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MAAX
VanEck Muni Allocation ETF

Fund Description

VanEck Muni Allocation ETF (MAAX) seeks maximum long-term after-tax return consisting of capital appreciation and income generally exempt from federal income tax. In pursuing long-term total return, the Fund seeks to reduce duration and/or credit risk during appropriate times by allocating primarily to VanEck municipal exchange-traded products that invest in tax-exempt bonds.

 
 

  • Fund Ticker

    MAAX
  • Exchange

    Cboe
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company

 
as of 01/27/22

  • 30-Day SEC Yield1

    2.70%
  • Total Net Assets

    $4.1M
  • Number of Holdings

    18
  • Options

    Expected
  • Gross Expense Ratio2

    0.36%
  • Net Expense Ratio/TER2

    0.36%
  • Distribution Frequency

    Monthly
Why Invest?

Key Points

  • Actively allocates based on interest rate and credit opportunities.

  • Technical and macroeconomic indicators seek to manage credit and duration risk.

  • Performance oriented strategy offers the potential for capital appreciation plus tax-exempt income.

Yields
as of 01/27/22

  • 30-Day SEC Yield1

    2.70%
  • Distribution Yield1

    2.23%
  • 12-Month Yield1

    2.62%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.07%
  • 22% Federal Tax Rate

    3.46%
  • 24% Federal Tax Rate

    3.55%
  • 32% Federal Tax Rate

    3.97%
  • 35% Federal Tax Rate

    4.15%
  • 37% Federal Tax Rate

    4.29%
 1/1a See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.08%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    0.28%
  • Gross Expense Ratio

    0.36%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.36%
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.

Trading Information

  • Fund Ticker

    MAAX
  • Index Total Return Ticker

    LMBITR
  • NAV

    MAAXNV
  • Intraday NAV (IIV)4

    MAAXIV
  • Shares Outstanding

    170,000
  • Estimated Cash

    MAAXEU
  • Total Cash

    MAAXTC
  • CUSIP

    92189H508
  • ISIN

    US92189H5081
4See IIV Details. Source: Bloomberg

Fundamentals3
as of 01/27/22

  • Yield to Worst

    2.43%
  • Yield to Maturity

    3.37%
  • Effective Duration (yrs)

    6.87
  • Duration to Worst (yrs)

    6.27
  • Modified Duration (yrs)

    7.77
  • Spread Duration (yrs)

    7.20
  • Years to Maturity

    16.96
  • Coupon

    3.38%
  • AMT

    5.81%
 3See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager for Inflation Allocation Strategy and Municipal Allocation Strategy; Head of the VanEck Quantitative Investment Solutions (QIS) Team
  • Joined VanEck in 2012
  • Prior to VanEck, Director and Portfolio Manager within the UBS Portfolio Strategy Group
  • Previously, sales and client relationship roles at Oppenheimer & Co. and Georgeson, Inc.
  • MBA, Finance, New York University
  • BS, Business Economics, State University of New York College at Cortland
  • Deputy Portfolio Manager for Inflation Allocation Strategy and Municipal Allocation Strategy
  • Joined VanEck in 2007
  • Prior to his current role, served as Settlements Supervisor and Administrator at VanEck
  • BS, Business Administration (concentration in Financial Analysis), State University of New York at Buffalo

Prices as of 01/27/22

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
MAAX $23.94
$23.98
500
168
-$0.02 / -0.08%
$-0.02 / -0.08%
-3.43%
-3.33%
$0.04
0.15%
0.28%

Premium/Discount History as of 01/27/22

Calendar Year 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 128 28 22 57 59
MAAX Days closed at NAV 35 13 15 5 4
Days closed at a discount 90 20 26 2 1


Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) 0.27 0.86 2.30 2.30 -- -- -- 2.32
MAAX (Share Price) 0.25 0.68 2.34 2.34 -- -- -- 2.34
Bloomberg Barclays Municipal Bond Index8 0.16 0.72 1.52 1.52 4.73 4.17 3.72 3.75
Performance Differential (NAV - Index) 0.11 0.14 0.78 0.78 -- -- -- -1.43
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) 0.27 0.86 2.30 2.30 -- -- -- 2.32
MAAX (Share Price) 0.25 0.68 2.34 2.34 -- -- -- 2.34
Bloomberg Barclays Municipal Bond Index8 0.16 0.72 1.52 1.52 4.73 4.17 3.72 3.75
Performance Differential (NAV - Index) 0.11 0.14 0.78 0.78 -- -- -- -1.43

Daily Holdings (%) as of 01/27/22 Download All Fund Holdings »

