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MAAX
VanEck Muni Allocation ETF

Fund Description

VanEck Muni Allocation ETF (MAAX) seeks maximum long-term after-tax return consisting of capital appreciation and income generally exempt from federal income tax. In pursuing long-term total return, the Fund seeks to reduce duration and/or credit risk during appropriate times by allocating primarily to VanEck municipal exchange-traded products that invest in tax-exempt bonds.

 
 

  • Fund Ticker

    MAAX

  • Exchange

    Cboe

  • Inception Date

    05/15/2019

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

 
as of 09/26/22

  • 30-Day SEC Yield1

    2.93%

  • Total Net Assets

    $2.6M

  • Number of Holdings

    20

  • Options

    No

  • Gross Expense Ratio2

    0.33%

  • Net Expense Ratio/TER2

    0.33%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    09/30/2022

1See Important Disclosure. 

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How to Buy

Key Points

  • Actively allocates based on interest rate and credit opportunities.

  • Technical and macroeconomic indicators seek to manage credit and duration risk.

  • Performance oriented strategy offers the potential for capital appreciation plus tax-exempt income.

Yields
as of 09/26/22

  • 30-Day SEC Yield1

    2.93%

  • Distribution Yield1

    2.93%

  • 12-Month Yield1

    2.67%

  • Taxable Equivalent 30-Day SEC Yields1a

  • 12% Federal Tax Rate

    3.33%

  • 22% Federal Tax Rate

    3.76%

  • 24% Federal Tax Rate

    3.86%

  • 32% Federal Tax Rate

    4.31%

  • 35% Federal Tax Rate

    4.51%

  • 37% Federal Tax Rate

    4.65%
 1/1a See Important Disclosure for definitions.

Fees and Expenses2

  • Management Fee

    0.08%

  • Other Expenses

    --

  • Acquired Fund Fees and Expenses

    0.25%

  • Gross Expense Ratio

    0.33%

  • Fee Waivers and
    Expense Reimbursement

    --

  • Net Expense Ratio/TER2

    0.33%

2Van 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.

Trading Information

  • Fund Ticker

    MAAX

  • Index Total Return Ticker

    MUNI

  • NAV

    MAAXNV

  • Intraday NAV (IIV)4

    MAAXIV

  • Shares Outstanding

    130,000

  • Estimated Cash

    MAAXEU

  • Total Cash

    MAAXTC

  • CUSIP

    92189H508

  • ISIN

    US92189H5081
4See IIV Details. Source: Bloomberg

Fundamentals3
as of 09/26/22

  • Yield to Worst

    4.42%

  • Yield to Maturity

    4.62%

  • Effective Duration (yrs)

    7.45

  • Duration to Worst (yrs)

    6.92

  • Modified Duration (yrs)

    7.72

  • Spread Duration (yrs)

    6.54

  • Years to Maturity

    13.91

  • Coupon

    3.75%
 3See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager for Inflation Allocation Strategy and Municipal Allocation Strategy; Head of the VanEck Quantitative Investment Solutions (QIS) Team
  • Joined VanEck in 2012
  • Prior to VanEck, Director and Portfolio Manager within the UBS Portfolio Strategy Group
  • Previously, sales and client relationship roles at Oppenheimer & Co. and Georgeson, Inc.
  • MBA, Finance, New York University
  • BS, Business Economics, State University of New York College at Cortland
  • Deputy Portfolio Manager for Inflation Allocation Strategy and Municipal Allocation Strategy
  • Joined VanEck in 2007
  • Prior to his current role, served as Settlements Supervisor and Administrator at VanEck
  • BS, Business Administration (concentration in Financial Analysis), State University of New York at Buffalo

Prices as of 09/26/22

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
MAAX $20.29
$20.30 		215
0 		$-0.16 / -0.76%
$-0.16 / -0.76% 		-16.90%
-16.92% 		$0.01
0.04% 		0.24%

Premium/Discount History as of 09/26/22

Calendar Year 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 166 57 59 56 23
MAAX Days closed at NAV 37 5 4 2 6
Days closed at a discount 49 2 1 4 33

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

  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) -3.14 -2.53 -12.67 -13.18 -3.71 -- -- -2.26
MAAX (Share Price) -3.14 -2.46 -12.72 -13.29 -3.71 -- -- -2.25
ICE US Broad Municipal Index5 -2.31 -1.55 -8.27 -8.22 -0.77 1.24 2.28 0.23
Performance Differential (NAV - Index) -0.83 -0.98 -4.40 -4.96 -2.94 -- -- -2.49
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
05/15/19
MAAX (NAV) -2.53 -4.70 -12.67 -12.84 -2.81 -- -- -2.38
MAAX (Share Price) -2.50 -4.73 -12.75 -13.02 -2.80 -- -- -2.39
Bloomberg Barclays Municipal Bond Index5 -1.64 -2.94 -8.98 -8.57 -0.18 1.51 2.38 0.09
Performance Differential (NAV - Index) -0.89 -1.76 -3.69 -4.27 -2.63 -- -- -2.47

*Returns less than one year are not annualized.

