Municipal Bonds

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
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
State Street Bank and Trust Company

as of 09/24/21

30-Day SEC Yield¹
2.79%
Total Net Assets
$4.0M
Number of Holdings
18
Options
Expected
Gross Expense Ratio²
0.36%
Net Expense Ratio/TER²
0.36%
Distribution Frequency
Monthly

¹See Important Disclosure.

Schedule a Call

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 09/24/21

30-Day SEC Yield¹
2.79%
Distribution Yield¹
2.63%
12-Month Yield¹
2.60%
Taxable Equivalent 30-Day SEC Yields^1a
12% Federal Tax Rate
3.17%
22% Federal Tax Rate
3.58%
24% Federal Tax Rate
3.67%
32% Federal Tax Rate
4.10%
35% Federal Tax Rate
4.29%
37% Federal Tax Rate
4.43%

^1/1a See Important Disclosure for definitions.

Fees & 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%

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.

Trading Information

Fund Ticker
MAAX
Index Total Return Ticker
LMBITR
NAV
MAAXNV
Intraday NAV (IIV)⁴
MAAXIV
Shares Outstanding
160,000
Estimated Cash
MAAXEU
Total Cash
MAAXTC
CUSIP
92189H508
ISIN
US92189H5081

⁴See IIV Details. Source: Bloomberg

Fundamentals³
as of 09/24/21

Yield to Worst
1.89%
Yield to Maturity
3.08%
Effective Duration (yrs)
6.69
Duration to Worst (yrs)
5.87
Modified Duration (yrs)
7.45
Spread Duration (yrs)
7.00
Years to Maturity
17.69
Coupon
3.54%
AMT
6.26%

³See Important Disclosure for definitions.

Investment Professionals

David Schassler

Portfolio Manager for Global Asset Allocation Strategy, 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 Global Asset Allocation Strategy, 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 09/24/21

	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
MAAX	$25.02 $25.05	465 4,946	-$0.02 / -0.09% $-0.04 / -0.14%	+2.39% +2.49%	$0.03 0.12%			0.28%

Premium/Discount History as of 09/24/21

		Calendar Year 2020	3Q 2020	4Q 2020	1Q 2021	2Q 2021
	Days closed at a premium	128	33	33	28	22
MAAX	Days closed at NAV	35	6	11	13	15
	Days closed at a discount	90	25	20	20	26

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

Month End as of 08/31/21
Quarter End as of 06/30/21

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 05/15/19
MAAX (NAV)	-0.41	1.12	2.91	5.58	--	--	--	2.92
MAAX (Share Price)	-0.36	1.23	3.02	5.69	--	--	--	2.98
Bloomberg Barclays Municipal Bond Index⁸	-0.37	0.74	1.53	3.40	5.09	3.30	4.05	4.31
Performance Differential (NAV - Index)	-0.04	0.38	1.38	2.18	--	--	--	-1.39

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 05/15/19
MAAX (NAV)	0.72	2.61	2.50	7.06	--	--	--	2.97
MAAX (Share Price)	0.87	2.99	2.66	7.16	--	--	--	3.05
Bloomberg Barclays Municipal Bond Index⁵	0.27	1.42	1.06	4.17	5.10	3.25	4.28	4.44
Performance Differential (NAV - Index)	0.45	1.19	1.44	2.89	--	--	--	-1.47

*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 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.

The "Net Asset Value" (NAV) of a VanEck Exchange Traded Fund (ETF) 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. VanEck ETF investors should not expect to buy or sell shares at NAV.

