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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
  • 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
Why Invest?

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 Yields1a

  • 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

  • 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
  • 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 Premium/Discount Charts NAV & Prem/Discount History
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* (%)

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

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