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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

    Cboe
  • 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 10/16/19

  • 30-Day SEC Yield1

    1.17%
  • Total Net Assets

    $198.1M
  • Number of Holdings

    574
  • Options

    Expected
  • Gross Expense Ratio2

    0.20%
  • Net Expense Ratio/TER2

    0.20%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    10/31/2019

Morningstar™ Ratings3
as of 08/31/2019

Category Overall 3 Year 5 Year
Muni National Short
4 stars of 179 funds
3 stars of 179 funds
4 stars of 162 funds

Key Points

  • Tax Exempt Income
    Income generally exempt from federal taxes and the Alternative Minimum Tax (AMT)

  • Targeted Interest Rate Risk
    Designed to track an index of short-duration municipal

  • Quality
    Investment-grade index constituents with high overall credit quality

Yields
as of 10/16/19

  • 30-Day SEC Yield1

    1.17%
  • Distribution Yield1

    1.53%
  • 12-Month Yield1

    1.57%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    1.33%
  • 22% Federal Tax Rate

    1.50%
  • 24% Federal Tax Rate

    1.54%
  • 32% Federal Tax Rate

    1.72%
  • 35% Federal Tax Rate

    1.80%
  • 37% Federal Tax Rate

    1.86%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.20%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.20%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.20%
Van 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

    SMB
  • Index Total Return Ticker

    LMT1TR
  • NAV

    SMBNV
  • Intraday NAV (IIV)5

    SMBIV
  • Shares Outstanding

    11,150,000
  • Estimated Cash

    SMBEU
  • Total Cash

    SMBTC
  • CUSIP

    92189F528
  • ISIN

    US92189F5281
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 10/15/19

  • Yield to Worst

    1.30%
  • Yield to Maturity

    1.32%
  • Effective Duration (yrs)

    2.98
  • Duration to Worst (yrs)

    2.98
  • Modified Duration (yrs)

    2.97
  • Spread Duration (yrs)

    2.97
  • Years to Maturity

    4.76
  • Coupon

    4.81%
 4 See Important Disclosure for definitions.

Prices as of 10/16/19

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
SMB $17.76
$17.75
30,561
59,823
$0.00 / +0.00%
$0.01 / +0.03%
+3.76%
+3.95%
$-0.01
-0.07%

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/22/08
SMB (NAV) -0.54 0.44 3.47 4.60 1.57 1.38 1.80 2.29
SMB (Share Price) -0.60 0.40 3.54 4.74 1.46 1.34 1.72 2.28
LMT1TR (Index) -0.70 0.41 3.61 5.02 1.85 1.80 2.31 2.81
Performance Differential (NAV - Index) 0.16 0.03 -0.14 -0.42 -0.28 -0.42 -0.51 -0.52
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/22/08
SMB (NAV) -0.54 0.44 3.47 4.60 1.57 1.38 1.80 2.29
SMB (Share Price) -0.60 0.40 3.54 4.74 1.46 1.34 1.72 2.28
LMT1TR (Index) -0.70 0.41 3.61 5.02 1.85 1.80 2.31 2.81
Performance Differential (NAV - Index) 0.16 0.03 -0.14 -0.42 -0.28 -0.42 -0.51 -0.52

Top 10 Holdings (%) as of 09/30/19 Daily Holdings

Total Holdings: 574
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to view
full data
Issuer Name State Weighting (%)
California St
CA
4.09
Maryland St
MD
2.24
New York St Dorm Auth St Pers Income Tax Rev
NY
2.09
Metropolitan Transn Auth N Y Rev
NY
2.01
Connecticut St
CT
1.80
Illinois St
IL
1.78
Citizens Ppty Ins Corp Fla
FL
1.38
New York St Dorm Auth Sales Tax Rev St Supporteddebt
NY
1.36
New Jersey St
NJ
1.31
Pennsylvania St
PA
1.29
Top 10 Total (%) 19.35

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Geographical Weightings (%) as of 09/30/19

  • State

    % of Net Assets
  • California

    14.2
  • New York

    11.7
  • Texas

    9.7
  • Illinois

    6.2
  • Florida

    5.1
  • Connecticut

    4.1
  • Pennsylvania

    3.7
  • Maryland

    3.5
  • Virginia

    3.2
  • New Jersey

    3.1
  • Georgia

    3.0
  • South Carolina

    2.3
  • Ohio

    2.3
  • Wisconsin

    1.9
  • Arizona

    1.9
  • Alabama

    1.8
  • Massachusetts

    1.7
  • New Mexico

    1.6
  • North Carolina

    1.4
  • Nevada

    1.4
  • Other

    16.4

Currency Exposure (%)
as of 09/30/19

  • U.S. Dollar

    100.09
  • Other/Cash

    -0.09

Sector Weightings (%) as of 09/30/19

  • Sector

    % of Net Assets
  • State

    22.8
  • Local

    15.8
  • Special Tax

    12.0
  • Transportation

    11.4
  • Water & Sewer

    8.2
  • Leasing

    7.1
  • Education

    6.2
  • Health Care

    5.8
  • Industrial Revenue

    4.9
  • Power

    3.2
  • Tobacco

    2.0
  • Housing

    0.5
  • Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 09/30/19

Composite % of Net Assets
Investment Grade AAA 18.18
AA 44.87
A 31.12
BBB 3.99
Non-Investment Grade BB 0.43
Total Investment Grade -- 98.17
Total Non-Investment Grade -- 0.43
Not Rated -- 1.40
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 09/30/19

 Average Portfolio Maturity: 4.81 Years