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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 Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR), 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
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    LMT3TR
  • Index Rebalancing

    Monthly
  • 2021 Preliminary NAIC Designation7

    1.F

 
as of 10/15/21

  • 30-Day SEC Yield1

    1.59%
  • Total Net Assets

    $240.3M
  • Number of Holdings

    501
  • Options

    Expected
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
Why Invest?

Morningstar™ Ratings3
as of 09/30/2021

Category Overall 3 Year 5 Year
Muni National Long
4 stars of 145 funds
4 stars of 145 funds
3 stars of 123 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 long-duration municipal bonds

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

Yields
as of 10/15/21

  • 30-Day SEC Yield1

    1.59%
  • Distribution Yield1

    2.06%
  • 12-Month Yield1

    2.29%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    1.81%
  • 22% Federal Tax Rate

    2.04%
  • 24% Federal Tax Rate

    2.09%
  • 32% Federal Tax Rate

    2.34%
  • 35% Federal Tax Rate

    2.45%
  • 37% Federal Tax Rate

    2.52%
 1/1a See Important Disclosure for definitions.

Fees & 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%
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

    MLN
  • Index Total Return Ticker

    LMT3TR
  • NAV

    MLNNV
  • Intraday NAV (IIV)5

    MLNIV
  • Shares Outstanding

    11,200,000
  • Estimated Cash

    MLNEU
  • Total Cash

    MLNTC
  • CUSIP

    92189F536
  • ISIN

    US92189F5364
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 10/15/21

  • Yield to Worst

    1.94%
  • Yield to Maturity

    3.16%
  • Effective Duration (yrs)

    8.97
  • Duration to Worst (yrs)

    7.35
  • Modified Duration (yrs)

    10.37
  • Spread Duration (yrs)

    9.38
  • Years to Maturity

    23.68
  • Coupon

    4.05%
 4 See 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 10/15/21

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
MLN $21.45
$21.44
47,106
17,119
$0.00 / +0.02%
$-0.01 / -0.02%
+0.71%
+0.78%
$-0.02
-0.08%
0.14%

Premium/Discount History as of 10/15/21

Calendar Year 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 101 52 17 23 26
MLN Days closed at NAV 9 3 7 12 10
Days closed at a discount 143 9 37 28 28


Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) -1.25 -1.09 0.87 3.48 6.18 3.61 4.77 4.27
MLN (Share Price) -1.28 -1.25 1.00 3.14 6.44 3.58 4.80 4.27
LMT3TR (Index) -1.12 -0.84 1.30 4.40 6.89 4.33 5.55 5.41
Performance Differential (NAV - Index) -0.13 -0.25 -0.43 -0.92 -0.71 -0.72 -0.78 -1.14
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) -1.25 -1.09 0.87 3.48 6.18 3.61 4.77 4.27
MLN (Share Price) -1.28 -1.25 1.00 3.14 6.44 3.58 4.80 4.27
LMT3TR (Index) -1.12 -0.84 1.30 4.40 6.89 4.33 5.55 5.41
Performance Differential (NAV - Index) -0.13 -0.25 -0.43 -0.92 -0.71 -0.72 -0.78 -1.14

Top 10 Holdings (%) as of 09/30/21 Daily Holdings

Total Holdings: 502
Swipe
to view
full data
Issuer Name State Weighting (%)
New York N Y City Transitional Fin Auth Rev
NY
3.13
Metropolitan Transn Auth N Y Rev
NY
2.58
New York St Dorm Auth Revs Non St Supported Debt
NY
1.93
Massachusetts St
MA
1.80
New York N Y
NY
1.36
New York St Dorm Auth Sales Tax Rev St Supporteddebt
NY
1.28
California St
CA
1.28
New Jersey St Transn Tr Fd Auth
NJ
1.27
Texas Water Dev Brd
TX
1.26
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev
NY
1.25
Top 10 Total (%) 17.14

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

Geographical Weightings (%) as of 09/30/21

  • State

    % of Net Assets
  • New York

    20.4
  • California

    14.8
  • Texas

    10.5
  • Pennsylvania

    4.9
  • Florida

    4.7
  • Illinois

    3.9
  • New Jersey

    3.5
  • Colorado

    3.3
  • Massachusetts

    3.2
  • Ohio

    2.9
  • Virginia

    2.6
  • Michigan

    2.6
  • Washington

    2.1
  • Georgia

    2.0
  • North Carolina

    1.9
  • Louisiana

    1.5
  • Nevada

    1.3
  • District of Columbia

    1.3
  • Oregon

    1.1
  • Arizona

    1.1
  • Other

    10.2

Currency Exposure (%)
as of 09/30/21

  • U.S. Dollar

    100.16
  • Other/Cash

    -0.16

Sector Weightings (%) as of 09/30/21

  • Sector

    % of Net Assets
  • Health Care

    16.1
  • Local

    15.4
  • Transportation

    13.9
  • Special Tax

    12.1
  • Water & Sewer

    10.0
  • Education

    9.0
  • State

    6.4
  • Housing

    6.3
  • Leasing

    5.4
  • Power

    4.2
  • Tobacco

    0.8
  • Industrial Revenue

    0.6

Credit Quality (%) as of 09/30/21

Composite % of Net Assets
Investment Grade AAA 14.73
AA 52.15
A 24.33
BBB 8.38
Non-Investment Grade BB 0.36
Total Investment Grade -- 99.59
Total Non-Investment Grade -- 0.36
Not Rated -- 0.05
Source: Barclays.  Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 09/30/21

 Average Portfolio Maturity: 23.68 Years