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ITMVanEck 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 market.
-
Fund Ticker
ITM -
Exchange
Cboe -
Commencement
12/04/2007 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Custodian
State Street Bank and Trust Company -
Index Ticker
LMT2TR -
Index Rebalancing
Monthly -
2019 Preliminary NAIC Designation7
1
as of 02/21/20
-
30-Day SEC Yield1
1.17% -
Total Net Assets
$1.8B -
Number of Holdings
3009 -
Options
Available -
Gross Expense Ratio2
0.24% -
Net Expense Ratio/TER2
0.24% -
Distribution Frequency
Monthly -
Next Distribution Date
02/28/2020
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 02/21/20
-
Yield to Worst
1.32% -
Yield to Maturity
2.22% -
Effective Duration (yrs)
6.15 -
Duration to Worst (yrs)
6.05 -
Modified Duration (yrs)
6.14 -
Spread Duration (yrs)
6.30 -
Years to Maturity
11.63 -
Coupon
4.67%
4 See Important Disclosure for definitions.
Top 10 Constituents (%) as of 01/31/20
Total Constituents: 18005
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| Issuer Name | State | Weighting (%) | |
|---|---|---|---|
| California St |
CA
|
4.77 | |
| New York N Y City Transitional Fin Auth Rev |
NY
|
1.55 | |
| New York N Y |
NY
|
1.55 | |
| Massachusetts St |
MA
|
1.45 | |
| New York St Dorm Auth St Pers Income Tax Rev |
NY
|
1.45 | |
| Washington St |
WA
|
1.36 | |
| Illinois St |
IL
|
1.29 | |
| New York St Dorm Auth Revs Non St Supported Debt |
NY
|
1.24 | |
| Metropolitan Transn Auth N Y Rev |
NY
|
1.17 | |
| Pennsylvania St |
PA
|
1.10 | |
| Top 10 Total (%) | 16.93 | ||
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Index Geographical Weightings (%) as of 01/31/20
-
State
% of Net Assets -
■
California
16.1 -
■
New York
14.3 -
■
Texas
9.7 -
■
Pennsylvania
4.5 -
■
Illinois
4.4 -
■
Florida
4.1 -
■
Washington
3.8 -
■
New Jersey
3.5 -
■
Massachusetts
3.5 -
■
Maryland
2.8 -
■
Ohio
2.6 -
■
Connecticut
2.3 -
■
Virginia
2.1 -
■
Georgia
2.0 -
■
Colorado
1.9 -
■
Michigan
1.6 -
■
North Carolina
1.6 -
■
Arizona
1.6 -
■
Wisconsin
1.6 -
■
Oregon
1.4
Index Sector Weightings (%) as of 01/31/20
-
Sector
% of Net Assets -
■
State General
19.4 -
■
Local General
17.6 -
■
Transportation
12.4 -
■
Special Tax
10.8 -
■
Water Utilities
9.7 -
■
Health Care Facilities
8.2 -
■
Education
7.4 -
■
Leasing
5.7 -
■
Power Utilities
5.3 -
■
IDR/PCR
2.1 -
■
Housing
1.4 -
■
Resource Recovery
0.0
Index Credit Quality (%) as of 01/31/20
| Composite | % of Net Assets | |
|---|---|---|
| Investment Grade | AAA | 17.47 |
| AA | 56.45 | |
| A | 20.30 | |
| BBB | 5.78 | |
| Total Investment Grade | -- | 100.00 |
Source: Barclays. Rating is a proprietary composite of various rating agencies.
Maturity (%) as of 01/31/20
Average Maturity: 11.59 Years