Funds provide investors with targeted exposure
with respect to curve positioning and duration exposure within the
intermediate municipal bond segment
VanEck announced today the listing of two new exchange-traded
funds (ETFs) designed to provide investors with highly targeted
exposure to intermediate-term municipal bonds.
VanEck Vectors AMT-Free 12-17 Year Intermediate Municipal Index
ETF (Bats: ITML) and VanEck Vectors AMT-Free 6-8 Year Intermediate
Municipal Index ETF (Bats: ITMS) join VanEck’s leading suite of
municipal bond ETFs, which currently offers investors a range of
options from high yield to short term. In particular, ITML and ITMS
allow investors to further parse the exposure offered via the
VanEck Vectors AMT-Free Intermediate Municipal Index ETF (NYSE
Arca: ITM).
“Historically, the intermediate portion of the curve has been a
“sweet spot” in munis, having offered one of the greatest potential
to gain incremental returns as investments move from longer
maturities to shorter maturities, also known as rolling down the
yield curve. ITM, and now ITML and ITMS, provide targeted ways for
investors to potentially capture that opportunity in highly refined
ways,” said James Colby, Portfolio Manager with VanEck.
ITML seeks to replicate as closely as possible, before fees and
expenses, the price and yield performance of the Bloomberg Barclays
AMT-Free 12-17 Year Intermediate Continuous Municipal Index, while
ITMS seeks the same with the Bloomberg Barclays AMT-Free 6-8 Year
Intermediate Continuous Municipal Index. Income is generally exempt
from federal taxes and the Alternative Minimum Tax (AMT). Each of
the new funds has an expense ratio of 0.24 percent.1
“We have seen tremendous investor interest in our muni bond ETFs
over the past several months, ITM in particular, which as of August
31, 2016, had over $1.6 billion in assets,” added Colby. “While
munis continue to be popular with individual investors and their
advisors, we believe asset allocators and ETF strategists may find
these new ETFs particularly useful for managing client
portfolios.”
In addition to ITM, ITML and ITMS, VanEck’s suite of muni bond
ETFs also includes VanEck Vectors AMT-Free Long Municipal Index ETF
(MLN), VanEck Vectors AMT-Free Short Municipal Index ETF (SMB),
VanEck Vectors CEF Municipal Income ETF (XMPT), VanEck Vectors
High-Yield Municipal Index ETF (HYD), VanEck Vectors Short
High-Yield Municipal Index ETF (SHYD), and VanEck Vectors
Pre-Refunded Municipal Index ETF (PRB).
About VanEck
VanEck’s mission is to offer intelligently designed investment
strategies that take advantage of targeted market opportunities.
Founded in 1955, the firm is a pioneer in global investing with a
history of placing clients’ interests first in all market
environments. Today, VanEck continues this tradition by offering
innovative active and passive investment portfolios in hard assets,
emerging markets equity and debt, precious metals, fixed income,
and other alternative asset classes. VanEck Vectors exchange-traded
products are one of the largest ETP families in the world, managing
more than 70 funds that span a range of sectors, asset classes, and
geographies. As of August 31, 2016, VanEck managed approximately
$38.8 billion in assets, including mutual funds, ETFs, and
institutional accounts.
Important Disclosures
The Funds may be subject to risks which include, among others,
risks related to municipal securities, credit, interest rate, call,
California, New York, general obligation bond, transportation bond,
special tax bond, sampling, tax, market, index tracking, cash
transactions, authorized participant concentration, absence of
prior active market, trading issues, replication management, fund
shares trading, premium/discount, liquidity, non-diversified and
concentration risks, all of which may adversely affect the Funds.
Municipal bonds may be less liquid than taxable bonds. There is no
guarantee that the Funds’ income will be exempt from federal, state
or local income taxes, and changes in those tax rates or in
Alternative Minimum Tax (AMT) rates or in the tax treatment of
municipal bonds may make them less attractive as investments and
cause them to lose value. Capital gains, if any, are subject to
capital gains tax. The Funds’ assets may be concentrated in a
particular sector and may be subject to more risk than investments
in a diverse group of sectors.
Index performance is not illustrative of fund performance.
Indices are not securities in which investments can be made.
Bloomberg Finance L.P. does not sponsor, endorse, or promote the
Funds and bears no liability with respect to the Funds or
security.
The "Net Asset Value" (NAV) of a VanEck Vectors 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 Vectors ETF investors should not
expect to buy or sell shares at NAV.
Fund shares are not individually redeemable and will be issued
and redeemed at their NAV only through certain authorized
broker-dealers in large, specified blocks of shares called
"creation units" and otherwise can be bought and sold only through
exchange trading. Creation units are issued and redeemed
principally in kind. Shares may trade at a premium or discount to
their NAV in the secondary market. You will incur brokerage
expenses when trading Fund shares in the secondary market. Past
performance is no guarantee of future results. Returns for actual
Fund investments may differ from what is shown because of
differences in timing, the amount invested, and fees and
expenses.
Investing involves substantial risk and high volatility,
including possible loss of principal. Bonds and bond funds will
decrease in value as interest rates rise. An investor should
consider the investment objective, risks, charges and expenses of a
Fund carefully before investing. To obtain a prospectus and summary
prospectus, which contains this and other information, call
800.826.2333 or visit vaneck.com. Please read the
prospectus and summary prospectus carefully before
investing.
Van Eck Securities Corporation, Distributor666 Third AvenueNew
York, NY 10017800.826.2333
1 The investment management agreement between VanEck VectorsTM
ETF Trust (the “Trust”) and Van Eck Associates Corporation (the
“Adviser”) provides that the Adviser will pay all expenses of the
fund, except for the fee payment under the investment management
agreement, interest expense, offering costs, trading expenses,
taxes, and extraordinary expenses.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160920005304/en/
MacMillan CommunicationsMike MacMillan / Chris
Sullivan212-473-4442chris@macmillancom.com
VanEck High Yield Muni ETF (AMEX:HYD)
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VanEck High Yield Muni ETF (AMEX:HYD)
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