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MAAX
VanEck Vectors Municipal Allocation ETF

Fund Description

VanEck Vectors® Municipal Allocation ETF (MAAX) seeks maximum long-term after-tax return consisting of capital appreciation and income generally exempt from federal income tax. In pursuing long-term total return, the Fund seeks to reduce duration and/or credit risk during appropriate times by allocating primarily to VanEck Vectors municipal exchange-traded products that invest in tax-exempt bonds.

 
 

  • Fund Ticker

    MAAX
  • Exchange

    Cboe
  • Commencement

    05/15/2019
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    Bank of New York Mellon

 
as of 09/17/19

  • 30-Day SEC Yield1

    3.26%
  • Total Net Assets

    $2.5M
  • Number of Holdings

    4
  • Options

    Expected
  • Gross Expense Ratio2

    0.65%
  • Net Expense Ratio/TER2

    0.36%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    09/30/2019

Key Points

    • Guided allocation approach
      Allocates among VanEck municipal bond ETFs based on interest rate and credit opportunities

    • Seeks maximum total return and income
      Performance oriented strategy offers the potential for capital appreciation plus tax-exempt income

    • Actively managed
      Process uses technical and macroeconomic indicators to guide credit and duration exposure, seeking to avoid market risks when appropriate

Yields
as of 09/17/19

  • 30-Day SEC Yield1

    3.26%
  • Distribution Yield1

    3.26%
  • 12-Month Yield1

    0.80%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.70%
  • 22% Federal Tax Rate

    4.18%
  • 24% Federal Tax Rate

    4.29%
  • 32% Federal Tax Rate

    4.79%
  • 35% Federal Tax Rate

    5.01%
  • 37% Federal Tax Rate

    5.17%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.08%
  • Other Expenses

    0.29%
  • Acquired Fund Fees and Expenses

    0.28%
  • Gross Expense Ratio

    0.65%
  • Fee Waivers and
    Expense Reimbursement

    -0.29%
  • Net Expense Ratio/TER2

    0.36%
2Expenses for MAAX are capped contractually at 0.08% until September 1, 2020. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    MAAX
  • Index Total Return Ticker

    LMBITR
  • NAV

    MAAXNV
  • Intraday NAV (IIV)5

    MAAXIV
  • Shares Outstanding

    100,000
  • Estimated Cash

    MAAXEU
  • Total Cash

    MAAXTC
  • CUSIP

    92189H508
  • ISIN

    US92189H5081
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/16/19

  • Yield to Worst

    3.00%
  • Yield to Maturity

    3.83%
  • Effective Duration (yrs)

    6.93
  • Duration to Worst (yrs)

    5.85
  • Modified Duration (yrs)

    7.13
  • Spread Duration (yrs)

    6.78
  • Years to Maturity

    18.43
  • Coupon

    4.76%
  • AMT

    6.39%
 4 See Important Disclosure for definitions.

Prices as of 09/17/19

NAV/
Last Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change
NAV/
Last Price
Premium/
Discount
Prem/Discount
Distribution Charts
NAV &
Prem/Discount
History
NAV
Chart
MAAX $25.37
$25.37
2,466
467
$0.00 / +0.02%
$0.00 / +0.02%
--
--
$0.00
0.01%

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) 2.22 3.24 -- -- -- -- -- 3.90
MAAX (Share Price) 2.11 3.16 -- -- -- -- -- 3.90
Bloomberg Barclays Municipal Bond Index8 1.58 2.77 7.61 8.72 3.30 3.85 4.62 3.22
Performance Differential (NAV - Index) 0.64 0.47 -- -- -- -- -- 0.68
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) 0.40 -- -- -- -- -- -- 1.04
MAAX (Share Price) 0.24 -- -- -- -- -- -- 0.96
Bloomberg Barclays Municipal Bond Index8 0.37 2.14 5.09 6.71 2.55 3.64 4.72 0.81
Performance Differential (NAV - Index) 0.03 -- -- -- -- -- -- 0.23

Daily Holdings (%) as of 09/17/19 Download All Fund Holdings »

Total Holdings: 4
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to view
full data
Holding Name
Ticker
Shares Market Value
(US$)
% of Net
Assets
VanEck High-Yield Muni Index ETF
HYD US
15,928
1,016,047 39.79
VanEck AMT-Free Long Muni Index ETF
MLN US
36,496
760,942 29.80
VanEck AMT-Free Interm Muni Index ETF
ITM US
10,142
506,999 19.86
VanEck Short High-Yield Muni Index ETF
SHYD US
10,064
252,304 9.88
Other
--
17,144
17,144 0.67
These are not recommendations to buy or to sell any security. Securities and holdings will vary at times. The holdings presented reflect unsettled trade activity from creation and/or redemption transactions from the prior business day and may differ from the holdings information used to calculate the Fund's net asset value. The adjusted shares outstanding is 100,000. This includes any changes in shares outstanding due to creations or redemptions on the previous business day, and may differ from the information used to calculate the fund's net asset value.

Geographical Weightings (%) as of 08/31/19

  • State

    % of Net Assets
  • California

    14.1
  • New York

    11.3
  • Illinois

    9.4
  • Texas

    7.5
  • New Jersey

    5.3
  • Florida

    5.3
  • Pennsylvania

    4.6
  • Ohio

    4.0
  • Massachusetts

    2.6
  • Colorado

    2.5
  • Puerto Rico

    2.0
  • Wisconsin

    1.9
  • Washington

    1.9
  • Arizona

    1.7
  • Maryland

    1.6
  • Michigan

    1.5
  • Georgia

    1.5
  • Virginia

    1.4
  • Oregon

    1.2
  • Connecticut

    1.1
  • Other

    17.5

Currency Exposure (%)
as of 08/31/19

  • U.S. Dollar

    99.73
  • Other/Cash

    0.27

Sector Weightings (%) as of 08/31/19

  • Sector

    % of Net Assets
  • Health Care

    16.9
  • Local

    11.2
  • Special Tax

    11.1
  • Transportation

    10.1
  • State

    8.7
  • Education

    8.0
  • Industrial Revenue

    8.0
  • Tobacco

    6.7
  • Water & Sewer

    6.2
  • Leasing

    6.1
  • Housing

    3.8
  • Power

    2.8
  • Cash

    0.3
  • Solid Waste/Res Recovery

    0.1
  • Unassigned

    0.1

Credit Quality (%) as of 08/31/19

Composite % of Net Assets
Investment Grade AAA 7.22
AA 26.68
A 13.22
BBB 19.29
Non-Investment Grade BB 9.97
B 3.88
CCC 2.96
Total Investment Grade -- 66.41
Total Non-Investment Grade -- 16.81
Not Rated -- 16.51
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 08/31/19

 Average Portfolio Maturity: 18.39 Years