Municipal Bonds

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Blog | January 15

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Blog | December 18

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Related Funds

HYD
VanEck Vectors High Yield Muni ETF

SHYD
VanEck Vectors Short High Yield Muni ETF

XMPT
VanEck Vectors CEF Municipal Income ETF

ITM
VanEck Vectors Intermediate Muni ETF

SMB
VanEck Vectors Short Muni ETF

MLN
VanEck Vectors Long Muni ETF

Fund Description

The VanEck Vectors^®Long Muni ETF (MLN^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Long Continuous Municipal Index (LMT3TR), which is intended to track the overall performance of the U.S. dollar denominated long-term tax-exempt bond market.

Fund Ticker
MLN
Exchange
Cboe
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
State Street Bank and Trust Company
Index Ticker
LMT3TR
Index Rebalancing
Monthly
2020 Preliminary NAIC Designation⁷
1.F

as of 04/19/21

30-Day SEC Yield¹
1.70%
Total Net Assets
$227.9M
Number of Holdings
513
Options
Expected
Gross Expense Ratio²
0.24%
Net Expense Ratio/TER²
0.24%
Distribution Frequency
Monthly

Schedule a Call

Morningstar™ Ratings³
as of 03/31/2021

Category	Overall	3 Year	5 Year
Muni National Long	4 stars of 144 funds	4 stars of 144 funds	4 stars of 123 funds

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 long-duration municipal bonds

Quality
Investment-grade index constituents with high overall credit quality

Yields
as of 04/19/21

30-Day SEC Yield¹
1.70%
Distribution Yield¹
2.48%
12-Month Yield¹
2.41%
Taxable Equivalent 30-Day SEC Yields^1a
12% Federal Tax Rate
1.93%
22% Federal Tax Rate
2.18%
24% Federal Tax Rate
2.24%
32% Federal Tax Rate
2.50%
35% Federal Tax Rate
2.62%
37% Federal Tax Rate
2.70%

^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
MLN
Index Total Return Ticker
LMT3TR
NAV
MLNNV
Intraday NAV (IIV)⁵
MLNIV
Shares Outstanding
10,500,000
Estimated Cash
MLNEU
Total Cash
MLNTC
CUSIP
92189F536
ISIN
US92189F5364

⁵See IIV Details. Source: Bloomberg

Fundamentals⁴
as of 04/19/21

Yield to Worst
1.78%
Yield to Maturity
3.12%
Effective Duration (yrs)
8.40
Duration to Worst (yrs)
6.28
Modified Duration (yrs)
9.40
Spread Duration (yrs)
8.94
Years to Maturity
23.55
Coupon
4.17%

⁴ See Important Disclosure for definitions.

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

Prices as of 04/19/21

	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
MLN	$21.70 $21.70	43,431 79,820	$0.01 / +0.03% $0.00 / +0.00%	+0.79% +0.91%	$0.00 -0.02%			0.14%

Premium/Discount History as of 04/19/21

		Calendar Year 2020	2Q 2020	3Q 2020	4Q 2020	1Q 2021
	Days closed at a premium	101	0	24	52	17
MLN	Days closed at NAV	9	0	1	3	7
	Days closed at a discount	143	63	39	9	37

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

Month End as of 03/31/21
Quarter End as of 03/31/21

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 01/02/08
MLN (NAV)	0.86	-0.78	-0.78	5.52	5.56	4.11	5.86	4.30
MLN (Share Price)	0.73	-0.78	-0.78	7.49	5.43	4.04	5.96	4.30
LMT3TR (Index)	1.03	-0.68	-0.68	6.90	6.33	4.77	6.60	5.46
Performance Differential (NAV - Index)	-0.17	-0.10	-0.10	-1.38	-0.77	-0.66	-0.74	-1.16

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 01/02/08
MLN (NAV)	0.86	-0.78	-0.78	5.52	5.56	4.11	5.86	4.30
MLN (Share Price)	0.73	-0.78	-0.78	7.49	5.43	4.04	5.96	4.30
LMT3TR (Index)	1.03	-0.68	-0.68	6.90	6.33	4.77	6.60	5.46
Performance Differential (NAV - Index)	-0.17	-0.10	-0.10	-1.38	-0.77	-0.66	-0.74	-1.16

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

Top 10 Holdings (%) as of 03/31/21 Daily Holdings

Total Holdings: 520

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full data

	Issuer Name	State	Weighting (%)
	New York N Y City Transitional Fin Auth Rev	NY	3.69
	Metropolitan Transn Auth N Y Rev	NY	2.58
	Massachusetts St	MA	2.03
	New York St Dorm Auth Revs Non St Supported Debt	NY	1.91
	California St	CA	1.56
	California Health Facs Fing Auth Rev	CA	1.48
	New York N Y	NY	1.43
	Texas Water Dev Brd	TX	1.35
	New Jersey St Transn Tr Fd Auth	NJ	1.32
	California St Univ Rev	CA	1.27
Top 10 Total (%)			18.62

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

Geographical Weightings (%) as of 03/31/21

State
% of Net Assets
■
New York
20.1
■
California
16.4
■
Texas
10.1
■
Pennsylvania
4.4
■
Florida
4.4
■
Massachusetts
3.7
■
Illinois
3.6
■
Ohio
3.1
■
New Jersey
2.6
■
Michigan
2.5
■
Washington
2.4
■
Colorado
2.3
■
Georgia
2.2
■
Virginia
2.1
■
North Carolina
1.7
■
Nevada
1.5
■
District of Columbia
1.4
■
Oregon
1.4
■
Wisconsin
1.2
■
Arizona
1.2
■
Other
11.8

Currency Exposure (%)

as of 03/31/21

U.S. Dollar
100.12
Other/Cash
-0.12

Sector Weightings (%) as of 03/31/21

Sector
% of Net Assets
■
Health Care
18.5
■
Local
14.9
■
Transportation
14.0
■
Special Tax
11.8
■
Water & Sewer
10.3
■
Education
8.3
■
State
6.6
■
Housing
6.2
■
Power
4.3
■
Leasing
3.8
■
Tobacco
0.8
■
Industrial Revenue
0.6

Credit Quality (%) as of 03/31/21

Composite		% of Net Assets
Investment Grade	AAA	13.58
	AA	51.28
	A	25.09
	BBB	9.99
Total Investment Grade	--	99.93
Not Rated	--	0.07

Source: Barclays. Rating is a proprietary composite of various rating agencies.

Maturity (%) as of 03/31/21

Average Portfolio Maturity: 23.54 Years