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 Transition Index (MSBT), 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
MSBT -
Index Rebalancing
Monthly
as of 07/01/22
-
30-Day SEC Yield1
2.05% -
Total Net Assets
$374.4M -
Number of Holdings
624 -
Options
No -
Gross Expense Ratio2
0.20% -
Net Expense Ratio/TER2
0.20% -
Distribution Frequency
Monthly -
Next Distribution Date
07/29/2022
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 short-duration municipal bonds
- Quality
Investment-grade index constituents with high overall credit quality
Yields
as of 07/01/22
-
30-Day SEC Yield1
2.05% -
Distribution Yield1
1.44% -
12-Month Yield1
1.24% -
Taxable Equivalent 30-Day SEC Yields1a
-
12% Federal Tax Rate
2.33% -
22% Federal Tax Rate
2.63% -
24% Federal Tax Rate
2.70% -
32% Federal Tax Rate
3.01% -
35% Federal Tax Rate
3.15% -
37% Federal Tax Rate
3.25%
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, 2022.'
Trading Information
-
Fund Ticker
SMB -
Index Total Return Ticker
MSBT -
NAV
SMBNV -
Intraday NAV (IIV)5
SMBIV -
Shares Outstanding
22,000,000 -
Estimated Cash
SMBEU -
Total Cash
SMBTC -
CUSIP
92189F528 -
ISIN
US92189F5281
Fundamentals4 as of 07/01/22
-
Yield to Worst
2.26% -
Yield to Maturity
2.30% -
Effective Duration (yrs)
2.75 -
Duration to Worst (yrs)
2.65 -
Modified Duration (yrs)
2.71 -
Spread Duration (yrs)
2.66 -
Years to Maturity
6.24 -
Coupon
4.69%
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 02/22/08 |
|
---|---|---|---|---|---|---|---|---|
SMB (NAV) | 1.19 | -1.92 | -4.07 | -4.17 | 0.24 | 0.78 | 0.94 | 1.85 |
SMB (Share Price) | 1.77 | -1.90 | -4.11 | -4.15 | 0.34 | 0.86 | 0.93 | 1.87 |
MSBT** (Index) | 1.24 | -2.01 | -4.33 | -4.27 | 0.47 | 1.04 | 1.35 | 2.32 |
Performance Differential (NAV - Index) | -0.05 | 0.09 | 0.26 | 0.10 | -0.23 | -0.26 | -0.41 | -0.47 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 02/22/08 |
|
---|---|---|---|---|---|---|---|---|
SMB (NAV) | -1.80 | -3.95 | -3.95 | -3.66 | 0.56 | 1.02 | 1.01 | 1.88 |
SMB (Share Price) | -2.10 | -4.31 | -4.31 | -3.94 | 0.55 | 1.02 | 0.98 | 1.87 |
MSBT** (Index) | -1.90 | -4.22 | -4.22 | -3.80 | 0.81 | 1.32 | 1.44 | 2.35 |
Performance Differential (NAV - Index) | 0.10 | 0.27 | 0.27 | 0.14 | -0.25 | -0.30 | -0.43 | -0.47 |
Top 10 Holdings (%) as of 05/31/22 Daily Holdings
to view
full data
Issuer Name | State | Weighting (%) |
---|---|---|
California St | CA | 4.92 |
New York N Y | NY | 2.18 |
New York St Dorm Auth St Pers Income Tax Rev | NY | 2.07 |
Metropolitan Transn Auth N Y Rev | NY | 1.82 |
Maryland St | MD | 1.75 |
Main Str Nat Gas Inc Ga Gas Supply Rev | GA | 1.59 |
Connecticut St | CT | 1.47 |
Illinois Fin Auth Rev | IL | 1.41 |
Kentucky Inc Ky Pub Energy Auth Gas Suplly Rev | KY | 1.33 |
Georgia St | GA | 1.31 |
Top 10 Total (%) | 19.85 |
Geographical Weightings (%) as of 05/31/22
-
State
% of Net Assets -
■
New York
14.4 -
■
California
14.1 -
■
Texas
8.1 -
■
Illinois
5.0 -
■
Georgia
3.5 -
■
Pennsylvania
3.3 -
■
Alabama
3.2 -
■
Florida
3.2 -
■
Maryland
3.2 -
■
Connecticut
3.1 -
■
Massachusetts
2.9 -
■
New Jersey
2.8 -
■
Ohio
2.5 -
■
Virginia
2.4 -
■
Washington
2.4 -
■
Kentucky
2.1 -
■
Wisconsin
2.1 -
■
North Carolina
1.8 -
■
Michigan
1.5 -
■
Arizona
1.4 -
■
Other/Cash
17.0
Currency Exposure (%)
as of 05/31/22
-
U.S. Dollar
99.65 -
Other/Cash
0.35
Sector Weightings (%) as of 05/31/22
-
Sector
% of Net Assets -
■
State GO
19.3 -
■
Local GO
14.3 -
■
Tax
9.4 -
■
Utilities - Other
9.0 -
■
Refunded
7.1 -
■
Transportation
5.9 -
■
Water & Sewer
5.7 -
■
Hospitals
5.5 -
■
Leasing COPS & Appropriations
5.4 -
■
Power
4.5 -
■
Education
3.7 -
■
Toll & Turnpike
3.2 -
■
Misc
2.4 -
■
Airport
1.8 -
■
Multi-Family Housing
1.1 -
■
Tobacco
0.6 -
■
Unassigned
0.5 -
■
Industrial Development Revenue
0.4 -
■
Pollution Control
0.1
Credit Quality (%)† as of 05/31/22
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 15.20 |
AA | 48.87 | |
A | 19.71 | |
BBB | 7.30 | |
Total Investment Grade | -- | 91.08 |
Not Rated | -- | 8.92 |
Maturity (%) as of 05/31/22
Average Portfolio Maturity: 6.24 Years