At a glance
MLN charges 0.24% a year, above the 0.22% average of the 7 funds most like it (the 4th cheapest of 8). It has $678.0M in assets, the 7th largest of that group; it paid 4.04% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.4% with distributions reinvested, 7th of those 8 funds; over three years it returned +5.0% a year. At its worst it fell 23.6% in the 2020 crash (S&P 500: 33.7%) and 21.8% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 5.3% of the fund, out of 654 in all.
The short version
VanEck Long Muni ETF (MLN) is an index fund that tracks the ICE Long AMT-Free Broad National Municipal Index. That index holds long-term, tax-exempt bonds issued by US states, cities and public agencies. As of July 31, 2026, MLN's bonds had an average of 23.6 years to maturity, compared with 13.5 to 14.5 years at MUB and VTEB. Longer bonds usually pay more income but swing more in price. MLN's 0.24% fee is also well above those two funds.
Price history
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MLN -1.4% 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 | |
|---|---|---|---|---|---|---|
| MLN official prospectus, to Dec 31, 2025 | — | +2.11% | — | -1.10% | +1.80% | — |
| ICE US Broad Municipal Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +4.10% | — | +0.92% | +2.35% | — |
| MLN price data to Oct 27, 2026 | -1.0% | -1.4% | +5.0% | -1.4% | +1.3% | +2.7% |
- Over the year to Oct 27, 2026, MLN returned -1.4%, 7th of 8 among similar funds.
- Its 5-year annualized return was -1.4% and its 10-year +1.3%.
- In the 2020 COVID crash it fell 23.6% and regained its old high 8 months after the low.
- Its worst full calendar year was 2022 (-17.2%); its best was 2009 (+22.0%).
- The deepest fall in its price history was 28.4% (Jan 23, 2008 to Dec 15, 2008), recovered by Sep 25, 2009.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.0% | — |
| 2025 | +1.8% | +2.11% |
| 2024 | +1.5% | +1.56% |
| 2023 | +8.0% | +7.80% |
| 2022 | -17.2% | -17.52% |
| 2021 | +2.2% | +2.61% |
| 2020 | +6.3% | +6.37% |
| 2019 | +10.8% | +10.08% |
| 2018 | -0.8% | -0.73% |
| 2017 | +8.2% | +8.57% |
| 2016 | +0.1% | +0.14% |
| 2015 | +3.9% | — |
| 2014 | +17.6% | — |
| 2013 | -9.1% | — |
| 2012 | +10.0% | — |
| 2011 | +16.1% | — |
| 2010 | -1.3% | — |
| 2009 | +22.0% | — |
| 2008 | -18.5% | — |
| 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 21.8% over that stretch · deepest drop along the way 23.6%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.9% over that stretch · deepest drop along the way 21.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5100 | |
| 2025 | $0.6500 | +1.6% |
| 2024 | $0.6400 | +12.3% |
| 2023 | $0.5700 | +21.3% |
| 2022 | $0.4700 | -14.5% |
| 2021 | $0.5500 | -6.8% |
| 2020 | $0.5900 | -7.8% |
| 2019 | $0.6400 | +6.7% |
| 2018 | $0.6000 | 0.0% |
| 2017 | $0.6000 | 0.0% |
| 2016 | $0.6000 | -13.0% |
| 2015 | $0.6900 | -6.8% |
| 2014 | $0.7400 | -4.6% |
| 2013 | $0.7758 | -0.6% |
| 2012 | $0.7808 | -7.7% |
| 2011 | $0.8462 | +3.5% |
| 2010 | $0.8175 | -4.7% |
| 2009 | $0.8580 | +4.8% |
| 2008 | $0.8184 |
What's inside
As of Jul 31, 2026, the fund held 654 securities; the ten largest made up 5.32% of assets.
| Holding | Weight | |
|---|---|---|
| City of Houston TX Hotel Occupancy Tax & Special Revenue Bonds and notes | 0.70% | |
| City of New York NY Bonds and notes | 0.70% | |
| Salt River Project Agricultural Improvement & Power District Bonds and notes | 0.54% | |
| Washington State Housing Finance Commission Bonds and notes | 0.52% | |
| North Carolina Turnpike Authority Bonds and notes | 0.50% | |
| Onondaga Civic Development Corp Bonds and notes | 0.47% | |
| Texas Transportation Finance Corp Bonds and notes | 0.47% | |
| City of Los Angeles Department of Airports Bonds and notes | 0.47% | |
| State of Ohio Bonds and notes | 0.47% | |
| New York State Dormitory Authority Bonds and notes | 0.47% | |
| City of New York NY Bonds and notes | 0.46% | |
| New York City Municipal Water Finance Authority Bonds and notes | 0.46% | |
| Ohio State University Bonds and notes | 0.46% | |
| Commonwealth of Massachusetts Bonds and notes | 0.45% | |
| New York City Housing Development Corp Bonds and notes | 0.42% |
By country
United States 98.53%By issuer
Municipalities 98.53%The bonds mature in 23.6 years on average (weighted by size), with an average coupon of 4.73%.
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 $14.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.58%, +1.30%, -2.20%.
How it works
MLN is a passive index fund from VanEck. It aims to match, before fees, the price and yield of the ICE Long AMT-Free Broad National Municipal Index, which covers long-term, US dollar tax-exempt municipal bonds. AMT-free means the interest is not subject to the alternative minimum tax, a second federal tax calculation that can catch some higher earners. The fund does not try to beat the index or move into defensive positions. It normally keeps at least 80% of its total assets in bonds from the index.
