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SMB VanEck Short Muni ETF Please read important disclosure Close important disclosure Show More Show Less Compare false

SMB
VanEck Short Muni ETF

SMB
VanEck Short Muni ETF

  • NAV
    $17.09

    as of September 14, 2026
  • YTD RETURNS
    0.48%

    as of September 14, 2026
  • Total Net Assets
    $315.25M

    as of September 14, 2026
  • Total Expense Ratio
    0.07%
  • Inception Date
    02/22/2008
  • 30-Day SEC Yield
    2.98%
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Overview

Why SMB

  • Federally Tax-Exempt IncomeProvides income generally exempt from federal taxes
  • Intermediate Duration FocusDesigned to track an index of short-duration municipal bonds to help mange interest rate risk
  • Investment-Grade QualityEmphasizes investment-grade municipal bonds with high overall credit quality

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 Index (MBNS), which is intended to track the overall performance of the U.S. dollar denominated short-term tax-exempt bond market.

Yields  as of  09/14/2026

Distribution Frequency

Monthly

30-Day SEC Yield

2.98%

Distribution Yield

2.90%

12 Month Yield

2.82%

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 Muni ETF would have been 2.98% on 09/14/26. 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 02/22/08
SMB (NAV) 0.41 0.28 1.11 2.02 3.29 1.17 1.47 1.99
SMB (Market Price) 0.17 0.23 0.55 1.92 3.38 1.12 1.43 1.99
ICE Short AMT-Free Broad National Municipal Index 0.40 0.30 1.12 2.02 3.27 1.17 1.64 2.37
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 02/22/08
SMB (NAV) 0.33 0.92 1.16 3.29 3.33 1.25 1.49 2.02
SMB (Market Price) 0.47 0.99 0.78 3.26 3.50 1.21 1.49 2.02
ICE Short AMT-Free Broad National Municipal Index 0.34 0.91 1.17 3.27 3.30 1.27 1.67 2.39

*Returns less than one year are not annualized.

Index data prior to March 1, 2022 reflects that of the Bloomberg AMT-Free Short Continuous Municipal Index (LMT1TR). From March 1, 2022 to November 30, 2022, the index data reflects that of the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT). From December 1, 2022 forward the index data reflects that of the Fund's underlying index the ICE Short AMT Free Broad National Municipal Index (MBNS) 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 09/14/2026

