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SMB
VanEck 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
Schedule a Call
How to Buy

Key Documents and Links

SMB Fact Sheet
Summary Prospectus
Management Team

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%
 1/1a See Important Disclosure for definitions.

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.

Morningstar™ Ratings3 as of 04/30/2023

Category Overall 3 Year 5 Year
Muni National Short

3 Morningstar Ratings: When applicable, ratings shown when the ETF is rated three stars or more for any given period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

© Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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
5See IIV Details. Source: Bloomberg

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
 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 05/26/23

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
SMB $16.79
$16.75 		97,235
34,855 		$0.00 / -0.01%
$0.02 / +0.12% 		+0.11%
-0.22% 		$-0.04
-0.26% 		0.06%

Premium/Discount History as of 05/26/23

Calendar Year 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Premium/Discount Charts NAV & Prem/Discount History
SMB Days closed at a premium 73 21 4 8 4
Days closed at NAV 19 4 5 5 2
Days closed at a discount 159 37 55 50 56

Performance History: Average Annual Total Returns* (%)

View All ETFs View All Indices
  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

*Returns less than one year are not annualized.
**Index data prior to March 1, 2022 reflects that of the Bloomberg AMT-Free Short Continuous Municipal Index (LMT1TR). From March 1, 2022 to November 30, 2022, the index data reflects that of the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT). From December 1, 2022 forward the index data reflects that of the Fund's underlying index the ICE Short AMT Free Broad National Municipal Index (MBNS) Index history which includes periods prior to December 1, 2022 links the performance of LMT1TR, MSBT, and MBNS and is not intended for third party use.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a Fund is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. Investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 04/30/23

Daily Holdings
Total Holdings: 379
Issuer 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
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These are not recommendations to buy or to sell any security. Securities and holdings may vary.

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
If more than one rating is available for an underlying security, the lower of the two ratings is used. If a bond issued by a national government, national government agency or supranational issuer is not rated, the issuer’s credit rating will be used. If two issuer ratings are available, the lower of the two is used. If only one rating is available in all scenarios, we will use the rating provided. If no rating is available, the security will be not rated. Not rated securities do not necessarily indicate lower credit quality. Ratings and portfolio credit quality may change over time.

Maturity (%)
as of 04/30/23

Average Portfolio Maturity: 2.52 Years

Maturity (%)

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