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PRB Market Vectors Pre-Refunded Municipal Index ETF

  • Fund Description

    The VanEck Vectors Pre-Refunded Municipal Index ETF (PRB®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays Municipal Pre-Refunded-Treasury-Escrowed Index (LMPETR), which is intended to track the overall performance of the U.S. dollar denominated pre-refunded or escrowed-to maturity tax-exempt bond market.

  •  
      

    • Fund Ticker

      PRB
    • Exchange

      NYSE Arca
    • Commencement

      02/02/2009
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMPETR
    • Index Rebalancing

      Monthly
  •  
    as of 08/26/16

    • 30-Day SEC Yield1

      0.52%
    • Total Net Assets

      $19.8M
    • Number of Holdings

      69
    • Options

      Expected
    • Gross Expense Ratio2

      0.24%
    • Net Expense Ratio/TER2

      0.24%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      08/31/2016
  • Index Key Points

    The Bloomberg Barclays Municipal Pre-Refunded Treasury-Escrowed Index (LMPETR) is comprised of:

    Pre-refunded and escrowed-to-maturity bonds (ETMs) with underlying collateral comprised solely of U.S. Treasuries and U.S. Treasury-issued State and Local Government Series bonds (SLGs).

    Issues eligible for inclusion in Index:

    • Nominal maturity of 1-30 years.
    • Outstanding par value of at least $7 million.
    • Issued as part of transaction of at least $75 million in value.
    • Fixed rate coupon and denominated in U.S. dollars.

      Index Provider: Bloomberg Index Services Limited

    • Index Profile

      • Ticker

        LMPETR
      • Inception Date

        12/16/2008
      • Rebalance Frequency

        Monthly
    • Index Fundamentals4
      as of 08/25/16

      • Yield to Worst

        0.76%
      • Yield to Maturity

        0.78%
      • Effective Duration (yrs)

        2.57
      • Duration to Worst (yrs)

        2.52
      • Modified Duration (yrs)

        2.60
      • Spread Duration (yrs)

        2.60
      • Years to Maturity

        2.85
      • Coupon

        5.03%
       4 See Important Disclosure for definitions.
    • Top 10 Constituents (%) as of 07/31/16

      Total Constituents: 3238
      Issuer Name
      StateWeighting (%)
      Massachusetts St
      MA
      2.93
      California St Economic Recovery
      CA
      2.62
      North Tex Twy Auth Rev
      TX
      2.15
      Bay Area Toll Auth Calif Toll Brdg Rev
      CA
      1.81
      Los Angeles Calif Cmnty College Dist
      CA
      1.52
      Washington St For Issues Dtd Prior To 07/23/08 See 9397
      WA
      1.46
      North Carolina Eastn Mun Pwr Agy Pwr Sys Rev
      NC
      1.42
      Foothill / Eastern Transn Corridor Agy Calif Toll Rd Re
      CA
      1.25
      California Infrastructure & Economic Dev Bk Rev
      CA
      1.23
      Pennsylvania St
      PA
      1.12
      Top 10 Total (%)17.51
      These are not recommendations to buy or to sell any security. Securities and holdings may vary.
    • Index Geographical Weightings (%) as of 07/31/16

      • State

        % of Net Assets
      • California

        20.5
      • Texas

        9.5
      • Washington

        6.6
      • New York

        6.5
      • Massachusetts

        5.5
      • Florida

        4.7
      • North Carolina

        4.1
      • Arizona

        3.1
      • Virginia

        2.8
      • Pennsylvania

        2.7
      • Maryland

        2.6
      • Georgia

        2.3
      • Ohio

        2.3
      • New Jersey

        2.1
      • Kentucky

        1.8
      • Oregon

        1.8
      • Nevada

        1.7
      • Illinois

        1.6
      • Tennessee

        1.5
      • Minnesota

        1.4
    • Index Sector Weightings (%) as of 07/31/16

      • Sector

        % of Net Assets
      • State General

        15.8
      • Transportation

        15.7
      • Local General

        15.4
      • Water Utilities

        12.1
      • Education

        10.7
      • Health Care Facilities

        10.2
      • Leasing

        7.6
      • Special Tax

        6.4
      • Power Utilities

        5.8
      • IDR/PCR

        0.2
      • Resource Recovery

        0.2
      • Housing

        0.0
    • Maturity (%) as of 07/31/16

      Average Portfolio Maturity: 9.92 Years