Download XLS Get holdings
Total Holdings: 329
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
New York City Transitional Finance Auth
1.04
 5.000
07/15/2031
3,274,472
Charlotte-Mecklenburg Hospital Authorit
1.02
 5.000
01/15/2049
3,215,869
Indiana Finance Authority
1.02
 5.000
02/01/2032
3,213,902
State Of California
1.01
 5.000
04/01/2030
3,168,684
Southeast Energy Authority A Cooperativ
0.95
 4.000
12/01/2051
2,982,128
Commonwealth Of Massachusetts
0.93
 5.000
05/01/2031
2,926,211
State Of New Jersey
0.89
 2.000
06/01/2030
2,791,459
State Of California
0.85
 5.000
10/01/2031
2,693,177
Kansas Development Finance Authority
0.84
 5.000
11/15/2054
2,642,424
New York City Housing Development Corp
0.81
 3.950
11/01/2064
2,556,852
Commonwealth Of Massachusetts
0.79
 5.000
10/01/2031
2,490,528
California Statewide Communities Develo
0.74
 1.750
09/01/2029
2,341,456
Massachusetts Water Resources Authority
0.69
 5.250
08/01/2030
2,174,191
New Jersey Educational Facilities Autho
0.69
 5.000
07/01/2064
2,161,296
Colorado Health Facilities Authority
0.68
 5.000
11/15/2060
2,155,914
Georgia State Road & Tollway Authority
0.68
 5.000
06/01/2032
2,144,246
County Of King Wa
0.68
 4.000
07/01/2030
2,136,776
Main Street Natural Gas Inc
0.67
 5.000
04/01/2054
2,125,934
State Of Connecticut
0.67
 3.000
01/15/2032
2,114,733
California Community Choice Financing A
0.67
 5.500
05/01/2054
2,107,211
Main Street Natural Gas Inc
0.66
 5.000
05/01/2054
2,094,128
Tennessee Energy Acquisition Corp
0.66
 5.000
05/01/2052
2,093,270
State Of Maryland
0.66
 5.000
03/15/2032
2,082,818
City Of Orlando Fl Tourist Development
0.66
 5.000
11/01/2031
2,070,253
Texas Water Development Board
0.66
 4.000
10/15/2031
2,066,062
Energy Northwest
0.66
 --
07/01/2027
2,065,540
City Of Chicago Il
0.65
 5.000
01/01/2030
2,058,311
Central Florida Expressway Authority
0.65
 5.000
07/01/2038
2,054,785
City & County Of Honolulu Hi
0.65
 5.000
03/01/2031
2,043,140
Fort Bend Independent School District
0.65
 5.000
08/15/2030
2,038,913
Conroe Independent School District
0.64
 5.000
02/15/2027
2,026,930
State Of Georgia
0.64
 5.000
02/01/2032
2,025,219
State Of California
0.62
 5.000
04/01/2032
1,969,210
Los Angeles Unified School District/Ca
0.58
 5.000
07/01/2030
1,830,235
Energy Southeast A Cooperative District
0.58
 5.500
11/01/2053
1,827,783
State Of Connecticut Special Tax Revenu
0.57
 5.000
05/01/2031
1,804,363
State Public School Building Authority
0.56
 5.000
06/01/2032
1,780,685
State Of California
0.53
 5.000
10/01/2031
1,661,080
Connecticut State Health & Educational
0.51
 5.000
07/01/2064
1,608,982
State Of Maryland
0.50
 5.000
03/15/2031
1,590,297
Indiana Finance Authority
0.50
 4.250
11/01/2030
1,583,402
State Of North Carolina
0.50
 5.000
03/01/2030
1,568,591
Wisconsin Health & Educational Faciliti
0.50
 5.000
02/15/2032
1,564,860
New York City Transitional Finance Auth
0.50
 4.000
11/01/2030
1,560,424
Curators Of The University Of Missouri/
0.48
 5.000
11/01/2030
1,519,098
Metropolitan Transportation Authority
0.48
 5.000
11/15/2031
1,505,284
Kern High School District
0.46
 2.000
08/01/2031
1,442,353
Frisco Independent School District
0.44
 4.000
02/15/2032
1,372,026
New York State Dormitory Authority
0.43
 5.000
10/01/2030
1,357,881
State Of Ohio
0.43
 5.000
12/15/2031
1,342,277
State Of California
0.42
 5.000
08/01/2027
1,339,556
County Of Allen Oh Hospital Facilities
0.42
 5.000
12/01/2029
1,330,343
City Of Columbus Oh
0.42
 5.000
04/01/2031
1,329,628
Jackson County School District No 549c
0.40
 5.000
12/15/2028
1,267,160
Main Street Natural Gas Inc
0.40
 4.000
07/01/2052
1,261,483
Central Plains Energy Project
0.40
 5.000
09/01/2031
1,250,968
Central Florida Expressway Authority
0.39
 4.000
07/01/2031
1,238,810
New York Transportation Development Cor
0.39
 5.000
12/01/2030
1,235,271
New York City Transitional Finance Auth
0.38
 5.000
02/01/2030
1,204,928
Kentucky Public Energy Authority
0.38
 4.000
08/01/2052
1,203,153
State Of North Carolina
0.38
 5.000
06/01/2031
1,187,413
Jefferson County School District R-1
0.37
 5.000
12/15/2030
1,167,629
Triborough Bridge & Tunnel Authority
0.35
 5.000
11/15/2031
1,100,564
State Of California
0.35
 5.000
09/01/2030
1,098,625
Detroit City School District
0.35
 5.250
05/01/2032
1,096,474
Connecticut State Health & Educational
0.35
 5.000
07/01/2064
1,094,145
Texas State Transportation Commission
0.34
 5.000
04/01/2030
1,085,569
Commonwealth Of Massachusetts
0.34
 5.000
05/01/2030
1,085,472
Metropolitan Transportation Authority
0.34
 5.000
11/15/2030
1,085,155
State Of California
0.34
 5.000
10/01/2029
1,082,374
Clark County School District
0.34
 5.000
06/15/2032
1,081,220
Minnesota Public Facilities Authority S
0.34
 5.000
03/01/2031
1,075,935
State Of Washington
0.34
 5.000
06/01/2031
1,074,630
New York City Municipal Water Finance A
0.34
 5.000
06/15/2032
1,069,267
Fairfax County Industrial Development A
0.34
 5.000
05/15/2057
1,068,757
New York City Transitional Finance Auth
0.34
 5.000
08/01/2031
1,063,649
California Community Choice Financing A
0.34
 5.250
11/01/2054
1,063,363
State Of North Carolina
0.34
 5.000
05/01/2031
1,063,085
County Of Miami-Dade Fl Water & Sewer S
0.34
 5.000
10/01/2028
1,062,431
Metropolitan Government Nashville & Dav
0.34
 5.000
07/01/2031
1,061,757
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,061,657
