01/2037
255,582
City Of Kalispell Mt
0.06
 4.250
05/15/2030
255,212
City Of Garden City Ks
0.06
 4.000
06/01/2029
254,958
New York City Housing Development Corp
0.06
 4.000
12/15/2031
254,821
New York State Environmental Facilities
0.06
 4.250
09/01/2050
254,795
Baldwin County Industrial Development A
0.06
 4.625
06/01/2055
254,523
County Of Suffolk Ny
0.06
 5.000
10/15/2026
253,413
City Of Venice Fl
0.06
 4.250
01/01/2030
253,375
City Of Manhattan Ks
0.06
 3.750
06/01/2031
253,269
Public Finance Authority
0.06
 4.000
07/15/2033
252,815
North Carolina Medical Care Commission
0.06
 3.450
11/01/2030
251,874
Massachusetts Development Finance Agenc
0.06
 4.000
10/01/2027
251,249
Kentucky Economic Development Finance A
0.06
 5.375
11/15/2032
250,981
Public Finance Authority
0.06
 4.000
07/15/2034
250,217
New Hampshire Business Finance Authorit
0.06
 --
12/15/2033
250,149
New Hampshire Business Finance Authorit
0.06
 4.000
11/01/2027
250,026
Wisconsin Health & Educational Faciliti
0.06
 5.000
07/01/2035
249,987
City Of Anna Tx
0.06
 4.000
09/15/2036
245,111
Hunt Memorial Hospital District Charita
0.06
 4.375
02/15/2036
244,899
Public Finance Authority
0.06
 5.500
11/15/2032
244,727
New Hampshire Business Finance Authorit
0.06
 5.375
12/01/2031
241,709
State Of Illinois Sales Tax Revenue
0.06
 5.000
06/15/2026
239,796
Chicago Board Of Education
0.06
 5.500
12/01/2026
237,071
Sierra Vista Industrial Development Aut
0.06
 5.250
06/15/2035
235,183
Peninsula Town Center Community Develop
0.06
 4.500
09/01/2028
233,377
California Municipal Finance Authority
0.06
 5.000
06/30/2028
232,540
Louisiana Local Government Environmenta
0.05
 4.250
11/15/2030
220,166
Maryland Heights Industrial Development
0.05
 4.375
03/15/2030
215,739
Chicago Board Of Education
0.05
 5.000
12/01/2029
213,006
Iowa Finance Authority
0.05
 4.500
10/01/2035
211,915
New York Transportation Development Cor
0.05
 2.250
08/01/2026
210,549
State Public School Building Authority
0.05
 5.000
06/01/2029
206,667
County Of Palm Beach Fl
0.05
 5.000
04/01/2029
204,270
City Of Baltimore Md
0.05
 4.000
09/01/2027
201,604
California Municipal Finance Authority
0.05
 4.650
05/01/2030
198,525
Village Community Development District
0.05
 3.000
05/01/2029
190,667
Texas Municipal Gas Acquisition And Sup
0.04
 6.250
12/15/2026
187,928
City Of Houston Tx Airport System Reven
0.04
 5.000
07/01/2027
187,302
New Hampshire Business Finance Authorit
0.04
 5.300
12/01/2032
183,552
Huntington Local Development Corp
0.04
 4.000
07/01/2027
180,124
County Of Frederick Md
0.04
 5.000
09/01/2027
176,640
Kentucky Municipal Power Agency
0.04
 5.000
09/01/2030
176,449
Capital Trust Agency Inc
0.04
 5.000
08/01/2027
175,872
Florida Development Finance Corp
0.04
 5.000
07/01/2037
175,590
South Carolina Public Service Authority
0.04
 5.000
12/01/2031
173,740
New Jersey Economic Development Authori
0.04
 4.125
07/01/2030
170,637
New York Transportation Development Cor
0.04
 5.000
08/01/2026
166,870
Yonkers Economic Development Corp
0.04
 4.000
10/15/2029
164,519
Development Authority Of Floyd County
0.04
 5.500
12/01/2028
163,621
Michigan Strategic Fund
0.04
 5.000
06/30/2030
163,034
Chicago Board Of Education
0.04
 --
12/01/2030
159,258
Tobacco Settlement Financing Corp
0.04
 5.000
06/01/2029
159,067
Calcasieu Parish Memorial Hospital Serv
0.04
 5.000
12/01/2029
156,794
California Statewide Communities Develo
0.04
 5.000
07/01/2029
155,044
Development Authority Of The City Of Ma
0.04
 5.000
11/01/2027
153,959
West Virginia Hospital Finance Authorit
0.04
 5.000
06/01/2026
153,213
Industrial Development Authority Of The
0.03
 3.875
11/15/2029
142,791
Metropolitan Pier & Exposition Authorit
0.03
 --
06/15/2034
142,051
New Hampshire Business Finance Authorit
0.03
 5.125
12/15/2030
139,541
Public Finance Authority
0.03
 4.000
02/01/2035
138,955
Amherst Industrial Development Authorit
