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MLN
VanEck Long Muni ETF

Fund Description

The VanEck Long Muni ETF (MLN®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Long AMT-Free Broad National Municipal Transition Index (MLBT), which is intended to track the overall performance of the U.S. dollar denominated long-term tax-exempt bond market.

 
 

  • Fund Ticker

    MLN

  • Exchange

    Cboe

  • Inception Date

    01/02/2008

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Index Ticker

    MLBT

  • Index Rebalancing

    Monthly

  • 2022 Preliminary NAIC Designation7

    1.F

 
as of 08/15/22

  • 30-Day SEC Yield1

    3.38%

  • Total Net Assets

    $228.5M

  • Number of Holdings

    462

  • Options

    No

  • Gross Expense Ratio2

    0.24%

  • Net Expense Ratio/TER2

    0.24%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    08/31/2022
Schedule a Call
How to Buy

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 long-duration municipal bonds

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

Yields
as of 08/15/22

  • 30-Day SEC Yield1

    3.38%

  • Distribution Yield1

    2.63%

  • 12-Month Yield1

    2.46%

  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.84%

  • 22% Federal Tax Rate

    4.33%

  • 24% Federal Tax Rate

    4.45%

  • 32% Federal Tax Rate

    4.97%

  • 35% Federal Tax Rate

    5.20%

  • 37% Federal Tax Rate

    5.37%
 1/1a See Important Disclosure for definitions.

Fees and Expenses2

  • Management Fee

    0.24%

  • Other Expenses

    --

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.24%

  • Fee Waivers and
    Expense Reimbursement

    --

  • Net Expense Ratio/TER2

    0.24%

2'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. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2022.'

Trading Information

  • Fund Ticker

    MLN

  • Index Total Return Ticker

    MLBT

  • NAV

    MLNNV

  • Intraday NAV (IIV)5

    MLNIV

  • Shares Outstanding

    12,350,000

  • Estimated Cash

    MLNEU

  • Total Cash

    MLNTC

  • CUSIP

    92189F536

  • ISIN

    US92189F5364
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 08/15/22

  • Yield to Worst

    3.70%

  • Yield to Maturity

    4.14%

  • Effective Duration (yrs)

    11.24

  • Duration to Worst (yrs)

    8.97

  • Modified Duration (yrs)

    14.13

  • Spread Duration (yrs)

    9.14

  • Years to Maturity

    23.40

  • Coupon

    4.20%
 4See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager for non-taxable Fixed Income ETFs and Senior Municipal Strategist
  • Joined VanEck in 2007
  • Prior to joining VanEck, held several senior municipal fixed income positions at Lord Abbett, John Hancock Funds, Old Harbor Capital and Evergreen Asset Management
  • Member of National Municipal Buyers Conference (Chairman, 1996), Municipal Forum of New York, Boston Fixed Income Management Society and The Economics Club of New York
  • MBA, Finance, Hofstra University
  • BA, Economics and International Relations, Brown University
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2013
  • Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
  • MS, Finance, University of Rochester
  • BS, Information Sciences and Technology, Pennsylvania State University
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2016
  • MS, Financial Engineering, Baruch College
  • BBA, Finance, Baruch College
  • Senior Trader, Portfolio Analyst for Fixed Income ETFs
  • Joined VanEck in 2017
  • Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
  • MBA, Finance, Montclair State University
  • BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
  • Senior credit analyst for non-taxable Fixed Income ETFs
  • Joined VanEck in 2021
  • Prior to joining VanEck, held several senior municipal analyst positions including director of research at Belle Haven Investments, senior municipal analyst at Brown Brothers, and municipal bond analyst at UBS
  • Member of National Federation of Municipal Analysts and the Municipal Analysts Group of New York
  • MBA, Finance and Public Policy, The Wharton School of Business; BA, Communications, University of Pennsylvania

Prices as of 08/15/22

NAV/
Market
Price 		Volume
30-Day Avg./
Last Trading Day 		Daily Change
NAV/
Last Price 		YTD Change NAV/
Last Price 		Premium/
Discount 		30-Day
Median
Bid Ask
Spread 		NAV
Chart
MLN $18.51
$18.53 		164,896
265,667 		$0.01 / +0.03%
$0.08 / +0.43% 		-13.41%
-13.16% 		$0.02
0.13% 		0.16%

Premium/Discount History as of 08/15/22

Calendar Year 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 68 26 2 0 4
MLN Days closed at NAV 43 10 14 2 0
Days closed at a discount 141 28 48 60 58