Regional Transportation District Sales
0.34
 5.000
11/01/2028
1,061,467
Piedmont Municipal Power Agency
0.34
 5.000
01/01/2032
1,060,009
North Carolina Municipal Power Agency N
0.34
 5.000
01/01/2032
1,058,631
County Of Allen Oh Hospital Facilities
0.34
 5.000
08/01/2030
1,058,402
Denton Independent School District
0.34
 5.000
08/15/2029
1,058,094
Board Of Regents Of The University Of T
0.34
 5.000
08/15/2029
1,057,808
North Carolina Medical Care Commission
0.34
 5.000
06/01/2055
1,056,860
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,056,750
City Of New York Ny
0.33
 5.000
08/01/2029
1,054,987
State Of Louisiana
0.33
 5.000
02/01/2029
1,053,752
Texas Municipal Gas Acquisition & Suppl
0.33
 5.500
01/01/2054
1,053,482
Southeast Alabama Gas Supply District/T
0.33
 5.000
08/01/2054
1,052,340
University Of Connecticut
0.33
 5.000
04/15/2029
1,051,950
New Jersey Health Care Facilities Finan
0.33
 5.000
07/01/2031
1,051,840
Minneapolis-St Paul Metropolitan Airpor
0.33
 5.000
01/01/2029
1,050,893
New York City Transitional Finance Auth
0.33
 5.000
07/15/2031
1,050,369
New York State Dormitory Authority
0.33
 5.000
03/15/2029
1,050,006
State Of Maryland
0.33
 5.000
03/15/2029
1,049,382
Black Belt Energy Gas District
0.33
 5.500
06/01/2049
1,046,957
State Of California
0.33
 5.000
10/01/2027
1,046,925
State Of California
0.33
 5.000
09/01/2028
1,045,825
State Of California
0.33
 5.000
11/01/2028
1,044,061
Washington Convention & Sports Authorit
0.33
 5.000
10/01/2030
1,042,264
Southeast Energy Authority A Cooperativ
0.33
 5.250
01/01/2054
1,041,644
Southern California Public Power Author
0.33
 5.000
07/01/2053
1,040,953
City Of Houston Tx Combined Utility Sys
0.33
 5.000
11/15/2027
1,040,935
California Community Choice Financing A
0.33
 5.000
07/01/2053
1,039,821
State Of Illinois
0.33
 5.000
11/01/2027
1,039,228
Main Street Natural Gas Inc
0.33
 5.000
09/01/2053
1,038,196
City Of Houston Tx
0.33
 5.000
03/01/2032
1,036,877
Tobacco Settlement Financing Corp
0.33
 5.000
06/01/2032
1,036,371
Black Belt Energy Gas District
0.33
 5.000
05/01/2053
1,035,045
University Of Minnesota
0.33
 5.000
12/01/2031
1,034,829
Main Street Natural Gas Inc
0.33
 5.000
07/01/2053
1,034,065
New Jersey Educational Facilities Autho
0.33
 5.000
07/01/2028
1,027,407
Commonwealth Of Pennsylvania
0.33
 5.000
07/15/2027
1,026,105
Hillsboro School District No 1j
0.33
 5.000
06/15/2031
1,025,000
State Of California
0.32
 5.000
09/01/2027
1,024,224
New York State Dormitory Authority
0.32
 5.000
08/01/2030
1,024,085
San Francisco City & County Public Util
0.32
 5.000
10/01/2026
1,023,943
Louisville/Jefferson County Metropolita
0.32
 5.000
10/01/2047
1,023,839
County Of Harris Tx Toll Road Revenue
0.32
 5.000
08/15/2027
1,022,960
Commonwealth Of Pennsylvania
0.32
 5.000
09/01/2027
1,022,404
City Of New York Ny
0.32
 5.000
09/01/2027
1,021,830
City Of New York Ny
0.32
 5.000
09/01/2027
1,021,830
Iowa Finance Authority
0.32
 5.000
08/01/2031
1,021,009
Triborough Bridge & Tunnel Authority
0.32
 5.000
11/15/2026
1,020,399
Metropolitan Council
0.32
 5.000
12/01/2026
1,019,131
Ohio Water Development Authority
0.32
 5.000
12/01/2027
1,018,965
County Of Hennepin Mn Sales Tax Revenue
0.32
 5.000
12/15/2031
1,017,810
New York State Thruway Authority
0.32
 5.000
01/01/2027
1,016,832
California State Public Works Board
0.32
 4.000
11/01/2031
1,015,296
Central Florida Tourism Oversight Distr
0.32
 4.000
06/01/2031
1,015,275
Black Belt Energy Gas District
0.32
 4.000
06/01/2051
1,008,323
County Of Baltimore Md
0.32
 5.000
03/01/2030
1,006,006
King County School District No 414 Lake
0.32
 5.000
12/01/2031
1,005,507
New York City Housing Development Corp
0.32
 3.250
11/01/2064
1,003,693
State Of Connecticut
0.32
 3.000
06/01/2029
1,000,738
California Community Choice Financing A
0.32
 4.000
02/01/2052
998,151
State Of Hawaii
0.32
 3.000
10/01/2029
997,155
Indiana Finance Authority
0.32
 5.000
06/01/2029
995,190
Long Island Power Authority
0.32
 3.000
09/01/2055
993,644
State Of Florida
0.31
 3.000
06/01/2030
991,368
New York City Housing Development Corp
0.31
 3.125
11/01/2065
990,025
State Of Minnesota
0.31
 3.000
10/01/2030
987,748
New York City Housing Development Corp
0.31
 3.150
05/01/2066
987,039
City Of Denton Tx Utility System Revenu
0.31
 5.000
12/01/2031
983,048
State Of California
0.31
 5.000
11/01/2028
967,660
State Of California Department Of Water
0.30
 5.000
12/01/2031
949,446
Board Of Regents Of The University Of T
0.30
 5.000
08/15/2031
946,042
New York State Dormitory Authority
0.30
 5.000
02/15/2032
945,483
State Of Florida Department Of Transpor
0.30
 5.000
07/01/2030
943,936
Fort Bend Independent School District
0.30
 5.000
02/15/2028
939,466
Collin County Community College Distric
0.30
 4.000
08/15/2031
931,362
State Of Washington
0.29
 5.000
08/01/2031
898,530
Beverly Hills Unified School District C
0.28
 --
08/01/2030
888,904
Harris County Cultural Education Facili
0.28
 5.000
11/15/2030
879,280
State Of New Mexico Severance Tax Perma
0.27
 5.000
07/01/2027
862,810
New York City Transitional Finance Auth
0.27
 5.000
02/01/2027
862,353
Georgia State Road & Tollway Authority
0.27
 5.000
06/01/2029
852,778
California State Public Works Board
0.27
 5.000
10/01/2026
849,794
Virginia Commonwealth Transportation Bo
0.26
 5.000
05/15/2032
828,325
Public Finance Authority
0.26