0.03
 4.750
09/01/2030
138,392
Development Authority Of White County
0.03
 5.000
10/01/2029
136,076
Reno Redevelopment Agency
0.03
 5.400
06/01/2027
132,884
Central Plains Energy Project
0.03
 5.000
09/01/2030
132,445
Pennsylvania Economic Development Finan
0.03
 5.000
06/30/2026
132,358
New Jersey Economic Development Authori
0.03
 4.375
06/15/2027
132,044
Iowa Finance Authority
0.03
 5.000
03/01/2028
131,956
Lees Summit Industrial Development Auth
0.03
 5.000
08/15/2032
127,812
South Carolina Jobs-Economic Developmen
0.03
 4.000
11/15/2027
127,181
Town Of Ramapo Ny
0.03
 4.000
05/15/2027
122,065
Tarrant County Cultural Education Facil
0.03
 4.000
05/15/2027
122,043
Puerto Rico Electric Power Authority
0.03
 4.750
07/01/2033
121,303
Connecticut State Health & Educational
0.03
 4.000
07/01/2030
121,065
New Hampshire Business Finance Authorit
0.03
 --
12/15/2033
119,214
Hospitals & Higher Education Facilities
0.03
 5.000
07/01/2026
117,093
Sa Energy Acquisition Public Facility C
0.03
 5.500
08/01/2027
114,326
Jea Electric System Revenue
0.03
 5.000
10/01/2029
113,882
County Of Cuyahoga Oh
0.03
 5.000
02/15/2028
112,195
Irvine Unified School District
0.03
 5.000
09/01/2026
111,498
Metropolitan Pier & Exposition Authorit
0.03
 --
06/15/2028
107,638
City Of Anderson In
0.03
 4.750
10/01/2027
105,652
Metropolitan Pier & Exposition Authorit
0.02
 --
06/15/2031
105,315
Bl Train Holdings West Llc
0.02
 --
--
105,000
Central Plains Energy Project
0.02
 5.000
09/01/2028
104,213
Brooklyn Arena Local Development Corp
0.02
 5.000
07/15/2027
102,412
Brooklyn Arena Local Development Corp
0.02
 5.000
07/15/2028
102,393
State Of Illinois
0.02
 4.125
11/01/2031
102,219
Pennsylvania Turnpike Commission
0.02
 5.000
06/01/2030
102,200
Public Authority For Colorado Energy
0.02
 6.250
11/15/2028
102,015
Massachusetts Development Finance Agenc
0.02
 5.000
07/01/2028
101,872
Town Of Ramapo Ny
0.02
 4.125
05/15/2028
101,793
Brooklyn Arena Local Development Corp
0.02
 5.000
07/15/2026
101,630
Philadelphia Gas Works Co
0.02
 5.000
10/01/2026
101,307
County Of Howard Md
0.02
 4.000
02/15/2028
100,738
Palomar Health
0.02
 5.000
11/01/2027
91,384
New Hope Cultural Education Facilities
0.02
 5.250
08/15/2027
74,211
Louisiana Public Facilities Authority
0.02
 7.500
07/01/2026
73,610
Tsasc Inc/Ny
0.02
 5.000
06/01/2027
72,896
Tsasc Inc/Ny
0.02
 5.000
06/01/2028
72,872
California Municipal Finance Authority
0.01
 5.000
02/01/2028
51,268
California Municipal Finance Authority
0.01
 5.000
02/01/2027
51,205
Public Finance Authority
0.01
 4.100
06/15/2026
50,643
Louisiana Public Facilities Authority
0.01
 7.000
07/01/2026
43,417
City Of St Ann Mo
0.01
 4.625
11/01/2030
40,889
City Of Anoka Mn
0.01
 4.250
11/01/2027
40,505
Philadelphia Authority For Industrial D
0.01
 4.500
03/15/2029
34,118
Illinois Finance Authority
0.01
 5.000
02/15/2027
31,837
Illinois Finance Authority
0.01
 5.400
04/01/2027
30,091
Philadelphia Authority For Industrial D
0.01
 4.500
03/15/2029
26,017
Kentucky Economic Development Finance A
0.01
 5.000
05/15/2026
25,527
Public Finance Authority
0.01
 4.100
06/15/2026
25,386
Housing & Redevelopment Authority Of Th
0.01
 5.000
09/01/2026
25,229
California Pollution Control Financing
0.00
 7.500
07/01/2032
15,300
California Pollution Control Financing
0.00
 7.000
07/01/2026
11,250
Salt Verde Financial Corp
0.00
 5.250
12/01/2028
10,677
County Of Clark Nv
0.00
 2.100
06/01/2031
4,620
New Jersey Transportation Trust Fund Au
0.00
 --
12/15/2032
4,035
Mesquite Health Facilities Development
0.00
 5.000
02/15/2030
1,015
County Of Grand Forks Nd
0.00
 6.625
12/15/2031
30
State Of Nevada Department Of Business
0.00
 5.875
12/15/2027
3
5.76
 --
--
24,320,852
Other/Cash
-0.47
 --
--
-1,967,439
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These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Portfolio

