VanEck Intermediate Muni ETF

ITM

시가총액 US$21.4억

Treasury's pivot toward long-bond buybacks gives duration buyers their first clear green light in months — and the November midterms may add a second leg. Key takeaways Treasury's decision to at least double 10- to 30-year buybacks is a policy signal, not a technical footnote.

Garching / Munich, July 7, 2026 –  ITM Isotope Technologies Munich SE (ITM), a leading radiopharmaceutical biotech company, today announced the publication of its primary result analysis of the Phase 3 COMPETE trial in The Lancet. The clinical data demonstrated that non-carrier-added (n.c.a.) 177Lu-edotreotide (also known as 177Lu-edotreotide or ITM-11) significantly improved progression-free survival (PFS) compared to everolimus in patients with Grade 1 or Grade 2 somatostatin receptor (SSTR)-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs). The publication, titled “[177Lu] Lu-edotreotide versus everolimus for gastroenteropancreatic neuroendocrine tumours (COMPETE): a phase 3, multicentre, randomised, open-label, superiority trial,” appeared online on July 2, 2026, and can be accessed via the following link: doi.org/10.1016/S0140-6736(26)00604-5. “COMPETE provides the first high-level evidence directly comparing peptide receptor radionuclide therapy (PRRT) with everolimus, a commonly used systemic standard-of-care therapy, in the treatment of advanced GEP-NETs,” said Jaume Capdevila, MD, PhD, last author, study investigator and senior medical oncologist at Vall d'Hebron University Hospital, Barcelona. “The efficacy and safety results observed with 177 Lu-edotreotide support its consideration as a potential treatment option for appropriate patients, including those whose disease has progressed following somatostatin analog (SSA) therapy.” “Publication of these data in a peer-reviewed journal underscores the scientific importance of the COMPETE study and provides an important forum for dissemination of the results,” added Thomas Walter, MD, PhD, first author, study investigator and professor of gastroenterology, Hospices Civil of Lyon, France. “These findings offer additional insights into PRRT and support 177Lu-edotreotide as a potential therapeutic option in advanced GEP-NETs, where a high unmet need remains.” COMPETE Trial Results The randomized, open-label Phase 3 COMPETE trial evaluated n.c.a. 177Lu-edotreotide versus everolimus in 309 patients with advanced, progressive, Grade 1 or Grade 2 SSTR-positive GEP-NETs across 49 global sites. Patients were randomized 2:1 to receive 177Lu-edotreotide every three months for up to four cycles or everolimus daily for up to 30 months. Patients were not required but permitted to receive SSAs at the investigator's discretion for symptom control only. Overall, 21% of patients received concomitant SSA treatment during the study, with similar proportions receiving SSAs in each treatment arm. Top line results of the trial were initially presented at ENETS 2025 and ESMO 2025. Key findings from the COMPETE trial include:

Muni ETFs just posted record inflows. Jim Colby on why low volatility, strong risk-adjusted returns, and tax-advantaged yields keep drawing investors in.

VanEck Intermediate Muni ETF tracks intermediate-term, investment-grade municipal bonds, offering tax-free income but only middling returns for the risk taken. ITM's low fees (0.18%) and index-tracking approach provide diversification and lower interest rate risk but limit income potential compared to more selective strategies. Tax-equivalent yields make ITM best suited for investors in higher tax brackets; those below a 24% marginal rate may find better after-tax returns elsewhere.

Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.

Municipal bonds are back to offer compelling risk-adjusted opportunities, but future decisions from Washington can either act as a tailwind or headwind. Municipal bond funds saw net inflows during 2024, first annual inflow since 2021—which was a record year. 2024 was a record year in municipal bond issuance. With attractive yields, the market may start to pay more attention to tax-equivalent yield advantages offered through municipal debt.

Specific to the muni market, perhaps the biggest surprise this year has been new issue supply that is running well ahead of expectations, up roughly 40% from last year. We think this increased summer issuance is likely the result of deals getting pulled forward, as issuers may be cautious about coming to market later in the fall ahead of what is likely to be an uncertain U.S. political climate. While municipal credit quality has already peaked, it is entering this period of moderating economic growth from a position of strength.

By James Colby, Portfolio Manager and Strategist, Municipal Bonds Barclays sees stable municipal yields due to supply, while BofA predicts lower rates from Quantitative Tapering and economic softening. Yogi Berra said, “pick it up”.

By Stephanie Wang, Deputy Portfolio Manager The shape of the yield curve is creating tactical opportunities—these two strategies can help municipal bond investors capitalize ahead of the Fed's potential easing cycle. Historically, the inversion of the yield curve has been a precursor to shifts in economic conditions and monetary policy.

With governments around the world continuing to push for greener energy solutions, new environmental technology opportunities emerge every day. Markets such as electric vehicles, natural gas, solar, wind, and hydrogen energy are all seeing continued growth.