 4.000
10/01/2041
825,718
California State Public Works Board
0.26
 5.000
10/01/2028
820,533
State Of Illinois
0.26
 5.000
11/01/2026
816,902
Los Angeles County Metropolitan Transpo
0.26
 5.000
07/01/2031
815,518
State Of California
0.26
 5.000
10/01/2030
809,376
State Of Louisiana
0.25
 5.000
03/01/2032
802,024
New Jersey Transportation Trust Fund Au
0.25
 4.100
06/15/2031
788,252
County Of Fairfax Va
0.25
 5.000
10/01/2031
787,421
City Of Columbus Oh
0.25
 5.000
04/01/2029
783,937
California Health Facilities Financing
0.25
 5.000
11/15/2031
779,212
State Of North Carolina
0.25
 3.000
05/01/2031
777,089
State Of California
0.25
 5.000
04/01/2027
776,643
County Of Montgomery Md
0.25
 4.000
08/01/2029
774,844
State Of Maryland Department Of Transpo
0.24
 4.000
05/01/2030
768,027
University Of Connecticut
0.24
 5.000
01/15/2030
755,467
Regional Transportation Authority
0.24
 5.000
07/01/2028
751,200
Energy Northwest
0.24
 5.000
07/01/2028
744,410
Virginia Public Building Authority
0.23
 5.000
08/01/2029
736,861
New Jersey Economic Development Authori
0.23
 3.125
07/01/2031
733,312
Montgomery County Industrial Developmen
0.23
 4.100
06/01/2029
733,176
California State Public Works Board
0.23
 5.000
11/01/2029
728,621
City Of South Miami Health Facilities A
0.23
 5.000
08/15/2029
724,326
Illinois Finance Authority
0.22
 5.000
07/01/2027
703,438
New York State Urban Development Corp
0.22
 5.000
03/15/2027
697,882
City Of New York Ny
0.22
 5.000
04/01/2032
695,368
Commonwealth Of Massachusetts
0.22
 5.500
01/01/2027
692,514
State Of Illinois
0.22
 3.500
06/01/2029
689,128
Trinity River Authority Central Regiona
0.22
 5.000
08/01/2030
684,100
New Jersey Health Care Facilities Finan
0.21
 5.000
07/01/2029
676,678
Washington Metropolitan Area Transit Au
0.21
 5.000
07/01/2031
665,196
Pennsylvania Housing Finance Agency
0.21
 2.800
10/01/2031
663,549
Illinois State Toll Highway Authority
0.21
 5.000
01/01/2027
660,786
New York State Dormitory Authority
0.21
 5.000
03/15/2028
660,215
New York State Environmental Facilities
0.20
 5.000
06/15/2028
634,724
City Of San Antonio Tx Electric & Gas S
0.20
 5.000
02/01/2027
634,139
New Jersey Economic Development Authori
0.20
 5.000
06/15/2034
633,003
State Of Connecticut Special Tax Revenu
0.20
 5.000
05/01/2028
631,226
City Of Phoenix Civic Improvement Corp
0.20
 5.000
07/01/2029
627,456
City Of Dallas Tx Waterworks & Sewer Sy
0.20
 5.000
10/01/2031
614,665
Texas Municipal Gas Acquisition & Suppl
0.19
 5.000
12/15/2026
609,931
State Of Maryland Department Of Transpo
0.19
 5.000
10/01/2026
609,192
Virginia College Building Authority
0.19
 5.000
02/01/2027
608,697
State Of New York Mortgage Agency Homeo
0.19
 3.000
10/01/2031
605,160
State Of North Carolina
0.19
 5.000
05/01/2029
602,991
New York State Dormitory Authority
0.19
 5.000
02/15/2032
601,511
State Of Illinois Sales Tax Revenue
0.19
 4.000
06/15/2028
592,662
City Of Dallas Tx Waterworks & Sewer Sy
0.18
 5.000
10/01/2030
578,858
Alabama Public School And College Autho
0.18
 5.000
11/01/2031
569,166
Washington Metropolitan Area Transit Au
0.18
 5.000
07/01/2030
568,398
State Of California
0.18
 5.000
10/01/2027
554,870
San Bernardino Community College Distri
0.17
 4.000
08/01/2049
549,726
Massachusetts Development Finance Agenc
0.17
 5.000
05/15/2055
547,856
Salt River Project Agricultural Improve
0.17
 5.000
01/01/2032
547,737
Energy Northwest
0.17
 5.000
07/01/2031
545,650
City Of New York Ny
0.17
 5.000
08/01/2030
544,217
Utah Transit Authority
0.17
 5.000
12/15/2030
541,793
City Of New York Ny
0.17
 5.000
11/01/2030
538,966
Utah Transit Authority
0.17
 5.000
06/15/2030
538,822
Rutherford Cty Health & Edu Fac Brd
0.17
 5.000
11/15/2048
535,193
Buckeye Tobacco Settlement Financing Au
0.17
 5.000
06/01/2032
534,956
City Of New York Ny
0.17
 5.000
10/01/2031
534,795
Miami Beach Redevelopment Agency
0.17
 5.000
02/01/2031
534,308
Orange County Convention Center/Orlando
0.17
 5.000
10/01/2030
533,081
Southeast Energy Authority A Cooperativ
0.17
 5.000
10/01/2030
532,973
City Of San Francisco Ca Public Utiliti
0.17
 5.000
11/01/2028
532,949
Chicago O'Hare International Airport
0.17
 5.000
01/01/2030
532,906
Metropolitan Washington Airports Author
0.17
 5.000
10/01/2028
531,923
New York State Dormitory Authority
0.17
 5.000
03/15/2030
531,393
Central Puget Sound Regional Transit Au
0.17
 5.000
11/01/2026
531,123
County Of Clark Department Of Aviation
0.17
 5.000
07/01/2029
530,961
California Community Choice Financing A
0.17
 5.250
01/01/2054
530,585
California Infrastructure & Economic De
0.17
 5.000
11/01/2029
530,419
County Of Jefferson Al
0.17
 5.000
09/15/2028
530,067
Kentucky Public Energy Authority
0.17
 5.250
06/01/2055
528,557
Austin Independent School District
0.17
 5.000
08/01/2028
526,909
City Of Houston Tx
0.17
 5.000
03/01/2032
524,580
Grand River Dam Authority
0.17
 5.000
06/01/2031
524,492
State Of California
0.17
 5.000
10/01/2027
523,462
Arizona Industrial Development Authorit
0.17
 5.000
11/01/2028
523,026
Minneapolis-St Paul Metropolitan Airpor
0.17
 5.000
01/01/2030
522,816
County Of Miami-Dade Fl
0.17
 5.000
10/01/2029
522,496
New York City Industrial Development Ag
0.17
 5.000
03/01/2029
522,327
California Health Facilities Financing
0.17
 5.000
11/01/2027
522,237
Main Street Natural Gas Inc
0.17
 5.000
12/01/2052
521,783
