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Guided Allocation

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Related ETFs

HYD
VanEck Vectors High-Yield Municipal Index ETF
SHYD
VanEck Vectors Short High-Yield Municipal Index ETF
MLN
VanEck Vectors AMT-Free Long Municipal Index ETF
ITM
VanEck Vectors AMT-Free Intermediate Municipal Index ETF
SMB
VanEck Vectors AMT-Free Short Municipal Index ETF

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

    State Street Bank and Trust Company

 
as of 03/27/20

  • 30-Day SEC Yield1

    3.32%

  • Total Net Assets

    $7.1M

  • Number of Holdings

    4

  • Options

    Expected

  • Gross Expense Ratio2

    0.38%

  • Net Expense Ratio/TER2

    0.38%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    03/31/2020

1See Important Disclosure. 

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 03/27/20

  • 30-Day SEC Yield1

    3.32%

  • Distribution Yield1

    2.18%

  • 12-Month Yield1

    2.30%

  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.77%

  • 22% Federal Tax Rate

    4.26%

  • 24% Federal Tax Rate

    4.37%

  • 32% Federal Tax Rate

    4.88%

  • 35% Federal Tax Rate

    5.11%

  • 37% Federal Tax Rate

    5.27%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.08%

  • Other Expenses

    --

  • Acquired Fund Fees and Expenses

    0.30%

  • Gross Expense Ratio

    0.38%

  • Fee Waivers and
    Expense Reimbursement

    --

  • Net Expense Ratio/TER2

    0.38%
2Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, 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

    300,000

  • Estimated Cash

    MAAXEU

  • Total Cash

    MAAXTC

  • CUSIP

    92189H508

  • ISIN

    US92189H5081
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 03/26/20

  • Yield to Worst

    3.52%

  • Yield to Maturity

    4.11%

  • Effective Duration (yrs)

    8.04

  • Duration to Worst (yrs)

    7.06

  • Modified Duration (yrs)

    8.12

  • Spread Duration (yrs)

    7.59

  • Years to Maturity

    18.60

  • Coupon

    4.56%

  • AMT

    6.58%
 4 See Important Disclosure for definitions.

Prices as of 03/27/20

NAV/
Market 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 		30-Day
Median
Bid Ask
Spread 		NAV
Chart
MAAX $23.71
$23.72		 6,068
1,661		 -$0.53 / -2.21%
$-0.51 / -2.09%		 -6.60%
-6.58%
 $0.01
0.03%		 0.35%

Premium/Discount History as of 03/27/20

Calendar Year 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 0 0 17 26 36
MAAX Days closed at NAV 0 0 11 23 16
Days closed at a discount 0 0 4 15 12

Performance History: Average Annual Total Returns* (%)
View All ETFs

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) 1.16 3.52 3.48 -- -- -- -- 7.10
MAAX (Share Price) 1.08 3.47 3.41 -- -- -- -- 7.10
Bloomberg Barclays Municipal Bond Index8 1.29 3.42 3.11 9.46 5.32 4.01 4.51 6.36
Performance Differential (NAV - Index) -0.13 0.10 0.37 -- -- -- -- 0.74
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) 0.03 0.38 -- -- -- -- -- 3.49
MAAX (Share Price) 0.06 0.42 -- -- -- -- -- 3.57
Bloomberg Barclays Municipal Bond Index8 0.31 0.74 7.54 7.54 4.73 3.53 4.34 3.15
Performance Differential (NAV - Index) -0.28 -0.36 -- -- -- -- -- 0.34

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "Net Asset Value" (NAV) of a VanEck Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell shares at NAV.

Daily Holdings (%) as of 03/26/20 Download All Fund Holdings »

Total Holdings: 4
Swipe
to view
full data
Ticker
Holding Name
Identifier (FIGI)
Shares Asset Class Market Value
(US$) 		% of Net
Assets
HYD US
VanEck High-Yield Muni Index ETF
BBG000C8Z562
47,928
Stock 2,743,399 37.72
MLN US
VanEck AMT-Free Long Muni Index ETF
BBG000V2BFB2
109,488
Stock 2,300,343 31.63
ITM US
VanEck AMT-Free Interm Muni Index ETF
BBG000Q0JKR6
30,426
Stock 1,513,998 20.82
SHYD US
VanEck Short High-Yield Muni Index ETF
BBG005T08329
30,481
Stock 709,902 9.76
--
Other/Cash
--
--
Cash 4,943 0.07
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 300,000. 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 02/29/20

  • State

    % of Net Assets
  • ■

    California

    13.6
  • ■

    New York

    12.3
  • ■

    Illinois

    8.3
  • ■

    Texas

    7.5
  • ■

    Florida

    5.3
  • ■

    New Jersey

    5.0
  • ■

    Ohio

    4.8
  • ■

    Pennsylvania

    4.4
  • ■

    Colorado

    2.7
  • ■

    Massachusetts

    2.5
  • ■

    Puerto Rico

    2.2
  • ■

    Wisconsin

    2.0
  • ■

    Washington

    1.9
  • ■

    Arizona

    1.8
  • ■

    Georgia

    1.5
  • ■

    Maryland

    1.4
  • ■

    Michigan

    1.4
  • ■

    Alabama

    1.3
  • ■

    District of Columbia

    1.3
  • ■

    Tennessee

    1.3
  • ■

    Other

    17.8

Currency Exposure (%)
as of 02/29/20

  • U.S. Dollar

    99.79

  • Other/Cash

    0.21

Sector Weightings (%) as of 02/29/20

  • Sector

    % of Net Assets
  • ■

    Health Care

    18.4
  • ■

    Local

    11.2
  • ■

    Special Tax

    10.3
  • ■

    Transportation

    9.9
  • ■

    Industrial Revenue

    9.2
  • ■

    State

    8.2
  • ■

    Education

    7.9
  • ■

    Tobacco

    6.7
  • ■

    Water & Sewer

    5.8
  • ■

    Leasing

    5.6
  • ■

    Housing

    2.9
  • ■

    Power

    2.8
  • ■

    Cash

    0.9
  • ■

    Unassigned

    0.2
  • ■

    Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 02/29/20

Composite % of Net Assets
Investment Grade AAA 8.62
AA 25.53
A 12.96
BBB 18.85
Non-Investment Grade BB 9.10
B 3.65
CCC 2.73
Total Investment Grade -- 65.96
Total Non-Investment Grade -- 15.48
Not Rated -- 17.69
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 02/29/20

 Average Portfolio Maturity: 18.67 Years