Effective August 1, 2020, the implementation of the strategy has evolved to reflect new allocations that are based on diversification considerations. Enhancements include changes to weightings allocated to the underlying funds in each of the four risk scenarios. Past performance is no guarantee of future results.

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.

Daily Holdings (%) as of 09/23/22 Daily Holdings »

Total Holdings: 20
Ticker
 Holding Name % of Net
Assets
Identifier (FIGI)
Shares
 Asset Class Market Value
(US$) 		Notional Value
ITM US
 VanEck Intermediate Muni ETF 36.11
BBG000Q0JKR6
21,772
 Stock 959,710 --
HYD US
 VanEck High Yield Muni ETF 24.99
BBG000C8Z562
13,101
 Stock 664,090 --
SMB US
 VanEck Short Muni ETF 14.56
BBG000R24QP6
23,275
 Stock 386,831 --
SHYD US
 VanEck Short High Yield Munietf 5.42
BBG005T08329
6,559
 Stock 143,970 --
MLN US
 VanEck Long Muni ETF 4.68
BBG000V2BFB2
7,335
 Stock 124,402 --
KTF US
 Dws Municipal Income Trust 1.70
BBG000C0PD09
5,329
 Other 45,190 --
XMPT US
 VanEck Cef Muni Income ETF 1.05
BBG001WL62Y7
1,311
 Stock 27,819 --
VFL US
 Delaware Investments National Municipal 0.97
BBG000BH20J6
2,332
 Other 25,885 --
NBW US
 Neuberger Berman California Municipal F 0.91
BBG000NYNFS0
2,305
 Other 24,272 --
NUO US
 Nuveen Ohio Quality Municipal Income Fu 0.90
BBG000BFR4Q7
2,011
 Other 23,850 --
MMU US
 Western Asset Managed Municipals Fund I 0.90
BBG000BC1FN0
2,411
 Other 23,797 --
NQP US
 Nuveen Pennsylvania Quality Municipal I 0.89
BBG000BFH7X3
2,100
 Other 23,583 --
MYI US
 Blackrock Muniyield Quality Fund Iii In 0.89
BBG000CR6303
2,224
 Other 23,530 --
NXJ US
 Nuveen New Jersey Quality Municipal Inc 0.87
BBG000D61W81
2,055
 Other 23,139 --
MFM US
 Mfs Municipal Income Trust 0.87
BBG000BNZ6M0
4,549
 Other 23,018 --
ENX US
 Eaton Vance New York Municipal Bond Fun 0.86
BBG000NSTZG6
2,644
 Other 22,923 --
CXH US
 Mfs Investment Grade Municipal Trust 0.86
BBG000C123D0
3,316
 Other 22,847 --
DMF US
 Bny Mellon Municipal Income Inc 0.84
BBG000B9X2W1
3,612
 Other 22,394 --
MHI US
 Pioneer Municipal High Income Fund Trus 0.83
BBG000PTD753
2,566
 Other 21,965 --
CMU US
 Mfs High Yield Municipal Trust 0.83
BBG000BFX2H4
7,131
 Other 21,963 --
--
Other/Cash 0.09
--
0
 Cash 2,296 --
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These are not recommendations to buy or to sell any security. Securities and holdings will vary at times. The holdings presented reflect unsettled trade activity from creation and/or redemption transactions from the prior business day and may differ from the holdings information used to calculate the Fund's net asset value. The adjusted shares outstanding is 130,000. This includes any changes in shares outstanding due to creations or redemptions on the previous business day, and may differ from the information used to calculate the fund's net asset value.

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

  • State

    % of Net Assets
  • ■

    New York

    14.2
  • ■

    California

    13.2
  • ■

    Texas

    7.2
  • ■

    Illinois

    7.1
  • ■

    [Unassigned]

    6.9
  • ■

    New Jersey

    4.6
  • ■

    Florida

    4.0
  • ■

    Pennsylvania

    3.6
  • ■

    Ohio

    2.6
  • ■

    Colorado

    2.4
  • ■

    Washington

    2.4
  • ■

    Massachusetts

    2.3
  • ■

    Puerto Rico

    2.0
  • ■

    Maryland

    1.8
  • ■

    Georgia

    1.7
  • ■

    Arizona

    1.6
  • ■

    Virginia

    1.5
  • ■

    Wisconsin

    1.5
  • ■

    Connecticut

    1.3
  • ■

    Alabama

    1.3
  • ■

    Other/Cash

    16.7

Currency Exposure (%)
as of 08/31/22

  • U.S. Dollar

    99.91

  • Other/Cash

    0.09

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

  • Sector

    % of Net Assets
  • ■

    Unassigned

    100.0

Credit Quality (%)† as of 08/31/22

Composite % of Net Assets
Investment Grade AAA 8.73
AA 31.64
A 15.73
BBB 12.42
Non-Investment Grade BB 7.27
B 2.11
CCC 0.28
Total Investment Grade -- 68.51
Total Non-Investment Grade -- 9.66
Not Rated -- 21.31

Maturity (%) as of 08/31/22

Average Portfolio Maturity: 15.82 Years