Triborough Bridge & Tunnel Authority
0.17
 5.000
11/15/2027
521,106
State Of Michigan Trunk Line Revenue
0.17
 5.000
11/15/2027
520,699
Tennessee Energy Acquisition Corp
0.16
 5.000
05/01/2053
519,666
California Community Choice Financing A
0.16
 5.000
02/01/2054
518,998
Tobacco Settlement Financing Corp
0.16
 5.000
06/01/2031
518,864
Illinois Finance Authority
0.16
 5.000
01/01/2028
518,469
Kentucky Public Energy Authority
0.16
 5.000
01/01/2055
517,942
Shelby County Health Educational & Hous
0.16
 5.000
09/01/2049
517,764
New York State Dormitory Authority
0.16
 5.000
02/15/2027
516,755
Montgomery County Industrial Developmen
0.16
 4.100
10/01/2053
516,490
Commonwealth Of Massachusetts
0.16
 5.000
05/01/2027
516,316
State Of Maryland
0.16
 5.000
03/15/2028
515,570
Los Angeles Department Of Water & Power
0.16
 5.000
07/01/2028
515,250
American Municipal Power Inc
0.16
 5.000
02/15/2028
514,998
Lower Colorado River Authority
0.16
 5.000
05/15/2027
514,772
University Of Colorado
0.16
 4.000
06/01/2034
514,487
Ohio Turnpike & Infrastructure Commissi
0.16
 5.000
02/15/2031
513,989
Commonwealth Of Massachusetts
0.16
 5.000
07/01/2027
513,974
Central Florida Expressway Authority
0.16
 5.000
07/01/2027
513,617
Ohio Turnpike & Infrastructure Commissi
0.16
 5.000
02/15/2032
513,292
City Of New York Ny
0.16
 5.000
08/01/2027
512,146
County Of Mecklenburg Nc
0.16
 4.000
04/01/2029
511,065
New York City Transitional Finance Auth
0.16
 5.000
11/01/2026
510,702
Metropolitan Transportation Authority
0.16
 5.000
11/15/2026
510,140
City Of Colorado Springs Co Utilities S
0.16
 5.000
11/15/2026
510,132
County Of Cook Il
0.16
 5.000
11/15/2028
510,060
City Of Portland Or Sewer System Revenu
0.16
 5.000
12/01/2026
509,523
Boulder Larimer & Weld Counties St Vrai
0.16
 5.000
12/15/2035
508,953
New Jersey Transportation Trust Fund Au
0.16
 5.000
12/15/2026
508,894
State Of Colorado
0.16
 5.000
12/15/2026
508,781
North Texas Tollway Authority
0.16
 5.000
01/01/2027
508,253
Salt River Project Agricultural Improve
0.16
 5.000
01/01/2027
508,104
Main Street Natural Gas Inc
0.16
 4.000
08/01/2052
507,286
New York State Housing Finance Agency
0.16
 3.800
11/01/2062
507,199
County Of Bexar Tx
0.16
 5.000
06/15/2027
507,096
Alamo Community College District
0.16
 4.000
08/15/2032
507,029
New York State Housing Finance Agency
0.16
 3.600
11/01/2063
506,927
City Of Forsyth Mt
0.16
 3.875
07/01/2028
506,853
California Infrastructure & Economic De
0.16
 3.000
10/01/2047
506,624
New York State Dormitory Authority
0.16
 5.000
02/15/2027
506,622
California Community Choice Financing A
0.16
 4.000
05/01/2053
506,078
California State University
0.16
 3.125
11/01/2051
505,998
City & County Of Honolulu Hi
0.16
 5.000
03/01/2027
505,847
New York State Urban Development Corp
0.16
 5.000
03/15/2027
505,712
State Of Maryland
0.16
 5.000
03/15/2028
505,509
Los Angeles Unified School District/Ca
0.16
 5.000
07/01/2030
505,503
Butler County Unified School District N
0.16
 4.000
09/01/2030
503,642
Wisconsin Health & Educational Faciliti
0.16
 4.000
08/15/2031
501,853
Maryland Community Development Administ
0.16
 3.300
01/01/2029
501,331
Michigan State Housing Development Auth
0.16
 3.700
04/01/2030
500,455
Foothill-Eastern Transportation Corrido
0.16
 --
01/01/2027
496,020
Commonwealth Of Pennsylvania
0.16
 3.000
01/01/2031
495,224
City Of San Antonio Tx Electric & Gas S
0.15
 3.150
02/01/2055
485,337
State Of Maryland Department Of Transpo
0.15
 3.000
09/01/2031
482,544
California State Public Works Board
0.15
 3.000
09/01/2031
479,143
New York City Transitional Finance Auth
0.15
 5.000
11/01/2027
459,073
County Of Miami-Dade Fl
0.14
 --
10/01/2031
454,204
State Of Mississippi
0.14
 5.000
10/01/2029
448,388
New Jersey Transportation Trust Fund Au
0.14
 5.000
06/15/2030
442,478
Illinois State Toll Highway Authority
0.13
 5.000
01/01/2027
421,887
Pennsylvania Housing Finance Agency
0.13
 3.200
10/01/2031
421,400
City Of New York Ny
0.13
 5.000
03/01/2027
414,757
Commonwealth Of Massachusetts
0.13
 5.000
10/01/2026
409,548
State Of Michigan
0.13
 3.000
05/01/2030
405,837
State Of Connecticut Special Tax Revenu
0.12
 5.000
07/01/2031
380,445
Allegheny County Hospital Development A
0.12
 5.000
07/15/2030
378,628
University Of Utah/The
0.12
 5.000
08/01/2031
372,478
City Of Chicago Il
0.12
 5.000
01/01/2027
369,944
Michigan State Housing Development Auth
0.11
 3.100
12/01/2031
360,258
Canadian County Educational Facilities
0.10
 3.000
09/01/2029
323,485
California Health Facilities Financing
0.10
 5.000
08/15/2031
314,327
Lancaster County School District/Sc
0.10
 3.250
03/01/2032
312,724
Long Island Power Authority
0.10
 5.000
09/01/2031
311,059
Kentucky State Property & Building Comm
0.09
 5.000
10/01/2030
271,980
New York State Housing Finance Agency
0.08
 2.500
11/01/2060
265,074
Texas Water Development Board
0.08
 5.000
04/15/2030
260,099
South Dakota Health & Educational Facil
0.08
 5.000
09/01/2030
258,410
Maryland Health & Higher Educational Fa
0.08
 --
01/01/2029
256,684
County Of Mecklenburg Nc
0.07
 2.000
12/01/2030
232,375
State Public School Building Authority
0.06
 5.000
06/01/2029
203,503
Jea Electric System Revenue
0.04
 5.000
10/01/2029
114,623
--
0.71
 --
--
2,250,826
Other/Cash
0.06
 --
--
192,338
← Scroll for more information →
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Portfolio

