Municipal Bonds

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Blog | January 15

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Blog | December 18

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Related Funds

HYD
VanEck Vectors High Yield Muni ETF

SHYD
VanEck Vectors Short High Yield Muni ETF

MLN
VanEck Vectors Long Muni ETF

ITM
VanEck Vectors Intermediate Muni ETF

XMPT
VanEck Vectors CEF Municipal Income ETF

SMB
VanEck Vectors Short Muni ETF

Fund Description

The VanEck Vectors^®Short Muni ETF (SMB^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR), which is intended to track the overall performance of the U.S. dollar denominated short-term tax-exempt bond market.

Fund Ticker
SMB
Exchange
Cboe
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
State Street Bank and Trust Company
Index Ticker
LMT1TR
Index Rebalancing
Monthly

as of 04/14/21

30-Day SEC Yield¹
0.28%
Total Net Assets
$285.2M
Number of Holdings
555
Options
Expected
Gross Expense Ratio²
0.20%
Net Expense Ratio/TER²
0.20%
Distribution Frequency
Monthly

Schedule a Call

Morningstar™ Ratings³
as of 03/31/2021

Category	Overall	3 Year	5 Year
Muni National Short	4 stars of 201 funds	4 stars of 201 funds	4 stars of 178 funds

Key Points

Tax Exempt Income
Income generally exempt from federal taxes and the Alternative Minimum Tax (AMT)

Targeted Interest Rate Risk
Designed to track an index of short-duration municipal bonds

Quality
Investment-grade index constituents with high overall credit quality

Yields
as of 04/14/21

30-Day SEC Yield¹
0.28%
Distribution Yield¹
1.26%
12-Month Yield¹
1.41%
Taxable Equivalent 30-Day SEC Yields^1a
12% Federal Tax Rate
0.32%
22% Federal Tax Rate
0.36%
24% Federal Tax Rate
0.37%
32% Federal Tax Rate
0.41%
35% Federal Tax Rate
0.43%
37% Federal Tax Rate
0.44%

^1/1a See Important Disclosure for definitions.

Fees & Expenses²

Management Fee
0.20%
Other Expenses
--
Acquired Fund Fees and Expenses
--
Gross Expense Ratio
0.20%
Fee Waivers and
Expense Reimbursement
--
Net Expense Ratio/TER²
0.20%

Van 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
SMB
Index Total Return Ticker
LMT1TR
NAV
SMBNV
Intraday NAV (IIV)⁵
SMBIV
Shares Outstanding
15,800,000
Estimated Cash
SMBEU
Total Cash
SMBTC
CUSIP
92189F528
ISIN
US92189F5281

⁵See IIV Details. Source: Bloomberg

Fundamentals⁴
as of 04/13/21

Yield to Worst
0.42%
Yield to Maturity
0.46%
Effective Duration (yrs)
3.19
Duration to Worst (yrs)
3.18
Modified Duration (yrs)
3.20
Spread Duration (yrs)
3.19
Years to Maturity
3.95
Coupon
4.87%

⁴ See Important Disclosure for definitions.

Investment Professionals

James Colby III

Portfolio Manager for non-taxable Fixed Income ETFs and Senior Municipal Strategist
Joined VanEck in 2007
Prior to joining VanEck, held several senior municipal fixed income positions at Lord Abbett, John Hancock Funds, Old Harbor Capital and Evergreen Asset Management
Member of National Municipal Buyers Conference (Chairman, 1996), Municipal Forum of New York, Boston Fixed Income Management Society and The Economics Club of New York
MBA, Finance, Hofstra University
BA, Economics and International Relations, Brown University

Daniel Cho

Associate Portfolio Manager for Fixed Income ETFs
Joined VanEck in 2013
Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
MS, Finance, University of Rochester
BS, Information Sciences and Technology, Pennsylvania State University

Stephanie Wang

Associate Portfolio Manager for Fixed Income ETFs
Joined VanEck in 2016
MS, Financial Engineering, Baruch College
BBA, Finance, Baruch College

