Individual Investors

Subscribe to email updates

Subscribe now

Financial Professionals

Subscribe to email updates, or password protected financial professional-only content
email address/username
password

ITM VanEck Vectors AMT-Free Intermediate Municipal Index ETF

  • Fund Description

    The VanEck Vectors AMT-Free Intermediate Municipal Index ETF (ITM®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR), which is intended to track the overall performance of the U.S. dollar denominated intermediate-term tax-exempt bond.

  •  
      

    • Fund Ticker

      ITM
    • Exchange

      NYSE Arca
    • Commencement

      12/04/2007
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMT2TR
    • Index Rebalancing

      Monthly
    • Preliminary NAIC
      Designation7

      1
  •  
    as of 09/29/16

    • 30-Day SEC Yield1

      1.53%
    • Total Net Assets

      $1.6B
    • Number of Holdings

      1851
    • Options

      Available
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio/TER2

      0.24%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      09/30/2016
    1, 2, 7 See Important Disclosure
  • Index Key Points

    The Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR) is comprised of:

    Four main sectors: general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

    Issues eligible for inclusion in Index: 

    • Have a nominal maturity of 6-17 years.
    • Have a dated-date within the last 5 years.
    • Rated investment grade.
    • AMT-free.
    • Have an outstanding par value of at least $7 million.
    • Issued as part of a transaction of at least $75 million.
    • Fixed rate.

    Index Provider: Bloomberg Index Services Limited

  • Index Profile

    • Ticker

      LMT2TR
    • Inception Date

      11/05/2007
    • Rebalance Frequency

      Monthly
  • Index Fundamentals4
    as of 09/28/16

    • Yield to Worst

      1.82%
    • Yield to Maturity

      2.51%
    • Effective Duration (yrs)

      6.63
    • Duration to Worst (yrs)

      6.30
    • Modified Duration (yrs)

      6.70
    • Spread Duration (yrs)

      6.94
    • Years to Maturity

      11.39
    • Coupon

      4.74%
     4 See Important Disclosure for definitions.
  • Top 10 Constituents (%) as of 08/31/16

    Total Constituents: 16378
    Issuer Name
    StateWeighting (%)
    California St For Previous Issues See 13063B
    CA
    2.85
    New York N Y City Transitional Fin Auth Rev Forissues D
    NY
    1.75
    Metropolitan Transn Auth N Y Rev For Issues Dtdprior To
    NY
    1.67
    Pennsylvania St
    PA
    1.62
    California St For Previous Issues See 13063A Foraddl Is
    CA
    1.55
    New York St Dorm Auth St Pers Income Tax Rev Forissues
    NY
    1.55
    Washington St For Issues Dtd Prior To 02/05/2013See 939
    WA
    1.41
    Connecticut St For Issues Dated Prior To 10/19/10 See 2
    CT
    1.24
    New York St Urban Dev Corp Rev
    NY
    1.22
    Maryland St For Issues Dated Prior To 08/05/11 See 5741
    MD
    1.00
    Top 10 Total (%)15.86
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.
  • Index Geographical Weightings (%) as of 08/31/16

    • State

      % of Net Assets
    • New York

      16.4
    • California

      15.5
    • Texas

      10.1
    • Florida

      5.0
    • Washington

      4.1
    • Illinois

      3.9
    • Massachusetts

      3.3
    • Pennsylvania

      3.2
    • New Jersey

      3.0
    • Maryland

      2.7
    • Ohio

      2.6
    • Virginia

      2.5
    • Connecticut

      2.4
    • Georgia

      1.9
    • Arizona

      1.7
    • Wisconsin

      1.6
    • Michigan

      1.5
    • North Carolina

      1.4
    • Colorado

      1.4
    • Hawaii

      1.3
  • Index Sector Weightings (%) as of 08/31/16

    • Sector

      % of Net Assets
    • State General

      21.6
    • Local General

      16.9
    • Transportation

      14.2
    • Special Tax

      11.0
    • Water Utilities

      9.3
    • Education

      7.3
    • Leasing

      6.6
    • Power Utilities

      6.0
    • Health Care Facilities

      5.4
    • Housing

      0.8
    • IDR/PCR

      0.6
    • Resource Recovery

      0.2
  • Index Credit Quality (%) as of 08/31/16

    Composite % of Net Assets
    Investment Grade AAA 16.84
    AA 59.12
    A 20.64
    BBB 3.38
    Non-Investment Grade BB 0.02
    Total Investment Grade -- 99.98
    Total Non-Investment Grade -- 0.02
    Barclays Composite Rating: A blend of a security's Moody's, S&P, and Fitch ratings. If all three agencies rate the security, the middle rating is taken. If only two agencies rate a security, the lower rating is taken. If only one agency rates a security, that rating is used. Not rated indicates that a security is rated by fewer than one of the three rating agencies. This composite is not intended to be a credit opinion.
  • Maturity (%) as of 08/31/16

    Average Maturity: 11.44 Years