Sector Weightings (%) as at 03/31/2026

  • Sector

    % of Net Assets

  • Industrial Development Revenue

    20.45

  • Power

    10.60

  • Utilities - Other

    9.40

  • Local GO

    8.78

  • Hospitals

    6.86

  • Tax

    6.51

  • Health

    6.11

  • Education

    5.63

  • Airport

    5.33

  • State GO

    4.31

  • Unassigned

    3.79

  • Multi-Family Housing

    3.01

  • Leasing COPS & Appropriations

    2.58

  • Water & Sewer

    1.63

  • Transportation

    1.51

  • Misc

    1.48

  • Toll & Turnpike

    0.99

  • Pollution Control

    0.90

  • Tobacco

    0.07

  • Refunded

    0.07

Credit Quality (%) as of 03/31/2026

Composite % of Net Assets
Investment Grade AAA 0.27
AA 5.32
A 21.04
BBB 19.04
Non-Investment Grade BB 22.01
B 3.17
CCC 0.31
Total Investment Grade -- 45.68
Total Non-Investment Grade -- 25.49
Not Rated -- 28.83
If more than one rating is available for an underlying security, the lower of the two ratings is used. If a bond issued by a national government, national government agency or supranational issuer is not rated, the issuer’s credit rating will be used. If two issuer ratings are available, the lower of the two is used. If only one rating is available in all scenarios, we will use the rating provided. If no rating is available, the security will be not rated. Not rated securities do not necessarily indicate lower credit quality. Ratings and portfolio credit quality may change over time.

