Municipal Bonds
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SMBVanEck 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 04/09/21
-
30-Day SEC Yield1
0.33% -
Total Net Assets
$284.6M -
Number of Holdings
555 -
Options
Expected -
Gross Expense Ratio2
0.20% -
Net Expense Ratio/TER2
0.20% -
Distribution Frequency
Monthly
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 04/09/21
-
30-Day SEC Yield1
0.33% -
Distribution Yield1
1.26% -
12-Month Yield1
1.41% -
Taxable Equivalent 30-Day SEC Yields1a
-
12% Federal Tax Rate
0.38% -
22% Federal Tax Rate
0.42% -
24% Federal Tax Rate
0.43% -
32% Federal Tax Rate
0.49% -
35% Federal Tax Rate
0.51% -
37% Federal Tax Rate
0.52%
Fees & Expenses2
-
Management Fee
0.20% -
Other Expenses
-- -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.20% -
Fee Waivers andExpense Reimbursement
-- -
Net Expense Ratio/TER2
0.20%
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
Fundamentals4
as of 04/09/21
-
Yield to Worst
0.44% -
Yield to Maturity
0.48% -
Effective Duration (yrs)
3.20 -
Duration to Worst (yrs)
3.19 -
Modified Duration (yrs)
3.21 -
Spread Duration (yrs)
3.20 -
Years to Maturity
3.96 -
Coupon
4.88%
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 04/09/21
Performance History: Average Annual Total Returns* (%)
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 |
Top 10 Holdings (%) as of 03/31/21 Daily Holdings
to view
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 |
Maturity (%) as of 03/31/21
Average Portfolio Maturity: 3.97 Years