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ITM
VanEck Intermediate Muni ETF

Fund Description

The VanEck 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
  • 2021 Preliminary NAIC Designation7

    1.E

 
as of 09/24/21

  • 30-Day SEC Yield1

    0.80%
  • Total Net Assets

    $1.9B
  • Number of Holdings

    2232
  • Options

    Available
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
1, 2, 7 See Important Disclosure
Why Invest?

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 09/24/21

  • Yield to Worst

    1.10%
  • Yield to Maturity

    2.04%
  • Effective Duration (yrs)

    6.30
  • Duration to Worst (yrs)

    6.14
  • Modified Duration (yrs)

    6.36
  • Spread Duration (yrs)

    6.51
  • Years to Maturity

    11.79
  • Coupon

    4.59%
 4 See Important Disclosure for definitions.

Top 10 Constituents (%) as of 08/31/21

Total Constituents: 15985
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full data
Issuer Name State Weighting (%)
California St
CA
4.88
New York N Y City Transitional Fin Auth Rev
NY
2.41
New York N Y
NY
1.85
New York St Dorm Auth St Pers Income Tax Rev
NY
1.72
New Jersey St Transn Tr Fd Auth
NJ
1.50
Illinois St
IL
1.33
Massachusetts St
MA
1.26
Washington St
WA
1.15
Maryland St
MD
1.14
New York N Y City Transitional Fin Auth Bldg Aidrev
NY
0.99
Top 10 Total (%) 18.23
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Geographical Weightings (%) as of 08/31/21

  • State

    % of Net Assets
  • California

    16.2
  • New York

    15.0
  • Texas

    8.5
  • New Jersey

    4.4
  • Illinois

    4.2
  • Pennsylvania

    4.0
  • Florida

    3.7
  • Washington

    3.4
  • Massachusetts

    3.1
  • Maryland

    3.0
  • Ohio

    2.8
  • Colorado

    2.4
  • Connecticut

    2.4
  • Virginia

    2.0
  • Georgia

    1.8
  • North Carolina

    1.8
  • Oregon

    1.6
  • Arizona

    1.5
  • District of Columbia

    1.5
  • Dist. of Columbia

    1.5

Index Sector Weightings (%) as of 08/31/21

  • Sector

    % of Net Assets
  • State General

    19.2
  • Local General

    18.2
  • Transportation

    12.5
  • Special Tax

    11.1
  • Water Utilities

    9.1
  • Health Care Facilities

    8.0
  • Leasing

    7.1
  • Education

    5.9
  • Power Utilities

    3.8
  • IDR/PCR

    3.3
  • Housing

    1.7
  • Resource Recovery

    0.0

Index Credit Quality (%) as of 08/31/21

Composite % of Net Assets
Investment Grade AAA 17.84
AA 56.50
A 18.21
BBB 7.45
Non-Investment Grade BB 0.01
Total Investment Grade -- 99.99
Total Non-Investment Grade -- 0.01
Source: Barclays. Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 08/31/21

 Average Maturity: 11.75 Years