VictoryShares Short-Duration Municipal ETF

Frequently Asked Questions About VMSD

What does VMSD invest in?

VictoryShares Short-Duration Municipal ETF is an exchange-traded fund that seeks to provide interest income exempt from federal income tax. The fund primarily invests in investment-grade municipal securities and generally maintains a short-duration portfolio, with an effective duration targeted within two years of the Bloomberg Municipal Bond 3 Year (2-4) Total Return Index.

What is the expense ratio of VMSD?

VictoryShares Short-Duration Municipal ETF (VMSD) charges an expense ratio of 0.62%. This is the annual fee deducted from fund assets to cover management and operations.

What is the duration of VMSD?

Effective duration measures VMSD's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. VMSD's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of VMSD?

VMSD's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of VMSD?

Yield to maturity (YTM) is the total return you'd earn from VMSD if every bond in the portfolio is held to maturity at the current price. VMSD's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.

How big is VMSD?

VictoryShares Short-Duration Municipal ETF (VMSD) manages $24.7M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.