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SMB VanEck Vectors AMT-Free Short Municipal Index ETF

  • Fund Description

    The VanEck Vectors AMT-Free Short Municipal Index 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

      NYSE Arca
    • Commencement

      02/22/2008
    • ETF Structure

      Physical
    • Administrator

      Van Eck Associates
    • Custodian

      Bank of New York Mellon
    • Index Ticker

      LMT1TR
    • Index Rebalancing

      Monthly
  •  
    as of 09/27/16

    • 30-Day SEC Yield1

      0.87%
    • Total Net Assets

      $271.6M
    • Number of Holdings

      709
    • Options

      Expected
    • Gross Expense Ratio2

      0.20%
    • Net Expense Ratio/TER2

      0.20%
    • Distribution Frequency

      Monthly
    • Next Distribution Date

      09/30/2016
  • Index Key Points

    The Bloomberg Barclays AMT-Free Short Continuous Municipal Index (LMT1TR) 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 1-6 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

          LMT1TR
        • Inception Date

          11/05/2007
        • Rebalance Frequency

          Monthly
      • Index Fundamentals4
        as of 09/27/16

        • Yield to Worst

          1.14%
        • Yield to Maturity

          1.20%
        • Effective Duration (yrs)

          3.29
        • Duration to Worst (yrs)

          3.29
        • Modified Duration (yrs)

          3.42
        • Spread Duration (yrs)

          3.30
        • Years to Maturity

          5.18
        • Coupon

          4.69%
         4 See Important Disclosure for definitions.
      • Top 10 Constituents (%) as of 08/31/16

        Total Constituents : 7058
        Issuer Name
        StateWeighting (%)
        California St For Previous Issues See 13063B
        CA
        2.63
        California St For Previous Issues See 13063A Foraddl Is
        CA
        2.07
        Maryland St For Issues Dated Prior To 08/05/11 See 5741
        MD
        2.01
        Michigan Fin Auth Rev
        MI
        1.45
        Pennsylvania St
        PA
        1.45
        Connecticut St For Issues Dated Prior To 10/19/10 See 2
        CT
        1.39
        New York N Y For Previous Issues See 64966K Forfuture I
        NY
        1.24
        New York N Y City Transitional Fin Auth Rev Forissues D
        NY
        1.24
        Illinois St For Issues Dtd Prior To 01/16/2010 See 4521
        IL
        1.18
        Metropolitan Transn Auth N Y Rev For Issues Dtdprior To
        NY
        1.17
        Top 10 Total (%)15.83
        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
        • California

          16.6
        • New York

          15.9
        • Texas

          7.8
        • Florida

          4.7
        • Maryland

          4.0
        • Pennsylvania

          3.7
        • Washington

          3.5
        • Illinois

          3.2
        • New Jersey

          3.2
        • Ohio

          3.0
        • Connecticut

          2.8
        • Massachusetts

          2.6
        • Michigan

          2.5
        • Virginia

          2.5
        • North Carolina

          2.2
        • Georgia

          2.0
        • Wisconsin

          1.9
        • Arizona

          1.8
        • Nevada

          1.3
        • Hawaii

          1.2
      • Index Sector Weightings (%)  as of 08/31/16

        • Sector

          % of Net Assets
        • State General

          23.8
        • Local General

          16.3
        • Transportation

          13.1
        • Special Tax

          12.2
        • Education

          7.0
        • Water Utilities

          7.0
        • Power Utilities

          6.8
        • Leasing

          6.0
        • IDR/PCR

          3.5
        • Health Care Facilities

          3.2
        • Housing

          0.9
        • Resource Recovery

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

        Composite % of Net Assets
        Investment Grade AAA 19.88
        AA 57.62
        A 18.62
        BBB 3.25
        Non-Investment Grade BB 0.64
        Total Investment Grade -- 99.36
        Total Non-Investment Grade -- 0.64
        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: 5.22 Years