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VanEck Muni Allocation ETF
Active ETF
MAAX
Payout Change
Suspended
Price as of:
$20.72
-0.03
-0.12%
primary theme
N/A
MAAX (ETF)
VanEck Muni Allocation ETF
Payout Change
Suspended
Price as of:
$20.72
-0.03
-0.12%
primary theme
N/A
MAAX (ETF)
VanEck Muni Allocation ETF
Payout Change
Suspended
Price as of:
$20.72
-0.03
-0.12%
primary theme
N/A
Name
As of 06/22/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
0.4%
1 yr return
-2.7%
3 Yr Avg Return
-3.1%
5 Yr Avg Return
0.0%
Net Assets
$2.3 M
Holdings in Top 10
91.7%
52 WEEK LOW AND HIGH
$20.7
$19.87
$22.16
Expenses
OPERATING FEES
Expense Ratio 0.33%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 169.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 06/22/2023Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
MAAX - Profile
Distributions
- YTD Total Return -10.4%
- 3 Yr Annualized Total Return -1.8%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.54%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameVanEck Muni Allocation ETF
-
Fund Family NameVanEck
-
Inception DateMay 15, 2019
-
Shares Outstanding130000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerDavid Schassler
Fund Description
The Fund normally invests at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than AMT). The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, primarily in VanEck ETFs that are registered under the applicable federal securities laws and that invest in publicly traded municipal bonds that cover the U.S. dollar-denominated
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investment grade and below investment grade (high yield or "junk" bonds) tax-exempt bond market. While the Adviser currently anticipates that the Fund will invest primarily in other VanEck ETFs, the Fund may also invest in unaffiliated exchange-traded products ("ETPs"), which could include ETFs and closed-end funds, that invest in municipal bonds. The Fund does not have any limits on its investments in below investment grade securities ("junk" bonds), and the Fund will have indirect exposure to below investment grade securities through its investments in ETPs. The Fund’s investment policy to invest at least 80% of its total assets in investments the income from which is exempt from U.S. federal income tax (other than AMT) may not be changed without shareholder approval. The Fund may count investments that generate income subject to the AMT toward its 80% investment policy. For purposes of this policy, the term “assets” means net assets plus the amount of any borrowings for investment purposes. This percentage limitation applies at the time of the investment.
The Adviser primarily uses a proprietary, rules-based allocation model (the “Municipal Allocation Model”), which considers various inputs to guide asset allocation decisions and select ETPs that provide exposure to tax-exempt investments and that the Adviser believes will offer enhanced risk-adjusted returns. The term “risk-adjusted returns” does not imply that the Adviser employs low-risk strategies or that an investment in the Fund should be considered a low-risk or no risk investment. The Municipal Allocation Model uses various indicators to generate allocation signals among tax-exempt investments. These signals are used as inputs to determine ETP allocation and individual portfolio weights.
The Municipal Allocation Model utilizes various indicators to identify periods of credit and duration risk. These indicators measure various risk metrics, which include but are not limited to, market prices and trends, volatility (i.e., the measure of historic and/or predicted future variation of returns for a given security or market index), yield spreads (i.e., the difference between yields on differing fixed income securities of varying maturities, credit ratings and risk), and relative yield ratios (i.e., the yield on a security relative to the yield on a benchmark security). The Adviser anticipates that the Municipal Allocation Model will evolve over time and may incorporate additional indicators and/or remove or modify existing indicators.
The Adviser allocates the Fund’s assets to those ETPs that it believes will have returns that, in the aggregate, closely correlate (before fees and expenses) to the returns of the Municipal Allocation Model. The Municipal Allocation Model typically adjusts its allocation signals on a monthly basis, and the Adviser may adjust the Fund's portfolio allocation as needed in response to such changes in the Municipal Allocation Model. The Fund may engage in active and frequent trading of portfolio securities.
The Fund is classified as a non-diversified fund under the Investment Company Act of 1940, as amended (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer.