Buying every bond in the index would be costly, so VanEck holds a sample of bonds with similar risk and return. As of July 31, 2026, that meant 654 bonds, and the top 10 made up just 5.32% of assets. The largest were City of Houston hotel occupancy tax bonds and City of New York bonds, at about 0.7% each. The index rebalances on the last calendar day of each month, and portfolio turnover was 7%.
The fund holds plain bonds and no derivatives. Its bonds averaged 23.6 years to maturity, so their prices react strongly to interest rate changes. As of April 30, 2026, three types of bonds were each a large share of the fund: health care bonds, general obligation bonds (backed by a government's taxing power) and special tax bonds. The prospectus also warns of possible heavy exposure to California, New York and Texas.
What it really costs
- MLN charges 0.24% a year, versus an average of 0.22% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $25 in the first year and $306 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MLN | $25 | $77 | $135 | $306 |
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
Its main appeal is monthly income that is generally free of federal income tax, but its long-maturity bonds make it far from a low-volatility holding.
MLN could add monthly income that is generally free of federal income tax. Its payouts over the past 12 months equaled a 4.04% yield as of October 27, 2026. It costs 0.24% a year, or $306 over 10 years in the SEC's standard $10,000 example. The trade-off is price risk. The fund launched in January 2008, after the stock market's peak, but still fell 28.4% by December 2008 and recovered in September 2009. In March 2020 it dropped 23.6% in 10 days and took about eight months to recover. Its worst calendar year was 2022, with a 17.52% loss. Its 21.8% drop that year had not been fully recovered as of October 27, 2026. Anyone forced to sell in a bad year could 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 using taxable accounts who want monthly income that is generally exempt from both federal income tax and the alternative minimum tax.
- Income seekers who accept big price swings from bonds averaging 23.6 years to maturity in return for a 4.04% yield as of October 27, 2026.
- Those wanting their money spread across many issuers: 654 municipal bonds as of July 31, 2026, with no holding above about 0.7% of assets.
Look elsewhere if
- Investors holding bonds in IRAs or 401(k)s, where tax-exempt interest adds no extra tax benefit.
- Anyone who needs steady bond prices: MLN lost 17.52% in 2022 and had not regained its early-2022 peak as of October 27, 2026.
- Cost-focused investors: VTEB charges 0.03% and MUB 0.05%, against MLN's 0.24%, though both hold shorter bonds averaging 14.5 and 13.5 years.
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 |
|---|---|---|---|---|---|
| MLN this fund | 23.6 yrs | 0.24% | $678.0M | -1.4% | +5.0% |
| TAFL AB Tax-Aware Long Municipal ETF | 23.5 yrs | 0.28% | $67.6M | -1.0% | — |
| PZA Invesco National AMT-Free Municipal Bond ETF | 22.5 yrs | 0.28% | $4.24B | -2.7% | +3.8% |
| HYMB SPDR Nuveen Bloomberg High Yield Municipal … | 20.5 yrs | 0.35% | $3.09B | -0.5% | +5.6% |
| HYD VanEck High Yield Muni ETF | 19.2 yrs | 0.32% | $4.43B | +0.9% | +5.5% |
| TFI SPDR Nuveen Bloomberg Municipal Bond ETF | 15.1 yrs | 0.23% | $3.12B | -0.8% | +3.9% |
| VTEB Vanguard Tax-Exempt Bond ETF | 14.5 yrs | 0.03% | $48.52B | +0.1% | +4.4% |
| MUB iShares National Muni Bond ETF | 13.5 yrs | 0.05% | $45.38B | -0.2% | +3.7% |
Questions investors ask
Does MLN pay monthly dividends?
Yes. MLN pays income every month. In the 12 months to October 27, 2026, it paid about $0.68 per share, a yield of 4.04%. The income comes from interest on municipal bonds, which is generally exempt from federal income tax. The fund's index also leaves out bonds subject to the alternative minimum tax. State taxes may still apply, depending on where an investor lives. The payments can rise or fall over time.
MLN vs PZA: what's the difference?
They are very similar. Both hold national, AMT-free municipal bonds with long maturities, averaging 23.6 years for MLN and 22.5 years for PZA. MLN costs less, at 0.24% a year against 0.28%. PZA is much larger, with about $4.2 billion in net assets as of August 31, 2026. MLN had about $678 million as of July 31, 2026. As of October 27, 2026, MLN returned -1.4% over one year and 5.0% a year over three years. PZA returned -2.7% and 3.8%.
Why did MLN lose so much in 2022?
Mainly because of its sensitivity to interest rates. When rates rise, bond prices fall, and long-term bonds fall the most. As of July 31, 2026, MLN's bonds had an average of 23.6 years to maturity. The fund lost 17.52% in 2022, its worst calendar year, including a 9.77% drop in the first quarter alone. From January to September 2022 it fell 21.8% in total. It had not fully made up that loss as of October 27, 2026.
How has MLN performed over 10 years?
Modestly. As of December 31, 2025, MLN returned 1.80% a year over 10 years and -1.10% a year over five years, after fees. Over the same periods, the ICE US Broad Municipal Index returned 2.35% and 0.92%. That is a broader index the prospectus uses for comparison, not the long-maturity index the fund tracks. Yearly results varied widely, from a 10.08% gain in 2019 to a 17.52% loss in 2022.
What is MLN's expense ratio?
MLN's expense ratio is 0.24% a year, and all of it is the management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $25 in the first year and $306 over 10 years. That is slightly above the 0.22% average of similar funds. It is well above VTEB at 0.03% and MUB at 0.05%, although those two hold shorter bonds, averaging 14.5 and 13.5 years.