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ITM
VanEck Intermediate Muni ETF

Fund Description

The VanEck Intermediate Muni ETF (ITM®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT), which is intended to track the overall performance of the U.S. dollar denominated intermediate-term tax-exempt bond market.

 
 

  • Fund Ticker

    ITM
  • Exchange

    Cboe
  • Inception Date

    12/04/2007
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Index Ticker

    MIBT
  • Index Rebalancing

    Monthly
  • 2022 Preliminary NAIC Designation7

    1.F

 
as of 09/30/22

  • 30-Day SEC Yield1

    3.21%
  • Total Net Assets

    $1.6B
  • Number of Holdings

    1757
  • Options

    Available
  • Gross Expense Ratio2

    0.24%
  • Net Expense Ratio/TER2

    0.24%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    10/31/2022

Index Key Points

ICE Intermediate AMT-Free Broad National Municipal Transition Index (MIBT):

The Fund is expected to begin tracking the ICE Intermediate AMT-Free Broad National Municipal Transition Index (the "Intermediate Index") on or around March 1, 2022. The Intermediate Index is an interim index that gradually increases exposure to securities based on their weightings in the ICE Intermediate AMT-Free Broad National Municipal Index (the "Final Intermediate Index") while proportionally reducing exposure to certain component securities of the Bloomberg AMT-Free Intermediate Continuous Municipal Index. The Fund is expected to begin tracking the Final Intermediate Index on December 1, 2022.


The Final Intermediate Index tracks the performance of intermediate maturity U.S. dollar denominated investment grade tax exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. Qualifying securities must be exempt from Federal taxes and must not be subject to alternative minimum tax. In addition, qualifying securities must have at least six years but less than 17 years remaining term to final maturity, a fixed coupon schedule (including zero coupon and step up or stepdown bonds) and an investment grade rating (based on the middle rating of Moody’s, S&P and Fitch).


Index Provider: ICE Data Indices, LLC

Index Profile

  • Ticker

    MIBT
  • Inception Date

    12/11/2021
  • Rebalance Frequency

    Monthly

Index Fundamentals4
as of 09/29/22

  • Yield to Worst

    3.96%
  • Yield to Maturity

    4.25%
  • Effective Duration (yrs)

    7.04
  • Duration to Worst (yrs)

    6.16
  • Modified Duration (yrs)

    8.33
  • Spread Duration (yrs)

    6.29
  • Years to Maturity

    11.51
  • Coupon

    4.51%
 4See Important Disclosure for definitions.

Index Top 10 Constituents (%) as of 08/31/22

Total Constituents: 22,723
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Issuer Name State Weightings (%)
California State of CA 5.01
New York City Transitional Finance Authority NY 3.95
The Dormitory Authority of the State of New York NY 3.10
District of Columbia Government of DC 2.36
New York City of NY 2.04
Connecticut State of CT 1.97
New Jersey Transportation Trust Fund Authority NJ 1.76
Washington State of WA 1.76
Illinois State of IL 1.46
Massachusetts Commonwealth of MA 1.44
Top 10 Total (%) 24.86
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Geographical Weightings (%) as of 08/31/22

  • State

    % of Net Assets
  • New York

    17.8
  • California

    16.6
  • Texas

    8.5
  • Illinois

    4.8
  • New Jersey

    4.0
  • Washington

    3.8
  • Pennsylvania

    3.6
  • Florida

    3.4
  • Massachusetts

    3.2
  • Maryland

    2.7
  • Georgia

    2.5
  • Connecticut

    2.4
  • Ohio

    2.3
  • Colorado

    2.1
  • Virginia

    1.7
  • District of Columbia

    1.7
  • Dist. of Columbia

    1.7
  • North Carolina

    1.5
  • Arizona

    1.5
  • Michigan

    1.4

Index Sector Weightings (%) as of 08/31/22

  • Sector

    % of Net Assets
  • State GO

    18.2
  • Local GO

    16.7
  • Tax

    14.9
  • Water & Sewer

    7.7
  • Transportation

    6.8
  • Hospitals

    6.5
  • Toll & Turnpike

    5.2
  • Education

    5.0
  • Leasing COPS & Appropriations

    4.7
  • Power

    4.6
  • Utilities - Other

    3.1
  • Airport

    2.2
  • Misc

    2.1
  • Multi-Family Housing

    1.2
  • Tobacco

    0.7
  • Industrial Development Revenue

    0.6
  • Single Family Housing

    0.5
  • Pollution Control

    0.4
  • Health

    0.3
  • Refunded

    0.2

Index Credit Quality (%) as of 08/31/22

Composite % of Net Assets
Investment Grade AAA 17.65
AA 49.84
A 16.27
BBB 7.68
Non-Investment Grade BB 0.05
Total Investment Grade -- 91.44
Total Non-Investment Grade -- 0.05
Not Rated -- 8.75

Maturity (%) as of 08/31/22

Average Maturity: 11.61 Years