MLNVanEck 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
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%
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
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%
Investment Professionals
James Colby III
- 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
Daniel Cho
- 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
Stephanie Wang
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2016
- MS, Financial Engineering, Baruch College
- BBA, Finance, Baruch College
Jared Model
- 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
Tamara Lowin
- 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
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) | 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 |
Top 10 Holdings (%) as of 07/31/22 Daily Holdings
to view
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 |
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