Sector Weightings (%) as at 08/31/2026

  • Sector

    % of Net Assets

  • State GO

    18.26

  • Local GO

    14.68

  • Utilities - Other

    9.99

  • Tax

    9.92

  • Hospitals

    7.03

  • Power

    6.46

  • Education

    5.78

  • Water & Sewer

    5.56

  • Transportation

    5.34

  • Leasing COPS & Appropriations

    4.81

  • Refunded

    2.77

  • Multi-Family Housing

    2.48

  • Toll & Turnpike

    2.02

  • Airport

    1.00

  • Misc

    0.92

  • Pollution Control

    0.91

  • Tobacco

    0.66

  • Single Family Housing

    0.66

  • Industrial Development Revenue

    0.39

  • Unassigned

    0.22

  • Health

    0.16

Credit Quality (%) as of 08/31/2026

Composite % of Net Assets
Investment Grade AAA 18.37
AA 49.54
A 19.14
BBB 4.31
Total Investment Grade -- 91.36
Not Rated -- 8.64
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 08/31/2026

  • Years

    Maturity (%)

  • < 1

    14.10

  • 1 - 3

    21.50

  • 3 - 5

    37.60

  • 5 - 7

    22.50

  • 7 - 10

    0.50

  • 10 - 15

    0.60

  • 15 - 20

    0.30

  • 20 - 30

    2.40

  • 30 +

    0.50

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
09/01/2026 09/01/2026 09/04/2026 $ 0.0413 -- -- -- $ 0.04
08/03/2026 08/03/2026 08/06/2026 $ 0.0435 -- -- -- $ 0.04
07/01/2026 07/01/2026 07/07/2026 $ 0.0467 -- -- -- $ 0.05
06/01/2026 06/01/2026 06/04/2026 $ 0.0356 -- -- -- $ 0.04
05/01/2026 05/01/2026 05/06/2026 $ 0.0387 -- -- -- $ 0.04
04/01/2026 04/01/2026 04/07/2026 $ 0.0458 -- -- -- $ 0.05
03/02/2026 03/02/2026 03/05/2026 $ 0.0356 -- -- -- $ 0.04
02/02/2026 02/02/2026 02/05/2026 $ 0.0398 -- -- -- $ 0.04
12/29/2025 12/29/2025 12/31/2025 $ 0.0405 -- -- -- $ 0.04
11/28/2025 11/28/2025 12/03/2025 $ 0.0372 -- -- -- $ 0.04
11/03/2025 11/03/2025 11/06/2025 $ 0.0405 -- -- -- $ 0.04
10/01/2025 10/01/2025 10/06/2025 $ 0.0371 -- -- -- $ 0.04
09/02/2025 09/02/2025 09/05/2025 $ 0.0389 -- -- -- $ 0.04
08/01/2025 08/01/2025 08/06/2025 $ 0.0402 -- -- -- $ 0.04
07/01/2025 07/01/2025 07/07/2025 $ 0.0368 -- -- -- $ 0.04
06/02/2025 06/02/2025 06/05/2025 $ 0.0384 -- -- -- $ 0.04
05/01/2025 05/01/2025 05/06/2025 $ 0.0356 -- -- -- $ 0.04
04/01/2025 04/01/2025 04/04/2025 $ 0.0432 -- -- -- $ 0.04
03/03/2025 03/03/2025 03/06/2025 $ 0.0325 -- -- -- $ 0.03
02/03/2025 02/03/2025 02/06/2025 $ 0.0366 -- -- -- $ 0.04
12/27/2024 12/27/2024 12/30/2024 $ 0.0368 -- -- -- $ 0.04
12/02/2024 12/02/2024 12/05/2024 $ 0.0340 -- -- -- $ 0.03
11/01/2024 11/01/2024 11/06/2024 $ 0.0372 -- -- -- $ 0.04
10/01/2024 10/01/2024 10/04/2024 $ 0.0344 -- -- -- $ 0.03
09/03/2024 09/03/2024 09/06/2024 $ 0.0347 -- -- -- $ 0.03
08/01/2024 08/01/2024 08/06/2024 $ 0.0368 -- -- -- $ 0.04
07/01/2024 07/01/2024 07/05/2024 $ 0.0329 -- -- -- $ 0.03
06/03/2024 06/03/2024 06/06/2024 $ 0.0250 -- -- -- $ 0.03
05/01/2024 05/02/2024 05/07/2024 $ 0.0300 -- -- -- $ 0.03
04/01/2024 04/02/2024 04/05/2024 $ 0.0442 -- -- -- $ 0.04
03/01/2024 03/04/2024 03/07/2024 $ 0.0292 -- -- -- $ 0.03
02/01/2024 02/02/2024 02/07/2024 $ 0.0315 -- -- -- $ 0.03
12/27/2023 12/28/2023 12/29/2023 $ 0.0314 -- -- -- $ 0.03
12/01/2023 12/04/2023 12/07/2023 $ 0.0274 -- -- -- $ 0.03
11/01/2023 11/02/2023 11/07/2023 $ 0.0300 -- -- -- $ 0.03
10/02/2023 10/03/2023 10/06/2023 $ 0.0269 -- -- -- $ 0.03
09/01/2023 09/05/2023 09/08/2023 $ 0.0245 -- -- -- $ 0.02
08/01/2023 08/02/2023 08/10/2023 $ 0.0312 -- -- -- $ 0.03
07/03/2023 07/05/2023 07/07/2023 $ 0.0240 -- -- -- $ 0.02
06/01/2023 06/02/2023 06/07/2023 $ 0.0246 -- -- -- $ 0.02
05/01/2023 05/02/2023 05/05/2023 $ 0.0219 -- -- -- $ 0.02
04/03/2023 04/04/2023 04/10/2023 $ 0.0297 -- -- -- $ 0.03
03/01/2023 03/02/2023 03/07/2023 $ 0.0185 -- -- -- $ 0.02
02/01/2023 02/02/2023 02/07/2023 $ 0.0227 -- -- -- $ 0.02
12/28/2022 12/29/2022 12/30/2022 $ 0.0231 -- -- -- $ 0.02
12/01/2022 12/02/2022 12/07/2022 $ 0.0197 -- -- -- $ 0.02
11/01/2022 11/02/2022 11/07/2022 $ 0.0215 -- -- -- $ 0.02
10/03/2022 10/04/2022 10/07/2022 $ 0.0180 -- -- -- $ 0.02
09/01/2022 09/02/2022 09/08/2022 $ 0.0191 -- -- -- $ 0.02
08/01/2022 08/02/2022 08/05/2022 $ 0.0205 -- -- -- $ 0.02
07/01/2022 07/05/2022 07/08/2022 $ 0.0204 -- -- -- $ 0.02
06/01/2022 06/02/2022 06/07/2022 $ 0.0166 -- -- -- $ 0.02
05/02/2022 05/03/2022 05/06/2022 $ 0.0172 -- -- -- $ 0.02
04/01/2022 04/04/2022 04/07/2022 $ 0.0178 -- -- -- $ 0.02
03/01/2022 03/02/2022 03/07/2022 $ 0.0131 -- -- -- $ 0.01
02/01/2022 02/02/2022 02/07/2022 $ 0.0151 -- -- -- $ 0.02
12/29/2021 12/30/2021 12/31/2021 $ 0.0169 $ 0.0018 $ 0.0226 -- $ 0.04
12/01/2021 12/02/2021 12/07/2021 $ 0.0142 -- -- -- $ 0.01
11/01/2021 11/02/2021 11/05/2021 $ 0.0168 -- -- -- $ 0.02
10/01/2021 10/04/2021 10/07/2021 $ 0.0143 -- -- -- $ 0.01
09/01/2021 09/02/2021 09/08/2021 $ 0.0159 -- -- -- $ 0.02