MAAX - Performance
Return Ranking - Trailing
| Period | MAAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.4% | -60.4% | 28.9% | 85.07% |
| 1 Yr | -2.7% | -45.4% | 15.3% | 89.75% |
| 3 Yr | -3.1%* | -20.5% | 51.8% | 44.93% |
| 5 Yr | 0.0%* | -11.3% | 29.5% | 11.57% |
| 10 Yr | 0.0%* | -5.1% | 14.2% | 15.52% |
* Annualized
Return Ranking - Calendar
| Period | MAAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -14.1% | -76.8% | 4.7% | 82.69% |
| 2022 | 1.1% | -69.5% | 12.4% | 8.00% |
| 2021 | 0.1% | -66.1% | 60.0% | 88.05% |
| 2020 | N/A | -57.4% | 18.9% | N/A |
| 2019 | N/A | -30.0% | 2.1% | N/A |
Total Return Ranking - Trailing
| Period | MAAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -10.4% | -60.4% | 28.9% | 98.90% |
| 1 Yr | -9.9% | -45.4% | 14.5% | 99.77% |
| 3 Yr | -1.8%* | -20.5% | 51.8% | 22.04% |
| 5 Yr | N/A* | -11.3% | 29.5% | N/A |
| 10 Yr | N/A* | -5.1% | 14.3% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | MAAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -14.1% | -76.8% | 4.7% | 82.69% |
| 2022 | 1.1% | -69.5% | 12.4% | 8.12% |
| 2021 | 0.1% | -66.1% | 60.0% | 88.05% |
| 2020 | N/A | -57.4% | 18.9% | N/A |
| 2019 | N/A | -30.0% | 2.1% | N/A |
MAAX - Holdings
Concentration Analysis
| MAAX | Category Low | Category High | MAAX % Rank | |
|---|---|---|---|---|
| Net Assets | 2.3 M | 1.16 M | 73.9 B | 99.94% |
| Number of Holdings | 20 | 1 | 14000 | 96.68% |
| Net Assets in Top 10 | 2.63 M | -317 M | 8.64 B | 97.15% |
| Weighting of Top 10 | 91.66% | 2.4% | 101.7% | 1.52% |
Top 10 Holdings
- VanEck High Yield Muni ETF 29.86%
- VanEck Intermediate Muni ETF 29.85%
- VanEck Long Muni ETF 18.63%
- VanEck Short High Yield Muni ETF 5.41%
- VanEck CEF Muni Income ETF 3.91%
- DWS Municipal Income Trust 1.70%
- Eaton Vance New York Municipal Bond Fund 0.94%
- Neuberger Berman California Municipal Fund Inc 0.93%
- Nuveen Municipal Credit Income Fund 0.92%
- BlackRock MuniYield Quality Fund III Inc 0.91%
Asset Allocation
| Weighting | Return Low | Return High | MAAX % Rank | |
|---|---|---|---|---|
| Bonds | 99.08% | 65.51% | 150.86% | 45.76% |
| Cash | 0.87% | -50.86% | 33.96% | 53.96% |
| Stocks | 0.04% | -0.03% | 4.63% | 2.91% |
| Other | 0.02% | -13.03% | 30.01% | 1.28% |
| Preferred Stocks | 0.00% | -1.79% | 0.04% | 71.30% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 71.54% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | MAAX % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 0.00% | N/A |
| Technology | 0.00% | 0.00% | 0.00% | N/A |
| Real Estate | 0.00% | 0.00% | 0.00% | N/A |
| Industrials | 0.00% | 0.00% | 100.00% | N/A |
| Healthcare | 0.00% | 0.00% | 0.00% | N/A |
| Financial Services | 0.00% | 0.00% | 0.00% | N/A |
| Energy | 0.00% | 0.00% | 0.00% | N/A |
| Communication Services | 0.00% | 0.00% | 100.00% | N/A |
| Consumer Defense | 0.00% | 0.00% | 0.00% | N/A |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | N/A |
| Basic Materials | 0.00% | 0.00% | 0.00% | N/A |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | MAAX % Rank | |
|---|---|---|---|---|
| US | 0.04% | -0.03% | 4.63% | 2.91% |
| Non US | 0.00% | 0.00% | 0.00% | 71.25% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | MAAX % Rank | |
|---|---|---|---|---|
| Municipal | 98.69% | 44.39% | 100.00% | 49.77% |
| Cash & Equivalents | 1.30% | 0.00% | 33.95% | 48.78% |
| Corporate | 0.01% | 0.00% | 9.99% | 18.04% |
| Derivative | 0.00% | 0.00% | 3.41% | 69.91% |
| Securitized | 0.00% | 0.00% | 5.93% | 71.65% |
| Government | 0.00% | 0.00% | 52.02% | 73.11% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | MAAX % Rank | |
|---|---|---|---|---|
| US | 97.10% | 37.86% | 142.23% | 46.16% |
| Non US | 1.98% | 0.00% | 62.14% | 38.18% |
MAAX - Expenses
Operational Fees
| MAAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.33% | 0.02% | 6.50% | 87.74% |
| Management Fee | 0.08% | 0.00% | 1.10% | 1.64% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.44% | N/A |
Sales Fees
| MAAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 4.75% | N/A |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| MAAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| MAAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 169.00% | 0.00% | 283.00% | 99.52% |
MAAX - Distributions
