VanEck Files California Muni Ladder ETFs Spanning 5 and 10 Years

VanEck has filed for the California 0-5 Year Muni Ladder ETF (CAV) and California 0-10 Year Muni Ladder ETF (CAX). CAV will track the FTSE California AMT-Free Municipal Bond 0-5 Years Ladder Index, while CAX will track the FTSE California AMT-Free Municipal Bond 0-10 Years Ladder Index. The indexes hold investment-grade California municipal bonds across five and ten equal-weighted maturity rungs, respectively, which roll forward monthly. Eligible bonds are exempt from federal income tax and AMT, while housing and tobacco bonds are excluded. The funds will invest at least 80% of assets in California munis whose income is generally exempt from federal and California state income taxes.