08/02/2021 08/03/2021 08/06/2021 $ 0.0175 -- -- -- $ 0.02
07/01/2021 07/02/2021 07/08/2021 $ 0.0162 -- -- -- $ 0.02
06/01/2021 06/02/2021 06/07/2021 $ 0.0177 -- -- -- $ 0.02
05/03/2021 05/04/2021 05/07/2021 $ 0.0167 -- -- -- $ 0.02
04/01/2021 04/05/2021 04/08/2021 $ 0.0189 -- -- -- $ 0.02
03/01/2021 03/02/2021 03/05/2021 $ 0.0148 -- -- -- $ 0.01
02/01/2021 02/02/2021 02/05/2021 $ 0.0178 -- -- -- $ 0.02
12/29/2020 12/30/2020 01/05/2021 $ 0.0222 -- -- -- $ 0.02
12/01/2020 12/02/2020 12/07/2020 $ 0.0199 -- -- -- $ 0.02
11/02/2020 11/03/2020 11/06/2020 $ 0.0232 -- -- -- $ 0.02
10/01/2020 10/02/2020 10/07/2020 $ 0.0207 -- -- -- $ 0.02
09/01/2020 09/02/2020 09/08/2020 $ 0.0226 -- -- -- $ 0.02
08/03/2020 08/04/2020 08/07/2020 $ 0.0248 -- -- -- $ 0.02
07/01/2020 07/02/2020 07/08/2020 $ 0.0216 -- -- -- $ 0.02
06/01/2020 06/02/2020 06/05/2020 $ 0.0245 -- -- -- $ 0.02
05/01/2020 05/04/2020 05/07/2020 $ 0.0236 -- -- -- $ 0.02
04/01/2020 04/02/2020 04/07/2020 $ 0.0244 -- -- -- $ 0.02
03/02/2020 03/03/2020 03/06/2020 $ 0.0212 -- -- -- $ 0.02
02/03/2020 02/04/2020 02/07/2020 $ 0.0234 -- -- -- $ 0.02
12/30/2019 12/31/2019 01/06/2020 $ 0.0247 -- -- -- $ 0.02
12/02/2019 12/03/2019 12/06/2019 $ 0.0240 -- -- -- $ 0.02
11/01/2019 11/04/2019 11/07/2019 $ 0.0233 -- -- -- $ 0.02
10/01/2019 10/02/2019 10/07/2019 $ 0.0226 -- -- -- $ 0.02
09/03/2019 09/04/2019 09/09/2019 $ 0.0236 -- -- -- $ 0.02
08/01/2019 08/02/2019 08/07/2019 $ 0.0238 -- -- -- $ 0.02
07/01/2019 07/02/2019 07/08/2019 $ 0.0231 -- -- -- $ 0.02
06/03/2019 06/04/2019 06/07/2019 $ 0.0227 -- -- -- $ 0.02
05/01/2019 05/02/2019 05/07/2019 $ 0.0233 -- -- -- $ 0.02
04/01/2019 04/02/2019 04/05/2019 $ 0.0240 -- -- -- $ 0.02
03/01/2019 03/04/2019 03/07/2019 $ 0.0220 -- -- -- $ 0.02
02/01/2019 02/04/2019 02/07/2019 $ 0.0240 -- -- -- $ 0.02
12/27/2018 12/28/2018 01/03/2019 $ 0.0237 -- -- -- $ 0.02
12/03/2018 12/04/2018 12/07/2018 $ 0.0224 -- -- -- $ 0.02
11/01/2018 11/02/2018 11/07/2018 $ 0.0228 -- -- -- $ 0.02
10/01/2018 10/02/2018 10/05/2018 $ 0.0221 -- -- -- $ 0.02
09/04/2018 09/05/2018 09/10/2018 $ 0.0224 -- -- -- $ 0.02
08/01/2018 08/02/2018 08/07/2018 $ 0.0223 -- -- -- $ 0.02
07/02/2018 07/03/2018 07/09/2018 $ 0.0223 -- -- -- $ 0.02
06/01/2018 06/04/2018 06/07/2018 $ 0.0223 -- -- -- $ 0.02
05/01/2018 05/02/2018 05/07/2018 $ 0.0200 -- -- -- $ 0.02
04/02/2018 04/03/2018 04/06/2018 $ 0.0203 -- -- -- $ 0.02
03/01/2018 03/02/2018 03/07/2018 $ 0.0178 -- -- -- $ 0.02
02/01/2018 02/02/2018 02/07/2018 $ 0.0198 -- -- -- $ 0.02
12/27/2017 12/28/2017 01/03/2018 $ 0.0188 -- -- -- $ 0.02
12/01/2017 12/04/2017 12/07/2017 $ 0.0178 -- -- -- $ 0.02
11/01/2017 11/02/2017 11/07/2017 $ 0.0183 -- -- -- $ 0.02
10/02/2017 10/03/2017 10/06/2017 $ 0.0175 -- -- -- $ 0.02
09/01/2017 09/06/2017 09/08/2017 $ 0.0179 -- -- -- $ 0.02
08/01/2017 08/03/2017 08/07/2017 $ 0.0178 -- -- -- $ 0.02
07/03/2017 07/06/2017 07/10/2017 $ 0.0175 -- -- -- $ 0.02
06/01/2017 06/05/2017 06/07/2017 $ 0.0188 -- -- -- $ 0.02
05/01/2017 05/03/2017 05/05/2017 $ 0.0171 -- -- -- $ 0.02
04/03/2017 04/05/2017 04/07/2017 $ 0.0177 -- -- -- $ 0.02
03/01/2017 03/03/2017 03/07/2017 $ 0.0153 -- -- -- $ 0.02
02/01/2017 02/03/2017 02/07/2017 $ 0.0170 -- -- -- $ 0.02
12/28/2016 12/30/2016 01/04/2017 $ 0.0166 -- -- -- $ 0.02
12/01/2016 12/05/2016 12/07/2016 $ 0.0154 -- -- -- $ 0.02
11/01/2016 11/03/2016 11/07/2016 $ 0.0155 -- -- -- $ 0.02
10/03/2016 10/05/2016 10/07/2016 $ 0.0155 -- -- -- $ 0.02
09/01/2016 09/06/2016 09/08/2016 $ 0.0160 -- -- -- $ 0.02
08/01/2016 08/03/2016 08/05/2016 $ 0.0160 -- -- -- $ 0.02
07/01/2016 07/06/2016 07/08/2016 $ 0.0160 -- -- -- $ 0.02
06/01/2016 06/03/2016 06/07/2016 $ 0.0168 -- -- -- $ 0.02
05/02/2016 05/04/2016 05/06/2016 $ 0.0163 -- -- -- $ 0.02
04/01/2016 04/05/2016 04/07/2016 $ 0.0168 -- -- -- $ 0.02
03/01/2016 03/03/2016 03/07/2016 $ 0.0158 -- -- -- $ 0.02
02/01/2016 02/03/2016 02/05/2016 $ 0.0170 -- -- -- $ 0.02
12/29/2015 12/31/2015 01/05/2016 $ 0.0170 -- -- -- $ 0.02
12/01/2015 12/03/2015 12/07/2015 $ 0.0164 -- -- -- $ 0.02
11/02/2015 11/04/2015 11/06/2015 $ 0.0175 -- -- -- $ 0.02
10/01/2015 10/05/2015 10/07/2015 $ 0.0168 -- -- -- $ 0.02
09/01/2015 09/03/2015 09/08/2015 $ 0.0167 -- -- -- $ 0.02
08/03/2015 08/05/2015 08/07/2015 $ 0.0165 -- -- -- $ 0.02
07/01/2015 07/06/2015 07/08/2015 $ 0.0162 -- -- -- $ 0.02
06/01/2015 06/03/2015 06/05/2015 $ 0.0166 -- -- -- $ 0.02
05/01/2015 05/05/2015 05/07/2015 $ 0.0160 -- -- -- $ 0.02
04/01/2015 04/06/2015 04/08/2015 $ 0.0166 -- -- -- $ 0.02
03/02/2015 03/04/2015 03/06/2015 $ 0.0150 -- -- -- $ 0.01
02/02/2015 02/04/2015 02/06/2015 $ 0.0169 -- -- -- $ 0.02
12/29/2014 12/31/2014 01/05/2015 $ 0.0169 -- -- -- $ 0.02
12/01/2014 12/03/2014 12/05/2014 $ 0.0160 -- -- -- $ 0.02
11/03/2014 11/05/2014 11/07/2014 $ 0.0171 -- -- -- $ 0.02
