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SMB
VanEck Short Muni ETF

Fund Description

The VanEck Short Muni ETF (SMB®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT), 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
  • Inception Date

    02/22/2008
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Index Ticker

    MSBT
  • Index Rebalancing

    Monthly

 
as of 09/23/22

  • 30-Day SEC Yield1

    2.44%
  • Total Net Assets

    $349.9M
  • Number of Holdings

    584
  • Options

    No
  • Gross Expense Ratio2

    0.20%
  • Net Expense Ratio/TER2

    0.20%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    09/30/2022

Morningstar™ Ratings3
as of 08/31/2022

Category Overall 3 Year 5 Year
Muni National Short
3 stars of 209 funds
3 stars of 209 funds
3 stars of 181 funds

Morningstar Ratings: When applicable, ratings shown when the ETF is rated three stars or more for any given period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

© Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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 09/23/22

  • 30-Day SEC Yield1

    2.44%
  • Distribution Yield1

    1.37%
  • 12-Month Yield1

    1.21%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    2.77%
  • 22% Federal Tax Rate

    3.13%
  • 24% Federal Tax Rate

    3.21%
  • 32% Federal Tax Rate

    3.59%
  • 35% Federal Tax Rate

    3.75%
  • 37% Federal Tax Rate

    3.87%
 1/1a See Important Disclosure for definitions.

Fees and 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%

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

    SMB
  • Index Total Return Ticker

    MSBT
  • NAV

    SMBNV
  • Intraday NAV (IIV)5

    SMBIV
  • Shares Outstanding

    20,950,000
  • Estimated Cash

    SMBEU
  • Total Cash

    SMBTC
  • CUSIP

    92189F528
  • ISIN

    US92189F5281
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/23/22

  • Yield to Worst

    3.20%
  • Yield to Maturity

    3.22%
  • Effective Duration (yrs)

    2.58
  • Duration to Worst (yrs)

    2.45
  • Modified Duration (yrs)

    2.49
  • Spread Duration (yrs)

    2.51
  • Years to Maturity

    6.07
  • Coupon

    4.71%
 4See Important Disclosure for definitions.

Investment Professionals

  • 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
  • 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
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2016
  • MS, Financial Engineering, Baruch College
  • BBA, Finance, Baruch College
  • 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
  • Senior credit analyst for non-taxable Fixed Income ETFs
  • Joined VanEck in 2021
  • Prior to joining VanEck, held several senior municipal analyst positions including director of research at Belle Haven Investments, senior municipal analyst at Brown Brothers, and municipal bond analyst at UBS
  • Member of National Federation of Municipal Analysts and the Municipal Analysts Group of New York
  • MBA, Finance and Public Policy, The Wharton School of Business; BA, Communications, University of Pennsylvania

Prices as of 09/23/22

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
SMB $16.70
$16.62
94,398
260,754
$-0.06 / -0.33%
$-0.08 / -0.45%
-5.72%
-6.44%
$-0.08
-0.48%
0.12%

Premium/Discount History as of 09/23/22

Calendar Year 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 225 55 56 40 21
SMB Days closed at NAV 13 4 4 5 4
Days closed at a discount 14 5 4 17 37

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) -1.42 -0.41 -4.46 -4.87 -0.36 0.58 0.83 1.79
SMB (Share Price) -1.43 -0.87 -4.94 -5.25 -0.40 0.56 0.78 1.77
MSBT** (Index) -1.37 -0.31 -4.63 -5.00 -0.17 0.83 1.25 2.25
Performance Differential (NAV - Index) -0.05 -0.10 0.17 0.13 -0.19 -0.25 -0.42 -0.46
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/22/08
SMB (NAV) -0.24 -0.36 -4.30 -4.42 0.02 0.82 0.91 1.82
SMB (Share Price) 0.04 0.25 -4.08 -4.20 0.23 0.98 0.95 1.86
MSBT** (Index) -0.25 -0.36 -4.57 -4.51 0.22 1.06 1.32 2.28
Performance Differential (NAV - Index) 0.01 0.00 0.27 0.09 -0.20 -0.24 -0.41 -0.46

Top 10 Holdings (%) as of 08/31/22 Daily Holdings

Total Holdings: 586
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to view
full data
Issuer Name State Weighting (%)
California St CA 5.29
New York St Dorm Auth St Pers Income Tax Rev NY 2.24
New York N Y NY 2.17
Metropolitan Transn Auth N Y Rev NY 2.00
Maryland St MD 1.57
Connecticut St CT 1.51
Main Str Nat Gas Inc Ga Gas Supply Rev GA 1.48
New York St Dorm Auth Sales Tax Rev St Supporteddebt NY 1.33
Kentucky Inc Ky Pub Energy Auth Gas Suplly Rev KY 1.33
Illinois St IL 1.33
Top 10 Total (%) 20.26
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Geographical Weightings (%) as of 08/31/22

  • State

    % of Net Assets
  • California

    14.6
  • New York

    14.3
  • Texas

    8.4
  • Illinois

    4.8
  • Georgia

    3.4
  • Massachusetts

    3.4
  • Pennsylvania

    3.2
  • Florida

    3.0
  • Maryland

    3.0
  • Alabama

    3.0
  • Connecticut

    2.9
  • New Jersey

    2.9
  • Virginia

    2.7
  • Ohio

    2.6
  • Washington

    2.6
  • Kentucky

    2.1
  • Wisconsin

    2.0
  • North Carolina

    1.9
  • Michigan

    1.4
  • Utah

    1.2
  • Other/Cash

    16.5

Currency Exposure (%)
as of 08/31/22

  • U.S. Dollar

    99.93
  • Other/Cash

    0.07

Sector Weightings (%) as of 08/31/22

  • Sector

    % of Net Assets
  • State GO

    20.1
  • Local GO

    12.9
  • Refunded

    10.0
  • Tax

    9.6
  • Utilities - Other

    8.6
  • Transportation

    6.3
  • Water & Sewer

    5.6
  • Hospitals

    5.2
  • Leasing COPS & Appropriations

    5.1
  • Education

    4.1
  • Power

    3.7
  • Toll & Turnpike

    3.4
  • Misc

    1.7
  • Airport

    1.6
  • Multi-Family Housing

    1.2
  • Tobacco

    0.6
  • Industrial Development Revenue

    0.2
  • Pollution Control

    0.1
  • Unassigned

    0.1

Credit Quality (%) as of 08/31/22

Composite % of Net Assets
Investment Grade AAA 16.17
AA 50.23
A 19.19
BBB 6.95
Total Investment Grade -- 92.54
Not Rated -- 7.46

Maturity (%) as of 08/31/22

Average Portfolio Maturity: 6.08 Years