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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.

Why Munis?

 
 

  • Fund Ticker

    SMB
  • Exchange

    Cboe
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    LMT1TR
  • Index Rebalancing

    Monthly

 
as of 08/07/20

  • 30-Day SEC Yield1

    0.43%
  • Total Net Assets

    $208.1M
  • Number of Holdings

    466
  • Options

    Expected
  • Gross Expense Ratio2

    0.20%
  • Net Expense Ratio/TER2

    0.20%
  • Distribution Frequency

    Monthly

Morningstar™ Ratings3
as of 06/30/2020

Category Overall 3 Year 5 Year
Muni National Short
4 stars of 188 funds
4 stars of 188 funds
4 stars of 173 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 bonds

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

Yields
as of 08/07/20

  • 30-Day SEC Yield1

    0.43%
  • Distribution Yield1

    1.64%
  • 12-Month Yield1

    1.56%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    0.49%
  • 22% Federal Tax Rate

    0.55%
  • 24% Federal Tax Rate

    0.57%
  • 32% Federal Tax Rate

    0.63%
  • 35% Federal Tax Rate

    0.66%
  • 37% Federal Tax Rate

    0.68%
 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

    11,500,000
  • Estimated Cash

    SMBEU
  • Total Cash

    SMBTC
  • CUSIP

    92189F528
  • ISIN

    US92189F5281
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 08/07/20

  • Yield to Worst

    0.53%
  • Yield to Maturity

    0.57%
  • Effective Duration (yrs)

    3.03
  • Duration to Worst (yrs)

    3.03
  • Modified Duration (yrs)

    3.00
  • Spread Duration (yrs)

    3.00
  • Years to Maturity

    5.75
  • Coupon

    4.75%
 4 See Important Disclosure for definitions.

Prices as of 08/07/20

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
SMB $18.10
$18.09
46,061
15,469
$0.01 / +0.17%
$0.03 / +0.28%
+2.96%
+2.69%
$-0.01
-0.08%
0.22%

Premium/Discount History as of 08/07/20

Calendar Year 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 27 0 23 27 29
SMB Days closed at NAV 26 1 16 7 3
Days closed at a discount 199 63 25 28 31

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) 0.70 3.50 2.79 3.13 2.43 1.98 1.80 2.41
SMB (Share Price) 0.62 3.30 2.62 3.36 2.48 1.98 1.80 2.41
LMT1TR (Index) 0.93 3.86 2.97 3.66 2.81 2.41 2.32 2.94
Performance Differential (NAV - Index) -0.23 -0.36 -0.18 -0.53 -0.38 -0.43 -0.52 -0.53
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
02/22/08
SMB (NAV) 0.37 2.62 2.07 3.14 2.40 1.92 1.84 2.37
SMB (Share Price) 0.42 4.05 1.99 3.38 2.53 2.08 1.85 2.38
LMT1TR (Index) 0.42 2.92 2.02 3.41 2.70 2.31 2.34 2.88
Performance Differential (NAV - Index) -0.05 -0.30 0.05 -0.27 -0.30 -0.39 -0.50 -0.51

Top 10 Holdings (%) as of 07/31/20 Daily Holdings

Total Holdings: 466
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to view
full data
Issuer Name State Weighting (%)
California St
CA
3.92
Metropolitan Transn Auth N Y Rev
NY
3.28
New York N Y
NY
2.39
Maryland St
MD
2.36
New York St Dorm Auth St Pers Income Tax Rev
NY
2.21
Ohio St
OH
1.57
New York St Dorm Auth Revs Non St Supported Debt
NY
1.46
Illinois Fin Auth Rev
IL
1.40
New York St Dorm Auth Sales Tax Rev St Supporteddebt
NY
1.29
Central Plains Energy Proj Neb Gas Supply Rev
NE
1.26
Top 10 Total (%) 21.14

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

Geographical Weightings (%) as of 07/31/20

  • State

    % of Net Assets
  • New York

    15.3
  • California

    11.6
  • Texas

    8.5
  • Illinois

    5.1
  • Pennsylvania

    4.8
  • Ohio

    3.8
  • Connecticut

    3.7
  • Florida

    3.5
  • Alabama

    3.2
  • Maryland

    3.0
  • Virginia

    2.5
  • New Jersey

    2.3
  • Georgia

    2.1
  • Massachusetts

    2.0
  • Wisconsin

    1.9
  • Minnesota

    1.8
  • Nebraska

    1.8
  • South Carolina

    1.8
  • Washington

    1.8
  • North Carolina

    1.7
  • Other

    18.1

Currency Exposure (%)
as of 07/31/20

  • U.S. Dollar

    99.56
  • Other/Cash

    0.44

Sector Weightings (%) as of 07/31/20

  • Sector

    % of Net Assets
  • State

    20.1
  • Local

    16.4
  • Transportation

    14.9
  • Special Tax

    10.9
  • Health Care

    7.9
  • Industrial Revenue

    7.6
  • Water & Sewer

    6.6
  • Education

    5.3
  • Leasing

    5.1
  • Power

    3.1
  • Tobacco

    1.7
  • Housing

    0.4

Credit Quality (%) as of 07/31/20

Composite % of Net Assets
Investment Grade AAA 18.28
AA 46.41
A 30.15
BBB 5.02
Total Investment Grade -- 99.85
Not Rated -- 0.15
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 07/31/20

 Average Portfolio Maturity: 5.77 Years