10/01/2014 10/03/2014 10/07/2014 $ 0.0162 -- -- -- $ 0.02
09/02/2014 09/04/2014 09/08/2014 $ 0.0174 -- -- -- $ 0.02
08/01/2014 08/05/2014 08/07/2014 $ 0.0175 -- -- -- $ 0.02
07/01/2014 07/03/2014 07/08/2014 $ 0.0169 -- -- -- $ 0.02
06/02/2014 06/04/2014 06/06/2014 $ 0.0178 -- -- -- $ 0.02
05/01/2014 05/05/2014 05/07/2014 $ 0.0180 -- -- -- $ 0.02
04/01/2014 04/03/2014 04/07/2014 $ 0.0184 -- -- -- $ 0.02
03/03/2014 03/05/2014 03/07/2014 $ 0.0202 -- -- -- $ 0.02
02/03/2014 02/05/2014 02/07/2014 $ 0.0205 -- -- -- $ 0.02
12/27/2013 12/31/2013 01/03/2014 $ 0.0209 -- -- -- $ 0.02
12/02/2013 12/04/2013 12/06/2013 $ 0.0203 -- -- -- $ 0.02
11/01/2013 11/05/2013 11/07/2013 $ 0.0232 -- -- -- $ 0.02
10/01/2013 10/03/2013 10/07/2013 $ 0.0198 -- -- -- $ 0.02
09/03/2013 09/05/2013 09/09/2013 $ 0.0204 -- -- -- $ 0.02
08/01/2013 08/05/2013 08/07/2013 $ 0.0194 -- -- -- $ 0.02
07/01/2013 07/03/2013 07/08/2013 $ 0.0195 -- -- -- $ 0.02
06/03/2013 06/05/2013 06/07/2013 $ 0.0200 -- -- -- $ 0.02
05/01/2013 05/03/2013 05/07/2013 $ 0.0200 -- -- -- $ 0.02
04/01/2013 04/03/2013 04/05/2013 $ 0.0204 -- -- -- $ 0.02
03/01/2013 03/05/2013 03/07/2013 $ 0.0186 -- -- -- $ 0.02
02/01/2013 02/05/2013 02/07/2013 $ 0.0202 -- -- -- $ 0.02
12/27/2012 12/31/2012 01/03/2013 $ 0.0213 -- $ 0.0110 -- $ 0.03
12/03/2012 12/05/2012 12/07/2012 $ 0.0205 -- -- -- $ 0.02
11/01/2012 11/05/2012 11/07/2012 $ 0.0210 -- -- -- $ 0.02
10/01/2012 10/03/2012 10/05/2012 $ 0.0213 -- -- -- $ 0.02
09/04/2012 09/07/2012 09/10/2012 $ 0.0226 -- -- -- $ 0.02
08/01/2012 08/03/2012 08/07/2012 $ 0.0234 -- -- -- $ 0.02
07/02/2012 07/05/2012 07/09/2012 $ 0.0233 -- -- -- $ 0.02
06/01/2012 06/05/2012 06/07/2012 $ 0.0245 -- -- -- $ 0.02
05/01/2012 05/03/2012 05/07/2012 $ 0.0243 -- -- -- $ 0.02
04/02/2012 04/04/2012 04/09/2012 $ 0.0258 -- -- -- $ 0.03
03/01/2012 03/05/2012 03/07/2012 $ 0.0248 -- -- -- $ 0.02
02/01/2012 02/03/2012 02/07/2012 $ 0.0265 -- -- -- $ 0.03
12/28/2011 12/30/2011 01/04/2012 $ 0.0279 -- $ 0.0002 -- $ 0.03
12/01/2011 12/05/2011 12/07/2011 $ 0.0270 -- -- -- $ 0.03
11/01/2011 11/03/2011 11/07/2011 $ 0.0270 -- -- -- $ 0.03
10/03/2011 10/05/2011 10/07/2011 $ 0.0270 -- -- -- $ 0.03
09/01/2011 09/06/2011 09/08/2011 $ 0.0282 -- -- -- $ 0.03
08/01/2011 08/03/2011 08/05/2011 $ 0.0290 -- -- -- $ 0.03
07/01/2011 07/06/2011 07/08/2011 $ 0.0268 -- -- -- $ 0.03
06/01/2011 06/03/2011 06/07/2011 $ 0.0290 -- -- -- $ 0.03
05/02/2011 05/04/2011 05/06/2011 $ 0.0275 -- -- -- $ 0.03
04/01/2011 04/05/2011 04/07/2011 $ 0.0330 -- -- -- $ 0.03
03/01/2011 03/03/2011 03/07/2011 $ 0.0281 -- -- -- $ 0.03
02/01/2011 02/03/2011 02/07/2011 $ 0.0310 -- -- -- $ 0.03
12/29/2010 12/31/2010 01/05/2011 $ 0.0300 $ 0.0210 $ 0.0370 -- $ 0.09
12/01/2010 12/03/2010 12/07/2010 $ 0.0280 -- -- -- $ 0.03
11/01/2010 11/03/2010 11/05/2010 $ 0.0290 -- -- -- $ 0.03
10/01/2010 10/05/2010 10/07/2010 $ 0.0290 -- -- -- $ 0.03
09/01/2010 09/03/2010 09/08/2010 $ 0.0300 -- -- -- $ 0.03
08/02/2010 08/04/2010 08/06/2010 $ 0.0300 -- -- -- $ 0.03
07/01/2010 07/06/2010 07/08/2010 $ 0.0290 -- -- -- $ 0.03
06/01/2010 06/03/2010 06/07/2010 $ 0.0300 -- -- -- $ 0.03
05/03/2010 05/05/2010 05/07/2010 $ 0.0300 -- -- -- $ 0.03
04/01/2010 04/06/2010 04/08/2010 $ 0.0300 -- -- -- $ 0.03
03/01/2010 03/03/2010 03/05/2010 $ 0.0280 -- -- -- $ 0.03
02/01/2010 02/03/2010 02/05/2010 $ 0.0300 -- -- -- $ 0.03
12/29/2009 12/31/2009 01/05/2010 $ 0.0325 -- -- -- $ 0.03
12/01/2009 12/03/2009 12/07/2009 $ 0.0310 -- -- -- $ 0.03
11/02/2009 11/04/2009 11/06/2009 $ 0.0320 -- -- -- $ 0.03
10/01/2009 10/05/2009 10/07/2009 $ 0.0300 -- -- -- $ 0.03
09/01/2009 09/03/2009 09/08/2009 $ 0.0315 -- -- -- $ 0.03
08/03/2009 08/05/2009 08/07/2009 $ 0.0360 -- -- -- $ 0.04
07/01/2009 07/06/2009 07/08/2009 $ 0.0340 -- -- -- $ 0.03
06/01/2009 06/03/2009 06/05/2009 $ 0.0350 -- -- -- $ 0.04
05/01/2009 05/05/2009 05/07/2009 $ 0.0370 -- -- -- $ 0.04
04/01/2009 04/03/2009 04/07/2009 $ 0.0400 -- -- -- $ 0.04
03/02/2009 03/04/2009 03/06/2009 $ 0.0360 -- -- -- $ 0.04
02/02/2009 02/04/2009 02/06/2009 $ 0.0380 -- -- -- $ 0.04
12/26/2008 12/30/2008 01/06/2009 $ 0.0370 -- -- -- $ 0.04
12/01/2008 12/03/2008 12/05/2008 $ 0.0450 -- -- -- $ 0.04
11/03/2008 11/05/2008 11/07/2008 $ 0.0340 -- -- -- $ 0.03
10/01/2008 10/03/2008 10/07/2008 $ 0.0367 -- -- -- $ 0.04
09/02/2008 09/04/2008 09/09/2008 $ 0.0393 -- -- -- $ 0.04
08/01/2008 08/05/2008 08/07/2008 $ 0.0377 -- -- -- $ 0.04
07/01/2008 07/03/2008 07/08/2008 $ 0.0367 -- -- -- $ 0.04
06/02/2008 06/04/2008 06/06/2008 $ 0.0400 -- -- -- $ 0.04
05/01/2008 05/05/2008 05/07/2008 $ 0.0100 -- -- -- $ 0.01
04/01/2008 04/03/2008 04/08/2008 $ 0.0687 -- -- -- $ 0.07

‡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.

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