MAAXVanEck 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 07/01/22
-
30-Day SEC Yield1
2.68% -
Total Net Assets
$2.8M -
Number of Holdings
20 -
Options
No -
Gross Expense Ratio2
0.36% -
Net Expense Ratio/TER2
0.36% -
Distribution Frequency
Monthly -
Next Distribution Date
07/29/2022
1See Important Disclosure.
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 07/01/22
-
30-Day SEC Yield1
2.68% -
Distribution Yield1
2.14% -
12-Month Yield1
2.76% -
Taxable Equivalent 30-Day SEC Yields1a
-
12% Federal Tax Rate
3.05% -
22% Federal Tax Rate
3.44% -
24% Federal Tax Rate
3.53% -
32% Federal Tax Rate
3.94% -
35% Federal Tax Rate
4.12% -
37% Federal Tax Rate
4.25%
Fees and Expenses2
-
Management Fee
0.08% -
Other Expenses
-- -
Acquired Fund Fees and Expenses
0.28% -
Gross Expense Ratio
0.36% -
Fee Waivers and
--
Expense Reimbursement -
Net Expense Ratio/TER2
0.36%
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, 2022.'
Trading Information
-
Fund Ticker
MAAX -
Index Total Return Ticker
LMBITR -
NAV
MAAXNV -
Intraday NAV (IIV)4
MAAXIV -
Shares Outstanding
130,000 -
Estimated Cash
MAAXEU -
Total Cash
MAAXTC -
CUSIP
92189H508 -
ISIN
US92189H5081
Fundamentals3 as of 07/01/22
-
Yield to Worst
3.75% -
Yield to Maturity
4.09% -
Effective Duration (yrs)
7.74 -
Duration to Worst (yrs)
6.86 -
Modified Duration (yrs)
8.23 -
Spread Duration (yrs)
6.93 -
Years to Maturity
14.42 -
Coupon
3.74%
Investment Professionals
David Schassler
- 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
John Lau
- 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
Performance History: Average Annual Total Returns* (%)
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 05/15/19 |
|
---|---|---|---|---|---|---|---|---|
MAAX (NAV) | 2.01 | -5.86 | -10.40 | -9.93 | -1.85 | -- | -- | -1.62 |
MAAX (Share Price) | 1.83 | -5.89 | -10.51 | -10.01 | -1.89 | -- | -- | -1.64 |
Bloomberg Barclays Municipal Bond Index5 | 1.49 | -4.52 | -7.47 | -6.79 | 0.50 | 1.78 | 2.54 | 0.64 |
Performance Differential (NAV - Index) | 0.52 | -1.34 | -2.93 | -3.14 | -2.35 | -- | -- | -2.26 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 05/15/19 |
|
---|---|---|---|---|---|---|---|---|
MAAX (NAV) | -3.72 | -8.36 | -8.36 | -6.15 | -- | -- | -- | -0.93 |
MAAX (Share Price) | -3.69 | -8.42 | -8.42 | -5.98 | -- | -- | -- | -0.94 |
Bloomberg Barclays Municipal Bond Index5 | -3.24 | -6.23 | -6.23 | -4.47 | 1.53 | 2.52 | 2.88 | 1.14 |
Performance Differential (NAV - Index) | -0.48 | -2.13 | -2.13 | -1.68 | -- | -- | -- | -2.07 |
Daily Holdings (%) as of 06/30/22 Daily Holdings »
Ticker
|
Holding Name |
% of Net Assets |
Identifier (FIGI)
|
Shares
|
Asset Class |
Market Value (US$) |
---|---|---|---|---|---|---|
ITM US |
VanEck Intermediate Muni ETF | 40.66 |
BBG000Q0JKR6 |
24,836 |
Stock | 1,134,260 |
