ITM — VanEck Intermediate Muni ETF
Municipal Bonds Ranked #347 of 458 tracked ETFs · Issued by VanEck
ITM Price Performance — Growth of $10,000
Value of a $10,000 investment in ITM over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
ITM Drawdown
The "underwater" chart: ITM's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in ITM?
See what a lump sum in ITM would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The VanEck Intermediate Muni ETF (ITM) operates within the Municipal Bonds category, which ETFValuer currently tracks with a total of 10 funds. Issued by VanEck, the fund manages $2.19 billion in assets and trades at a price of $45.87 per share. It holds an overall rank of #347 out of 458 tracked ETFs across all categories, receiving an ETFValuer grade of C with a score of 53.9 out of 100. The fund charges an expense ratio of 0.18% while offering a dividend yield of 2.92%. The substantial asset base of $2.19 billion suggests significant investor adoption relative to the small category size of 10 funds. This combination of a mid-tier grade and strong asset accumulation indicates a fund that is established but faces challenges in achieving top-tier performance rankings.
Recent price action shows a short-term divergence, with the fund gaining +0.04% over one day before falling -1.40% over the week and -2.11% over the month. This negative momentum extended into the quarter with a -1.61% return over three months and a -1.43% decline over six months. Year-to-date performance reflects this struggle, recording a -1.31% return. However, the longer-term trajectory presents a different picture, as the fund posted a +4.35% return over the past year. This positive annual result is further supported by a +8.21% return over the three-year period, indicating that recent short-term losses have not yet erased the fund's longer-term gains.
The fund carries a Very Low volatility label and a beta of 0.97, suggesting its price movements are generally muted and closely track the broader market. Despite this stability, the Sharpe ratio stands at -0.22, indicating that the risk-adjusted returns have been negative over the measured period. The maximum drawdown of -5.68% quantifies the largest peak-to-trough decline experienced by the fund. This combination of low volatility and a negative Sharpe ratio implies that while the fund avoids extreme swings, it has struggled to generate sufficient returns to compensate for the risks taken during its recent performance window.
AI-generated summary based on the data on this page.
ITM Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | New Jersey Educational Facilities Authority | 0.53% | $12M |
| 2 | California Community Choice Financing Authority | 0.50% | $11M |
| 3 | State of California | 0.44% | $10M |
| 4 | California Community Choice Financing Authority | 0.44% | $10M |
| 5 | Connecticut State Health & Educational Facilities Authority | 0.39% | $8M |
| 6 | California Community Choice Financing Authority | 0.37% | $8M |
| 7 | State of California | 0.30% | $7M |
| 8 | New York City Municipal Water Finance Authority | 0.29% | $6M |
| 9 | California Housing Finance Agency | 0.28% | $6M |
| 10 | Southeast Energy Authority A Cooperative District | 0.27% | $6M |
Holdings as of 2026-04-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 3.8% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how ITM's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With ITM
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with ITM's top 10 — TFI overlaps most, holding 2 of the same companies as ITM's top 10 (1.0% of ITM's assets).
| ETF | Name | Shared Companies | ITM Weight | Examples |
|---|---|---|---|---|
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | 2 | 1.0% | State of California, New York City Municipal Water Finance Authority |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 2 | 1.0% | State of California, Southeast Energy Authority A Cooperative District |
| VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | 1 | 0.7% | State of California |
| SUB | iShares Short-Term National Muni Bond ETF | 1 | 0.7% | State of California |
| SMB | VanEck Short Muni ETF | 1 | 0.7% | State of California |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What ITM's Fees Cost You
ITM charges an expense ratio of 0.18% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
ITM Dividend Income Estimator
ITM currently yields 2.92%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
ITM Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 13.09% and average daily volume is 226K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $2.19B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: ITM is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
ITM Performance History
| Period | Return |
|---|---|
| 1-Day | +0.04% |
| 1-Week | -1.40% |
| 1-Month | -2.11% |
| 3-Month | -1.61% |
| 6-Month | -1.43% |
| YTD | -1.31% |
| 1-Year | +4.35% |
| 3-Year | +8.21% |
How ITM Compares to Other Municipal Bonds ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #186 | C |
VTEB | Vanguard Tax-Exempt Bond Index Fund ETF Shares | +5.72% | 0.03% | $48.8B |
| #202 | C |
MUB | iShares National Muni Bond ETF | +5.25% | 0.05% | $45.8B |
| #243 | C |
PZA | Invesco National AMT-Free Municipal Bond ETF | +8.25% | 0.28% | $4.29B |
| #261 | C |
HYD | VanEck High Yield Muni ETF | +7.33% | 0.32% | $4.52B |
| #322 | C |
TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | +5.04% | 0.23% | $3.12B |
| #347 | C |
ITM | VanEck Intermediate Muni ETF | +4.35% | 0.18% | $2.19B |
| #353 | C |
MMIT | NYLI MacKay Muni Intermediate ETF | +4.73% | 0.3% | $1.47B |
| #358 | C |
SUB | iShares Short-Term National Muni Bond ETF | +1.99% | 0.07% | $11.4B |
| #380 | D |
SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | +2.08% | 0.2% | $3.47B |
| #387 | D |
SMB | VanEck Short Muni ETF | +2.56% | 0.07% | $314M |