The VanEck Vectors® Municipal Allocation ETF (MAAX) tactically allocates among VanEck municipal bond ETFs based on interest rate and credit opportunities to seek capital appreciation plus tax-exempt income. It uses a data-driven, rules-based process that leverages technical and macroeconomic indicators to guide credit and duration exposure, seeking to avoid market risks when appropriate. The expanded PDF version of this commentary can be downloaded here.
Overview
The VanEck Vectors Municipal Allocation ETF ("MAAX") is currently yielding 2.91% vs. 1.86% for the Bloomberg Barclays Municipal Bond Index, as of September 30, 2019.1 For the month