SCHEDULE 13G/A: Bank of New York Mellon Corporation Discloses Significant Stake in VanEck Long Muni ETF

The Bank of New York Mellon Corporation and its subsidiary, BNY Mellon N.A., have filed an amended Schedule 13G, reporting beneficial ownership of 8.8% and 8.5% respectively, in the VanEck Long Muni ETF as of March 31, 2025.

Summary

• The Bank of New York Mellon Corporation (BNY Mellon) and its subsidiary, BNY Mellon N.A., have filed an Amendment No. 3 to Schedule 13G regarding their beneficial ownership in the VanEck Long Muni ETF.
• As of March 31, 2025, BNY Mellon Corporation beneficially owns an aggregate of 2,680,046 shares, representing 8.8% of the class.
• BNY Mellon Corporation holds sole voting power over 2,636,901 shares and shared voting power over 30,000 shares.
• BNY Mellon Corporation holds sole dispositive power over 2,523,173 shares and shared dispositive power over 156,873 shares.
• BNY Mellon N.A. beneficially owns an aggregate of 2,588,667 shares, representing 8.5% of the class.
• BNY Mellon N.A. holds sole voting power over 2,553,667 shares and shared voting power over 23,000 shares.
• BNY Mellon N.A. holds sole dispositive power over 2,523,172 shares and shared dispositive power over 65,495 shares.
• The shares are held by BNY Mellon and its direct or indirect subsidiaries in various fiduciary capacities, and no single other person's interest exceeds 5%.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing (Schedule 13G) disclosing beneficial ownership. It contains no positive or negative performance data, nor does it suggest any strategic shifts or issues. The sentiment is neutral as it simply reports a significant, passive institutional holding in an ETF.

Positives

• The filing indicates a significant, stable institutional holding by a major financial institution, suggesting confidence in the VanEck Long Muni ETF.
• The ownership is stated to be in the ordinary course of business, not for control purposes, which implies a passive investment strategy.

Future Outlook

NA

Management Comments

• "The filing of this Schedule 13G shall not be construed as an admission that The Bank of New York Mellon Corporation, or its direct or indirect subsidiaries, including The Bank of New York Mellon and BNY Mellon, National Association, are for the purposes of Section 13(d) or 13(g) of the Act, the beneficial owners of any securities covered by this Schedule 13G."
• "All of the securities are beneficially owned by The Bank of New York Mellon Corporation and its direct or indirect subsidiaries in their various fiduciary capacities. As a result, another entity in every instance is entitled to dividends or proceeds of sale. No one other person's interest in the securities reported herein is more than 5%."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

This Schedule 13G filing indicates that The Bank of New York Mellon Corporation, a major global financial services company, maintains a significant passive investment in the VanEck Long Muni ETF. Such filings are routine disclosures by large institutional investors, like banks and asset managers, when their beneficial ownership in a public company's securities crosses certain thresholds (typically 5%). This particular ETF focuses on long-term municipal bonds, a segment of the fixed-income market often favored by investors seeking tax-exempt income. BNY Mellon's role as a custodian and asset manager means it frequently holds large blocks of securities in a fiduciary capacity for its clients.

Comparison to Industry Standards

• BNY Mellon's beneficial ownership of 8.8% and 8.5% in the VanEck Long Muni ETF is a substantial stake, typical for large institutional investors or asset managers holding securities on behalf of numerous clients.
• The filing adheres to SEC Rule 13d-1(b), which is standard for qualified institutional investors (like banks and parent holding companies) that acquire beneficial ownership of more than 5% of a class of equity securities in the ordinary course of business and not with the purpose or effect of changing or influencing control of the issuer.
• The structure of ownership, with shares held in various fiduciary capacities and no single client exceeding 5% interest, is a common practice for large financial institutions managing diverse portfolios for their clients.

Corporate Governance

Related Party Transactions

• The document explicitly states that the beneficial ownership is held by The Bank of New York Mellon Corporation and its direct or indirect subsidiaries (e.g., BNY Mellon N.A., BNY Mellon Trust of Delaware, BNY Mellon Advisors, Inc., Pershing LLC), which are related parties.
• The filing clarifies that these holdings are in various fiduciary capacities, meaning the ultimate economic interest often lies with third-party clients, not solely the reporting entities themselves.

Stakeholder Impact

• Shareholders (of VanEck ETF Trust): The presence of a large, stable institutional investor like BNY Mellon may be viewed positively, indicating institutional confidence and potentially contributing to market liquidity.
• Clients of BNY Mellon: The filing reflects BNY Mellon's role in managing assets for its clients, holding these securities in a fiduciary capacity.
• Regulatory Authorities: The filing demonstrates compliance with SEC disclosure requirements for significant beneficial ownership.

Key Dates

Keywords

VanEck Long Muni ETF, VanEck ETF Trust, Bank of New York Mellon Corporation, BNY Mellon N.A., Schedule 13G, Beneficial Ownership, ETF, Fixed Income, Municipal Bonds, Institutional Investor, SEC Filing