SMBVanEck Short Muni ETF
Fund Description
The VanEck Short Muni ETF (SMB®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Short AMT-Free Broad National Municipal Index (MBNS), which is intended to track the overall performance of the U.S. dollar denominated short-term tax-exempt bond market.
-
Fund Ticker
SMB -
Exchange
Cboe -
Inception Date
02/22/2008 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Index Ticker
MBNS -
Index Rebalancing
Monthly
as of 05/26/23
-
30-Day SEC Yield1
2.83 -
Total Net Assets
$259.5M -
Number of Holdings
370 -
Options
No -
Gross Expense Ratio2
0.20% -
Net Expense Ratio/TER2
0.20% -
Distribution Frequency
Monthly -
Next Distribution Date
05/31/2023
Key Documents and Links
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 short-duration municipal bonds
- Quality
Investment-grade index constituents with high overall credit quality
Yields
as of 05/26/23
-
30-Day SEC Yield1
2.83% -
Distribution Yield1
1.56% -
12-Month Yield1
1.50% -
Taxable Equivalent 30-Day SEC Yields1a
-
12% Federal Tax Rate
3.22% -
22% Federal Tax Rate
3.63% -
24% Federal Tax Rate
3.72% -
32% Federal Tax Rate
4.16% -
35% Federal Tax Rate
4.35% -
37% Federal Tax Rate
4.49%
Fees and Expenses2
-
Management Fee
0.20% -
Other Expenses
-- -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.20% -
Fee Waivers and
--
Expense Reimbursement -
Net Expense Ratio/TER2
0.20%
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, 2023.
Trading Information
-
Fund Ticker
SMB -
Index Total Return Ticker
MBNS -
NAV
SMBNV -
Intraday NAV (IIV)5
SMBIV -
Shares Outstanding
15,450,000 -
Estimated Cash
SMBEU -
Total Cash
SMBTC -
CUSIP
92189F528 -
ISIN
US92189F5281
Fundamentals4 as of 05/26/23
-
Yield to Worst
3.44 -
Yield to Maturity
3.50 -
Effective Duration (yrs)
1.94 -
Duration to Worst (yrs)
2.10 -
Modified Duration (yrs)
2.24 -
Spread Duration (yrs)
1.93 -
Years to Maturity
2.46 -
Coupon
4.70
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
Stephanie Wang
- 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
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
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 02/22/08 |
|
---|---|---|---|---|---|---|---|---|
SMB (NAV) | -0.42 | -0.39 | 0.88 | 1.82 | 0.19 | 1.18 | 0.84 | 1.78 |
SMB (Share Price) | -0.59 | -0.58 | 0.36 | 1.71 | -0.03 | 1.21 | 0.77 | 1.75 |
MBNS** (Index) | -0.33 | -0.27 | 1.01 | 2.14 | 0.44 | 1.45 | 1.25 | 2.23 |
Performance Differential (NAV - Index) | -0.09 | -0.12 | -0.13 | -0.32 | -0.25 | -0.27 | -0.41 | -0.45 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 02/22/08 |
|
---|---|---|---|---|---|---|---|---|
SMB (NAV) | 1.39 | 1.31 | 1.31 | 0.93 | 0.28 | 1.19 | 0.91 | 1.82 |
SMB (Share Price) | 1.54 | 0.96 | 0.96 | 0.75 | 0.62 | 1.18 | 0.86 | 1.80 |
MBNS** (Index) | 1.35 | 1.34 | 1.34 | 1.11 | 0.56 | 1.45 | 1.31 | 2.27 |
Performance Differential (NAV - Index) | 0.04 | -0.03 | -0.03 | -0.18 | -0.28 | -0.26 | -0.40 | -0.45 |
Top 10 Holdings (%) as of 04/30/23
Daily HoldingsIssuer Name | State | Weighting (%) |
---|---|---|
California St | CA | 6.48 |
Maryland St | MD | 1.92 |
Metropolitan Transn Auth N Y Rev | NY | 1.92 |
Triborough Brdg & Tunl Auth N Y Payroll Mobilitytax | NY | 1.91 |
Main Str Nat Gas Inc Ga Gas Supply Rev | GA | 1.91 |
New York N Y City Transitional Fin Auth Rev | NY | 1.73 |
New York N Y | NY | 1.64 |
Golden St Tob Securitization Corp Calif Tob Settlement Rev | CA | 1.63 |
Massachusetts St | MA | 1.47 |
Georgia St | GA | 1.45 |
Top 10 Total (%) | 22.07 |
Geographical Weightings (%)
as of 04/30/23
State | % of Net Assets |
---|---|
● California | 18.04 |
● New York | 13.72 |
● Texas | 8.30 |
● Illinois | 4.69 |
● New Jersey | 4.21 |
● Georgia | 3.56 |
● Massachusetts | 3.25 |
● Pennsylvania | 3.21 |
● Washington | 3.09 |
● Maryland | 3.07 |
● Florida | 2.91 |
● Ohio | 2.72 |
● Alabama | 2.69 |
● Connecticut | 2.60 |
● Virginia | 2.27 |
● North Carolina | 2.16 |
● Colorado | 1.60 |
● Kentucky | 1.33 |
● Tennessee | 1.29 |
● Michigan | 1.28 |
● Other/Cash | 14.01 |
Currency Exposure (%) as of 04/30/23
U.S. Dollar | 99.89 |
Other/Cash | 0.11 |
Sector Weightings (%)
as of 04/30/23
Sector | % of Net Assets |
---|---|
● State GO | 18.47 |
● Refunded | 16.75 |
● Local GO | 13.07 |
● Tax | 8.73 |
● Utilities - Other | 6.90 |
● Water & Sewer | 5.19 |
● Transportation | 5.00 |
● Education | 4.70 |
● Leasing COPS & Appropriations | 4.15 |
● Power | 4.11 |
● Hospitals | 3.89 |
● Toll & Turnpike | 3.47 |
● Misc | 1.57 |
● Multi-Family Housing | 1.31 |
● Airport | 1.28 |
● Tobacco | 0.65 |
● Unassigned | 0.49 |
● Industrial Development Revenue | 0.27 |
Credit Quality (%)† as of 04/30/23
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 24.74 |
AA | 37.54 | |
A | 17.06 | |
BBB | 1.53 | |
Total Investment Grade | -- | 80.87 |
Not Rated | -- | 19.13 |
Maturity (%)
as of 04/30/23
Average Portfolio Maturity: 2.52 Years