Daily Holdings (%) as of 09/23/21 Download All Fund Holdings »

Total Holdings: 18

Ticker	Holding Name	Identifier (FIGI)	Shares	Asset Class	Market Value (US$)	% of Net Assets
HYD US	VanEck High Yield Muni ETF	BBG000C8Z562	19,395	Stock	1,221,109	30.48
ITM US	VanEck Intermediate Muni ETF	BBG000Q0JKR6	22,778	Stock	1,175,345	29.34
MLN US	VanEck Long Muni ETF	BBG000V2BFB2	36,653	Stock	795,737	19.86
SHYD US	VanEck Short High Yield Munietf	BBG005T08329	8,074	Stock	203,869	5.09
KTF US	Dws Municipal Income Trust	BBG000C0PD09	6,559	Other	79,757	1.99
DSM US	Bny Mellon Strategic Municipal Bond Fun	BBG000C2NFP5	4,987	Other	41,641	1.04
MVF US	Blackrock Munivest Fund Inc	BBG000BB8QS6	4,176	Other	41,092	1.03
MMU US	Western Asset Managed Municipals Fund I	BBG000BC1FN0	2,969	Other	40,913	1.02
MYI US	Blackrock Muniyield Quality Fund Iii In	BBG000CR6303	2,737	Other	40,863	1.02
MUI US	Blackrock Muni Intermediate Duration Fu	BBG000PRJYW2	2,573	Other	40,808	1.02
EIM US	Eaton Vance Municipal Bond Fund	BBG000BD7C95	2,970	Other	40,689	1.02
MFM US	Mfs Municipal Income Trust	BBG000BNZ6M0	5,599	Other	40,593	1.01
MFL US	Blackrock Muniholdings Investment Quali	BBG000BV3NR5	2,723	Other	40,491	1.01
MHD US	Blackrock Muniholdings Fund Inc	BBG000BBX3V5	2,397	Other	40,413	1.01
MAV US	Pioneer Municipal High Income Advantage	BBG000BTK484	3,370	Other	40,272	1.01
ENX US	Eaton Vance New York Municipal Bond Fun	BBG000NSTZG6	3,253	Other	40,240	1.00
AFB US	Alliancebernstein National Municipal In	BBG000DTM676	2,664	Other	39,560	0.99
MHI US	Pioneer Municipal High Income Fund Inc	BBG000PTD753	3,160	Other	39,152	0.98
--	Other/Cash	--	--	Cash	3,554	0.09

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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 160,000. 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 08/31/21

State
% of Net Assets
■
California
13.1
■
New York
12.6
■
Texas
7.2
■
Illinois
7.2
■
New Jersey
5.7
■
[Unassigned]
5.1
■
Florida
4.5
■
Pennsylvania
4.1
■
Ohio
3.4
■
Colorado
2.8
■
Massachusetts
2.1
■
Washington
2.1
■
Virginia
1.9
■
Georgia
1.8
■
Wisconsin
1.7
■
Puerto Rico
1.7
■
Maryland
1.7
■
Arizona
1.6
■
Michigan
1.5
■
North Carolina
1.2
■
Other
16.9

Currency Exposure (%)

as of 08/31/21

U.S. Dollar
99.92
Other/Cash
0.08

Sector Weightings (%) as of 08/31/21

Sector
% of Net Assets
■
Health Care
13.0
■
Local
11.9
■
Transportation
11.4
■
Special Tax
10.8
■
State
8.6
■
Education
7.5
■
Industrial Revenue
7.1
■
Unassigned
7.0
■
Leasing
6.7
■
Water & Sewer
5.9
■
Tobacco
3.9
■
Housing
3.4
■
Power
2.4
■
Cash
0.3
■
Solid Waste/Res Recovery
0.0

Credit Quality (%) as of 08/31/21

Composite		% of Net Assets
Investment Grade	AAA	8.92
	AA	28.68
	A	13.80
	BBB	13.96
Non-Investment Grade	BB	7.79
	B	2.61
	CCC	1.25
Total Investment Grade	--	65.36
Total Non-Investment Grade	--	11.65
Not Rated	--	22.67

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

Maturity (%) as of 08/31/21

Average Portfolio Maturity: 17.75 Years

Municipal Bonds

CEO's Investment Outlook

Related Funds

MAAXVanEck Muni Allocation ETF

Fund Description