HYD US |
VanEck High Yield Muni ETF | 20.26 |
BBG000C8Z562 |
10,496 |
Stock | 565,210 |
MLN US |
VanEck Long Muni ETF | 9.74 |
BBG000V2BFB2 |
15,385 |
Stock | 271,699 |
SMB US |
VanEck Short Muni ETF | 9.42 |
BBG000R24QP6 |
15,361 |
Stock | 262,673 |
SHYD US |
VanEck Short High Yield Munietf | 5.28 |
BBG005T08329 |
6,559 |
Stock | 147,315 |
KTF US |
Dws Municipal Income Trust | 1.80 |
BBG000C0PD09 |
5,329 |
Other | 50,093 |
XMPT US |
VanEck Cef Muni Income ETF | 1.08 |
BBG001WL62Y7 |
1,311 |
Stock | 30,179 |
VFL US |
Delaware Investments National Municipal | 0.95 |
BBG000BH20J6 |
2,332 |
Other | 26,375 |
MYI US |
Blackrock Muniyield Quality Fund Iii In | 0.93 |
BBG000CR6303 |
2,224 |
Other | 25,932 |
NXJ US |
Nuveen New Jersey Quality Municipal Inc | 0.93 |
BBG000D61W81 |
2,055 |
Other | 25,872 |
NBW US |
Neuberger Berman California Municipal F | 0.93 |
BBG000NYNFS0 |
2,305 |
Other | 25,816 |
NQP US |
Nuveen Pennsylvania Quality Municipal I | 0.92 |
BBG000BFH7X3 |
2,100 |
Other | 25,599 |
MMU US |
Western Asset Managed Municipals Fund I | 0.91 |
BBG000BC1FN0 |
2,411 |
Other | 25,484 |
NUO US |
Nuveen Ohio Quality Municipal Income Fu | 0.91 |
BBG000BFR4Q7 |
2,011 |
Other | 25,479 |
CXH US |
Mfs Investment Grade Municipal Trust | 0.90 |
BBG000C123D0 |
3,316 |
Other | 25,135 |
MFM US |
Mfs Municipal Income Trust | 0.89 |
BBG000BNZ6M0 |
4,549 |
Other | 24,747 |
ENX US |
Eaton Vance New York Municipal Bond Fun | 0.88 |
BBG000NSTZG6 |
2,644 |
Other | 24,616 |
DMF US |
Bny Mellon Municipal Income Inc | 0.87 |
BBG000B9X2W1 |
3,612 |
Other | 24,381 |
CMU US |
Mfs High Yield Municipal Trust | 0.86 |
BBG000BFX2H4 |
7,131 |
Other | 23,960 |
MHI US |
Pioneer Municipal High Income Fund Trus | 0.85 |
BBG000PTD753 |
2,566 |
Other | 23,812 |
-- |
Other/Cash | 0.03 |
-- |
0 |
Cash | 892 |
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 05/31/22
-
State
% of Net Assets -
■
California
13.8 -
■
New York
13.3 -
■
Texas
7.2 -
■
Illinois
6.5 -
■
[Unassigned]
5.7 -
■
New Jersey
4.4 -
■
Florida
4.1 -
■
Pennsylvania
3.6 -
■
Ohio
2.8 -
■
Washington
2.5 -
■
Colorado
2.2 -
■
Maryland
2.1 -
■
Georgia
2.0 -
■
Massachusetts
2.0 -
■
Virginia
1.8 -
■
Wisconsin
1.8 -
■
Connecticut
1.6 -
■
Alabama
1.5 -
■
Arizona
1.5 -
■
Puerto Rico
1.5 -
■
Other/Cash
18.2
Currency Exposure (%)
as of 05/31/22
-
U.S. Dollar
99.90 -
Other/Cash
0.10
Sector Weightings (%) as of 05/31/22
-
Sector
% of Net Assets -
■
Unassigned
100.0
Credit Quality (%)† as of 05/31/22
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 10.26 |
AA | 34.54 | |
A | 15.71 | |
BBB | 11.36 | |
Non-Investment Grade | BB | 5.30 |
B | 1.55 | |
CCC | 0.42 | |
D | 0.03 | |
Total Investment Grade | -- | 71.86 |
Total Non-Investment Grade | -- | 7.30 |
Not Rated | -- | 19.90 |
Maturity (%) as of 05/31/22
Average Portfolio Maturity: 13.63 Years