Years to Maturity as at 03/31/2026

  • Years

    Maturity (%)

  • < 1

    4.20

  • 1 - 3

    9.20

  • 3 - 5

    26.20

  • 5 - 7

    24.50

  • 7 - 10

    29.00

  • 10 - 15

    6.90

  • 15 - 20

    0.00

  • 20 - 30

    0.00

  • 30 +

    0.00

Fees

Distributions

Distribution History

Anticipated Frequency: Monthly Dividend Income & Annual Capital Gains
Ex-date Record
Date 		Payable date Dividend
Income‡ 		Short-Term
Capital Gains 		Long-Term
Capital Gains 		Return of
Capital 		Total
Distributions
04/01/2026 04/01/2026 04/07/2026 $ 0.0764 -- -- -- $ 0.08
03/02/2026 03/02/2026 03/05/2026 $ 0.0602 -- -- -- $ 0.06
02/02/2026 02/02/2026 02/05/2026 $ 0.0713 -- -- -- $ 0.07
12/29/2025 12/29/2025 12/31/2025 $ 0.0682 -- -- -- $ 0.07
11/28/2025 11/28/2025 12/03/2025 $ 0.0655 -- -- -- $ 0.07
11/03/2025 11/03/2025 11/06/2025 $ 0.0706 -- -- -- $ 0.07
10/01/2025 10/01/2025 10/06/2025 $ 0.0634 -- -- -- $ 0.06
09/02/2025 09/02/2025 09/05/2025 $ 0.0656 -- -- -- $ 0.07
08/01/2025 08/01/2025 08/06/2025 $ 0.0710 -- -- -- $ 0.07
07/01/2025 07/01/2025 07/07/2025 $ 0.0640 -- -- -- $ 0.06
06/02/2025 06/02/2025 06/05/2025 $ 0.0705 -- -- -- $ 0.07
05/01/2025 05/01/2025 05/06/2025 $ 0.0637 -- -- -- $ 0.06
04/01/2025 04/01/2025 04/04/2025 $ 0.0722 -- -- -- $ 0.07
03/03/2025 03/03/2025 03/06/2025 $ 0.0521 -- -- -- $ 0.05
02/03/2025 02/03/2025 02/06/2025 $ 0.0747 -- -- -- $ 0.07
12/27/2024 12/27/2024 12/30/2024 $ 0.0646 -- -- -- $ 0.06
12/02/2024 12/02/2024 12/05/2024 $ 0.0585 -- -- -- $ 0.06
11/01/2024 11/01/2024 11/06/2024 $ 0.0624 -- -- -- $ 0.06
10/01/2024 10/01/2024 10/04/2024 $ 0.0576 -- -- -- $ 0.06
09/03/2024 09/03/2024 09/06/2024 $ 0.0585 -- -- -- $ 0.06
08/01/2024 08/01/2024 08/06/2024 $ 0.0621 -- -- -- $ 0.06
07/01/2024 07/01/2024 07/05/2024 $ 0.0621 -- -- -- $ 0.06
06/03/2024 06/03/2024 06/06/2024 $ 0.0590 -- -- -- $ 0.06
05/01/2024 05/02/2024 05/07/2024 $ 0.0491 -- -- -- $ 0.05
04/01/2024 04/02/2024 04/05/2024 $ 0.0663 -- -- -- $ 0.07
03/01/2024 03/04/2024 03/07/2024 $ 0.0536 -- -- -- $ 0.05
02/01/2024 02/02/2024 02/07/2024 $ 0.0555 -- -- -- $ 0.06
12/27/2023 12/28/2023 12/29/2023 $ 0.0595 -- -- -- $ 0.06
12/01/2023 12/04/2023 12/07/2023 $ 0.0541 -- -- -- $ 0.05
11/01/2023 11/02/2023 11/07/2023 $ 0.0646 -- -- -- $ 0.06
10/02/2023 10/03/2023 10/06/2023 $ 0.0550 -- -- -- $ 0.06
09/01/2023 09/05/2023 09/08/2023 $ 0.0554 -- -- -- $ 0.06
08/01/2023 08/02/2023 08/10/2023 $ 0.0577 -- -- -- $ 0.06
07/03/2023 07/05/2023 07/07/2023 $ 0.0530 -- -- -- $ 0.05
