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SMI
VanEck HIP Sustainable Muni ETF

Fund Description

The VanEck HIP Sustainable Muni ETF (SMI) is an actively managed exchange-traded fund (“ETF”) that seeks current income generally exempt from federal income tax by investing in investment grade municipal debt securities that have been issued to fund operations or projects that support or advance sustainable development, as well as promote positive social and environmental outcomes.

 
 

  • Fund Ticker

    SMI
  • Exchange

    Cboe
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company

 
as of 12/08/21

  • 30-Day SEC Yield1

    0.91%
  • Total Net Assets

    $15.0M
  • Number of Holdings

    44
  • Options

    Expected
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
Why Invest?

Key Points

  • Broad muni exposure with a focus on sustainability

  • Core portfolio of investment-grade tax-exempts with intermediate duration

  • Managed to maximize sustainability exposure while seeking to maintain benchmark characteristics

Yields
as of 12/08/21

  • 30-Day SEC Yield1

    0.91%
  • Distribution Yield1

    0.76%
  • 12-Month Yield1

    0.19%
  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    1.03%
  • 22% Federal Tax Rate

    1.17%
  • 24% Federal Tax Rate

    1.20%
  • 32% Federal Tax Rate

    1.34%
  • 35% Federal Tax Rate

    1.40%
  • 37% Federal Tax Rate

    1.44%
 1/1a See Important Disclosure for definitions.

Fees & 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%
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.

Trading Information

  • Fund Ticker

    SMI
  • Index Total Return Ticker

    MUNI
  • NAV

    SMINV
  • Intraday NAV (IIV)5

    SMIIV
  • Shares Outstanding

    300,000
  • Estimated Cash

    SMIEU
  • Total Cash

    SMITC
  • CUSIP

    92189H813
  • ISIN

    US92189H8135
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 12/08/21

  • Yield to Worst

    1.11%
  • Yield to Maturity

    2.30%
  • Effective Duration (yrs)

    5.63
  • Duration to Worst (yrs)

    4.36
  • Modified Duration (yrs)

    9.23
  • Spread Duration (yrs)

    4.80
  • Years to Maturity

    14.17
  • Coupon

    4.53%
 4 See 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 Fixed Income ETFs
  • Joined VanEck in 2016
  • 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 12/08/21

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
SMI $49.95
$49.97
1,093
2,357
-$0.01 / -0.02%
$-0.01 / -0.02%
+0.08%
--
$0.02
0.03%
0.06%

Premium/Discount History as of 12/08/21

Since Inception 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 61 0 0 0 15
SMI Days closed at NAV 2 0 0 0 2
Days closed at a discount 2 0 0 0 0

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
09/08/21
SMI (NAV) 0.77 -- -- -- -- -- -- 0.06
SMI (Share Price) 0.66 -- -- -- -- -- -- 0.16
MUNI (Index) 0.73 -0.07 1.44 2.02 4.93 4.22 3.96 -0.02
Performance Differential (NAV - Index) 0.04 -- -- -- -- -- -- 0.08
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
09/08/2021
SMI (NAV) -- -- -- -- -- -- -- -0.64
SMI (Share Price) -- -- -- -- -- -- -- -0.44
MUNI (Index) -0.69 -0.31 0.80 2.55 4.84 3.12 3.91 -0.64
Performance Differential (NAV - Index) -- -- -- -- -- -- -- 0.00

Top 10 Holdings (%) as of 11/30/21 Daily Holdings

Total Holdings: 36
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to view
full data
Issuer Name State Weighting (%)
California St
CA
5.97
Val Verde Calif Uni Sch Dist
CA
5.94
Metropolitan Transn Auth N Y Rev
NY
5.63
University Calif Revs
CA
5.20
New York N Y City Transitional Fin Auth Rev
NY
5.00
Los Angeles Calif Dept Arpts Rev
CA
4.80
San Francisco Calif City & Cnty Arpts Commn Intlarpt Rev
CA
3.71
Pennsylvania Hsg Fin Agy Single Family Mtg Rev
PA
3.65
Arizona Indl Dev Auth Ed Rev
AZ
3.58
Pennsylvania St Tpk Commn Tpk Rev
PA
3.41
Top 10 Total (%) 46.89

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Geographical Weightings (%) as of 11/30/21

  • State

    % of Net Assets
  • California

    30.1
  • New York

    27.4
  • Pennsylvania

    9.2
  • Washington

    8.9
  • Arizona

    3.6
  • North Carolina

    3.3
  • Wyoming

    3.0
  • Connecticut

    2.3
  • Oregon

    2.3
  • Massachusetts

    2.2
  • Nevada

    2.2
  • Wisconsin

    2.1
  • Minnesota

    2.1
  • [Cash]

    1.2

Currency Exposure (%)
as of 11/30/21

  • U.S. Dollar

    99.76
  • Other/Cash

    0.24

Sector Weightings (%) as of 11/30/21

  • Sector

    % of Net Assets
  • Transportation

    19.6
  • State

    14.8
  • Special Tax

    14.3
  • Education

    11.2
  • Health Care

    10.0
  • Unassigned

    5.9
  • Leasing

    4.8
  • Local

    4.6
  • Water & Sewer

    4.4
  • Housing

    3.7
  • Industrial Revenue

    3.0
  • Power

    2.4
  • Cash

    1.2

Credit Quality (%) as of 11/30/21

Composite % of Net Assets
Investment Grade AAA 14.01
AA 41.40
A 15.55
BBB 11.80
Total Investment Grade -- 82.76
Not Rated -- 2.62
 

Maturity (%) as of 11/30/21

 Average Portfolio Maturity: 14.77 Years