VanEck HIP Sustainable Muni ETF
SMI
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- VanEck HIP Sustainable Muni ETF (SMI) is an actively managed exchange-traded fund that seeks current income generally exempt from U.S. federal income tax by investing at least 80% of its total assets in investment-grade municipal bonds supporting sustainable development; these include securities funding projects such as affordable housing, green spaces, hospitals, climate-resilient infrastructure, solar energy initiatives, and proximity to opportunity zones, screened through HIP Investor's proprietary four-factor process evaluating human impact, environmental resilience, social outcomes, and economic benefits. The ETF holds a concentrated portfolio of approximately 26 municipal bonds, with roughly 65% in municipals and the balance in cash, focusing on broad maturities while targeting AMT-free, investment-grade U.S. state and local government debt that advances positive social, environmental, and economic outcomes. Launched on September 8, 2021, and listed on the Cboe BZX Exchange, SMI operates within the fixed income segment of municipal bonds, targeting investors seeking tax-efficient income with sustainability criteria, under the management of VanEck based in New York, NY. In a major strategic change, VanEck announced on June 4, 2025, the closure and liquidation of the SMI ETF, approved by the Board of Trustees on June 3, 2025, due to evaluations of performance, liquidity, assets under management (approximately $11 million), and investor interest; trading ceased after market close on June 18, 2025, with final liquidating distributions to remaining shareholders on or about June 25, 2025. This decision reflects ongoing portfolio optimization by VanEck, which manages over $116 billion in assets as of April 2025 across active and passive strategies. Prior to liquidation, SMI featured a partnership with HIP Investor for impact ratings and maintained a net expense ratio of 0.24% with a dividend yield around 2.8-3.1%.