VanEck Short Muni ETF (AMEX:SMB)
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Van Eck Global announced today that the Board of Trustees of the Market
Vectors ETF Trust has approved a split of the shares of:
Market Vectors-Lehman Brothers AMT-Free Intermediate Municipal Index
ETF (ticker: ITM),
Market Vectors-Lehman Brothers AMT-Free Long Municipal Index ETF
(ticker: MLN), and
Market Vectors-Lehman Brothers AMT-Free Short Municipal Index ETF
(ticker: SMB).
These splits will take place for shareholders of record as of the close
of business on October 21, 2008, and will be payable on October 23,
2008. Fund shares will begin trading on a split-adjusted basis on
October 24, 2008. Shareholders will see the change in their holdings
sometime after that date, depending upon their brokerage firms’
procedures.
ITM closed yesterday at $95.87 and will split five-for-one. MLN closed
yesterday at $83.41 and will also split five-for-one. SMB closed
yesterday at $48.71 and will split three-for-one.
The splits will lower the share price of the Funds by increasing the
number of shares outstanding, but will not change the total value of
shares outstanding. The expected primary benefit of this action is that
lower share prices will make the Funds more accessible to investors. Van
Eck anticipates that the splits may also create greater liquidity for
the Funds and, by extension, facilitate tighter bid-ask spreads.
The Market Vectors family of municipal bond ETFs offers a unique set of
benefits for investors seeking to access the tax advantages of the
municipal market. With a choice of short, intermediate and long
durations, these national municipal bond Funds allow investors to select
the level of interest rate risk they wish to undertake. Moreover, the
Funds are AMT-free, meaning that their yields are generally not subject
to the alternative minimum tax, and they are structured to potentially
provide superior yields relative to similar muni products because their
underlying indexes cover the full spectrum of investment-grade credit
ratings in each duration category. The ETF format also provides
investors with price transparency, portfolio diversification, liquidity,
tax efficiency and relatively low fees.
Founded in 1955, Van Eck Global was among the first U.S. money managers
helping investors achieve greater diversification through global
investing. Van Eck’s Market Vectors funds
include hard assets, international, specialty and municipal bond ETFs.
Market Vectors ETFs had a total of $4.8 billion in assets under
management as of September 30, 2008.
About Van Eck Global
Founded in 1955, Van Eck Associates Corporation was among the first U.S.
money managers helping investors achieve greater diversification through
global investing. Today the firm continues the 50+ year tradition by
offering global investment choices in hard assets, emerging markets,
precious metals including gold, and other specialized asset classes.
Market Vectors exchange-traded products have been offered by Van Eck
Global since 2006 when the firm launched the nation’s
first gold mining ETF. Today, Market Vectors ETFs and ETNs span several
asset classes, including equities, municipal bonds and currency markets.
Van Eck Global also offers mutual funds, insurance trust funds, separate
accounts and alternative investments. Designed for investors seeking
innovative choices for portfolio diversification, Van Eck Global’s
investment products are often categorized in asset classes having
returns with low correlations to those of more traditional U.S. equity
and fixed income investments.
Municipal bonds are subject to risks related to litigation,
legislation, political changes, local business or economic conditions,
conditions in underlying sectors, bankruptcy or other changes in the
financial condition of the issuer, and/or the discontinuance of the
taxation supporting the project or assets or the inability to collect
revenues for the project or from the assets. Municipal bonds are also
subject to credit risk, interest rate risk, call risk, lease obligations
and tax risk. The market for municipal bonds may be less liquid than for
taxable bonds. There is no guarantee that a Fund’s
income will be exempt from federal or state income taxes. Federal or
state changes in income or alternative minimum tax 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. For a more complete description of these
and other risks, please refer to the Funds’
prospectus.
The Lehman Brothers AMT-Free Intermediate Continuous Municipal Index,
AMT-Free Long Continuous Municipal Index and AMT-Free Short Continuous
Municipal Index are trademarks of Lehman Brothers, Inc. and have been
licensed by Van Eck Associates Corporation for use in connection with
its family of municipal bond ETFs. Lehman Brothers neither sponsors nor
endorses this family of ETFs and makes no warranty or representation as
to the accuracy and/or completeness of the indexes or the results to be
obtained by any person from the use of the indexes in connection with
the trading the ETFs.
Fund shares are not individually redeemable and will be issued and
redeemed at their net asset value (“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.
Investors may call 1.888.MKT.VCTR or visit www.vaneck.com/muni
for a free prospectus. They should consider the investment objective,
risks and charges and expenses of each Fund carefully before investing.
The prospectus contains this and other information about the Funds.
Please read the Funds’ prospectus
carefully before investing.
Van Eck Securities Corporation, Distributor, 99 Park Avenue, New York,
NY 10016