What Is the MLN ETF? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The VanEck Long Municipal ETF is a passive product that invests in long-maturity US tax-exempt municipal bonds, seeking tax benefits and high income. Interest rate sensitivity, fees, and credit risk are the key points to check, comparison with other municipal bond ETFs is the main selection criterion, and the trading ticker is MLN.
SubscribeWhat Is the VanEck Long Municipal ETF?
It is a passive bond ETF that tracks an index of long-term municipal bonds exempt from federal income tax. It is composed mostly of long-maturity municipal bonds and seeks high interest income.
It suits income-oriented investors who want tax benefits and high interest income and are willing to accept the large interest rate sensitivity of long-term bonds.
It is an ETF managed by VanEck using a passive (index-tracking) approach.
How Does the VanEck Long Municipal ETF Invest?
| Item | Details |
|---|---|
| Tracking Index | Long-term tax-exempt municipal bond index |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Regular (per index rules) |
| Dividend Frequency | Monthly dividends |
| Expense Ratio | 0.24% |
It tracks an index made up of long-term municipal bonds exempt from federal income tax. It is composed mostly of long-maturity bonds, seeking higher interest income than short-term municipal bonds, but its long duration means prices tend to swing sharply with interest rate changes.
- Concentrated in long-maturity tax-exempt municipal bonds
- High interest income and large interest rate sensitivity
VanEck Long Municipal ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) are $764.2M, and the total expense ratio (Expense Ratio) is 0.24% per year.
Interest income is higher than that of short-term municipal bond ETFs, but the long duration means prices move far more with interest rate changes.
VanEck Long Municipal ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeLong-term municipal bonds react sensitively to the direction of interest rates and to local government fiscal conditions. In a rate-cutting phase, the long duration tends to produce larger price gains, but in a rising-rate phase, price declines can be correspondingly larger.
Money tends to flow into long-term municipal bond ETFs among taxable investors seeking high after-tax interest income, and when concerns about rising rates grow, some capital moves into short-term municipal bonds to reduce duration risk.
VanEck Long Municipal ETF Strengths and Weaknesses
Tax benefits and high interest income are its strengths, while large interest rate sensitivity and local government fiscal risk are its weaknesses.
💪 Key Strengths
⚠️ Points to Watch
VanEck Long Municipal ETF Alternatives and Related Products
MUB, VTEB, JMUB and others shown in the table are broad municipal bond ETFs that hold a wide range of maturities, so their duration is shorter. For more tax-exempt municipal exposure, you can also compare the broad municipal bond ETF TFI, the long-term municipal bond ETF PZA, and the intermediate-term municipal bond ETF ITM. They differ in duration, credit composition, and fees, so it is best to choose according to your interest rate outlook.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 MUB | iShares National Muni Bond ETF | $104.54 | -0.4% | $55.1B | 0.05% | 3.28% | -2.5% |
 VTEB | Vanguard Tax-Exempt Bond ETF | $49.09 | -0.4% | $54.2B | 0.03% | 3.47% | -2.6% |
 JMUB | JPMorgan Municipal ETF | $49.29 | -0.4% | $9.2B | 0.18% | 3.8% | -2.8% |
 CGMU | Capital Group Municipal Income ETF | $26.93 | -0.3% | $7.7B | 0.27% | 3.39% | -1.7% |
 CMF | iShares California Muni Bond ETF | $56.06 | -0.4% | $5.5B | 0.08% | 3.03% | -2.4% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 NYT | New York Times Co | 0.05% | $72.58 | +0.6% | $11.6B | 29.0 | 1.24% |
VanEck Long Municipal ETF Investor Checkpoints
These are points to review before investing in MLN. As a long-term municipal bond ETF, it is important to check interest rate sensitivity, credit risk, tax benefits, and fee levels together in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the fees of passive municipal bond ETFs | Needs checking |
| ⏱️ Duration | Check the large interest rate sensitivity that comes with long maturities | Long |
| 🏦 Credit Risk | Check the fiscal conditions of issuing local governments | Needs checking |
| 🧾 Tax Benefits | Check whether income is exempt from federal income tax | Tax-exempt |
Because of its long duration, prices fall sharply in a rising-rate phase, and the fund is also exposed to fiscal deterioration at issuing local governments. The high price volatility typical of long-term bonds should also be taken into account.
It is a passive ETF suited to income-oriented investors who want tax benefits and high interest income and are willing to accept the interest rate sensitivity of long-term bonds. To reduce interest rate risk, short-term and intermediate-term municipal bond ETFs may be an alternative, while MLN may be the choice for those who prioritize high interest income.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 4, 2026.
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