06/01/2023 06/02/2023 06/07/2023 $ 0.0558 -- -- -- $ 0.06
05/01/2023 05/02/2023 05/05/2023 $ 0.0500 -- -- -- $ 0.05
04/03/2023 04/04/2023 04/10/2023 $ 0.0635 -- -- -- $ 0.06
03/01/2023 03/02/2023 03/07/2023 $ 0.0452 -- -- -- $ 0.05
02/01/2023 02/02/2023 02/07/2023 $ 0.0468 -- -- -- $ 0.05
12/28/2022 12/29/2022 12/30/2022 $ 0.0521 -- -- -- $ 0.05
12/01/2022 12/02/2022 12/07/2022 $ 0.0508 -- -- -- $ 0.05
11/01/2022 11/02/2022 11/07/2022 $ 0.0529 -- -- -- $ 0.05
10/03/2022 10/04/2022 10/07/2022 $ 0.0501 -- -- -- $ 0.05
09/01/2022 09/02/2022 09/08/2022 $ 0.0475 -- -- -- $ 0.05
08/01/2022 08/02/2022 08/05/2022 $ 0.0511 -- -- -- $ 0.05
07/01/2022 07/05/2022 07/08/2022 $ 0.0508 -- -- -- $ 0.05
06/01/2022 06/02/2022 06/07/2022 $ 0.0507 -- -- -- $ 0.05
05/02/2022 05/03/2022 05/06/2022 $ 0.0500 -- -- -- $ 0.05
04/01/2022 04/04/2022 04/07/2022 $ 0.0494 -- -- -- $ 0.05
03/01/2022 03/02/2022 03/07/2022 $ 0.0429 -- -- -- $ 0.04
02/01/2022 02/02/2022 02/07/2022 $ 0.0447 -- -- -- $ 0.04
12/29/2021 12/30/2021 12/31/2021 $ 0.0478 -- -- -- $ 0.05
12/01/2021 12/02/2021 12/07/2021 $ 0.0475 -- -- -- $ 0.05
11/01/2021 11/02/2021 11/05/2021 $ 0.0497 -- -- -- $ 0.05
10/01/2021 10/04/2021 10/07/2021 $ 0.0485 -- -- -- $ 0.05
09/01/2021 09/02/2021 09/08/2021 $ 0.0515 -- -- -- $ 0.05
08/02/2021 08/03/2021 08/06/2021 $ 0.0525 -- -- -- $ 0.05
07/01/2021 07/02/2021 07/08/2021 $ 0.0483 -- -- -- $ 0.05
06/01/2021 06/02/2021 06/07/2021 $ 0.0564 -- -- -- $ 0.06
05/03/2021 05/04/2021 05/07/2021 $ 0.0561 -- -- -- $ 0.06
04/01/2021 04/05/2021 04/08/2021 $ 0.0586 -- -- -- $ 0.06
03/01/2021 03/02/2021 03/05/2021 $ 0.0640 -- -- -- $ 0.06
02/01/2021 02/02/2021 02/05/2021 $ 0.0633 -- -- -- $ 0.06
12/29/2020 12/30/2020 01/05/2021 $ 0.0648 -- -- -- $ 0.06
12/01/2020 12/02/2020 12/07/2020 $ 0.0615 -- -- -- $ 0.06
11/02/2020 11/03/2020 11/06/2020 $ 0.0647 -- -- -- $ 0.06
10/01/2020 10/02/2020 10/07/2020 $ 0.0638 -- -- -- $ 0.06
09/01/2020 09/02/2020 09/08/2020 $ 0.0645 -- -- -- $ 0.06
08/03/2020 08/04/2020 08/07/2020 $ 0.0618 -- -- -- $ 0.06
07/01/2020 07/02/2020 07/08/2020 $ 0.0559 -- -- -- $ 0.06
06/01/2020 06/02/2020 06/05/2020 $ 0.0700 -- -- -- $ 0.07
05/01/2020 05/04/2020 05/07/2020 $ 0.0557 -- -- -- $ 0.06
04/01/2020 04/02/2020 04/07/2020 $ 0.0661 -- -- -- $ 0.07
03/02/2020 03/03/2020 03/06/2020 $ 0.0625 -- -- -- $ 0.06
02/03/2020 02/04/2020 02/07/2020 $ 0.0649 -- -- -- $ 0.06
12/30/2019 12/31/2019 01/06/2020 $ 0.0716 -- -- -- $ 0.07
12/02/2019 12/03/2019 12/06/2019 $ 0.0649 -- -- -- $ 0.06
