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ITMVanEck Vectors Intermediate Muni ETF
Fund Description
The VanEck Vectors® Intermediate Muni 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 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Custodian
State Street Bank and Trust Company -
Index Ticker
LMT2TR -
Index Rebalancing
Monthly -
2020 Preliminary NAIC Designation7
1.F
as of 01/15/21
-
30-Day SEC Yield1
0.79% -
Total Net Assets
$1.8B -
Number of Holdings
2484 -
Options
Available -
Gross Expense Ratio2
0.24% -
Net Expense Ratio/TER2
0.24% -
Distribution Frequency
Monthly
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 01/15/21
-
Yield to Worst
1.01% -
Yield to Maturity
2.05% -
Effective Duration (yrs)
6.14 -
Duration to Worst (yrs)
6.04 -
Modified Duration (yrs)
6.05 -
Spread Duration (yrs)
6.19 -
Years to Maturity
11.41 -
Coupon
4.69%
4 See Important Disclosure for definitions.
Top 10 Constituents (%) as of 12/31/20
Total Constituents: 17006
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| Issuer Name | State | Weighting (%) | |
|---|---|---|---|
| California St |
CA
|
5.13 | |
| New York N Y City Transitional Fin Auth Rev |
NY
|
2.04 | |
| New York N Y |
NY
|
1.96 | |
| Massachusetts St |
MA
|
1.47 | |
| New York St Dorm Auth St Pers Income Tax Rev |
NY
|
1.37 | |
| Washington St |
WA
|
1.28 | |
| Illinois St |
IL
|
1.24 | |
| New Jersey St Transn Tr Fd Auth |
NJ
|
1.09 | |
| Maryland St |
MD
|
1.05 | |
| New York St Dorm Auth Revs Non St Supported Debt |
NY
|
1.02 | |
| Top 10 Total (%) | 17.65 | ||
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Index Geographical Weightings (%) as of 12/31/20
-
State
% of Net Assets -
■
California
16.6 -
■
New York
14.4 -
■
Texas
9.4 -
■
Pennsylvania
4.3 -
■
New Jersey
4.2 -
■
Illinois
4.0 -
■
Florida
3.8 -
■
Massachusetts
3.7 -
■
Washington
3.3 -
■
Maryland
3.1 -
■
Ohio
2.8 -
■
Connecticut
2.2 -
■
Colorado
2.1 -
■
Virginia
2.1 -
■
Georgia
1.8 -
■
Wisconsin
1.7 -
■
North Carolina
1.6 -
■
Michigan
1.6 -
■
Dist. of Columbia
1.5 -
■
District of Columbia
1.5
Index Sector Weightings (%) as of 12/31/20
-
Sector
% of Net Assets -
■
State General
19.7 -
■
Local General
18.2 -
■
Transportation
12.2 -
■
Special Tax
11.2 -
■
Water Utilities
9.7 -
■
Health Care Facilities
8.2 -
■
Education
6.6 -
■
Leasing
6.1 -
■
Power Utilities
4.5 -
■
IDR/PCR
2.1 -
■
Housing
1.4 -
■
Resource Recovery
0.0
Index Credit Quality (%) as of 12/31/20
| Composite | % of Net Assets | |
|---|---|---|
| Investment Grade | AAA | 18.03 |
| AA | 56.07 | |
| A | 19.86 | |
| BBB | 6.04 | |
| Total Investment Grade | -- | 100.00 |
Source: Barclays. Rating is a proprietary composite of various rating agencies.
Maturity (%) as of 12/31/20
Average Maturity: 11.37 Years