At a glance
ITM charges 0.18% a year, below the 0.19% average of the 7 funds most like it (the 4th cheapest of 8). It has $2.12B in assets, the 5th largest of that group; it paid 3.09% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.3% with distributions reinvested, 5th of those 8 funds; over three years it returned +4.6% a year. At its worst it fell 24.7% in the 2020 crash (S&P 500: 33.7%) and 14.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 36 months after the lows. Its ten largest positions make up 3.8% of the fund, out of 1,369 in all.
The short version
VanEck Intermediate Muni ETF (ITM) holds a broad sample of US municipal bonds from the ICE Intermediate AMT-Free Broad National Municipal Index. These are bonds issued by states, cities and public agencies. Their interest is generally free from federal income tax, and the fund pays monthly, with a trailing 3.09% yield as of October 27, 2026. Its 0.18% fee is close to the 0.19% peer average but well above MUB (0.05%) and VTEB (0.03%).
Price history
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ITM -0.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ITM official prospectus, to Dec 31, 2025 | — | +5.32% | — | +0.40% | +2.17% | — |
| ICE US Broad Municipal Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +4.10% | — | +0.92% | +2.35% | — |
| ITM price data to Oct 27, 2026 | -0.9% | -0.3% | +4.6% | +0.4% | +1.8% | +3.2% |
- Over the year to Oct 27, 2026, ITM returned -0.3%, 5th of 8 among similar funds.
- Its 5-year annualized return was +0.4% and its 10-year +1.8%.
- In the 2020 COVID crash it fell 24.7% and regained its old high 4.5 months after the low.
- Its worst full calendar year was 2022 (-9.3%); its best was 2011 (+13.2%).
- The deepest fall in its price history was 24.7% (Mar 9, 2020 to Mar 19, 2020), recovered by Aug 4, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.9% | — |
| 2025 | +5.4% | +5.32% |
| 2024 | +0.7% | +0.56% |
| 2023 | +5.7% | +5.64% |
| 2022 | -9.3% | -9.66% |
| 2021 | +0.2% | +0.91% |
| 2020 | +5.9% | +5.66% |
| 2019 | +8.4% | +8.22% |
| 2018 | +1.1% | +0.64% |
| 2017 | +6.1% | +6.21% |
| 2016 | -1.1% | -0.58% |
| 2015 | +3.8% | — |
| 2014 | +10.4% | — |
| 2013 | -4.5% | — |
| 2012 | +6.2% | — |
| 2011 | +13.2% | — |
| 2010 | +1.6% | — |
| 2009 | +10.7% | — |
| 2008 | -1.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.3% over that stretch · deepest drop along the way 24.7%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.2% over that stretch · deepest drop along the way 14%, back to its old high 36.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0600 | |
| 2025 | $1.3600 | +7.9% |
| 2024 | $1.2600 | +10.5% |
| 2023 | $1.1400 | +29.5% |
| 2022 | $0.8800 | 0.0% |
| 2021 | $0.8800 | -20.0% |
| 2020 | $1.1000 | -9.8% |
| 2019 | $1.2200 | +4.3% |
| 2018 | $1.1700 | +10.4% |
| 2017 | $1.0600 | +1.9% |
| 2016 | $1.0400 | -10.3% |
| 2015 | $1.1600 | -1.7% |
| 2014 | $1.1800 | 0.0% |
| 2013 | $1.1800 | -4.8% |
| 2012 | $1.2400 | -15.1% |
| 2011 | $1.4600 | -2.7% |
| 2010 | $1.5000 | -2.6% |
| 2009 | $1.5400 | -2.0% |
| 2008 | $1.5720 |
What's inside
As of Jul 31, 2026, the fund held 1,369 securities; the ten largest made up 3.83% of assets.
| Holding | Weight | |
|---|---|---|
| New Jersey Educational Facilities Authority Bonds and notes | 0.53% | |
| California Community Choice Financing Authority Bonds and notes | 0.50% | |
| State of California Bonds and notes | 0.45% | |
| California Community Choice Financing Authority Bonds and notes | 0.44% | |
| Connecticut State Health & Educational Facilities Authority Bonds and notes | 0.39% | |
| California Community Choice Financing Authority Bonds and notes | 0.37% | |
| State of California Bonds and notes | 0.30% | |
| Kentucky Public Energy Authority Bonds and notes | 0.29% | |
| New York City Municipal Water Finance Authority Bonds and notes | 0.28% | |
| California Housing Finance Agency Bonds and notes | 0.28% | |
| Southeast Energy Authority A Cooperative District Bonds and notes | 0.27% | |
| New Hampshire Business Finance Authority Bonds and notes | 0.27% | |
| Salem-Keizer School District No 24J Bonds and notes | 0.26% | |
| South Carolina Jobs-Economic Development Authority Bonds and notes | 0.26% | |
| Massachusetts Development Finance Agency Bonds and notes | 0.26% |
By country
United States 98.2%By issuer
Municipalities 98.2%The bonds mature in 12.4 years on average (weighted by size), with an average coupon of 4.62%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $6.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.34%, +0.50%, -1.90%.
How it works
ITM tracks the ICE Intermediate AMT-Free Broad National Municipal Index. The index holds publicly traded, US dollar municipal bonds from the intermediate-term tax-exempt market. "AMT-free" means it leaves out bonds whose interest can trigger the alternative minimum tax, a separate federal tax calculation that catches some higher earners. The fund normally puts at least 80% of its assets in bonds from the index. It does not try to beat the index or move into defensive positions.
