SMB Fees and Costs — VanEck Short Muni ETF
Data updated: 2026-09-25
The net expense ratio is 0.07%. There are no sales loads or redemption fees. Portfolio turnover was 25%.
SMB Fees and Expenses
Annual operating expenses and sales charges of SMB. Prospectus, as of September 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.07% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.07% |
| Fee waiver | — |
| Net expense ratio | 0.07% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SMB Costs Over Time
On $10,000 invested in SMB, assuming 5% a year before costs, total costs come to $45 over 5 years, cutting the return by 0.07% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.07%) | $7 | $23 | $41 |
| Lost growth on money paid in costs | $0 | $1 | $4 |
| Total costs | $7 | $24 | $45 |
| Value after costs | $10,493 | $11,552 | $12,718 |
| Impact on return, per year | 0.07% | 0.07% | 0.07% |
SMB Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $18.7M
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
SMB Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $4.6M | 27.09% |
| Goldman Sachs & Co. LLC | $3.4M | 20.04% |
| Morgan Stanley & Co. LLC | $2.6M | 15.48% |
| J.P. Morgan Securities LLC | $2.6M | 15.40% |
| Wells Fargo Securities, LLC | $2.1M | 12.62% |
| National Financial Services LLC | $555K | 3.27% |
| Jefferies LLC | $535K | 3.15% |
| RBC Capital Markets, LLC | $500K | 2.95% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.