Total Holdings: 18
Ticker
Holding Name % of Net
Assets
Identifier (FIGI)
Shares Asset Class Market Value
(US$)
ITM US
VanEck Intermediate Muni ETF 34.84
BBG000Q0JKR6
28,445
Stock 1,418,268
HYD US
VanEck High Yield Muni ETF 30.54
BBG000C8Z562
20,483
Stock 1,243,113
MLN US
VanEck Long Muni ETF 14.95
BBG000V2BFB2
29,219
Stock 608,632
SHYD US
VanEck Short High Yield Munietf 5.15
BBG005T08329
8,579
Stock 209,671
KTF US
Dws Municipal Income Trust 1.89
BBG000C0PD09
6,969
Other 76,798
VFL US
Delaware Investments National Municipal 1.00
BBG000BH20J6
3,052
Other 40,866
NBW US
Neuberger Berman California Municipal F 1.00
BBG000NYNFS0
3,013
Other 40,555
CXH US
Mfs Investment Grade Municipal Trust 0.98
BBG000C123D0
4,336
Other 39,935
NUO US
Nuveen Ohio Quality Municipal Income Fu 0.97
BBG000BFR4Q7
2,631
Other 39,675
ENX US
Eaton Vance New York Municipal Bond Fun 0.97
BBG000NSTZG6
3,456
Other 39,606
MMU US
Western Asset Managed Municipals Fund I 0.97
BBG000BC1FN0
3,155
Other 39,469
CMU US
Mfs High Yield Municipal Trust 0.97
BBG000BFX2H4
9,323
Other 39,435
MYI US
Blackrock Muniyield Quality Fund Iii In 0.97
BBG000CR6303
2,908
Other 39,287
NQP US
Nuveen Pennsylvania Quality Municipal I 0.95
BBG000BFH7X3
2,748
Other 38,802
DMF US
Bny Mellon Municipal Income Inc 0.95
BBG000B9X2W1
4,724
Other 38,690
MFM US
Mfs Municipal Income Trust 0.95
BBG000BNZ6M0
5,949
Other 38,550
MHI US
Pioneer Municipal High Income Fund Inc 0.94
BBG000PTD753
3,358
Other 38,382
NXJ US
Nuveen New Jersey Quality Municipal Inc 0.92
BBG000D61W81
2,687
Other 37,591
--
Other/Cash 0.08
--
--
Cash 3,264
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These are not recommendations to buy or to sell any security. Securities and holdings will vary at times. The holdings presented reflect unsettled trade activity from creation and/or redemption transactions from the prior business day and may differ from the holdings information used to calculate the Fund's net asset value. The adjusted shares outstanding is 170,000. This includes any changes in shares outstanding due to creations or redemptions on the previous business day, and may differ from the information used to calculate the fund's net asset value. 

Geographical Weightings (%) as of 12/31/21

  • State

    % of Net Assets
  • California

    13.7
  • New York

    12.5
  • Texas

    6.9
  • Illinois

    6.9
  • [Unassigned]

    6.0
  • New Jersey

    5.2
  • Florida

    4.3
  • Pennsylvania

    3.7
  • Ohio

    3.1
  • Colorado

    2.8
  • Washington

    2.2
  • Wisconsin

    2.0
  • Maryland

    1.9
  • Georgia

    1.7
  • Puerto Rico

    1.7
  • Virginia

    1.7
  • Massachusetts

    1.6
  • Arizona

    1.5
  • District of Columbia

    1.4
  • Alabama

    1.3
  • Other/Cash

    17.9

Currency Exposure (%)
as of 12/31/21

  • U.S. Dollar

    99.82
  • Other/Cash

    0.18

Sector Weightings (%) as of 12/31/21

  • Sector

    % of Net Assets
  • Health Care

    12.6
  • Local

    11.8
  • Transportation

    10.7
  • Special Tax

    9.9
  • State

    9.5
  • Unassigned

    8.0
  • Industrial Revenue

    7.6
  • Leasing

    7.4
  • Education

    7.0
  • Water & Sewer

    5.3
  • Tobacco

    3.6
  • Housing

    3.0
  • Power

    2.4
  • Cash

    1.0
  • Solid Waste/Res Recovery

    0.0

Credit Quality (%) as of 12/31/21

Composite % of Net Assets
Investment Grade AAA 9.20
AA 28.67
A 12.95
BBB 13.32
Non-Investment Grade BB 7.79
B 2.19
CCC 1.06
Total Investment Grade -- 64.14
Total Non-Investment Grade -- 11.04
Not Rated -- 23.87
 

Maturity (%) as of 12/31/21

Average Portfolio Maturity: 16.25 Years