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

  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) 4.04 2.00 -13.19 -13.41 -1.26 1.24 2.37 3.13
MLN (Share Price) 4.93 2.54 -13.54 -13.84 -1.38 1.24 2.30 3.10
MLBT** (Index) 4.00 2.15 -11.68 -11.96 -0.20 2.15 3.27 4.32
Performance Differential (NAV - Index) 0.04 -0.15 -1.51 -1.45 -1.06 -0.91 -0.90 -1.19
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) -4.23 -7.53 -16.56 -16.05 -2.30 0.64 2.23 2.87
MLN (Share Price) -4.90 -8.40 -17.60 -17.33 -2.72 0.43 2.08 2.78
MLBT** (Index) -3.95 -6.81 -15.07 -14.36 -1.18 1.57 3.14 4.06
Performance Differential (NAV - Index) -0.28 -0.72 -1.49 -1.69 -1.12 -0.93 -0.91 -1.19

*Returns less than one year are not annualized.
**Index data prior to March 1, 2022 reflects that of the Bloomberg AMT-Free Long Continuous Municipal Index (LMT3TR), From March 1, 2022 forward, the index data reflects that of the Fund's underlying index, the ICE Long AMT-Free Broad National Municipal Transition Index (MLBT). Index history which includes periods prior to March 1, 2022 links the performance of LMT3TR and MIBT and is not intended for third party use.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a Fund 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. Investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 07/31/22 Daily Holdings

Total Holdings: 459
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full data
Issuer Name State Weighting (%)
New York N Y City Transitional Fin Auth Rev NY 2.50
Metropolitan Transn Auth N Y Rev NY 2.16
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev NY 2.01
New York St Dorm Auth Revs Non St Supported Debt NY 1.83
New York N Y NY 1.66
Illinois St IL 1.64
Massachusetts St MA 1.59
California St CA 1.41
Pennsylvania St Tpk Commn Tpk Rev PA 1.39
San Francisco Calif City & Cnty Arpts Commn Intlarpt Rev CA 1.33
Top 10 Total (%) 17.53
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Geographical Weightings (%) as of 07/31/22

  • State

    % of Net Assets
  • ■

    New York

    21.0
  • ■

    California

    15.2
  • ■

    Texas

    9.5
  • ■

    Florida

    5.2
  • ■

    Pennsylvania

    4.7
  • ■

    Illinois

    4.3
  • ■

    Massachusetts

    4.1
  • ■

    Colorado

    2.7
  • ■

    Ohio

    2.7
  • ■

    New Jersey

    2.6
  • ■

    Washington

    2.5
  • ■

    Michigan

    2.4
  • ■

    Georgia

    2.1
  • ■

    Virginia

    1.9
  • ■

    District of Columbia

    1.7
  • ■

    Nevada

    1.5
  • ■

    North Carolina

    1.4
  • ■

    Arizona

    1.4
  • ■

    Maryland

    1.2
  • ■

    Oregon

    1.1
  • ■

    Other/Cash

    10.9

Currency Exposure (%)
as of 07/31/22

  • U.S. Dollar

    99.93

  • Other/Cash

    0.07

Sector Weightings (%) as of 07/31/22

  • Sector

    % of Net Assets
  • ■

    Local GO

    14.3
  • ■

    Hospitals

    13.9
  • ■

    Tax

    12.9
  • ■

    Water & Sewer

    9.8
  • ■

    Toll & Turnpike

    7.4
  • ■

    Education

    7.1
  • ■

    State GO

    5.7
  • ■

    Transportation

    4.8
  • ■

    Leasing COPS & Appropriations

    4.4
  • ■

    Airport

    4.3
  • ■

    Power

    4.0
  • ■

    Single Family Housing

    3.0
  • ■

    Health

    2.0
  • ■

    Multi-Family Housing

    1.8
  • ■

    Misc

    1.4
  • ■

    Utilities - Other

    1.2
  • ■

    Tobacco

    0.9
  • ■

    Industrial Development Revenue

    0.6
  • ■

    Pollution Control

    0.3
  • ■

    Unassigned

    0.1

Credit Quality (%)† as of 07/31/22

Composite % of Net Assets
Investment Grade AAA 12.21
AA 49.30
A 14.84
BBB 9.22
Non-Investment Grade BB 0.13
Total Investment Grade -- 85.57
Total Non-Investment Grade -- 0.13
Not Rated -- 14.30

Maturity (%) as of 07/31/22

Average Portfolio Maturity: 23.44 Years