Jared Model

Senior Trader, Portfolio Analyst for Fixed Income ETFs
Joined VanEck in 2017
Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
MBA, Finance, Montclair State University
BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont

Prices as of 04/14/21

	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
SMB	$18.05 $18.05	74,546 46,218	$0.02 / +0.09% $-0.01 / -0.06%	+0.35% +0.08%	$0.00 0.01%			0.11%

Premium/Discount History as of 04/14/21

		Calendar Year 2020	2Q 2020	3Q 2020	4Q 2020	1Q 2021
	Days closed at a premium	146	29	32	58	55
SMB	Days closed at NAV	16	3	3	3	1
	Days closed at a discount	91	31	29	3	5

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

Month End as of 03/31/21
Quarter End as of 03/31/21

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 02/22/08
SMB (NAV)	0.26	-0.05	-0.05	3.72	2.95	1.79	1.85	2.32
SMB (Share Price)	0.30	-0.14	-0.14	5.25	3.10	1.86	1.94	2.33
LMT1TR (Index)	0.37	-0.09	-0.09	4.53	3.38	2.18	2.36	2.84
Performance Differential (NAV - Index)	-0.11	0.04	0.04	-0.81	-0.43	-0.39	-0.51	-0.52

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 02/22/08
SMB (NAV)	0.26	-0.05	-0.05	3.72	2.95	1.79	1.85	2.32
SMB (Share Price)	0.30	-0.14	-0.14	5.25	3.10	1.86	1.94	2.33
LMT1TR (Index)	0.37	-0.09	-0.09	4.53	3.38	2.18	2.36	2.84
Performance Differential (NAV - Index)	-0.11	0.04	0.04	-0.81	-0.43	-0.39	-0.51	-0.52

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

Top 10 Holdings (%) as of 03/31/21 Daily Holdings

Total Holdings: 552

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full data

	Issuer Name	State	Weighting (%)
	California St	CA	4.53
	Metropolitan Transn Auth N Y Rev	NY	2.48
	Maryland St	MD	2.22
	New York N Y	NY	2.16
	New York St Dorm Auth St Pers Income Tax Rev	NY	2.10
	Massachusetts St	MA	1.86
	Los Angeles Calif Uni Sch Dist	CA	1.54
	New York St Dorm Auth Revs Non St Supported Debt	NY	1.52
	Connecticut St	CT	1.46
	Illinois St	IL	1.41
Top 10 Total (%)			21.28

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

Geographical Weightings (%) as of 03/31/21

State
% of Net Assets
■
California
13.9
■
New York
13.6
■
Texas
8.1
■
Illinois
4.7
■
Massachusetts
3.9
■
Pennsylvania
3.6
■
Maryland
3.5
■
Washington
3.2
■
New Jersey
3.1
■
Ohio
3.0
■
Connecticut
3.0
■
Florida
2.8
■
Alabama
2.7
■
Virginia
2.4
■
Georgia
2.3
■
Wisconsin
1.9
■
North Carolina
1.9
■
South Carolina
1.6
■
Kentucky
1.6
■
Utah
1.5
■
Other
17.8

Currency Exposure (%)

as of 03/31/21

U.S. Dollar
100.07
Other/Cash
-0.07

Sector Weightings (%) as of 03/31/21

Sector
% of Net Assets
■
State
20.8
■
Local
15.9
■
Transportation
11.8
■
Industrial Revenue
9.6
■
Special Tax
8.8
■
Water & Sewer
7.2
■
Education
7.2
■
Health Care
6.4
■
Leasing
5.8
■
Power
5.1
■
Tobacco
1.2
■
Housing
0.1

Credit Quality (%) as of 03/31/21

Composite		% of Net Assets
Investment Grade	AAA	16.34
	AA	51.96
	A	25.05
	BBB	6.02
Total Investment Grade	--	99.37
Not Rated	--	0.63

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

Maturity (%) as of 03/31/21

Average Portfolio Maturity: 3.97 Years