The VanEck Vectors AMT-Free Intermediate Municipal Index ETF (ITM) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index (LMT2TR), which is intended to track the overall performance of the U.S. dollar denominated intermediate-term tax-exempt bond market.
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Van Eck Associates Corporation ("VanEck", the "Adviser" or the "Firm") and its predecessor have been investment advisers since 1955. VanEck acts as an investment adviser or subadviser to mutual funds, exchange-traded funds, pension plans and other investment accounts.
VanEck was founded in 1955 by John van Eck to offer investment alternatives to the U.S. equity and fixed income markets. Recognizing the potential for value in the post-war economic recovery of Europe and Japan, he launched "International Investors Incorporated", one of the first international equity mutual funds in the U.S. Concluding that worldwide inflation would lead to gold mines offering better growth prospects than industrial and financial investments, Mr. van Eck moved the bulk of the portfolio into gold-mining shares in 1968 in time to participate in the great gold bull market of the 1970s.
In the early 1990s, with John van Eck's sons, Derek and Jan joining the firm, VanEck undertook a series of business diversification initiatives that have provided substantial growth since that time. Those initiatives included launching products in emerging markets equity, emerging markets fixed income, global hard assets and Exchange Traded Funds ("ETF" or "ETFs"), including the first gold miner equities ETF and a series of emerging markets ETFs.
Today the Firm's business is driven by innovation, the wisdom gained during its 60-year history and the skill and experience of its investment managers. VanEck manages a series of long-only and long/short strategies focused on four asset classes: natural resource equities and commodities, emerging market equities, emerging market fixed income and liquid alternatives. VanEck manages both active and ETF portfolios. The Firm's index-based VanEck Vectors ETFs are purpose-built, aimed at either providing exposure to asset classes that are underrepresented in investor portfolios or by offering a superior approach to established investment categories. The vast majority of the Firm's management capabilities have been developed in house.