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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 Index (MBNL), 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

    MBNL
  • Index Rebalancing

    Monthly
  • 2022 Preliminary NAIC Designation7

    1.F

  as of 11/30/22

  • 30-Day SEC Yield1

    3.96%
  • Total Net Assets

    $227.3M
  • Number of Holdings

    461
  • Options

    No
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    12/27/2022

Fund Highlights

  • 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 11/30/22

  • 30-Day SEC Yield1

    3.96%
  • Distribution Yield1

    2.88%
  • 12-Month Yield1

    2.61%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    4.50%
  • 22% Federal Tax Rate

    5.08%
  • 24% Federal Tax Rate

    5.21%
  • 32% Federal Tax Rate

    5.82%
  • 35% Federal Tax Rate

    6.09%
  • 37% Federal Tax Rate

    6.29%
 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%

2Van 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, 2023.

Trading Information

  • Fund Ticker

    MLN
  • Index Total Return Ticker

    MBNL
  • NAV

    MLNNV
  • Intraday NAV (IIV)5

    MLNIV
  • Shares Outstanding

    12,900,000
  • Estimated Cash

    MLNEU
  • Total Cash

    MLNTC
  • CUSIP

    92189F536
  • ISIN

    US92189F5364
5See IIV Details. Source: Bloomberg

Fundamentals4 as of 11/30/22

  • Yield to Worst

    4.24%
  • Yield to Maturity

    4.51%
  • Effective Duration (yrs)

    10.80
  • Duration to Worst (yrs)

    9.54
  • Modified Duration (yrs)

    13.70
  • Spread Duration (yrs)

    8.83
  • Years to Maturity

    23.21
  • Coupon

    4.33%
 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
  • Deputy Portfolio Manager for non-taxable Fixed Income ETFs
  • Oversees quantitative analysis and optimization processes for the fixed income ETFs
  • Joined VanEck in 2016
  • Prior to her current positions, served as quantitative analyst
  • CFA charter holder; member of CFA Society New York
  • MS, Financial Engineering, Baruch College; BBA, Finance, Baruch College
  • 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
  • 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 11/30/22

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 $17.62
$17.67
237,211
186,035
$0.02 / +0.12%
$0.05 / +0.28%
-16.95%
-16.59%
$0.05
0.27%
0.12%

Premium/Discount History as of 11/30/22

Calendar Year 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Premium/Discount Charts NAV & Prem/Discount History
MLN Days closed at a premium 68 2 0 4 9
Days closed at NAV 43 14 2 0 3
Days closed at a discount 141 48 60 58 52

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) -1.85 -11.31 -23.01 -21.58 -5.63 -1.35 1.00 2.25
MLN (Share Price) -2.00 -11.41 -23.40 -22.10 -5.91 -1.45 0.93 2.21
MLBT** (Index) -1.73 -10.90 -21.31 -19.72 -4.52 -0.36 1.93 3.44
Performance Differential (NAV - Index) -0.12 -0.41 -1.70 -1.86 -1.11 -0.99 -0.93 -1.19
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
01/02/08
MLN (NAV) -5.63 -5.99 -21.56 -20.20 -5.06 -0.86 1.24 2.39
MLN (Share Price) -5.85 -5.14 -21.84 -20.59 -5.22 -0.87 1.19 2.36
MLBT** (Index) -5.46 -5.71 -19.92 -18.57 -3.97 0.10 2.16 3.58
Performance Differential (NAV - Index) -0.17 -0.28 -1.64 -1.63 -1.09 -0.96 -0.92 -1.19

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

Daily Holdings
Total Holdings: 459
Issuer Name State Weighting (%)
Metropolitan Transn Auth N Y Rev NY 2.67
New York N Y City Mun Wtr Fin Auth Wtr & Swr Sysrev NY 2.34
New York N Y City Transitional Fin Auth Rev NY 2.29
New York N Y NY 1.58
Illinois St IL 1.54
Texas Wtr Dev Brd Rev TX 1.53
Massachusetts St MA 1.52
New York St Dorm Auth Revs Non St Supported Debt NY 1.42
California Health Facs Fing Auth Rev CA 1.38
Pennsylvania St Tpk Commn Tpk Rev PA 1.37
Top 10 Total (%) 17.65
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These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Geographical Weightings (%)
as of 10/31/22

State % of Net Assets
New York 22.22
California 13.52
Texas 10.16
Florida 4.92
Pennsylvania 4.59
Illinois 4.55
Massachusetts 4.08
Colorado 2.59
Washington 2.44
New Jersey 2.36
Michigan 2.34
Ohio 2.01
District of Columbia 1.97
Georgia 1.97
Virginia 1.76
Arizona 1.69
Maryland 1.58
Nevada 1.51
North Carolina 1.34
Oregon 1.02
Other/Cash 11.40

Currency Exposure (%) as of 10/31/22

U.S. Dollar 99.72
Other/Cash 0.28

Sector Weightings (%)
as of 10/31/22

Sector % of Net Assets
Tax 14.51
Hospitals 13.80
Local GO 12.86
Water & Sewer 9.48
Education 8.11
Toll & Turnpike 7.81
State GO 5.49
Transportation 4.96
Airport 4.18
Power 3.94
Leasing COPS & Appropriations 3.56
Single Family Housing 2.67
Health 1.95
Utilities - Other 1.78
Multi-Family Housing 1.65
Misc 1.03
Industrial Development Revenue 0.85
Tobacco 0.84
Unassigned 0.28
Pollution Control 0.26

Credit Quality (%) as of 10/31/22

Composite % of Net Assets
Investment Grade AAA 11.74
AA 49.96
A 14.65
BBB 9.08
Non-Investment Grade BB 0.13
Total Investment Grade -- 85.43
Total Non-Investment Grade -- 0.13
Not Rated -- 14.45

Maturity (%)
as of 10/31/22

Average Portfolio Maturity: 23.15 Years

Maturity (%)

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