Buying every bond in the index would be costly, so VanEck uses sampling. It buys a subset of bonds chosen to match the index's overall risk and return. As of July 31, 2026, the fund held 1,369 bonds, and the 10 largest made up just 3.83% of assets. The largest was a New Jersey Educational Facilities Authority bond at 0.53%. Several California Community Choice Financing Authority clean energy bonds and State of California bonds followed. The index rebalances on the last calendar day of each month, and portfolio turnover was 10%.
General obligation bonds and special tax bonds (bonds repaid from a specific tax) made up a significant share of the fund as of April 30, 2026. The prospectus also flags possible heavy exposure to California, New York and Texas. The average maturity was 12.4 years. The longer a bond's maturity, the more its price falls when interest rates rise.
What it really costs
- ITM charges 0.18% a year, versus an average of 0.19% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ITM | $18 | $58 | $101 | $230 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It pays monthly interest that is generally free from federal income tax, which may fit taxable accounts better than retirement accounts.
In a taxable account, ITM could add monthly income that is generally exempt from federal income tax. Its trailing 12-month yield was 3.09% as of October 27, 2026. In the SEC's standard example, $10,000 would cost $230 in fees over 10 years. The price history here starts after the 2008 crisis, so that episode isn't covered. In March 2020, the fund fell 24.7% in ten days before recovering by August 4, 2020. In 2022, rising rates drove a 14% drop, and it took about 36 months, until October 10, 2025, to get back to its peak. Its worst calendar year was 2022, a 9.66% loss. Selling shares for spending after a drop like that would lock in losses. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors in higher tax brackets who want monthly, AMT-free income that is generally exempt from federal income tax, held in a taxable account.
- Those who want broad national muni exposure: 1,369 bonds, with the 10 largest only 3.83% of assets as of July 31, 2026.
- Investors comfortable with intermediate interest rate risk, around a 12.4-year average maturity, and declines like the 14% drop in 2022.
Look elsewhere if
- Cost-focused investors: MUB charges 0.05% and VTEB 0.03% a year for national muni exposure, compared with ITM's 0.18%.
- Savers holding bonds inside an IRA or 401(k), where tax-exempt interest brings no extra tax benefit.
- Anyone who needs steady value for near-term spending; ITM fell 24.7% in ten days in March 2020.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ITM this fund | 12.4 yrs | 0.18% | $2.12B | -0.3% | +4.6% |
| CMF iShares California Muni Bond ETF | 12.4 yrs | 0.08% | $4.63B | -0.6% | +3.8% |
| MMCA NYLI MacKay California Muni Intermediate ETF | 12.8 yrs | 0.37% | $89.6M | -0.3% | +4.4% |
| MUB iShares National Muni Bond ETF | 13.5 yrs | 0.05% | $45.38B | -0.2% | +3.7% |
| VTEB Vanguard Tax-Exempt Bond ETF | 14.5 yrs | 0.03% | $48.52B | +0.1% | +4.4% |
| INMU iShares Intermediate Muni Income Active ETF | 15 yrs | 0.3% | $539.0M | +1.2% | +5.4% |
| TFI SPDR Nuveen Bloomberg Municipal Bond ETF | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
| MMIT NYLI MacKay Muni Intermediate ETF | 16.2 yrs | 0.3% | $1.46B | +0.2% | +4.2% |
Questions investors ask
Is ITM tax free?
Mostly, at the federal level. ITM holds municipal bonds, whose interest is generally exempt from federal income tax. Its index also leaves out bonds subject to the alternative minimum tax. State income tax may still apply, because the fund owns bonds from many states. The prospectus flags possible heavy exposure to California, New York and Texas. Capital gains, whether paid out by the fund or made when you sell shares, are generally taxable.
Does ITM pay monthly dividends?
Yes. ITM pays income monthly. It paid $1.41 per share over the 12 months to October 27, 2026, a trailing yield of 3.09%. That income comes from interest on its municipal bonds, which averaged a 4.62% coupon as of July 31, 2026. The payments can change as the fund's bonds mature, get called early or are replaced at different rates.
What's the difference between ITM and MUB?
Both hold broad national municipal bonds, but MUB is cheaper and much larger. MUB charges 0.05% a year, compared with ITM's 0.18%. It had about $45.4 billion in net assets as of August 31, 2026, against ITM's $2.1 billion as of July 31, 2026. MUB's average maturity is slightly longer, at 13.5 years versus 12.4. ITM returned 4.6% a year over three years through October 27, 2026. MUB returned 4.0% through October 29, 2026.
What is ITM's expense ratio?
ITM's expense ratio is 0.18% a year, according to its prospectus filed August 27, 2026. That is close to the 0.19% average of similar muni funds, and it ranks 4th cheapest of 8. In the SEC's standard example ($10,000 invested, a 5% annual return), total costs would be $18 after one year, $101 after five and $230 after ten. National muni ETFs such as VTEB (0.03%) and MUB (0.05%) cost less.
Can ITM lose money?
Yes. ITM lost 9.66% in 2022 as interest rates rose, and its worst quarter was a 7.53% drop in early 2022. In March 2020, it fell 24.7% in ten days before recovering by August. Long-term returns have been modest. As of December 31, 2025, it returned 0.40% a year over five years and 2.17% over ten. That compares with 0.92% and 2.35% for the ICE US Broad Municipal Index.