Dividend Yield Analysis
| MAAX | Category Low | Category High | MAAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 4.44% | 0.17% |
Dividend Distribution Analysis
| MAAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| MAAX | Category Low | Category High | MAAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.54% | -0.53% | 5.33% | 17.43% |
Capital Gain Distribution Analysis
| MAAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Monthly | Monthly |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Jun 07, 2023 | $0.111 | OrdinaryDividend |
| May 05, 2023 | $0.100 | OrdinaryDividend |
| Apr 10, 2023 | $0.078 | OrdinaryDividend |
| Mar 07, 2023 | $0.070 | OrdinaryDividend |
| Feb 07, 2023 | $0.074 | OrdinaryDividend |
| Dec 30, 2022 | $0.071 | OrdinaryDividend |
| Dec 07, 2022 | $0.062 | OrdinaryDividend |
| Nov 07, 2022 | $0.063 | OrdinaryDividend |
| Oct 07, 2022 | $0.047 | OrdinaryDividend |
| Sep 08, 2022 | $0.050 | OrdinaryDividend |
| Aug 05, 2022 | $0.051 | OrdinaryDividend |
| Jul 08, 2022 | $0.038 | OrdinaryDividend |
| Jun 07, 2022 | $0.059 | OrdinaryDividend |
| May 06, 2022 | $0.036 | OrdinaryDividend |
| Apr 07, 2022 | $0.047 | OrdinaryDividend |
| Mar 07, 2022 | $0.052 | OrdinaryDividend |
| Feb 07, 2022 | $0.011 | OrdinaryDividend |
| Dec 31, 2021 | $0.044 | OrdinaryDividend |
| Dec 07, 2021 | $0.048 | OrdinaryDividend |
| Nov 05, 2021 | $0.052 | OrdinaryDividend |
| Oct 07, 2021 | $0.053 | OrdinaryDividend |
| Sep 08, 2021 | $0.055 | OrdinaryDividend |
| Aug 06, 2021 | $0.049 | OrdinaryDividend |
| Jul 08, 2021 | $0.050 | OrdinaryDividend |
| Jun 07, 2021 | $0.068 | OrdinaryDividend |
| May 07, 2021 | $0.052 | OrdinaryDividend |
| Apr 08, 2021 | $0.045 | OrdinaryDividend |
| Mar 05, 2021 | $0.053 | OrdinaryDividend |
| Feb 05, 2021 | $0.056 | OrdinaryDividend |
| Jan 05, 2021 | $0.052 | OrdinaryDividend |
| Dec 07, 2020 | $0.056 | OrdinaryDividend |
| Nov 06, 2020 | $0.055 | OrdinaryDividend |
| Oct 07, 2020 | $0.058 | OrdinaryDividend |
| Sep 08, 2020 | $0.061 | OrdinaryDividend |
| Aug 07, 2020 | $0.058 | OrdinaryDividend |
| Jul 08, 2020 | $0.046 | OrdinaryDividend |
| Jun 05, 2020 | $0.029 | OrdinaryDividend |
| May 07, 2020 | $0.106 | OrdinaryDividend |
| Apr 07, 2020 | $0.061 | OrdinaryDividend |
| Mar 06, 2020 | $0.043 | OrdinaryDividend |
| Feb 07, 2020 | $0.051 | OrdinaryDividend |
| Jan 06, 2020 | $0.069 | OrdinaryDividend |
| Dec 06, 2019 | $0.065 | OrdinaryDividend |
| Nov 07, 2019 | $0.044 | OrdinaryDividend |
| Oct 07, 2019 | $0.069 | OrdinaryDividend |
| Sep 09, 2019 | $0.069 | OrdinaryDividend |
| Aug 07, 2019 | $0.067 | OrdinaryDividend |
| Jul 08, 2019 | $0.068 | OrdinaryDividend |
MAAX - Fund Manager Analysis
Managers
David Schassler
Start Date
Tenure
Tenure Rank
May 15, 2019
3.05
3.1%
Mr. Schassler joined VanEck in 2012. He serves as the Head of VanEck’s Portfolio and Risk Solutions Group “PARS”. PARS serves as a quantitative analysis resource for VanEck’s active and passive investment strategies, particularly in the areas of asset allocation and risk modeling. PARS also conducts its own asset allocation and product development research, utilizing objective macroeconomic/ fundamental, technical, and sentiment data and metrics. Mr. Schassler also serves as Portfolio Manager for the VanEck NDR Managed Allocation Fund and the VanEck Vectors Real Asset Allocation ETF. He previously served as Director of Manager Research and as an Investment Committee Member for VanEck’s multi-manager alternatives strategies, where he was responsible for manager search and selection of alternative investment strategies. Prior to joining VanEck, Mr. Schassler served as Director and Portfolio Manager within the UBS Portfolio Strategy Group where he was responsible for a multi-manager portfolio of assets for domestic-based clients. He previously held sales and client relationship roles at Oppenheimer & Co. and Georgeson, Inc. Mr. Schassler received an MBA in Finance from the New York University Leonard N. Stern School of Business and a BS in Business Economics from Cortland College.
John Lau
Start Date
Tenure
Tenure Rank
Sep 01, 2020
1.75
1.8%
Mr. Lau has been with Van Eck Associates Corporation since 2007.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.23 | 1.58 |