11/01/2019 11/04/2019 11/07/2019 $ 0.0672 -- -- -- $ 0.07
10/01/2019 10/02/2019 10/07/2019 $ 0.0690 -- -- -- $ 0.07
09/03/2019 09/04/2019 09/09/2019 $ 0.0715 -- -- -- $ 0.07
08/01/2019 08/02/2019 08/07/2019 $ 0.0708 -- -- -- $ 0.07
07/01/2019 07/02/2019 07/08/2019 $ 0.0675 -- -- -- $ 0.07
06/03/2019 06/04/2019 06/07/2019 $ 0.0662 -- -- -- $ 0.07
05/01/2019 05/02/2019 05/07/2019 $ 0.0647 -- -- -- $ 0.06
04/01/2019 04/02/2019 04/05/2019 $ 0.0683 -- -- -- $ 0.07
03/01/2019 03/04/2019 03/07/2019 $ 0.0599 -- -- -- $ 0.06
02/01/2019 02/04/2019 02/07/2019 $ 0.0635 -- -- -- $ 0.06
12/27/2018 12/28/2018 01/03/2019 $ 0.0685 -- -- -- $ 0.07
12/03/2018 12/04/2018 12/07/2018 $ 0.0667 -- -- -- $ 0.07
11/01/2018 11/02/2018 11/07/2018 $ 0.0679 -- -- -- $ 0.07
10/01/2018 10/02/2018 10/05/2018 $ 0.0655 -- -- -- $ 0.07
09/04/2018 09/05/2018 09/10/2018 $ 0.0671 -- -- -- $ 0.07
08/01/2018 08/02/2018 08/07/2018 $ 0.0622 -- -- -- $ 0.06
07/02/2018 07/03/2018 07/09/2018 $ 0.0607 -- -- -- $ 0.06
06/01/2018 06/04/2018 06/07/2018 $ 0.0556 -- -- -- $ 0.06
05/01/2018 05/02/2018 05/07/2018 $ 0.0630 -- -- -- $ 0.06
04/02/2018 04/03/2018 04/06/2018 $ 0.0656 -- -- -- $ 0.07
03/01/2018 03/02/2018 03/07/2018 $ 0.0595 -- -- -- $ 0.06
02/01/2018 02/02/2018 02/07/2018 $ 0.0656 -- -- -- $ 0.07
12/27/2017 12/28/2017 01/03/2018 $ 0.0652 -- -- -- $ 0.07
12/01/2017 12/04/2017 12/07/2017 $ 0.0623 -- -- -- $ 0.06
11/01/2017 11/02/2017 11/07/2017 $ 0.0653 -- -- -- $ 0.07
10/02/2017 10/03/2017 10/06/2017 $ 0.0626 -- -- -- $ 0.06
09/01/2017 09/06/2017 09/08/2017 $ 0.0577 -- -- -- $ 0.06
08/01/2017 08/03/2017 08/07/2017 $ 0.0590 -- -- -- $ 0.06
07/03/2017 07/06/2017 07/10/2017 $ 0.0670 -- -- -- $ 0.07
06/01/2017 06/05/2017 06/07/2017 $ 0.0647 -- -- -- $ 0.06
05/01/2017 05/03/2017 05/05/2017 $ 0.0622 -- -- -- $ 0.06
04/03/2017 04/05/2017 04/07/2017 $ 0.0639 -- -- -- $ 0.06
03/01/2017 03/03/2017 03/07/2017 $ 0.0618 -- -- -- $ 0.06
02/01/2017 02/03/2017 02/07/2017 $ 0.0612 -- -- -- $ 0.06
12/28/2016 12/30/2016 01/04/2017 $ 0.0591 -- -- -- $ 0.06
12/01/2016 12/05/2016 12/07/2016 $ 0.0562 -- -- -- $ 0.06
11/01/2016 11/03/2016 11/07/2016 $ 0.0586 -- -- -- $ 0.06
10/03/2016 10/05/2016 10/07/2016 $ 0.0559 -- -- -- $ 0.06
09/01/2016 09/06/2016 09/08/2016 $ 0.0552 -- -- -- $ 0.06
08/01/2016 08/03/2016 08/05/2016 $ 0.0524 -- -- -- $ 0.05
07/01/2016 07/06/2016 07/08/2016 $ 0.0470 -- -- -- $ 0.05
06/01/2016 06/03/2016 06/07/2016 $ 0.0666 -- -- -- $ 0.07
05/02/2016 05/04/2016 05/06/2016 $ 0.0480 -- -- -- $ 0.05
04/01/2016 04/05/2016 04/07/2016 $ 0.0679 -- -- -- $ 0.07
03/01/2016 03/03/2016 03/07/2016 $ 0.0713 -- -- -- $ 0.07
02/01/2016 02/03/2016 02/05/2016 $ 0.0684 -- -- -- $ 0.07
12/29/2015 12/31/2015 01/05/2016 $ 0.0640 -- -- -- $ 0.06
12/01/2015 12/03/2015 12/07/2015 $ 0.0678 -- -- -- $ 0.07
11/02/2015 11/04/2015 11/06/2015 $ 0.0700 -- -- -- $ 0.07
10/01/2015 10/05/2015 10/07/2015 $ 0.0680 -- -- -- $ 0.07
09/01/2015 09/03/2015 09/08/2015 $ 0.0699 -- -- -- $ 0.07
08/03/2015 08/05/2015 08/07/2015 $ 0.0695 -- -- -- $ 0.07
07/01/2015 07/06/2015 07/08/2015 $ 0.0647 -- -- -- $ 0.06
06/01/2015 06/03/2015 06/05/2015 $ 0.0650 -- -- -- $ 0.07
05/01/2015 05/05/2015 05/07/2015 $ 0.0630 -- -- -- $ 0.06
04/01/2015 04/06/2015 04/08/2015 $ 0.0669 -- -- -- $ 0.07
03/02/2015 03/04/2015 03/06/2015 $ 0.0601 -- -- -- $ 0.06
02/02/2015 02/04/2015 02/06/2015 $ 0.0700 -- -- -- $ 0.07
12/29/2014 12/31/2014 01/05/2015 $ 0.0670 -- -- -- $ 0.07
12/01/2014 12/03/2014 12/05/2014 $ 0.0622 -- -- -- $ 0.06
11/03/2014 11/05/2014 11/07/2014 $ 0.0686 -- -- -- $ 0.07
10/01/2014 10/03/2014 10/07/2014 $ 0.0680 -- -- -- $ 0.07
09/02/2014 09/04/2014 09/08/2014 $ 0.0660 -- -- -- $ 0.07
08/01/2014 08/05/2014 08/07/2014 $ 0.0720 -- -- -- $ 0.07
07/01/2014 07/03/2014 07/08/2014 $ 0.0580 -- -- -- $ 0.06
06/02/2014 06/04/2014 06/06/2014 $ 0.0600 -- -- -- $ 0.06
05/01/2014 05/05/2014 05/07/2014 $ 0.0650 -- -- -- $ 0.07
04/01/2014 04/03/2014 04/07/2014 $ 0.0650 -- -- -- $ 0.07
03/03/2014 03/05/2014 03/07/2014 $ 0.0900 -- -- -- $ 0.09

‡All registered investment companies are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading VanEck ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant VanEck ETFs on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.

Certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The final determination of the tax characteristics cannot be determined until after each Fund’s yearend and are reported to shareholders on Form 1099-DIV. The form is mailed to shareholders shortly after calendar yearend specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distribution on a shareholder’s tax return.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the securities in its portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends may change. There can be no assurance that the Fund will be able to declare a dividend distribution in each period. Past performance is no guarantee of future results.

Click here to access more detailed yearend tax information

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